SMALLCAP World Fund®
Investment portfolio
December 31, 2022
unaudited
Common stocks 91.81% Industrials 19.98% | Shares | Value (000) | |
Saia, Inc.1,2 | 2,116,934 | $443,879 | |
IMCD NV | 2,701,267 | 385,837 | |
BayCurrent Consulting, Inc.1 | 10,718,800 | 335,165 | |
Diploma PLC1 | 9,791,477 | 329,039 | |
NIBE Industrier AB, Class B | 29,398,225 | 274,903 | |
Japan Airport Terminal Co., Ltd.1,2 | 5,511,660 | 274,092 | |
Comfort Systems USA, Inc.1 | 2,276,370 | 261,965 | |
Interpump Group SpA | 5,301,621 | 240,165 | |
ATS Corp.1,2 | 7,339,577 | 228,156 | |
The AZEK Co., Inc., Class A1,2 | 10,660,413 | 216,620 | |
Arcosa, Inc.1 | 3,867,940 | 210,184 | |
BELIMO Holding AG | 423,990 | 202,573 | |
Visional, Inc.1,2,3 | 3,025,930 | 200,923 | |
Stericycle, Inc.2,3 | 3,857,687 | 192,460 | |
Willscot Mobile Mini Holdings Corp., Class A2 | 3,981,988 | 179,866 | |
Chart Industries, Inc.2 | 1,550,405 | 178,653 | |
Wizz Air Holdings PLC1,2 | 7,471,315 | 171,139 | |
Harmonic Drive Systems, Inc.1,3 | 5,804,450 | 164,171 | |
International Container Terminal Services, Inc. | 44,009,076 | 158,394 | |
VAT Group AG | 553,276 | 152,381 | |
EnPro Industries, Inc.1 | 1,305,968 | 141,946 | |
Cleanaway Waste Management, Ltd. | 75,279,081 | 134,124 | |
Trelleborg AB, Class B | 5,782,697 | 133,794 | |
Carel Industries SpA1 | 5,210,062 | 130,962 | |
Regal Rexnord Corp. | 1,087,715 | 130,504 | |
Armstrong World Industries, Inc. | 1,833,611 | 125,767 | |
TFI International, Inc. (CAD denominated) | 1,130,000 | 113,175 | |
TFI International, Inc. | 68,200 | 6,837 | |
TransDigm Group, Inc. | 190,000 | 119,633 | |
Boyd Group Services, Inc. | 746,924 | 115,382 | |
ALS, Ltd. | 13,664,162 | 113,637 | |
Spirax-Sarco Engineering PLC | 848,200 | 108,986 | |
Vicor Corp.2 | 2,024,519 | 108,818 | |
TechnoPro Holdings, Inc. | 4,047,000 | 106,994 | |
Kadant, Inc.1 | 591,453 | 105,060 | |
ManpowerGroup, Inc. | 1,235,101 | 102,773 | |
ESCO Technologies, Inc. | 1,095,937 | 95,938 | |
dip Corp.1 | 3,341,000 | 95,718 | |
AirTAC International Group | 3,072,590 | 92,999 | |
Graco, Inc. | 1,374,000 | 92,415 | |
Alfen NV2 | 1,018,335 | 91,959 | |
Rumo SA | 25,031,035 | 88,229 | |
Johns Lyng Group, Ltd.1 | 20,870,434 | 87,834 | |
Haitian International Holdings, Ltd. | 32,480,200 | 86,869 | |
Dürr AG | 2,530,870 | 85,404 | |
Grupo Aeroportuario del Centro Norte, SAB de CV, Series B | 10,412,477 | 80,189 |
SMALLCAP World Fund — Page 1 of 29
unaudited
Common stocks (continued) Industrials (continued) | Shares | Value (000) | |
Aalberts NV, non-registered shares | 2,000,763 | $77,782 | |
Masco Corp. | 1,625,000 | 75,839 | |
Japan Elevator Service Holdings Co., Ltd.1 | 6,015,754 | 75,350 | |
Watsco, Inc. | 300,000 | 74,820 | |
Cargotec OYJ, Class B, non-registered shares | 1,682,220 | 74,694 | |
Upwork, Inc.1,2 | 7,150,413 | 74,650 | |
Trinity Industries, Inc. | 2,513,238 | 74,316 | |
DO & CO AG, non-registered shares1,2,3 | 779,520 | 74,070 | |
RS Group PLC | 6,806,214 | 73,782 | |
KEI Industries, Ltd. | 4,175,271 | 73,745 | |
Instalco AB1 | 19,240,275 | 73,347 | |
Montrose Environmental Group, Inc.1,2 | 1,623,909 | 72,085 | |
Matson, Inc. | 1,140,859 | 71,315 | |
Lifco AB, Class B | 4,195,000 | 69,827 | |
Daiseki Co., Ltd. | 2,015,200 | 69,390 | |
Volution Group PLC1 | 15,684,638 | 68,882 | |
SHO-BOND Holdings Co., Ltd. | 1,591,700 | 67,898 | |
Driven Brands Holdings, Inc.2 | 2,412,400 | 65,883 | |
Addtech AB, Class B | 4,539,814 | 64,984 | |
Munters Group AB | 6,425,000 | 63,549 | |
Woodward, Inc. | 649,000 | 62,700 | |
Simpson Manufacturing Co., Inc. | 699,036 | 61,976 | |
ICF International, Inc. | 610,239 | 60,444 | |
First Advantage Corp.2 | 4,627,382 | 60,156 | |
Zhejiang Weixing New Building Materials Co., Ltd., Class A | 19,398,983 | 59,459 | |
Pegasus Hava Tasimaciligi AS2 | 2,276,269 | 58,350 | |
Copa Holdings, SA, Class A2 | 665,000 | 55,308 | |
Textron, Inc. | 780,000 | 55,224 | |
Sulzer AG3 | 691,945 | 54,027 | |
CSW Industrials, Inc. | 458,419 | 53,144 | |
CG Power and Industrial Solutions, Ltd.2 | 16,242,634 | 52,946 | |
Atkore, Inc.2 | 466,155 | 52,871 | |
Montana Aerospace AG1,2 | 3,338,132 | 51,889 | |
Adecco Group AG | 1,565,035 | 51,465 | |
Azelis Group NV | 1,797,032 | 50,957 | |
Waste Connections, Inc. | 380,000 | 50,373 | |
Lyft, Inc.2 | 4,535,000 | 49,976 | |
Builders FirstSource, Inc.2 | 760,228 | 49,324 | |
Skymark Airlines, Inc.1,2 | 4,500,000 | 49,307 | |
JGC Holdings Corp. | 3,883,300 | 49,147 | |
Arcadis NV, non-registered shares | 1,246,000 | 49,039 | |
MonotaRO Co., Ltd. | 3,455,300 | 48,861 | |
DL E&C Co., Ltd. | 1,793,720 | 48,250 | |
Guangzhou Baiyun International Airport Co., Ltd., Class A2 | 21,926,503 | 47,357 | |
FTI Consulting, Inc.2 | 294,377 | 46,747 | |
IDEX Corp. | 200,000 | 45,666 | |
Antares Vision SpA2 | 5,278,008 | 45,403 | |
InPost SA2 | 5,305,378 | 44,840 | |
Engcon AB, Class B2 | 6,668,176 | 42,556 | |
Havells India, Ltd. | 3,152,131 | 41,919 | |
Resideo Technologies, Inc.2 | 2,527,864 | 41,583 | |
Reliance Worldwide Corp., Ltd. | 20,526,202 | 41,295 | |
Marel hf. | 11,891,000 | 41,234 | |
Interface, Inc.1 | 4,162,330 | 41,082 | |
Centre Testing International Group Co., Ltd. | 12,715,436 | 40,800 |
SMALLCAP World Fund — Page 2 of 29
unaudited
Common stocks (continued) Industrials (continued) | Shares | Value (000) | |
Fasadgruppen Group AB1,3 | 3,969,905 | $40,184 | |
International Consolidated Airlines Group SA (CDI)2,3 | 26,494,000 | 39,440 | |
Voltronic Power Technology Corp. | 784,000 | 39,340 | |
Marlowe PLC1,2,3 | 6,904,878 | 39,235 | |
Kingspan Group PLC | 724,000 | 38,982 | |
GVS SpA2,3 | 8,720,038 | 37,735 | |
Polycab India, Ltd. | 1,202,370 | 37,248 | |
LIXIL Corp. | 2,434,500 | 37,101 | |
BWX Technologies, Inc. | 611,300 | 35,504 | |
Midac Holdings Co., Ltd.1,3 | 1,728,600 | 33,723 | |
Melrose Industries PLC | 20,360,204 | 33,100 | |
IMI PLC | 2,065,257 | 32,147 | |
Quess Corp., Ltd. | 6,426,786 | 31,913 | |
Controladora Vuela Compañía de Aviación, SAB de CV, Class A (ADR), ordinary participation certificates2,3 | 2,557,800 | 21,383 | |
Controladora Vuela Compañía de Aviación, SAB de CV, Class A, ordinary participation certificates2,3 | 11,941,586 | 9,995 | |
Sinoseal Holding Co., Ltd., Class A | 5,298,624 | 29,663 | |
SK, Inc. | 192,683 | 29,004 | |
Hensoldt AG | 1,212,067 | 28,682 | |
Univar Solutions, Inc.2 | 885,000 | 28,143 | |
Hefei Meyer Optoelectronic Technology, Inc., Class A | 8,060,809 | 27,720 | |
Sun Country Airlines Holdings, Inc.2,3 | 1,711,612 | 27,146 | |
Advanced Drainage Systems, Inc. | 323,056 | 26,481 | |
SIS, Ltd.2 | 5,440,291 | 25,796 | |
Kajaria Ceramics, Ltd. | 1,688,507 | 23,626 | |
Burckhardt Compression Holding AG | 37,860 | 22,530 | |
Indutrade AB | 1,080,000 | 21,947 | |
Crane Holdings, Co. | 213,886 | 21,485 | |
Generac Holdings, Inc.2 | 207,989 | 20,936 | |
L&T Technology Services, Ltd. | 428,531 | 18,982 | |
APM Human Services International, Ltd.3 | 11,267,629 | 18,261 | |
Jamna Auto Industries, Ltd. | 12,837,657 | 16,211 | |
Loomis AB | 567,000 | 15,532 | |
INVISIO Communications AB | 950,000 | 14,964 | |
Ventia Services Group Pty, Ltd. | 9,155,653 | 14,848 | |
MSA Safety, Inc. | 101,800 | 14,679 | |
XP Power, Ltd. | 583,458 | 14,343 | |
Enerpac Tool Group Corp., Class A | 551,245 | 14,029 | |
Grafton Group PLC | 1,437,900 | 13,719 | |
Einride AB2,4,5 | 391,089 | 13,677 | |
Oshkosh Corp. | 150,000 | 13,228 | |
Trex Co., Inc.2 | 304,208 | 12,877 | |
Dätwyler Holding, Inc., non-registered shares | 63,202 | 12,622 | |
Chemring Group PLC | 3,445,200 | 12,402 | |
UFP Industries, Inc. | 154,191 | 12,220 | |
Grupa Pracuj SA3 | 1,300,000 | 12,140 | |
Green Landscaping Group AB2 | 1,977,759 | 12,020 | |
Dreamfolks Services, Ltd.1,2 | 2,692,012 | 11,860 | |
easyJet PLC2 | 3,000,000 | 11,791 | |
Storskogen Group AB, Class B | 16,277,867 | 11,675 | |
Troax Group AB | 657,781 | 11,534 | |
Norva24 Group AB2 | 3,527,969 | 11,422 | |
CMS Info Systems, Ltd. | 3,001,000 | 11,285 | |
Pyrum Innovations AG2 | 128,340 | 8,489 | |
Judges Scientific PLC | 74,871 | 7,633 |
SMALLCAP World Fund — Page 3 of 29
unaudited
Common stocks (continued) Industrials (continued) | Shares | Value (000) | |
Heliogen, Inc.2 | 5,800,000 | $4,050 | |
Dun & Bradstreet Holdings, Inc. | 289,652 | 3,551 | |
Ceres Power Holdings PLC2,3 | 831,946 | 3,527 | |
HeadHunter Group PLC (ADR)4 | 521,600 | —6 | |
11,882,154 | |||
Consumer discretionary 16.38% | |||
Evolution AB | 5,074,230 | 495,569 | |
Tube Investments of India, Ltd.1 | 11,627,785 | 390,202 | |
TopBuild Corp.1,2 | 2,334,128 | 365,268 | |
Dollarama, Inc. | 5,010,000 | 293,015 | |
YETI Holdings, Inc.1,2 | 6,894,065 | 284,794 | |
Floor & Decor Holdings, Inc., Class A2 | 4,046,400 | 281,751 | |
Wyndham Hotels & Resorts, Inc. | 3,226,678 | 230,094 | |
IDP Education, Ltd. | 12,394,049 | 229,042 | |
Toll Brothers, Inc. | 3,856,012 | 192,492 | |
Kindred Group PLC (SDR)1 | 18,378,018 | 191,829 | |
Melco Resorts & Entertainment, Ltd. (ADR)2 | 16,630,841 | 191,255 | |
Domino’s Pizza Enterprises, Ltd. | 4,220,307 | 190,082 | |
Light & Wonder, Inc.2 | 2,904,204 | 170,186 | |
Thor Industries, Inc.3 | 2,155,644 | 162,730 | |
WH Smith PLC1 | 8,828,407 | 157,553 | |
Inchcape PLC | 14,693,764 | 145,033 | |
Entain PLC | 8,978,173 | 143,953 | |
Five Below, Inc.2 | 804,402 | 142,275 | |
Adient PLC2 | 3,974,801 | 137,886 | |
Jiumaojiu International Holdings, Ltd.3 | 44,092,531 | 116,324 | |
Wayfair, Inc., Class A2,3 | 3,499,201 | 115,089 | |
Helen of Troy, Ltd.2,3 | 1,030,500 | 114,293 | |
Pets at Home Group PLC1 | 33,138,500 | 113,599 | |
Watches of Switzerland Group PLC2 | 11,116,794 | 110,435 | |
Polaris, Inc. | 1,085,000 | 109,585 | |
Moncler SpA | 2,015,000 | 107,260 | |
