American Funds® Global Insight Fund
Investment portfolio
July 31, 2024unaudited
Common stocks 94.21% Information technology 18.31% | Shares | Value (000) | |
Broadcom, Inc. | 2,558,892 | $411,163 | |
Microsoft Corp. | 814,329 | 340,675 | |
Apple, Inc. | 1,285,437 | 285,470 | |
ASML Holding NV | 260,781 | 239,554 | |
SAP SE | 857,321 | 180,883 | |
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR) | 1,016,268 | 168,497 | |
KLA Corp. | 162,734 | 133,941 | |
Keyence Corp. | 242,060 | 105,303 | |
Fujitsu, Ltd. | 5,460,000 | 97,506 | |
Accenture PLC, Class A | 226,592 | 74,916 | |
Capgemini SE | 339,967 | 67,472 | |
Analog Devices, Inc. | 284,509 | 65,830 | |
GoDaddy, Inc., Class A1 | 372,422 | 54,169 | |
TDK Corp. | 717,815 | 49,994 | |
ServiceNow, Inc.1 | 58,543 | 47,677 | |
STMicroelectronics NV | 1,277,997 | 42,455 | |
Globant SA1 | 216,336 | 42,123 | |
Salesforce, Inc. | 136,226 | 35,255 | |
Tokyo Electron, Ltd. | 174,600 | 35,254 | |
Nomura Research Institute, Ltd. | 1,128,300 | 34,862 | |
Texas Instruments, Inc. | 167,397 | 34,117 | |
Infineon Technologies AG | 871,646 | 30,208 | |
OBIC Co., Ltd. | 145,100 | 22,098 | |
Adobe, Inc.1 | 27,367 | 15,097 | |
Lam Research Corp. | 11,998 | 11,053 | |
Constellation Software, Inc. | 2,782 | 8,778 | |
2,634,350 | |||
Industrials 17.38% | |||
Safran SA | 1,164,160 | 255,282 | |
FedEx Corp. | 473,212 | 143,028 | |
Northrop Grumman Corp. | 277,555 | 134,426 | |
General Electric Co. | 761,263 | 129,567 | |
HEICO Corp. | 341,432 | 82,401 | |
HEICO Corp., Class A | 169,853 | 32,291 | |
ABB, Ltd. | 2,002,451 | 111,126 | |
Airbus SE, non-registered shares | 731,217 | 110,421 | |
Ingersoll-Rand, Inc. | 1,080,231 | 108,455 | |
Rolls-Royce Holdings PLC1 | 18,176,742 | 104,855 | |
AMETEK, Inc. | 495,191 | 85,906 | |
SMC Corp. | 165,600 | 80,948 | |
Epiroc AB, Class A | 4,236,721 | 79,045 | |
Armstrong World Industries, Inc. | 533,290 | 70,074 | |
DSV A/S | 308,784 | 56,644 | |
ITOCHU Corp. | 1,073,800 | 55,130 | |
RELX PLC | 1,168,436 | 55,126 | |
American Funds Global Insight Fund — Page 1 of 8
unaudited
Common stocks (continued) Industrials (continued) | Shares | Value (000) | |
CSX Corp. | 1,434,900 | $50,365 | |
RTX Corp. | 425,601 | 50,004 | |
Recruit Holdings Co., Ltd. | 793,400 | 45,346 | |
Boeing Co.1 | 229,431 | 43,730 | |
Daikin Industries, Ltd. | 295,900 | 42,855 | |
Mitsubishi Corp. | 2,051,600 | 42,625 | |
Honeywell International, Inc. | 196,969 | 40,329 | |
ITT, Inc. | 284,723 | 40,277 | |
Ryanair Holdings PLC (ADR) | 391,728 | 39,682 | |
MTU Aero Engines AG | 136,182 | 38,559 | |
TransDigm Group, Inc. | 28,745 | 37,202 | |
Canadian National Railway Co. (CAD denominated) | 312,604 | 36,188 | |
Carrier Global Corp. | 502,514 | 34,226 | |
Waste Connections, Inc. | 188,330 | 33,479 | |
Axon Enterprise, Inc.1 | 100,543 | 30,164 | |
Saia, Inc.1 | 69,264 | 28,942 | |
ATS Corp.1 | 914,633 | 27,486 | |
Lincoln Electric Holdings, Inc. | 127,310 | 26,151 | |
TFI International, Inc. (CAD denominated) | 155,606 | 24,221 | |
United Airlines Holdings, Inc.1 | 495,837 | 22,521 | |
Delta Air Lines, Inc. | 473,373 | 20,365 | |
Veralto Corp. | 167,076 | 17,804 | |
GE Vernova, Inc.1 | 77,696 | 13,849 | |
BAE Systems PLC | 679,737 | 11,347 | |
