Fund Evaluator:
DFA Investment Grade I (DFAPX)
Follow This Fund
Best Performing in Intermediate Core Bond Over the Last Year
| 4.5% | Aristotle Pacific EXclusive Series I (APXIX) |
| 4.0% | MML Barings Core Bond M1 (MMCDX) |
| 3.9% | MML Barings Core Bond M2 (MMCAX) |
| 3.2% | Nuveen Core and Impact Bond I (TSBHX) |
| 3.1% | American Beacon DoubleLine Sel Inc Inv (BILTX) |
Fund Details
DFA Investment Grade I Overview
DFA Investment Grade I (DFAPX) is an actively managed Taxable Bond Intermediate Core Bond fund. Dimensional Fund Advisors launched the fund in 2011.
The investment seeks to maximize total returns from the universe of eligible investments. The fund seeks to achieve its investment objective through exposure to a broad portfolio of investment grade debt securities of U.S. and non-U.S. corporate and government issuers. As a non-fundamental policy, under normal circumstances, at least 80% of the Portfolio's net assets will be invested in fixed income securities considered to be investment grade quality.
About DFA Investment Grade I (DFAPX)
There are 3 members of the management team with an average tenure of 12.42 years: David Plecha (2011), Lovell Shao (2019), Joseph Kolerich (2012). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. DFA Investment Grade I has 930 securities in its portfolio. The top 10 holdings constitute 14.3% 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.
DFA Investment Grade I is part of the Fixed Income global asset class and is within the Taxable Bond fund group. DFA Investment Grade I has 14.1% 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 84.7% (70.6% domestic bond, 14.1% foreign bond and 0.0% convertible bond). DFA Investment Grade I has 15.3% of the portfolio in cash.
Assets Under Management
The fund has $12 billion in total assets, which is above the $3 billion average for the Intermediate Core 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.
DFAPX 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 DFA Investment Grade I expense ratio is low compared to funds in the Intermediate Core Bond category. DFA Investment Grade I has an expense ratio of 0.19%, which is 67% lower than its category average, making the fund expense ratio grade a A. 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. DFA Investment Grade I has a portfolio turnover rate of 25%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 151% for the Intermediate Core Bond category.
Recently, in the month of July 2026, DFA Investment Grade I returned -1.4%, which earned it a grade of D, as the Intermediate Core 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.
DFA Investment Grade I has a trailing yield of 4.08%, which is above the 4.04% category average. The fund normally distributes its income quarterly 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.
DFA Investment Grade I Grades
Year to date, the fund has returned -0.5%, 0.3 percentage points better than the category, which translates into a grade of A. The fund has returned 2.5% over the past year (grade of C), 4.1% over the past three years (grade of A) and -0.1% per year over the past five years (grade of A) and 1.7% per year over the past 10 years (grade of B).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about DFA Investment Grade I, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
DFAPX 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 |
|
| DFAPX Return (NAV) | -1.4% | -0.6% | 2.5% | 4.1% | -0.1% | 1.7% |
| DFAPX Grade | D | A | C | A | A | B |
| +/- Category | -0.1% | 0.2% | -0.0% | 0.4% | 0.3% | 0.3% |
| Intermediate Core Bond Avg | -1.3% | -0.8% | 2.5% | 3.7% | -0.5% | 1.4% |
| DFAPX Tax Cost Ratio | na | na | 1.6% | 1.5% | 1.3% | 1.1% |
DFAPX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DFAPX Return (NAV) | -0.5% | 7.2% | 1.8% | 6.8% | -12.9% | -2.1% | 9.2% | 10.0% | -0.2% | 3.4% | 2.6% |
| DFAPX Grade | A | B | B | A | B | F | B | A | B | C | C |
| +/- Category | 0.3% | 0.2% | 0.2% | 1.2% | 0.2% | -0.6% | 1.1% | 1.5% | 0.2% | -0.2% | -0.2% |
| Intermediate Core Bond Avg | -0.7% | 7.0% | 1.6% | 5.6% | -13.2% | -1.5% | 8.1% | 8.5% | -0.4% | 3.6% | 2.8% |
| Risk Measures | |
| Standard Deviation: | 5.1% |
| Total Risk Index: | 0.42 - Low |
| Category Risk Index: | 0.91 - Low |
| Category Risk Grade: | A (10% Rank) |
| Beta: | 0.90 |
| R-Squared: | 98% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 4.1% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $12587 Mil |
| Fund Total Assets: | $12,588 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 25% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 15.4 years | |||
| Average Tenure: 12.4 years | |||
| Managers (Year): Plecha David (2011), Kolerich Joseph (2012), Shao Lovell (2019) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 930 |
| % in Top 10 Holdings: | 14.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 14.1% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 70.6% |
| Foreign Bond: | 14.1% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 15.3% |
Purchase Information
| Fund Family: | Dimensional Fund Advisors |
| Phone Number: | 888-576-1167 |
| Website: | www.dimensional.com |
| Status: | Open |
| Inception Date: | March 7, 2011 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.19% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.57% |
| Share Class: | DFA Investment Grade I |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
