Fund Evaluator:
Dunham Corporate/Government Bond A (DACGX)
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Best Performing in Intermediate Core-Plus Bond Over the Last Year
| 4.1% | Diamond Hill Core Plus Bond Y (DHNYX) |
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| 3.7% | Diamond Hill Core Plus Bond Investor (DHNAX) |
| 3.5% | Weitz Core Plus Income Investor (WCPNX) |
| 3.4% | Nuveen Core Plus Bond I (TCBHX) |
Fund Details
Dunham Corporate/Government Bond A Overview
Dunham Corporate/Government Bond A (DACGX) is an actively managed Taxable Bond Intermediate Core-Plus Bond fund. Dunham Funds launched the fund in 2007.
The investment seeks to provide current income and capital appreciation. The fund's sub-adviser seeks to achieve its investment objectives by investing primarily in corporate and government bonds using the sub-adviser's active management techniques including sector analysis and allocation through active sector rotation, issuer selection and opportunistic trading. Under normal market conditions, the fund invests at least 80% of its assets (defined as net assets plus any borrowing for investment purposes) in corporate bonds of issuers from any country and in government bonds.
About Dunham Corporate/Government Bond A (DACGX)
There are 2 members of the management team with an average tenure of 11.38 years: Stephen Hooker (2017), David Albrycht (2013). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Morningstar Int Core+ Bd Cat Avg USD index with a weighting of 100%. Dunham Corporate/Government Bond A has 705 securities in its portfolio. The top 10 holdings constitute 17.7% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Dunham Corporate/Government Bond A is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Dunham Corporate/Government Bond A has 11.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.8% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 94.3% (83.1% domestic bond, 11.2% foreign bond and 0.1% convertible bond). Dunham Corporate/Government Bond A has 4.8% of the portfolio in cash.
Assets Under Management
The fund has $12 million in total assets, which is below the $1 billion average for the Intermediate Core-Plus Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
DACGX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Dunham Corporate/Government Bond A expense ratio is high compared to funds in the Intermediate Core-Plus Bond category. Dunham Corporate/Government Bond A has an expense ratio of 1.27%, which is 63% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Dunham Corporate/Government Bond A has a portfolio turnover rate of 35%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 181% for the Intermediate Core-Plus Bond category.
Recently, in the month of July 2026, Dunham Corporate/Government Bond A returned -1.6%, which earned it a grade of F, as the Intermediate Core-Plus Bond category had an average return of -1.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Dunham Corporate/Government Bond A has a trailing yield of 4.08%, which is below the 4.36% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Dunham Corporate/Government Bond A Grades
Year to date, the fund has returned -0.9%, 0.3 percentage points worse than the category, which translates into a grade of D. The fund has returned 2.1% over the past year (grade of F), 3.6% over the past three years (grade of F) and -0.3% per year over the past five years (grade of C) and 1.2% per year over the past 10 years (grade of F).
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DACGX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DACGX Return (NAV) | -1.6% | -0.9% | 2.1% | 3.6% | -0.3% | 1.2% |
| DACGX Grade | F | F | F | F | C | F |
| +/- Category | -0.3% | -0.2% | -0.7% | -0.6% | -0.1% | -0.6% |
| Intermediate Core-Plus Bond Avg | -1.3% | -0.7% | 2.7% | 4.2% | -0.2% | 1.8% |
| DACGX Tax Cost Ratio | na | na | 1.6% | 1.6% | 1.3% | 1.1% |
DACGX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DACGX Return (NAV) | -0.9% | 6.2% | 2.3% | 5.7% | -12.6% | -0.9% | 7.0% | 9.5% | -2.8% | 3.6% | 3.0% |
| DACGX Grade | D | F | C | D | A | C | D | C | F | D | D |
| +/- Category | -0.3% | -1.2% | 0.0% | -0.4% | 0.8% | -0.3% | -1.6% | 0.4% | -1.8% | -0.8% | -1.3% |
| Intermediate Core-Plus Bond Avg | -0.6% | 7.3% | 2.3% | 6.1% | -13.4% | -0.6% | 8.6% | 9.1% | -0.9% | 4.4% | 4.3% |
| Risk Measures | |
| Standard Deviation: | 5.2% |
| Total Risk Index: | 0.42 - Low |
| Category Risk Index: | 0.92 - Low |
| Category Risk Grade: | A (13% Rank) |
| Beta: | 0.90 |
| R-Squared: | 97% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $341 Mil |
| Fund Total Assets: | $ 13 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 35% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 13.6 years | |||
| Average Tenure: 11.4 years | |||
| Managers (Year): Albrycht David (2013), Hooker Stephen (2017) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 705 |
| % in Top 10 Holdings: | 17.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 11.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.8% |
| Domestic Bond: | 83.1% |
| Foreign Bond: | 11.2% |
| Convertible Bond: | 0.1% |
| Other: | 0.0% |
| Cash: | 4.8% |
Purchase Information
| Fund Family: | Dunham Funds |
| Phone Number: | 888-338-6426 |
| Website: | www.dunham.com |
| Status: | Open |
| Inception Date: | January 3, 2007 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $2,000 |
| True No-Load: | No |
| Front Load Maximum: | 4.50% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.27% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.78% |
| Share Class: | Dunham Corporate/Government Bond N |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
