American Funds New Perspective Fund® Class C NPFCX

American Funds New Perspective (which includes the Capital Group-branded Luxembourg, Australia, and Japan vehicles, and CFS-branded Australia vehicles) continues to benefit from an accomplished management roster and a deep global analyst bench, even as it undergoes a long-planned leadership transition. Combined with the strategy’s proven investment approach, these strengths support its High People and Above Average Process ratings.

Although the strategy lost a veteran manager last year and will see another departure this year, Capital Group has executed the leadership transition thoughtfully, and the strategy remains in capable hands. The firm allocates assets between subsidiaries Capital International Investors and Capital World Investors. In early 2025, Barbara Burtin succeeded long-tenured leader Jody Jonsson as head of CWI’s team, with Jonsson stepping off at the end of last year. In March 2026, the firm announced that lead Principal Investment Officer Rob Lovelace will hand off responsibilities to Noriko Chen on May 1, 2026, before stepping off the fund at year-end. Chen has run a sleeve of the strategy for 13 years and has been involved with it for more than 25 years. Burtin, who has been with the firm for 17 years, has managed her portion of the portfolio for seven years. Together, they provide experienced leadership through this transition.

Most of this globally based management team remains intact, ensuring continuity. As lead PIO, Chen will direct the whole strategy, in charge of allocating capital to the managers, and lead the CII team, which includes Lovelace, Anne-Marie Peterson, Aline Avzaradel, and Kohei Higashi. Burtin oversees CWI's team of Brady Enright, Andraz Razen, Patrice Collette, and Steven Watson. Both teams draw on roughly two separate 50-person analyst groups, with each analyst team also managing a dedicated slice of the portfolio.

The team applies a well-established approach focused on global multinationals positioned to benefit from evolving trade dynamics. Typically, these are financially stable, established firms. Each manager independently runs a sleeve but must adhere to requirements that companies derive at least 25% of revenue from outside their home region and maintain a minimum $3 billion market cap at purchase.

The strategy has consistently proved reliable in protecting capital during market downturns, benefiting investors over the long term. Over the trailing 10-, 15-, and 20-year periods through February 2026, the US-domiciled mutual fund outperformed the MSCI ACWI benchmark and ranked in the global large-stock growth Morningstar Category's top third or better each period. In 2025, the strategy landed in the category’s top quintile but lagged the index.

Overall, this remains a top-tier global equity option with strong prospects to build on its long record of success.

The edge of this strategy’s approach is derived from flexibility and a proven focus on financially strong multinationals. It earns an Above Average Process rating.

Since its March 1973 inception, the strategy has sought to invest in firms poised to benefit from shifting global trade patterns. While that mission has endured, its methods have evolved alongside the market. Early on, its investable coverage consisted largely of the constituents of the MSCI World Index, the strategy's longtime benchmark. As global opportunities expanded to include developing markets, the strategy followed suit and shifted its benchmark to the MSCI All-Country World Index in late 2011. The strategy now invests in firms located anywhere in the world if they receive at least 25% of their revenue from outside their home region and have at least a $3 billion market cap at the time of purchase. This results in a portfolio dominated by large multinational companies, complemented by selective emerging-markets exposure.

Capital Group’s multimanager system allows each manager to play to their strengths within the revenue and size parameters. For example, Andraz Razen runs a distinctive, top-heavy portfolio of about 20 stocks with high returns on equity, while Steven Watson sticks largely to value names in a portfolio of 45-60 stocks. Combining these distinct sleeves helps moderate overall volatility while preserving the convictions of the managers.

Sector and geographic allocations in the strategy's roughly 275-stock portfolio are largely a byproduct of its managers' bottom-up analysis. The strategy's balance of US and non-US stocks also shifts based on where the managers see the best opportunities. Its helping of US stocks has ranged from 45% to 56% of assets during the past decade and stood at 53.6% as of December 2025. While managers have leeway to pick stocks across styles, the portfolio has tended to land in the large-growth portion of the Morningstar Style Box thanks to a focus on market-leading multinational companies with decent growth prospects.

Global tech stocks have constituted about one-fifth to one-fourth of the portfolio since mid-2016. Semiconductor names have been a favorite. The strategy's 6%-13% stake has typically been an overweighting relative to the MSCI ACWI, while AI chip demand pushed the index’s weighting up to 11.6%, slightly below the strategy’s 12.7%, as of December 2025. Current top-10 holdings, Taiwan Semiconductor Manufacturing, Broadcom, and Nvidia, stand to profit from increasing demand for generative AI chips and components. The strategy was also overweight healthcare, industrials, and consumer discretionary with roughly 12% to 15% allocations each, thanks to pharmaceutical picks such as Eli Lilly, aerospace companies like Airbus, and e-commerce giant Amazon.com.

The strategy's focus on multinational companies means it won't own major players that don't have significant revenue streams outside their home country. For example, the strategy has had a modest 0.5% to 2.0% stake in Chinese companies over the past five years, largely owing to avoiding domestically focused names like Tencent and Alibaba.

Investors should note that the CFS Australia vehicles are classified as Article 8, so they can’t invest in tobacco or defense companies.

