Data as at 31 December 2021. Bear markets are defined as periods where the market falls 20% or more and subsequently recovers 50% of that fall.

The chart is based on S&P 500 price index movements (to allow for the longest possibly history of returns). The figures are calculated on a monthly basis, so calculations take the closest month-end to the start and end of each bear market period. Each fund and strategy is then measured against its relevant market index to determine whether it outpaced or lagged over that period. The relevant indices are as follows: S&P 500 (Investment Company of America, AMCAP), MSCI World (Global Equity, New Perspective, World Growth and Income), MSCI ACWI (New Economy, New World), MSCI Europe (European Growth and Income), TOPIX (Japan Equity), MSCI EM (to Dec 2007) and MSCI EM IMI (from Jan 2008) (Emerging Markets Growth), 70% MSCI ACWI/30% Bloomberg US Aggregate (Capital Income Builder), 60% MSCI ACWI (net dividends reinvested) / 40% Bloomberg Global Aggregate Bond (Global Allocation). Full details of these benchmarks are available in the factsheets available on Fund centre.

This chart shows a mix of data. Luxembourg SICAV funds: These are shown where there is sufficient history to illustrate the historical returns. Investment strategies: Where the SICAV fund that offers access to each of the strategies mentioned above was not launched at the time of the most recent bear market, the relevant results history of its Composite account is shown. Each Composite is defined as a single group of discretionary portfolios that collectively represent a particular investment strategy or objective. This is intended to illustrate our experience and capability in managing that strategy over the long term. Funds with histories that do not extend back to the most recent bear market are not included.

The track records for both the investment strategies and the funds are calculated net of management fees and expenses for a representative Luxembourg fund share class (Z), applying the maximum Total Expense Ratio. In the case of investors investing with the help of a distributor or intermediary, Class Z shares would only apply to distributors and intermediaries who are directly compensated by investors through separate fee arrangements. Further details on the results and the applicable management fees for each fund are included in the factsheets available on the Fund centre. Sources: Capital Group, Standard & Poor’s, MSCI, TOPIX, Bloomberg

The information in relation to the index is provided for context and illustration only. The fund is an actively managed UCITS. It is not managed in reference to a benchmark.

Risk factors you should consider before investing:

• This material is not intended to provide investment advice or be considered a personal recommendation.
• The value of investments and income from them can go down as well as up and you may lose some or all of your initial investment.
• Past results are not a guide to future results.
• If the currency in which you invest strengthens against the currency in which the underlying investments of the fund are made, the value of your investment will decrease. Currency hedging seeks to limit this, but there is no guarantee that hedging will be totally successful.
• Depending on the strategy, risks may be associated with investing in fixed income, derivatives, emerging markets and/or high-yield securities; emerging markets are volatile and may suffer from liquidity problems.