Summary

Internal Prompt
A research-driven approach to corporate bonds. Total-return-focused fund that seeks to generate most of its returns through income and normally invests its assets in U.S. dollar-denominated, investment-grade securities. Our deep, time-tested research may add consistency of returns while helping maintain a low correlation to equity markets.
Price at NAV $9.31 as of 1/17/2025 (updated daily)
Fund Assets (millions) $1,936.1
Portfolio Managers
1,2
3
Expense Ratio
(Gross/Net %)
3
0.72 / 0.71%
Internal Prompt

Returns at NAV

Returns at MOP

Read important investment disclosures
-2.09%
1-year return
-0.46%
5-year return
2.11%
10-year return
4.34%
30-Day SEC Yield
Returns as of 12/31/24 (updated monthly). Yield as of 12/31/24 (updated monthly).

Asset Mix

U.S. Equities0.0%
Non-U.S. Equities0.0%
U.S. Bonds80.2%
Non-U.S. Bonds10.7%
Cash & Equivalents
4
9.0%
As of 12/31/2024 (updated monthly)
Internal Prompt

Volatility & Return

Read important investment disclosures

Fixed-Income

For Class A Shares, this chart tracks the 10-year standard deviation
5
and 10-year annualized return of the fixed income funds
BFCAX
Bloomberg U.S. Corporate Investment Grade Index
Other AF Funds
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Prices and returns will vary, so investors may lose money. View .

Returns at net asset value (NAV) do not reflect a sales charge. If a sales charge had been deducted, the results would have been lower.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund , which can be obtained from a financial professional and should be read carefully before investing.

The return of principal for bond portfolios and for portfolios with significant underlying bond holdings is not guaranteed. Investments are subject to the same interest rate, inflation and credit risks associated with the underlying bond holdings.

The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds.

Lower rated bonds are subject to greater fluctuations in value and risk of loss of income and principal than higher rated bonds.

While not directly correlated to changes in interest rates, the values of inflation-linked bonds generally fluctuate in response to changes in real interest rates and may experience greater losses than other debt securities with similar durations.

Investing outside the United States involves risks, such as currency fluctuations, periods of illiquidity and price volatility. These risks may be heightened in connection with investments in developing countries.

Investments in mortgage-related securities involve additional risks, such as prepayment risk.

Interests in Capital Group's U.S. Government Securities portfolios are not guaranteed by the U.S. government.

All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.

Investment results assume all distributions are reinvested and reflect applicable fees and expenses.

Since American Funds Corporate Bond Fund's inception through July 29, 2016, certain fees, such as 12b-1 fees, were not charged on Class A shares. If these expenses had been deducted, results would have been lower.

  1. Calculated by Morningstar. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.

Capital Client Group, Inc.

Use of this website is intended for U.S. residents only.

This content, developed by Capital Group, home of American Funds, should not be used as a primary basis for investment decisions and is not intended to serve as impartial investment or fiduciary advice.

© 2025 Morningstar, Inc. All Rights Reserved. Some of the information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar, its content providers nor Capital Group are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Information is calculated by Morningstar. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.

Terms and Definitions

Standard Deviation: Annualized standard deviation (based on monthly returns) is a common measure of absolute volatility that tells how returns over time have varied from the mean. A lower number signifies lower volatility.

Standard Deviation as of 12/31/2024 (updated monthly) . Annualized return as of 12/31/2024 (updated monthly) .
VIEW LARGER CHART

Fund Statistics

6.8 years
Effective Duration
5.2%
Average Yield
to Worst
4.2%
Average Coupon
% of net assets as of 12/31/2024 (updated monthly)

Morningstar Style BoxTM— Fixed-Income
6

Medium Quality
Moderate Interest-Rate Sensitivity
Morningstar data as of 12/31/24 (updated quarterly)

