Investment Fund

Share Class
Purchase Restrictions: Class R-5 shares are available in certain employer-sponsored retirement plans. See the prospectus for details.

Summary

Internal Prompt
A well-researched approach to high-yield investing. Invests in a diversified portfolio of lower rated, higher yielding bonds with a focus on income and the potential for capital appreciation. The high-yield investment team benefits from the extensive research capabilities of Capital’s equity and macroeconomic analysts.
Price at NAV $9.85 as of 2/07/2025 (updated daily)
Fund Assets (millions) $22,691.2
Portfolio Managers
5
Expense Ratio
(Gross/Net %)
0.38 / 0.38%
Internal Prompt

Returns at NAV

Returns with Sales Charge

Asset Mix

U.S. Equities4.2%
Non-U.S. Equities0.5%
U.S. Bonds74.0%
Non-U.S. Bonds11.0%
Cash & Equivalents
10.4%
As of 12/31/2024 (updated monthly)

Growth of 10K

High & Low Prices

Fund Statistics

2.9 years
Effective Duration
7%
Average Yield
to Worst
5.8%
Average Coupon
% of net assets as of 12/31/2024 (updated monthly)

Morningstar Style BoxTM— Fixed-Income

Low Quality
Limited Interest-Rate Sensitivity
Morningstar data as of 12/31/24 (updated quarterly)

Description

Fund Objective
The fund's primary investment objective is to provide you with a high level of current income. Its secondary investment objective is capital appreciation.
Distinguishing Characteristics
The strategy invests in a diversified portfolio of lower rated, higher yielding bonds with a focus on income and the potential for capital appreciation. A dedicated team of analysts, traders and portfolio managers collaborate to achieve a comprehensive understanding of a company’s financial position and capital structure via fundamental bottom-up analysis. The high-yield investment team benefits from the extensive research capabilities across Capital’s equity and macroeconomic analysts.
Types of Investments
At least 80% of the portfolio will be invested in high-yield, lower rated bonds (BB+/Ba1 or below at the time of purchase) and other similar securities.
Holdings Outside the U.S.
A portion of the portfolio's assets may be invested in securities of issuers outside the U.S., which may be denominated in currencies other than the U.S. dollar.
Maturity
Typically, the fund will be invested in intermediate- to long-term securities.

Fund Facts

Fund Inception 2/19/1988
Fund Assets (millions)
As of 12/31/2024
$22,691.2
Companies/Issuers
Holdings are as of 12/31/2024 (updated monthly).
459+
Shareholder Accounts
Shareholder accounts are as of 12/31/2024
807
Regular Dividends Paid
Monthly
Minimum Initial Investment $0
Capital Gains Paid
Dec
Portfolio Turnover (2024) 39%
Fiscal Year-End Sep
Prospectus Date 12/01/2024
CUSIP 026547 83 6
Fund Number 2521

Returns

Internal Prompt

Month-End Returns as of 1/31/25

RITFX
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index

Quarter-End Returns as of 12/31/24

Internal Prompt

Volatility & Return

Read important investment disclosures

Fixed-Income

For Class R-5 Shares, this chart tracks the 10-year standard deviation
and 10-year annualized return of the fixed income funds
RITFX
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index
Other AF Funds
Standard Deviation as of 01/31/2025 (updated monthly) . Annualized return as of 01/31/2025 (updated monthly) .
VIEW LARGER CHART
Internal Prompt

Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 6.60% 6.61%
Fund at MOP N/A N/A
As of 12/31/2024 (updated monthly)

Portfolio Management

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Tom Chow 10 10 36
David A. Daigle 21 30
Andy Moth 4 8 21
Tara L. Torrens 11 21
Shannon Ward 7 8 32
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(583)
3-yr. Morningstar RatingTM
(583 funds rated)
5-yr. Morningstar RatingTM
(541 funds rated)
10-yr. Morningstar RatingTM
(426 funds rated)
Overall Morningstar Risk Average
HIGH
LOW
Category High Yield Bond
Ratings are based on risk-adjusted returns as of 1/31/2025 (updated monthly).

Risk Measures

Fund
Standard Deviation
7.46
Sharpe Ratio
0.50
For the 10 Years ending 1/31/25 (updated monthly).
American Funds
Benchmark
Morningstar
Benchmark
Bloomberg U.S. Corporate High Yield 2% Issuer Capped Index
Bloomberg US Agg Bond TR USD
R-squared 19 20
Beta 0.65 0.66
Capture Ratio (Downside/Upside) 38/104 38/108
American Funds Benchmark for the 10 Years ending 12/31/24 (updated monthly).
Morningstar Benchmark for the 10 Years ending 1/31/25 (updated monthly).
U.S. Treasuries/Agencies
0.5%
A
0.0%
BBB/Baa
5.0%
BB/Ba
34.9%
B
29.3%
CCC & Below
14.9%
Other
4.8%
Unrated
1.6%
Cash & equivalents
8.9%
% of net assets as of 12/31/2024 (updated monthly)

Average Life Breakdown

0-4.9 Years
62.1%
5-9.9 Years
21.3%
10-19.9 Years
0.9%
20-29.9 Years
0.6%
30+ Years
0.1%
% of net assets as of 12/31/2024 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
U.S. Treasury bonds & notes 0.5%
General obligation bonds 0.1%
Non-U.S. government/agency securities 0.1%

% of net assets as of 12/31/2024 (updated quarterly)

Top Fixed-Income Issuers

EchoStar
2.5%
Charter Communications
2.0%
Service Properties
2.0%
NFE Financing
1.7%
Televisa
1.4%
One Rock Capital Partners LLC
1.4%
Sirius XM Holdings
1.4%
First Quantum Minerals
1.3%
Frontier Communications Parent Inc
1.2%
Navient
1.1%

% of net assets as of 12/31/2024 (updated monthly)

Geographic Breakdown

United States
78.1%
Europe
4.4%
Asia & Pacific Basin
0.9%
Other (Including Canada & Latin America)
6.2%
Cash & equivalents
10.4%
% of net assets as of 12/31/2024 (updated monthly)

Prices & Distributions

Internal Prompt

Historical Prices Month-End

Historical Prices Year-End

Internal Prompt

Historical Distributions as of 02/07/25

2025
Record
Date
Calculated
Date
Pay Date
Income Dividend Regular
Income Dividend Special
Cap. Gains Long-Term
Cap. Gains Short-Term
Reinvest NAV
Daily 01/31/25 02/03/25 $0.0518951 $0.00 $0.00 $0.00 $9.85
2025 Year-to-Date: Dividends Subtotal: $0.05189505 Cap Gains Subtotal: $0.00
Total Distributions: $0.05189505

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.28%
Other Expenses 0.10%
Service 12b-1 --
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio

RITFX 0.38%
Lipper High Yield Funds Average
--%
Fund as of most recent prospectus. Lipper Category as of -- (updated quarterly).