Capital Group Funds (Canada)
Capital Income Builder
Series F, F4
Portfolio data as of October 31, 2024 (updated monthly)
Investment Objective
The fund has two primary investment objectives. It seeks to provide (1) a level of current income that exceeds the average yield on U.S. stocks generally and (2) a growing stream of income over the years (in both cases, measured in U.S. dollars). The fund's secondary objective is to provide growth of capital. The fund invests primarily in a broad range of income-producing securities, including common stocks and bonds.
Fund Description
A global focus on income
Emphasis on above-average and growing income from a broad range of income-producing securities.

The monthly distribution series can help provide investors with a sustainable cash flow, tax efficiency and growth potential.

Returns
Growth of $10,000 since inception (Series F)
Returns include reinvestment of all distributions and do not reflect the effect of a sales charge. Past returns are not predictive of future returns.
Returns (%) Series F Series F4
1 month 1.09 1.09
YTD 16.54 16.53
1 year* 23.95 23.94
3 years* 8.72 8.71
Lifetime* 7.73 8.91
Lifetime (cumulative) 56.36 39.75
2023 6.06 6.04
2022 -1.14 -1.15
2021 13.48 13.48
2020 0.50 —  
*Annualized compound returns.
Portfolio information
Fund assets ($mil) combined series $405.5
Dividend yield (equity)1 3.33%
Yield to worst (bonds)2 5.25%
Companies / issuers   477
Portfolio turnover (2023)   63%
Trading expense ratio3   0.05%
Sector diversification
Equity 78.5%
Financials 13.9%
Information technology 10.9%
Health care 10.4%
Industrials 9.4%
Consumer staples 8.4%
Utilities 6.4%
Energy 5.4%
Consumer discretionary 4.4%
Real estate 4.2%
Communication services 2.7%
Materials 2.4%
Bonds 17.5%
Mortgage backed 7.2%
Corporate 5.1%
Government 4.4%
Asset backed 0.8%
Cash and cash equivalents
  & other assets less liabilities
4.0%
Total portfolio 100.0%
Portfolio characteristics
  Series F Series F4
FundSERV CIF 123 CIF 8123
MER4 0.92% 0.93%
Fund inception Oct 31, 2018 Nov 30, 2020
Minimum initial investment $500 $5,000
Income distributions paid Mar, Jun, Sep, Dec December
Return of capital paid5 —   Monthly
Capital gains paid December December
12-month distribution rate6 2.6% —  
Trade settlement T+17 T+17
Portfolio managers
Years with Capital / Years in profession
Aline Avzaradel 19 / 22
Alfonso Barroso 29 / 30
Grant Cambridge 27 / 27
Charles Ellwein 18 / 32
David Hoag 32 / 36
Winnie Kwan 24 / 29
Jim Lovelace 42 / 42
Fergus MacDonald 20 / 31
Caroline Randall 18 / 26
Will Robbins 29 / 32
Steve Watson 34 / 36
Philip Winston 27 / 41
Top 10 holdings
United States government bond (USD) 4.2%
Broadcom (equity) 4.1%
Fannie Mae (USD) 3.9%
Philip Morris International (equity) 2.9%
AbbVie (equity) 2.5%
Microsoft (equity) 1.8%
Freddie Mac (USD) 1.7%
Rtx Corp (equity) 1.7%
TSMC (equity) 1.6%
VICI Properties (equity) 1.6%
Total top 10 holdings 26.0%
Geographic diversification
  Equity Bonds Portfolio
United States 47.0% 16.5% 63.5%
Europe ex-UK 12.1% 0.7% 12.8%
United Kingdom 6.1% 0.1% 6.2%
Emerging Markets 4.7% 0.1% 4.8%
Canada 4.0% 0.1% 4.1%
Pacific Basin ex-Japan 2.3% 0.0% 2.3%
Japan 2.0% 0.0% 2.0%
Other 0.3% 0.0% 0.3%
Cash and cash equivalents
  & other assets less liabilities
4.0%
Total portfolio 100.0%
Bond quality summary
% of Bonds
AAA/Aaa 6.7
AA/Aa 60.9
A 12.8
BBB/Baa 10.7
BB/Ba 4.0
B 2.8
CCC/Caa & below
Unrated 2.0
Investment grade 91.1
Below investment grade 6.8
1 Reflects dividend yield for the equity portion of the portfolio. Income generated by portfolio securities, before expenses; does not reflect unitholder distributions.
2 Yield to worst reflects the lowest yield that can be realized by either calling or putting on one of the available call/put dates, or holding a bond to maturity.
3 As of June 30, 2024.
4
Capital Group, at its discretion, currently waives some of its management fees or absorbs some expenses of certain Capital Group funds. Such waivers and absorptions may be terminated at any time, but can be expected to continue for certain portfolios until such time as such funds are of sufficient size to reasonably absorb all management fees and expenses incurred in their operations.
