Research note · Registry run finished 2026-07-29T14:46:26.918Z
114 benchmark mismatches, in two very different buckets
114 of 200 funds had a declared benchmark that differed from the computed best-fit proxy. 96 crossed proxy families; 18 were mild adjacent-index differences within the same family.
Registry run finished 2026-07-29T14:46:26.918Z · Method closet-index@2.0.0
01 · Computed evidence
The July marks
The run classified all 200 cohort funds. “Mismatch” means the declared proxy and the lowest-active-share proxy are different tickers under the fixed 8-proxy rule. The severity buckets distinguish family changes from nearby indexes that cover much of the same market.
| Classification | Funds | Interpretation |
|---|---|---|
| Style-family disagreement | 96As of 2026-07-29T14:46:26.918Z | Declared and best-fit proxies belong to different broad, growth, value, mid-cap, or small-cap families.As of 363649da-fcfb-4007-87ef-de06de7710ca |
| Mild adjacent-index mismatch | 18As of 2026-07-29T14:46:26.918Z | Declared and best-fit proxies remain within broad-market or small-cap families.As of 363649da-fcfb-4007-87ef-de06de7710ca |
| Match | 86As of 2026-07-29T14:46:26.918Z | The declared proxy was also the lowest-active-share proxy.As of 363649da-fcfb-4007-87ef-de06de7710ca |
| Fund | Declared comparison | Best-fit comparison | Severity |
|---|---|---|---|
| DODGX | S&P 500 Index mapped to IVV: 83.4%As of 2025-12-31 | IWD: 82.4%As of 2026-03-31 | Style-family disagreementAs of 363649da-fcfb-4007-87ef-de06de7710ca |
| HACAX | S&P 500 Index mapped to IVV: 53.1%As of 2025-10-31 | IWF: 37.2%As of 2026-04-30 | Style-family disagreementAs of 363649da-fcfb-4007-87ef-de06de7710ca |
| PRBLX | S&P 500® Index mapped to IVV: 63.2%As of 2025-12-31 | IWF: 59.7%As of 2026-06-30 | Style-family disagreementAs of 363649da-fcfb-4007-87ef-de06de7710ca |
| CCCRX | Russell 1000® Index mapped to IWB: 50.1%As of 2025-08-31 | IVV: 46.8%As of 2026-02-28 | Mild adjacent-indexAs of 363649da-fcfb-4007-87ef-de06de7710ca |
| GGGPX | Russell 1000® Index mapped to IWB: 39.7%As of 2025-08-31 | IVV: 36.3%As of 2026-05-31 | Mild adjacent-indexAs of 363649da-fcfb-4007-87ef-de06de7710ca |
02 · Method
How the figure was made
For each fund, the registry maps the filing’s declared benchmark into the fixed proxy set and separately chooses the proxy with the lowest computed active share. IVV, IWB, and VTI form the adjacent broad-market family; IJR and IWM 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 proxy 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 is a description of this dated portfolio, not a verdict on the fund’s name or mandate.
04 · Finding
Dodge & Cox shows what the stronger finding means
DODGX declared the S&P 500, mapped to IVV. Its portfolio measured 83.4% active share against IVV and 82.4% against the value proxy IWD as of March 31, 2026. 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: IVV, IWB, and VTI for broad US exposure, or IJR and IWM for small caps. An S&P 500-versus-Russell 1000 result can change which proxy wins by a few points without changing the portfolio’s basic style. Those rows remain mismatches under the reproducible ticker 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 proxy produced a lower active-share distance than the mapped declared proxy under this eight-proxy method. It does not mean the filing was false, the manager chose an improper legal benchmark, the best-fit proxy 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 cohort correction.
Reproduce this
Run 363649da-fcfb-4007-87ef-de06de7710ca
Open the published examples below. Each resolves to immutable run 363649da-fcfb-4007-87ef-de06de7710ca; compare declaredProxy with bestFitProxy, then apply the disclosed family buckets.