30 slides from Dodge & Cox International Stock Fund - Class X's earnings presentation, Jul 15, 2026
Slide 1: Dodge & Cox Balanced Fund Quarterly Update
Dodge & Cox Balanced Fund Quarterly Update Second Quarter 2026 2026Q2BFQUv1 For Institutional Use Only
Slide 2: Agenda and disclaimer
I. Dodge & Cox II. Balanced Fund Overview III. Supplemental Exhibits IV. Biographical Sketches This information was prepared at the recipient’s request (and must be accompanied or preceded by a current prospectus and/or summary prospectus for the relevant fund(s)). Past performance is not indicative
Slide 3: Dodge & Cox
Dodge & Cox For Institutional Use Only C000629-042922 | 3
Slide 4: Key Characteristics of Our Organization
Key Characteristics of Our Organization June 30, 2026 Over 95 Years of Investment Experience Dodge & Cox was founded in 1930. We have a stable and well-qualified team of investment professionals, most of whom have spent their entire careers at Dodge & Cox. Independent Organization Ownership of Dodge
Slide 5: Dodge & Cox Assets Under Management
Dodge & Cox Assets Under Management ($ in Billions) June 30, 2026 $490.6 in Total Assets | $263.3 in Equities | $227.3 in Fixed Income Dodge & Cox Funds: $330.5 Billion Separate Accounts: $147.0 Billion Global Equity Balanced $5.0 $4.8 Liability Hedging & Credit- Stock Fund Benchmarked International
Slide 6: Experienced and Stable Investment Team
Experienced and Stable Investment Team June 30, 2026 U.S. Equity Investment Committee Global Research Team / Years at D&C / Coverage Fixed Income Team / Years at D&C / Coverage David Hoeft 33 Karim Fakhry 21 David Hoeft 33 Chair, Chief Investment Officer Lucy Johns 24 SVP, Director of Fixed Income S
Slide 7: Building Investment Conviction
Building Investment Conviction Analyst-Driven Fundamental Team-Based Review Collective Judgment-Based Research Decisions ▪ Advocate investment ideas, based on ▪ Rigorously vet recommendations ▪ Construct a diversified portfolio on a individual company- or security-specific bottom-up basis ▪ Stress t
Slide 8: Balanced Fund Investment Philosophy
Balanced Fund Investment Philosophy We actively manage a highly selective portfolio that is diversified across equity and fixed income and seeks to deliver income and long- term capital appreciation. Research Intensive & Strategic Price Disciplined Asset Allocation ▪ In-house analyst team members ad
Slide 9: Dodge & Cox Balanced Fund
Dodge & Cox Balanced Fund For Institutional Use Only 18051-062619 | 9
Slide 10: Fund Overview
Fund Overview June 30, 2026 Dodge & Cox Balanced Fund Key Characteristics Shared by Dodge & Cox Funds Dodge & Cox Balanced Fund (Established June 26, 1931) ▪ Low expenses ▪ The Balanced Fund Investment Committee determines asset allocation ▪ Stable and experienced investment team across stocks, fixe
Slide 11: Performance Results
Performance Results June 30, 2026 Dodge & Cox Balanced Fund Unannualized Annualized 3 Months Ended YTD 1 Year 3 Years 5 Years 10 Years 20 Years Balanced Fund - Class I (Net of Fees) 3.47% 3.07% 8.68% 11.41% 6.73% 9.81% 7.68% Combined Index(a) 9.31% 6.45% 14.76% 13.92% 8.10% 9.98% 8.39% (a)The Combin
Slide 12: Portfolio Structure – Equity Investments
Portfolio Structure June 30, 2026 Dodge & Cox Balanced Fund – Equity Investments(a) Composition by Sector(b) 40% 35% Portfolio 30% S&P 500 25% Russell 1000 Value 20% 15% 10% 5% 0% Health Care Financials Industrials Information Communication Materials Consumer Consumer Energy Real Estate Utilities Te
Slide 13: Portfolio Holdings – Equity Investments
Portfolio Holdings June 30, 2026 Dodge & Cox Balanced Fund - Equity Investments(a) Technology and Industrials, Energy, Communication Services Finance and Real Estate Materials, and Utilities Health Care Consumer INFORMATION TECHNOLOGY 9.5% FINANCIAL SERVICES 11.8% CAPITAL GOODS 8.1% PHARMACEUTICALS,
Slide 14: Portfolio Structure – Fixed Income Investments
Portfolio Structure June 30, 2026 Dodge & Cox Balanced Fund — Fixed Income Investments(a) Sector Composition Quality Composition(b) 90 Dodge & Cox Balanced Fund — Fixed Income Investments 90 Dodge & Cox Balanced Fund — Fixed Income Investments 80 Bloomberg U.S. Aggregate Bond Index 80 Bloomberg U.S.
