114 benchmark mismatches, in two very different buckets

01 · Computed evidence

The July marks

The run classified all 200 funds in the ranked set. “Mismatch” means the declared index and the lowest-active-share comparison index differ under the fixed 8-index rule. The severity buckets distinguish family changes from nearby indexes that cover much of the same market.

02 · Method

How the figure was made

For each fund, the registry maps the filing’s declared benchmark into the fixed comparison set and separately chooses the index portfolio with the lowest computed active share. The S&P 500, Russell 1000, and total US market form the adjacent broad-market family; the S&P SmallCap 600 and Russell 2000 form the adjacent small-cap family. A mismatch outside those families is classified as a style-family disagreement.

03 · Finding

The substantive bucket is a family change

96 mismatches crossed index families. That is the useful signal: the holdings aligned more closely with a different broad, growth, value, mid-cap, or small-cap comparison than the mapped declared benchmark. It describes the portfolio as of its filing date, not the fund’s name or mandate.

04 · Finding

Dodge & Cox shows what the stronger finding means

Dodge & Cox Stock Fund declared the S&P 500. Its portfolio measured 83.4% active share against the S&P 500, measured against the filed holdings of iShares Core S&P 500 ETF (IVV), as of 2026-03-31. It measured 82.4% against the Russell 1000 Value index, measured against the filed holdings of iShares Russell 1000 Value ETF (IWD), as of 2026-03-31. The value comparison was closer, so this is a style-family disagreement. The gap between those two active-share readings is evidence about benchmark fit; neither reading says whether the fund will outperform.

05 · Finding

Adjacent indexes are a mild result

The other 18 mismatches stayed within an adjacent family: the S&P 500, Russell 1000, and total US market for broad US exposure, or the S&P SmallCap 600 and Russell 2000 for small caps. An S&P 500-versus-Russell 1000 result can change which comparison wins by a few points without changing the portfolio’s basic style. Those rows remain mismatches under the reproducible comparison rule, but they should not be narrated like a growth-versus-value or large-versus-small disagreement.

06 · Finding

What mismatch does—and does not—mean

A mismatch means one comparison index produced a lower active-share distance than the mapped declared index under this eight-index method. It does not mean the filing was false, the manager chose an improper legal benchmark, the best-fit index is the fund’s mandate, or performance should be judged against it.

July 29, 2026 — supersedes our July 28 coverage note; the coverage gap it described was resolved by the current run's eligibility correction.