American Funds® Global Insight Fund
Investment portfolio
July 31, 2023
Investment portfolio
July 31, 2023
unaudited
Common stocks 93.22% Information technology 17.91% | Shares | Value (000) | |
Microsoft Corp. | 773,988 | $259,998 | |
Broadcom, Inc. | 260,330 | 233,946 | |
Apple, Inc. | 1,038,251 | 203,964 | |
ASML Holding NV | 259,597 | 186,155 | |
SAP SE | 849,407 | 116,180 | |
Keyence Corp. | 200,860 | 90,021 | |
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR) | 765,098 | 75,859 | |
KLA Corp. | 132,346 | 68,019 | |
GoDaddy, Inc., Class A1 | 793,021 | 61,134 | |
Hamamatsu Photonics KK | 1,128,600 | 54,310 | |
Fujitsu, Ltd. | 409,700 | 52,946 | |
OBIC Co., Ltd. | 309,300 | 50,592 | |
Texas Instruments, Inc. | 261,449 | 47,061 | |
STMicroelectronics NV | 780,782 | 41,743 | |
ServiceNow, Inc.1 | 62,350 | 36,350 | |
Analog Devices, Inc. | 148,905 | 29,711 | |
Nomura Research Institute, Ltd. | 915,000 | 25,926 | |
Capgemini SE | 133,937 | 24,276 | |
Dassault Systemes SE | 536,606 | 22,942 | |
Shopify, Inc., Class A, subordinate voting shares1 | 334,189 | 22,585 | |
TDK Corp. | 578,715 | 22,117 | |
NICE, Ltd. (ADR)1 | 81,330 | 17,718 | |
Nokia Corp. | 4,254,267 | 16,736 | |
Adobe, Inc.1 | 27,367 | 14,947 | |
Salesforce, Inc.1 | 59,335 | 13,351 | |
Trimble, Inc.1 | 197,040 | 10,601 | |
Wolfspeed, Inc.1 | 151,755 | 10,001 | |
Lam Research Corp. | 4,745 | 3,409 | |
1,812,598 | |||
Health care 14.86% | |||
Novo Nordisk AS, Class B | 1,526,429 | 245,989 | |
AstraZeneca PLC | 1,330,360 | 190,981 | |
UnitedHealth Group, Inc. | 238,810 | 120,926 | |
Bristol-Myers Squibb Company | 1,836,212 | 114,194 | |
Abbott Laboratories | 794,965 | 88,503 | |
Genmab A/S1 | 175,945 | 72,352 | |
Danaher Corp. | 282,183 | 71,974 | |
EssilorLuxottica SA | 347,677 | 69,933 | |
Zoetis, Inc., Class A | 343,927 | 64,689 | |
Johnson & Johnson | 320,752 | 53,736 | |
BeiGene, Ltd. (ADR)1 | 250,658 | 53,696 | |
Edwards Lifesciences Corp.1 | 583,431 | 47,882 | |
Seagen, Inc.1 | 204,165 | 39,155 | |
Regeneron Pharmaceuticals, Inc.1 | 49,536 | 36,751 | |
AbbVie, Inc. | 242,093 | 36,212 |
American Funds Global Insight Fund — Page 1 of 7
unaudited
Common stocks (continued) Health care (continued) | Shares | Value (000) | |
Straumann Holding AG | 215,787 | $35,670 | |
HOYA Corp. | 213,900 | 24,853 | |
Terumo Corp. | 742,500 | 24,274 | |
Elevance Health, Inc. | 50,323 | 23,734 | |
Merck & Co., Inc. | 201,291 | 21,468 | |
Pfizer, Inc. | 580,615 | 20,937 | |
Daiichi Sankyo Company, Ltd. | 675,700 | 20,647 | |
Eli Lilly and Company | 35,700 | 16,227 | |
Moderna, Inc.1 | 54,720 | 6,438 | |
Molina Healthcare, Inc.1 | 9,023 | 2,747 | |
1,503,968 | |||
Industrials 13.31% | |||
Safran SA | 1,101,449 | 182,819 | |
Northrop Grumman Corp. | 222,915 | 99,197 | |
Airbus SE, non-registered shares | 651,933 | 96,037 | |
AMETEK, Inc. | 499,793 | 79,267 | |
TFI International, Inc. (CAD denominated) | 457,103 | 58,670 | |
Honeywell International, Inc. | 270,556 | 52,523 | |
HEICO Corp. | 175,511 | 30,887 | |
HEICO Corp., Class A | 142,523 | 20,003 | |