Norfolk Southern Corp. | 32,834 | 8,194 | |
2,500,636 | |||
Health care 13.35% | |||
Novo Nordisk AS, Class B | 3,186,120 | 422,172 | |
AstraZeneca PLC | 1,760,357 | 279,097 | |
UnitedHealth Group, Inc. | 314,032 | 180,933 | |
Abbott Laboratories | 1,308,172 | 138,588 | |
Regeneron Pharmaceuticals, Inc.1 | 116,262 | 125,469 | |
EssilorLuxottica SA | 500,505 | 114,267 | |
Danaher Corp. | 391,506 | 108,478 | |
AbbVie, Inc. | 546,448 | 101,268 | |
Daiichi Sankyo Co., Ltd. | 1,165,900 | 47,451 | |
BeiGene, Ltd. (ADR)1 | 268,096 | 44,659 | |
HOYA Corp. | 338,300 | 42,276 | |
Genmab AS1 | 138,954 | 39,293 | |
Bristol-Myers Squibb Co. | 798,785 | 37,990 | |
Terumo Corp. | 2,064,500 | 36,874 | |
Johnson & Johnson | 225,814 | 35,645 | |
Innovent Biologics, Inc.1 | 6,413,500 | 31,868 | |
Eli Lilly and Co. | 39,242 | 31,561 | |
Amgen, Inc. | 75,644 | 25,149 | |
Straumann Holding AG | 168,487 | 21,747 | |
Merck & Co., Inc. | 188,949 | 21,376 | |
Mettler-Toledo International, Inc.1 | 11,504 | 17,498 | |
Moderna, Inc.1 | 78,016 | 9,301 | |
Molina Healthcare, Inc.1 | 23,106 | 7,885 | |
1,920,845 | |||
American Funds Global Insight Fund — Page 2 of 8
unaudited
Common stocks (continued) Financials 11.87% | Shares | Value (000) | |
JPMorgan Chase & Co. | 744,437 | $158,416 | |
Visa, Inc., Class A | 502,662 | 133,542 | |
London Stock Exchange Group PLC | 1,049,224 | 127,861 | |
Marsh & McLennan Companies, Inc. | 553,393 | 123,169 | |
AIA Group, Ltd. | 15,487,400 | 103,221 | |
Mastercard, Inc., Class A | 172,494 | 79,987 | |
S&P Global, Inc. | 158,615 | 76,885 | |
CME Group, Inc., Class A | 391,090 | 75,758 | |
Aon PLC, Class A | 225,325 | 74,022 | |
DBS Group Holdings, Ltd. | 2,537,035 | 69,563 | |
Skandinaviska Enskilda Banken AB, Class A | 4,161,649 | 63,914 | |
Wells Fargo & Co. | 939,649 | 55,759 | |
Arthur J. Gallagher & Co. | 188,539 | 53,449 | |
Hong Kong Exchanges and Clearing, Ltd. | 1,706,600 | 50,325 | |
Partners Group Holding AG | 37,045 | 49,886 | |
DNB Bank ASA | 2,385,294 | 49,249 | |
NatWest Group PLC | 10,220,426 | 48,232 | |
State Street Corp. | 524,726 | 44,586 | |
MSCI, Inc. | 80,542 | 43,554 | |
UniCredit SpA | 962,193 | 39,471 | |
PNC Financial Services Group, Inc. | 211,201 | 38,249 | |
Toast, Inc., Class A1 | 1,104,772 | 28,901 | |
Chubb, Ltd. | 93,821 | 25,863 | |
Carlyle Group, Inc. (The) | 361,042 | 17,958 | |
Blackstone, Inc. | 121,637 | 17,291 | |
Jack Henry & Associates, Inc. | 98,719 | 16,928 | |
Arch Capital Group, Ltd.1 | 176,189 | 16,875 | |
Euronext NV | 103,292 | 10,436 | |
ICICI Bank, Ltd. (ADR) | 309,432 | 9,008 | |
Brookfield Asset Management, Ltd., Class A | 124,577 | 5,435 | |
1,707,793 | |||
Consumer discretionary 8.04% | |||
Industria de Diseño Textil, SA | 3,094,975 | 149,971 | |
Hilton Worldwide Holdings, Inc. | 676,746 | 145,277 | |
Amadeus IT Group SA, Class A, non-registered shares | 1,724,313 | 113,375 | |
Royal Caribbean Cruises, Ltd. | 540,143 | 84,651 | |
MercadoLibre, Inc.1 | 49,929 | 83,327 | |
Hermès International | 36,680 | 80,122 | |
LVMH Moët Hennessy-Louis Vuitton SE | 110,170 | 77,649 | |
adidas AG | 249,241 | 62,356 | |
Amazon.com, Inc.1 | 332,971 | 62,259 | |
Tractor Supply Co. | 196,821 | 51,827 | |
