Equity / Emerging Markets
Emerging Markets Equities Fund
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.
Overview
Key information
Objective
The fund's investment objective is to seek long-term capital growth.
Types of investments
The fund invests primarily in developing country equity securities.
Distinguishing characteristics
The fund is intended to serve as a primary emerging markets portfolio allocation and seeks to offer a pure equity solution. The fund allows minimal flexibility to invest in companies domiciled outside developing markets so long as a minimum of 75% of a company’s revenues or profits or sales are derived from developing markets; such investments, and cash, may comprise up to 10% of the fund's assets. The fund’s positioning will be mainly driven by bottom-up selection rather than large top-down country or sector allocation decisions. The fund seeks to deliver in-line or lower volatility, but with superior long-term security selection relative to the MSCI Emerging Markets Index.
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.
Key facts
Fund inception
5/30/86
Fund assets (millions)
$488.1
As of 10/31/26 (updated monthly)
Issuers
122
As of 10/31/26 (updated monthly)
One-year turnover (%) 5
46.0
Regular dividends paid 8
Dec.
Capital gains paid 8
Dec.
Fiscal year-end
June
Prospectus date
9/1/26
CUSIP
290886 30 8
Fund number
26115
Portfolio managers6, 7
Principal Investment Officer
Portfolio managers6, 7
Principal Investment Officer
Returns
Investment results1, 2
Total returns for periods ended 10/31/26 (%)
- ●REFGX at NAV
- ●Index
| Daily YTD | 1M | 3M | YTD | 1Y | 3Y | 5Y | 10Y | 15Y | 20Y | Lifetime |
|---|
Index data refers to the Emerging Markets Equity Historical Benchmark Index.
Daily YTD as of 11/13/26.Returns greater than one year are annualized.
Fund inception: 5/30/86. Index lifetime is based on inception date of the fund.
Long-term results
As of 10/31/26 (updated monthly, %)
| Average rolling monthly return(%)tooltip: Average rolling return provides the average return for the portfolio across all periods within the specified timeframe. | 15.23 |
|---|---|
| Average rolling monthly index return(%)tooltip: Average rolling index return provides the average return for the index across all periods within the specified timeframe. | 12.87 |
| Average outpaced rolling monthly return(%)tooltip: Average outpaced rolling return is the average percentage the portfolio outpaced the index in periods where the portfolio return was greater than the index for the specified timeframe. | 5.92 |
| Average lagging rolling monthly return(%)tooltip: Average lagged rolling return is the average percentage the portfolio lagged the index in periods where the portfolio return was less than the index for the specified timeframe. | -3.50 |
| Average excess rolling monthly return(%)tooltip: Average excess rolling return is the average of the excess return between the portfolio and the index across all periods for the specified timeframe. | 1.49 |
Volatility & returns
As of 10/31/26 (updated monthly, %)
- ●REFGX
- ▲Other CG funds
- ■Emerging Markets Equity Historical Benchmark Index
Risk measures
As of 10/31/26 (updated monthly)
| Standard deviation (%) | |
| REFGX | 15.85 |
| Index | 17.82 |
| Sharpe ratio | |
| REFGX | 0.92 |
| Index | 0.98 |
| R-squared (%) | 93.29 |
| Alpha | -0.58 |
| Beta | 0.86 |
| Information ratio | -0.65 |
| Downside capture ratio (%) | 85 |
| Upside capture ratio (%) | 88 |
| Tracking error (%) | 4.84 |
| S&P 500 correlation | 0.65 |
| MSCI ACWI correlation | 0.79 |
Index data, and data calculated against an index, refers to the Emerging Markets Equity Historical Benchmark Index unless noted otherwise.
Prices & distributions
As of 11/13/26
- Price at nav ($)
- Price change ($)
- Price change (%)
| YTD dividends subtotal | — |
| YTD cap gains subtotal | — |
| YTD total distributions | — |
Find Historical Prices
Find Historical Distributions
Yield
As of 10/31/26 (updated monthly, %)
| 12-month distribution rate (at NAV)9 | 0.39 |
| 30-day SEC yield (gross/net) | 1.09 / 1.09 |
Ratings are based on risk-adjusted returns.