Carrier Global Corp. | 832,478 | 49,574 | |
CSX Corp. | 1,485,385 | 49,493 | |
SMC Corp. | 94,900 | 49,463 | |
Epiroc AB, Class A | 2,029,767 | 40,513 | |
Ryanair Holdings PLC (ADR)1 | 391,728 | 40,164 | |
ABB, Ltd. | 981,938 | 39,253 | |
Daikin Industries, Ltd. | 190,100 | 38,337 | |
General Electric Co. | 326,400 | 37,288 | |
Armstrong World Industries, Inc. | 456,945 | 35,349 | |
RTX Corp. | 392,353 | 34,500 | |
FedEx Corp. | 118,232 | 31,917 | |
MTU Aero Engines AG | 135,827 | 31,705 | |
ITT, Inc. | 284,723 | 28,358 | |
United Airlines Holdings, Inc.1 | 495,837 | 26,929 | |
Waste Connections, Inc. | 188,330 | 26,587 | |
TransDigm Group, Inc. | 28,745 | 25,862 | |
Delta Air Lines, Inc. | 473,373 | 21,898 | |
Recruit Holdings Co., Ltd. | 615,700 | 21,349 | |
Axon Enterprise, Inc.1 | 100,543 | 18,694 | |
DSV A/S | 92,391 | 18,499 | |
ATS Corp.1 | 385,396 | 17,477 | |
Lincoln Electric Holdings, Inc. | 75,343 | 15,122 | |
Norfolk Southern Corp. | 60,483 | 14,128 | |
DKSH Holding AG | 151,538 | 12,208 | |
BAE Systems PLC | 302,217 | 3,612 | |
1,347,682 | |||
Financials 13.28% | |||
JPMorgan Chase & Co. | 759,399 | 119,955 | |
AIA Group, Ltd. | 11,657,400 | 115,694 | |
London Stock Exchange Group PLC | 920,548 | 99,969 | |
Mastercard, Inc., Class A | 250,624 | 98,816 | |
Aon PLC, Class A | 308,245 | 98,176 | |
Visa, Inc., Class A | 301,955 | 71,784 |
American Funds Global Insight Fund — Page 2 of 7
unaudited
Common stocks (continued) Financials (continued) | Shares | Value (000) | |
DNB Bank ASA | 3,355,373 | $69,226 | |
Marsh & McLennan Companies, Inc. | 332,417 | 62,634 | |
United Overseas Bank, Ltd. | 2,680,000 | 60,664 | |
HDFC Bank, Ltd. (ADR) | 881,988 | 60,222 | |
CME Group, Inc., Class A | 262,010 | 52,129 | |
DBS Group Holdings, Ltd. | 1,721,196 | 44,345 | |
Arthur J. Gallagher & Co. | 188,539 | 40,498 | |
S&P Global, Inc. | 98,633 | 38,912 | |
MSCI, Inc. | 62,203 | 34,092 | |
State Street Corp. | 467,045 | 33,833 | |
Worldline SA, non-registered shares1 | 718,266 | 28,454 | |
Wells Fargo & Company | 594,089 | 27,423 | |
Adyen NV1 | 14,635 | 27,191 | |
EVERTEC, Inc. | 646,846 | 25,440 | |
Partners Group Holding AG | 21,766 | 24,410 | |
UniCredit SpA | 814,836 | 20,606 | |
Hong Kong Exchanges and Clearing, Ltd. | 481,200 | 20,102 | |
Fidelity National Information Services, Inc. | 313,575 | 18,934 | |
Jack Henry & Associates, Inc. | 109,639 | 18,372 | |
Chubb, Ltd. | 80,588 | 16,473 | |
PNC Financial Services Group, Inc. | 104,307 | 14,279 | |
Brookfield Asset Management, Ltd., Class A | 49,041 | 1,654 | |
1,344,287 | |||
Consumer staples 8.77% | |||
Philip Morris International, Inc. | 1,024,888 | 102,202 | |
L’Oréal SA, non-registered shares | 207,904 | 96,740 | |
Nestlé SA | 743,504 | 91,125 | |
Reckitt Benckiser Group PLC | 1,126,080 | 84,368 | |
Anheuser-Busch InBev SA/NV | 1,321,730 | 75,641 | |
Danone SA | 1,124,106 | 68,633 | |
Carlsberg A/S, Class B | 448,341 | 67,244 | |
Dollar General Corp. | 309,665 | 52,290 | |
British American Tobacco PLC | 1,541,547 | 51,744 | |