MakeMyTrip, Ltd., non-registered shares1,2 | 3,876,781 | 106,883 | |
DraftKings, Inc., Class A2,3 | 9,241,232 | 105,258 | |
NEXTAGE Co., Ltd.1 | 5,070,400 | 97,830 | |
Lennar Corp., Class A | 1,058,458 | 95,790 | |
Lennar Corp., Class B | 21,169 | 1,583 | |
Pool Corp. | 317,700 | 96,050 | |
Bajaj Electricals, Ltd.1 | 6,515,607 | 95,589 | |
Games Workshop Group PLC | 917,600 | 95,089 | |
Cavco Industries, Inc.2 | 419,300 | 94,867 | |
KB Home | 2,957,918 | 94,210 | |
Asbury Automotive Group, Inc.2 | 501,572 | 89,907 | |
Domino’s Pizza Group PLC1 | 25,225,815 | 89,522 | |
Kontoor Brands, Inc. | 2,222,981 | 88,897 | |
Salvatore Ferragamo SpA3 | 4,954,090 | 87,688 | |
Auction Technology Group PLC1,2 | 9,570,000 | 87,267 | |
Jack in the Box, Inc.1 | 1,256,700 | 85,745 | |
Mattel, Inc.2 | 4,700,000 | 83,848 | |
Fox Factory Holding Corp.2 | 915,190 | 83,493 | |
Jumbo SA | 4,771,161 | 81,447 | |
Golden Entertainment, Inc.1,2 | 2,024,230 | 75,706 | |
Century Communities, Inc. | 1,512,000 | 75,615 | |
Shoei Co., Ltd.1 | 1,866,000 | 72,908 |
SMALLCAP World Fund — Page 4 of 29
unaudited
Common stocks (continued) Consumer discretionary (continued) | Shares | Value (000) | |
Norwegian Cruise Line Holdings, Ltd.2,3 | 5,883,204 | $72,010 | |
ABC-Mart, Inc. | 1,219,700 | 69,270 | |
Leslie’s, Inc.2 | 5,517,481 | 67,368 | |
Skechers USA, Inc., Class A2 | 1,600,000 | 67,120 | |
Bright Horizons Family Solutions, Inc.2 | 1,058,300 | 66,779 | |
Levi Strauss & Co., Class A3 | 4,295,300 | 66,663 | |
LGI Homes, Inc.2 | 707,562 | 65,520 | |
M.D.C. Holdings, Inc. | 2,001,000 | 63,232 | |
Domino’s Pizza, Inc. | 176,500 | 61,140 | |
Momo.com, Inc. | 2,843,758 | 59,342 | |
Skyline Champion Corp.2 | 1,145,500 | 59,005 | |
International Game Technology PLC | 2,544,149 | 57,701 | |
Williams-Sonoma, Inc. | 500,000 | 57,460 | |
Six Flags Entertainment Corp.2 | 2,425,351 | 56,389 | |
Malibu Boats, Inc., Class A1,2 | 1,042,000 | 55,539 | |
Snow Peak, Inc.1,3 | 3,050,800 | 54,629 | |
Victoria PLC1,2,3 | 9,200,079 | 53,456 | |
Chervon Holdings, Ltd.3 | 9,167,900 | 50,574 | |
Peloton Interactive, Inc., Class A2,3 | 5,973,528 | 47,430 | |
Nien Made Enterprise Co., Ltd. | 4,920,000 | 47,117 | |
MRF, Ltd. | 42,149 | 45,033 | |
Etsy, Inc.2 | 366,850 | 43,941 | |
Everi Holdings, Inc.2 | 3,045,957 | 43,709 | |
D.R. Horton, Inc. | 490,000 | 43,679 | |
Installed Building Products, Inc. | 503,725 | 43,119 | |
Darden Restaurants, Inc. | 303,300 | 41,955 | |
Steven Madden, Ltd. | 1,258,696 | 40,228 | |
Musti Group OYJ1 | 2,400,537 | 40,174 | |
RH2 | 150,000 | 40,079 | |
Compagnie Plastic Omnium SA | 2,719,884 | 39,459 | |
Macy’s, Inc. | 1,900,000 | 39,235 | |
Trainline PLC2 | 11,392,700 | 37,838 | |
Tongcheng Travel Holdings, Ltd.2 | 15,035,800 | 36,186 | |
Bafang Electric (Suzhou) Co., Ltd., Class A | 2,347,840 | 36,089 | |
Flutter Entertainment PLC2 | 259,095 | 35,502 | |
Arco Platform, Ltd., Class A2,3 | 2,552,623 | 34,460 | |
Melco International Development, Ltd.2 | 30,647,000 | 33,270 | |
Meritage Homes Corp.2 | 353,400 | 32,583 | |
AcadeMedia AB1 | 7,498,595 | 32,035 | |
B&M European Value Retail SA | 6,257,481 | 31,178 | |
Tsuburaya Fields Holdings, Inc. | 1,480,200 | 30,350 | |
On Holding AG, Class A2 | 1,742,200 | 29,896 | |
Cairn Homes PLC | 31,452,000 | 29,265 | |
Graham Holdings Co., Class B | 45,000 | 27,189 | |
Gentherm, Inc.2 | 400,500 | 26,149 | |
Puuilo OYJ | 4,124,072 | 25,783 | |
Boot Barn Holdings, Inc.2 | 397,000 | 24,820 | |
Mazda Motor Corp. | 3,264,000 | 24,673 | |
Persimmon PLC | 1,650,880 | 24,369 | |
Haichang Ocean Park Holdings, Ltd.2,3 | 118,148,000 | 24,153 | |
Aritzia, Inc., subordinate voting shares2 | 651,500 | 22,783 | |
MIPS AB | 543,100 | 22,488 | |
Beazer Homes USA, Inc.1,2 | 1,659,813 | 21,179 | |
Americanas SA, ordinary nominative shares | 11,228,258 | 20,522 | |
Elior Group SA2 | 5,807,012 | 20,476 |
SMALLCAP World Fund — Page 5 of 29
unaudited
Common stocks (continued) Consumer discretionary (continued) | Shares | Value (000) | |
DESCENTE, Ltd. | 773,400 | $19,024 | |
Westlife Foodworld, Ltd.2 | 1,928,968 | 18,414 | |
Victoria’s Secret & Co.2 | 497,858 | 17,813 | |
Traeger, Inc.1,2 | 6,195,000 | 17,470 | |
XPEL, Inc.2,3 | 282,708 | 16,979 | |
Vail Resorts, Inc. | 71,000 | 16,923 | |
FSN E-Commerce Ventures, Ltd. | 8,934,235 | 16,661 | |
Caesars Entertainment, Inc.2 | 400,000 | 16,640 | |
Aramark | 356,556 | 14,740 | |
Central Automotive Products, Ltd. | 787,200 | 14,702 | |
OneWater Marine, Inc., Class A2 | 504,604 | 14,432 | |
Roland Corp.3 | 530,600 | 14,064 | |
Nordstrom, Inc.3 | 760,000 | 12,266 | |
Lojas Quero-Quero SA1,2 | 14,974,560 | 11,912 | |
StockX, Inc.2,4,5 | 161,790 | 11,238 | |
DPC Dash, Ltd.2,4,5 | 2,158,273 | 10,964 | |
Zhongsheng Group Holdings, Ltd. | 2,121,500 | 10,814 | |
ThredUp, Inc., Class A2,3 | 8,064,000 | 10,564 | |
Xometry, Inc., Class A2,3 | 325,600 | 10,494 | |
ASOS PLC2,3 | 1,607,415 | 9,799 | |
JOANN, Inc.1,3 | 2,729,250 | 7,778 | |
Alpen Co., Ltd.3 | 479,800 | 7,130 | |
BARK, Inc.2,3 | 4,500,000 | 6,705 | |
Goodyear Tire & Rubber Co.2,3 | 558,712 | 5,671 | |
Relaxo Footwears, Ltd. | 415,010 | 4,570 | |
Synsam AB (publ) | 1,025,297 | 3,887 | |
Royal Caribbean Cruises, Ltd.2 | 78,017 | 3,856 | |
Brilliant Earth Group, Inc., Class A2 | 866,800 | 3,736 | |
Leifheit AG, non-registered shares | 87,960 | 1,274 | |
BNN Technology PLC1,2,4 | 19,007,000 | —6 | |
Ozon Holdings PLC (ADR)2,4 | 2,346,600 | —6 | |
9,738,897 | |||
Information technology 15.46% | |||
Smartsheet, Inc., Class A1,2 | 7,654,626 | 301,286 | |
Wolfspeed, Inc.2 | 4,082,600 | 281,863 | |
eMemory Technology, Inc.1 | 6,440,334 | 279,284 | |
Fabrinet, non-registered shares1,2 | 1,891,319 | 242,505 | |
ALTEN SA, non-registered shares1 | 1,814,641 | 227,866 | |
Kulicke and Soffa Industries, Inc.1 | 4,699,380 | 207,995 | |
Keywords Studios PLC1 | 5,993,698 | 197,499 | |
MKS Instruments, Inc. | 2,291,386 | 194,149 | |
Global Unichip Corp.1 | 8,329,000 | 173,473 | |
Net One Systems Co., Ltd.1 | 6,661,073 | 173,149 | |
Nordic Semiconductor ASA1,2 | 9,984,433 | 167,231 | |
Network International Holdings PLC1,2 | 42,787,333 | 153,247 | |
Extreme Networks, Inc.1,2 | 8,087,932 | 148,090 | |
SUMCO Corp.3 | 10,980,174 | 146,921 | |
Euronet Worldwide, Inc.2 | 1,553,887 | 146,656 | |
Alteryx, Inc., Class A2 | 2,797,000 | 141,724 | |
MongoDB, Inc., Class A2 | 701,484 | 138,080 | |
Novanta, Inc.2 | 1,015,687 | 138,001 | |
Globant SA2 | 784,865 | 131,983 | |
Confluent, Inc., Class A2 | 5,710,121 | 126,993 | |
Clear Secure, Inc., Class A3 | 4,628,299 | 126,954 |
SMALLCAP World Fund — Page 6 of 29
unaudited
Common stocks (continued) Information technology (continued) | Shares | Value (000) | |
Softcat PLC | 8,635,107 | $123,934 | |
SINBON Electronics Co., Ltd.1 | 13,589,000 | 121,533 | |
CDW Corp. | 650,000 | 116,077 | |
Pegasystems, Inc. | 3,335,326 | 114,202 | |
Vitec Software Group AB, Class B | 2,750,283 | 110,579 | |
SHIFT, Inc.2 | 619,900 | 110,163 | |
Money Forward, Inc.1,2 | 3,529,487 | 109,333 | |
Credo Technology Group Holding, Ltd.1,2,3 | 8,194,682 | 109,071 | |
Endava PLC, Class A (ADR)2 | 1,416,728 | 108,380 | |
RingCentral, Inc., Class A2 | 3,000,011 | 106,200 | |
Dexerials Corp.1,3 | 5,161,500 | 100,224 | |
BE Semiconductor Industries NV | 1,606,129 | 97,568 | |
LEM Holding SA | 46,070 | 89,428 | |
Kingdee International Software Group Co., Ltd.2 | 38,667,093 | 82,315 | |
Tanla Platforms, Ltd.1 | 9,190,777 | 79,062 | |
DoubleVerify Holdings, Inc.2 | 3,517,500 | 77,244 | |
Bytes Technology Group PLC1 | 16,322,601 | 76,280 | |
VisEra Technologies Co., Ltd. | 11,619,000 | 73,074 | |
MACOM Technology Solutions Holdings, Inc.2 | 1,140,000 | 71,797 | |
Viavi Solutions, Inc.2 | 6,830,000 | 71,783 | |
EVERTEC, Inc. | 2,164,230 | 70,078 | |
CCC Intelligent Solutions Holdings, Inc.2,3 | 8,042,622 | 69,971 | |
Socionext, Inc.3 | 1,576,300 | 69,626 | |
Coforge, Ltd. | 1,469,344 | 68,688 | |
Kainos Group PLC | 3,586,180 | 66,531 | |
Teradata Corp.2 | 1,974,199 | 66,452 | |
Sinch AB2,3 | 17,697,918 | 64,594 | |
Ceridian HCM Holding, Inc.2 | 979,310 | 62,823 | |
SES-imagotag SA2 | 481,367 | 62,816 | |
Crayon Group Holding ASA1,2,3 | 6,077,083 | 62,142 | |
Hamamatsu Photonics KK | 1,289,450 | 62,028 | |
Aixtron SE | 2,134,093 | 61,625 | |
Netcompany Group AS, non-registered shares2 | 1,455,991 | 61,463 | |
Concentrix Corp. | 460,033 | 61,258 | |
SiTime Corp.2 | 587,920 | 59,744 | |
GitLab, Inc., Class A2,3 | 1,295,152 | 58,852 | |
Qorvo, Inc.2 | 638,300 | 57,855 | |
PagSeguro Digital, Ltd., Class A2 | 6,492,200 | 56,742 | |
PAR Technology Corp.1,2,3 | 2,140,057 | 55,791 | |
Vanguard International Semiconductor Corp. | 22,017,394 | 55,457 | |
Thoughtworks Holding, Inc.2 | 5,072,440 | 51,688 | |
Silicon Laboratories, Inc.2 | 369,000 | 50,062 | |
OVH Groupe SAS2,3 | 2,894,931 | 49,777 | |
Mastek, Ltd.1 | 2,403,500 | 49,492 | |
Flex, Ltd.2 | 2,291,735 | 49,181 | |
Topicus.com, Inc., subordinate voting shares2 | 934,543 | 49,067 | |
Monday.com, Ltd.2,3 | 400,810 | 48,899 | |
Insight Enterprises, Inc.2 | 466,244 | 46,750 | |
Dock, Ltd.2,4,5 | 4,318,937 | 46,688 | |
INFICON Holding AG | 52,362 | 45,746 | |
Cvent Holding Corp.2 | 8,275,900 | 44,690 | |
Alarm.com Holdings, Inc.2 | 875,000 | 43,295 | |
Unity Software, Inc.2,3 | 1,488,053 | 42,543 | |
Nagarro SE2,3 | 355,728 | 42,134 | |
NCR Corp.2 | 1,784,359 | 41,772 |
SMALLCAP World Fund — Page 7 of 29
unaudited
Common stocks (continued) Information technology (continued) | Shares | Value (000) | |
SimCorp AS | 594,367 | $40,619 | |
Maruwa Co., Ltd. | 341,300 | 40,173 | |
BlackLine, Inc.2 | 595,000 | 40,026 | |
Bentley Systems, Inc., Class B3 | 1,071,370 | 39,598 | |
Megaport, Ltd.1,2,3 | 9,161,000 | 39,249 | |