Description

Objective
The fund’s investment objective is to seek to provide maximum total return consistent with capital preservation and prudent risk management.
Distinguishing Characteristics
This total-return-focused fund, which seeks to generate most of its returns through income, normally invests its assets in U.S. dollar-denominated, investment-grade (Baa3/BBB- and above) debt instruments. The fund's primary exposure is to higher quality corporate bonds. Our deep, time-tested research may add consistency of returns while helping maintain a low correlation to equity markets. Leveraging our capabilities across fixed income and equity teams, we are able to deepen our credit research in an underanalyzed category of the bond market.
Types of Investments
Primarily invests in corporate bonds.
Holdings Outside the U.S.
The fund may invest significantly in debt securities tied economically to countries outside the United States, including developing countries. All securities held by the fund will be denominated in U.S. dollars.
Maturity
The fund invests in debt securities with a wide range of maturities.
Portfolio Restrictions
Normally, at least 80% of the fund’s assets will be invested in corporate debt securities. In addition, under normal market conditions the fund invests in debt securities, including money market instruments, cash and cash equivalents, rated Baa3 or better or BBB- or better by Nationally Recognized Statistical Rating Organizations designated by the fund’s investment adviser or in debt securities that are unrated but determined to be of equivalent quality by the fund’s investment adviser at the time of purchase.

Fund Facts

Fund Inception 12/14/2012
Fund Assets (millions)
As of 12/31/2024
$1,936.1
Companies/Issuers
Holdings are as of 12/31/2024 (updated monthly).
184+
Shareholder Accounts
Shareholder accounts are as of 12/31/2024
46,271
Regular Dividends Paid
7
Monthly
Minimum Initial Investment $250
Capital Gains Paid
7
Dec
Portfolio Turnover (2024) 191%
Fiscal Year-End May
Prospectus Date 08/01/2024
CUSIP 02629H 10 9
Fund Number 32

Returns

Internal Prompt

Month-End Returns as of 12/31/24

Quarter-End Returns as of 12/31/24

Growth of 10K
9

Read important investment disclosures
For Class A Shares, this chart tracks a hypothetical investment with dividends reinvested, over the last 20 years, or since inception date if the fund has been in existence under 20 years, through 12/31/2023.
BFCAX
Bloomberg U.S. Corporate Investment Grade Index

High & Low Prices

Internal Prompt

Yield

12-month
Distribution Rates
10
30-day SEC Yield
Fund at NAV 4.05% N/A
Fund at MOP 3.90% 4.34%
As of 12/31/2024 (updated monthly)

Portfolio Management
1,2

Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Robert G. Caldwell 0 24
Karen Choi 5 17 29
Scott Sykes 7 19 23
A boldface number indicates that years of experience with Capital Group is equal to years of experience with investment industry.

Ratings & Risk

Morningstar Rating TM
11


Overall Morningstar RatingTM
Funds rated(176)
3-yr. Morningstar RatingTM
(176 funds rated)
5-yr. Morningstar RatingTM
(162 funds rated)
10-yr. Morningstar RatingTM
(97 funds rated)
Overall Morningstar Risk Below Average
HIGH
LOW
Category Corporate Bond
Ratings are based on risk-adjusted returns as of 12/31/2024 (updated monthly).
Internal Prompt

Lipper Leader Scorecard
12

Over-all 3 yr. 5 yr. 10 yr.
Consistent Return Within Category
Funds Rated

(232)

(232)

(209)

(140)
Expense Within Category
Funds Rated

(47)

(47)

(45)

(39)
Preservation Within Category
Funds Rated

(6102)

(6102)

(5663)

(4185)
Tax Efficiency Within Category
Funds Rated

(232)

(232)

(209)

(140)
Total Return Within Category
Funds Rated

(232)

(232)

(209)

(140)
Category Corp Debt BBB Rated Fds
KEY
HIGHEST LOWEST
As of 12/31/2024 (updated monthly)

