Fund Evaluator:
Dunham International Opportunity Bond C (DCIOX)
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| 3.7% | Invesco Global Strategic Income Y (OSIYX) |
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Fund Details
Dunham International Opportunity Bond C Overview
Dunham International Opportunity Bond C (DCIOX) is an actively managed Taxable Bond Global Bond fund. Dunham Funds launched the fund in 2013.
The investment seeks to provide a high level of current income, with capital appreciation as a secondary goal. The fund's sub-adviser seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of the fund's assets (defined as net assets plus borrowings for investment purposes) in bonds. The fund primarily invests in issuers outside the United States. It invests in debt securities of issuers in both developed and emerging markets.
About Dunham International Opportunity Bond C (DCIOX)
There are 4 members of the management team with an average tenure of 4.00 years: Stuart Sclater-Booth (2025), Simon Lau (2025), David Scott (2020), James Craige (2020). 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 Bloomberg Gbl Agg Ex USD TR Hdg USD index with a weighting of 100%. Dunham International Opportunity Bond C has 569 securities in its portfolio. The top 10 holdings constitute 15.7% 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 International Opportunity Bond C is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Dunham International Opportunity Bond C has 87.2% 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 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 93.2% (6.0% domestic bond, 87.2% foreign bond and 0.6% convertible bond). Dunham International Opportunity Bond C has 6.2% of the portfolio in cash.
Assets Under Management
The fund has $860 million in total assets, which is below the $422 million average for the Global 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.
DCIOX 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 International Opportunity Bond C expense ratio is high compared to funds in the Global Bond category. Dunham International Opportunity Bond C has an expense ratio of 2.41%, which is 151% 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 International Opportunity Bond C has a portfolio turnover rate of 78%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 152% for the Global Bond category.
Recently, in the month of July 2026, Dunham International Opportunity Bond C returned -0.7%, which earned it a grade of D, as the Global Bond category had an average return of -0.3%. 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 International Opportunity Bond C has a trailing yield of 3.59%, which is below the 4.17% 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 International Opportunity Bond C Grades
Year to date, the fund has returned 2.3%, 2.5 percentage points better than the category, which translates into a grade of A. The fund has returned 3.6% over the past year (grade of B), 6.3% over the past three years (grade of A) and 1.1% per year over the past five years (grade of B) and 0.4% per year over the past 10 years (grade of D).
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DCIOX 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 |
|
| DCIOX Return (NAV) | -0.7% | 1.0% | 3.6% | 6.3% | 1.1% | 0.4% |
| DCIOX Grade | D | A | B | A | B | D |
| +/- Category | -0.4% | 1.2% | 0.8% | 2.5% | 1.8% | -0.6% |
| Global Bond Avg | -0.3% | -0.2% | 2.9% | 3.8% | -0.7% | 0.9% |
| DCIOX Tax Cost Ratio | na | na | 1.5% | 1.7% | 1.9% | 1.1% |
DCIOX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DCIOX Return (NAV) | 2.3% | 5.3% | 5.4% | 11.5% | -14.6% | -2.5% | 3.2% | 3.3% | -5.6% | 9.0% | -0.6% |
| DCIOX Grade | A | F | A | A | C | B | F | F | F | B | F |
| +/- Category | 2.5% | -4.2% | 6.4% | 5.0% | -0.7% | 2.0% | -4.6% | -3.9% | -3.4% | 1.2% | -4.3% |
| Global Bond Avg | -0.2% | 9.5% | -1.0% | 6.5% | -13.9% | -4.5% | 7.8% | 7.2% | -2.1% | 7.9% | 3.7% |
| Risk Measures | |
| Standard Deviation: | 4.5% |
| Total Risk Index: | 0.37 - Low |
| Category Risk Index: | 0.66 - Low |
| Category Risk Grade: | A (16% Rank) |
| Beta: | 0.66 |
| R-Squared: | 67% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 3.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $124 Mil |
| Fund Total Assets: | $ 1 Mil |
| Share Class Type: | C |
| Portfolio Turnover: | 78% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 6.6 years | |||
| Average Tenure: 4.0 years | |||
| Managers (Year): Scott David (2020), Craige James (2020), Sclater-Booth Stuart (2025), Lau Simon (2025) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 569 |
| % in Top 10 Holdings: | 15.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 87.2% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 6.0% |
| Foreign Bond: | 87.2% |
| Convertible Bond: | 0.6% |
| Other: | 0.0% |
| Cash: | 6.2% |
Purchase Information
| Fund Family: | Dunham Funds |
| Phone Number: | 888-338-6426 |
| Website: | www.dunham.com |
| Status: | Open |
| Inception Date: | November 1, 2013 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $2,000 |
| True No-Load: | No |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.75% |
Expenses and Fees | |
| Expense Ratio (%): | 2.41% ( Rating : High ) |
| Category Average Expense Ratio (%): | 0.96% |
| Share Class: | Dunham International Opportunity Bond N |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
