Dodge & Cox Balanced
Dodge & Cox Balanced has nearly three-fourths of its assets in stocks.

After five years of mostly mediocre performance, Dodge & Cox’s U.S.-oriented stock funds have emerged from the wilderness. Dodge & Cox Stock, a member of the Kiplinger 25, beat the market by four percentage points over the past year. And Dodge & Cox Balanced is near the top of the list of one-year winners in Morningstar’s moderate-allocation category.
Balanced is essentially a sedate version of Stock. It holds nearly all of the issues in Stock, but it also invests a big chunk of its assets in the bonds held by Dodge & Cox Income.
Lately, Balanced has been pushing the allocation envelope. The typical balanced fund has 60% to 65% of its assets in stocks, but Balanced recently had 71% in stocks, near the maximum of 75% permitted by its charter. “Long term, the potential returns from fixed income are limited,” says chief investment officer Charles Pohl. “We see significantly better long-term potential for equity.”

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
When picking stocks, Dodge & Cox favors growing companies at favorable prices. But the firm’s 18 managers and 23 analysts also shop for distressed merchandise with slashed share prices. Balanced’s biggest stock-sector weightings at last report were in financials, technology and health care. As for Balanced’s bond holdings, 38% was in corporate debt (nearly all of it investment-grade), and one-fourth was in government-agency mortgage securities.
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

-
Stock Market Today: Stocks Soar on China Trade Talk Hopes
Treasury Secretary Bessent said current U.S.-China trade relations are unsustainable and signaled hopes for negotiations.
By Karee Venema
-
2026 Disney Dining Plan Returns: Free Dining for Kids & Resort Benefits
Plan your 2026 Walt Disney World vacation now. Learn about the returning Disney Dining Plan, how kids aged three to nine eat free, and the exclusive benefits of staying at a Disney Resort hotel.
By Carla Ayers
-
Best Banks for High-Net-Worth Clients
wealth management These banks welcome customers who keep high balances in deposit and investment accounts, showering them with fee breaks and access to financial-planning services.
By Lisa Gerstner
-
Stock Market Holidays in 2025: NYSE, NASDAQ and Wall Street Holidays
Markets When are the stock market holidays? Here, we look at which days the NYSE, Nasdaq and bond markets are off in 2025.
By Kyle Woodley
-
Stock Market Trading Hours: What Time Is the Stock Market Open Today?
Markets When does the market open? While the stock market does have regular hours, trading doesn't necessarily stop when the major exchanges close.
By Michael DeSenne
-
Bogleheads Stay the Course
Bears and market volatility don’t scare these die-hard Vanguard investors.
By Kim Clark
-
The Current I-Bond Rate Until May Is Mildly Attractive. Here's Why.
Investing for Income The current I-bond rate is active until November 2024 and presents an attractive value, if not as attractive as in the recent past.
By David Muhlbaum
-
What Are I-Bonds? Inflation Made Them Popular. What Now?
savings bonds Inflation has made Series I savings bonds, known as I-bonds, enormously popular with risk-averse investors. So how do they work?
By Lisa Gerstner
-
This New Sustainable ETF’s Pitch? Give Back Profits.
investing Newday’s ETF partners with UNICEF and other groups.
By Ellen Kennedy
-
As the Market Falls, New Retirees Need a Plan
retirement If you’re in the early stages of your retirement, you’re likely in a rough spot watching your portfolio shrink. We have some strategies to make the best of things.
By David Rodeck