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Dodge & Cox Global Bond Fund in registration/prospectus
- Designed to be pretty flexible (nondiversified, may include EM, use derivatives to tinker with currency exposure/hedge, to adjust durations, to provide leverage), but at least 80% must be investment grade and fund does not appear to short.
- Expenses TBA, but total ER will be capped at 0.60% through 2015 (subject to change with 30 days notice). That's the same ER as they've been charging the predecessor private fund (i.e. a private fund that will be converted to become this open end fund on May 1).
- FWIW, that private fund returned 2.59% last year (excellent for a global bond portfolio in 2013).
- The numbers (such as they are) may need editing...
The 2013 and lifetime (of the private fund) pre-tax returns are nearly identical (2.59% vs 2.61%). But these are also stated as the post tax returns - how does a bond portfolio completely evade taxes?
And while these two sets of figures (2013 and lifetime) are similar for pre tax and post tax, they diverge significantly on the liquidated post tax returns (1.47% vs. 2.13%).
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This fund seems like the next step in a natural progression for D&C - balanced domestic fund (1931), domestic equity fund (1965), domestic bond fund (1989), int'l equity (2001), global equity (2008).
Reply to @msf: I love the shop (though not sure I will ever fully forgive them for 2008/2009).
This fund seems like the next step in a natural progression for D&C - balanced domestic fund (1931), domestic equity fund (1965), domestic bond fund (1989), int'l equity (2001), global equity (2008).
Comments
- Designed to be pretty flexible (nondiversified, may include EM, use derivatives to tinker with currency exposure/hedge, to adjust durations, to provide leverage), but at least 80% must be investment grade and fund does not appear to short.
- Expenses TBA, but total ER will be capped at 0.60% through 2015 (subject to change with 30 days notice). That's the same ER as they've been charging the predecessor private fund (i.e. a private fund that will be converted to become this open end fund on May 1).
- FWIW, that private fund returned 2.59% last year (excellent for a global bond portfolio in 2013).
- The numbers (such as they are) may need editing...
The 2013 and lifetime (of the private fund) pre-tax returns are nearly identical (2.59% vs 2.61%). But these are also stated as the post tax returns - how does a bond portfolio completely evade taxes?
And while these two sets of figures (2013 and lifetime) are similar for pre tax and post tax, they diverge significantly on the liquidated post tax returns (1.47% vs. 2.13%).
------
This fund seems like the next step in a natural progression for D&C - balanced domestic fund (1931), domestic equity fund (1965), domestic bond fund (1989), int'l equity (2001), global equity (2008).