Dodge & Cox Global Bond Fund
DODLX
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- Dodge & Cox Global Bond Fund (DODLX) is an actively managed open-end mutual fund that seeks a high rate of total return consistent with the long-term preservation of capital by investing primarily in a diversified global portfolio of fixed-income securities. The Fund invests across government and government-related obligations, mortgage- and asset-backed securities including Fannie Mae and Freddie Mac pass-throughs, corporate bonds such as those issued by British American Tobacco, municipal bonds, and other debt securities from issuers in at least three countries, encompassing both developed markets like the United States, United Kingdom, Japan, Norway, and New Zealand, and emerging markets including Mexico, Brazil, Peru, and Colombia; under normal circumstances, at least 40% of net assets are allocated to non-U.S. issuers and at least 80% to debt instruments, which may include derivatives such as forwards, futures, swaps, and options for hedging currency, interest rate, and credit exposures. Portfolio construction emphasizes fundamental research considering yield, credit quality (with allocations across AAA to BB ratings), liquidity, covenants, duration (effective duration of 6.1 years), structure, call risk, and financially material ESG factors, resulting in exposure to 49 credit issuers across 24 countries, 20.6% in emerging markets, and 21.4% in non-U.S. currencies as of September 30, 2025, when total net assets stood at $4.2 billion. Launched publicly on May 1, 2014 following the reorganization of a predecessor private fund seeded by Dodge & Cox on December 5, 2012, the Fund is managed by Dodge & Cox's Global Fixed Income Investment Committee—whose members average 22 years of tenure at the firm—and is domiciled in the United States with Class I shares (ticker DODLX) featuring a net expense ratio of 0.45% and quarterly distributions. The Fund serves individual and institutional investors seeking global bond exposure to complement core fixed-income holdings, with geographic operations spanning North America, Europe, Asia-Pacific, and emerging market regions. Dodge & Cox, the independent investment manager founded in 1930 and headquartered in San Francisco, California, maintains its value-oriented philosophy across funds including this one, with no reported acquisitions, funding rounds, partnerships, or name changes specific to the Global Bond Fund in the last 1-2 years. Recent firm-level developments include forward share splits announced in September 2025 for select Dodge & Cox mutual funds (excluding DODLX), ongoing leadership transitions with CEO and Chair Dana Emery's planned retirement at year-end 2025 after 42 years—transitioning responsibilities to CIO David Hoeft and others—and Investment Committee adjustments announced in January 2025 to ensure continuity amid a generational shift that began several years prior. These changes reflect prudent succession planning at the firm level without altering the Fund's investment strategy, objective, or committee oversight, as portfolio turnover remained low at 15% for the first half of 2025 and performance metrics such as a 30-day SEC yield of 4.74% (net) and year-to-date total return of 10.36% through September 30, 2025, underscore stable operations.