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DFA Investment Grade Portfolio

mutual fund
DFAPX
Payout Change
Pending
Price as of:
$10.16 +0.0 +0.0%
primary theme
U.S. Intermediate-Term Bond Duration
share class
DFAPX (Mutual Fund)

DFA Investment Grade Portfolio

Payout Change
Pending
Price as of:
$10.16 +0.0 +0.0%
primary theme
U.S. Intermediate-Term Bond Duration
share class
DFAPX (Mutual Fund)

DFA Investment Grade Portfolio

Payout Change
Pending
Price as of:
$10.16 +0.0 +0.0%
primary theme
U.S. Intermediate-Term Bond Duration
share class

Name

As of 10/11/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.16

$11.3 B

3.35%

$0.34

0.20%

Vitals

YTD Return

3.5%

1 yr return

10.2%

3 Yr Avg Return

-1.3%

5 Yr Avg Return

0.7%

Net Assets

$11.3 B

Holdings in Top 10

24.7%

52 WEEK LOW AND HIGH

$10.2
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.20%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 17.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 10/11/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$10.16

$11.3 B

3.35%

$0.34

0.20%

DFAPX - Profile

Distributions

  • YTD Total Return 3.5%
  • 3 Yr Annualized Total Return -1.3%
  • 5 Yr Annualized Total Return 0.7%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.02%
DIVIDENDS
  • Dividend Yield 3.3%
  • Dividend Distribution Frequency Quarterly

Fund Details

  • Legal Name
    DFA Investment Grade Portfolio
  • Fund Family Name
    Dimensional Funds
  • Inception Date
    Mar 07, 2011
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    David Plecha

Fund Description

The Investment Grade Portfolio seeks to achieve its investment objective through exposure to a broad portfolio of investment grade debt securities (e.g., rated AAA to BBB- by S&P Global Ratings (“S&P”) or Fitch Ratings Ltd. (“Fitch”) or Aaa to Baa3 by Moody’s Investor’s Service, Inc. (“Moody’s”)) of U.S. and non-U.S. corporate and government issuers. Dimensional Fund Advisors LP (the “Advisor”) expects that the Portfolio will primarily invest in the obligations of issuers that are in developed countries. As a non-fundamental policy, under normal circumstances, at least 80% of the Portfolio’s net assets will be invested in fixed income securities considered to be investment grade quality.

The Investment Grade Portfolio will be managed with a view to capturing expected credit premiums and expected term premiums. The term “expected credit premium” means the expected incremental return on investment for holding obligations considered to have greater credit risk than direct obligations of the U.S. Treasury, and “expected term premium” means the expected relative return on investment for holding securities having longer-term maturities as compared to shorter-term maturities. In managing the Portfolio, the Advisor will increase or decrease investment exposure to intermediate-term securities depending on the expected term premium and also increase or decrease investment exposure to non-government securities depending on the expected credit premium.

The Investment Grade Portfolio invests in U.S. and foreign corporate debt securities with an investment grade credit rating. In addition, the Portfolio may invest in obligations issued or guaranteed by the U.S. and foreign governments, their agencies and instrumentalities, bank obligations, commercial paper, repurchase agreements, money market funds, obligations of other domestic and foreign issuers having investment grade ratings, securities of domestic or foreign issuers denominated in U.S. dollars but not trading in the United States, and obligations of supranational organizations. The Portfolio may invest with an emphasis on debt securities rated A+ to BBB- by S&P or Fitch or A1 to Baa3 by Moody’s. The Portfolio will increase or decrease investment exposure to lower-rated investment grade securities (i.e., those rated A+ to BBB- by S&P or Fitch or A1 to Baa3 by Moody’s) depending on the expected credit premium. In addition, the Portfolio is authorized to invest more than 25% of its total assets in U.S. Treasury bonds, bills and notes, and obligations of federal agencies and instrumentalities.

The Investment Grade Portfolio primarily invests in securities that mature within twenty years from the date of settlement. Under normal circumstances, the Portfolio will generally maintain a weighted average duration of no more than one quarter year greater than, and no less than one year below, the weighted average duration of the Bloomberg U.S. Aggregate Bond Index, which was approximately 6.24 years as of December 31, 2023. From time to time, the Portfolio may deviate from this duration range when the Advisor determines it to be appropriate under the circumstances. Duration is a measure of the sensitivity of a security’s price to changes in interest rates. The longer a security’s duration, the more sensitive it will be to changes in interest rates.

