American Funds International Vantage FundSM
Investment portfolio
July 31, 2021
unaudited
Common stocks 91.61% Information technology 16.16% | Shares | Value (000) | |
ASML Holding NV | 53,973 | $40,912 | |
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 325,948 | 38,019 | |
Keyence Corp. | 58,320 | 32,290 | |
Hamamatsu Photonics KK | 368,100 | 20,367 | |
SAP SE | 124,697 | 17,875 | |
STMicroelectronics NV | 301,554 | 12,356 | |
OBIC Co., Ltd. | 49,600 | 8,690 | |
Tokyo Electron, Ltd. | 15,000 | 6,142 | |
Atlassian Corp. PLC, Class A1 | 17,208 | 5,595 | |
Murata Manufacturing Co., Ltd. | 62,200 | 5,125 | |
Dye & Durham, Ltd. | 108,462 | 4,101 | |
AVEVA Group PLC | 67,958 | 3,710 | |
Amadeus IT Group SA, Class A, non-registered shares1 | 34,725 | 2,275 | |
Lightspeed POS, Inc., subordinate voting shares (CAD denominated)1 | 25,395 | 2,174 | |
Nice, Ltd. (ADR) | 7,300 | 2,034 | |
Dassault Systemes SE | 21,582 | 1,191 | |
202,856 | |||
Industrials 14.15% | |||
ABB, Ltd. | 624,790 | 22,851 | |
Safran SA | 167,982 | 21,979 | |
Airbus SE, non-registered shares1 | 128,067 | 17,577 | |
SMC Corp. | 26,500 | 15,653 | |
RELX PLC | 464,000 | 13,635 | |
TFI International, Inc. (CAD denominated) | 113,762 | 12,735 | |
DSV Panalpina A/S | 47,459 | 11,564 | |
Nidec Corp. | 71,900 | 8,022 | |
Recruit Holdings Co., Ltd. | 150,600 | 7,727 | |
Canadian National Railway Company | 43,900 | 4,769 | |
Canadian National Railway Company (CAD denominated) | 21,900 | 2,379 | |
DKSH Holding AG | 80,890 | 6,840 | |
Epiroc AB, Class A | 270,845 | 6,324 | |
Jardine Matheson Holdings, Ltd. | 102,100 | 6,069 | |
MTU Aero Engines AG | 24,209 | 6,062 | |
ASSA ABLOY AB, Class B | 119,210 | 3,824 | |
Mitsubishi Corp. | 124,400 | 3,472 | |
Daikin Industries, Ltd. | 11,200 | 2,314 | |
Komatsu, Ltd. | 77,600 | 2,001 | |
Ryanair Holdings PLC (ADR)1 | 16,064 | 1,752 | |
177,549 | |||
Health care 12.69% | |||
Novo Nordisk A/S, Class B | 384,716 | 35,582 | |
AstraZeneca PLC | 264,748 | 30,426 | |
Genmab A/S1 | 43,663 | 19,739 | |
Straumann Holding AG | 7,709 | 14,297 | |
BeiGene, Ltd. (ADR)1 | 41,850 | 13,249 |
American Funds International Vantage Fund — Page 1 of 6
unaudited
Common stocks (continued) Health care (continued) | Shares | Value (000) | |
Shionogi & Co., Ltd. | 197,100 | $10,334 | |
HOYA Corp. | 57,500 | 8,074 | |
Hutchmed China, Ltd. (ADR)1 | 180,700 | 7,599 | |
Koninklijke Philips NV (EUR denominated) | 114,322 | 5,274 | |
Terumo Corp. | 108,000 | 4,171 | |
Daiichi Sankyo Company, Ltd. | 169,200 | 3,331 | |
Grifols, SA, Class A, non-registered shares | 125,445 | 3,191 | |
Roche Holding AG, nonvoting non-registered shares | 7,598 | 2,939 | |
Asahi Intecc Co., Ltd. | 38,600 | 1,041 | |
159,247 | |||
Financials 12.57% | |||
AIA Group, Ltd. | 2,361,700 | 28,294 | |
London Stock Exchange Group PLC | 241,118 | 25,103 | |
Hong Kong Exchanges and Clearing, Ltd. | 217,300 | 13,869 | |
Euronext NV | 122,632 | 13,645 | |
Banco Bilbao Vizcaya Argentaria, SA | 1,937,312 | 12,435 | |
DBS Group Holdings, Ltd. | 506,680 | 11,372 | |
BNP Paribas SA | 152,617 | 9,315 | |
HDFC Bank, Ltd. (ADR) | 127,340 | 8,986 | |
DNB Bank ASA1 | 406,867 | 8,338 | |
Intesa Sanpaolo SpA | 1,980,871 | 5,478 | |
Aon PLC, Class A | 20,100 | 5,227 | |
ING Groep NV | 387,872 | 4,990 | |
Partners Group Holding AG | 2,627 | 4,491 | |
Allfunds Group PLC1 | 216,302 | 3,806 | |
Deutsche Boerse AG | 14,488 | 2,419 | |
