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Data through December 31, 2015 FINRA members: For internal or institutional use only.
Dodge & Cox Global Stock Ticker
DODWX
Yield
1.7%
Total Assets
$5,902 mil
Mstar Category
World Stock
Benchmark 1: MSCI ACWI NR USD
Benchmark 2: MSCI ACWI Ex USA NR USD
Morningstar Analyst Rating 12-07-15
Œ
Morningstar Pillars
Process ∞ Positive
Performance ∞ Positive
People ∞ Positive
Parent ∞ Positive
Price ∞ Positive
Morningstar Analyst Rating
Morningstar evaluates mutual funds based on five key pillars, which its
analysts believe lead to funds that are more likely to outperform over the
long term on a risk-adjusted basis.
Analyst Rating Spectrum
Œ „ ´ ‰ Á
Pillar Spectrum
∞ Positive § Negative ¶ Neutral
10.0
12.0
14.0
8.0
6.0
Historical Profile
Return
Risk
Rating
Average
Above Avg
QQQ
Neutral
1 4 4 1 1 4 4 1 Investment Style
Equity
Growth of $10,000
Investment Values of
Fund
Investment Values of
Benchmark 1
& * ( & & & ) Performance Quartile
(within Category)
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12-15 History
. . . 5.34 7.91 8.90 7.68 8.99 11.48 11.83 10.46 NAV
. . . . 49.18 13.51 -11.39 21.11 33.17 6.95 -8.05 Total Return %
. . . . 14.56 0.84 -4.05 4.98 10.37 2.79 -5.68 +/- Bmark 1
. . . . 7.74 2.36 2.31 4.28 17.88 10.82 -2.38 +/- Bmark 2
. . . . 1.05 0.99 1.67 1.90 1.81 1.34 1.57 Income Return %
. . . . 48.14 12.52 -13.07 19.21 31.36 5.61 -9.62 Capital Return %
. . . . 12 44 73 14 12 14 90 Total Rtn % Rank Cat
. . . 0.04 0.06 0.08 0.15 0.15 0.16 0.15 0.19 Income $
. . . . 0.00 0.00 0.05 0.17 0.32 0.30 0.23 Capital Gains $
. . . 0.87 0.74 0.69 0.66 0.65 0.65 0.65 0.64 Expense Ratio %
. . . 1.39 1.09 1.19 1.94 1.93 1.58 1.42 1.98 Income Ratio %
. . . 10 20 14 19 12 24 17 . Turnover Rate %
. . . 467 914 1,817 1,875 2,695 3,924 5,895 . Net Assets $mil
Performance 12-31-15
1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total
2011 4.27 -0.43 -20.56 7.44 -11.39
2012 13.80 -6.52 8.69 4.74 21.11
2013 7.45 3.83 8.37 10.14 33.17
2014 3.75 4.79 -0.32 -1.30 6.95
2015 1.44 0.75 -13.07 3.50 -8.05
Trailing Total
Return%
+/- Bmark
1
+/- Bmark
2
%Rank
Cat
Growth of
$10,000
3 Mo 3.50 -1.53 0.26 68 10,350
6 Mo -10.02 -5.12 -0.70 92 8,998
1 Yr -8.05 -5.69 -2.38 90 9,195
3 Yr Avg 9.41 1.72 7.91 35 13,097
5 Yr Avg 7.04 0.95 5.98 45 14,054
10 Yr Avg — — — — —
15 Yr Avg — — — — —
Tax Analysis Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated) 8.11 29 1.18 47
5 Yr (estimated) 5.94 39 1.03 56
10 Yr (estimated) — — — —
Potential Capital Gain Exposure: 6% of assets
Rating and Risk
Time
Period
Load-Adj
Return %
Morningstar
Rtn vs Cat
Morningstar
Risk vs Cat
Morningstar
Risk-Adj Rating
1 Yr -8.05
3 Yr 9.41 Avg +Avg QQQ
5 Yr 7.04 Avg +Avg QQQ
10 Yr — — — —
Incept 3.27
Other Measures Standard Index Best Fit Index
Alpha 7.7 0.9
Beta 0.94 1.11
R-Squared 84 93
Standard Deviation 12.59
Mean 9.41
Sharpe Ratio 0.77
Portfolio Analysis 09-30-15
Total Stocks: 88
Share change since 06-30-15 Sector Country % Assets
THewlett-Packard Co Technology United States 3.05
YTime Warner Cable Inc Comm Svcs United States 2.99
TGoogle Technology United States 2.67
TSamsung Electronics Co Lt Technology South Korea 2.54
Bank of America Corporati Finan Svcs United States 2.50
TSanofi Hlth Care France 2.50
TNaspers Ltd Class N Technology South Africa 2.34
YRoche Holding AG Hlth Care Switzerland 2.34
TExpress Scripts Holding C Hlth Care United States 2.20
TTime Warner Inc Cnsmr Cyc United States 2.15
YMicrosoft Corp Technology United States 2.06
YCharles Schwab Corp Finan Svcs United States 1.84
TCisco Systems Inc Technology United States 1.84
YSchlumberger Ltd Energy United States 1.75
YUnitedHealth Group Inc Hlth Care United States 1.74
TBarclays PLC Finan Svcs United Kingdom 1.73
EMC Corp Technology United States 1.69