Disco Corp. | 131,500 | 37,802 | |
Cognex Corp. | 800,000 | 37,688 | |
EPAM Systems, Inc.2 | 110,200 | 36,117 | |
Aspen Technology, Inc.2 | 175,140 | 35,974 | |
Nuvei Corp., subordinate voting shares2 | 1,400,000 | 35,579 | |
Alkami Technology, Inc.2,3 | 2,407,006 | 35,118 | |
Boku, Inc.1,2,5 | 20,461,639 | 34,465 | |
Reply SpA | 299,378 | 34,431 | |
Okta, Inc., Class A2 | 500,000 | 34,165 | |
Paycom Software, Inc.2 | 101,400 | 31,465 | |
Accton Technology Corp. | 4,009,000 | 30,554 | |
ePlus, inc.2 | 679,810 | 30,102 | |
Halma PLC | 1,200,000 | 28,674 | |
Trimble, Inc.2 | 530,000 | 26,797 | |
Lumentum Holdings, Inc.2 | 504,000 | 26,294 | |
Dye & Durham, Ltd. | 2,130,534 | 25,821 | |
Paymentus Holdings, Inc., Class A2,3 | 3,156,900 | 25,287 | |
AvidXchange Holdings, Inc.2 | 2,445,867 | 24,312 | |
Kingboard Laminates Holdings, Ltd. | 22,027,500 | 24,216 | |
SmartCraft ASA, Class A1,2,3 | 13,349,780 | 23,675 | |
Kingboard Holdings, Ltd. | 7,191,000 | 22,898 | |
Perficient, Inc.2 | 323,132 | 22,564 | |
Parade Technologies, Ltd. | 892,000 | 22,409 | |
WNS (Holdings), Ltd. (ADR)2 | 278,589 | 22,284 | |
TDCX, Inc., Class A1,2 | 1,781,024 | 22,049 | |
LiveRamp Holdings, Inc.2 | 932,711 | 21,863 | |
DigitalOcean Holdings, Inc.2 | 851,000 | 21,675 | |
Technoprobe SpA2 | 2,980,236 | 21,353 | |
GFT Technologies SE | 570,924 | 20,738 | |
Riskified, Ltd., Class A2 | 4,450,000 | 20,559 | |
Computer Age Management Services, Ltd. | 765,815 | 20,512 | |
Zuken, Inc. | 892,500 | 20,436 | |
Nayax, Ltd.2 | 1,075,000 | 20,312 | |
Pushpay Holdings, Ltd.2 | 22,470,349 | 18,162 | |
HashiCorp, Inc., Class A2,3 | 638,285 | 17,451 | |
Nemetschek SE | 339,710 | 17,351 | |
Tripod Technology Corp. | 5,158,000 | 15,770 | |
Venustech Group, Inc., Class A | 4,107,547 | 15,399 | |
JustSystems Corp. | 706,700 | 15,160 | |
TELUS International (Cda), Inc., subordinate voting shares2 | 676,560 | 13,389 | |
Alphawave IP Group PLC2,3 | 10,484,328 | 12,844 | |
Alchip Technologies, Ltd. | 457,000 | 11,699 | |
Cherry SE1,2,3 | 1,398,734 | 11,333 | |
MaxLinear, Inc.2 | 328,275 | 11,145 | |
Softline Holding PLC (GDR)1,4,7 | 17,110,290 | 10,800 | |
Softline Holding PLC (GDR)1,4 | 16,060 | 10 | |
Five9, Inc.2 | 156,380 | 10,612 | |
ON Semiconductor Corp.2 | 167,850 | 10,469 | |
Silergy Corp. | 728,000 | 10,323 | |
LandMark Optoelectronics Corp. | 2,985,000 | 10,286 |
SMALLCAP World Fund — Page 8 of 29
unaudited
Common stocks (continued) Information technology (continued) | Shares | Value (000) | |
Atea ASA | 871,138 | $10,136 | |
Soitec2 | 59,600 | 9,820 | |
Lime Technologies AB | 435,850 | 9,601 | |
Bechtle AG, non-registered shares | 270,127 | 9,559 | |
Linklogis, Inc., Class B2,3 | 18,326,000 | 9,450 | |
Zebra Technologies Corp., Class A2 | 36,300 | 9,308 | |
ams OSRAM AG, non-registered shares2 | 877,284 | 6,456 | |
AAC Technologies Holdings, Inc.2 | 2,629,000 | 6,011 | |
Semtech Corp.2 | 209,387 | 6,007 | |
Procore Technologies, Inc.2 | 125,600 | 5,926 | |
Marqeta, Inc., Class A2 | 941,088 | 5,750 | |
Entegris, Inc. | 79,014 | 5,183 | |
LivePerson, Inc.2 | 465,104 | 4,716 | |
CEVA, Inc.2 | 175,000 | 4,476 | |
UiPath, Inc., Class A2 | 325,000 | 4,131 | |
JFrog, Ltd.2 | 178,400 | 3,805 | |
Patreon, Inc., Class B2,4,5 | 189,951 | 3,622 | |
CI&T, Inc., Class A2 | 541,127 | 3,517 | |
Yotpo, Ltd.2,4,5 | 2,620,102 | 3,249 | |
MotorK, Ltd.1,2,3 | 2,297,620 | 2,805 | |
WeCommerce Holdings, Ltd., Class A2 | 1,936,800 | 2,718 | |
Foursquare Labs, Inc., Series A2,4,5 | 1,970,385 | 2,699 | |
E Ink Holdings, Inc. | 195,000 | 1,020 | |
9,189,537 | |||
Health care 14.41% | |||
Molina Healthcare, Inc.2 | 2,172,660 | 717,456 | |
Insulet Corp.2 | 2,266,092 | 667,115 | |
Max Healthcare Institute, Ltd.1,2 | 59,515,322 | 316,271 | |
Haemonetics Corp.1,2 | 3,452,567 | 271,544 | |
NovoCure, Ltd.2 | 3,621,597 | 265,644 | |
DexCom, Inc.2 | 2,210,000 | 250,260 | |
Centene Corp.2 | 2,925,674 | 239,935 | |
Agilon Health, Inc.2 | 13,114,300 | 211,665 | |
Integra LifeSciences Holdings Corp.2 | 3,295,768 | 184,794 | |
CONMED Corp.1 | 1,991,474 | 176,524 | |
Penumbra, Inc.2 | 780,244 | 173,573 | |
Xenon Pharmaceuticals, Inc.1,2 | 4,374,553 | 172,489 | |
Bachem Holding AG3 | 1,960,794 | 171,015 | |
Legend Biotech Corp. (ADR)2 | 3,395,925 | 169,525 | |
Amvis Holdings, Inc.1 | 6,536,451 | 166,263 | |
Silk Road Medical, Inc.1,2 | 2,966,730 | 156,792 | |
Tandem Diabetes Care, Inc.2 | 2,914,679 | 131,015 | |
Revance Therapeutics, Inc.1,2 | 6,583,932 | 121,539 | |
Vaxcyte, Inc.2 | 2,531,043 | 121,363 | |
Shockwave Medical, Inc.2 | 585,000 | 120,282 | |
Globus Medical, Inc., Class A2 | 1,531,378 | 113,735 | |
Amplifon SpA | 3,771,100 | 112,654 | |
iRhythm Technologies, Inc.2 | 1,175,100 | 110,072 | |
Oak Street Health, Inc.2,3 | 5,084,207 | 109,361 | |
Genus PLC | 3,015,650 | 108,689 | |
Hypera SA, ordinary nominative shares | 11,498,270 | 98,437 | |
Karuna Therapeutics, Inc.2 | 466,922 | 91,750 | |
Laurus Labs, Ltd. | 18,452,700 | 83,442 | |
Encompass Health Corp. | 1,364,020 | 81,582 |
SMALLCAP World Fund — Page 9 of 29
unaudited
Common stocks (continued) Health care (continued) | Shares | Value (000) | |
Indivior PLC2 | 3,400,920 | $76,080 | |
Zentalis Pharmaceuticals, Inc.1,2,3 | 3,731,182 | 75,146 | |
EBOS Group, Ltd. | 2,556,246 | 70,808 | |
Ventyx Biosciences, Inc.2,3 | 2,114,744 | 69,342 | |
Addus HomeCare Corp.2 | 689,350 | 68,583 | |
CanSino Biologics, Inc., Class H3 | 8,001,800 | 68,452 | |
Ascendis Pharma A/S (ADR)2,3 | 547,097 | 66,817 | |
Hapvida Participações e Investimentos SA2 | 67,045,881 | 64,509 | |
Pacific Biosciences of California, Inc.2 | 7,876,491 | 64,430 | |
Andlauer Healthcare Group, Inc., subordinate voting shares | 1,843,217 | 63,269 | |
Idorsia, Ltd.2,3 | 4,328,000 | 63,081 | |
Ambu AS, Class B, non-registered shares2 | 4,495,344 | 57,037 | |
Denali Therapeutics, Inc.2 | 2,002,739 | 55,696 | |
AbCellera Biologics, Inc.2,3 | 5,480,000 | 55,512 | |
Angelalign Technology, Inc.3 | 3,499,200 | 55,155 | |
Asahi Intecc Co., Ltd. | 3,346,600 | 55,151 | |
Netcare, Ltd. | 64,112,971 | 54,725 | |
ICON PLC2 | 281,109 | 54,605 | |
Surgical Science Sweden AB1,2 | 3,271,137 | 51,959 | |
CompuGroup Medical SE & Co. KGaA | 1,313,971 | 50,579 | |
Poly Medicure, Ltd. | 4,388,104 | 47,556 | |
Ocumension Therapeutics1,2,3 | 37,692,000 | 47,278 | |
FIGS, Inc., Class A2 | 7,005,917 | 47,150 | |
Carl Zeiss Meditec AG, non-registered shares | 368,406 | 46,498 | |
IVERIC bio, Inc.2 | 2,164,099 | 46,333 | |
The Ensign Group, Inc. | 466,667 | 44,151 | |
Exact Sciences Corp.2 | 890,000 | 44,064 | |
Nakanishi, Inc. | 2,255,800 | 43,925 | |
Virbac SA | 178,400 | 43,735 | |
Alignment Healthcare, Inc.2 | 3,500,000 | 41,160 | |
Olink Holding AB (ADR)2,3 | 1,586,593 | 40,268 | |
Medmix AG | 1,963,145 | 37,459 | |
Zealand Pharma A/S2 | 1,265,344 | 36,536 | |
Fisher & Paykel Healthcare Corp., Ltd. | 2,510,000 | 35,727 | |
New Horizon Health, Ltd.2,3 | 14,989,335 | 33,538 | |
Allogene Therapeutics, Inc.2,3 | 5,310,109 | 33,401 | |
NextGen Healthcare, Inc.2 | 1,760,000 | 33,053 | |
KRKA, dd, Novo mesto | 335,262 | 32,996 | |
Glaukos Corp.2 | 750,322 | 32,774 | |
Alnylam Pharmaceuticals, Inc.2 | 137,700 | 32,724 | |
Shandong Pharmaceutical Glass Co., Ltd., Class A | 7,943,502 | 32,388 | |
Incyte Corp.2 | 396,000 | 31,807 | |
NuVasive, Inc.2 | 766,000 | 31,590 | |
CRISPR Therapeutics AG2 | 746,299 | 30,337 | |
Sosei Group Corp.2,3 | 1,861,300 | 30,113 | |
Innovent Biologics, Inc.2 | 6,938,500 | 29,789 | |
SKAN Group AG | 433,085 | 29,504 | |
10x Genomics, Inc., Class A2 | 793,300 | 28,908 | |
Ultragenyx Pharmaceutical, Inc.2 | 622,615 | 28,846 | |
Seer, Inc., Class A2 | 4,671,000 | 27,092 | |
Jeisys Medical, Inc.1 | 3,789,978 | 25,720 | |
Revenio Group OYJ, non-registered shares | 610,304 | 25,269 | |
Medacta Group SA | 216,959 | 24,263 | |
Fate Therapeutics, Inc.2 | 2,182,951 | 22,026 | |
Chemed Corp. | 42,000 | 21,438 |
SMALLCAP World Fund — Page 10 of 29
unaudited
Common stocks (continued) Health care (continued) | Shares | Value (000) | |
BONESUPPORT Holding AB2 | 2,647,760 | $20,388 | |
Fleury SA, ordinary nominative shares | 6,773,030 | 19,820 | |
Galapagos NV2 | 424,039 | 18,809 | |
Masimo Corp.2 | 118,437 | 17,523 | |
CM Hospitalar SA | 5,671,671 | 17,327 | |
Zai Lab, Ltd. (ADR)2 | 551,078 | 16,918 | |
Twist Bioscience Corp.2 | 704,000 | 16,762 | |
Hangzhou Tigermed Consulting Co., Ltd., Class A | 1,090,535 | 16,449 | |
Guardant Health, Inc.2 | 604,241 | 16,435 | |
Brii Biosciences, Ltd.2,3 | 16,214,542 | 15,313 | |
Natera, Inc.2 | 363,000 | 14,582 | |
Prometheus Biosciences, Inc.2 | 130,400 | 14,344 | |
Gland Pharma, Ltd.2 | 750,000 | 14,295 | |
SUNWELS Co., Ltd.3 | 246,300 | 14,075 | |
Sysmex Corp. | 220,300 | 13,419 | |
Chularat Hospital PCL, foreign registered shares | 124,106,000 | 13,175 | |
Nordhealth AS, Class A1,2 | 5,120,000 | 11,663 | |
Pharmaron Beijing Co., Ltd., Class H | 1,646,200 | 11,268 | |
Classys, Inc. | 740,401 | 10,701 | |
Nevro Corp.2 | 253,000 | 10,019 | |
Editas Medicine, Inc.2 | 1,100,000 | 9,757 | |
Tecan Group AG2 | 19,270 | 8,650 | |
Beam Therapeutics, Inc.2,3 | 204,809 | 8,010 | |
Precision BioSciences, Inc.1,2 | 6,715,043 | 7,991 | |
Biohaven, Ltd.2,3 | 530,603 | 7,365 | |
PetIQ, Inc., Class A2 | 787,484 | 7,261 | |
ChemoMetec A/S2 | 70,910 | 7,073 | |
Diagnósticos da América SA | 1,728,463 | 4,495 | |
KRY International AB, Series A2,4,5 | 19,744 | 3,779 | |
OdontoPrev SA, ordinary nominative shares | 2,134,000 | 3,650 | |
Creo Medical Group PLC1,2 | 11,533,623 | 3,519 | |
Cellectis SA, non-registered shares2,3 | 760,997 | 1,625 | |
Cellectis SA (ADR)2 | 698,804 | 1,468 | |
Schrodinger, Inc.2,3 | 154,790 | 2,893 | |
