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Investment Philosophy
Equity Investment Process
Municipal Bond Investment Process


Our goal is to construct a diversified portfolio of highly stable tax-exempt investments. We focus specifically on general obligation and essential service revenue bond issuers. This subset of issuers includes large entities with durable economic bases and essential service providers in large metropolitan and/or geographic regions. We assess each issuer‘s financial strength and evaluate our legal protections as bondholders.

In keeping with our firm‘s investment philosophy, we have a team approach to investing in municipal bonds. The team is deep and experienced and has an institutional knowledge of a large number of issuers, which supports well-informed investment decisions. We construct portfolios in a “laddered” structure with careful attention to call protection and interest rate sensitivity.

Our traders work closely with portfolio managers to implement a tailored strategy for our clients. Dodge & Cox has relationships with many broker-dealers who provide ready access to new deals and secondary offerings.We maintain a strict price discipline and evaluate each purchase carefully based on such factors as quality, relative value, and term structure.

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