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DFA Social Fixed Income Portfolio

mutual fund
DSFIX
Payout Change
Pending
Price as of:
$9.29 -0.05 -0.54%
primary theme
U.S. Intermediate-Term Bond Duration
share class
DSFIX (Mutual Fund)

DFA Social Fixed Income Portfolio

Payout Change
Pending
Price as of:
$9.29 -0.05 -0.54%
primary theme
U.S. Intermediate-Term Bond Duration
share class
DSFIX (Mutual Fund)

DFA Social Fixed Income Portfolio

Payout Change
Pending
Price as of:
$9.29 -0.05 -0.54%
primary theme
U.S. Intermediate-Term Bond Duration
share class

Name

As of 10/04/2024

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

$9.29

$605 M

4.33%

$0.41

0.22%

Vitals

YTD Return

3.9%

1 yr return

11.6%

3 Yr Avg Return

-1.2%

5 Yr Avg Return

0.5%

Net Assets

$605 M

Holdings in Top 10

22.8%

52 WEEK LOW AND HIGH

$9.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.22%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 21.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$0

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 10/04/2024

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

$9.29

$605 M

4.33%

$0.41

0.22%

DSFIX - Profile

Distributions

  • YTD Total Return 3.9%
  • 3 Yr Annualized Total Return -1.2%
  • 5 Yr Annualized Total Return 0.5%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.89%
DIVIDENDS
  • Dividend Yield 4.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    DFA Social Fixed Income Portfolio
  • Fund Family Name
    Dimensional Funds
  • Inception Date
    Apr 05, 2016
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    David Plecha

Fund Description

The Social Fixed Income 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 while excluding securities of corporate and certain non-sovereign government issuers based upon the Portfolio’s social issue screens. 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 Social Fixed Income 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 incremental 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 Social Fixed Income Portfolio invests in U.S. and foreign corporate debt securities with an investment grade credit rating and may emphasize such investments in U.S. and foreign corporate 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 these lower rated debt securities depending on the expected credit premium. The Portfolio will also 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 fixed income securities in which the Portfolio invests are considered investment grade at the time of purchase. 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 its instrumentalities.

The Social Fixed Income 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 Social Fixed Income 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 also 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 Social Fixed Income Portfolio may lend its portfolio securities to generate additional income.

The Social Fixed Income Portfolio seeks to purchase securities that are consistent with the Portfolio’s social issue screens, which are monitored by, or based upon information from, an independent third party. The Portfolio seeks to exclude from its investment portfolio securities of those companies that are identified by the Portfolio’s social issue screens, as further discussed below. The Portfolio’s social issue screens are designed to identify companies that: (1) earn at least 10% of their total annual revenue through the production and/or sale of conventional or nuclear weapons, their weapon systems, or critical components of these products, or the provision of weapon systems support and service; (2) have demonstrated complicity in genocide in Sudan, for example, by having ties to the Sudanese military or government, selling or distributing military equipment to a party based in Sudan or operating within Sudan borders, or generating 10% or more of its total assets or revenues in Sudan from the oil, mineral or power sectors; (3) earn at least 10% of their total annual revenue through the production and/or sale of tobacco, alcohol, or cannabis products; (4) earn at least 10% of their total annual revenue from certain gambling activities, the production of goods used exclusively for gambling, or the provision of certain services in casinos that are fundamental to gambling operations; (5) directly participate in abortions, or develop or manufacture abortive agents or contraceptives; (6) earn at least 10% of their total annual revenue from the rental, sale, distribution or production of pornographic materials, or the ownership or operation of adult entertainment establishments; (7) are involved in the production or manufacture of landmines, cluster munitions, or the essential components of these products; (8) earn revenue from the production and/or manufacturing of civilian firearms; (9) have had major recent

child labor controversies in their own operations or supply chain; (10) conduct stem cell research using cells derived from human embryos or fetal tissue, or use fetal cell lines in the development of vaccines or other biopharmaceuticals; (11) own or operate private prisons and/or immigrant detention facilities; (12) operate in a manner inconsistent with responsible business conduct standards, such as those defined by the UN Global Compact Principles and the OECD Guidelines for Multinational Enterprises, because of material involvement in severe environmental, social or governance controversies; (13) have high carbon or greenhouse gas emissions or reserves that may produce those emissions; and/or (14) have coal reserves.

In addition to excluding securities of corporate issuers based upon the Social Fixed Income Portfolio’s social issue screens, the Portfolio also will generally exclude securities of supranational organizations and certain non-sovereign governmental agencies (both U.S. and non-U.S.) that may be less sustainable as compared to other similar issuers, based upon considerations 13 and 14. The Portfolio’s investments in securities of U.S. and non-U.S. sovereign issuers are not subject to the other screens identified above. The Advisor, however, considers securities issued by the U.S. Treasury and certain U.S. agencies and instrumentalities that are not subject to the Portfolio’s social issue screens identified above to be consistent with the Portfolio’s strategy of investing in social investments.

The Social Fixed Income Portfolio may modify this list of social issue screens, at any time, without prior shareholder approval or notice. (See “Additional Information on Investment Objectives and Policies—Applying the Portfolios’ Social Criteria” in this Prospectus.)

