Dodge & Cox was founded in 1930. The company has introduced only six mutual funds since then. The firm's analysts and managers tend to stay at the company for a very long time. Dodge & Cox funds are team-managed and they have below-average expense ratios. There is a lot to admire about the firm's philosophy and operations. As others have mentioned, value has generally been out of favor for many years. I agree with Mark that it is inappropriate to compare Dodge & Cox funds to growth funds from other shops.

1) Is the SP500 a growth fund?
2) DODGX hold Google and MSFT in their top 10, are these not growth?
3) How can you explain DODGX falling behind VTV(value ETF) for 1-3-5-10-15 years. But wait, VTV also have lower volatility(=SD) and better Sharpe. See 16 years results (link)
4) VOO (SP500) expense = 0.03% and VTV = 0.04% are definitely cheaper than DODGX = 0.52%

More observations:
1. For 5 years DODFX is rated at 75-89 in its category.
DODGX lags the SP500 for 1-3-5-10-15 years which is a blended index not growth or value. But Wait...DODGX also lags VTV(value ETF) for 1-3-5-10-15 years
2. If you read DODGX strategy (link)
Stocks — The Fund typically invests in companies that, in Dodge & Cox’s opinion, appear to be temporarily undervalued by the stock market but have a favorable outlook for long-term growth.
It's similar to PRWCX
"invests primarily in the common stocks of established U.S companies believed to have above-average potential for capital growth."
The value approach carries a risk that the market will not recognize a security’s intrinsic value for a long time or that a stock judged to be undervalued may actually be appropriately priced because of the fund’s fixed-income holdings or cash position, it may not keep pace in a rapidly rising market.
PRWCX managers are excellent while D&C are not and the rest are just excuses.

https://www.mutualfundobserver.com/2020/04/april-1-2020/#more-14103
Excellent read imho regarding current market conditions, what to possibly expect in the near future, several funds/managers' opinion.
Get your cash/bucket list ready / and several ideas to help out local communities/others
Enjoy

https://www.nytimes.com/reuters/2020/04/03/us/03reuters-health-coronavirus-municipals.html
https://www.google.com/amp/s/mobile.reuters.com/article/amp/idUSKBN21L37G
/Coronavirus Fiscal Fallout on U.S. Muni Issuers Worries Investors
By Reuters
April 3, 2020
CHICAGO — Investors in the U.S. municipal bond market are growing increasingly worried over the ability of states, cities and other debt issuers to weather the financial fallout of the COVID-19 pandemic caused by the novel coronavirus./
Article discusses covid19 nationalized shut down may cause major downturns and possible credit crunch due to limited/frozen states and local authorities lack of incomes. Muni bonds defaulting risks maybe much higher in the near future.
I think potus/congress/house maybe working to generate more bonds /govt bailouts to alleviate these stress in the near future.
More BAB anyone?

Adam Grossman HumbleDollar
If there’s one company that suddenly everyone knows, it’s Zoom, the videoconferencing company. It’s a great product and the stock (ticker symbol ZM) has enjoyed strong gains this year, up 123%. But there’s another Zoom that has done even better. It’s an obscure Chinese company with no revenue that happens to be listed on the U.S. market and with a much better ticker symbol: ZOOM. As a result, this other Zoom’s stock, which in the past typically traded for about a penny a share, has shot up nearly 900% this year.

While it's true that the virus is not Trump's fault, his leadership throughout this pandemic is all him.
https://www.washingtonpost.com/national-security/2020/04/04/coronavirus-government-dysfunction/?arc404=true

these guys reported an excellent 1st q. made 2%!
coming out of this, this is their time to shine. of course, none of use can buy it. Mr. Snowball, can you have these guys put their fund on the major ebroker platforms?

Testing will be critical. For some reason that wasn't part of the politico analysis. We're still unable to do widespread testing even now. Shortages of reagents & PPE (as well as consistent leadership at the very top) still hamper this.
From the Atlantic regarding timeline considerations:
https://www.theatlantic.com/family/archive/2020/03/coronavirus-social-distancing-over-back-to-normal/608752/?utm_source=newsletter&utm_medium=email&utm_campaign=atlantic-daily-newsletter&utm_content=20200330&silverid=NTkyMTU3MDQwMTE1S0
From John Oliver:

Here is one approach being considered in Italy: The scientific and political communities there are looking seriously at utilizing antibody testing to help determine who will be permitted to go back to work and move freely in public.

