Fund Evaluator:
Dunham Large Cap Value A (DALVX)
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Fund Details
Dunham Large Cap Value A Overview
Dunham Large Cap Value A (DALVX) is an actively managed U.S. Equity Large Value fund. Dunham Funds launched the fund in 2007.
The investment seeks to maximize total return from capital appreciation and dividends. The fund invests primarily in value-oriented, large capitalization or "large cap" common stocks of companies traded on U.S. stock exchanges or in the over-the-counter market. It invests at least 80% of its assets (defined as net assets plus borrowing for investment purposes) in the common stock of large cap companies. The manager defines large capitalization companies as those companies whose market capitalizations are equal to or greater than the smallest company in the Russell 1000® Index during the most recent 12-month period.
About Dunham Large Cap Value A (DALVX)
There are 3 members of the management team with an average tenure of 6.28 years: Paul Roukis (2015), Jeff Agne (2020), Jason Smith (2025). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100% and Russell 1000 Value TR USD index with a weighting of 100%. Dunham Large Cap Value A has 76 securities in its portfolio. The top 10 holdings constitute 28.6% 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 Large Cap Value A is part of the Equity global asset class and is within the U.S. Equity fund group. Dunham Large Cap Value A has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 98.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Dunham Large Cap Value A has 2.0% of the portfolio in cash.
Assets Under Management
The fund has $19 million in total assets, which is below the $1 billion average for the Large Value 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.
DALVX 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 Large Cap Value A expense ratio is high compared to funds in the Large Value category. Dunham Large Cap Value A has an expense ratio of 1.42%, which is 53% 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 Large Cap Value A has a portfolio turnover rate of 33%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 62% for the Large Value category.
Recently, in the month of July 2026, Dunham Large Cap Value A returned 4.3%, which earned it a grade of A, as the Large Value category had an average return of 2.9%. 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 Large Cap Value A has a trailing yield of 0.40%, which is below the 1.20% category average. The fund normally distributes its income annually 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 Large Cap Value A Grades
Year to date, the fund has returned 15.2%, 0.9 percentage points better than the category, which translates into a grade of C. The fund has returned 26.1% over the past year (grade of B), 16.8% over the past three years (grade of B) and 11.2% per year over the past five years (grade of C) and 11.1% per year over the past 10 years (grade of C).
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DALVX 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 |
|
| DALVX Return (NAV) | 4.3% | 6.9% | 26.1% | 16.8% | 11.2% | 11.1% |
| DALVX Grade | A | B | B | B | C | C |
| +/- Category | 1.4% | 0.7% | 2.2% | 1.2% | 0.3% | -0.2% |
| Large Value Avg | 2.9% | 6.2% | 23.8% | 15.7% | 10.9% | 11.3% |
| DALVX Tax Cost Ratio | na | na | 1.3% | 1.4% | 1.4% | 1.1% |
DALVX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DALVX Return (NAV) | 15.2% | 17.7% | 15.6% | 9.2% | -8.3% | 28.5% | 2.2% | 25.8% | -9.2% | 14.9% | 11.3% |
| DALVX Grade | C | B | B | D | D | B | D | C | C | D | F |
| +/- Category | 0.9% | 2.5% | 1.5% | -2.7% | -2.3% | 2.7% | -1.7% | 0.2% | -0.7% | -1.5% | -3.2% |
| Large Value Avg | 14.3% | 15.2% | 14.1% | 11.8% | -6.0% | 25.8% | 3.8% | 25.6% | -8.5% | 16.4% | 14.6% |
| Risk Measures | |
| Standard Deviation: | 12.3% |
| Total Risk Index: | 1.00 - Average |
| Category Risk Index: | 1.02 - Above Average |
| Category Risk Grade: | D (63% Rank) |
| Beta: | 0.79 |
| R-Squared: | 70% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | na |
| Yield: | 0.4% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $232 Mil |
| Fund Total Assets: | $ 20 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 33% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 11.1 years | |||
| Average Tenure: 6.3 years | |||
| Managers (Year): Roukis Paul (2015), Agne Jeff (2020), Smith Jason (2025) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 76 |
| % in Top 10 Holdings: | 28.6% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 98.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 2.0% |
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: | 5.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 1.42% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.93% |
| Share Class: | Dunham Large Cap Value N |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
