Fund Details

Purchase Restrictions: Class R-6 shares are available in certain employer-sponsored retirement plans. See the prospectus for details.

Overview

Internal Prompt

A dedicated emerging markets allocation. Seeks to provide long term growth of capital through a diversified portfolio of developing country equities with an emphasis on companies growing faster than their global peers and/or trading at substantial discount.

Price at NAV $6.33 as of 3/21/2023 (updated daily)

Fund Assets (millions) $1,476.0

Portfolio Managers

Expense Ratio

0.70%

Prospectus (PDF)

Internal Prompt

Returns at NAV
Returns at MOP

Returns at NAV

Read important investment disclosures

-12.25%

1-year return

-0.84%

5-year return

1.73%

10-year return

0.81%

30-Day SEC Yield

Returns as of 2/28/23 (updated monthly). Yield as of 2/28/23 (updated monthly).

Returns at MOP

Asset Mix

	U.S. Equities0.8%		Non-U.S. Equities95.4%
	U.S. Bonds0.0%		Non-U.S. Bonds0.0%
	Cash & Equivalents 3.8%

	U.S. Equities0.8%
	Non-U.S. Equities95.4%
	U.S. Bonds0.0%
	Non-U.S. Bonds0.0%
	Cash & Equivalents 3.8%

As of 2/28/2023 (updated monthly)

Internal Prompt

Volatility & Return

VIEW LARGER CHART

Read important investment disclosures

Equities

For Class R-6 Shares, this chart tracks the 10-year standard deviation

and 10-year annualized return of the equity funds

REFGX

MSCI Emerging Markets IMI Index (linked)

Other AF Funds

Standard Deviation as of 02/28/2023 (updated monthly) . Annualized return as of 02/28/2023 (updated monthly) .

VIEW LARGER CHART

Market Capitalization

79.8%

Large

16.3%

Medium

3.9%

Small

$21,824.18 Million

Weighted Average

As of 12/31/2022 (updated quarterly). Morningstar data as of 12/31/2022 (updated quarterly).

Morningstar Ownership Zone^TM

Diversified Emerging Mkts

Weighted average of holdings

75% of fund's stock holdings

Morningstar data as of 12/31/22 (updated quarterly)

INSIGHTS ON THE MORNINGSTAR OWNERSHIP ZONE

Description

Objective

The fund's investment objective is to seek long-term capital growth.

Distinguishing Characteristics

The fund invests primarily in common stock and other equity securities of issuers in developing countries. Developing countries are also known as "emerging markets". In determining whether an issuer is in a developing country, the fund will consider whether the country is generally considered to be developing country by the international financial community, where the issuer is domiciled and/or the location of the issuer's principal place of business.

Types of Investments

The fund invests at least 90% of its net assets in developing country equity securities.

Portfolio Restrictions

The fund may invest no more than 10% of its assets in securities of issuers that are in a developing country that is not a Qualified Market. Qualified Markets are countries that have securities markets designated for investment by the funds investment adviser after taking into account, among other factors, market liquidity, the availability of information about the market and the impact of applicable government regulation. The fund may also invest up to 10% of its net assets in securities of issuers that are not in developing countries, provided that at least 75% of such issuers' assets are in developing countries, or such issuers derive or expect to derive at least 75% of their total revenue or profits from goods or services produced in or sales made in developing countries.

Fund Facts

Fund Inception	5/30/1986
Fund Assets (millions) As of 2/28/2023	$1,476.0
Companies/Issuers Holdings are as of 12/31/2022 (updated quarterly).	149+
Shareholder Accounts Shareholder accounts are as of 2/28/2023	2
Regular Dividends Paid	Dec

Minimum Initial Investment	$1,000,000
Capital Gains Paid	Dec
Portfolio Turnover (2022)	37%
Fiscal Year-End	Jun
Prospectus Date	09/01/2022
CUSIP	290886 30 8
Fund Number	26115

Returns

Internal Prompt

Month-End Returns as of 2/28/23
Quarter-End Returns as of 12/31/22

ANNUAL RETURNS CHART

Month-End Returns as of 2/28/23

Returns at NAV

| at MOP

Read important investment disclosures

REFGX

MSCI Emerging Markets IMI Index (linked)

ANNUAL RETURNS CHART

Quarter-End Returns as of 12/31/22

Growth of 10K
High & Low Prices

Growth of 10K

Read important investment disclosures

For Class R-6 Shares, this chart tracks a hypothetical investment with dividends reinvested through 12/31/2022.

