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Overview

Objectives

Dodge & Cox Emerging Markets Stock Fund seeks long-term growth of principal and income.

Investment approach

This Fund offers investors a highly selective, actively managed emerging market equity fund that invests in companies of any size, primarily in emerging and frontier markets, based on our analysis of companies’ fundamentals relative to their current valuations. Generally, we:

  • Target a diversified portfolio of equity securities issued by small-, mid-, and large-cap companies from emerging or frontier market countries that, in our opinion, appear to be temporarily undervalued by the stock market but have a favorable outlook for long-term growth. Emerging market issuers include those located in emerging market countries and those we determine to have significant economic exposure to emerging market countries.
  • Select individual securities based on our analyses of various factors—including a company’s financial strength, economic condition, competitive advantage, quality of the business franchise, financially material environmental, social, and governance (ESG) issues, and the reputation, experience, and competence of its management—as weighed against valuation.

Distributions

Dividends and capital gains (if any) are distributed annually in December.


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 primary responsibilities of the Committee, whose members’ average tenure at Dodge & Cox is 18 years, include:
 

  • Setting and reviewing emerging markets investment strategy, and continually assessing opportunities and risks to the portfolio.
  • Evaluating and debating analyst recommendations to make buy, sell, and position-sizing decisions across individual holdings, sectors, and countries.
  • Overseeing the strategy’s implementation, making changes when appropriate.

Our Committee members are shareholders of Dodge & Cox and invest in the Emerging Market Stock Fund.

David Hoeft

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

31 years with Dodge & Cox

Mario DiPrisco

Investment Committee Member, Global Industry Analyst

26 years with Dodge & Cox

Sophie Chen

Investment Committee Member, Global Industry Analyst

12 years with Dodge & Cox

Rameez Dossa

Investment Committee Member, Global Industry Analyst

11 years with Dodge & Cox

Robert Turley

Investment Committee Member, Portfolio Strategy Analyst

11 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.

Need some help?

Our experienced team is available to answer your questions or help you find what you are looking for.

You could lose money by investing in the Fund, and the Fund could underperform other investments. You should expect the Fund’s share price and total return to fluctuate within a wide range. The Fund’s performance could be hurt by:

 

An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

 

There are further risk factors described elsewhere in the Prospectus and in the Statement of Additional Information.

The MSCI Emerging Markets Index captures large and mid-cap representation across 27 Emerging Markets (EM) countries. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI Information is provided on an ''as is'' basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved In or related to compiling, computing or creating any MSCI information (collectively, the ''MSCI Parties'') expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

 

Expense reimbursements have been in effect for the Fund since its inception. Without the expense reimbursements, returns for the Fund would have been lower.

 

Data is stated in U.S. dollars, unless otherwise noted.

Portfolio Turnover is calculated as the lesser of the portfolio purchases or sales divided by the average portfolio value for the period.

Footnotes