Dodge & Cox Balanced Fund
Dodge & Cox Funds · Series S000011204 · 2 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2026 Q2
The Fund seeks income and long-term capital appreciation.
The fund allocates between equities (25–75% of assets) and fixed income (minimum 25%) based on Dodge & Cox's three- to five-year outlook for risk and return across asset classes, adjusting for economic conditions, inflation, interest rates, and valuations. In equities, the fund seeks medium-to-large companies trading below intrinsic value with favorable long-term growth prospects, emphasizing financial strength, competitive position, management quality, and material ESG factors. In fixed income, it selects from government, corporate, and mortgage-backed securities, with up to 10% in high-yield debt (no more than 5% below B3/B-), based on yield, credit quality, duration, and capital appreciation potential. The fund may use derivatives including equity options, total return swaps, and futures to adjust equity and duration exposure, and currency forwards to hedge foreign-exchange risk.
| Share class | Gross | Net |
|---|---|---|
| DODBX | 0.53% | 0.52% |
| DOXBX | 0.48% | 0.42% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 30.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Stocks | 65.91% |
| Bonds | 16.05% |
| Securitized | 15.42% |
| Cash & short-term | 2.07% |
| Derivatives | -0.03% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Latest quarter
What changed since the fund's previous filing
Largest new: V, TMO, FDXF, KKR, Ford Credit Auto Owner Trust, U.S. Treasury Note/Bond ×2, Sallie Mae Resecuritization FFELP Student Loan Trust
Largest exited: Bank of America, LYB, Standard Chartered PLC, Freddie Mac Pool ×2, Roche Holding AG, U.S. Treasury Note/Bond, Ford Motor Credit Co. LLC
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +13.20% | +40.22% | +40.88% | 7.12% | -6.18% | |
| +13.39% | +40.61% | — | 7.14% | -6.15% |
These classes hold the same portfolio, so the 0.39pp spread over 3 years is the cost difference between them — roughly 0.13pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 68.9% |
| Floating rate | 31.1% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.5% |
| 1-3y | 9.1% |
| 3-5y | 13.3% |
| 5-10y | 12.8% |
| 10y+ | 58.3% |
| Unknown | 3.1% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 52% |
| Interest rates | 48% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.46 yr |
| High yield | +0.08 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.02 yr | 1% |
| 1 yr | 0.12 yr | 9% |
| 5 yr | 0.41 yr | 29% |
| 10 yr | 0.49 yr | 35% |
| 30 yr | 0.37 yr | 26% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.13 yr | 8% |
| 5 yr | 0.62 yr | 41% |
| 10 yr | 0.46 yr | 30% |
| 30 yr | 0.32 yr | 21% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.02 | +0.01 | +0.00 | $7.5k | $1.0k |
| 1 yr | +0.12 | +0.12 | +0.01 | $179.6k | $10.8k |
| 5 yr | +0.41 | +0.60 | +0.02 | $884.8k | $36.4k |
| 10 yr | +0.49 | +0.43 | +0.03 | $639.5k | $40.1k |
| 30 yr | +0.37 | +0.30 | +0.02 | $437.1k | $34.8k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 1.41 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| CVS | CVS Health Corp.CVS | 2.27% | $103.45 | $335.53M | 3.2M |
| — | Taiwan Semiconductor Manufacturing Co., Ltd. | 2.18% | $76.79 | $322.06M | 4.2M |
| DODEX | Dodge & Cox Emerging Markets Stock FundDODEX | 2.17% | $14.54 | $320.70M | 22.1M |
| SCHW | The Charles Schwab Corp.SCHW | 2.09% | $92.27 | $308.28M | 3.3M |
| HUM | Humana, Inc.HUM | 1.56% | $397.22 | $229.95M | 578.9K |
| GOOG | Alphabet, Inc.GOOG | 1.53% | $353.33 | $225.00M | 636.8K |
| RTX | RTX Corp.RTX | 1.38% | $189.73 | $204.19M | 1.1M |
| GSK | GSK PLCGSK | 1.28% | $52.42 | $188.74M | 3.6M |
| — | Fixed Income Clearing Corporation | 1.28% | — | $188.74M | — |
| MSFT | Microsoft Corp.MSFT | 1.20% | $373.02 | $176.92M | 474.3K |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
Top 10 positions are 16.95% of net assets, top 25 32.72%, across 162 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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