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DSFIX - Performance

Return Ranking - Trailing

Period DSFIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.9% -2.4% 11.7% 72.65%
1 Yr 11.6% -7.4% 26.1% 80.71%
3 Yr -1.2%* -9.9% 28.9% 26.04%
5 Yr 0.5%* -7.0% 59.1% 40.09%
10 Yr N/A* -2.4% 74.3% N/A

* Annualized

Return Ranking - Calendar

Period DSFIX Return Category Return Low Category Return High Rank in Category (%)
2023 3.6% -16.2% 8.1% 3.57%
2022 -15.2% -34.7% 131.9% 23.90%
2021 -4.8% -11.6% 4.4% 90.84%
2020 6.8% -10.1% 946.1% 12.06%
2019 7.0% -1.7% 16.9% 10.46%

Total Return Ranking - Trailing

Period DSFIX Return Category Return Low Category Return High Rank in Category (%)
YTD 3.9% -2.4% 11.7% 72.65%
1 Yr 11.6% -7.4% 26.1% 80.71%
3 Yr -1.2%* -9.9% 28.9% 26.04%
5 Yr 0.5%* -7.0% 59.1% 40.09%
10 Yr N/A* -2.4% 74.3% N/A

* Annualized

Total Return Ranking - Calendar

Period DSFIX Return Category Return Low Category Return High Rank in Category (%)
2023 7.2% -11.3% 11.9% 14.90%
2022 -13.1% -32.2% 131.9% 33.40%
2021 -2.2% -9.4% 9.2% 91.17%
2020 9.3% -1.9% 1009.0% 28.86%
2019 9.8% 1.1% 21668.0% 22.33%

NAV & Total Return History


DSFIX - Holdings

Concentration Analysis

DSFIX Category Low Category High DSFIX % Rank
Net Assets 605 M 2.9 M 314 B 63.65%
Number of Holdings 444 1 17787 67.24%
Net Assets in Top 10 138 M 1.62 M 36.1 B 66.63%
Weighting of Top 10 22.84% 4.4% 432.9% 49.74%

Top 10 Holdings

  1. DFA Short Term Investment Fund 6.07%
  2. DFA Investment Trust Co. 6.07%
  3. Federal National Mortgage Association 1.46%
  4. U.S. Treasury Floating Rate Notes 1.42%
  5. U.S. Treasury Floating Rate Notes 1.41%
  6. U.S. Treasury Floating Rate Notes 1.41%
  7. U.S. Treasury Floating Rate Notes 1.40%
  8. U.S. Treasury Floating Rate Notes 1.32%
  9. NIKE, Inc. 1.15%
  10. Federal Home Loan Banks 1.14%

Asset Allocation

Weighting Return Low Return High DSFIX % Rank
Bonds
96.34% 0.00% 993.61% 44.77%
Cash
6.44% -54.51% 237.69% 23.09%
Stocks
6.07% 0.00% 99.99% 4.47%
Convertible Bonds
2.16% 0.00% 7.93% 25.00%
Other
0.02% -16.55% 52.94% 81.08%
Preferred Stocks
0.00% 0.00% 71.02% 37.95%

Stock Sector Breakdown

Weighting Return Low Return High DSFIX % 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 DSFIX % Rank
US
6.07% 0.00% 99.99% 4.48%
Non US
0.00% 0.00% 86.16% 17.80%

Bond Sector Breakdown

Weighting Return Low Return High DSFIX % Rank
Corporate
55.84% 0.00% 100.00% 5.84%
Government
42.69% 0.00% 86.23% 12.60%
Cash & Equivalents
6.44% -0.46% 237.69% 23.40%
Derivative
0.02% -1.41% 44.82% 50.86%
Securitized
0.00% 0.00% 98.40% 98.46%
Municipal
0.00% 0.00% 100.00% 76.02%

Bond Geographic Breakdown

Weighting Return Low Return High DSFIX % Rank
US
86.42% 0.00% 993.61% 75.58%
Non US
9.92% 0.00% 35.41% 2.64%

DSFIX - Expenses

Operational Fees

DSFIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.22% 0.01% 39.64% 93.87%
Management Fee 0.18% 0.00% 1.76% 8.12%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

DSFIX 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

DSFIX 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.

DSFIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 21.00% 2.00% 493.39% 3.70%

DSFIX - Distributions

Dividend Yield Analysis

DSFIX Category Low Category High DSFIX % Rank
Dividend Yield 4.33% 0.00% 10.11% 56.75%

Dividend Distribution Analysis

DSFIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Quarterly Monthly Monthly

Net Income Ratio Analysis

DSFIX Category Low Category High DSFIX % Rank
Net Income Ratio 1.89% -1.28% 4.79% 37.62%

Capital Gain Distribution Analysis

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

Distributions History

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DSFIX - Fund Manager Analysis

Managers

David Plecha


Start Date

Tenure

Tenure Rank

Apr 05, 2016

6.16

6.2%

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

Apr 05, 2016

6.16

6.2%

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 6.79 1.16