Barron's: Dodge & Cox Income Fund
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Date updated:07-21-2007

From Barron's 7-23-07:

"The Dodge & Cox Income Fund (DODIX) isn't jazzy. It isn't loaded with emerging-market junk bonds, which have generated big returns in recent years, or other exotica. But its overall approach, which emphasizes fundamental analysis of domestic investment-grade bonds, has paid off nicely for investors.

The fund's one-, three- and five-year returns also land in the group's top quartile. Morningstar bestows a five-star rating on the fund, whose assets total about $14 billion.
The fund aims to generate a high and stable income stream and preserve capital.

Although it is focused on debt securities, the portfolio team members seem a lot like value-oriented stockpickers. "We are very focused on the basics of the industry and the company, and combining that with the terms and conditions on the actual bonds we're investing in," says Dana Emery, portfolio manager of the fund.

The Income Fund has 31.6% of its assets in corporate bonds, versus 18.6% for the benchmark. But the portfolio managers have dialed down their exposure to corporate debt in recent years, noting that spreads have narrowed since the early part of the decade when these securities went through a tough credit cycle. Today, says Emery, "You have significantly less reward investing in corporate bonds."

symbol name last price % change open
  • +
  • T
    At&t Inc.
  • $28.30
  • -0.46%
  • $28.51

From Barron's 7-23-07: The portfolio holds corporate credits in 37 companies, including AT&T (T), Xerox (XRX), Comcast (CMCSA), Dow Chemical (DOW), Macy's (M), Liberty Media (LCAPB) and WellPoint (WLP).

People owning T also tend to own: ACEBACCCBCOPCVXDIS

TheStreet.com Rating: B- What is this?

  • +
  • XRX
    Xerox Cp
  • $9.10
  • +2.25%
  • $8.97

From Barron's 7-23-07: The portfolio holds corporate credits in 37 companies, including AT&T (T), Xerox (XRX), Comcast (CMCSA), Dow Chemical (DOW), Macy's (M), Liberty Media (LCAPB) and WellPoint (WLP).

People owning XRX also tend to own: SIRIYHOOAAPLAMXCCJCHLCSX

TheStreet.com Rating: C What is this?

  • +
  • CMCSA
    Comcast Corporati
  • $17.23
  • +1.17%
  • $17.19

From Barron's 7-23-07: The portfolio holds corporate credits in 37 companies, including AT&T (T), Xerox (XRX), Comcast (CMCSA), Dow Chemical (DOW), Macy's (M), Liberty Media (LCAPB) and WellPoint (WLP).

People owning CMCSA also tend to own: ADPBACBSXCCLCSCOERTSIGT

TheStreet.com Rating: C+ What is this?

  • +
  • DOW
    Dow Chemical
  • $16.05
  • +6.64%
  • $15.71

From Barron's 7-23-07: The portfolio holds corporate credits in 37 companies, including AT&T (T), Xerox (XRX), Comcast (CMCSA), Dow Chemical (DOW), Macy's (M), Liberty Media (LCAPB) and WellPoint (WLP).

People owning DOW also tend to own: AAALLAPCBUDCOPCVXGSK

TheStreet.com Rating: C What is this?

  • +
  • M
    Macy's Inc
  • $11.69
  • +0.26%
  • $11.69

From Barron's 7-23-07: The portfolio holds corporate credits in 37 companies, including AT&T (T), Xerox (XRX), Comcast (CMCSA), Dow Chemical (DOW), Macy's (M), Liberty Media (LCAPB) and WellPoint (WLP).

People owning M also tend to own: CSCOJCPKSSTGTCOHDWAKTC

TheStreet.com Rating: C What is this?

  • +
  • LCAPB
    Liberty Media Cor
  • $5.77
  • +6.65%
  • $5.49

From Barron's 7-23-07: The portfolio holds corporate credits in 37 companies, including AT&T (T), Xerox (XRX), Comcast (CMCSA), Dow Chemical (DOW), Macy's (M), Liberty Media (LCAPB) and WellPoint (WLP).

People owning LCAPB also tend to own: CMCSADOWFCJGJMMTWLP

TheStreet.com Rating: D+ What is this?

  • +
  • WLP
    Wellpoint Inc.
  • $43.98
  • -1.10%
  • $45.00

From Barron's 7-23-07: The portfolio holds corporate credits in 37 companies, including AT&T (T), Xerox (XRX), Comcast (CMCSA), Dow Chemical (DOW), Macy's (M), Liberty Media (LCAPB) and WellPoint (WLP).

People owning WLP also tend to own: AESBERODPOSKPGHTXUAFFX

TheStreet.com Rating: C What is this?

  • +
  • FCJ
    Ford Motor 7.6% N
  • $11.36
  • +1.79%
  • $11.09

From Barron's 7-23-07: Unlike the Lehman Ag, which has no debt below investment-grade, the Dodge & Cox bond fund dips its toe into those waters, albeit gingerly. The managers refuse to use the term "junk," calling these companies "fallen angels" that want to return to investment-grade status. About 9% of the portfolio is in these securities, including those of HCA, the former Hospital Corp. of America (now private), Ford Motor Credit (FCJ) and GMAC (GJM).

People owning FCJ also tend to own: BBTGFLSOHBANJPMRGMAWSHXBAY.V

TheStreet.com Rating: No Rating What is this?

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