Inari Medical, Inc.2 | 44,300 | 2,816 | |
Implantica AG, Class A (SDR)2 | 700,000 | 2,673 | |
IO Biotech, Inc.2,3 | 1,071,311 | 2,464 | |
Sana Biotechnology, Inc.2,3 | 432,071 | 1,707 | |
Intervacc AB2 | 540,675 | 1,346 | |
Hutchmed China, Ltd.2,3 | 437,610 | 1,346 | |
Autolus Therapeutics PLC (ADR)2,3 | 625,000 | 1,187 | |
Acutus Medical, Inc.2 | 797,523 | 917 | |
DiaSorin Italia SpA | 1,882 | 264 | |
8,570,679 | |||
Financials 10.18% | |||
Ares Management Corp., Class A | 5,174,776 | 354,162 | |
Essent Group, Ltd.1 | 6,729,659 | 261,649 | |
AU Small Finance Bank, Ltd. | 31,937,993 | 251,520 | |
Eurobank Ergasias Services and Holdings SA2 | 162,244,880 | 183,152 | |
RenaissanceRe Holdings, Ltd. | 952,200 | 175,424 | |
Janus Henderson Group PLC | 7,083,394 | 166,601 | |
IIFL Finance, Ltd.1 | 28,278,861 | 164,527 | |
Fukuoka Financial Group, Inc. | 6,876,725 | 156,822 | |
Trupanion, Inc.1,2,3 | 3,270,692 | 155,456 |
SMALLCAP World Fund — Page 11 of 29
unaudited
Common stocks (continued) Financials (continued) | Shares | Value (000) | |
Steadfast Group, Ltd. | 41,209,804 | $153,349 | |
IIFL Wealth Management, Ltd.1 | 7,110,521 | 152,712 | |
Cholamandalam Investment and Finance Co., Ltd. | 17,082,421 | 148,738 | |
Aavas Financiers, Ltd.1,2 | 6,318,330 | 140,655 | |
Seacoast Banking Corporation of Florida1 | 4,323,901 | 134,863 | |
Independent Bank Group, Inc.1 | 2,166,153 | 130,143 | |
National Bank of Greece SA2 | 32,124,814 | 128,477 | |
SVB Financial Group2 | 510,500 | 117,486 | |
Capitec Bank Holdings, Ltd. | 983,153 | 107,542 | |
Canara Bank | 26,212,776 | 105,080 | |
First Republic Bank | 857,260 | 104,491 | |
Allfunds Group PLC | 14,653,752 | 102,396 | |
Patria Investments, Ltd., Class A1 | 6,913,834 | 96,310 | |
Focus Financial Partners, Inc., Class A2 | 2,549,002 | 95,001 | |
TMX Group, Ltd. | 862,202 | 86,297 | |
East West Bancorp, Inc. | 1,308,975 | 86,261 | |
Stifel Financial Corp. | 1,477,350 | 86,233 | |
AUB Group, Ltd.1 | 5,407,659 | 82,859 | |
Kinsale Capital Group, Inc. | 305,020 | 79,769 | |
City Union Bank, Ltd. | 36,608,696 | 79,558 | |
AJ Bell PLC | 18,325,000 | 79,446 | |
Bridgepoint Group PLC | 33,960,725 | 78,689 | |
StepStone Group, Inc., Class A | 3,039,100 | 76,525 | |
Banca Generali SpA | 2,175,460 | 74,872 | |
Glacier Bancorp, Inc. | 1,443,817 | 71,353 | |
Western Alliance Bancorporation | 1,100,128 | 65,524 | |
Eastern Bankshares, Inc. | 3,732,250 | 64,381 | |
Valley National Bancorp | 5,495,000 | 62,148 | |
VZ Holding AG | 785,919 | 60,819 | |
SouthState Corp. | 778,765 | 59,467 | |
Goosehead Insurance, Inc., Class A2 | 1,688,000 | 57,966 | |
Aptus Value Housing Finance India, Ltd. | 14,935,804 | 54,739 | |
Enstar Group, Ltd.2 | 231,978 | 53,596 | |
The Bank of N.T. Butterfield & Son, Ltd. | 1,756,258 | 52,354 | |
Remgro, Ltd. | 6,687,471 | 52,323 | |
Bolsa Mexicana de Valores, SAB de CV, Series A | 26,040,000 | 50,272 | |
SiriusPoint, Ltd.2 | 7,750,000 | 45,725 | |
AssetMark Financial Holdings, Inc.2 | 1,915,000 | 44,045 | |
Euronext NV | 585,333 | 43,388 | |
Antin Infrastructure Partners SA | 1,964,300 | 42,709 | |
eGuarantee, Inc. | 2,207,948 | 40,720 | |
Webster Financial Corp. | 843,652 | 39,939 | |
Pine Labs Pte., Ltd.2,4,5 | 76,998 | 37,957 | |
Five-Star Business Finance, Ltd.2 | 4,778,216 | 34,971 | |
Angel One, Ltd. | 2,070,336 | 32,652 | |
Victory Capital Holdings, Inc., Class A | 1,196,000 | 32,089 | |
Nova Ljubljanska Banka d.d. (GDR) | 2,365,833 | 32,024 | |
Umpqua Holdings Corp. | 1,785,500 | 31,871 | |
Piramal Enterprises, Ltd. | 3,153,303 | 31,478 | |
Hilltop Holdings, Inc. | 1,000,000 | 30,010 | |
Selective Insurance Group, Inc. | 336,443 | 29,812 | |
PacWest Bancorp | 1,220,000 | 27,999 | |
Alpha Services and Holdings SA2 | 26,000,000 | 27,742 | |
Moelis & Co., Class A | 719,000 | 27,588 | |
Hiscox, Ltd. | 2,060,606 | 27,150 |
SMALLCAP World Fund — Page 12 of 29
unaudited
Common stocks (continued) Financials (continued) | Shares | Value (000) | |
The Tel Aviv Stock Exchange, Ltd. | 4,312,024 | $25,760 | |
Star Health & Allied Insurance Co., Ltd.2 | 3,400,000 | 23,277 | |
Virtu Financial, Inc., Class A | 1,120,000 | 22,859 | |
Collector Bank AB2 | 6,121,924 | 22,522 | |
Artisan Partners Asset Management, Inc., Class A | 705,000 | 20,939 | |
NMI Holdings, Inc.2 | 950,000 | 19,855 | |
JB Financial Group Co., Ltd. | 3,099,400 | 19,404 | |
Radian Group, Inc. | 1,000,000 | 19,070 | |
Redwood Trust, Inc. REIT3 | 2,562,000 | 17,319 | |
Premium Group Co., Ltd. | 1,290,000 | 16,987 | |
Linc AB2 | 2,358,208 | 13,427 | |
ICICI Securities, Ltd. | 1,987,911 | 11,954 | |
Hellenic Exchanges - Athens Stock Exchange SA1 | 3,500,000 | 11,619 | |
Islandsbanki hf. | 11,632,054 | 9,828 | |
Funding Circle Holdings PLC2 | 14,713,073 | 9,782 | |
EFG International AG | 719,587 | 6,858 | |
Oscar Health, Inc., Class A2 | 2,751,000 | 6,767 | |
Discovery, Ltd.2 | 899,883 | 6,534 | |
PT Bank Raya Indonesia Tbk2 | 136,080,967 | 3,530 | |
TCS Group Holding PLC (GDR)2,4,7 | 31,700 | —6 | |
TCS Group Holding PLC (GDR)2,4 | 694,768 | —6 | |
6,050,167 | |||
Materials 3.69% | |||
LANXESS AG1 | 5,428,281 | 219,064 | |
APL Apollo Tubes, Ltd.1 | 15,782,000 | 207,598 | |
JSR Corp. | 8,586,030 | 169,216 | |
OZ Minerals, Ltd. | 6,303,841 | 117,951 | |
Navin Fluorine International, Ltd. | 2,115,848 | 103,812 | |
Lundin Mining Corp. | 16,069,878 | 98,627 | |
CCL Industries, Inc., Class B, nonvoting shares | 2,262,200 | 96,636 | |
Materion Corp.1 | 1,048,013 | 91,712 | |
Summit Materials, Inc., Class A | 2,977,458 | 84,530 | |
Jindal Steel & Power, Ltd. | 10,041,809 | 70,194 | |
FUJIMI INCORPORATED1 | 1,342,000 | 63,878 | |
PI Industries, Ltd. | 1,513,467 | 62,438 | |
H.B. Fuller Co. | 866,200 | 62,037 | |
Perimeter Solutions SA2,3 | 6,513,000 | 59,529 | |
ATI, Inc.2 | 1,868,650 | 55,798 | |
Zeon Corp. | 5,526,300 | 55,571 | |
Deepak Fertilisers & Petrochemicals Corp., Ltd. | 6,039,256 | 52,004 | |
Mayr-Melnhof Karton AG, non-registered shares | 300,501 | 48,545 | |
Yamato Kogyo Co., Ltd. | 1,161,900 | 39,518 | |
Livent Corp.2 | 1,897,153 | 37,696 | |
MMG, Ltd.2 | 145,516,000 | 37,139 | |
Toyo Gosei Co., Ltd.1,3 | 642,700 | 35,333 | |
Labrador Iron Ore Royalty Corp.3 | 1,156,000 | 28,669 | |
Kansai Paint Co., Ltd. | 2,240,500 | 27,627 | |
Aluflexpack AG1,2,3 | 1,309,666 | 24,948 | |
Louisiana-Pacific Corp. (USA) | 406,665 | 24,075 | |
Gujarat Fluorochemicals, Ltd. | 635,000 | 23,821 | |
Anupam Rasayan India, Ltd. | 2,812,000 | 23,086 | |
Vinati Organics, Ltd. | 943,000 | 22,709 | |
Re:NewCell AB1,2,3 | 2,986,984 | 20,917 | |
Indigo Paints, Ltd. | 1,214,500 | 19,125 |
SMALLCAP World Fund — Page 13 of 29
unaudited
Common stocks (continued) Materials (continued) | Shares | Value (000) | |
NV Bekaert SA | 423,000 | $16,406 | |
Alcoa Corp. | 350,000 | 15,915 | |
Shandong Sinocera Functional Material Co., Ltd., Class A | 3,764,153 | 14,933 | |
Recticel SA/NV | 873,200 | 14,576 | |
China Resources Cement Holdings, Ltd. | 21,276,000 | 11,171 | |
Gerdau SA (ADR) | 2,011,500 | 11,144 | |
Huhtamäki OYJ | 255,000 | 8,728 | |
Fuso Chemical Co., Ltd. | 283,300 | 7,336 | |
Berger Paints India, Ltd. | 836,848 | 5,864 | |
Alleima AB2 | 1,509,740 | 5,574 | |
Covestro AG, non-registered shares | 16,734 | 655 | |
2,196,105 | |||
Consumer staples 3.59% | |||
Emmi AG1 | 318,222 | 268,775 | |
Simply Good Foods Co.1,2 | 5,870,500 | 223,255 | |
Grocery Outlet Holding Corp.1,2 | 5,352,046 | 156,226 | |
Royal Unibrew A/S | 1,542,684 | 110,196 | |
Varun Beverages, Ltd. | 6,634,383 | 105,629 | |
Milbon Co., Ltd.1 | 2,378,500 | 102,715 | |
BJ’s Wholesale Club Holdings, Inc.2 | 1,217,842 | 80,572 | |
Ocado Group PLC2 | 10,398,813 | 78,253 | |
Sovos Brands, Inc.1,2 | 5,297,349 | 76,123 | |
Raia Drogasil SA, ordinary nominative shares | 15,832,125 | 71,128 | |
Scandinavian Tobacco Group A/S | 3,797,224 | 66,602 | |
Monde Nissin Corp. | 303,867,860 | 60,600 | |
Freshpet, Inc.2 | 1,135,627 | 59,927 | |
Celsius Holdings, Inc.2 | 561,414 | 58,410 | |
Performance Food Group Co.2 | 928,000 | 54,186 | |
Shop Apotheke Europe NV, non-registered shares1,2,3 | 1,142,620 | 53,952 | |
AAK AB | 2,924,207 | 49,956 | |
United Spirits, Ltd.2 | 4,506,665 | 47,815 | |
Sok Marketler Ticaret AS, non-registered shares1,2 | 31,602,962 | 47,251 | |
Jonjee Hi-Tech Industrial and Commercial Holding Co., Ltd., Class A | 6,624,986 | 34,996 | |
Bakkafrost P/F | 517,500 | 32,347 | |
BidCorp, Ltd. | 1,640,857 | 31,838 | |
Fever-Tree Drinks PLC | 2,410,000 | 29,943 | |
COSMOS Pharmaceutical Corp. | 287,909 | 29,258 | |
Kotobuki Spirits Co., Ltd. | 499,000 | 29,132 | |
Fresh Del Monte Produce, Inc. | 1,028,000 | 26,923 | |
Vector Group, Ltd. | 2,207,896 | 26,186 | |
Elders, Ltd. | 3,301,749 | 22,638 | |
Avenue Supermarts, Ltd.2 | 417,313 | 20,452 | |
PZ Cussons PLC | 6,017,310 | 15,312 | |
TreeHouse Foods, Inc.2 | 255,860 | 12,634 | |
Century Pacific Food, Inc. | 25,901,000 | 11,966 | |
Humble Group AB2,3 | 11,368,627 | 10,671 | |
Hilton Food Group PLC | 1,551,671 | 10,474 | |
Nomad Foods, Ltd.2 | 500,000 | 8,620 | |
Icelandic Salmon AS2 | 515,000 | 7,881 | |
Zur Rose Group AG2,3 | 54,100 | 1,505 | |
Beyond Meat, Inc.2,3 | 73,395 | 904 | |
2,135,251 |
SMALLCAP World Fund — Page 14 of 29
unaudited
Common stocks (continued) Energy 3.25% | Shares | Value (000) | |
Northern Oil and Gas, Inc.1 | 6,054,000 | $186,584 | |
New Fortress Energy, Inc., Class A3 | 4,116,300 | 174,613 | |
MEG Energy Corp.2 | 12,421,847 | 172,933 | |
Vallourec SA2 | 11,019,259 | 145,262 | |
Chesapeake Energy Corp.3 | 1,434,104 | 135,336 | |
Gaztransport & Technigaz SA | 980,220 | 104,723 | |
Coterra Energy, Inc. | 3,850,059 | 94,596 | |
Viper Energy Partners, LP | 2,740,461 | 87,119 | |
DT Midstream, Inc. | 1,502,506 | 83,029 | |
