Dodge & Cox Balanced Fund
DODBX
NASDAQ- -
USD
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- -
Capital Structure
FRC
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in mil. unless spec.Working Capital
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in mil. unless spec.Growth Rates
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in mil. unless spec.Quarterly Revenue
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in mil. unless spec.Quarterly Earnings Per Share
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in mil. unless spec.Quarterly Dividends Per Share
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in mil. unless spec.- Sector
- Financial Services
- Industry
- Asset Management
- Address
- 555 California St San Francisco CA United States of America 94104
- IPO Date
- Jan 2, 1980
- CIK
- 0000029440
- Website
- dodgeandcox.com
- Similar Companies
- Business
- Dodge & Cox Balanced Fund (DODBX) is an actively managed open-end mutual fund that seeks income and long-term capital appreciation through a diversified portfolio of equity securities and debt securities. The fund invests in equity holdings that appear temporarily undervalued with favorable long-term growth prospects; investment-grade debt securities including government and government-related obligations, mortgage- and asset-backed securities, corporate and municipal bonds, and other debt instruments; and below investment-grade debt securities as permitted, with allocations determined based on three- to five-year risk-return assessments across stocks, fixed income, and cash. A dedicated Balanced Fund Investment Committee, comprising equity, fixed-income, and quantitative experts with an average tenure of 19 years at Dodge & Cox, oversees asset allocation, portfolio construction across industries and sectors, position sizing, risk analysis, and ongoing monitoring. The fund targets individual and institutional investors, with total net assets of approximately $14.64 billion and a net expense ratio of 0.52%, available primarily in the United States. Dodge & Cox Balanced Fund operates within the moderate allocation category, emphasizing a value-oriented investment style for large-cap equities (market cap: large; style: value) and mid-quality bonds (credit quality: mid; interest-rate sensitivity: moderate). As of recent portfolio data, it maintains diversification with roughly 47% U.S. stocks, 27% U.S. bonds, 17% non-U.S. stocks, 6% non-U.S. bonds, and smaller cash and other allocations. The fund, managed by employee-owned Dodge & Cox—an independent investment management firm founded in 1930 and headquartered at 555 California Street in San Francisco, California—benefits from the firm's global research capabilities, including offices in London, Munich, and Shanghai. In May 2022, the fund underwent a significant management restructuring with the formation of a new Balanced Fund Committee, transitioning oversight from the prior U.S. equity committee and rotating fixed-income experts to a more integrated team approach, which has reduced volatility through enhanced diversification including added international stocks vetted by the firm's global investment committee and short-term Treasury Inflation-Protected Securities. Recent portfolio adjustments include gradual reductions in asset allocation to lower risk in response to valuation levels and market outlook, as detailed in the June 30, 2025 shareholder letter. In September 2025, Dodge & Cox announced forward share splits for Class I and Class X shares of the Balanced Fund, alongside other select funds, to improve accessibility. The firm has sustained assets under management growth, reaching approximately $400 billion by December 2024, amid contrarian portfolio moves such as additions to financial sectors.