Having the right antibodies to the virus in one’s blood — a potential marker of immunity — may soon determine who gets to work and who does not, who is locked down and who is free.
The antibodies in healed Italians could be a valuable tool in determining who could safely exit quarantine to work, Dr. Crisanti said.
In Veneto, Mr. Zaia has proposed that Italians in possession of antibodies showing they no longer have the virus could obtain a “license” that allows them to move around the country and work.

https://nytimes.com/2020/04/04/world/europe/italy-coronavirus-antibodies.html

I usually do lots of research but this market volatility and unpredictability are extremly high.
3 good funds for you TGLMX,VFIIX,ANBEX
TGLMX VS VFIIX
1) VFIIX bonds rating are higher. Both heavily in MBS.
2) VFIIX duration=2.3 is much lower than TGLMX duration=5.8
3) VFIIX SD is lower and especially YTD. TGLMX peak to trough in March was over 6% while VFIIX was about 2.1%.
4) And why YTD performance is close
So, for the unknown wild market, VFIIX looks more of a sleep better fund.
TGLMX VS ANBEX
1) ANBEX invests mostly in Gov and lower % in Corp and hardly in MBS
2) ANBEX risk/reward is better for YTD + 1-3 years and since inception 03/2016. See PV(link) since inception
Portfolio CAGR Stdev Best Year Worst Year Max. Drawdown Sharpe Ratio Sortino Ratio
ANBEX 4.91% 3.14% 7.84% 0.27% -2.32% 1.12 2.29
TGLMX 3.72% 3.43% 7.27% -0.52% -3.13% 0.7 1.27
VFIIX 2.86% 2.18% 5.83% -0.04% -1.95% 0.7 1.1
3) For YTD (chart) ANBEX performance is better with a lower peak to trough loss too
4) Of course, I also like ANBEX much smaller AUM and in this market also it's much higher turnover which means the managers' skill is working and they have many years of experience prior to running this fund.

Some jumbled thoughts on bonds and portfolio construction:
I swapped my pure corporate bond funds for a global bond fund about 3 years ago in my Roth account. Since the Roth can sit idle longer than my traditional 401k and therefore has longer to recover, I am comfortable taking more risk in the Roth. The Roth is more of a laboratory for me, to keep me from doing massively stupid stuff in my 401k (which is larger, and where I apply conventional strategies). That said, I retain vanilla corporate coverage (and the usual bond/stock splits) via balanced funds, which are 45% of my Roth.
The global bond fund I hold (DODLX) in my Roth has dropped more than it's vanilla corporate cousin (DODIX) would have, and has performed worse over it's lifetime. I rebalance quarterly, and would like to think that I have gotten some portfolio gains vis-a-vis a medium duration bond fund given reasonable rebalancing and global's greater volatility. Time will tell.
Having lived through 2008 early enough in my investment career (when during the early stages of the crashing the correlation between all assets was high), I would not have expected bonds to have done spectacular in our current situation. Indeed, they have largely performed as I would have expected. It makes sense to me that downturns and pullbacks are different than panics.
I went into 2020 holding about 25% cash in my 401k since everything just seemed completely out of whack. I have been rebalancing into all asset classes (domestic large cap & small cap, international, domestic corporate and global bond). I will be shifting my cash hold to 18% for the foreseable future. I don't think I'll go below 10% cash matter what happens.
Time will tell, "interesting times", etc.

By Tom Maloney at Bloomberg
April 3, 2020
* Many publicly traded U.S. REITs have lost most of their value.
* Starwood Capital and JPMorgan are among those in hunt for bargains.
"The market for mortgage-backed securities was in free fall, with fear running rampant and banks seizing collateral.
So Tom Barrack, the chairman of real estate investment trust Colony Capital Inc., published an 1,800-word plea for the Federal Reserve to buy bonds backed by homes, cars and other assets and for banks to halt margin calls.
That was last Saturday. In the week since, three top investors in the sector have engaged restructuring advisers, two others sold $7 billion of debt at a discount and publicly traded mortgage REITs in the U.S. lost more than $12 billion of market value, bringing total declines this year to at least $50 billion.
The carnage shows no signs of abating. Prominent asset managers including Blackstone Group Inc., TPG and Apollo Global Management Inc. have been sucked into the vortex wrought by the coronavirus pandemic, with their associated mortgage REITs losing more than two-thirds of their value on average so far in 2020."
After $50 Billion of Losses, No One Comes to Save the Mortgage Market

