Fund Evaluator:
Dodge & Cox Global Bond X (DOXLX)
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Best Performing in Global Bond Over the Last Year
| 6.3% | Destinations Global Fixed Income Opps Z (DGFZX) |
| 4.5% | Invesco International Bond Y (OIBYX) |
| 3.6% | Amana Participation Investor (AMAPX) |
| 3.0% | Nomura Global Bond Fund Class Y (IVSYX) |
| 2.7% | Invesco Global Strategic Income Y (OSIYX) |
Fund Details
Dodge & Cox Global Bond X Overview
Dodge & Cox Global Bond X (DOXLX) is an actively managed Taxable Bond Global Bond fund. Dodge & Cox launched the fund in 2022.
The investment seeks a high rate of total return consistent with long-term preservation of capital. Under normal circumstances, the fund invests at least 40% of its total assets in securities of non-U.S. issuers and at least 80% of its total assets in debt instruments, which may, in each case, be represented by derivatives such as forward contracts, futures contracts, or swap agreements. The fund invests in both U.S. dollar-denominated and non-U.S. dollar-denominated debt instruments across all sectors.
About Dodge & Cox Global Bond X (DOXLX)
There are 5 members of the management team with an average tenure of 8.47 years: Adam Rubinson (2014), Lucinda Johns (2014), Matthew Schefer (2018), Jose Ursua (2020), Mimi Yang (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg Global Aggregate TR Hdg USD index with a weighting of 100%. Dodge & Cox Global Bond X has 346 securities in its portfolio. The top 10 holdings constitute 25.5% 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 Global Bond X is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Dodge & Cox Global Bond X has 48.6% 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 0.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 96.8% (48.2% domestic bond, 48.6% foreign bond and 1.9% convertible bond). Dodge & Cox Global Bond X has 1.2% of the portfolio in cash.
Assets Under Management
The fund has $345 million in total assets, which is below the $419 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.
DOXLX 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 Global Bond X expense ratio is below average compared to funds in the Global Bond category. Dodge & Cox Global Bond X has an expense ratio of 0.37%, which is 62% 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 Global Bond X has a portfolio turnover rate of 26%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 158% for the Global Bond category.
Recently, in the month of June 2026, Dodge & Cox Global Bond X returned 0.1%, which earned it a grade of B, as the Global Bond category had an average return of -0.4%. 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 Global Bond X has a trailing yield of 4.22%, which is above the 4.15% 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 Global Bond X Grades
Year to date, the fund has returned 1.4%, 1.3 percentage points better than the category, which translates into a grade of B. The fund has returned 4.9% over the past year (grade of A), 6.7% over the past three years (grade of A) and 3.1% per year over the past five years (grade of A) and 4.8% per year over the past 10 years (grade of A).
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DOXLX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| DOXLX Return (NAV) | 0.1% | 1.6% | 4.9% | 6.7% | 3.1% | 4.8% |
| DOXLX Grade | B | C | A | A | A | A |
| +/- Category | 0.6% | -0.2% | 3.2% | 2.4% | 3.7% | 3.7% |
| Global Bond Avg | -0.4% | 1.7% | 1.7% | 4.3% | -0.6% | 1.1% |
| DOXLX Tax Cost Ratio | na | na | 1.7% | 1.8% | na | na |
DOXLX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DOXLX Return (NAV) | 1.4% | 11.6% | 0.7% | 12.5% | -8.3% | -0.8% | 11.9% | 12.2% | -1.5% | 8.3% | 8.6% |
| DOXLX Grade | B | B | B | A | A | A | A | A | B | C | A |
| +/- Category | 1.3% | 2.1% | 1.7% | 5.9% | 5.7% | 3.6% | 4.1% | 5.0% | 0.7% | 0.4% | 5.0% |
| Global Bond Avg | 0.1% | 9.5% | -1.0% | 6.5% | -13.9% | -4.5% | 7.8% | 7.2% | -2.1% | 7.9% | 3.6% |
| Risk Measures | |
| Standard Deviation: | 6.7% |
| Total Risk Index: | 0.55 - Below Average |
| Category Risk Index: | 0.97 - Below Average |
| Category Risk Grade: | B (35% Rank) |
| Beta: | 1.16 |
| R-Squared: | 92% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Extensive Sensitivity |
| Yield: | 4.2% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $5230 Mil |
| Fund Total Assets: | $ 345 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 26% |
Management Team
| Number of Managers: 5 | |||
| Longest Tenure: 12.2 years | |||
| Average Tenure: 8.5 years | |||
| Managers (Year): Rubinson Adam (2014), Johns Lucinda (2014), Schefer Matthew (2018), Ursua Jose (2020), Yang Mimi (2023) | |||
Portfolio Composition (as of 3/31/26)
| # of Holdings: | 346 |
| % in Top 10 Holdings: | 25.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 48.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.1% |
| Domestic Bond: | 48.2% |
| Foreign Bond: | 48.6% |
| Convertible Bond: | 1.9% |
| Other: | 0.0% |
| Cash: | 1.2% |
Purchase Information
| Fund Family: | Dodge & Cox |
| Phone Number: | 800-621-3979 |
| Website: | www.dodgeandcox.com |
| Status: | Open |
| Inception Date: | May 2, 2022 |
| 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 (%): | 0.37% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.96% |
| Share Class: | Dodge & Cox Global Bond I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
