March 31, 2015

Global
Stock Fund

Ticker Symbol

DODWX

Objectives

The Fund seeks long-term growth of principal and income.

Strategy

The Fund invests primarily in a diversified portfolio of equity securities issued by companies from at least three different countries,

Risks

The Fund is subject to securities market risk, meaning securities in the Fund may decline in value for extended periods due to the

including emerging market countries. The Fund invests primarily in medium-to-large well established companies based on standards
of the applicable market. The Fund is not required to allocate its investments in set percentages in particular countries. Under
normal circumstances, the Fund will invest at least 40% of its total assets in securities of non-U.S. companies.
financial prospects of individual companies or due to general market and economic conditions. Investing in non-U.S. securities
may entail risk due to foreign economic and political developments; this risk may be higher when investing in emerging markets.
Please read the prospectus for specific details regarding the Funds risk profile.

G E N E R A L I N F O R M AT I O N

Net Asset Value Per Share

Total Net Assets (billions)
Expense Ratio
2014 Portfolio Turnover Rate
30-Day SEC Yield(a)
Fund Inception
No sales charges or distribution fees

A S S E T A L L O C AT I O N

$12.00
$6.3
0.65%
17%
1.19%
2008

Equity
Securities: 97.1%

Investment Manager: Dodge & Cox, San Francisco. Managed by the Global

Stock Investment Policy Committee, whose seven members average tenure at

Dodge & Cox is 18 years.

Net Cash: 2.9%

MSCI
P O RT F O L I O C H A R A C T E R I S T I C S
Fund
World

MSCI
R E G I O N D I V E R S I F I C AT I O N ( % ) ( d )
Fund
World

Number of Equity Securities

89
Median Market Capitalization (billions)
$36
Weighted Average Market
Capitalization (billions)
$88
Price-to-Earnings Ratio(b)
14.8x
Countries Represented
21
Emerging Markets (Brazil, China, India, Mexico,

South Africa, South Korea, Thailand, Turkey) 16.3%

United States
Europe (excluding United Kingdom)
Pacific (excluding Japan)
United Kingdom
Japan
Africa/Middle East
Latin America
Canada

1,633
$11
$93
16.6x
23
0.0%

57.6
17.5
4.7
7.7
8.6
0.2
0.0
3.7

MSCI
Fund
World

Fund S E C T O R D I V E R S I F I C AT I O N ( % )
Samsung Electronics Co., Ltd. (South Korea) 2.7 Financials
Novartis AG (Switzerland)
2.4 Consumer Discretionary
Google, Inc. (United States)
2.4 Information Technology
Roche Holding AG (Switzerland)
2.4 Health Care
Hewlett-Packard Co. (United States)
2.4 Energy
Time Warner Cable, Inc. (United States)
2.3 Industrials
Naspers, Ltd. (South Africa)
2.3 Telecommunication Services
Standard Chartered PLC (United Kingdom) 2.2 Consumer Staples
Sanofi (France)
2.1 Materials
Schlumberger, Ltd. (United States) 2.0 Utilities
T E N L A R G E S T H O L D I N G S ( % ) ( c )

44.4
23.9
10.7
7.1
4.5
3.1
3.0
0.4

22.7
20.7
18.8 12.9
18.4 13.4
14.5
13.3
7.1 7.5
4.7
10.9
4.5
3.2
3.5
9.8
2.9
5.1
0.0 3.2

SEC Yield is an annualization of the Funds total net investment income per share for the 30-day period ended on the last day of the month.
Price-to-earnings (P/E) ratios are calculated using 12-month forward earnings estimates from third-party sources.
(c)
The Funds portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation to buy, sell, or hold any particular security
and is not indicative of Dodge & Coxs current or future trading activity.
(d)
The Fund may classify a company in a different category than the MSCI World. The Fund generally classifies a company based on its country of incorporation, but may
designate a different country in certain circumstances.
(a)

(b)

Average Annual Total Return1

For periods ended
Since Inception
March 31, 2015
1 Year
3 Years
5 Years (May 1, 2008)

Dodge & Cox Global Stock Fund

4.57%

15.42%

10.81%

5.12%

MSCI World Index

6.02

12.19

10.00

4.31

dodgeandcox.com

Returns represent past performance and do not guarantee future results. Investment return and share price will fluctuate with market conditions, and investors
may have a gain or loss when shares are sold. Fund performance changes over time and currently may be significantly lower than stated above. Performance is
updated and published monthly. Visit the Funds website at dodgeandcox.com or call 800-621-3979 for current month-end performance figures.

The Dodge & Cox Global Stock Fund had a total return of 1.4% for the first
quarter of 2015, compared to 2.3% for the MSCI World Index. At quarter end,
the Fund had net assets of $6.3 billion with net cash of 2.9%.

