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Capital International Fund Capital International Fund Audited Annual Report 2020 For the year ended 31 December 2020 Société d’Investissement à Capital Variable organised under the laws of the Grand Duchy of Luxembourg R.C.S. Luxembourg B 8833 1RVXEVFULSWLRQFDQEHDFFHSWHGRQWKHEDVLVRIWKHÀQDQFLDOUHSRUWV6XEVFULSWLRQVDUHRQO\YDOLGLIWKH\DUHPDGHRQWKHEDVLVRIWKH prospectus accompanied by the latest annual report and the latest semi-annual report, if published thereafter. Capital International Fund Audited Annual Report for the year ended 31 December 2020 Contents Report of the Board of Directors of the Company to the shareholders .............. 2 Summary information ..................................................... 4 Results (unaudited) ....................................................... 17 Historical data ........................................................... 36 Portfolio breakdown ....................................................... 52 Schedule of investments ................................................... 76 Capital Group New Perspective Fund (LUX) ............................. 76 Capital Group Global Equity Fund (LUX) ................................ 88 Capital Group World Growth and Income (LUX) .......................... 94 Capital Group World Dividend Growers (LUX) ........................... 104 Capital Group New Economy Fund (LUX) ............................... 108 Capital Group New World Fund (LUX) .................................. 115 Capital Group Emerging Markets Growth Fund (LUX) ..................... 131 Capital Group Japan Equity Fund (LUX) ................................ 136 Capital Group European Growth and Income Fund (LUX) .................. 139 Capital Group AMCAP Fund (LUX) ..................................... 143 Capital Group Investment Company of America (LUX) .................... 149 Capital Group Capital Income Builder (LUX) ............................. 156 Capital Group Global Allocation Fund (LUX) ............................. 177 Capital Group Emerging Markets Total Opportunities (LUX) ................ 196 Capital Group Global Bond Fund (LUX) ................................. 212 Capital Group Global Intermediate Bond Fund (LUX) ..................... 232 Capital Group Global Total Return Bond Fund (LUX) ...................... 246 Capital Group Euro Bond Fund (LUX) .................................. 260 Capital Group Global Corporate Bond Fund (LUX) ........................ 273 Capital Group Euro Corporate Bond Fund (LUX) ......................... 289 Capital Group US Corporate Bond Fund (LUX) ........................... 295 Capital Group Global High Income Opportunities (LUX) ................... 309 Capital Group US High Yield Fund (LUX) ............................... 329 Capital Group Emerging Markets Debt Fund (LUX) ....................... 343 Capital Group Emerging Markets Local Currency Debt Fund (LUX) .......... 361 Capital Group EUR Moderate Global Growth Portfolio (LUX) ............... 368 Capital Group EUR Balanced Growth and Income Portfolio (LUX) ........... 369 Capital Group EUR Conservative Income and Growth Portfolio (LUX) ........ 370 Capital Group EUR Conservative Income Portfolio (LUX) .................. 371 Combined statement of net assets ........................................... 372 Combined statement of operations and changes in net assets .................... 382 Combined statement of changes in the number of shares outstanding ............. 391 1RWHVWRWKHÀQDQFLDOVWDWHPHQWV ............................................ 440 General information ....................................................... 477 Audit report ............................................................. 478 Other information (unaudited) .............................................. 481 Contact information ....................................................... 485 Capital International Fund Audited Annual Report 2020 | 1 Report of the Board of Directors of the Company to the shareholders For the year ended 31 December 2020 7KHIROORZLQJSDJHVFRQWDLQWKHDXGLWHGÀQDQFLDOUHSRUWIRUWKH\HDUHQGHG'HFHPEHUIRUWKHIXQGVWKDW comprise Capital International Fund (CIF). Despite heavy losses sparked by the start of the COVID-19 pandemic, global equity markets posted strong absolute returns over 2020. Massive government stimulus measures helped support equity markets throughout the year. The approval of several vaccines and greater political certainty following the US presidential election helped investor optimism in the closing months. Consumer-oriented technology stocks generated the largest gains, lifted by a surge in global e-commerce activity. Energy stocks were weakest, impacted by the Saudi Arabia-Russia price war and lower demand for oil. Brent crude fell below US$23 per barrel in March but recovered to US$51 