The strategy is in the midst of a long-planned leadership transition, but it remains in capable hands thanks to an experienced management team and a robust global analyst group, supporting its High People rating.

Capital Group divides the strategy’s assets between teams at subsidiaries Capital International Investors and Capital World Investors. After a few years of planning, Barbara Burtin succeeded long-tenured leader Jody Jonsson as CWI’s principal investment officer in early 2025. A PIO is responsible for ensuring the mandate is met, allocating capital to managers, and serving as a spokesperson for the strategy. In March 2026, the firm announced that lead PIO Rob Lovelace will hand off the responsibilities to Noriko Chen on May 1, 2026, and step off the fund at year-end. Lovelace only ran 6% of assets at year-end, so the transition doesn’t represent a huge change.

The firm’s choice of new leaders is sensible. Chen has run a sleeve of the strategy for 13 years and has been involved with it for more than 25 years, including time spent in Asia. Burtin, who has been with the firm for 17 years, has managed her portion of the portfolio for seven years. Burtin has worked in the US, France, and Italy, so she has ample global expertise. Together, they provide experienced leadership through this transition.

Additionally, most of the management team remains intact, ensuring continuity. Chen will direct the whole strategy and the CII team, which includes Lovelace, Anne-Marie Peterson, Aline Avzaradel, and Kohei Higashi. Barbara Burtin oversees CWI's team of Brady Enright, Andraz Razen, Patrice Collette, and Steven Watson. Both CII and CWI draw on roughly 50-person analyst teams, with each group also managing dedicated slices of the portfolio.

Capital Group stands out from the pack as it enhances capabilities around strong core competencies. It earns a High Parent rating.

Since 1931, Capital Group, parent of American Funds, has thoughtfully built out capabilities to become one of the world’s largest asset managers, managing more than USD 3 trillion dollars. Building on the success of its long-term-oriented, multiple-manager system for global equities, the firm has developed robust fixed-income and multi-asset units, each managing more than USD 500 billion. In January 2026, as part of its periodic review of its now five distinct research organizations, Capital Group implemented changes to its equity investment subsidiaries. This exercise resulted in most equity strategies having at least one portfolio manager change, but according to the firm, it better balances each of Capital Group’s three equity groups in terms of investment breadth and helps the firm better align leadership opportunities across the groups. These kinds of shifts have occurred before, with the last coming in 2018.

Capital Group has also turned its attention to some modern opportunities. To address public/private market convergence trends, it launched in April 2025 two semiliquid funds with private market giant KKR. In keeping with its signature portfolio management approach, it splits those funds into multiple sleeves, which are managed independently by distinct managers at each firm. Capital Group plans to deepen this relationship with target-date and model portfolios, as well as public/private equity funds. On the other end of the spectrum, although the firm is firmly dedicated to active management, it has also acknowledged investor preference for passive investing and has thus partnered with indexing stalwarts Vanguard, BlackRock, and Schwab on active/passive models. Capital Group’s proven investment prowess, strong reputation among investors, and scale mean it can be selective with its partnerships.

In addressing another recent trend, since early 2022, the firm has launched more than 25 active exchange-traded funds globally, most of which are distinct, but several are similar to some of its legacy American Funds mutual funds. Unlike some of its peers, though, it has not filed for SEC exemptive relief to offer ETFs as a share class.

That’s a lot of change for such a storied and sizable firm, but Capital Group has a long history of serving investors well.

The US-domiciled mutual fund has consistently delivered strong results.

Its trailing returns for the five-, 10-, 15-, and 20-year periods through February 2026 all ranked in the global large-stock growth category's top third or better. The strategy placed in the category’s top half in nine out of 10 of the past calendar years, including in the top third in six of those. Since its 1973 inception and during longest-tenured manager Robert Lovelace's 20-plus years, it has trounced the category norm, the MSCI ACWI, and its former benchmark, the MSCI World Index. During Lovelace’s tenure, the strategy also beat the global large-growth category benchmark, MSCI ACWI Growth, with which it is more closely correlated.

The strategy's focus on multinational blue chips has seldom hurt shareholders. In its 45-plus calendar years, the strategy has lost money in only nine (1974, 1990, 2000-02, 2008, 2011, 2018, and 2022). In each of those years, the strategy lost significantly less than the benchmark, except for 2011. In 2022, the strategy’s 25.8% decline was less than the category average and the growth index but lagged the MSCI ACWI. As growth stocks bounced back in 2023 and 2024, the strategy lagged the growth index but outpaced the peer norm. In 2025, the strategy handily outperformed the category but slightly lagged both indexes as a handful of picks weighed on results like Novo Nordisk, Carrier Global, and Meta Platforms.

American Funds New Perspective C's Prospectus Adjusted Expense Ratio is 1.47% per year. It places it in the most expensive quintile of the Morningstar US Fund Global Large-Stock Growth Category, where the median fee is 0.99% per year. This cost positioning translates into a Medalist Rating Price Score of -1.68, which reflects its relative price positioning within the category. The Price Score ranges from -2.50 (most expensive) to +2.50 (cheapest), with higher scores indicating better cost competitiveness.