Honda Motor Co Ltd Cnsmr Cyc Japan 1.68
TCigna Corp Hlth Care United States 1.63
Credit Suisse Group Finan Svcs Switzerland 1.57
Current Investment Style
Large Mid Small
Value Blend Growth Market Cap %
Giant 48.6
Large 40.6
Mid 10.8
Small 0.1
Micro 0.0
Avg $mil:
46,107
Value Measures Rel Category
Price/Earnings 14.44 0.81
Price/Book 1.34 0.59
Price/Sales 1.09 0.71
Price/Cash Flow 6.15 0.70
Dividend Yield % 2.80 1.05
Growth Measures % Rel Category
Long-Term Erngs 9.26 0.85
Book Value 3.58 0.93
Sales 0.90 1.33
Cash Flow 1.52 1.07
Historical Erngs 0.70 0.21
Composition - Net
Cash 2.6 Bonds 0.0
Stocks 96.8 Other 0.6
Foreign (% of Stock) 46.4
Sector
Weightings
% of
Stocks
Rel
Bmark 1
h Cyclical 35.74 0.93
r BasicMat 2.36 0.50
t CnsmrCyc 10.29 0.87
y FinanSvcs 21.41 1.14
u Real Est 1.68 0.55
j Sensitive 44.84 1.26
i CommSrvs 11.47 2.34
o Energy 6.95 1.13
p Industrl 3.72 0.36
a Technlgy 22.70 1.59
k Defensive 19.43 0.75
s CnsmrDef 4.48 0.44
d Hlthcare 14.95 1.18
f Utilities 0.00 0.00
Regional Exposure % Stock
UK/W. Europe 25 N. America 54
Japan 3 Latn America 3
Asia X Japan 11 Other 5
Country Exposure % Stock
United States 54
Switzerland 8
UK 6
France 4
South Africa 3
Morningstar's Take by Gregg Wolper 12-07-15
Dodge & Cox Global Stock’s long-term focus helps explain
its disappointing 2015 showing, but it's also why the fund
remains a sound choice.
This fund’s managers buy companies that are out of
favor, but have strong long-range prospects, and then
hold on to them. (The fund’s far-below-average turnover
rateof17% in2014was typical.)Theydon’tmind ifsector
or country weightings are out of sync with those of
indexes or peers, but to reduce the risks inherent in a
contrarian strategy, they usually limit individual holdings
to about 3% of assets.
Thatapproachgenerallyhasworkedwell for this fund
and its older, similarly run siblings. Since its May 2008
inception, it has beaten the world-stock Morningstar
Category average and the MSCI ACWI Index. But that
includes a bottom-quartile return this year. The main
culprit has been the fund’s outsized exposure to
emerging-markets companies, which have suffered as
sentiment toward emerging markets has soured. Some
individual holdings have specific problems, too. Petrobras
PBR has been enmeshed in a nasty corruption scandal,
and Standard Chartered STAN (based in Britain but with
most of its business in emerging markets) has been
plagued by doubts about its business model. But Diana
Strandberg and Ray Mertens, two of the managers here,
continue to believe in the long-term prospects of
emergingmarketsandhave faith inthosetwocompanies.
They don’t downplay the firms’ issues and don’t expect
quick turnarounds, but they believe that at their current
prices they will reward the managers' patience
eventually. Outside of emerging markets, Hewlett-
Packard HPQ, the top holding as of Sept. 30 (before it split
into two companies), has also hurt this year, but the
controversial name has paid off before.
The managers’ willingness to own disliked
companies or sectors and stick with them may make the
funddifficult toownat times.However, thisapproachhas
shown its value over time, and experienced management
and low expenses make for an enticing package. The fund
retains its Morningstar Analyst Rating of Gold.
Address: Dodge & Cox Funds Minimum Purchase: $2500 Add: $100 IRA: $1000
San Francisco, CA 94104 Min Auto Inv Plan: $2500 Add: $100
800-621-3979 Sales Fees: No-load
Web Address: Management Fee: 0.60%
Inception: 05-01-08 Actual Fees: Mgt:0.60% Dist:—
Advisor: Dodge & Cox Expense Projections: 3Yr:$208 5Yr:$362 10Yr:$810
Subadvisor: None Income Distribution: Annually
©2016Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past
performance is no guarantee of future results.Access updated reports at . To order reprints, call 312-696-6100. ß® Mutual Funds A