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SF Mutual Fund Exec Front-Ran His Fund's Trades

Confidential IRS data reveals that David Hoeft, chief investment officer of mutual fund giant Dodge & Cox, was one of many investment managers who bought and sold the same stocks their company was trading.

Hoeft was an industrious teen, working at a Ponderosa steakhouse after school during the academic year and spending his summers doing everything from mowing grass at a local airport to checking the packaging of Keebler Sandies Pecan Shortbread at a production plant. And Hoeft doesn’t own his home, opting instead to live in the Presidio of San Francisco, a former Army post now maintained by the federal government as a park at the foot of the Golden Gate Bridge. “We frequently trade large blocks of securities, and because we are price sensitive investors it can … sometimes take weeks or months to fully implement an investment decision,” Dodge & Cox’s Pohl wrote to the SEC in 2022.

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