VIEW LARGER CHART

REFGX

MSCI Emerging Markets IMI Index (linked)

VIEW LARGER CHART

High & Low Prices

Internal Prompt

Yield

	12-month
	Distribution Rates	30-day SEC Yield
Fund at NAV	1.27%	0.81%
Fund at MOP	N/A	N/A

As of 2/28/2023 (updated monthly)

Valuation

	Price/	Price/	Price/
	Book	Cash Flow	Earnings
Fund	1.78	8.28	11.98
MSCI Emerging Markets IMI Index (linked)	1.30	5.70	12.40

Fund as of 12/31/22. Index as of 12/31/22.

Portfolio Management

LEARN ABOUT THE CAPITAL SYSTEM^SM

Years of Experience with Fund

Years of Experience with Capital Group

Years of Experience with Investment Industry

Arthur Caye 29 18 5

Eu-Gene Cheah 25 25 5

Victor D. Kohn 38 36 28

F. Chapman Taylor 32 28 6

Arthur Caye	5	18	29
Eu-Gene Cheah	5	25
Victor D. Kohn	28	36	38
F. Chapman Taylor	6	28	32

A boldface number indicates that years of experience with Capital Group is equal to years of experience with investment industry.

Portfolio Composition

Morningstar Rating ^TM

Overall Morningstar Rating^TM Funds rated(742)
3-yr. Morningstar Rating^TM (742 funds rated)
5-yr. Morningstar Rating^TM (657 funds rated)
10-yr. Morningstar Rating^TM (395 funds rated)
Overall Morningstar Risk	Average HIGH LOW
Category	Diversified Emerging Mkts

ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS

Ratings are based on risk-adjusted returns as of 2/28/2023 (updated monthly).

Internal Prompt

Lipper Leader Scorecard

	Overall Over-all	3 yr.	5 yr.	10 yr.
Consistent Return Within Category Funds Rated	(701)	(704)	(617)
Expense Within Category Funds Rated	(463)	(463)	(398)
Preservation Within Category Funds Rated	(12479)	(12479)	(11350)
Tax Efficiency Within Category Funds Rated	(705)	(705)	(618)
Total Return Within Category Funds Rated	(705)	(705)	(618)
Category		Emerging Markets Funds

KEY

HIGHEST

LOWEST

As of 2/28/2023 (updated monthly)

Risk Measures

		Fund
Standard Deviation		17.34
Sharpe Ratio		0.14
For the 10 Years ending 2/28/23 (updated monthly).
American Funds Benchmark		Morningstar Benchmark
MSCI Emerging Markets IMI Index (linked)		MSCI ACWI Ex USA NR USD
R-squared	93	79
Beta	0.98	1.04
Capture Ratio (Downside/Upside)	98/98	108/97
American Funds Benchmark for the 10 Years ending 12/31/22 (updated quarterly). Morningstar Benchmark for the 10 Years ending 2/28/23 (updated monthly).

Holdings

Equities Breakdown

Sectors | Top Industries

Equity Fund Holdings

	Financials 26.4%
	Health care 15.6%
	Consumer discretionary 14.4%
	Information technology 11.7%
	Communication services 11.3%
	Consumer staples 5.0%
	Industrials 4.9%
	Materials 2.6%
	Utilities 2.1%
	Energy 1.4%
	Real estate 1.1%

% of net assets as of 12/31/2022 (updated quarterly)

TSMC

5.3%

Ping An Insurance

4.5%

BeiGene

4.3%

Alibaba Group

3.2%

Hengrui Medicine

3.2%

NetEase

2.7%

Tencent

2.6%

H World Group

2.2%

HDFC Bank

2.2%

Trip.com Group

2.1%

% of net assets as of 2/28/2023 (updated monthly)

