Dodge & Cox Global Stock Fund Q2 2025 Shareholder Letter

2025-07-23 05:00:00 ET

Market Commentary

In the second quarter of 2025, global equity markets declined sharply following the announcement of broad-based U.S. tariffs, but rebounded after receding tariff concerns restored investor confidence. After a significant first-quarter pullback, the “Magnificent Seven” stocks also recovered, led by NVIDIA (NVDA), Microsoft (MSFT), and Meta (META). As a result, growth stocks outperformed value stocks, largely reversing their first quarter underperformance, propelling global indices to new highs....

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