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Rating:Lead Value Shop Takes Advantage of a Dodgy Situation Not Rated 0.0 Email Routing List Email & Route  Print Print
Monday, February 11, 2008

Lead Value Shop Takes Advantage of a Dodgy Situation

News summary by MFWire's editors

Dodge & Cox smells opportunity in renewed market volatility and has re-opened two of its funds to take advantage of the situation. The Dodge & Cox Stock Fund and Dodge & Cox Balanced Fund re-opened to new investors on February 4, 2008. The two funds had closed in 2004 due to a rapid acceleration of inflows.


Company Press Release

The Board of Directors of Dodge & Cox announced today that the Dodge & Cox Stock Fund and Dodge & Cox Balanced Fund will reopen to new investors effective Monday, February 4, 2008. These Funds were closed to new investors in 2004, but have remained open to additional investment from existing shareholders.

The decision to close the two Funds in 2004 was based on "prospective caution," as the pace of new money coming into Dodge & Cox on a daily basis accelerated throughout 2003. Closing these Funds was successful in slowing the pace of growth, though cash flows into the Funds generally remained positive through mid-2007 as existing shareholders added to their accounts.

Since mid-2007 the volatile investment environment has created what Dodge & Cox believes to be many interesting long-term equity and fixed income opportunities. This environment, coupled with weak short-term relative returns, may have contributed to recent redemption activity. Dodge & Cox's intent in reopening the Funds is to better balance subscription and redemption activity, so the Fund can capitalize on attractive opportunities while maintaining current positions. Dodge & Cox believes there is capacity to accommodate reasonable growth into the foreseeable future.

Chairman and Chief Executive Officer John Gunn commented on the Funds' reopening, "Our primary objective at Dodge & Cox is to serve our existing clients and shareholders well. We believe that this step, and those that we have taken in the past, supports that objective."

Dodge & Cox was founded in 1930 and managed over $235 billion for individual and institutional investors in mutual fund and private accounts as of December 31, 2007. Dodge & Cox is one of the largest privately owned investment advisers in the United States. For more information on the Dodge & Cox Funds please visit our website http://www.dodgeandcox.com or call Kristen Harlow at 415-981-1710.

Editor's Note: Securities and Exchange Commission regulations require the following statement in this press release: For more information about the Dodge & Cox Funds, including risks, charges and expense, please call Dodge & Cox Funds at 800-621-3979 for a prospectus. Please read the prospectus carefully before you invest or send money. Past performance does 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. 

Edited by: Erin Kello


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