Investment Fund

Share Class
Purchase Restrictions: Class 529-F-2 share funds are available only for CollegeAmerica accounts sold through Registered Investment Advisors.

Summary

Internal Prompt
A pioneer in global small-cap investing. Seeks growth of capital by investing in some of the world’s fastest growing and most innovative companies as well as undervalued and underappreciated opportunities. It normally invests in companies with capitalizations that typically fall within the range of the MSCI All Country World Small Cap Index or the Russell 2000 Index.
Price at NAV $62.75 as of 4/23/2025 (updated daily)
Fund Assets (millions) $68,659.1
Portfolio Managers
18
Expense Ratio
(Gross/Net %)
0.76 / 0.76%
Prospectus
Internal Prompt

Returns at NAV

Returns with Sales Charge

Asset Mix

U.S. Equities46.5%
Non-U.S. Equities49.0%
U.S. Bonds0.0%
Non-U.S. Bonds0.1%
Cash & Equivalents
4.4%
As of 3/31/2025 (updated monthly)

Growth of 10K

Read important investment disclosures

High & Low Prices

Market Capitalization

11.7%
Large
39.8%
Medium
48.5%
Small
$5,760.00 Million
Weighted Average


As of 12/31/2024 (updated quarterly). FactSet data as of 3/31/2025 (updated quarterly).

Morningstar Ownership ZoneTM

Global Small/Mid Stock
Weighted average of holdings
75% of fund's stock holdings
Morningstar data as of 3/31/25 (updated quarterly)
INSIGHTS ON THE MORNINGSTAR OWNERSHIP ZONE

Description

Fund Objective
The fund's investment objective is to provide you with long-term growth of capital.
Distinguishing Characteristics
A pioneer in global small-cap investing, this strategy seeks growth of capital by investing in some of the fastest growing and most innovative companies in the world as well as undervalued and underappreciated opportunities. It normally invests in companies with market capitalizations that typically fall within the range of the MSCI All Country World Small Cap Index or the Russell 2000 Index. As one of our most research-intensive strategies, with a team of more than 100 portfolio managers and analysts based in both developed and developing markets, it takes full advantage of our global presence and insights.
Types of Investments
The fund invests primarily in common stocks, government and corporate debt, and cash and equivalents.
Holdings Outside the U.S.
There is no specific limit. Historically, the fund has invested a substantial portion of assets in the U.S. because of the number of small-cap opportunities.

Fund Facts

Fund Inception 4/30/1990
Fund Assets (millions)
As of 3/31/2025
 $68,659.1
Companies/Issuers
Holdings are as of 3/31/2025 (updated monthly).
 813+
Shareholder Accounts
Shareholder accounts are as of 3/31/2025
 28,760
Regular Dividends Paid
Dec
Minimum Initial Investment $250
Capital Gains Paid
Dec
Portfolio Turnover (2024) 32%
Fiscal Year-End Sep
Prospectus Date 12/01/2024
CUSIP 831681 747
Fund Number 1635

Returns

Internal Prompt

Month-End Returns as of 3/31/25

Returns at NAV
| With Sales Charge
Read important investment disclosures
FSWFX
MSCI All Country World Small Cap Index
ANNUAL RETURNS CHART

Quarter-End Returns as of 3/31/25

Internal Prompt

Volatility & Return

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Equities

For Class 529-F-2 Shares, this chart tracks the 10-year standard deviation
and 10-year annualized return of the equity funds
FSWFX
MSCI All Country World Small Cap Index
Other AF Funds
Standard Deviation as of 03/31/2025 (updated monthly) . Annualized return as of 03/31/2025 (updated monthly) .
VIEW LARGER CHART
Internal Prompt

Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 0.94% 0.66%
Fund at MOP N/A N/A
As of 3/31/2025 (updated monthly)

Valuation

Price/ Price/ Price/
Book
Cash Flow
Earnings
Fund 2.39 10.03 17.11
MSCI All Country World Small Cap Index
1.60 7.60 14.10
Fund as of 3/31/25. Index as of 12/31/24.

Portfolio Management

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Julian N. Abdey 13 22 29
Peter Eliot 12 20 24
Brady L. Enright 20 28 36
Brittain Ezzes 2 3 27
Bradford F. Freer 17 31 34
Peter Gusev 4 17 28
Leo Hee 12 20 32
M. Taylor Hinshaw 7 23
Roz Hongsaranagon 11 22
Shlok Melwani 6 11 19
Dimitrije M. Mitrinovic 8 17 23
Aidan O'Connell 12 21 30
Samir Parekh 10 18 24
Piyada Phanaphat 4 17 21
Andraz Razen 14 20 26
Arun Swaminathan 6 13
Thatcher Thompson 6 18 32
Gregory W. Wendt 17 37
A boldface number indicates that years of experience with Capital Group is equal to years of experience with investment industry.

