Dodge & Cox Emerging Markets Stock Fund Q1 2026 Commentary
The Dodge & Cox Emerging Markets Stock Fund maintained a cautious stance on AI-related investments during Q1 2026, citing high valuations despite long-term conviction. The fund increased its position in semiconductor designer MediaTek while reducing exposure to National Energy Services Reunited following strong performance. Overall, the strategy remained focused on valuation discipline and long-term fundamentals. Emerging markets delivered a 5.97% return for the quarter.
- ▪The fund added to its position in MediaTek, a semiconductor design company focused on consumer electronics.
- ▪Dodge & Cox trimmed its holding in National Energy Services Reunited after strong year-to-date performance.
- ▪The fund maintains a selective approach to AI-related investments due to elevated valuations.
- ▪The Emerging Markets Stock Fund posted a 5.97% total return for the three months ended March 31, 2026.
- ▪The fund has been managed since its inception on May 11, 2021, with a focus on valuation-driven stock selection.
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