Fund Evaluator:
DFA Targeted Credit Institutional (DTCPX)
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Fund Details
DFA Targeted Credit Institutional Overview
DFA Targeted Credit Institutional (DTCPX) is an actively managed Taxable Bond Short-Term Bond fund. Dimensional Fund Advisors launched the fund in 2015.
The investment seeks to maximize total returns from the universe of debt securities in which the Portfolio invests. The fund seeks to maximize total returns from a universe of U.S. and foreign corporate debt securities that mature within five years from the date of settlement. As a non-fundamental policy, under normal circumstances, it will invest at least 80% of its net assets in debt securities.
About DFA Targeted Credit Institutional (DTCPX)
There are 3 members of the management team with an average tenure of 9.61 years: David Plecha (2015), Alexander Fridman (2020), Joseph Kolerich (2015). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Global Aggregate TR Hdg USD index with a weighting of 100% and Bloomberg Global Agg Credit 1-5Y TR HUSD index with a weighting of 100%. DFA Targeted Credit Institutional has 435 securities in its portfolio. The top 10 holdings constitute 31.4% 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 Targeted Credit Institutional is part of the Fixed Income global asset class and is within the Taxable Bond fund group. DFA Targeted Credit Institutional has 53.6% 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 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 92.6% (39.0% domestic bond, 53.6% foreign bond and 0.6% convertible bond). DFA Targeted Credit Institutional has 6.8% of the portfolio in cash.
Assets Under Management
The fund has $848 million in total assets, which is below the $904 million average for the Short-Term 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.
DTCPX 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 Targeted Credit Institutional expense ratio is below average compared to funds in the Short-Term Bond category. DFA Targeted Credit Institutional has an expense ratio of 0.20%, which is 70% 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 Targeted Credit Institutional has a portfolio turnover rate of 70%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 135% for the Short-Term Bond category.
Recently, in the month of July 2026, DFA Targeted Credit Institutional returned -0.3%, which earned it a grade of F, as the Short-Term Bond category had an average return of -0.0%. 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 Targeted Credit Institutional has a trailing yield of 4.62%, which is above the 4.16% 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.
DFA Targeted Credit Institutional Grades
Year to date, the fund has returned 1.6%, 0.7 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), 5.2% over the past three years (grade of B) and 1.9% per year over the past five years (grade of D) and 2.2% per year over the past 10 years (grade of C).
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DTCPX 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 |
|
| DTCPX Return (NAV) | -0.3% | 0.9% | 3.6% | 5.2% | 1.9% | 2.2% |
| DTCPX Grade | F | A | B | B | D | C |
| +/- Category | -0.2% | 0.6% | 0.2% | 0.3% | -0.3% | -0.1% |
| Short-Term Bond Avg | -0.0% | 0.3% | 3.4% | 5.0% | 2.2% | 2.3% |
| DTCPX Tax Cost Ratio | na | na | 1.9% | 1.7% | 1.4% | 1.1% |
DTCPX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| DTCPX Return (NAV) | 1.6% | 5.4% | 5.6% | 6.0% | -7.3% | -0.2% | 2.7% | 6.4% | 0.7% | 2.8% | 2.7% |
| DTCPX Grade | A | D | A | B | F | C | F | A | D | A | B |
| +/- Category | 0.7% | -0.5% | 0.6% | 0.4% | -2.3% | -0.2% | -1.5% | 1.7% | 0.0% | 0.9% | 0.2% |
| Short-Term Bond Avg | 0.9% | 5.9% | 4.9% | 5.6% | -5.0% | -0.0% | 4.2% | 4.8% | 0.7% | 1.9% | 2.5% |
| Risk Measures | |
| Standard Deviation: | 1.4% |
| Total Risk Index: | 0.11 - Low |
| Category Risk Index: | 0.68 - Low |
| Category Risk Grade: | A (2% Rank) |
| Beta: | 0.16 |
| R-Squared: | 45% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 4.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $848 Mil |
| Fund Total Assets: | $ 849 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 70% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 11.2 years | |||
| Average Tenure: 9.6 years | |||
| Managers (Year): Plecha David (2015), Kolerich Joseph (2015), Fridman Alexander (2020) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 435 |
| % in Top 10 Holdings: | 31.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 53.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 39.0% |
| Foreign Bond: | 53.6% |
| Convertible Bond: | 0.6% |
| Other: | 0.0% |
| Cash: | 6.8% |
Purchase Information
| Fund Family: | Dimensional Fund Advisors |
| Phone Number: | 888-576-1167 |
| Website: | www.dimensional.com |
| Status: | Open |
| Inception Date: | May 20, 2015 |
| 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 (%): | 0.20% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.66% |
| Share Class: | DFA Targeted Credit Institutional |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
