Dodge & Cox Balanced Fund
Aggressive allocation fund
As of its 2026 Q2 report, Dodge & Cox Balanced Fund held 529 positions with $14.75B in net assets. Its ten largest holdings made up 17.0% of the fund. The DODBX share class costs 0.52% a year. Over the 12 months to May 2026, DODBX returned 10.8%, with dividends reinvested. In 2026 Q2 it added 30 new positions and exited 20.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
2.27% | $335.53M | 3.2M | $103.45 | |
Taiwan Semiconductor Manufacturing Co., Ltd. | 2.18% | $322.06M | 4.2M | $76.79 |
DODEXDodge & Cox Emerging Markets Stock Fund | 2.17% | $320.70M | 22.1M | $14.54 |
2.09% | $308.28M | 3.3M | $92.27 | |
HUMHumana, Inc. | 1.56% | $229.95M | 578.9K | $397.22 |
GOOGAlphabet, Inc. | 1.53% | $225.00M | 636.8K | $353.33 |
RTXRTX Corp. | 1.38% | $204.19M | 1.1M | $189.73 |
GSKGSK PLC | 1.28% | $188.74M | 3.6M | $52.42 |
Fixed Income Clearing Corporation | 1.28% | $188.74M | — | — |
MSFTMicrosoft Corp. | 1.20% | $176.92M | 474.3K | $373.02 |
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.
The 200 largest of 529 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| 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.
By sector
- Health Care
- 15.8%
- Securitized
- 15.5%
- International
- 14.5%
- Financials
- 13.5%
- 12 other sectors
- 40.8%
- Health Care
- 15.8%
- Securitized
- 15.5%
- International
- 14.5%
- Financials
- 13.5%
- Industrials
- 7.1%
- Communication Services
- 6.2%
- Other
- 5.7%
- Information Technology
- 4.7%
- Government
- 3.9%
- Real Estate
- 3.0%
- Utilities
- 2.7%
- Consumer Discretionary
- 2.3%
- Energy
- 2.1%
- Materials
- 1.8%
- Consumer Staples
- 0.7%
- Cash
- 0.7%
How it has done
DODBX share class · total returns with dividends reinvested
Volatility over the last 12 months: 7.08%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.52% | +10.76% | +43.62% | +37.64% | -6.18% | |
| 0.42% | +10.84% | +43.91% | — | -6.15% |
These classes hold the same portfolio, so the 0.28pp spread over 3 years is the cost difference between them — roughly 0.09pp a year — not a difference in what they own.
Fees & fund details
Dodge & Cox Balanced Fund is an aggressive allocation fund.
- Asset class
- Allocation (multi-asset)
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Aggressive
- Features
- Fund of funds
- Expense ratio, by class
- 0.42% – 0.52%· DODBX 0.52%
- Portfolio turnover
- 30.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
30 new· the largest 7
20 exited· the largest 7
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.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
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