QUARTERLY HOLDINGS

HOLDINGS SEARCH

Geographic Breakdown

Regions | Top Countries

United States

1.0%

Europe

4.6%

Asia & Pacific Basin

77.0%

Other (Including Canada & Latin America)

14.0%

Cash & equivalents

3.5%

% of net assets as of 12/31/2022 (updated quarterly)

The New Geography of Investing ®

Equity Portion Breakdown by Domicile | Equity Portion Breakdown by Revenue

Regions	Fund	MSCI Emerging Markets IMI Index (linked)
United States	1.0%	0.0%
Canada	0.2%	0.0%
Europe	3.2%	0.0%
Asia-Pacific ex. Japan	6.5%	0.0%
Emerging Markets	89.1%	100.0%

% of net assets as of 12/31/2022 (updated quarterly)

Regions	Fund	MSCI Emerging Markets IMI Index (linked)
United States	1.0%	0.0%
Canada	0.2%	0.0%
Europe	3.1%	0.0%
Asia-Pacific ex. Japan	6.3%	0.0%
Emerging Markets	86.0%	100.0%
Cash & Equivalents	3.5%	0.0%

% of net assets as of 12/31/2022 (updated quarterly)

Prices & Distributions

Internal Prompt

Historical Prices Month-End
Historical Prices Year-End

FIND HISTORICAL PRICES

Historical Prices Month-End

2023

FIND HISTORICAL PRICES

Historical Prices Year-End

Internal Prompt

Historical Distributions
as of 01/26/23

Historical Distributions as of 01/26/23

2022

Record Date	Calculated Date	Pay Date	Income Dividend Regular	Income Dividend Special	Cap. Gains Long-Term	Cap. Gains Short-Term	Reinvest NAV
12/22/22	12/22/22	12/23/22	$0.0813	$0.00	$0.00	$0.00	$6.22
		2022 Year-to-Date:	Dividends Subtotal: $0.0813		Cap Gains Subtotal: $0.00
			Total Distributions: $0.0813

Rate	As of Date
0.00000000	12/23/2022
0.00000000	12/27/2022
0.00000000	12/28/2022
0.00000000	12/29/2022
0.00000000	12/30/2022
0.00000000	01/03/2023
0.00000000	01/04/2023
0.00000000	01/05/2023
0.00000000	01/06/2023
0.00000000	01/09/2023
0.00000000	01/10/2023
0.00000000	01/11/2023
0.00000000	01/12/2023
0.00000000	01/13/2023
0.00000000	01/17/2023
0.00000000	01/18/2023
0.00000000	01/19/2023
0.00000000	01/20/2023
0.00000000	01/23/2023
0.00000000	01/24/2023
0.00000000	01/25/2023
0.00000000	01/26/2023
0.00000000	01/27/2023
0.00000000	01/30/2023
0.00000000	01/31/2023
0.00000000	02/01/2023
0.00000000	02/02/2023
0.00000000	02/03/2023
0.00000000	02/06/2023
0.00000000	02/07/2023
0.00000000	02/08/2023
0.00000000	02/09/2023
0.00000000	02/10/2023
0.00000000	02/13/2023
0.00000000	02/14/2023
0.00000000	02/15/2023
0.00000000	02/16/2023
0.00000000	02/17/2023
0.00000000	02/21/2023
0.00000000	02/22/2023
0.00000000	02/23/2023
0.00000000	02/24/2023
0.00000000	02/27/2023
0.00000000	02/28/2023
0.00000000	03/01/2023
0.00000000	03/02/2023
0.00000000	03/03/2023
0.00000000	03/06/2023
0.00000000	03/07/2023
0.00000000	03/08/2023
0.00000000	03/09/2023
0.00000000	03/10/2023
0.00000000	03/13/2023
0.00000000	03/14/2023
0.00000000	03/15/2023
0.00000000	03/16/2023
0.00000000	03/17/2023
0.00000000	03/20/2023
0.00000000	03/21/2023

