Dodge & Cox Global Bond Fund
Actively managed global bond fund
As of its 2026 Q2 report, Dodge & Cox Global Bond Fund held 322 positions with $5.29B in net assets. Its ten largest holdings made up 24.6% of the fund. The DODLX share class costs 0.45% a year. Over the 12 months to May 2026, DODLX returned 7.2%, with dividends reinvested. In 2026 Q2 it added 29 new positions and exited 21.
The Fund seeks a high rate of total return consistent with long-term preservation of capital.
The fund invests in a diversified portfolio of bonds and debt instruments issued across at least three countries, including emerging markets, with at least 40% of assets in non-U.S. issuers and at least 80% in debt securities. The manager selects securities based on yield, credit quality, liquidity, covenants, duration, structure, and capital appreciation potential, alongside environmental, social, and governance considerations, and may use derivatives to adjust sector, geographic, currency, and duration exposure. A majority of holdings are investment-grade, though up to 35% of assets may be in high-yield debt. Because security selection depends on the manager's appraisal of global economic conditions, relative valuations, and issuer prospects, fund returns will diverge from any benchmark.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Brazil Government 10.00% · due 2033-01-01 | 3.51% | $185.77M | — |
Mexico Government 8.00% · due 2047-11-07 | 2.94% | $155.73M | — |
Norway Government 4.13% · due 2036-06-03 | 2.62% | $138.64M | — |
South Korea Government 3.25% · due 2035-12-10 | 2.49% | $131.48M | — |
Peru Government 7.60% · due 2039-08-12 | 2.48% | $130.98M | — |
Colombia Government 7.25% · due 2034-10-18 | 2.31% | $122.00M | — |
Freddie Mac Pool 4.00% · due 2052-09-01 | 2.22% | $117.58M | — |
Japan Government 0.20% · due 2027-12-20 | 2.20% | $116.28M | — |
New Zealand Government 2.75% · due 2037-04-15 | 2.00% | $105.59M | — |
Norway Government 3.00% · due 2033-08-15 | 1.87% | $98.95M | — |
The 200 largest of 322 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%.
| Bonds | 73.42% |
| Securitized | 23.50% |
| Cash & short-term | 3.00% |
| Derivatives | 0.31% |
Derivatives are shown at market value, not notional exposure.
By sector
- Government
- 39.4%
- Securitized
- 23.4%
- International
- 14.6%
- Other
- 8.4%
- 8 other sectors
- 14.2%
- Government
- 39.4%
- Securitized
- 23.4%
- International
- 14.6%
- Other
- 8.4%
- Financials
- 4.8%
- Communication Services
- 2.2%
- Information Technology
- 2.2%
- Utilities
- 1.8%
- Cash
- 1.2%
- Health Care
- 1.0%
- Real Estate
- 0.5%
- Consumer Staples
- 0.5%
How it has done
DODLX share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.68%. 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 |
|---|---|---|---|---|---|
| 0.45% | +7.19% | +22.86% | +16.78% | -4.95% | |
| 0.37% | +7.26% | +23.15% | — | -4.93% |
These classes hold the same portfolio, so the 0.29pp spread over 3 years is the cost difference between them — roughly 0.10pp a year — not a difference in what they own.
Fees & fund details
Dodge & Cox Global Bond Fund is an actively managed global bond fund.
- Asset class
- Bonds
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.37% – 0.45%· DODLX 0.45%
- Portfolio turnover
- 26.00% 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.
29 new· the largest 6
21 exited· the largest 4
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 | 84.8% |
| Floating rate | 15.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.0% |
| 1-3y | 10.0% |
| 3-5y | 8.0% |
| 5-10y | 39.5% |
| 10y+ | 40.2% |
| Unknown | 1.4% |
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
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
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.
| Interest rates | 54% |
| Credit spreads | 46% |
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 | +4.84 yr |
| High yield | +0.68 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 | 0.04 yr | 1% |
| 1 yr | 0.31 yr | 5% |
| 5 yr | 1.83 yr | 28% |
| 10 yr | 3.26 yr | 50% |
| 30 yr | 1.07 yr | 16% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.30 yr | 5% |
| 5 yr | 1.77 yr | 32% |
| 10 yr | 2.48 yr | 45% |
| 30 yr | 0.96 yr | 17% |
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 | +0.04 | +0.01 | +0.00 | $3.7k | $242 |
| 1 yr | +0.31 | +0.25 | +0.05 | $134.8k | $24.6k |
| 5 yr | +1.83 | +1.41 | +0.35 | $748.0k | $187.3k |
| 10 yr | +3.26 | +2.27 | +0.21 | $1.20m | $109.9k |
| 30 yr | +1.07 | +0.89 | +0.07 | $473.0k | $36.8k |
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 6.50 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.
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