Dodge & Cox Emerging Markets Stock Fund Q2 2025 Shareholder Letter

2025-07-24 00:20:00 ET

Market Commentary

Emerging market equities performed strongly during the first half of 2025, providing high absolute returns as well as diversification benefits relative to the U.S. equity market. While U.S. stocks have been hampered by uncertainty regarding trade policies and the Federal Reserve interest rate plans, emerging economy stocks have benefited from foreign currency strength, reasonable valuations, and notable technological advancements. Returns have been strong across most individual markets, with South Korea, emerging Europe, and Latin America standing out as the top performers. Risks to the global economy and geopolitical order remain, including potential effects of global tariff wars, continuing conflict in the Middle East, and volatile energy and commodity prices. Overall, the MSCI Emerging Markets had a total return of 12.0% for the second quarter and 15.3% for the first half of 2025....

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