FIND HISTORICAL DISTRIBUTIONS

Rate		As of-Date
0.00000000		12/23/2022
0.00000000		12/27/2022
0.00000000		12/28/2022
0.00000000		12/29/2022
0.00000000		12/30/2022
0.00000000		01/03/2023
0.00000000		01/04/2023
0.00000000		01/05/2023
0.00000000		01/06/2023
0.00000000		01/09/2023
0.00000000		01/10/2023
0.00000000		01/11/2023
0.00000000		01/12/2023
0.00000000		01/13/2023
0.00000000		01/17/2023
0.00000000		01/18/2023
0.00000000		01/19/2023
0.00000000		01/20/2023
0.00000000		01/23/2023
0.00000000		01/24/2023
0.00000000		01/25/2023
0.00000000		01/26/2023
0.00000000		01/27/2023
0.00000000		01/30/2023
0.00000000		01/31/2023
0.00000000		02/01/2023
0.00000000		02/02/2023
0.00000000		02/03/2023
0.00000000		02/06/2023
0.00000000		02/07/2023
0.00000000		02/08/2023
0.00000000		02/09/2023
0.00000000		02/10/2023
0.00000000		02/13/2023
0.00000000		02/14/2023
0.00000000		02/15/2023
0.00000000		02/16/2023
0.00000000		02/17/2023
0.00000000		02/21/2023
0.00000000		02/22/2023
0.00000000		02/23/2023
0.00000000		02/24/2023
0.00000000		02/27/2023
0.00000000		02/28/2023
0.00000000		03/01/2023
0.00000000		03/02/2023
0.00000000		03/03/2023
0.00000000		03/06/2023
0.00000000		03/07/2023
0.00000000		03/08/2023
0.00000000		03/09/2023
0.00000000		03/10/2023
0.00000000		03/13/2023
0.00000000		03/14/2023
0.00000000		03/15/2023
0.00000000		03/16/2023
0.00000000		03/17/2023
0.00000000		03/20/2023
0.00000000		03/21/2023

Fees & Expenses

Internal Prompt

Fees


Annual Management Fees	0.62%
Other Expenses	0.08%
Service 12b-1	--

As of each fund's most recent prospectus.

Internal Prompt

Expense Ratio

REFGX	0.70%
Lipper Emerging Markets Funds Average	--%

Fund as of most recent prospectus. Lipper Category as of -- (updated quarterly).

Resources

Literature

Prospectus (PDF) 09/22
Semi-Annual Report (PDF) 02/23
Annual Report (PDF) 08/22
Statement of Additional Information (PDF) 09/22
Portfolio Holding Q1 (PDF) 11/22
Portfolio Holding Q3 (PDF) 05/22

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STRATEGIES

FOCUSED SOLUTIONS

ATTRIBUTION & COMMENTARY

FUND DATA & TOOLS

OUR APPROACH

CAPITAL IDEAS

ACCOUNTS

Website Access

Investment Fund

Emerging Markets Growth Fund SM (REFGX)

Overview

Returns at NAV

Returns at MOP

Returns at NAV

Returns at MOP

Asset Mix

Volatility & Return

Market Capitalization

Morningstar Ownership ZoneTM

Description

Fund Facts

Returns

Month-End Returns as of 2/28/23

Quarter-End Returns as of 12/31/22

Month-End Returns as of 2/28/23

Quarter-End Returns as of 12/31/22

Growth of 10K

High & Low Prices

Growth of 10K

High & Low Prices

Yield

Valuation

Portfolio Management

Portfolio Composition

Morningstar Rating TM

Lipper Leader Scorecard

Risk Measures

Holdings

Equities Breakdown

Top Equities

Geographic Breakdown

The New Geography of Investing ®

Fund Breakdown by Domicile

Prices & Distributions

Historical Prices Month-End

Historical Prices Year-End

Historical Prices Month-End

Historical Prices Year-End

Historical Distributions

Historical Distributions as of 01/26/23

Fees & Expenses

Fees

Expense Ratio

Resources

Literature

Learn More

Emerging Markets Growth Fund ^SM (REFGX)

Morningstar Ownership Zone^TM

Morningstar Rating ^TM