B&M European Value Retail SA | 7,583,726 | 45,692 | |
Ferrari NV (EUR denominated) | 95,731 | 39,386 | |
Churchill Downs, Inc. | 249,977 | 35,887 | |
Marriott International, Inc., Class A | 137,382 | 31,227 | |
Evolution AB | 288,116 | 27,804 | |
Stellantis NV | 1,228,291 | 20,454 | |
YUM! Brands, Inc. | 131,839 | 17,512 | |
Kering SA | 46,964 | 14,441 | |
H World Group, Ltd. | 2,221,000 | 6,652 | |
American Funds Global Insight Fund — Page 3 of 8
unaudited
Common stocks (continued) Consumer discretionary (continued) | Shares | Value (000) | |
Galaxy Entertainment Group, Ltd. | 1,067,000 | $4,456 | |
China Tourism Group Duty Free Corp., Ltd., Class H2 | 414,500 | 2,935 | |
1,157,260 | |||
Consumer staples 7.55% | |||
Nestlé SA | 1,292,690 | 131,222 | |
L’Oréal SA, non-registered shares | 300,987 | 130,338 | |
Philip Morris International, Inc. | 1,121,105 | 129,106 | |
Anheuser-Busch InBev SA/NV | 1,767,828 | 105,056 | |
Anheuser-Busch InBev SA/NV (ADR)2 | 124,301 | 7,396 | |
Danone SA | 1,328,492 | 86,439 | |
Carlsberg A/S, Class B | 638,819 | 77,241 | |
Dollar General Corp. | 610,996 | 73,558 | |
Costco Wholesale Corp. | 68,638 | 56,420 | |
Imperial Brands PLC | 1,683,156 | 46,456 | |
Constellation Brands, Inc., Class A | 188,242 | 46,149 | |
General Mills, Inc. | 641,630 | 43,079 | |
Keurig Dr Pepper, Inc. | 1,142,081 | 39,151 | |
Uni-Charm Corp. | 1,087,800 | 36,406 | |
Pernod Ricard SA | 267,630 | 35,842 | |
British American Tobacco PLC | 984,071 | 34,907 | |
Coca-Cola Co. | 121,921 | 8,137 | |
1,086,903 | |||
Communication services 6.20% | |||
Alphabet, Inc., Class A | 1,141,820 | 195,868 | |
Alphabet, Inc., Class C | 815,443 | 141,194 | |
Comcast Corp., Class A | 2,120,069 | 87,495 | |
Charter Communications, Inc., Class A1 | 229,820 | 87,267 | |
Meta Platforms, Inc., Class A | 177,045 | 84,066 | |
Koninklijke KPN NV | 19,212,631 | 75,613 | |
Electronic Arts, Inc. | 416,641 | 62,888 | |
América Móvil, SAB de CV, Class B (ADR) | 3,202,541 | 53,547 | |
Nintendo Co., Ltd. | 765,500 | 42,528 | |
T-Mobile US, Inc. | 169,965 | 30,981 | |
Netflix, Inc.1 | 29,888 | 18,780 | |
Tencent Holdings, Ltd. | 167,900 | 7,752 | |
Singapore Telecommunications, Ltd. | 1,680,000 | 3,869 | |
891,848 | |||
Energy 4.31% | |||
TotalEnergies SE | 3,375,032 | 227,619 | |
BP PLC | 21,685,786 | 127,894 | |
TC Energy Corp. (CAD denominated) | 2,442,696 | 103,713 | |
Chevron Corp. | 440,406 | 70,672 | |
ConocoPhillips | 416,317 | 46,295 | |
Cenovus Energy, Inc. | 1,142,030 | 22,989 | |
EQT Corp. | 634,195 | 21,886 | |
621,068 | |||
Materials 3.82% | |||
Shin-Etsu Chemical Co., Ltd. | 2,556,900 | 114,241 | |
Air Liquide SA | 601,780 | 109,675 | |
Givaudan SA | 19,080 | 93,554 | |
Linde PLC | 163,537 | 74,164 | |
American Funds Global Insight Fund — Page 4 of 8
unaudited
Common stocks (continued) Materials (continued) | Shares | Value (000) | |
Sika AG | 225,990 | $68,599 | |
Freeport-McMoRan, Inc. | 1,502,127 | 68,212 | |
Sherwin-Williams Co. | 59,854 | 20,997 | |
549,442 | |||
Utilities 2.89% | |||
Engie SA | 6,238,751 | 98,054 | |
Edison International | 736,685 | 58,942 | |
AES Corp. | 2,908,115 | 51,735 | |
CenterPoint Energy, Inc. | 1,777,811 | 49,334 | |