General Mills, Inc. | 566,891 | 42,369 | |
Constellation Brands, Inc., Class A | 111,306 | 30,364 | |
Imperial Brands PLC | 1,018,348 | 24,040 | |
Costco Wholesale Corp. | 38,987 | 21,859 | |
Unilever PLC | 394,414 | 21,214 | |
Uni-Charm Corp. | 555,700 | 20,573 | |
Pernod Ricard SA | 92,602 | 20,424 | |
Mondelez International, Inc. | 230,015 | 17,051 | |
887,881 | |||
Consumer discretionary 8.13% | |||
Hilton Worldwide Holdings, Inc. | 699,801 | 108,812 | |
Industria de Diseño Textil, SA | 2,404,032 | 92,011 | |
Amadeus IT Group SA, Class A, non-registered shares | 1,133,198 | 81,261 | |
LVMH Moët Hennessy-Louis Vuitton SE | 86,639 | 80,790 | |
Kering SA | 127,373 | 73,328 | |
Royal Caribbean Cruises, Ltd.1 | 597,514 | 65,195 | |
MercadoLibre, Inc.1 | 50,768 | 62,853 | |
Hermès International | 26,442 | 58,626 | |
YUM! Brands, Inc. | 368,109 | 50,677 | |
adidas AG | 214,001 | 43,294 |
American Funds Global Insight Fund — Page 3 of 7
unaudited
Common stocks (continued) Consumer discretionary (continued) | Shares | Value (000) | |
B&M European Value Retail SA | 4,230,704 | $30,036 | |
NIKE, Inc., Class B | 259,200 | 28,613 | |
Oriental Land Co., Ltd. | 705,500 | 27,027 | |
Tractor Supply Co. | 66,957 | 14,998 | |
Amazon.com, Inc.1 | 21,820 | 2,917 | |
Galaxy Entertainment Group, Ltd.1 | 398,000 | 2,888 | |
823,326 | |||
Communication services 5.70% | |||
Alphabet, Inc., Class A1 | 1,051,173 | 139,512 | |
Alphabet, Inc., Class C1 | 642,051 | 85,463 | |
Koninklijke KPN NV | 16,041,503 | 58,063 | |
América Móvil, SAB de CV, Class B (ADR) | 2,700,110 | 56,486 | |
Comcast Corp., Class A | 1,172,235 | 53,055 | |
Take-Two Interactive Software, Inc.1 | 281,443 | 43,044 | |
Electronic Arts, Inc. | 238,583 | 32,531 | |
Singapore Telecommunications, Ltd. | 12,324,800 | 24,654 | |
Nippon Telegraph and Telephone Corp. | 20,735,000 | 23,743 | |
Charter Communications, Inc., Class A1 | 51,027 | 20,676 | |
Netflix, Inc.1 | 43,531 | 19,109 | |
Meta Platforms, Inc., Class A1 | 55,244 | 17,601 | |
Tencent Holdings, Ltd. | 60,300 | 2,740 | |
576,677 | |||
Energy 4.16% | |||
TotalEnergies SE | 2,300,272 | 139,761 | |
Chevron Corp. | 544,450 | 89,105 | |
BP PLC | 11,055,731 | 68,530 | |
ConocoPhillips | 483,923 | 56,967 | |
TC Energy Corp. (CAD denominated) | 1,223,006 | 43,832 | |
EOG Resources, Inc. | 169,202 | 22,424 | |
420,619 | |||
Materials 3.93% | |||
Shin-Etsu Chemical Co., Ltd. | 2,825,000 | 92,912 | |
Air Liquide SA, non-registered shares | 486,538 | 87,389 | |
Sika AG | 214,999 | 66,740 | |
Linde PLC | 139,432 | 54,472 | |
Vale SA (ADR), ordinary nominative shares | 2,458,945 | 35,974 | |
Givaudan SA | 10,389 | 35,013 | |
Asahi Kasei Corp. | 2,097,700 | 14,279 | |
Barrick Gold Corp. | 655,209 | 11,329 | |
398,108 | |||
Utilities 2.60% | |||
Engie SA | 6,158,276 | 100,970 | |
Sempra Energy | 247,848 | 36,934 | |
AES Corp. | 1,516,111 | 32,794 | |
Edison International | 375,684 | 27,034 | |
CenterPoint Energy, Inc. | 762,000 | 22,929 | |
Ørsted AS | 245,394 | 21,406 | |