Portfolio composition
Asset class exposure
As of 10/31/26 (updated monthly, %)
U.S. Equities | 2.0 |
|---|---|
Non-U.S. Equities | 95.9 |
U.S. Fixed Income | 0.0 |
Non-U.S. Fixed Income | 0.0 |
Cash and Equivalents11 | 2.0 |
Others and Convertibles12 | 0.0 |
U.S. Equities | 2.0 |
|---|---|
Non-U.S. Equities | 95.9 |
U.S Fixed Income | — |
Non-U.S. Fixed Income | — |
Cash and Equivalents | 2.0 |
Others and Convertibles12 | — |
Market capitalization
As of 10/31/26 (updated monthly)
- ●REFGX
- ●Index
REFGX | Index | |
|---|---|---|
Highest quintile $861,133.9 — $1,848,511.9 | 20.4% | 22.6% |
Second quintile $79,717.9 — $665,587.1 | 20.9% | 17.6% |
Middle quintile $22,472.3 — $67,251.9 | 14.9% | 19.7% |
Fourth quintile $7,960.1 — $22,377.6 | 18.9% | 20.6% |
Lowest quintile $0.0 — $7,954.7 | 20.9% | 19.6% |
REFGX
$65,501.0
Index
$52,200.0
Index data refers to the MSCI Emerging Markets Index.
Morningstar Ownership Zone™13
As of 9/30/26 (updated quarterly)
Value
Blend
Growth
Large
Mid
Small
Large Blend
Weighted average of holdings
75% of fund's stock holdings
Top equity holdings
As of 10/31/26 (updated monthly, %)
| REFGX | Index | |
|---|---|---|
| Taiwan Semiconductor Manufacturing | 16.8% | 15.9% |
| SK hynix | 6.8% | 5.2% |
| Samsung Electronics | 4.6% | 7.9% |
| MediaTek | 3.9% | 1.5% |
| Tencent | 3.6% | 2.7% |
| NetEase | 2.1% | 0.4% |
| PICC Property & Casualty | 2.0% | 0.1% |
| Hana Financial Group | 1.8% | 0.2% |
| International Container Terminal Services | 1.6% | 0.1% |
| Bharti Airtel | 1.5% | 0.5% |
Portfolio exposures
As of 9/30/26 (updated monthly, percent)
| Sectors and top holdings | REFGX (percent) | INDEX (percent) | |
|---|---|---|---|
| Energy | 2.1 | 3.4 | |
| Materials | 2.9 | 5.7 | |
| Industrials | 10.2 | 6.4 | |
| Consumer discretionary | 7.9 | 7.4 | |
| Consumer staples | 4.0 | 2.6 | |
| Health care | 4.8 | 2.7 | |
| Financials | 19.5 | 19.3 | |
| Information technology | 35.9 | 44.0 | |
| Communication services | 7.1 | 5.7 | |
| Utilities | 0.4 | 1.9 | |
| Real estate | 1.7 | 1.0 |
The New Geography of Investing®14
As of 10/31/26 (updated monthly, %)
| Region | REFGX (%) | Index (%) |
|---|---|---|
| United States | 2.1 | — |
| Canada | 0.2 | — |
| Europe & Middle East | 0.0 | — |
| Asia-Pacific ex. Japan | 0.7 | — |
| China | 22.1 | 20.0 |
| Emerging markets ex. China | 73.8 | 79.9 |
| Other | 1.2 | — |
| Region | REFGX (%) | Index (%) |
|---|---|---|
| United States | 24.6 | 24.3 |
| Canada | 0.3 | 0.5 |
| Europe & Middle East | 3.5 | 5.0 |
| Japan | 1.8 | 1.8 |
| Asia-Pacific ex. Japan | 1.3 | 1.4 |
| China | 26.4 | 24.5 |
| Emerging markets ex. China | 38.2 | 38.7 |
| Other | 3.9 | 3.8 |
| Region | REFGX (%) | Index (%) |
|---|---|---|
| United States | 2.0 | — |
| Canada | 0.2 | — |
| Europe & Middle East | 0.0 | — |
| Asia-Pacific ex. Japan | 0.7 | — |
| China | 21.6 | 20.0 |
| Emerging markets ex. China | 72.3 | 79.8 |
| Other | 1.2 | — |
| Cash & equivalents11 | 2.0 | — |
| Region | REFGX (%) | Index (%) |
|---|---|---|
| United States | 2.1 | — |
| Canada | 0.2 | — |
| Europe & Middle East | 0.0 | — |
| Asia-Pacific ex. Japan | 0.7 | — |
| China | 22.1 | 20.0 |
| Emerging markets ex. China | 73.8 | 79.9 |
| Other | 1.2 | — |
| Region | REFGX (%) | Index (%) |
