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Terms of Use as of: February 2022

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Credit and Liability Hedging

  • Overview
  • Composite Strategies
  • Investment Committee

Overview

Our credit-oriented strategies seek to generate recurring alpha while mitigating portfolio volatility and tracking error. These strategies are often used by single-employer defined benefit plans sponsors within liability hedging portfolios and by other investors, such as public defined benefit plans and insurance companies, as part of their overall fixed income allocation. In particular, given our deep pension investing expertise, we partner with clients to customize our strategies to meet their specific pension risk management objectives.

Our active investment approach

Long-term investment horizon

Decades of investing have taught us that investor perceptions, and security valuations, are more volatile than underlying fundamentals. Our investment horizon, which is longer than many managers, enables us to take advantage of inherent pricing inefficiencies in an effort to maximize portfolio returns. We use short-term periods of volatility or uncertainty to lean into opportunities if our analysis shows an investment to be fundamentally sound. 

Deep fundamental research

Our Global Industry and Fixed Income analysts are the engine for idea generation and risk analysis. Our industry analysts cover the entire capital structure of companies globally, on behalf of both our credit and equity investments, building a depth of understanding crucial to developing a well-informed investment opinion. Our fixed income credit analysts partner closely with them, assessing liquidity profiles, funding profiles, access to capital, and downside scenarios. Our structured products team focuses on borrower, loan, and program characteristics, collaborating on factors affecting mortgage financing and other topics.

Valuation discipline

A strong price discipline is an essential characteristic of our investment philosophy. When a security’s valuation reflects pessimism about current challenges, we may see a potential long-term opportunity. We often find value in the higher-yielding segments of the market, where our research uncovers opportunities for durable long-term yield, including lower-rated investment-grade credit and some below investment-grade securities, typically fallen angels, or crossover credits. We also typically focus on Agency MBS and ABS whose valuation and risk profiles compare favorably to similar-duration Treasuries or high-quality credit issuers.  

Risk management

We rely on detailed fundamental research as our primary risk mitigant at the security/issuer level as we see the main investment risks as permanent capital loss or loss of future purchasing power. We stress test investments across a range of economic, capital market, and issuer-specific scenarios, because we believe that downside risk analysis is paramount in assessing fixed income securities. At the portfolio level, we employ quantitative tools to monitor absolute and relative exposures and address any unintended and/or uncompensated exposures.


Composite strategies

We offer our strategies via separate accounts. Investment guidelines can be tailored to meet most individual client circumstances and investment objectives. In addition, we offer bespoke mandates that are managed to blends of market benchmarks or liability cashflows.

Long Credit

We build diversified portfolios consisting primarily of long-duration dollar-denominated investment grade corporate bonds but may also include government-related, mortgage- and asset-backed, and below investment grade securities. 


Inception date:
September 1, 2009

Benchmark:
Bloomberg U.S. Long Credit Index

Minimum investment:
$100 million

Total Composite AUM1:
 
$18.7 billion

U.S. Credit

We build diversified portfolios consisting primarily of dollar-denominated investment grade corporate bonds but may also include government-related, mortgage- and asset-backed, and below investment grade securities.


Inception date:
September 1, 2009

Benchmark:
Bloomberg U.S. Credit Index

Minimum investment:
$100 million

Total Composite AUM1:
 
$5.8 billion

Intermediate Credit

We construct diversified portfolios consisting primarily of intermediate-duration dollar-denominated investment grade corporate bonds but may also include government-related, mortgage- and asset-backed, and below investment grade securities.


Inception date:
January 1, 2013
 

Benchmark:
Bloomberg U.S. Intermediate Credit Index 
 

Minimum investment:
$100 million 


Total Composite AUM1:
 
$939 million

Long Government / Credit

We build diversified portfolios consisting primarily of long-duration dollar-denominated investment grade fixed income securities, including corporate bonds, government-related, mortgage- and asset-backed, and below investment grade securities.


Inception date:
January 1, 2008

Benchmark:
Bloomberg U.S. Long Government/Credit Index

Minimum investment:
$100 million

Composite AUM1:
 
$1.8 billion


Meet the Investment Committee

U.S. Fixed Income 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 Income Investment Committee, whose members’ average tenure at Dodge & Cox is 24 years, is 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 Liability Hedging Implementation team.

Our Committee members are Dodge & Cox shareholders.

Dana Emery

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

41 years with Dodge & Cox

Jim Dignan

Investment Committee Member, Fixed Income Analyst

25 years with Dodge & Cox

Lucy Johns

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

22 years with Dodge & Cox

Adam Rubinson

Investment Committee Member, Fixed Income Analyst

22 years with Dodge & Cox

Tony Brekke

Investment Committee Member, Fixed Income Analyst

21 years with Dodge & Cox

Nils Reuter

Investment Committee Member, Trader, Fixed Income Analyst

21 years with Dodge & Cox

Mike Kiedel

Investment Committee Member, Fixed Income Analyst

16 years with Dodge & Cox

Liability Hedging Implementation Team

The Liability Hedging Implementation Team, whose five members' average tenure at Dodge & Cox is 14 years, oversees the day-to-day implementation of credit and liability-hedging portfolios with the context of the U.S. Fixed Income Investment Committee's guidance and individual client objectives and guidelines.  The Team combines credit research, trading, actuarial, and pension risk management expertise to address our clients' evolving investment needs. Membership overlap with the U.S. Fixed Income Investment Committee enables efficient and smooth communication and execution.

Damon Blechen

Trader, Fixed Income Analyst

22 years with Dodge & Cox

Tony Brekke

Investment Committee Member, Fixed Income Analyst

21 years with Dodge & Cox

Mike Kiedel

Investment Committee Member, Fixed Income Analyst

16 years with Dodge & Cox

Samir Amso

Credit Trading/Analysis

9 years with Dodge & Cox

Alex Pekker

Client Portfolio Manager, Liability Hedging Solutions Strategist

3 years with Dodge & Cox

Footnote

1  As of 12/31/2023.

Disclosures

Dodge & Cox does not guarantee the future performance of any account or any specific level of performance, the success of any investment decision or strategy that Dodge & Cox may use, or the success of Dodge & Cox’s overall management of an account. Investment decisions made for a client’s account by Dodge & Cox are subject to various market, currency, economic, political, and business risks (foreign investing has special risks such as currency and market volatility and political and social instability), and those investment decisions will not always be profitable. Investments in debt securities are subject to interest rate risk, credit risk, prepayment risk and other risks.

The Bloomberg U.S. Long Credit index includes securities in the long maturity range of the U.S. Credit index which includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements.

The Bloomberg U.S. Credit Index includes publicly issued U.S. Corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements.  

The Bloomberg U.S. Intermediate Credit Index includes publicly issued U.S. Corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements.

The Bloomberg U.S. Long Government/Credit Index includes securities in the long maturity range of the Government/Credit Index. The Government Index represents treasuries, and agencies. The Credit Index includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements.

BLOOMBERG is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall not have any liability or responsibility for injury or damages arising in connection therewith.