National Grid PLC | 1,558,532 | 20,631 | |
262,698 |
American Funds Global Insight Fund — Page 4 of 7
unaudited
Common stocks (continued) Real estate 0.57% | Shares | Value (000) | |
Equinix, Inc. REIT | 41,031 | $33,232 | |
Link REIT | 4,320,069 | 24,179 | |
57,411 | |||
Total common stocks (cost: $8,075,349,000) | 9,435,255 | ||
Rights & warrants 0.00% Consumer discretionary 0.00% | |||
Compagnie Financière Richemont SA, Class A, warrants, expire 11/22/20231 | 139,690 | 172 | |
Total rights & warrants (cost: $0) | 172 | ||
Short-term securities 6.73% Money market investments 6.73% | |||
Capital Group Central Cash Fund 5.26%2,3 | 6,810,684 | 681,000 | |
Total short-term securities (cost: $680,990,000) | 681,000 | ||
Total investment securities 99.95% (cost: $8,756,339,000) | 10,116,427 | ||
Other assets less liabilities 0.05% | 4,806 | ||
Net assets 100.00% | $10,121,233 |
Investments in affiliates3
Value of affiliate at 11/1/2022 (000) | Additions (000) | Reductions (000) | Net realized gain (000) | Net unrealized depreciation (000) | Value of affiliate at 7/31/2023 (000) | Dividend income (000) | |
Short-term securities 6.73% | |||||||
Money market investments 6.73% | |||||||
Capital Group Central Cash Fund 5.26%2 | $689,045 | $1,224,974 | $1,233,057 | $51 | $(13 ) | $681,000 | $20,590 |
1 | Security did not produce income during the last 12 months. |
2 | Rate represents the seven-day yield at 7/31/2023. |
3 | Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended. |
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.
Equity securities, including depositary receipts, 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.
American Funds Global Insight Fund — Page 5 of 7
unaudited
Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party 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 |
Mortgage-backed; asset-backed obligations | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information |
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 the fund’s investment adviser and approved by the 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, dealer or broker quotes, 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 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 designated 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 “Committee”) to administer, implement and oversee the fair valuation process and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. 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. The Committee reports 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.
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. As of July 31, 2023, all of the fund’s investments were classifed as Level 1.
American Funds Global Insight Fund — Page 6 of 7
unaudited
Key to abbreviations |
ADR = American Depositary Receipts |
CAD = Canadian dollars |
REIT = Real Estate Investment Trust |
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.
© 2023 Capital Group. All rights reserved.
MFGEFP3-122-0923O-S96403
American Funds Global Insight Fund — Page 7 of 7