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Our Stable Value strategies are actively managed portfolios that fit into a client's overall stable value plan or solution. We customize portfolios to meet the unique characteristics of these mandates, including wrap constraints, duration caps, and issuer/ratings-related restrictions, with the goal of generating alpha over longer time periods.
Our active investment approach
We offer our strategies via separate accounts. Investment guidelines can be tailored to meet most individual client circumstances, investment objectives, and risk tolerance.
Meet the Investment Team
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 23 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 Stable Value Implementation team.
Our Committee members are Dodge & Cox shareholders.
Stable Value Implementation Team
The Stable Value Implementation Team, whose five members' average tenure at Dodge & Cox is 12 years, oversees the day-to-day implementation of stable value 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, and structured products expertise to address clients' evolving investment needs. Membership overlap with the U.S. Fixed Income Investment Committee enables efficient and smooth communication and execution.
1 As of 12/31/2021.
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. Intermediate Aggregate Bond Index includes securities in the intermediate maturity range of the Bloomberg Aggregate Index which represents securities that are U.S. domestic, taxable, and dollar denominated.
The Bloomberg U.S. Intermediate Government/Credit index is the Intermediate component of the U.S. 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.
The primary benchmark is the Bloomberg Intermediate Aggregate Bond Index. The Bloomberg Intermediate U.S. Government/Credit Bond Index is shown as additional information.