The Investment Grade Portfolio’s investments may include foreign securities denominated in foreign currencies. The Portfolio intends to hedge foreign currency exposure to attempt to protect against uncertainty in the level of future foreign currency rates. The Portfolio may enter into foreign currency forward contracts to hedge against fluctuations in currency exchange rates or to transfer balances from one currency to another. The Portfolio also may enter into credit default swaps on issuers or indices to buy or sell credit protection to hedge its credit exposure; gain market or issuer exposure without owning the underlying securities; or increase the Portfolio’s total return. The Portfolio may purchase or sell futures contracts and options on futures contracts, to hedge its currency exposure or to hedge its interest rate exposure or for non-hedging purposes, such as a substitute for direct investment or to increase or decrease market exposure based on actual or expected cash inflows to or outflows from the Portfolio.

The Investment Grade Portfolio may lend its portfolio securities to generate additional income.

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DFAPX - Performance

Return Ranking - Trailing

Period DFAPX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.5% -2.7% 11.7% 53.78%
1 Yr 10.2% -3.4% 23.7% 75.20%
3 Yr -1.3%* -9.9% 28.6% 21.00%
5 Yr 0.7%* -7.2% 59.0% 34.28%
10 Yr 1.9%* -2.6% 73.9% 22.35%

* Annualized

Return Ranking - Calendar

Period DFAPX Return Category Return Low Category Return High Rank in Category (%)
2023 3.3% -16.2% 8.1% 8.00%
2022 -15.1% -34.7% 131.9% 22.35%
2021 -4.7% -11.6% 4.4% 90.57%
2020 6.8% -10.1% 946.1% 11.90%
2019 7.1% -1.7% 16.9% 7.45%

Total Return Ranking - Trailing

Period DFAPX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.5% -2.7% 11.7% 53.78%
1 Yr 10.2% -3.4% 23.7% 75.20%
3 Yr -1.3%* -9.9% 28.6% 21.00%
5 Yr 0.7%* -7.2% 59.0% 34.28%
10 Yr 1.9%* -2.6% 73.9% 22.35%

* Annualized

Total Return Ranking - Calendar

Period DFAPX Return Category Return Low Category Return High Rank in Category (%)
2023 6.8% -11.3% 11.9% 23.38%
2022 -12.9% -32.2% 131.9% 27.07%
2021 -2.1% -9.4% 9.2% 89.14%
2020 9.2% -1.9% 1009.0% 30.27%
2019 10.0% 1.1% 21668.0% 20.21%

NAV & Total Return History


DFAPX - Holdings

Concentration Analysis

DFAPX Category Low Category High DFAPX % Rank
Net Assets 11.3 B 2.9 M 314 B 16.12%
Number of Holdings 884 1 17787 44.68%
Net Assets in Top 10 2.79 B 1.62 M 36.1 B 14.31%
Weighting of Top 10 24.74% 4.4% 432.9% 44.46%

Top 10 Holdings

  1. DFA Investment Trust Co. 6.87%
  2. DFA Short Term Investment Fund 6.66%
  3. Federal National Mortgage Association 1.54%
  4. U.S. Treasury Floating Rate Notes 1.46%
  5. U.S. Treasury Floating Rate Notes 1.45%
  6. U.S. Treasury Floating Rate Notes 1.42%
  7. U.S. Treasury Floating Rate Notes 1.42%
  8. U.S. Treasury Floating Rate Notes 1.42%
  9. U.S. Treasury Floating Rate Notes 1.33%
  10. U.S. Treasury Bonds 1.18%

Asset Allocation

Weighting Return Low Return High DFAPX % Rank
Bonds
97.06% 0.00% 993.61% 41.43%
Cash
7.32% -54.51% 237.69% 21.27%
Stocks
6.87% 0.00% 99.99% 3.98%
Convertible Bonds
1.52% 0.00% 7.93% 47.48%
Other
0.05% -16.55% 52.94% 79.14%
Preferred Stocks
0.00% 0.00% 71.02% 67.59%

