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Dodge & Cox Global Bond Fund
DODLX (Mutual Fund)
Dodge & Cox Global Bond Fund
Name
As of 04/26/2024Price
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
Vitals
YTD Return
-2.9%
1 yr return
4.8%
3 Yr Avg Return
0.2%
5 Yr Avg Return
3.4%
Net Assets
$2.69 B
Holdings in Top 10
25.8%
52 WEEK LOW AND HIGH
$10.5
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 0.52%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 136.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500
IRA
$1,000
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/26/2024Price
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
DODLX - Profile
Distributions
- YTD Total Return -2.9%
- 3 Yr Annualized Total Return 0.2%
- 5 Yr Annualized Total Return 3.4%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 2.82%
- Dividend Yield 2.8%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameDodge & Cox Global Bond Fund
-
Fund Family NameDodge & Cox
-
Inception DateDec 05, 2012
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerAdam Rubinson
Fund Description
The Fund invests in a diversified portfolio of bonds and other debt instruments of issuers from at least three different countries, which may include emerging market countries. The Fund is not required to allocate its investments in set percentages to particular countries and may invest in emerging markets without limit. Under normal circumstances, the Fund invests at least 40% of its total assets in securities of non-U.S. issuers and at least 80% of its total assets in debt instruments, which may, in each case, be represented by derivatives such as forward contracts, futures contracts, or swap agreements. Debt instruments in which the Fund may invest include, but are not limited to, government and government-related obligations, mortgage- and asset-backed securities, corporate and municipal bonds, collateralized mortgage obligations, inflation-linked securities and other fixed and floating rate instruments, including certain preferred securities. The Fund invests in both U.S. dollar-denominated and non-U.S. dollar-denominated debt instruments across all sectors.
A majority of the Fund is invested in investment-grade debt instruments (instruments rated Baa3 or higher by Moody’s Investors Service (“Moody’s”), BBB- or higher by Standard & Poor’s Global Ratings (“S&P”) or Fitch Ratings (“Fitch”), or equivalently rated by any nationally recognized statistical rating organization (“NRSRO”), or, if unrated, deemed to be of investment-grade quality by Dodge & Cox). Up to 35% of the Fund’s total assets may be invested in debt securities rated below investment grade, commonly referred to as high-yield or “junk” bonds.
The Fund may buy or sell non-U.S. currencies and may enter into various currency or interest rate-related transactions involving derivative instruments, including forward contracts, futures contracts, and swap agreements. The Fund may use derivatives to seek to minimize the impact of losses to one or more of its investments (as a “hedging technique”) or to implement its investment strategy. For example, the Fund may invest in derivative instruments that create exposure to a specific security or market sector as a substitute for a direct investment in the security or sector itself or to benefit from changes in the relative values of selected currencies. The Fund may use interest rate derivatives for a variety of purposes, including, but not limited to, managing the Fund’s duration or adjusting the Fund’s exposure to debt securities with different maturities.
In selecting securities, Dodge & Cox considers many factors, including, without limitation, yield, credit quality, liquidity, covenants, call risk, duration, structure, and capital appreciation potential, as well as financially material environmental, social, and governance (ESG) issues. For all securities that are denominated in a foreign currency, Dodge & Cox analyzes whether to accept or hedge the associated interest rate and currency risks. Dodge & Cox considers, among other things, a country’s economic outlook and political stability, the protections provided to foreign investors, relative interest rates, exchange rates, a country’s monetary and fiscal policies, its debt stock, and its ability to meet its funding needs.
The Fund may purchase or sell holdings for a variety of reasons such as to alter sector, geographic, or currency exposure or to shift the overall portfolio’s risk profile. The proportions of the Fund’s assets held in various debt instruments will be revised in light of Dodge & Cox’s appraisal of the global economy, the relative yields of securities in the various market sectors and countries, the potential for a currency’s appreciation, the investment prospects for issuers, the countries’ domestic and political conditions, and other factors.
