Dodge & Cox Balanced Fund Q4 2025 Shareholder Letter

Green And Black Ceramic Piggy Banks On A Seesaw Before Defocused Wooden Background

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Market Commentary

Financial markets delivered another strong year in 2025, though not without turbulence from tariff uncertainty, a record 43-day government shutdown, and a cooling labor market. The S&P 500 Index rose 18%, notching its third consecutive year of double-digit

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