|---|---|---|
| United States | 24.6 | 24.3 |
| Canada | 0.3 | 0.5 |
| Europe & Middle East | 3.5 | 5.0 |
| Japan | 1.8 | 1.8 |
| Asia-Pacific ex. Japan | 1.3 | 1.4 |
| China | 26.4 | 24.5 |
| Emerging markets ex. China | 38.2 | 38.7 |
| Other | 3.9 | 3.8 |
| Region | REFGX (%) | Index (%) |
|---|---|---|
| United States | 2.0 | — |
| Canada | 0.2 | — |
| Europe & Middle East | 0.0 | — |
| Asia-Pacific ex. Japan | 0.7 | — |
| China | 21.6 | 20.0 |
| Emerging markets ex. China | 72.3 | 79.8 |
| Other | 1.2 | — |
| Cash & equivalents11 | 2.0 | — |
Index data refers to the MSCI Emerging Markets Index.
Fees & expenses
Fees
As of the most recent prospectus (%)
Annual management fees | 0.62 |
|---|---|
Other expenses | 0.23 |
12b-1 | n/a |
Expense ratio
Values shown as percentages (%)
REFGX (gross/net)3 | 0.85/0.74 |
|---|---|
Morningstar Emerging Markets Stock Retirement, Large median15 As of 9/30/26 (updated quarterly) | 0.94 |
Resources
Literature
Dates as of posting
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EXPLORE INSIGHTSFind resources on topics ranging from plan design to participant education
EXPLORE RESOURCESFigures shown are past results and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Investing for short periods makes losses more likely.
Prices and returns will vary, so investors may lose money.
View mutual fund expense ratios and returns.
View current mutual fund SEC yields.
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 prospectuses and/or summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.
Investing in developing markets may be subject to additional risks, such as significant currency and price fluctuations, political instability, differing securities regulations and periods of illiquidity, which are detailed in the fund's prospectus. Investments in developing markets have been more volatile than investments in developed markets, reflecting the greater uncertainties of investing in less established economies. Individuals investing in developing markets should have a long-term perspective and be able to tolerate potentially sharp declines in the value of their investments.
Smaller company stocks entail additional risks, and they can fluctuate in price more than larger company stocks.
Capital Group offers some funds in a range of share classes designed to meet the needs of retirement plan sponsors and participants. The different share classes incorporate varying levels of financial professional compensation and service provider payments.
Because Class R-6 shares do not include any recordkeeping payments, expenses are lower and results are higher. Other share classes that include recordkeeping costs have higher expenses and lower results than Class R-6.
There have been periods when the results lagged the index(es) and/or average(s).
The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. Please visit the data provider's website for more information.
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Portfolios are managed, so holdings will change.
Certain fixed income and/or cash and equivalents holdings may be held through mutual funds managed by the investment adviser or its affiliates that are not offered to the public.