Helmerich & Payne, Inc. | 1,622,270 | 80,416 | |
Golar LNG, Ltd.2 | 2,905,331 | 66,213 | |
TechnipFMC PLC2 | 5,200,890 | 63,399 | |
Pioneer Natural Resources Company | 268,053 | 61,221 | |
Subsea 7 SA | 5,261,727 | 60,520 | |
Weatherford International2 | 1,152,868 | 58,704 | |
Cactus, Inc., Class A | 1,149,091 | 57,753 | |
Championx Corp. | 1,851,762 | 53,683 | |
Venture Global LNG, Inc., Series C2,4,5 | 4,240 | 39,048 | |
Denbury, Inc.2 | 406,329 | 35,359 | |
Headwater Exploration, Inc.3 | 7,386,435 | 32,295 | |
Savannah Energy PLC1,2,3,4 | 96,128,672 | 30,506 | |
Aegis Logistics, Ltd. | 5,541,028 | 23,288 | |
Worley, Ltd. | 2,250,000 | 22,996 | |
Equitrans Midstream Corp. | 3,390,447 | 22,716 | |
Valaris, Ltd.2 | 307,000 | 20,759 | |
Pason Systems, Inc. | 1,529,225 | 18,003 | |
1,931,074 | |||
Communication services 2.32% | |||
Iridium Communications, Inc.2 | 4,845,068 | 249,037 | |
Iridium Communications, Inc.2,7 | 636,132 | 32,697 | |
JCDecaux SE2 | 7,970,225 | 151,578 | |
Frontier Communications Parent, Inc.2 | 3,837,240 | 97,773 | |
Lions Gate Entertainment Corp., Class B2 | 16,155,430 | 87,724 | |
TIM SA | 35,967,952 | 84,474 | |
New York Times Co., Class A | 2,539,638 | 82,437 | |
Viaplay Group AB, Class B2 | 3,139,402 | 59,822 | |
Ascential PLC2 | 21,822,269 | 53,214 | |
Hemnet Group AB | 4,056,406 | 48,828 | |
JYP Entertainment Corp. | 819,751 | 44,297 | |
JOYY, Inc., Class A (ADR) | 1,177,618 | 37,201 | |
YouGov PLC | 2,997,794 | 36,986 | |
Megacable Holdings, SAB de CV, ordinary participation certificates | 13,468,136 | 35,788 | |
Paradox Interactive AB | 1,744,220 | 35,463 | |
Direct Marketing MIX, Inc.1,3 | 2,954,900 | 34,613 | |
Rightmove PLC | 5,188,789 | 32,124 | |
CTS Eventim AG & Co. KGaA2 | 471,400 | 30,072 | |
Bandwidth, Inc., Class A2 | 965,718 | 22,163 | |
VTEX, Class A2,3 | 5,650,748 | 21,190 | |
Trustpilot Group PLC2 | 16,821,394 | 19,691 | |
PLAYSTUDIOS, Inc., Class A2 | 4,500,000 | 17,460 | |
Nextdoor Holdings, Inc., Class A2,3 | 6,859,318 | 14,130 | |
Ubisoft Entertainment SA2 | 433,000 | 12,291 | |
MTN Group, Ltd. | 1,458,066 | 10,922 | |
Playtika Holding Corp.2 | 1,008,409 | 8,582 |
SMALLCAP World Fund — Page 15 of 29
unaudited
Common stocks (continued) Communication services (continued) | Shares | Value (000) | |
Pebble Group PLC2 | 7,793,719 | $8,481 | |
Cable One, Inc. | 8,449 | 6,014 | |
Boat Rocker Media, Inc.2 | 2,611,926 | 4,977 | |
Yandex NV, Class A2,4 | 1,530,000 | —6 | |
1,380,029 | |||
Real estate 1.66% | |||
Altus Group, Ltd.1 | 3,623,598 | 144,623 | |
Embassy Office Parks REIT | 32,152,456 | 130,468 | |
DigitalBridge Group, Inc. REIT, Class A1 | 8,363,593 | 91,498 | |
Concentradora Fibra Danhos REIT, SA de CV | 57,954,482 | 69,594 | |
PotlatchDeltic Corp. REIT | 1,290,200 | 56,756 | |
Corp. Inmobiliaria Vesta, SAB de CV | 23,010,998 | 54,922 | |
JHSF Participações SA1 | 48,472,472 | 46,088 | |
Four Corners Property Trust, Inc. REIT | 1,464,659 | 37,979 | |
Macrotech Developers, Ltd.2 | 2,877,637 | 37,951 | |
Mindspace Business Parks REIT | 9,000,000 | 36,389 | |
SRE Holdings Corp.1,2,3 | 1,290,828 | 31,864 | |
K-Fast Holding AB, Class B1,2,3 | 12,909,607 | 29,124 | |
Multiplan Empreendimentos Imobiliários SA, ordinary nominative shares | 6,916,895 | 28,691 | |
ESR-Logos REIT | 101,706,657 | 27,996 | |
Fibra Uno Administración, SA de CV REIT3 | 21,200,000 | 24,979 | |
LXP Industrial Trust REIT | 2,175,000 | 21,793 | |
StorageVault Canada, Inc. | 4,305,000 | 19,140 | |
Zillow Group, Inc., Class C, nonvoting shares2 | 525,000 | 16,910 | |
Douglas Elliman, Inc. | 4,016,063 | 16,345 | |
CTP NV | 1,092,104 | 12,860 | |
Ayala Land, Inc. | 21,494,200 | 11,960 | |
Fastighets AB Balder, Class B2 | 2,448,188 | 11,456 | |
Swedish Logistic Property AB, Class B2 | 4,739,069 | 11,080 | |
Genova Property Group AB1,2 | 2,126,731 | 10,676 | |
Americold Realty Trust, Inc. REIT | 217,800 | 6,166 | |
987,308 | |||
Utilities 0.89% | |||
Black Hills Corp. | 1,888,746 | 132,854 | |
ACEN Corp. | 926,607,395 | 127,111 | |
Nippon Gas Co., Ltd. | 5,775,500 | 90,933 | |
Brookfield Infrastructure Corp., Class A, subordinate voting shares3 | 1,883,351 | 73,261 | |
ENN Energy Holdings, Ltd. | 3,166,000 | 44,168 | |
SJW Group | 345,000 | 28,011 | |
Neoenergia SA | 9,514,000 | 27,841 | |
SembCorp Industries, Ltd. | 1,867,900 | 4,703 | |
Mytrah Energy, Ltd.1,2,4 | 10,418,000 | 126 | |
529,008 | |||
Total common stocks (cost: $45,003,626,000) | 54,590,209 | ||
Preferred securities 1.11% Information technology 0.33% | |||
Skyryse, Inc., Series B, preferred shares1,2,4,5 | 1,649,110 | 40,700 | |
Outreach Corp., Series G, preferred shares2,4,5 | 1,554,053 | 36,272 | |
PsiQuantum Corp., Series D, preferred shares2,4,5 | 1,334,542 | 36,059 | |
SiFive, Inc., Series F, preferred shares2,4,5 | 3,451,632 | 26,681 |
SMALLCAP World Fund — Page 16 of 29
unaudited
Preferred securities (continued) Information technology (continued) | Shares | Value (000) | |
ANDPAD, Inc., Series D, preferred shares2,4,5 | 459,413 | $20,303 | |
Patreon, Inc., Series E, preferred shares2,4,5 | 698,208 | 13,315 | |
Patreon, Inc., Series Seed, preferred shares2,4,5 | 163,096 | 3,110 | |
Yotpo, Ltd., Series F, preferred shares2,4,5 | 8,332,809 | 10,332 | |
Yotpo, Ltd., Series B, preferred shares2,4,5 | 1,111,347 | 1,378 | |
Yotpo, Ltd., Series C, preferred shares2,4,5 | 1,057,985 | 1,312 | |
Yotpo, Ltd., Series A-1, preferred shares2,4,5 | 709,592 | 880 | |
Yotpo, Ltd., Series A, preferred shares2,4,5 | 345,899 | 429 | |
Yotpo, Ltd., Series C-1, preferred shares2,4,5 | 293,302 | 364 | |
Yotpo, Ltd., Series D, preferred shares2,4,5 | 163,552 | 203 | |
Yotpo, Ltd., Series B-1, preferred shares2,4,5 | 130,625 | 162 | |
Kandou Holding SA, Series D, preferred shares2,4,5 | 2,142,857 | 3,986 | |
195,486 | |||
Industrials 0.30% | |||
Einride AB, Series B, preferred shares2,4,5 | 1,334,588 | 46,673 | |
Einride AB, Series A, preferred shares2,4,5 | 11,990 | 419 | |
Azul SA (ADR), preferred nominative shares2,3 | 6,549,081 | 40,015 | |
Azul SA, preferred nominative shares2 | 771,000 | 1,608 | |
Relativity Space, Inc., Series D, preferred shares1,2,4,5 | 2,143,751 | 31,342 | |
Relativity Space, Inc., Series E, preferred shares1,2,4,5 | 464,197 | 6,786 | |
ABL Space Systems Co., Series B, preferred shares2,4,5 | 777,162 | 29,198 | |
WorkRise Technologies, Inc., Series E, preferred shares2,4,5 | 95,423 | 22,493 | |
178,534 | |||
Financials 0.18% | |||
PPRO Holding GMBS, Series B, 8.00% preferred shares1,2,4,5 | 13,618 | 78,232 | |
Pine Labs Pte., Ltd., Series J, cumulative preferred shares2,4,5 | 57,100 | 28,148 | |
106,380 | |||
Health care 0.18% | |||
Laronde, Inc., Series B, 6.00% preferred shares2,4,5 | 1,785,714 | 43,822 | |
InSilico Medicine Cayman TopCo, Series D, preferred shares2,4,5 | 605,423 | 23,684 | |
KRY International AB, Series E, preferred shares2,4,5 | 114,059 | 21,829 | |
Bluestar Genomics, Inc., Series C, 5.00% noncumulative preferred shares1,2,4,5 | 1,531,102 | 9,814 | |
Artiva Biotherapeutics, Inc., Series B, preferred shares2,4,5 | 636,364 | 6,415 | |
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares2,4,5 | 4,397,107 | 294 | |
105,858 | |||
Consumer discretionary 0.07% | |||
Cava Group, Inc., Series F, preferred shares2,4,5 | 664,364 | 20,928 | |
StockX, Inc., Series E-1, preferred shares2,4,5 | 222,222 | 15,435 | |
StockX, Inc., Series AA, preferred shares2,4,5 | 57,338 | 3,983 | |
StockX, Inc., Series B, preferred shares2,4,5 | 3,094 | 215 | |
40,561 | |||
Real estate 0.05% | |||
QuintoAndar, Ltd., Series E-1, preferred shares2,4,5 | 244,733 | 31,982 | |
Total preferred securities (cost: $783,658,000) | 658,801 |
SMALLCAP World Fund — Page 17 of 29
unaudited
Rights & warrants 0.16% Information technology 0.09% | Shares | Value (000) | |
OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 2/3/20232,7 | 2,838,640 | $53,931 | |
Foursquare Labs, Inc., Series A, warrants, expire 12/4/20332,4,5 | 1,163,990 | 20 | |
53,951 | |||
Industrials 0.07% | |||
Warom Technology, Inc. Co., Class A, warrants, expire 8/31/20232,7 | 8,603,931 | 28,565 | |
Centre Testing International Group Co., Ltd., Class A, warrants, expire 8/10/20232,7 | 3,799,918 | 12,192 | |
Guangzhou Baiyun International Airport Co., Ltd., Class A, warrants, expire 8/23/20242,7 | 1,315,742 | 2,842 | |
Momentus, Inc., warrants, expire 5/15/20262 | 2,225,000 | 109 | |
43,708 | |||
Total rights & warrants (cost: $140,569,000) | 97,659 | ||
Convertible stocks 0.08% Utilities 0.05% | |||
TAE Technologies, Inc., Series G2, 4.00% cumulative convertible preferred shares4,5 | 300,000 | 30,000 | |
Information technology 0.03% | |||
RealSelf, Inc., Series C, convertible preferred shares1,4,5 | 3,468,862 | 9,262 | |
Tarana Wireless, Inc., Series 6, noncumulative convertible preferred shares4,5 | 14,888,589 | 8,040 | |
17,302 | |||
Total convertible stocks (cost: $61,179,000) | 47,302 | ||
Convertible bonds & notes 0.01% Health care 0.01% | Principal amount (000) | ||
Bluestar Genomics, Inc., convertible notes, 8.00% 10/28/20251,4,5 | USD2,000 | 2,000 | |
Industrials 0.00% | |||
Einride AB, convertible notes, 7.00% 2/1/20234,5 | 1,500 | 1,500 | |
Total convertible bonds & notes (cost: $3,500,000) | 3,500 | ||
Short-term securities 8.21% Money market investments 7.02% | Shares | ||
Capital Group Central Cash Fund 4.31%1,8 | 41,749,143 | 4,174,497 | |
Money market investments purchased with collateral from securities on loan 1.19% | |||
Capital Group Central Cash Fund 4.31%1,8,9 | 2,470,504 | 247,026 | |
State Street Institutional U.S. Government Money Market Fund, Premier Class 4.12%8,9 | 106,300,000 | 106,300 | |