Ratings & Risk

Morningstar Rating TM


Overall Morningstar RatingTM
Funds rated(159)
3-yr. Morningstar RatingTM
(159 funds rated)
5-yr. Morningstar RatingTM
(137 funds rated)
10-yr. Morningstar RatingTM
(85 funds rated)
Overall Morningstar Risk Below Average
HIGH
LOW
Category
Global Small/Mid Stock
ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS
Ratings are based on risk-adjusted returns as of 3/31/2025 (updated monthly).

Risk Measures

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Fund
Standard Deviation
17.62
Sharpe Ratio
0.34
For the 10 Years ending 3/31/25 (updated monthly).
American Funds
Benchmark
Morningstar
Benchmark
MSCI All Country World Small Cap Index
MSCI ACWI NR USD
R-squared
92 84
Beta
0.96 1.09
Capture Ratio (Downside/Upside)
98/99 112/99
American Funds Benchmark for the 10 Years ending 3/31/25 (updated monthly).
Morningstar Benchmark for the 10 Years ending 3/31/25 (updated monthly).
American Funds
Benchmark
MSCI All Country World Small Cap Index
Active Share
81.4%
As of 12/31/24 (updated quarterly)

Holdings

Equities Breakdown

Sectors | Top Industries
Equity Fund Holdings
 Industrials 22.5%
Consumer discretionary 17.1%
Financials 15.2%
Information technology 14.6%
Health care 11.9%
Materials 3.3%
Consumer staples 3.3%
Communication services 2.8%
Energy 2.1%
Real estate 2.0%
Utilities 0.7%

% of net assets as of 3/31/2025 (updated monthly)

Top Equities

TopBuild
1.0%
Molina Healthcare
0.8%
Dollarama
0.8%
Comfort Systems USA
0.8%
Diploma
0.8%
Essent Group
0.7%
Max Healthcare Institute
0.6%
Champion Homes
0.6%
CAVA Group
0.6%
Insight Enterprises
0.6%

% of net assets as of 3/31/2025 (updated monthly)

Geographic Breakdown

Regions | Top Countries
United States
46.5%
Europe
22.3%
Asia & Pacific Basin
19.7%
Other (Including Canada & Latin America)
7.0%
Cash & equivalents
4.4%
% of net assets as of 3/31/2025 (updated monthly)

The New Geography of Investing ®

Equity Portion Breakdown by Domicile | Equity Portion Breakdown by Revenue
Regions Fund
MSCI All Country World Small Cap Index
United States 48.6% 52.2%
Canada 3.9% 3.2%
Europe 22.6% 15.0%
Japan 6.5% 11.2%
Asia-Pacific ex. Japan 2.2% 4.4%
Emerging Markets 16.2% 14.0%

% of net assets as of 3/31/2025 (updated monthly)

Fund Breakdown by Domicile

Regions Fund
MSCI All Country World Small Cap Index
United States 46.5% 52.2%
Canada 3.7% 3.2%
Europe 21.6% 15.0%
Japan 6.2% 11.2%
Asia-Pacific ex. Japan 2.1% 4.4%
Emerging Markets 15.5% 14.0%
Cash & Equivalents
4.4% --
Fixed Income 0.0% --

% of net assets as of 3/31/2025 (updated monthly)

Prices & Distributions

Internal Prompt

Historical Prices Month-End

2025

Historical Prices Year-End

Internal Prompt

Historical Distributions as of 01/27/25

FIND HISTORICAL DISTRIBUTIONS
2024
Record
Date		 Calculated
Date		 Pay Date
Income Dividend Regular
Income Dividend Special
Cap. Gains Long-Term
Cap. Gains Short-Term
Reinvest NAV
12/20/24 12/20/24 12/23/24 $0.5936 $0.00 $0.00 $0.00 $68.13
2024 Year-to-Date: Dividends Subtotal: $0.5936 Cap Gains Subtotal: $0.00
Total Distributions: $0.5936

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.60%
Other Expenses 0.16%
Service 12b-1 --
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio

FSWFX 0.76%
Lipper Global Small-/Mid-Cap Funds Average
--%
Fund as of most recent prospectus. Lipper Category as of -- (updated quarterly).