Slide 15: Portfolio Composition by Theme – Fixed Income
Portfolio Composition by Theme June 30, 2026 Dodge & Cox Balanced Fund — Fixed Income Investments(a) Credit 13.2% Securitized 15.5% Build portfolio yield and enhance relative total return potential Seek attractive total return in the intermediate part of the curve; provide liquidity and income Corpo
Slide 16: A Long-Term View of Dodge & Cox
A Long-Term View of Dodge & Cox June 30, 2026 Long-Term Track Record ▪ We have added value over the long-term. ▪ Our persistence with our investment approach through past periods of underperformance has been crucial to our long-term success. Consistent Investment Approach ▪ Philosophy is based on in
Slide 17: Supplemental Exhibits
Supplemental Exhibits For Institutional Use Only 354-011509 | 17
Slide 18: Largest Holdings – Fixed Income Investments
Largest Holdings June 30, 2026 Dodge & Cox Balanced Fund — Fixed Income Investments(a) Ten Largest Credit Holdings(b) % of Yield-to- Ratings(e) Issuers(b)(c) Fund Duration Worst (%)(d) Moody’s S&P Fitch British American Tobacco PLC 0.83 3.3 4.15 Baa3 BBB- BBB Petroleos Mexicanos 0.65 7.5 7.52 B1 BBB
Slide 19: Performance Attribution — Sectors (Quarter)
Performance Attribution — Sectors(a) June 30, 2026 Dodge & Cox Balanced Fund – Equity Investments(b) vs. S&P 500(+15.20%), Quarter-to-Date Total Return Fund Index Total Impact Average Total Contribution Average Total Contribution Allocation Selection Interaction on Return Weight Return to Return Wei
Slide 20: Performance Attribution — Holdings (Quarter)
Performance Attribution — Holdings June 30, 2026 Dodge & Cox Balanced Fund – Equity Investments(a) vs. S&P 500, Quarter-to-Date Total Return(b) Top Five Relative Contributors Ten Largest Holdings Fund Index Total Impact Fund Index Total Impact Average Average Total on Return Average Average Total on
Slide 21: Performance Attribution — Sectors (One-Year)
Performance Attribution — Sectors(a) June 30, 2026 Dodge & Cox Balanced Fund – Equity Investments(b) vs. S&P 500(+22.32%), One-Year Total Return Fund Index Total Impact Average Total Contribution Average Total Contribution Allocation Selection Interaction on Return Weight Return to Return Weight Ret
Slide 22: Performance Attribution — Holdings (One-Year)
Performance Attribution — Holdings June 30, 2026 Dodge & Cox Balanced Fund – Equity Investments(a) vs. S&P 500, One-Year Total Return(b) Top Five Relative Contributors Ten Largest Holdings Fund Index Total Impact Fund Index Total Impact Average Average Total on Return Average Average Total on Return
Slide 23: Dodge & Cox Investment Vehicles (1 of 2)
Dodge & Cox Investment Vehicles (1 of 2) June 30, 2026 Ticker Status Account Minimum Expense Ratio Gross Net Stock Fund DODGX Open .51% .51% Dodge & Cox Funds - Class I (a) Global Stock Fund DODWX Open .62% .62% Open to All Investors $2,500 International Stock Fund DODFX Open .61% .61% Balanced Fund
Slide 24: Dodge & Cox Investment Vehicles (2 of 2)
Dodge & Cox Investment Vehicles (2 of 2) June 30, 2026 Status Account Minimum Fee Schedule (f) U.S. Equity and Balanced Open $60 million .60% on the first $25 million .40% thereafter Global and International Equity Open $500 million(f) .60% on the first $500 million .45% thereafter Flat .45% for acc
Slide 25: Dodge & Cox Funds Performance Results
Dodge & Cox Funds Performance Results June 30, 2026 (Net of Fees) Unannualized Annualized 3 Months Ended YTD 1 Year 3 Years 5 Years 10 Years 20 Years Stock Fund - Class I 5.57% 3.78% 9.74% 14.00% 8.99% 13.13% 9.06% S&P 500 Index 15.20% 10.21% 22.32% 20.61% 13.41% 15.51% 11.39% Russell 1000 Value Ind
Slide 26: Explanation of Performance Attribution
Explanation of Performance Attribution An attribution report explains a portfolio’s relative performance against its benchmark. The reports provided include average weight, total return and contribution to return of the stated Dodge & Cox Fund and its corresponding benchmark. Also included is an att
Slide 27: Biographical Sketches
Biographical Sketches For Institutional Use Only 377-011509 | 27
Slide 28: Balanced Fund Investment Committee
Balanced Fund Investment Committee As of June 30, 2026 Philippe Barret, Jr. – Senior Vice President. Mr. Barret received his B.A. degree (magna cum laude) from Washington and Lee University in 1998 and his M.B.A. from the Stanford Graduate School of Business in 2004. Between degrees, he worked as a
Slide 29: Dodge & Cox Funds Important Risk Disclosures
Dodge & Cox Funds Important Risk Disclosures The Funds invest in securities and other instruments whose market values fluctuate within a wide range so your investment may be worth more or less than its original cost. Additionally, the Funds may use derivatives to create or hedge investment exposure,
Slide 30: Source Citations
Source Citations Bloomberg Standard & Poor’s Bloomberg U.S. Aggregate Bond Index: The Bloomberg U.S. Aggregate Bond Index is a widely recognized, unmanaged index of U.S. dollar- S&P 500 Index: The S&P 500 Index is a market capitalization-weighted index of 500 large-capitalization stocks commonly use