Stock Sector Breakdown

Weighting Return Low Return High DFAPX % Rank
Utilities
0.00% 0.00% 100.00% N/A
Technology
0.00% 0.00% 43.45% N/A
Real Estate
0.00% 0.00% 99.26% N/A
Industrials
0.00% 0.00% 48.31% N/A
Healthcare
0.00% 0.00% 17.70% N/A
Financial Services
0.00% 0.00% 100.00% N/A
Energy
0.00% 0.00% 100.00% N/A
Communication Services
0.00% 0.00% 100.00% N/A
Consumer Defense
0.00% 0.00% 99.67% N/A
Consumer Cyclical
0.00% 0.00% 100.00% N/A
Basic Materials
0.00% 0.00% 100.00% N/A

Stock Geographic Breakdown

Weighting Return Low Return High DFAPX % Rank
US
6.87% 0.00% 99.99% 3.99%
Non US
0.00% 0.00% 86.16% 57.46%

Bond Sector Breakdown

Weighting Return Low Return High DFAPX % Rank
Corporate
56.11% 0.00% 100.00% 5.15%
Government
43.73% 0.00% 86.23% 8.14%
Cash & Equivalents
7.32% -0.46% 237.69% 21.88%
Derivative
0.05% -1.41% 44.82% 43.66%
Securitized
0.00% 0.00% 98.40% 99.49%
Municipal
0.00% 0.00% 100.00% 87.54%

Bond Geographic Breakdown

Weighting Return Low Return High DFAPX % Rank
US
89.43% 0.00% 993.61% 68.30%
Non US
7.64% 0.00% 35.41% 5.21%

DFAPX - Expenses

Operational Fees

DFAPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.20% 0.01% 39.64% 94.55%
Management Fee 0.16% 0.00% 1.76% 7.95%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.50% 1.16%

Sales Fees

DFAPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 4.00% N/A

Trading Fees

DFAPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

DFAPX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 17.00% 2.00% 493.39% 2.63%

DFAPX - Distributions

Dividend Yield Analysis

DFAPX Category Low Category High DFAPX % Rank
Dividend Yield 3.35% 0.00% 10.11% 78.67%

Dividend Distribution Analysis

DFAPX Category Low Category High Category Mod
Dividend Distribution Frequency Quarterly SemiAnnual Monthly SemiAnnual

Net Income Ratio Analysis

DFAPX Category Low Category High DFAPX % Rank
Net Income Ratio 2.02% -1.28% 4.79% 30.06%

Capital Gain Distribution Analysis

DFAPX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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DFAPX - Fund Manager Analysis

Managers

David Plecha


Start Date

Tenure

Tenure Rank

Mar 07, 2011

11.24

11.2%

David Plecha is Dimensional’s Global Head of Fixed Income. A member of the Investment Committee and Investment Research Committee, he not only manages US and global portfolios but also maintains much of the fixed income research and client communications. Dave received his Chartered Financial Analyst® designation in 1996. Prior to joining Dimensional in 1989, he managed stock index futures and options for Leland O’Brien Rubinstein Associates and was an operations planner for Texas Instruments.

Joseph Kolerich


Start Date

Tenure

Tenure Rank

Feb 28, 2012

10.26

10.3%

Joseph Kolerich is Head of Fixed Income, Americas, Senior Portfolio Manager and Vice President of Dimensional and a member of the Investment Committee. Mr. Kolerich has an MBA from the University of Chicago Booth School of Business and a BS from Northern Illinois University. Mr. Kolerich joined DFA as a portfolio manager in 2001 and has been responsible for the fixed income portfolios since 2012.

Lovell Shao


Start Date

Tenure

Tenure Rank

Feb 28, 2019

3.25

3.3%

Mr. Shao is a Vice President and Senior Portfolio Manager of Dimensional Fund Advisors LP . Mr. Shao holds an MA from the University of California at Los Angeles and a BS from Columbia University. Mr. Shao joined Dimensional Fund in 2006, has been a portfolio manager since 2011, and has been responsible for the DFA Intermediate-Term Extended Quality Portfolio, DFA Global Core Plus Fixed Income Portfolio, DFA Investment Grade Portfolio and DFA Short-Duration Real Return Portfolio since 2019 and the DFA Global Core Plus Real Return Portfolio since its inception.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.43 6.78 1.16