New share class now available

Class X shares are now available to eligible defined contribution plans. The current shares held by shareholders will be renamed Class I shares, which are open to all investors.



Overview

Objectives

Dodge & Cox Balanced Fund seeks regular income, conservation of principal, and an opportunity for long-term growth of principal and income.

Investment approach

The Fund offers investors a highly selective, actively managed mutual fund, diversified across equity and fixed income. Generally, we: 

  • Invest a portion of the Fund's portfolio in equity investments that, in our opinion, appear to be temporarily undervalued by the stock market but have a favorable outlook for long-term growth.
  • Invest a portion of the Fund's portfolio in investment-grade debt securities including government and government-related obligations, mortgage- and asset-backed securities, corporate and municipal bonds, and other debt securities. The Fund may also invest in below investment-grade debt securities.
  • Allocate between equity and debt investments based on our assessment of the potential risks and returns for each asset class over a three- to five-year horizon.

Distributions

Dividends are distributed in March, June, September, and December. Capital gains, if any, are distributed in December and March.



Performance



Portfolio

  



Meet the Fund’s Investment Committee

We believe investors benefit from our team-based approach to managing investments. Through close collaboration and debate, we bring our best ideas forward. The Committee combines expertise across asset classes, risk management, and asset allocation. The primary responsibilities of the Committee, whose members’ average tenure at Dodge & Cox is 16 years, include:
 

  • Determining asset allocation across stocks, fixed income securities, and cash.
  • Constructing a diversified portfolio across industries and sectors.
  • Holistically evaluating investment advocacies for individual holdings, setting issuer position sizing, and analyzing portfolio risk and return scenarios.
  • Overseeing the strategy’s implementation and monitoring portfolio holdings, making changes when appropriate.

Our Committee members are Dodge & Cox shareholders and invest in the Balanced Fund.

David Hoeft

Chief Investment Officer, Investment Committee Member, D&C Board Member

29 years with Dodge & Cox

Lucy Johns

Associate Director of Fixed Income, Investment Committee Member, D&C Board Member

20 years with Dodge & Cox

Phil Barret

Investment Committee Member, Global Industry Analyst, D&C Board Member

18 years with Dodge & Cox

Matt Schefer

Investment Committee Member, Fixed Income Analyst

14 years with Dodge & Cox

Ben Garosi

Investment Committee Member, Global Industry Analyst

13 years with Dodge & Cox

Robert Turley

Investment Committee Member, Portfolio Strategy Analyst

9 years with Dodge & Cox

Tom Powers

Investment Committee Member, Portfolio Strategy and Macro Analyst

6 years with Dodge & Cox


Documents

Ready to start investing?

If this Fund is right for you, you can invest directly by opening a Dodge & Cox Funds account.

Footnotes