Goldman Sachs Financial Square Government Fund, Institutional Shares 4.15%8,9 | 92,100,000 | 92,100 | |
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 4.22%8,9 | 65,741,220 | 65,741 | |
BlackRock Liquidity Funds – FedFund, Institutional Shares 4.03%8,9 | 63,700,000 | 63,700 | |
Dreyfus Treasury Obligations Cash Management, Institutional Shares 4.17%8,9 | 56,700,000 | 56,700 |
SMALLCAP World Fund — Page 18 of 29
unaudited
Short-term securities (continued) Money market investments purchased with collateral from securities on loan (continued) | Shares | Value (000) | |
Fidelity Investments Money Market Government Portfolio, Class I 4.06%8,9 | 42,500,000 | $42,500 | |
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 4.11%8,9 | 35,300,000 | 35,300 | |
709,367 | |||
Total short-term securities (cost: $4,883,548,000) | 4,883,864 | ||
Total investment securities 101.38% (cost: $50,876,080,000) | 60,281,335 | ||
Other assets less liabilities (1.38)% | (819,322) | ||
Net assets 100.00% | $59,462,013 |
Investments in affiliates1
Value of affiliates at 10/1/2022 (000) | Additions (000) | Reductions (000) | Net realized (loss) gain (000) | Net unrealized appreciation (depreciation) (000) | Value of affiliates at 12/31/2022 (000) | Dividend or interest income (000) | |
Common stocks 25.10% | |||||||
Industrials 6.90% | |||||||
Saia, Inc.2 | $373,449 | $29,282 | $— | $— | $41,148 | $443,879 | $— |
BayCurrent Consulting, Inc. | 296,667 | 14,972 | 39,222 | (779) | 63,527 | 335,165 | — |
Diploma PLC | 247,981 | 4,030 | — | — | 77,028 | 329,039 | — |
Japan Airport Terminal Co., Ltd.2 | 204,235 | 35,918 | 10,599 | (465) | 45,003 | 274,092 | — |
Comfort Systems USA, Inc. | 248,847 | — | 31,860 | 8,254 | 36,724 | 261,965 | 344 |
ATS Corp.2,10 | 149,940 | 55,216 | — | — | 23,000 | 228,156 | — |
The AZEK Co., Inc., Class A2 | 94,533 | 95,031 | — | — | 27,056 | 216,620 | — |
Arcosa, Inc. | 220,883 | 299 | — | — | (10,998) | 210,184 | 193 |
Visional, Inc.2,3 | 184,944 | — | — | — | 15,979 | 200,923 | — |
Wizz Air Holdings PLC2 | 124,398 | 8,701 | — | — | 38,040 | 171,139 | — |
Harmonic Drive Systems, Inc.3 | 153,146 | 23,680 | — | — | (12,655) | 164,171 | — |
EnPro Industries, Inc. | 123,697 | — | 17,648 | 339 | 35,558 | 141,946 | 369 |
Carel Industries SpA | 112,363 | — | 16,657 | 8,735 | 26,521 | 130,962 | — |
Kadant, Inc. | 95,935 | 3,062 | — | — | 6,063 | 105,060 | 150 |
dip Corp. | 85,046 | — | — | — | 10,672 | 95,718 | 158 |
Johns Lyng Group, Ltd. | 81,872 | 1,170 | — | — | 4,792 | 87,834 | — |
Japan Elevator Service Holdings Co., Ltd. | 91,582 | 6,219 | 19,313 | (13,794) | 10,656 | 75,350 | — |
Upwork, Inc.2 | 24,381 | 73,795 | — | — | (23,526) | 74,650 | — |
DO & CO AG, non-registered shares2,3 | 51,410 | — | — | — | 22,660 | 74,070 | — |
Instalco AB | 71,184 | 5,239 | — | — | (3,076) | 73,347 | — |
Montrose Environmental Group, Inc.2 | 54,645 | — | — | — | 17,440 | 72,085 | — |
Volution Group PLC | 50,954 | — | — | — | 17,928 | 68,882 | 950 |
Montana Aerospace AG2 | 34,688 | — | — | — | 17,201 | 51,889 | — |
Skymark Airlines, Inc.2 | — | 39,196 | — | — | 10,111 | 49,307 | — |
Interface, Inc. | 42,442 | — | 5,797 | (3,478) | 7,915 | 41,082 | 47 |
Fasadgruppen Group AB3 | 29,797 | 804 | — | — | 9,583 | 40,184 | — |
Marlowe PLC2,3 | 61,893 | — | — | — | (22,658) | 39,235 | — |
Midac Holdings Co., Ltd.3 | 42,395 | — | 2,416 | (1,050) | (5,206) | 33,723 | — |
Dreamfolks Services, Ltd.2 | 881 | 10,443 | — | — | 536 | 11,860 | — |
Alfen NV2,11 | 109,251 | — | 17,033 | 14,921 | (15,180) | — | — |
Antares Vision SpA2,11 | 37,577 | — | — | — | 7,826 | — | — |
Armstrong World Industries, Inc.11 | 228,843 | 3,466 | 81,365 | (31,150) | 5,973 | — | 565 |
Einride AB2,4,5,11 | 17,834 | — | — | — | (4,157) | — | — |
SMALLCAP World Fund — Page 19 of 29
unaudited
Investments in affiliates1 (continued)
Value of affiliates at 10/1/2022 (000) | Additions (000) | Reductions (000) | Net realized (loss) gain (000) | Net unrealized appreciation (depreciation) (000) | Value of affiliates at 12/31/2022 (000) | Dividend or interest income (000) | |
KEI Industries, Ltd.11 | $79,713 | $— | $6,565 | $1,405 | $(808) | $— | $— |
Pegasus Hava Tasimaciligi AS2,11 | 68,307 | — | 53,566 | 22,928 | 20,681 | — | — |
4,102,517 | |||||||
Consumer discretionary 4.22% | |||||||
Tube Investments of India, Ltd. | 410,555 | — | 18,971 | 9,846 | (11,228) | 390,202 | — |
TopBuild Corp.2 | 349,352 | 32,600 | — | — | (16,684) | 365,268 | — |
YETI Holdings, Inc.2 | 196,619 | — | — | — | 88,175 | 284,794 | — |
Kindred Group PLC (SDR) | 119,302 | 24,075 | — | — | 48,452 | 191,829 | 3,340 |
WH Smith PLC | 108,181 | 9,525 | — | — | 39,847 | 157,553 | — |
Pets at Home Group PLC | 96,500 | — | — | — | 17,099 | 113,599 | 1,797 |
MakeMyTrip, Ltd., non-registered shares2 | 119,017 | — | — | — | (12,134) | 106,883 | — |
NEXTAGE Co., Ltd. | 100,390 | 8,876 | — | — | (11,436) | 97,830 | 829 |
Bajaj Electricals, Ltd. | 96,037 | — | — | — | (448) | 95,589 | — |
Domino’s Pizza Group PLC | 60,604 | 2,475 | — | — | 26,443 | 89,522 | — |
Auction Technology Group PLC2 | 76,577 | — | — | — | 10,690 | 87,267 | — |
Jack in the Box, Inc. | 93,084 | — | — | — | (7,339) | 85,745 | 553 |
Golden Entertainment, Inc.2 | 66,178 | 5,510 | — | — | 4,018 | 75,706 | — |
Shoei Co., Ltd. | 44,358 | 24,482 | — | — | 4,068 | 72,908 | 54 |
Malibu Boats, Inc., Class A2 | 40,840 | 9,490 | — | — | 5,209 | 55,539 | — |
Snow Peak, Inc.3 | 46,400 | — | — | — | 8,229 | 54,629 | 272 |
Victoria PLC2,3 | 33,462 | 11,467 | — | — | 8,527 | 53,456 | — |
Musti Group OYJ | 46,469 | — | 4,663 | (5,825) | 4,193 | 40,174 | — |
AcadeMedia AB | 28,256 | 3,991 | — | — | (212) | 32,035 | 1,087 |
Beazer Homes USA, Inc.2 | 16,050 | — | — | — | 5,129 | 21,179 | — |
Traeger, Inc.2 | 14,732 | 2,892 | — | — | (154) | 17,470 | — |
Lojas Quero-Quero SA2 | 16,156 | — | — | — | (4,244) | 11,912 | — |
JOANN, Inc.3 | 18,068 | — | — | — | (10,290) | 7,778 | — |
BNN Technology PLC2,4 | —6 | — | — | — | —6 | —6 | — |
Bike24 Holding AG12 | 7,135 | — | 8,943 | (44,529) | 46,337 | — | — |
Everi Holdings, Inc.2,11 | 79,809 | — | 32,410 | 17,678 | (21,368) | — | — |
Helen of Troy, Ltd.2,3,11 | 139,040 | 9,092 | 46,938 | (49,524) | 62,623 | — | — |
Porch Group, Inc.12 | 12,420 | — | 6,553 | (27,492) | 21,625 | — | — |
2,508,867 | |||||||
Information technology 5.35% | |||||||
Smartsheet, Inc., Class A2 | 218,334 | 49,682 | — | — | 33,270 | 301,286 | — |
eMemory Technology, Inc. | 227,400 | — | — | — | 51,884 | 279,284 | — |
Fabrinet, non-registered shares2 | 183,194 | — | 2,994 | (380) | 62,685 | 242,505 | — |
ALTEN SA, non-registered shares | 190,817 | 7,942 | — | — | 29,107 | 227,866 | — |
Kulicke and Soffa Industries, Inc. | 184,251 | — | 3,859 | (1,904) | 29,507 | 207,995 | 893 |
Keywords Studios PLC | 130,461 | 26,567 | — | — | 40,471 | 197,499 | 45 |
Global Unichip Corp. | 183,868 | — | 22,985 | (6,378) | 18,968 | 173,473 | — |
Net One Systems Co., Ltd. | 99,485 | 32,545 | — | — | 41,119 | 173,149 | — |
Nordic Semiconductor ASA2 | 112,390 | 25,384 | — | — | 29,457 | 167,231 | — |
Network International Holdings PLC2 | 108,706 | 41,360 | — | — | 3,181 | 153,247 | — |
Extreme Networks, Inc.2 | 113,015 | 2,466 | 9,333 | (258) | 42,200 | 148,090 | — |
SINBON Electronics Co., Ltd. | 80,772 | 33,884 | — | — | 6,877 | 121,533 | — |
Money Forward, Inc.2 | 75,953 | 4,572 | 8,984 | (3,774) | 41,566 | 109,333 | — |
Credo Technology Group Holding, Ltd.2,3 | 90,141 | — | — | — | 18,930 | 109,071 | — |
Dexerials Corp.3 | 116,270 | — | — | — | (16,046) | 100,224 | — |
SMALLCAP World Fund — Page 20 of 29
unaudited
Investments in affiliates1 (continued)
Value of affiliates at 10/1/2022 (000) | Additions (000) | Reductions (000) | Net realized (loss) gain (000) | Net unrealized appreciation (depreciation) (000) | Value of affiliates at 12/31/2022 (000) | Dividend or interest income (000) | |
Tanla Platforms, Ltd. | $87,331 | $— | $— | $— | $(8,269) | $79,062 | $— |
Bytes Technology Group PLC | 70,523 | 5,714 | — | — | 43 | 76,280 | 448 |
Crayon Group Holding ASA2,3 | 50,857 | — | 4,348 | (6,929) | 22,562 | 62,142 | — |
PAR Technology Corp.2,3 | 63,196 | — | — | — | (7,405) | 55,791 | — |
Mastek, Ltd. | 50,944 | — | — | — | (1,452) | 49,492 | — |
Megaport, Ltd.2,3 | 44,425 | — | — | — | (5,176) | 39,249 | — |
Boku, Inc.2,5 | 25,379 | — | — | — | 9,086 | 34,465 | — |
SmartCraft ASA, Class A2,3 | 18,628 | — | — | — | 5,047 | 23,675 | — |
TDCX, Inc., Class A2 | 16,688 | — | — | — | 5,361 | 22,049 | — |
Cherry SE2,3 | 7,364 | — | — | — | 3,969 | 11,333 | — |
Softline Holding PLC (GDR)4,7 | 8,810 | — | — | — | 1,990 | 10,800 | — |
Softline Holding PLC (GDR)4 | 8 | — | — | — | 2 | 10 | — |
MotorK, Ltd.2,3 | 5,468 | — | 4 | (14) | (2,645) | 2,805 | — |
WeCommerce Holdings, Ltd., Class A2,11 | 3,060 | — | 276 | (1,820) | 1,754 | — | — |
Zuken, Inc.11 | 44,123 | — | 21,329 | (8,180) | 5,822 | — | — |
3,178,939 | |||||||
Health care 2.70% | |||||||
Max Healthcare Institute, Ltd.2 | 335,885 | 6,068 | 46,057 | 5,930 | 14,445 | 316,271 | — |
Haemonetics Corp.2 | 303,065 | — | 50,286 | 3,665 | 15,100 | 271,544 | — |
CONMED Corp. | 123,341 | 39,126 | — | — | 14,057 | 176,524 | 398 |
Xenon Pharmaceuticals, Inc.2 | 141,421 | 16,586 | — | — | 14,482 | 172,489 | — |
Amvis Holdings, Inc. | 115,541 | — | 6,690 | (2,851) | 60,263 | 166,263 | — |
Silk Road Medical, Inc.2 | 125,623 | 7,530 | — | — | 23,639 | 156,792 | — |
Revance Therapeutics, Inc.2 | 170,476 | 5,609 | — | — | (54,546) | 121,539 | — |
Zentalis Pharmaceuticals, Inc.2,3 | 14,794 | 68,283 | — | — | (7,931) | 75,146 | — |
Surgical Science Sweden AB2 | 43,622 | — | — | — | 8,337 | 51,959 | — |
Ocumension Therapeutics2,3 | 48,977 | — | — | — | (1,699) | 47,278 | — |