Totals may not reconcile due to rounding and/or cash flows.
Investment results assume all distributions are reinvested and reflect applicable fees and expenses.
When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower and net expenses higher.
For mutual funds, read details about how waivers and/or reimbursements affect the results for each fund.
View results and yields without fee waiver and/or expense reimbursement.
For the Emerging Markets Equities Fund share class(es) listed below, the investment adviser has agreed to reimburse a portion of fund expenses through the date(s) listed below, without which results would have been lower and net expenses higher.
- Class R-6 shares (expiration: 9/1/2027)
Certain share classes were offered after the inception dates of some funds. Results for these shares prior to the dates of first sale are hypothetical based on the original share class results without a sales charge, adjusted for typical estimated expenses.
- Class R-6 shares were first offered on 5/1/2009.
1.
YTD (year-to-date return): For the period from January 1 of the current year to the date shown or from inception date if first offered after January 1 of the current year.
2.
When applicable, returns for less than one year are not annualized, but calculated as cumulative total returns.
3.
Expense ratios are as of each fund's prospectus/characteristics statement, as applicable, available at the time of publication.
4.
Market capitalization data is provided by FactSet. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.
5.
Portfolio turnover is as of the most recent prospectus/characteristics statement, as applicable.
6.
Reflects current team at the time of publication. Years of experience in investment industry and Capital Group are as of the most recent year end.
7.
Arthur Caye and Patricio Ciarfaglia will be retiring from the firm effective 2/1/2027, and will transition out of the fund effective 1/1/2027. Noriko Chen and Lisa Thompson will be disclosed as portfolio managers effective 1/1/2027. (Emerging Markets Equities Fund)
8.
The months indicated for dividends and capital gains paid represent the anticipated current year ex-dividend date schedule for all share classes.
9.
The distribution rate reflects the fund's past dividends paid to shareholders and may differ from the fund's SEC yield which reflects the rate at which the fund is earning income on its current portfolio of securities. The distribution rate reflects fee waivers and/or expense reimbursements in effect during the period. Without waivers and/or reimbursements, it would be reduced.
10.
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past results are not a guarantee of results in future periods. The Morningstar Ratings are based on the share classes of each underlying fund held by the series; other underlying fund share classes may have different performance characteristics.
11.
Includes cash, short-term securities, other assets less liabilities, and certain accruals. It may also include investments in money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
12.
May include forwards, options on forwards, warrants, and convertible securities.
13.
The Morningstar Ownership Zone™ provides detail about a portfolio's equity investment style by showing the range of stock sizes and styles. A portfolio's Ownership Zone™ is derived by plotting each stock in the fund's portfolio within the proprietary Morningstar Style Box™. The shaded area represents the center 75% of the fund's assets, and it provides an intuitive visual representation of the area of the market in which the fund invests. A "centroid" plot in the middle of the Ownership Zone represents the weighted average of all the fund's holdings. A fund that is concentrated will have a small ownership zone relative to the area of the style box, and broadly diversified fund will have an ownership zone that stretches across many sizes and style. Over a period of time, the shape and location of a fund's ownership zone may vary.
14.
Figures include convertible securities. The equity breakdown by revenue reflects the portfolio's publicly traded equity holdings and excludes cash (and fixed income securities, if applicable). Underlying revenue data were compiled by MSCI and account for disparities in the way companies report their revenues across geographic segments. MSCI breaks out each company's reported revenues into country-by-country estimates. MSCI provides revenue data figures based on a proprietary, standardized model. Revenue exposure at the portfolio and index level was calculated by using FactSet, which takes these company revenue exposures and multiplies by the company's weighting in the portfolio and index. In this breakdown, Israel has been included in Europe.
15.
Source for Morningstar expense ratio comparison: Morningstar, based on Morningstar Emerging Markets Stock Retirement, Large median funds' most recent fiscal year-ends available as of the most recent quarter-end.
This content, developed by Capital Group, home of American Funds, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fiduciary advice.
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