The management expense ratios for the portfolios are based on unaudited total expenses for the 12-month period ended June 30, 2024 and are expressed as an annualized percentage of daily average net assets during the period. Actual MERs may vary. The following lists the management expense ratios for Capital Group Capital Income Builder (Canada) before waivers or absorptions for the six-month period ended June 30, 2024: Series A, 2.01%; Series F, 0.92%; Series T4, 2.06%; Series F4, 0.93%; Series AH, 2.13%; Series FH, .99%; Series I, 0.15%.
5 Payable on Series T4 and F4 only.
6 Reflects the sum of income distributions over the trailing 12 months, divided by the sum of the previous month's ending NAV plus any capital gains distributed over the 12-month period.
7 Prior to May 27, 2024, the trade settlement cycle for Capital Group Funds (Canada) was trade date (T) + 2.
Not available to U.S. residents.
Updated on a monthly basis.
Commissions, trailing commissions, management fees and expenses all may be associated with investments in investment funds. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any unitholder that would have reduced returns. Investment funds are not guaranteed or covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. For investment funds other than money market funds, their values change frequently. For money market funds, there can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Past performance may not be repeated.
Aline Avzaradel
Years at Capital: 19
Years in profession: 22
Based in San Francisco
Aline Avzaradel is an equity portfolio manager at Capital Group. As an equity analyst, she covers U.S. insurance companies. Earlier in her career at Capital, her coverage included the apparel industry, nonalcoholic beverages and packaged food companies. Prior to joining Capital, Aline was an investment banking analyst with Morgan Stanley in New York. She holds an MBA from Stanford Graduate School of Business and a bachelor’s degree in economics and mathematics from Barnard College graduating summa cum laude and Phi Beta Kappa.
Alfonso Barroso
Years at Capital: 29
Years in profession: 30
Based in London
Alfonso Barroso is an equity portfolio manager at Capital Group. Earlier in his career, as an equity investment analyst at Capital, Alfonso covered retail companies in Europe and Latin America, European real-estate and REITs, and European internet and telecommunication services. Alfonso began his career at Capital as a participant in The Associates Program, a two-year series of work assignments in various areas of the organization. He holds a bachelor's degree with honours in economics and Hispanic studies from Harvard University.
Grant Cambridge
Years at Capital: 27
Years in profession: 27
Based in Los Angeles
Grant L. Cambridge is an equity portfolio manager at Capital Group. Earlier in his career, as an equity investment analyst at Capital, he covered insurance, airlines, air freight, home builders, asset managers and software companies, as well as small- and midcap companies. Prior to joining Capital, he worked for BTM Capital, a subsidiary of the Bank of Tokyo-Mitsubishi in Boston. He holds an MBA from Harvard Business School, a master's degree from Suffolk University and a bachelor's degree from Bentley College.
Charles Ellwein
Years at Capital: 18
Years in profession: 32
Based in San Francisco
Charles E. Ellwein is an equity portfolio manager at Capital Group. As an equity investment analyst, he covers U.S. commercial & professional services and Canada as a generalist. Earlier in his career at Capital, he also covered U.S. Exchanges and global telecom equipment. Prior to joining Capital, he was a managing member at Farallon Capital Management in San Francisco responsible for investments in the technology and media sectors. He holds an MBA with honours from Stanford Graduate School of Business and a bachelor’s degree with honours in electrical engineering from Brown University.
David Hoag
Years at Capital: 32
Years in profession: 36
Based in Los Angeles
David A. Hoag is a fixed income portfolio manager at Capital Group. He also serves on the Fixed Income Management Committee. Earlier in his career, as a fixed income investment analyst at Capital, he covered municipal bonds. Prior to joining Capital, David worked as a municipal bond analyst for Van Kampen Merritt Investment Advisory Corp. in Lisle, Illinois. He holds an MBA in finance from the University of Chicago Booth School of Business and a bachelor's degree in economics and business from Wheaton College, Illinois.
Winnie Kwan
Years at Capital: 24
Years in profession: 29
Based in Hong Kong
Winnie Kwan is an equity portfolio manager at Capital Group. Earlier in her career, as an equity investment analyst at Capital, she covered global exchanges, Asian utilities and small-cap companies. Prior to joining Capital, Winnie worked with Morgan Stanley in London, Hong Kong and Singapore. She holds both master's and bachelor's degrees in economics from Trinity College at the University of Cambridge. She also holds the Chartered Financial Analyst® designation.
