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.



Dodge & Cox Income Fund seeks a high and stable rate of current income, consistent with long-term preservation of capital. A secondary focus is to take advantage of opportunities to realize capital appreciation.

Investment approach

The Fund offers investors a highly selective, diversified, and actively managed core fixed income fund comprised of carefully-researched investments with attractive long-term risk/return prospects. Generally, we:

  • Build a diversified portfolio of primarily investment-grade debt securities, including government and government-related obligations, mortgage- and asset-backed securities, corporate and municipal bonds, and other debt securities.
  • Opportunistically pursue areas the benchmark may not cover, such as below investment grade debt, debt of non-US issuers, and other structured products.
  • Select individual securities based on fundamental research and consider a variety of factors, including yield, credit quality, liquidity, covenants, call risk, duration, structure, and capital appreciation potential, as well as financially material environmental, social, and governance (ESG) issues.


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




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 U.S. Fixed Investment Committee, whose members’ average tenure at Dodge & Cox is 24 years, are to:

  • Set broad portfolio strategy including individual issuer targets, sector weightings, duration, and other portfolio characteristics.
  • Diversify the portfolio prudently across issuers, sectors, geographies, and economic exposures.
  • Carefully monitor and evaluate portfolio exposures and risks through regular scenario analyses, stress testing, and risk modelling, making changes when appropriate.
  • Oversee the strategy’s implementation through close collaboration with our trading team.

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

Dana Emery

Chair and Chief Executive Officer, Investment Committee Member, D&C Board Member

40 years with Dodge & Cox

Tom Dugan

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

29 years with Dodge & Cox

Jim Dignan

Investment Committee Member, Fixed Income Analyst

24 years with Dodge & Cox

Lucy Johns

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

21 years with Dodge & Cox

Adam Rubinson

Investment Committee Member, Fixed Income Analyst

21 years with Dodge & Cox

Tony Brekke

Investment Committee Member, Fixed Income Analyst

20 years with Dodge & Cox

Nils Reuter

Investment Committee Member, Trader, Fixed Income Analyst

20 years with Dodge & Cox

Mike Kiedel

Investment Committee Member, Fixed Income Analyst

15 years with Dodge & Cox


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.