Capital Group CEO and firm veteran Tim Armour will relinquish his manager duties and retire at the end of 2023. He is the longest-serving manager on American Funds New Economy, but the firm has set this strategy up for success. Six of the eight managers have been disclosed in the past five years. Last year, Matthews Cherian took over from Armour as the strategy’s lead principal investment officer in charge of allocating capital across the managers’ independently run sleeves. With the recent manager additions, which illustrated the firm’s methodical approach to adding investment talent, Cherian has several managers that have enough spare capacity to handle taking on more assets as he looks to distribute Armour’s allocation. As a result, Armour’s planned departure does not alter the strategy's Morningstar Analyst Ratings of Silver or Bronze across its 19 share classes.
- NAV / 1-Day Return 48.00 / 1.33 %
- Total Assets 26.4 Bil
-
Adj. Expense Ratio
0.800%
- Expense Ratio 0.820%
- Distribution Fee Level Below Average
- Share Class Type No Load
- Category Global Large-Stock Growth
- Investment Style Large Growth
- Min. Initial Investment 250
- Status Open
- TTM Yield 0.00
- Turnover 35%
Morningstar’s Analysis ANFFX
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Process Pillar
People Pillar
Parent Pillar
An Upcoming Manager Retirement on American Funds New Economy Does Not Change Ratings
Analyst Note
|- Current Portfolio Date Dec 31, 2022
- Equity Holdings 238
- Bond Holdings 0
- Other Holdings 8
- % Assets in Top 10 Holdings 22.9
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector
Capital Group Central Cash Fund
10.90
2,671,652,072
Cash and Equivalents