157,768 | |||
Consumer discretionary 11.23% | |||
Kering SA | 30,613 | 27,461 | |
EssilorLuxottica | 114,906 | 21,695 | |
Hermès International | 9,549 | 14,601 | |
MercadoLibre, Inc.1 | 9,216 | 14,457 | |
LVMH Moët Hennessy-Louis Vuitton SE | 17,422 | 13,927 | |
Industria de Diseño Textil, SA | 397,566 | 13,484 | |
Cie. Financière Richemont SA, Class A | 86,794 | 11,115 | |
Nitori Holdings Co., Ltd. | 43,100 | 8,174 | |
adidas AG | 17,063 | 6,196 | |
B&M European Value Retail SA | 787,503 | 6,053 | |
Flutter Entertainment PLC1 | 14,577 | 2,488 | |
Prosus NV (ADR)2 | 73,050 | 1,308 | |
140,959 | |||
Consumer staples 10.95% | |||
Nestlé SA | 177,139 | 22,449 | |
Carlsberg A/S, Class B | 119,531 | 22,101 | |
L’Oréal SA, non-registered shares | 45,448 | 20,805 | |
British American Tobacco PLC | 442,684 | 16,494 | |
Anheuser-Busch InBev SA/NV | 217,540 | 13,780 | |
Diageo PLC | 214,245 | 10,633 | |
Pernod Ricard SA | 36,884 | 8,143 | |
Uni-Charm Corp. | 145,400 | 5,808 | |
Reckitt Benckiser Group PLC | 74,114 | 5,690 | |
Associated British Foods PLC | 155,353 | 4,334 |
American Funds International Vantage Fund — Page 2 of 6
unaudited
Common stocks (continued) Consumer staples (continued) | Shares | Value (000) | |
Unilever PLC (GBP denominated) | 55,100 | $3,179 | |
Danone SA | 35,800 | 2,635 | |
Shiseido Company, Ltd. | 21,200 | 1,408 | |
137,459 | |||
Materials 5.08% | |||
Shin-Etsu Chemical Co., Ltd. | 101,500 | 16,423 | |
Givaudan SA | 2,991 | 14,931 | |
Asahi Kasei Corp. | 628,500 | 6,800 | |
Kansai Paint Co., Ltd. | 259,520 | 6,342 | |
Air Liquide SA, non-registered shares | 34,928 | 6,073 | |
Vale SA, ordinary nominative shares (ADR) | 223,400 | 4,696 | |
Rio Tinto PLC | 52,490 | 4,451 | |
BHP Group PLC | 124,278 | 4,015 | |
63,731 | |||
Utilities 4.13% | |||
Enel SpA | 2,293,198 | 21,164 | |
Engie SA | 967,797 | 12,918 | |
Iberdrola, SA, non-registered shares | 1,016,347 | 12,249 | |
Ørsted AS | 37,156 | 5,519 | |
51,850 | |||
Communication services 3.50% | |||
Tencent Holdings, Ltd. | 215,300 | 13,271 | |
Adevinta ASA1 | 457,044 | 8,787 | |
SoftBank Group Corp. | 79,670 | 4,965 | |
Koninklijke KPN NV | 1,308,074 | 4,295 | |
NetEase, Inc. | 189,900 | 3,800 | |
América Móvil, SAB de CV, Series L (ADR) | 219,100 | 3,648 | |
Nordic Entertainment Group AB, Class B1 | 54,970 | 2,938 | |
Nippon Telegraph and Telephone Corp. | 89,600 | 2,289 | |
43,993 | |||
Real estate 0.60% | |||
Link Real Estate Investment Trust REIT | 510,331 | 4,879 | |
Altus Group, Ltd. | 57,124 | 2,689 | |
7,568 | |||
Energy 0.55% | |||
TotalEnergies SE | 116,168 | 5,057 | |
Galp Energia, SGPS, SA, Class B | 186,779 | 1,822 | |
6,879 | |||
Total common stocks (cost: $630,524,000) | 1,149,859 | ||
Preferred securities 0.66% Health care 0.66% | |||
Sartorius AG, nonvoting non-registered preferred shares | 12,432 | 7,518 | |
Grifols, SA, Class B, nonvoting non-registered preferred shares | 47,037 | 730 | |
8,248 | |||
Total preferred securities (cost: $2,692,000) | 8,248 |
American Funds International Vantage Fund — Page 3 of 6
unaudited
Rights & warrants 0.01% Consumer discretionary 0.01% | Shares | Value (000) | |
Cie. Financière Richemont SA, Class A, warrants, expire 20231 | 173,588 | $127 | |
Total rights & warrants (cost: $0) | 127 | ||
Short-term securities 13.73% Money market investments 13.64% | |||
Capital Group Central Cash Fund 0.05%3,4 | 1,711,152 | 171,132 | |