CMS Energy Corp. | 678,202 | 43,948 | |
Sempra | 544,327 | 43,579 | |
Constellation Energy Corp. | 198,880 | 37,747 | |
Entergy Corp. | 283,013 | 32,821 | |
416,160 | |||
Real estate 0.49% | |||
Link REIT | 7,867,769 | 33,060 | |
Equinix, Inc. REIT | 33,611 | 26,561 | |
Welltower, Inc. REIT | 94,772 | 10,543 | |
70,164 | |||
Total common stocks (cost: $10,725,654,000) | 13,556,469 | ||
Short-term securities 6.16% Money market investments 6.14% | |||
Capital Group Central Cash Fund 5.32%3,4 | 8,833,865 | 883,386 | |
Money market investments purchased with collateral from securities on loan 0.02% | |||
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 5.22%3,5 | 2,728,530 | 2,729 | |
Total short-term securities (cost: $886,118,000) | 886,115 | ||
Total investment securities 100.37% (cost: $11,611,772,000) | 14,442,584 | ||
Other assets less liabilities (0.37)% | (52,879 ) | ||
Net assets 100.00% | $14,389,705 | ||
Investments in affiliates4
Value at 11/1/2023 (000) | Additions (000) | Reductions (000) | Net realized gain (loss) (000) | Net unrealized appreciation (depreciation) (000) | Value at 7/31/2024 (000) | Dividend or interest income (000) | |
Short-term securities 6.14% | |||||||
Money market investments 6.14% | |||||||
Capital Group Central Cash Fund 5.32%3 | $221,986 | $2,907,565 | $2,246,265 | $134 | $(34 ) | $883,386 | $24,311 |
American Funds Global Insight Fund — Page 5 of 8
unaudited
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 $4,091,000, which represented .03% of the net assets of the fund. |
3 | Rate represents the seven-day yield at 7/31/2024. |
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. |
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.
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.
American Funds Global Insight Fund — Page 6 of 8
unaudited
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, 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. The following table presents the fund’s valuation levels as of July 31, 2024 (dollars in thousands):
Investment securities | ||||
Level 1 | Level 2 | Level 3 | Total | |
Assets: | ||||
Common stocks: | ||||
Information technology | $1,728,761 | $905,589 | $— | $2,634,350 |
Industrials | 1,411,327 | 1,089,309 | — | 2,500,636 |
Health care | 885,800 | 1,035,045 | — | 1,920,845 |
Financials | 1,095,635 | 612,158 | — | 1,707,793 |
Consumer discretionary | 511,967 | 645,293 | — | 1,157,260 |
Consumer staples | 402,996 | 683,907 | — | 1,086,903 |
Communication services | 762,086 | 129,762 | — | 891,848 |
Energy | 265,555 | 355,513 | — | 621,068 |
Materials | 163,373 | 386,069 | — | 549,442 |
Utilities | 318,106 | 98,054 | — | 416,160 |
Real estate | 37,104 | 33,060 | — | 70,164 |
Short-term securities | 886,115 | — | — | 886,115 |
Total | $8,468,825 | $5,973,759 | $— | $14,442,584 |
Key to abbreviation(s) |
ADR = American Depositary Receipts |
CAD = Canadian dollars |
EUR = Euros |
REIT = Real Estate Investment Trust |
American Funds Global Insight Fund — Page 7 of 8
unaudited
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.
Capital Client Group, Inc., member FINRA.
© 2024 Capital Group. All rights reserved.
MFGEFP3-122-0924
American Funds Global Insight Fund — Page 8 of 8