DODLX - Performance
Return Ranking - Trailing
| Period | DODLX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -2.9% | -59.5% | 0.9% | 29.13% |
| 1 Yr | 4.8% | -15.5% | 19.7% | 18.75% |
| 3 Yr | 0.2%* | -4.3% | 4.2% | 1.00% |
| 5 Yr | 3.4%* | -2.5% | 4.1% | 0.53% |
| 10 Yr | N/A* | -3.0% | 2.7% | N/A |
* Annualized
Return Ranking - Calendar
| Period | DODLX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 8.5% | -15.2% | 0.9% | 20.00% |
| 2022 | -12.7% | -10.9% | 12.2% | 16.49% |
| 2021 | -4.5% | -10.8% | 14.8% | 1.56% |
| 2020 | 8.9% | -15.3% | 0.6% | 75.72% |
| 2019 | 8.5% | -44.4% | 14.4% | 49.08% |
Total Return Ranking - Trailing
| Period | DODLX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | -2.9% | -59.5% | 0.9% | 26.21% |
| 1 Yr | 4.8% | -16.6% | 30.5% | 16.11% |
| 3 Yr | 0.2%* | -5.2% | 10.9% | 3.38% |
| 5 Yr | 3.4%* | -2.8% | 7.4% | 2.58% |
| 10 Yr | N/A* | -3.0% | 3.6% | N/A |
* Annualized
Total Return Ranking - Calendar
| Period | DODLX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 12.3% | -15.2% | 0.9% | 20.00% |
| 2022 | -8.2% | -10.9% | 12.2% | 16.49% |
| 2021 | -0.8% | -10.8% | 14.8% | 1.56% |
| 2020 | 11.9% | -15.3% | 3.8% | 15.61% |
| 2019 | 12.2% | -44.4% | 14.4% | 37.42% |
NAV & Total Return History
DODLX - Holdings
Concentration Analysis
| DODLX | Category Low | Category High | DODLX % Rank | |
|---|---|---|---|---|
| Net Assets | 2.69 B | 74.5 K | 14.7 B | 23.53% |
| Number of Holdings | 259 | 4 | 4562 | 72.51% |
| Net Assets in Top 10 | 663 M | -112 M | 3.66 B | 22.75% |
| Weighting of Top 10 | 25.75% | 4.7% | 100.0% | 72.60% |
Top 10 Holdings
- Japan Government 0.10 12/20/2024 3.64%
- U.S. Treasury Note/Bond 4.375 11/30/2030 3.00%
- U.S. Treasury Note/Bond 4.00 07/31/2030 2.89%
- Norway Government 3.00 08/15/2033 2.71%
- Freddie Mac Pool 3.50 09/01/2052 2.49%
- Brazil Government 10.00 01/01/2033 2.36%
- British American Tobacco PLC 3.75 03/23/2171 2.35%
- Mexico Government 8.00 11/07/2047 2.31%
- Freddie Mac Pool 3.50 08/01/2053 2.11%
- Malaysia Government 3.899 11/16/2027 1.92%
Asset Allocation
| Weighting | Return Low | Return High | DODLX % Rank | |
|---|---|---|---|---|
| Bonds | 93.30% | 0.00% | 220.33% | 51.66% |
| Other | 5.26% | -9.71% | 100.00% | 92.89% |
| Convertible Bonds | 3.02% | 0.00% | 11.19% | 21.33% |
| Cash | 1.44% | -130.07% | 95.62% | 60.66% |
| Stocks | 0.00% | 0.00% | 7.47% | 79.15% |
| Preferred Stocks | 0.00% | 0.00% | 2.87% | 1.90% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | DODLX % Rank | |
|---|---|---|---|---|
| Corporate | 48.42% | 0.00% | 98.62% | 12.98% |
| Government | 28.26% | 0.30% | 99.47% | 87.02% |
| Securitized | 17.89% | 0.00% | 52.02% | 12.02% |
| Municipal | 0.73% | 0.00% | 7.95% | 3.85% |
| Cash & Equivalents | 0.40% | 0.00% | 95.62% | 64.42% |
| Derivative | -0.22% | 0.00% | 74.77% | 57.69% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | DODLX % Rank | |
|---|---|---|---|---|
| US | 61.91% | -5.52% | 107.53% | 15.17% |
| Non US | 31.39% | 0.00% | 112.80% | 87.20% |
DODLX - Expenses
Operational Fees
| DODLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 0.52% | 0.02% | 3.65% | 92.34% |
| Management Fee | 0.45% | 0.00% | 2.08% | 43.90% |
| 12b-1 Fee | N/A | 0.00% | 1.00% | N/A |
| Administrative Fee | 0.10% | 0.01% | 0.45% | N/A |
Sales Fees
| DODLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | N/A | 0.00% | 5.00% | N/A |
| Deferred Load | N/A | 1.00% | 5.00% | N/A |
Trading Fees
| DODLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 2.00% | 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.