Risk Measures

Fund
Standard Deviation
5
6.67
Sharpe Ratio
5
0.13
For the 10 Years ending 12/31/24 (updated monthly).
American Funds
Benchmark
13
Morningstar
Benchmark
5
Bloomberg U.S. Corporate Investment Grade Index
Bloomberg US Agg Bond TR USD
R-squared 89 89
Beta 1.25 1.25
Capture Ratio (Downside/Upside) 124/136 124/136
American Funds Benchmark for the 10 Years ending 12/31/24 (updated monthly).
Morningstar Benchmark for the 10 Years ending 12/31/24 (updated monthly).
U.S. Treasuries/Agencies
9.4%
AAA/Aaa
1.1%
AA/Aa
13.1%
A
36.4%
BBB/Baa
30.5%
BB/Ba
0.1%
Unrated
0.3%
Cash & equivalents
4
9.1%
% of net assets as of 12/31/2024 (updated monthly)

Average Life Breakdown

0-4.9 Years
21.6%
5-9.9 Years
44.9%
10-19.9 Years
9.0%
20-29.9 Years
13.5%
30+ Years
2.0%
% of net assets as of 12/31/2024 (updated monthly)

Holdings

Bonds Breakdown

Bond Details

Total bond holdings
U.S. Treasury bonds & notes 9.0%
Asset-backed obligations 0.9%
Revenue bonds 0.2%
Non-U.S. government/agency securities 0.1%

% of net assets as of 12/31/2024 (updated quarterly)

Top Fixed-Income Issuers
14

U.S. Treasury
9.2%
PG&E
2.8%
JPMorgan Chase
2.6%
Amgen
2.3%
Philip Morris International
2.1%
Boeing
2.0%
AbbVie
2.0%
Edison International
2.0%
Home Depot
1.5%
Morgan Stanley
1.4%

% of net assets as of 12/31/2024 (updated monthly)

Geographic Breakdown

United States
80.2%
Europe
6.3%
Asia & Pacific Basin
0.7%
Other (Including Canada & Latin America)
3.7%
Cash & equivalents
4
9.0%
% of net assets as of 12/31/2024 (updated monthly)

Prices & Distributions

Internal Prompt

Historical Prices Month-End

Historical Prices Year-End

Internal Prompt

Historical Distributions as of 01/17/25

2024
Record
Date
Calculated
Date
Pay Date
Income Dividend Regular
Income Dividend Special
Cap. Gains Long-Term
Cap. Gains Short-Term
Reinvest NAV
Daily 01/31/24 02/01/24 $0.0316345 $0.00 $0.00 $0.00 $9.51
Daily 02/29/24 03/01/24 $0.0288148 $0.00 $0.00 $0.00 $9.34
Daily 03/28/24 04/01/24 $0.0310785 $0.00 $0.00 $0.00 $9.42
Daily 04/30/24 05/01/24 $0.0303169 $0.00 $0.00 $0.00 $9.15
Daily 05/31/24 06/03/24 $0.0314638 $0.00 $0.00 $0.00 $9.28
Daily 06/28/24 07/01/24 $0.0309272 $0.00 $0.00 $0.00 $9.32
Daily 07/31/24 08/01/24 $0.0327142 $0.00 $0.00 $0.00 $9.52
Daily 08/30/24 09/03/24 $0.0318265 $0.00 $0.00 $0.00 $9.64
Daily 09/30/24 10/01/24 $0.0324295 $0.00 $0.00 $0.00 $9.77
Daily 10/31/24 11/01/24 $0.0329848 $0.00 $0.00 $0.00 $9.49
Daily 11/29/24 12/02/24 $0.0312049 $0.00 $0.00 $0.00 $9.57
Daily 12/31/24 01/02/25 $0.0334751 $0.00 $0.00 $0.00 $9.35
2024 Year-to-Date: Dividends Subtotal: $0.37887061 Cap Gains Subtotal: $0.00
Total Distributions: $0.37887061

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.25%
Other Expenses 0.20%
Service 12b-1 0.27%
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio
3

Gross Net
BFCAX 0.72% 0.71%
Lipper Corporate Debt BBB-Rated Funds Average
15
0.97%
Fund as of most recent prospectus. Lipper Category as of 12/31/24 (updated quarterly).