Dodge & Cox Income Fund - Class I
DODIX
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- Dodge & Cox Income Fund - Class I (DODIX) is an actively managed open-end mutual fund that seeks a high and stable rate of current income, consistent with long-term capital preservation, with a secondary objective of capital appreciation. The Fund invests in a diversified portfolio primarily comprising investment-grade debt securities, including U.S. Treasury and government-related obligations; mortgage- and asset-backed securities such as agency MBS, CMOs, ABS, and student loan ABS; corporate bonds; municipal bonds; and other debt securities, with opportunistic allocations to below investment-grade debt, non-U.S. issuer debt, and structured products. Security selection emphasizes fundamental research on yield, credit quality, liquidity, covenants, call risk, duration, structure, capital appreciation potential, and financially material ESG factors; as of September 30, 2025, the portfolio features moderate effective duration of 6.1 years, yield to worst of 4.8%, 61 credit issuers, sector allocations of 14.6% U.S. Treasury, 3.9% government-related, 53.1% securitized, 27.6% corporate, and net assets of $101.4 billion. Managed by Dodge & Cox's U.S. Fixed Income Investment Committee—whose members average 23 years of firm tenure—the Fund benchmarks the Bloomberg U.S. Aggregate Bond Index and distributes dividends quarterly, with an expense ratio of 0.41% for Class I shares. Launched on January 3, 1989, the Fund operates from Dodge & Cox's headquarters in San Francisco, California, where the employee-owned firm, established in 1930, manages assets for individuals and institutions across value-oriented strategies. The portfolio targets intermediate core-plus bond investors seeking competitive yield with moderate interest rate sensitivity, primarily in the U.S. but with non-U.S. exposure. In the first half of 2025, the Fund increased credit exposure by three percentage points amid April market volatility, adding issuers like Mars (to finance its Kellanova acquisition), high-quality short- to intermediate-term corporates, and prime auto ABS, while maintaining barbelled securitized holdings with emphasis on low-coupon 30-year agency MBS (swapping 2.5% for 4.0-4.5% coupons) and reducing Ginnie Mae HECMs for relative value. Dodge & Cox extended a contractual fee waiver through April 30, 2026, ensuring Class X shares (launched May 2022) maintain a net expense ratio 0.08% below Class I; total firm AUM grew to approximately $400 billion by late 2024 amid post-COVID recovery. A major leadership transition is underway, with Chair and CEO Dana Emery retiring December 31, 2025—concluding a 42-year career—succeeded by CIO David Hoeft as Chair and President Roger Kuo as CEO effective January 1, 2026, marking the firm's sixth leadership generation while upholding its investment philosophy. The Fund mourned former Chairman and CIO Charles Pohl, who passed away in 2025 after over three decades of service.