| DODLX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 136.00% | 6.00% | 354.00% | 82.25% |
DODLX - Distributions
Dividend Yield Analysis
| DODLX | Category Low | Category High | DODLX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 2.81% | 0.00% | 17.40% | 19.91% |
Dividend Distribution Analysis
| DODLX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Quarterly | Monthly | Monthly |
Net Income Ratio Analysis
| DODLX | Category Low | Category High | DODLX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 2.82% | -1.08% | 5.77% | 12.75% |
Capital Gain Distribution Analysis
| DODLX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Mar 26, 2024 | $0.074 | OrdinaryDividend |
| Dec 19, 2023 | $0.162 | OrdinaryDividend |
| Sep 27, 2023 | $0.100 | OrdinaryDividend |
| Jun 28, 2023 | $0.050 | OrdinaryDividend |
| Mar 29, 2023 | $0.050 | OrdinaryDividend |
| Dec 20, 2022 | $0.309 | OrdinaryDividend |
| Sep 28, 2022 | $0.100 | OrdinaryDividend |
| Jun 28, 2022 | $0.050 | OrdinaryDividend |
| Mar 29, 2022 | $0.050 | OrdinaryDividend |
| Sep 28, 2021 | $0.100 | OrdinaryDividend |
| Sep 28, 2020 | $0.100 | OrdinaryDividend |
| Dec 20, 2019 | $0.277 | OrdinaryDividend |
| Sep 26, 2019 | $0.100 | OrdinaryDividend |
| Sep 26, 2018 | $0.100 | OrdinaryDividend |
| Sep 27, 2017 | $0.100 | OrdinaryDividend |
| Dec 21, 2016 | $0.175 | OrdinaryDividend |
| Dec 22, 2014 | $0.069 | OrdinaryDividend |
| Sep 26, 2014 | $0.045 | OrdinaryDividend |
| Jun 26, 2014 | $0.030 | OrdinaryDividend |
DODLX - Fund Manager Analysis
Managers
Adam Rubinson
Start Date
Tenure
Tenure Rank
May 01, 2014
8.09
8.1%
Mr. Rubinson received his B.A. degree (summa cum laude) from Columbia College in 1988 and his J.D. degree from the Stanford Law School in 1991. From 1991 to 1997 he practiced corporate law at Sullivan & Cromwell. Prior to joining Dodge & Cox in 2002, he worked in the fixed income and investment banking divisions of Goldman Sachs. Mr. Rubinson is a shareholder of the firm and a CFA charterholder.
Lucinda Johns
Start Date
Tenure
Tenure Rank
May 01, 2014
8.09
8.1%
Vice President and Associate Director of Fixed Income. Ms. Johns received her B.A. degree (magna cum laude) from Williams College in 1996 and her M.B.A. degree from the University of California, Los Angeles Anderson School of Management in 2004. Prior to graduate school, she worked for approximately two years each at Merrill Lynch as a financial analyst, Dodge & Cox as a research assistant, and NBC Internet as a Senior Product Manager. Ms. Johns rejoined Dodge & Cox in 2004. She is a shareholder of the firm and a CFA charterholder.
Dana Emery
Start Date
Tenure
Tenure Rank
May 01, 2014
8.09
8.1%
Chief Executive Officer and President. Ms. Emery received her B.A. degree from Stanford University in 1983. She joined Dodge & Cox in 1983. Ms. Emery is President and a Trustee of the Dodge & Cox Funds. She is a Director and shareholder of the firm, a CFA charterholder, and a Chartered Investment Counselor.
James Dignan
Start Date
Tenure
Tenure Rank
May 01, 2014
8.09
8.1%
Mr. Dignan graduated from Columbia University in 1991 with an A.B. in Philosophy / Economics. He received an M.A. in Economics from New York University in 1994 and his M.B.A. from Northwestern’s J.L. Kellogg Graduate School of Management in 1996. Prior to joining Dodge & Cox in 1999, he worked in portfolio management for Fannie Mae. Mr. Dignan is a shareholder of the firm and a CFA charterholder.
Thomas Dugan
Start Date
Tenure
Tenure Rank
May 01, 2014
8.09
8.1%
Senior Vice President and Director of Fixed Income. Mr. Dugan received his B.A. from Brown University in 1987 and his M.B.A. from the University of California, Berkeley in 1992. Before graduate school he worked as a fixed income securities trader for J.P. Morgan Securities. Prior to joining Dodge & Cox in 1993, he worked in the Czech Republic as an advisor to a Czech investment fund. Mr. Dugan is a Director and shareholder of the firm and a CFA charterholder.
Matthew Schefer
Start Date
Tenure
Tenure Rank
Jan 31, 2018
4.33
4.3%
Mr. Schefer received his B.S. (Phi Beta Kappa) in Mathematics from Stanford University in 2006. Prior to joining Dodge & Cox in 2008, he worked at Citi in the fixed income and foreign exchange divisions. Mr. Schefer is a CFA charterholder and shareholder of the firm.
Jose Ursua
Start Date
Tenure
Tenure Rank
Jan 31, 2020
2.33
2.3%
Mr. Ursua received a B.A. degree in Economics and a Law School degree in 2005 (both summa cum laude) from ITAM, in Mexico. In addition, he received both A.M. and Ph.D. degrees in Economics from Harvard University in 2008 and 2011, respectively. Prior to graduate school, he worked as an economist at Mexico’s Central Bank and Finance Ministry. More recently, he was a member of the Global Economics and Markets research group at Goldman Sachs in New York. Mr. Ursua joined Dodge & Cox in 2014.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.02 | 28.31 | 6.8 | 3.67 |