Jim Lovelace
Years at Capital: 42
Years in profession: 42
Based in Los Angeles
James B. Lovelace is an equity portfolio manager at Capital Group. Earlier in his career, as an equity investment analyst at Capital, Jim covered beverages & tobacco, restaurants & lodging, household products and personal care companies. Jim began his career at Capital as a participant in The Associates Program, a two-year series of work assignments in various areas of the organization. He holds a bachelor's degree with honours in philosophy from Swarthmore College. He also holds the Chartered Financial Analyst® designation and is a member of the Los Angeles Society of Financial Analysts.
Fergus MacDonald
Years at Capital: 20
Years in profession: 31
Based in Los Angeles
Fergus N. MacDonald is a fixed income portfolio manager at Capital Group. He also serves on the Fixed Income Management Committee. Earlier in his career at Capital, he was a fixed income investment analyst covering mortgage-backed securities. Prior to joining Capital, he was a vice president at Goldman Sachs & Co. and an associate in the derivative products group at Morgan Stanley. Before that, Fergus was a consultant and actuary at Hewitt Bacon & Woodrow in London. He holds a graduate degree in applied mathematics and theoretical physics from Cambridge University and a bachelor's degree with first-class honours in mathematics from the Imperial College of Science Technology and Medicine.
Caroline Randall
Years at Capital: 18
Years in profession: 26
Based in London
Caroline Randall is a portfolio manager at Capital Group. She also serves on the Capital Group Management Committee. Earlier in her career at Capital, as an equity investment analyst, she covered European utilities and transportation companies. Prior to joining Capital, she was head of European utilities research at J.P. Morgan. Before that, she was an analyst with Schroder Securities and an associate in investment banking at Deutsche Bank. She holds both a master’s and bachelor’s degree in economics from the University of Cambridge.
Will Robbins
Years at Capital: 29
Years in profession: 32
Based in San Francisco
William L. Robbins is an equity portfolio manager at Capital Group. He also serves on the Portfolio Solutions Committee. Earlier in his career, as an equity investment analyst at Capital, Will covered small-capitalization companies, REITs and U.S. banks. Prior to joining Capital, he was a part of the investment team at Tiger Management Corp. in New York and a financial analyst with Morgan Stanley. Will holds an MBA from Harvard Business School and a bachelor’s degree from Harvard College, graduating magna cum laude. Will is based in San Francisco.
Steve Watson
Years at Capital: 34
Years in profession: 36
Based in Hong Kong
Steven T. Watson is an equity portfolio manager at Capital Group. Earlier in his career, as an equity investment analyst at Capital, he covered Asian property and transportation, as well as European transportation and utilities companies. Before joining Capital, Steve was a buy-side research analyst for Sanford C. Bernstein & Co. in New York. He holds an MBA in finance from New York University Graduate School of Business Administration, a master's degree in French studies from New York University Institute of French Studies and a bachelor's degree in French from the University of Massachusetts graduating cum laude. He also studied Mandarin Chinese at Wuhan University and the Shanghai Foreign Language Institute in China.
Philip Winston
Years at Capital: 27
Years in profession: 41
Based in London
Philip Winston is an equity portfolio manager at Capital Group. Earlier in his career, in addition to being a portfolio manager, Philip was an equity investment analyst at Capital covering U.K. property and paper & packaging companies, as well as European property and media companies. Before joining Capital, he was a director and U.K. equity fund manager at BZW Investment Management in London. Prior to that, he worked at Orion Royal Bank in London and New York. He holds a PhD and a master's degree in history from Cambridge University.
Capital Group funds and Capital International Asset Management (Canada), Inc., are part of Capital Group, a global investment management firm originating in Los Angeles, California in 1931. Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed-income investment professionals provide fixed-income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups.
Commissions, trailing commissions, management fees and expenses all may be associated with investments in investment funds. Please read the prospectus before investing. Investment funds are not guaranteed or covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. For investment funds other than money market funds, their values change frequently. For money market funds, there can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Past performance may not be repeated.
Distributions
    Series F Series F4
2024 YTD Income $0.276
  Capital gains
  Return of capital $0.330
  Total $0.276 $0.330
2023 Income $0.330 $0.275
  Capital gains
  Return of capital $0.396
  Total $0.330 $0.671
2022 Income $0.375 $0.288
  Capital gains
  Return of capital $0.432
  Total $0.375 $0.720
2021 Income $0.261 $0.173
  Capital gains
  Return of capital $0.408
  Total $0.261 $0.581
2020 Income $0.204
  Capital gains
  Return of capital $0.033
  Total $0.204 $0.033
Historical Prices & Distributions
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Commissions, trailing commissions, management fees and expenses all may be associated with investments in investment funds. Please read the prospectus before investing. Investment funds are not guaranteed or covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. For investment funds other than money market funds, their values change frequently. For money market funds, there can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Past performance may not be repeated.