Money market investments purchased with collateral from securities on loan 0.09% | |||
Capital Group Central Cash Fund 0.05%3,4,5 | 6,710 | 671 | |
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%3,5 | 413,742 | 414 | |
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.03%3,5 | 70,190 | 70 | |
1,155 | |||
Total short-term securities (cost: $172,268,000) | 172,287 | ||
Total investment securities 106.01% (cost: $805,484,000) | 1,330,521 | ||
Other assets less liabilities (6.01)% | (75,381) | ||
Net assets 100.00% | $1,255,140 |
Investments in affiliates4
Value of affiliates at 11/1/2020 (000) | Additions (000) | Reductions (000) | Net realized gain (000) | Net unrealized appreciation (000) | Value of affiliates at 7/31/2021 (000) | Dividend income (000) | |
Short-term securities 13.69% | |||||||
Money market investments 13.64% | |||||||
Capital Group Central Cash Fund 0.05%3 | $103,795 | $403,565 | $336,236 | $1 | $7 | $171,132 | $71 |
Money market investments purchased with collateral from securities on loan 0.05% | |||||||
Capital Group Central Cash Fund 0.05%3,5 | — | 6716 | 671 | —7 | |||
Total short-term securities | 171,803 | ||||||
Total 13.69% | $1 | $7 | $171,803 | $71 |
1 | Security did not produce income during the last 12 months. |
2 | All or a portion of this security was on loan. The total value of all such securities was $1,249,000, which represented .10% of the net assets of the fund. |
3 | Rate represents the seven-day yield at 7/31/2021. |
4 | Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended. |
5 | Security purchased with cash collateral from securities on loan. |
6 | Represents net activity. |
7 | Dividend income is included with securities lending income and is not shown in this table. |
Valuation disclosures
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. Security transactions are recorded by the fund as of the date the trades are executed with brokers.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
American Funds International Vantage Fund — Page 4 of 6
unaudited
Equity securities are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.
Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.
Fixed-income class | Examples of standard inputs |
All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”) |
Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer |
Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities |
When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be not representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type.
Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds“), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the fund’s board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure — The fund’s board of trustees has delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group.
American Funds International Vantage Fund — Page 5 of 6
unaudited
Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. At July 31, 2021, all of the fund’s investments were classified as Level 1.
Key to abbreviations |
ADR = American Depositary Receipts |
CAD = Canadian dollars |
EUR = Euros |
GBP = British pounds |
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
American Funds Distributors, Inc., member FINRA.
© 2021 Capital Group. All rights reserved.
MFGEFP3-123-0921O-S85305 | American Funds International Vantage Fund — Page 6 of 6 |