Fund Evaluator:
Dodge & Cox Balanced I (DODBX)
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Best Performing in Moderate Allocation Over the Last Year
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Fund Details
Dodge & Cox Balanced I Overview
Dodge & Cox Balanced I (DODBX) is an actively managed Allocation Moderate Allocation fund. Dodge & Cox launched the fund in 1931.
The investment seeks income and long-term capital appreciation. Under normal circumstances no less than 25% and no more than 75% of its total assets will be invested in equity securities and no less than 25% of the fund’s total assets will be invested in fixed income investments. It may invest up to 30% of its total assets in equity or debt securities of non‑U.S. issuers that are not in the S&P 500 Index, provided that no more than 10% of the fund’s total assets may be invested in non‑U.S. dollar-denominated securities.
About Dodge & Cox Balanced I (DODBX)
There are 7 members of the management team with an average tenure of 10.37 years: Lucinda Johns (2012), Matthew Schefer (2022), Philippe Barret (2013), Benjamin Garosi (2019), Thomas Powers (2022), Robert Turley (2022), David Hoeft (2002). 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 Bloomberg US Agg Bond TR USD index with a weighting of 100%. Dodge & Cox Balanced I has 529 securities in its portfolio. The top 10 holdings constitute 16.9% 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.
Dodge & Cox Balanced I is part of the Allocation global asset class and is within the Allocation fund group. Dodge & Cox Balanced I has 22.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 49.5%. There is 16.8% allocated to foreign stock, and 0.6% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 30.1% (24.8% domestic bond, 5.3% foreign bond and 0.3% convertible bond). Dodge & Cox Balanced I has 2.7% of the portfolio in cash.
Assets Under Management
The fund has $12 billion in total assets, which is above the $2 billion average for the Moderate Allocation 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.
DODBX 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 Dodge & Cox Balanced I expense ratio is average compared to funds in the Moderate Allocation category. Dodge & Cox Balanced I has an expense ratio of 0.52%, which is 48% 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. Dodge & Cox Balanced I has a portfolio turnover rate of 30%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 52% for the Moderate Allocation category.
Recently, in the month of July 2026, Dodge & Cox Balanced I returned 3.3%, which earned it a grade of A, as the Moderate Allocation 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.
Dodge & Cox Balanced I has a trailing yield of 2.20%, which is above the 1.97% 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.
Dodge & Cox Balanced I Grades
Year to date, the fund has returned 6.5%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 13.1% over the past year (grade of C), 11.3% over the past three years (grade of D) and 7.5% per year over the past five years (grade of B) and 9.7% per year over the past 10 years (grade of A).
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DODBX 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 |
|
| DODBX Return (NAV) | 3.3% | 3.9% | 13.1% | 11.3% | 7.5% | 9.7% |
| DODBX Grade | A | A | C | D | B | A |
| +/- Category | 3.6% | 1.8% | 0.1% | -0.7% | 0.8% | 1.3% |
| Moderate Allocation Avg | -0.3% | 2.1% | 13.1% | 12.0% | 6.6% | 8.5% |
| DODBX Tax Cost Ratio | na | na | 1.9% | 1.9% | 2.1% | 2.1% |
DODBX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DODBX Return (NAV) | 6.5% | 14.4% | 8.8% | 13.8% | -7.3% | 19.3% | 7.9% | 19.6% | -4.6% | 12.6% | 16.6% |
| DODBX Grade | C | B | F | C | A | A | F | C | C | D | A |
| +/- Category | 0.0% | 1.1% | -3.4% | -0.6% | 6.7% | 4.9% | -5.1% | -0.2% | 0.5% | -1.2% | 8.8% |
| Moderate Allocation Avg | 6.4% | 13.4% | 12.2% | 14.3% | -14.0% | 14.4% | 12.9% | 19.8% | -5.1% | 13.8% | 7.7% |
| Risk Measures | |
| Standard Deviation: | 8.4% |
| Total Risk Index: | 0.68 - Below Average |
| Category Risk Index: | 0.91 - Low |
| Category Risk Grade: | A (15% Rank) |
| Beta: | 0.77 |
| R-Squared: | 74% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Value |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 2.2% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $14740 Mil |
| Fund Total Assets: | $12,380 Mil |
| Share Class Type: | No Load |
| Portfolio Turnover: | 30% |
Management Team
| Number of Managers: 7 | |||
| Longest Tenure: 24.6 years | |||
| Average Tenure: 10.4 years | |||
| Managers (Year): Hoeft David (2002), Johns Lucinda (2012), Barret Philippe (2013), Garosi Benjamin (2019), Powers Thomas (2022), Turley Robert (2022), Schefer Matthew (2022) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 529 |
| % in Top 10 Holdings: | 16.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 22.1% |
Portfolio Allocation |
|
| Domestic Stock: | 49.5% |
| Foreign Stock: | 16.8% |
| Preferred Stock: | 0.6% |
| Domestic Bond: | 24.8% |
| Foreign Bond: | 5.3% |
| Convertible Bond: | 0.3% |
| Other: | 0.0% |
| Cash: | 2.7% |
Purchase Information
| Fund Family: | Dodge & Cox |
| Phone Number: | 800-621-3979 |
| Website: | www.dodgeandcox.com |
| Status: | Open |
| Inception Date: | June 26, 1931 |
| Min. Initial Purchase: | $2,500 |
| Min. Initial IRA Purchase: | $1,000 |
| 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 (%): | 0.52% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Dodge & Cox Balanced I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