Jeisys Medical, Inc. | 2,730 | 16,666 | — | — | 6,324 | 25,720 | — |
Nordhealth AS, Class A2 | 9,375 | — | — | — | 2,288 | 11,663 | — |
Precision BioSciences, Inc.2 | 8,730 | — | — | — | (739) | 7,991 | — |
Creo Medical Group PLC2 | 6,962 | — | — | — | (3,443) | 3,519 | — |
Addus HomeCare Corp.2,11 | 89,421 | — | 26,212 | (608) | 5,982 | — | — |
Medmix AG11 | 40,482 | — | 6,266 | (10,687) | 13,930 | — | — |
New Horizon Health, Ltd.2,3,11 | 42,209 | — | 19,715 | (32,304) | 43,348 | — | — |
1,604,698 | |||||||
Financials 2.24% | |||||||
Essent Group, Ltd. | 197,178 | 42,132 | — | — | 22,339 | 261,649 | 1,456 |
IIFL Finance, Ltd. | 99,987 | 27,325 | — | — | 37,215 | 164,527 | — |
Trupanion, Inc.2,3 | 190,990 | 2,839 | — | — | (38,373) | 155,456 | — |
IIFL Wealth Management, Ltd. | 98,842 | 61,238 | — | — | (7,368) | 152,712 | 903 |
Aavas Financiers, Ltd.2 | 165,167 | 6,849 | — | — | (31,361) | 140,655 | — |
Seacoast Banking Corporation of Florida | 125,663 | 5,313 | — | — | 3,887 | 134,863 | 724 |
Independent Bank Group, Inc. | 132,980 | — | — | — | (2,837) | 130,143 | 823 |
Patria Investments, Ltd., Class A | 90,226 | — | — | — | 6,084 | 96,310 | 1,182 |
AUB Group, Ltd. | 62,367 | 3,762 | — | — | 16,730 | 82,859 | — |
Hellenic Exchanges - Athens Stock Exchange SA | 10,361 | — | — | — | 1,258 | 11,619 | — |
1,330,793 |
SMALLCAP World Fund — Page 21 of 29
unaudited
Investments in affiliates1 (continued)
Value of affiliates at 10/1/2022 (000) | Additions (000) | Reductions (000) | Net realized (loss) gain (000) | Net unrealized appreciation (depreciation) (000) | Value of affiliates at 12/31/2022 (000) | Dividend or interest income (000) | |
Materials 1.12% | |||||||
LANXESS AG | $144,010 | $16,956 | $— | $— | $58,098 | $219,064 | $— |
APL Apollo Tubes, Ltd. | 198,170 | 3,132 | — | — | 6,296 | 207,598 | — |
Materion Corp. | 9,723 | 78,027 | — | — | 3,962 | 91,712 | 33 |
FUJIMI INCORPORATED | 25,022 | 38,759 | — | — | 97 | 63,878 | 61 |
Toyo Gosei Co., Ltd.3 | 28,289 | — | — | — | 7,044 | 35,333 | — |
Aluflexpack AG2,3 | 23,652 | — | — | — | 1,296 | 24,948 | — |
Re:NewCell AB2,3 | 17,542 | 1,559 | — | — | 1,816 | 20,917 | — |
Perimeter Solutions SA2,3,11 | 94,450 | — | 42,124 | (10,661) | 17,864 | — | — |
Venator Materials PLC12 | 7,497 | — | 3,820 | (18,180) | 14,503 | — | — |
663,450 | |||||||
Consumer staples 1.56% | |||||||
Emmi AG | 247,648 | — | — | — | 21,127 | 268,775 | — |
Simply Good Foods Co.2 | 184,598 | 3,897 | — | — | 34,760 | 223,255 | — |
Grocery Outlet Holding Corp.2 | 196,915 | 2,002 | 18,052 | (3,143) | (21,496) | 156,226 | — |
Milbon Co., Ltd. | 104,902 | — | — | — | (2,187) | 102,715 | 814 |
Sovos Brands, Inc.2 | 71,925 | 3,356 | — | — | 842 | 76,123 | — |
Shop Apotheke Europe NV, non-registered shares2,3 | 46,389 | — | — | — | 7,563 | 53,952 | — |
Sok Marketler Ticaret AS, non-registered shares2 | 41,357 | — | 7,052 | (969) | 13,915 | 47,251 | — |
928,297 | |||||||
Energy 0.36% | |||||||
Northern Oil and Gas, Inc. | 165,940 | — | — | — | 20,644 | 186,584 | 1,816 |
Savannah Energy PLC2,3,4 | 29,272 | — | — | — | 1,234 | 30,506 | — |
217,090 | |||||||
Communication services 0.06% | |||||||
Direct Marketing MIX, Inc.3 | 27,521 | 5,397 | — | — | 1,695 | 34,613 | 374 |
Pebble Group PLC2,11 | 13,532 | — | 5,768 | (2,415) | 3,132 | — | — |
34,613 | |||||||
Real estate 0.59% | |||||||
Altus Group, Ltd. | 117,322 | 173 | — | — | 27,128 | 144,623 | 399 |
DigitalBridge Group, Inc. REIT, Class A | 96,429 | 14,031 | 3,345 | (5,321) | (10,296) | 91,498 | 84 |
JHSF Participações SA | 65,466 | 1,028 | — | — | (20,406) | 46,088 | 438 |
SRE Holdings Corp.2,3 | 27,781 | — | — | — | 4,083 | 31,864 | — |
K-Fast Holding AB, Class B2,3 | 24,470 | — | — | — | 4,654 | 29,124 | — |
Genova Property Group AB2 | 10,794 | — | — | — | (118) | 10,676 | — |
353,873 | |||||||
Utilities 0.00% | |||||||
Mytrah Energy, Ltd.2,4 | 116 | — | — | — | 10 | 126 | — |
Total common stocks | 14,923,263 | ||||||
Preferred securities 0.28% | |||||||
Information technology 0.07% | |||||||
Skyryse, Inc., Series B, preferred shares2,4,5 | 40,700 | — | — | — | — | 40,700 | — |
SMALLCAP World Fund — Page 22 of 29
unaudited
Investments in affiliates1 (continued)
Value of affiliates at 10/1/2022 (000) | Additions (000) | Reductions (000) | Net realized (loss) gain (000) | Net unrealized appreciation (depreciation) (000) | Value of affiliates at 12/31/2022 (000) | Dividend or interest income (000) | ||||
Industrials 0.06% | ||||||||||
Relativity Space, Inc., Series D, preferred shares2,4,5 | $39,166 | $— | $— | $— | $(7,824) | $31,342 | $— | |||
Relativity Space, Inc., Series E, preferred shares2,4,5 | 8,481 | — | — | — | (1,695) | 6,786 | — | |||
Einride AB, Series A, preferred shares2,4,5,11 | 547 | — | — | — | (128) | — | — | |||
Einride AB, Series B, preferred shares2,4,5,11 | 60,860 | — | — | — | (14,187) | — | — | |||
38,128 | ||||||||||
Financials 0.13% | ||||||||||
PPRO Holding GMBS, Series B, 8.00% preferred shares2,4,5 | 57,732 | — | — | — | 20,500 | 78,232 | — | |||
Health care 0.02% | ||||||||||
Bluestar Genomics, Inc., Series C, 5.00% noncumulative preferred shares2,4,5 | 9,814 | — | — | — | — | 9,814 | — | |||
Total preferred securities | 166,874 | |||||||||
Convertible stocks 0.02% | ||||||||||
Information technology 0.02% | ||||||||||
RealSelf, Inc., Series C, convertible preferred shares4,5 | 10,163 | — | — | — | (901) | 9,262 | — | |||
Convertible bonds & notes 0.00% | ||||||||||
Health care 0.00% | ||||||||||
Bluestar Genomics, Inc., convertible notes, 8.00% 10/28/20254,5 | — | 2,000 | — | — | — | 2,000 | 28 | |||
Industrials 0.00% | ||||||||||
Einride AB, convertible notes, 7.00% 2/1/20234,5,11 | 1,895 | — | — | — | (395) | — | 27 | |||
Total convertible bonds & notes | 2,000 | |||||||||
Short-term securities 7.43% | ||||||||||
Money market investments 7.02% | ||||||||||
Capital Group Central Cash Fund 4.31%8 | 4,775,818 | 1,795,168 | 2,396,601 | (131) | 243 | 4,174,497 | 45,763 | |||
Money market investments purchased with collateral from securities on loan 0.41% | ||||||||||
Capital Group Central Cash Fund 4.31%8,9 | 290,972 | 43,94613 | 247,026 | —14 | ||||||
Total short-term securities | 4,421,523 | |||||||||
Total 32.83% | $(201,292) | $1,624,633 | $19,522,922 | $67,417 |
Restricted securities5
Acquisition date(s) | Cost (000) | Value (000) | Percent of net assets | |
PPRO Holding GMBS, Series B, 8.00% preferred shares1,2,4 | 1/28/2021 | $48,694 | $78,232 | .13% |
Pine Labs Pte., Ltd.2,4 | 5/12/2021 | 28,710 | 37,957 | .06 |
Pine Labs Pte., Ltd., Series J, cumulative preferred shares2,4 | 5/12/2021 | 21,291 | 28,148 | .05 |
Einride AB, Series B, preferred shares2,4,11 | 3/23/2021-5/6/2021 | 18,753 | 46,673 | .08 |
Einride AB2,4,11 | 7/16/2021-8/17/2021 | 8,938 | 13,677 | .03 |
Einride AB, convertible notes, 7.00% 2/1/20234,11 | 1/7/2022 | 1,500 | 1,500 | .00 |
Einride AB, Series A, preferred shares2,4,11 | 10/11/2021 | 311 | 419 | .00 |
Dock, Ltd.2,4 | 10/19/2020 | 26,000 | 46,688 | .08 |
Laronde, Inc., Series B, 6.00% preferred shares2,4 | 8/10/2021 | 50,000 | 43,822 | .07 |
Skyryse, Inc., Series B, preferred shares1,2,4 | 10/21/2021 | 40,700 | 40,700 | .07 |
SMALLCAP World Fund — Page 23 of 29
unaudited
Restricted securities5 (continued)
Acquisition date(s) | Cost (000) | Value (000) | Percent of net assets | |||
Venture Global LNG, Inc., Series C2,4 | 5/1/2015 | $12,720 | $39,048 | .07% | ||
Relativity Space, Inc., Series D, preferred shares1,2,4 | 11/20/2020 | 32,000 | 31,342 | .05 | ||
Relativity Space, Inc., Series E, preferred shares1,2,4 | 5/27/2021 | 10,600 | 6,786 | .01 | ||
Outreach Corp., Series G, preferred shares2,4 | 5/27/2021 | 45,482 | 36,272 | .06 | ||
PsiQuantum Corp., Series D, preferred shares2,4 | 5/28/2021 | 35,000 | 36,059 | .06 | ||
Boku, Inc.1,2 | 2/11/2021-9/21/2021 | 48,584 | 34,465 | .06 | ||
QuintoAndar, Ltd., Series E-1, preferred shares2,4 | 12/20/2021 | 50,000 | 31,982 | .05 | ||
StockX, Inc., Series E-1, preferred shares2,4 | 4/15/2021 | 20,000 | 15,435 | .02 | ||
StockX, Inc.2,4 | 4/5/2021 | 14,682 | 11,238 | .02 | ||
StockX, Inc., Series AA, preferred shares2,4 | 4/5/2021 | 5,203 | 3,983 | .01 | ||
StockX, Inc., Series B, preferred shares2,4 | 4/5/2021 | 281 | 215 | .00 | ||
TAE Technologies, Inc., Series G2, 4.00% cumulative convertible preferred shares4 | 7/7/2022 | 30,000 | 30,000 | .05 | ||
ABL Space Systems Co., Series B, preferred shares2,4 | 3/24/2021 | 35,000 | 29,198 | .05 | ||
SiFive, Inc., Series F, preferred shares2,4 | 3/16/2022 | 25,000 | 26,681 | .05 | ||
KRY International AB, Series E, preferred shares2,4 | 5/13/2021 | 51,891 | 21,829 | .04 | ||
KRY International AB, Series A2,4 | 5/13/2021 | 8,533 | 3,779 | .00 | ||
InSilico Medicine Cayman TopCo, Series D, preferred shares2,4 | 5/13/2022-7/18/2022 | 23,685 | 23,684 | .04 | ||
WorkRise Technologies, Inc., Series E, preferred shares2,4 | 3/8/2021 | 40,000 | 22,493 | .04 | ||
Cava Group, Inc., Series F, preferred shares2,4 | 3/26/2021 | 25,000 | 20,928 | .04 | ||
ANDPAD, Inc., Series D, preferred shares2,4 | 6/30/2022 | 19,506 | 20,303 | .03 | ||
Patreon, Inc., Series E, preferred shares2,4 | 9/1/2020 | 11,944 | 13,315 | .02 | ||
Patreon, Inc., Class B2,4 | 10/26/2020-10/27/2020 | 3,255 | 3,622 | .01 | ||
Patreon, Inc., Series Seed, preferred shares2,4 | 9/16/2020 | 2,790 | 3,110 | .00 | ||
Yotpo, Ltd., Series F, preferred shares2,4 | 2/25/2021 | 18,329 | 10,332 | .02 | ||
Yotpo, Ltd.2,4 | 3/16/2021 | 5,475 | 3,249 | .01 | ||
Yotpo, Ltd., Series B, preferred shares2,4 | 3/16/2021 | 2,322 | 1,378 | .00 | ||
Yotpo, Ltd., Series C, preferred shares2,4 | 3/16/2021 | 2,211 | 1,312 | .00 | ||