F I R S T Q U A RT E R P E R F O R M A N C E R E V I E W

M A R K E T C O M M E N TA RY

K E Y D E T R A C T O R S F R O M R E L AT I V E R E S U LT S

During the first quarter, global equity markets were strong. All developed
markets and most emerging markets appreciated in local currency. However,
the U.S. dollars sharp appreciation (e.g., up 13% versus the euro during the
quarter) cut returns by more than half: the MSCI World and MSCI Emerging
Markets were both up 5% in local currency, compared to up 2% in U.S. dollars.

In the United States, there were many positive economic developments:
the unemployment rate continued to decline, lower oil prices aided household
purchasing power, and businesses invested more in fixed assets. Overall, however,
U.S. economic growth moderated slightly as these benefits were offset by the
slow recovery in the housing sector and weak export growth.

Around the globe, interest rates remained low as central banks continued
to support their economies. In developed markets, the European Central Bank
launched a quantitative easing program and the Bank of Japan decided to
maintain its aggressive stimulus program. Various emerging market countries
(including India, Russia, and Turkey) cut interest rates to bolster lackluster
growth.

We continue to identify attractive long-term global equity opportunities.
Although reasonable, global equity valuations have increased, and we have a
more modest outlook for long-term equity returns. At quarter end, the MSCI
World traded at 16.6 times forward estimated earnings with a 2.4% dividend
yield. Corporate balance sheets and cash flows continue to be strong. The Fund
is invested in companies that we believe have favorable long-term prospects over
our three- to five-year investment horizon. Acknowledging that both share prices
and currencies can be volatile in the short term, we encourage shareholders to
remain focused on the long term.

The Fund underperformed the MSCI World by 0.9 percentage points for the
quarter.

 eak returns from the Funds holdings in the Information Technology sector
W
(down 3% compared to up 2% for the MSCI World sector) hurt results.
Hewlett-Packard (down 22%), NetApp (down 14%), EMC Corp. (down 14%),
and Microsoft (down 12%) were notable detractors.
The Funds holdings in the Financials sector (down 1% compared to up 1% for
the MSCI World sector), especially in the emerging markets, hindered
performance. Sabanci Holding (down 18%), BR Malls (down 14%), Bank of
America (down 14%), and ICICI Bank (down 10%) detracted from results.
Weak returns from the Funds holdings in the Consumer Staples sector (down
4% compared to up 2% for the MSCI World sector) also detracted. Anadolu
Efes (down 14%) was a weak performer.
Selected additional detractors included National Oilwell Varco (down 23%)
and Petrobras (down 20%).
K E Y C O N T R I B U T O R S T O R E L AT I V E R E S U LT S

 he Funds underweight position in the Utilities sector (no holdings versus

T
average 3% for the MSCI World sector), the weakest sector of the market
(down 5%), contributed to results.
The Funds higher average weighting in the Consumer Discretionary sector
(19% versus 13% for the MSCI World sector), especially the higher average
weighting in the Automobiles industry (5% versus 2%), helped performance.
Naspers (up 18%) and Nissan Motor (up 17%) were notable contributors.
The Funds holdings in the Health Care sector (up 9% compared to up 8% for
the MSCI World sector), combined with a higher average weighting (15%
versus 13%), also had a positive impact. Cigna (up 26%), UnitedHealth Group
(up 17%), and Novartis (up 8%) helped results.
Selected additional contributors included Nintendo (up 41%), Baker Hughes
(up 14%), TE Connectivity (up 14%), Standard Chartered (up 12%), and
Samsung Electronics (up 8%).

The Funds total returns include the reinvestment of dividend and capital gain
distributions, but have not been adjusted for any income taxes payable by shareholders
on these distributions or on Fund share redemptions. Index returns include dividends
but, unlike Fund returns, do not reflect fees or expenses. The MSCI World Index is a
broad-based, unmanaged equity market index aggregated from 23 developed market
country indices, including the United States and Canada. MSCI makes no express
or implied warranties or representations and shall have no liability whatsoever with
respect to any MSCI data contained herein. The MSCI data may not be further
redistributed or used as a basis for other indices or any securities or financial products.
This report is not approved, reviewed, or produced by MSCI. All returns are stated in
U.S. dollars, unless otherwise noted.

MSCI World is a service mark of MSCI Barra.

Before investing in any Dodge & Cox Fund, you should carefully consider the Funds investment objectives, risks, and charges and expenses. To obtain a Funds prospectus
and summary prospectus, which contain this and other important information, visit dodgeandcox.com or call 800-621-3979. Please read the prospectus and summary
03/15 GSF FS
prospectus carefully before investing.