Direct answer: It appears Dodge & Cox funds announced forward share splits in October 2025 to reduce NAV per share and increase the number of shares outstanding. This is a corporate action intended to keep share prices at a more typical range and does not change the total value of an investor’s holding or trigger taxes. If you hold affected Dodge & Cox funds (such as the Stock Fund DOXGX, Balanced Fund DOXBX, or International Stock Fund DOXFX/DODFX), your account will be updated to reflect the split, with new share counts and split-adjusted NAVs effective on the specified record date and trading date. Context and what happened

• Forward share splits were announced for multiple Dodge & Cox funds, with differing split ratios (e.g., some funds at 16:1, others at 8:1 or 4:1), designed to lower the per-share NAV while increasing the total number of shares outstanding.

• The action is not a taxable event and does not alter the total value of an investor’s investment or the fund’s rights. Share balances are adjusted in shareholder records, and confirmations are sent after the split takes effect.

• Trading and NAV adjustments were scheduled to become effective around late October 2025, with accounts reflecting the split after the effective date. Investors would see split-adjusted NAVs and adjusted share counts in their statements.

What this means for you

• If you own Dodge & Cox funds affected by the splits, your statement will show more shares at a lower NAV per share after the split date, but the total market value of your holdings should remain essentially unchanged immediately after the split (aside from normal market movement).
• Confirmations and updated holdings will be issued by your custodian or plan administrator, typically reflected in your account within the following trading day(s) after the split.
• If you’re unsure whether your specific fund position is affected or how to interpret the new share count, contact your financial advisor, brokerage, or Dodge & Cox shareholder services for precise guidance based on your account type (retail vs institutional) and fund class.

If you’d like, I can:

• Identify exactly which Dodge & Cox funds and share classes underwent a forward split and provide their official split ratios and effective dates.
• Explain how to verify the split on your account and what to expect on your next statement.
• Help you compare how a split affects your single-fund vs multi-fund portfolios.