What Sudden Manager Departure Means for American Funds
Mark Denning's departure is a loss, and we're putting American Funds New Economy under review.
American Funds veteran Mark Denning unexpectedly left parent company Capital Group on Sept. 9, 2019. Although Denning joined Capital Group 37 years ago, his departure wasn't a retirement but a personnel decision, according to a spokesperson. The circumstances surrounding this development remain uncertain, but it is a loss.
More than one colleague has singled out Denning as uniquely talented. At the time of his departure, he managed money in four American Funds strategies, all of which have Morningstar Analyst Ratings of Gold. He was the principal investment officer of American Funds Capital World Growth and Income (CWGIX) and one of eight named managers on that strategy. Denning was also one of nine named managers on American Funds EuroPacific Growth (AEPGX), one of 10 managers on American Funds New World (NEWFX), and one of four managers on American Funds New Economy (ANEFX).
Alec Lucas does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.