Dodge & Cox Income Fund
Dodge & Cox Funds · Series S000011205 · 2 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2026 Q2
The Fund seeks a high and stable rate of current income, consistent with long-term preservation of capital.
The fund invests in a diversified portfolio of investment-grade bonds and debt securities, with up to 30% in non-U.S. dollar-denominated securities and up to 20% in high-yield bonds, selecting securities based on yield, credit quality, liquidity, covenants, duration, and other factors including ESG considerations. The fund may use interest rate derivatives such as Treasury futures to manage duration and adjust maturity exposure. Because the fund's allocations across debt sectors are revised based on the manager's economic outlook and relative valuations, portfolio composition will shift with those judgments.
| Share class | Gross | Net |
|---|---|---|
| DODIX | 0.41% | 0.41% |
| DOXIX | 0.36% | 0.33% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 18.00% · as of 2026 Q2
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 49.06% |
| Securitized | 49.01% |
| Cash & short-term | 1.09% |
| Derivatives | 0.13% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: U.S. Treasury Note/Bond, Fannie Mae, ECMC Group Student Loan Trust, FANNIE MAE FNR 2026 44 FD, Freddie Mac Pool, Meta Platforms, Inc., Wells Fargo & Co., FANNIE MAE FNR 2026 42 FC
Largest exited: U.S. Treasury Note/Bond ×2, NatWest Group PLC, BNP Paribas SA, Barclays PLC ×2, Wells Fargo & Co., Macy's, Inc.
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 |
|---|---|---|---|---|---|
| +5.17% | +15.23% | +7.19% | 3.91% | -4.88% | |
| +5.25% | +15.50% | — | 3.88% | -4.93% |
These classes hold the same portfolio, so the 0.27pp spread over 3 years is the cost difference between them — roughly 0.09pp 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 | 77.4% |
| Floating rate | 22.6% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.5% |
| 1-3y | 8.0% |
| 3-5y | 14.0% |
| 5-10y | 14.3% |
| 10y+ | 62.2% |
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 | 52% |
| Credit spreads | 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 | +5.27 yr |
| High yield | +0.24 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 | 0.05 yr | 1% |
| 1 yr | 0.36 yr | 6% |
| 5 yr | 1.57 yr | 26% |
| 10 yr | 2.29 yr | 38% |
| 30 yr | 1.81 yr | 30% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.31 yr | 6% |
| 5 yr | 1.97 yr | 36% |
| 10 yr | 2.10 yr | 38% |
| 30 yr | 1.13 yr | 20% |
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 | +0.05 | +0.01 | +0.00 | $108.0k | $5.5k |
| 1 yr | +0.36 | +0.29 | +0.01 | $3.24m | $147.9k |
| 5 yr | +1.57 | +1.90 | +0.07 | $20.98m | $802.0k |
| 10 yr | +2.29 | +2.00 | +0.09 | $22.11m | $1.03m |
| 30 yr | +1.81 | +1.06 | +0.07 | $11.70m | $721.9k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Fannie Mae3.50% · due 2052-05-01 | 2.66% | $2.94B | — |
| — | U.S. Treasury Note/Bond4.13% · due 2053-08-15 | 1.66% | $1.84B | — |
| — | U.S. Treasury Note/Bond4.63% · due 2044-11-15 | 1.43% | $1.57B | — |
| — | Freddie Mac Pool3.50% · due 2052-05-01 | 1.28% | $1.41B | — |
| — | U.S. Treasury Note/Bond3.75% · due 2030-12-31 | 1.15% | $1.27B | — |
| — | Fannie Mae4.50% · due 2054-02-01 | 0.98% | $1.09B | — |
| — | U.S. Treasury Note/Bond4.13% · due 2044-08-15 | 0.85% | $942.21M | — |
| — | U.S. Treasury Note/Bond3.88% · due 2034-08-15 | 0.78% | $855.88M | — |
| — | Petroleos Mexicanos7.69% · due 2050-01-23 | 0.77% | $850.76M | — |
| — | Freddie Mac Pool4.50% · due 2054-01-01 | 0.76% | $840.66M | — |
Top 10 positions are 12.33% of net assets, top 25 21.96%, across 105 issuers.
See more of this fund's book
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