Dodge & Cox Global Bond Fund
Dodge & Cox Funds · 2 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q2
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.
| Share class | Gross | Net |
|---|---|---|
| DODLX | 0.50% | 0.45% |
| DOXLX | 0.45% | 0.37% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 26.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 73.42% |
| Securitized | 23.50% |
| Cash & short-term | 3.00% |
| Derivatives | 0.31% |
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Government | 39.4% |
| Securitized | 23.4% |
| International | 14.6% |
| Other | 7.4% |
| 8 smaller | 15.2% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: Japan Government ×2, Freddie Mac Pool, Hungary Government ×2, U.S. Treasury Note/Bond, Molson Coors Beverage Co., ServiceNow, Inc.
Largest exited: Freddie Mac Pool ×3, Cemex SAB de CV, Fannie Mae ×3, Hungary Government
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 |
|---|---|---|---|---|---|
| +6.62% | +21.73% | +17.05% | 4.73% | -4.95% | |
| +6.69% | +22.02% | — | 4.77% | -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.
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 | 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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Brazil Government10.00% · due 2033-01-01 | 3.51% | $185.77M | — |
| — | Mexico Government8.00% · due 2047-11-07 | 2.94% | $155.73M | — |
| — | Norway Government4.13% · due 2036-06-03 | 2.62% | $138.64M | — |
| — | South Korea Government3.25% · due 2035-12-10 | 2.49% | $131.48M | — |
| — | Peru Government7.60% · due 2039-08-12 | 2.48% | $130.98M | — |
| — | Colombia Government7.25% · due 2034-10-18 | 2.31% | $122.00M | — |
| — | Freddie Mac Pool4.00% · due 2052-09-01 | 2.22% | $117.58M | — |
| — | Japan Government0.20% · due 2027-12-20 | 2.20% | $116.28M | — |
| — | New Zealand Government2.75% · due 2037-04-15 | 2.00% | $105.59M | — |
| — | Norway Government3.00% · due 2033-08-15 | 1.87% | $98.95M | — |
Top 10 positions are 24.64% of net assets, top 25 41.97%, across 91 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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