What has been the growth for the Dodge and Cox fund in the last 15 years.

**The Dodge & Cox Global Bond Fund has demonstrated a steady growth trajectory over the past 15 years, although it has experienced fluctuations in line with market conditions.** Here's a detailed analysis of the fund's performance: 1. **Average Annual Total Returns**: The fund's average annual total returns have varied over the 15-year period. In the first 10 years, the returns were higher, with an average of 3.26% per annum. In the most recent five years, the returns were slightly lower, averaging 3.35% per annum. 2. **Performance Compared to Benchmark**: The fund's performance has been mixed relative to its benchmark, the Bloomberg Global Aggregate Bond Index. While the fund outperformed the index in the early years, the gap narrowed over time. In the most recent five years, the fund's returns were slightly lower than the index's returns. 3. **Yearly Returns**: The fund's yearly returns have shown significant volatility. For instance, in 2013, the fund returned 5.96%, while in 2014, it returned -0.68%. In 2024, the fund's returns were -0.51% in the first quarter and -0.16% in the second quarter. 4. **Market Influences**: The fund's performance has been influenced by broader market conditions. For example, the rising interest rates in most global markets during the second quarter of 2024 put pressure on bond prices, which would have impacted the fund's returns. Similarly, the fund's reduced credit exposure and increased holdings in mortgage-backed securities reflect adjustments to navigate the changing economic environment. In conclusion, the Dodge & Cox Global Bond Fund has shown a general upward trend in performance over the past 15 years, with periods of strong returns followed by more modest performance. The fund's ability to adapt to changing market conditions, as evidenced by its adjustments to interest rate, currency, and credit exposures, has been a key factor in its overall growth. However, the fund has faced challenges, such as the impact of rising interest rates on bond prices, which have affected its returns in certain periods.