by year end. US equities led gains globally, boosted by strong returns from dominant tech stocks. Nevertheless, markets became choppier in the autumn, with the US election and vaccine news prompting a rotation away from some growth-oriented stocks into those that had been punished due to the pandemic. In local currency terms, European equities posted negative returns, with the UK particularly weak. However, a Brexit agreement struck in late December lifted sentiment. On the continent, improving demand from China helped to support German manufacturing activity. Japan equities delivered strong returns in both yen and US dollars over 2020. Investors looked beyond economic weakness and the resignation of long-serving prime minister, Shinzo Abe. The new prime minister, Yoshihide Suga, promised policy continuity, along with reforms in regional banks, telecommunications and digital policy. A strong rebound in Q4 drove emerging markets into positive territory in US dollar terms, helped by commodity-based economies such as Brazil and Russia. China’s economic rebound, stronger commodity prices, and government stimulus measures helped propel Chinese equities higher over the year. Throughout much of 2020, unprecedented government and central bank stimulus supported credit markets; central banks’ large asset-purchase programmes also continued to limit the rise in yields. Credit spreads on both investment-grade and high-yield bonds tightened throughout the summer, before giving back some ground in September and October. However, the result of the US election, positive vaccine news, the passing of a new stimulus bill in the US and the signing of a Brexit trade deal between the UK and EU allowed global credit markets to end the year on a high. In foreign exchange markets the US dollar depreciated in December against other major currencies, and those of emerging markets, as the currency faced its worst year since 2017. In this environment, amongst the 24 funds under the CIF umbrella that were active beginning of the period, 23 funds posted positive absolute returns for the full calendar year 202012IWKHÀYHIXQGVODXQFKHGGXULQJWKH\HDUDOOJHQHUDWHGSRVLWLYH absolute returns for the period since their launch. Across all asset classes, the funds’ portfolio managers are singularly focused on delivering superior, consistent results using high-conviction portfolios, rigorous research and individual accountability. 1 All returns for the year to 31 December 2020 are stated net of fees in base currency terms. All returns are in share class C, with the exception of Capital Group Global Total Return Bond Fund (LUX), Capital Group EUR Moderate Global Growth Portfolio (LUX), Capital Group EUR Balance Growth and Income Portfolio (LUX), Capital Group EUR Conservative Income and Growth Portfolio (LUX), Capital Group EUR Conservative Income Portfolio (LUX) which are for share class Z in base currency. 2 | Capital International Fund Audited Annual Report 2020 6LJQLÀFDQWDFWLYLW\LQ On 17 September 2020, Capital International Fund – Capital Group Global Total Return Bond Fund (LUX) was launched. On 16 October 2020, the following funds were launched: Capital International Fund – Capital Group EUR Moderate Global Growth Portfolio (LUX) Capital International Fund – Capital Group EUR Balance Growth and Income Portfolio (LUX) Capital International Fund – Capital Group EUR Conservative Income and Growth Portfolio (LUX) Capital International Fund – Capital Group EUR Conservative Income Portfolio (LUX) $VVHWVDQGFDVKÁRZ During the year, CIF’s combined total net assets increased to €20.0 billion, up from €14.0 billion. This increase was the UHVXOWRIPDUNHWPRYHPHQWDQGQHWLQÁRZVRIĄELOOLRQZKLFKLQFOXGHVWKHÀYHQHZIXQGVODXQFKHGXQGHUWKH&,) umbrella, detailed above. Changes in the total net assets for each fund are shown in the Historical data table on pages 36 to 51. The last audited Net Asset Value, and the last day on which prices were calculated for all funds, was 31 December 2020, with the exception of Capital Group Japan Equity Fund (LUX), which was the 29 December 2020 and Capital Group Emerging Markets Local Currency Debt Fund (LUX) which was the 30 December 2020. The table on pages 17 to 35 gives an overview of the funds’ results in their accounting currency. Results in other currencies can be found online on the Management Company’s webpage at thecapitalgroup.com/international. Thank you for your investment and we look forward to reporting to you again in the semi-annual report at the end of June 2021. The Board of Directors of the Company Capital International Fund Luxembourg, 13 April 2021 7KHÀJXUHVVWDWHGLQWKLVUHSRUWDUHKLVWRULFDODQGQRWUHSUHVHQWDWLYHRIIXWXUHUHVXOWV Capital International Fund Audited Annual Report 2020 | 3 Summary information As at 31 December 2020 &DSLWDO*URXS1HZ3HUVSHFWLYH
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