Yotpo, Ltd., Series A-1, preferred shares2,4 | 3/16/2021 | 1,483 | 880 | .00 | ||
Yotpo, Ltd., Series A, preferred shares2,4 | 3/16/2021 | 723 | 429 | .00 | ||
Yotpo, Ltd., Series C-1, preferred shares2,4 | 3/16/2021 | 613 | 364 | .00 | ||
Yotpo, Ltd., Series D, preferred shares2,4 | 3/16/2021 | 341 | 203 | .00 | ||
Yotpo, Ltd., Series B-1, preferred shares2,4 | 3/16/2021 | 273 | 162 | .00 | ||
Bluestar Genomics, Inc., Series C, 5.00% noncumulative preferred shares1,2,4 | 4/26/2021 | 15,101 | 9,814 | .02 | ||
Bluestar Genomics, Inc., convertible notes, 8.00% 10/28/20251,4 | 12/1/2022 | 2,000 | 2,000 | .00 | ||
DPC Dash, Ltd.2,4 | 12/6/2021 | 15,000 | 10,964 | .02 | ||
RealSelf, Inc., Series C, convertible preferred shares1,4 | 4/18/2018 | 19,000 | 9,262 | .02 | ||
Tarana Wireless, Inc., Series 6, noncumulative convertible preferred shares4 | 2/18/2022 | 12,179 | 8,040 | .01 | ||
Artiva Biotherapeutics, Inc., Series B, preferred shares2,4 | 2/24/2021 | 7,000 | 6,415 | .01 | ||
Kandou Holding SA, Series D, preferred shares2,4 | 11/17/2021 | 15,000 | 3,986 | .01 | ||
Foursquare Labs, Inc., Series A2,4 | 12/3/2013 | 20,000 | 2,699 | .00 | ||
Foursquare Labs, Inc., Series A, warrants, expire 12/4/20332,4 | 12/3/2013 | —6 | 20 | .00 | ||
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares2,4 | 2/7/2020 | 9,000 | 294 | .00 | ||
Total | $942,103 | $875,386 | 1.47% |
SMALLCAP World Fund — Page 24 of 29
unaudited
1 | Affiliate of the fund or part of the same “group of investment companies“ as the fund, as defined under the Investment Company Act of 1940, as amended. |
2 | Security did not produce income during the last 12 months. |
3 | All or a portion of this security was on loan. The total value of all such securities was $1,054,727,000, which represented 1.77% of the net assets of the fund. |
4 | Value determined using significant unobservable inputs. |
5 | Restricted security, other than Rule 144A securities or commercial paper issued pursuant to Section 4(a)(2) of the Securities Act of 1933. The total value of all such restricted securities was $875,386,000, which represented 1.47% of the net assets of the fund. |
6 | Amount less than one thousand. |
7 | Acquired in a transaction exempt from registration under Rule 144A or, for commercial paper, Section 4(a)(2) of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $141,027,000, which represented .24% of the net assets of the fund. |
8 | Rate represents the seven-day yield at 12/31/2022. |
9 | Security purchased with cash collateral from securities on loan. |
10 | This security changed its name during the reporting period. |
11 | Affiliated issuer during the reporting period but no longer an affiliate at 12/31/2022. Refer to the investment portfolio for the security value at 12/31/2022. |
12 | Affiliated issuer during the reporting period but no longer held at 12/31/2022. |
13 | Represents net activity. |
14 | 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. Assets and liabilities, including investment securities, denominated in currencies other than U.S. dollars are translated into U.S. dollars at the exchange rates supplied by one or more pricing vendors on the valuation date.
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 |
SMALLCAP World Fund — Page 25 of 29
unaudited
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 directors 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 directors 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 “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 team. 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 directors. 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.
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 table on the following page presents the fund’s valuation levels as of
December 31, 2022 (dollars in thousands):
December 31, 2022 (dollars in thousands):
SMALLCAP World Fund — Page 26 of 29
unaudited
Investment securities | |||||||
Level 1 | Level 2 | Level 3 | Total | ||||
Assets: | |||||||
Common stocks: | |||||||
Industrials | $4,899,638 | $6,968,839 | $13,677 | $11,882,154 | |||
Consumer discretionary | 5,595,426 | 4,121,269 | 22,202 | 9,738,897 | |||
Information technology | 4,922,486 | 4,199,983 | 67,068 | 9,189,537 | |||
Health care | 6,158,933 | 2,407,967 | 3,779 | 8,570,679 | |||
Financials | 3,159,619 | 2,852,591 | 37,957 | 6,050,167 | |||
Materials | 666,368 | 1,529,737 | — | 2,196,105 | |||
Consumer staples | 855,094 | 1,280,157 | — | 2,135,251 | |||
Energy | 1,504,731 | 356,789 | 69,554 | 1,931,074 | |||
Communication services | 801,647 | 578,382 | —* | 1,380,029 | |||
Real estate | 635,484 | 351,824 | — | 987,308 | |||
Utilities | 261,967 | 266,915 | 126 | 529,008 | |||
Preferred securities | 41,623 | — | 617,178 | 658,801 | |||
Rights & warrants | 109 | 97,530 | 20 | 97,659 | |||
Convertible stocks | — | — | 47,302 | 47,302 | |||
Convertible bonds & notes | — | — | 3,500 | 3,500 | |||
Short-term securities | 4,883,864 | — | — | 4,883,864 | |||
Total | $34,386,989 | $25,011,983 | $882,363 | $60,281,335 |
* | Amount less than one thousand. |
The following table reconciles the valuation of the fund’s Level 3 investment securities and related transactions for the three months ended
December 31, 2022 (dollars in thousands):
December 31, 2022 (dollars in thousands):
Beginning value at 10/1/2022 | Transfers into Level 3† | Purchases | Sales | Net realized loss | Unrealized depreciation | Transfers out of Level 3† | Ending value at 12/31/2022 | |
Investment securities | $898,553 | $29,272 | $2,000 | $(2,755) | $(13,635) | $(31,072) | $— | $882,363 |
Net unrealized depreciation during the period on Level 3 investment securities held at December 31, 2022 | $(17,497) |
†Transfers into or out of Level 3 are based on the beginning market value of the quarter in which they occurred. These transfers are the result of changes in the availability of pricing sources and/or in the observability of significant inputs used in valuing the securities.
SMALLCAP World Fund — Page 27 of 29
unaudited
Unobservable inputs — Valuation of the fund’s Level 3 securities is 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 following table provides additional information used by the fund’s investment adviser to fair value the fund’s Level 3 securities (dollars in thousands):
Value at 12/31/2022 | Valuation techniques | Unobservable inputs | Range (if applicable) | Weighted average* | Impact to valuation from an increase in input† | |
Common stocks | $214,363 | Market comparable companies | Price/Cash flow multiple | 5.7x | 5.7x | Increase |
EV/Gross Profit multiple | 18.7x | 18.7x | Increase | |||
EV/Sales multiple | 2.9x - 7.7x | 6.5x | Increase | |||
Net adjustment (decrease) based on movement of market comparables | 27% - 75% | 35% | Decrease | |||
DLOM | 16% - 24% | 17% | Decrease | |||
Discount for lack of certainty | 10% | 10% | Decrease | |||
Risk discount | 25% | 25% | Decrease | |||
Market approach | Risk discount | 50% | 50% | Decrease | ||
Last traded price | N/A | N/A | N/A | |||
DLOM | 14% | 14% | Decrease | |||
Low-end of IPO range | N/A | N/A | N/A | |||
Transaction | Transaction price | N/A | N/A | N/A | ||
Estimated recovery value | Expected proceeds | N/A | N/A | N/A | ||
Preferred securities | 617,178 | Transaction | Transaction price | N/A | N/A | N/A |
Net adjustment (decrease) based on movement of market comparables | 35% | 35% | Decrease | |||
Discount to transaction price | 36% - 45% | 40% | Decrease | |||
Discounted cash flow | WACC | 10% - 20% | 14% | Decrease | ||
Risk discount | 10% - 95% | 47% | Decrease | |||
Market comparable companies | EV/Sales multiple | 1.5x - 15.9x | 7.6x | Increase | ||
Risk discount | 25% | 25% | Decrease | |||
Net adjustment (decrease) based on movement of market comparables | 6% - 75% | 42% | Decrease | |||
Net adjustment (increase) based on movement of market comparables | 10% | 10% | Increase | |||
EV/Gross Profit multiple | 6.8x - 18.7x | 15.5x | Increase | |||
Price/Sales multiple | 12.4x | 12.4x | Increase | |||
DLOM | 10% | 10% | Decrease | |||
Inputs to market comparables and discounted cash flow | Weight ascribed to market comparables | 50% | 50% | N/A | ||
Weight ascribed to discounted cash flow | 50% | 50% | N/A | |||
Rights & warrants | 20 | Black-Scholes | Underlying share price | N/A | N/A | N/A |
Implied volatility | 30% | 30% | Increase | |||
Convertible stocks | 47,302 | Market comparable companies | EV/Sales multiple | 2.8x - 4.7x | 3.8x | Increase |
DLOM | 17% | 17% | Decrease | |||
Net adjustment (decrease) based on movement of market comparables | 33% | 33% | Decrease | |||
Transaction | Transaction price | N/A | N/A | N/A | ||
Convertible bonds & notes | 3,500 | Transaction | Transaction price | N/A | N/A | N/A |
Total | $882,363 |
* | Weighted average is by relative fair value. |
† | This column represents the directional change in fair value of the Level 3 securities that would result in an increase from the corresponding input. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. |
SMALLCAP World Fund — Page 28 of 29
unaudited
Key to abbreviations |
ADR = American Depositary Receipts |
CAD = Canadian dollars |
CDI = CREST Depository Interest |
DLOM = Discount for lack of marketability |
EV = Enterprise value |
GDR = Global Depositary Receipts |
REIT = Real Estate Investment Trust |
SDR = Swedish Depositary Receipts |
USD = U.S. dollars |
WACC = Weighted average cost of capital |
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.
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© 2023 Capital Group. All rights reserved.
MFGEFP1-035-0223O-S89768 | SMALLCAP World Fund — Page 29 of 29 |