Office address: 555 California Street, 40th Floor, San Francisco, CA 94104
Website: dodgeandcox.com
Year established: 1930
Company type: financial services
Employees: 370+ (2024)
Expertise: US equity, global equity, international equity, emerging markets equity, fixed income, core fixed income, intermediate fixed income, balanced account management, liability hedging, stable value
Parent company: N/A
Key people: Roger Kuo (CEO as of 2026); David Hoeft (chair as of 2026); Lucy Johns, Ray Mertens, and Phil Barret (investment committee members); Hallie Marshall (COO); Katherine Primas (chief compliance officer)
Financing status: independently owned/employee-owned
Dodge & Cox (D&C) is an independently owned investment management firm based in San Francisco. With more than $400 billion AUM as of 2024, the firm offers seven actively managed, no-load mutual funds with low expense ratios. It serves individuals, institutions, family offices, and non-profit organizations across the US and globally.
D&C was founded in San Francisco in 1930 by Van Duyn Dodge and E. Morris Cox. The firm grew out of the founders' frustration with the conflicts of interest in the investment world at the time.
Dodge & Cox was designed to put clients and community ahead of itself from day one. The company was built on independent ownership, integrity, and a team-based approach meant to last for generations.
Dodge & Cox has stayed true to that founding vision for more than 90 years. The firm has grown from its San Francisco roots into one of the world's largest independently owned investment managers.
It manages money for individuals and institutions globally with a single investment philosophy. According to the firm, it has never chased short-term trends or flashy marketing, focusing instead on deep research and long-term value.
D&C has also been active in the San Francisco community since the late 1930s. Van Duyn Dodge co-founded Coro, a fellowship for citizen leaders, while E. Morris Cox led Community Chest, now the United Way Bay Area. Today, the firm supports non-profits focused on youth education and global relief efforts.
D&C has kept its investment approach steady even as markets and regulations have shifted. In 2012, the firm joined the Principles for Responsible Investment to strengthen its ESG focus.
When the DOL's ESG rule survived a court challenge in 2023, , Dodge & Cox Stock Fund was cited as a mainstream fund that weighs ESG factors without being labeled as one. The firm still views ESG as part of sound long-term investing, regardless of regulatory changes.
Dodge & Cox offers actively managed, no-load funds with some of the industry's lowest expense ratios:
Investors can access these funds directly, through financial advisors, or via brokerage platforms. D&C's Private Client Team also offers personalized portfolios for high-net-worth individuals and families.
Dodge & Cox states that collaboration has been central to its culture since its founding. The firm empowers employees to think independently while fostering inclusivity and collegiality. According to the company, six core values guide how it operates:
D&C states employees work in a diverse, professional, and respectful environment. The firm provides several employee benefits:
The firm also encourages employees to give back to their communities. In 2024, Dodge & Cox and its staff supported over 170 non-profit organizations.
Roger Kuo served as president of Dodge & Cox through 2025. He is CEO as of 2026, succeeding Dana Emery. Kuo has nearly 30 years at the firm and serves on the board and investment committee. He graduated from Harvard with a BA and MBA and holds the CFA designation.
Dodge & Cox's Board members and C-suite executives include:
The company's Board is only the fifth in Dodge & Cox's more than 90-year history. Alongside the C-suite, they manage investment strategy, operations, and client service.
In 2025, Dodge & Cox started preparing for its sixth generation of leadership as CEO Dana Emery announced her retirement after 40 years. By 2026, Roger Kuo and David Hoeft would have taken over as CEO and chair, respectively, to continue the firm's tradition of promoting from within. This transition reflects D&C's focus on stability and long-term client service.
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An interactive list of all the funds honored, across all years of return and by category.
Stocks took a beating in recent days amid concerns that a healthy economy could trigger higher inflation. Here's how the 50 largest funds, ranked by assets, performed. <b><i>(More: <a href="http://www.investmentnews.com/article/20180206/FREE/180209949/stock-market-sell-off-takeaways-to-share-with-clients" target="_blank">Stock market sell-off: Takeaways to share with clients</a>)</b></i>
See rankings of funds by returns in categories from large-cap growth to real estate and equity income.
See rankings of funds by returns in categories from core bond to high yield and multisector income.