I'm Master Artisan trader. I cycle in / out of their funds. I cylced out a little early in 2019 and didn't enjoy gains, and then was happy in February. However I started adding a bit and the floor simply fell our from under their funds.
So I'm waiting to cycle back in. The point. Don't fall in love with funds / fund manager. In bull market KNOW which companies funds will do well and go along for the ride. Don't be greedy and don't try to get "market returns".
Just the way I do things. Probably does not fit into either "trading" or "investing" definition.
The one mistake was I bought APFDX and was forced to plonk down $2500. That's hurting.

This article is divided into six sections. You can jump to the section of interest. Section 3 talks about relevant lessons learned from the Spanish Flu pandemic. Section 5 discusses methods that may make it possible to reopen parts of the economy fairly rapidly. (Just scroll to the top if the link takes you to the bottom of the article.)
https://politico.com/news/magazine/2020/04/02/coronavirus-economy-reopen-deaths-balance-analysis-159248

On regulation, there just seems too much dispersion on how things are priced. In the post-modem, if not regulation or in addition to it, a better mechanism to buy and sell bonds, more like equities.
https://www.cnbc.com/2020/04/02/godfather-of-etfs-says-this-is-what-the-bond-market-needs.html

Note again - this article reflects holdings as of year end 2019. We as shareholders have no idea what these funds hold today nor will we until the first of June, 2020 at best AND even then those holdings data will be stale as well.

"The coronavirus’ economic fallout has hit investors in airline stocks especially hard, perhaps none more so than Pasadena-based Primecap Management Company. At year-end 2019, Primecap firmwide owned 14% to 16% of the shares outstanding in three different airlines and stakes in nine other air carriers. As Exhibit 1 shows, shares of each of these airlines shed between 40.7% and 76.1% during the depths of this still-unfolding bear market (Feb. 20, 2020, to March 23, 2020), versus a 33.8% drop for the S&P 500 index."
All 6 Primecap funds are exposed

https://www.bloomberg.com/news/articles/2020-04-02/u-s-high-yield-bond-funds-see-record-inflow-of-7-09-billion
/U.S. High-Yield Bond Funds See Record Inflow After Exodus
GOLDMAN SACHS GP
149.93USD+4.64+3.19%
IVZ
INVESCO LTD
8.22USD+0.21+2.62%
TDG
TRANSDIGM GROUP
284.47USD+11.93+4.38%
Investors poured a record amount of cash into U.S. high-yield funds this week as the junk-bond market recovered from its worst slump in more than a decade.
The funds added $7.09 billion in the week ended Wednesday, according to data from Refinitiv Lipper. This reversed a course that had seen almost $20 billion withdrawn from those same funds over the last six sessions, including $2 billion last week.
‘Tremendous Opportunity’
As U.S. junk bonds started to find a floor, investors including Goldman Sachs and Invesco are seeing reasons to buy.
“There are tremendous opportunities out there,” said Ashish Shah, co-chief investment officer of fixed income at Goldman Sachs Asset Management. He estimates junk bonds will return about 20% this year as growth rebounds in the fourth quarter and fallen angels outperform.
High-yield lost 11.5% last month and is down 13.6% this year. The market fell almost 16% in October 2008. Last year’s total return was 14.3% and high-yield hasn’t been up more than 20% since 2009, when it surged 58%./
Article discussed positives movements in junk bonds areas past few days. Maybe time to reconsider adding to corp junk bond positions. The curve may appears revived for junks past wk or so. Will it remains stable over next month?...who knows
https://www.google.com/search?q=jnk+stock

https://www.sec.gov/Archives/edgar/data/1318342/000139834420007430/fp0052470_497.htm
497 1 fp0052470_497.htm
Towle Deep Value Fund
(Ticker Symbol: TDVFX)
A series of Investment Managers Series Trust
Supplement dated April 3, 2020 to the
Prospectus and Statement of Additional Information,
both dated February 1, 2020, as supplemented,
and the Summary Prospectus dated February 3, 2020 as supplemented.
IMPORTANT NOTICE ON PURCHASE OF FUND SHARES
Effective as April 6, 2020, the Towle Deep Value Fund is publicly offered to new investors.
Please file this Supplement with your records.