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Overview
Objectives
Dodge & Cox Global Bond Fund seeks a high rate of total return consistent with long-term preservation of capital.
Investment approach
The Fund offers investors a highly selective, actively managed fund that complements core bond holdings by providing a diversified portfolio of carefully-researched investments over a long-term horizon across global credit, currency, and interest rate markets over a long-term horizon. Generally, we:
- Invest with a total return mindset consistent with capital preservation across a global investment universe that includes government and government-related obligations, mortgage- and asset-backed securities, corporate and municipal bonds, and other debt securities, from both developed and emerging markets.
- Build a diversified portfolio across several dimensions, including sector, country, currency and economic exposure.
- 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.
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 primary responsibilities of the Global Fixed Income Investment Committee, whose members’ average tenure at Dodge & Cox is 22 years, are to:
- Set broad portfolio strategy including individual issuer targets, sector weightings, currency exposures, 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 Global Bond Fund.
Documents
Literature
Regulatory Documents
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.
Figures represented by a dash are zero or have no associated data while figures represented by a zero may be rounded to zero.
Market values for debt securities include accrued interest.
Data is presented in U.S. dollars, unless otherwise noted.
The Bloomberg Global Aggregate Bond Index is a widely recognized, unmanaged index of multi-currency, investment-grade fixed income securities. Bloomberg calculates a USD hedged return by applying one-month forward rates to seek to eliminate the effect of non-USD exposures. BLOOMBERG® and the Bloomberg indices listed herein (the ''Indices'') are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (''BISL''), the administrator of the Indices (collectively, ''Bloomberg'') and have been licensed for use for certain purposes by the distributor hereof (the ''Licensee''). Bloomberg is not affiliated with Licensee, and Bloomberg does not approve, endorse, review, or recommend the financial products named herein (the ''Products''). Bloomberg does not guarantee the timeliness, accuracy, or completeness of any data or information relating to the Products.
Dodge & Cox Global Bond Fund, L.L.C., a private fund managed and funded by Dodge & Cox (the ''Private Fund'') was reorganized into the Fund and the Fund commenced operations on May 1, 2014. The Private Fund was organized as Delaware limited liability company and was treated as a disregarded entity under the Internal Revenue Code of 1986, as amended (the ''Code''). The Private Fund commenced operations on December 5, 2012, and had an investment objective, policies, and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. However, the Private Fund was not registered as an investment company under the Investment Company Act of 1940 (the ''1940 Act''), and therefore was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Code, which, if applicable, may have adversely affected its performance. The Fund’s performance for periods prior to the commencement of operations on May 1, 2014, is that of the Private Fund. The performance of the Private Fund has not been restated because the net total operating expense ratio of the Private Fund and the Fund are the same. Expense reimbursements have been in effect for the Fund since its inception. Without the expense reimbursements, returns for the Fund would have been lower.
Net Expense Ratio. Dodge & Cox has contractually agreed to reimburse the Fund for all ordinary expenses to the extent necessary to maintain total annual Fund operating expenses at 0.45% through April 30, 2023. The term of the agreement renews annually thereafter unless terminated with 30 days’ written notice by either party prior to the end of the term.
Portfolio Turnover is calculated as the lesser of the portfolio purchases or sales divided by the average portfolio value for the period.