Fixed Income / U.S. Government
A quality foundation. Invests primarily in securities guaranteed or sponsored by the U.S. government and manages allocations between government and mortgage securities. Seeks to outpace the Treasury and mortgage-backed securities markets while maintaining low correlation to equities and minimal credit risk.
Overview
Key information
Objective
The fund's investment objective is to provide a high level of current income consistent with prudent investment risk and preservation of capital.
Types of investments
Primarily invests in direct obligations of the U.S. Treasury and securities issued by U.S. government agencies, and cash and equivalents.
Distinguishing characteristics
Invests primarily in securities guaranteed or sponsored by the U.S. government and mortgage-backed securities.
Portfolio restrictions
At least 80% of the fund's assets will be invested in securities that are guaranteed or sponsored by the U.S. government.
Maturity
Not required to maintain any particular maturity.
Key facts
Fund inception
10/17/85
Fund assets (millions)
$23,132.5
As of 2/28/25 (updated monthly)
Companies/issuers
39
Holdings of 2/28/25 (updated monthly)
Regular dividends paid 4
Monthly
Capital gains paid 4
Dec.
Portfolio turnover (%) tooltip: Portfolio turnover is the portion of a portfolio's holdings sold and replaced with new securities annually, usually expressed as a percentage of the portfolio's total assets. For example, a portfolio with a turnover of 25% holds assets for an average of about four years, while a portfolio with a turnover of 100% holds assets for one year. 5
570
Fiscal year-end
August
Prospectus date
11/1/24
CUSIP
026300 81 4
Fund number
2622
Portfolio managers8
Portfolio managers years of experience are as of the previous calendar year end.
David Betanzos
27 years of investment industry experience
23 years with Capital Group
10 years managing fund
Fergus MacDonald
Principal Investment Officer
32 years of investment industry experience
21 years with Capital Group
15 years managing fund
Ritchie Tuazon
25 years of investment industry experience
14 years with Capital Group
10 years managing fund
Returns
Investment results1, 2
Total returns for periods ended 2/28/25 (%)
- ●RGVGX
- ●Index
| Fund | Daily YTD | 1M | 3M | YTD | 1Y | 3Y | 5Y | 7Y | 10Y | 15Y | 20Y | Lifetime |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| RGVGX | 3.23 | 2.31 | 1.71 | 2.95 | 5.87 | -0.97 | 0.17 | 1.88 | 1.51 | 2.19 | 2.91 | 5.14 |
| Index | — | 2.29 | 1.20 | 2.81 | 5.53 | -0.81 | -0.85 | 1.26 | 1.07 | 1.88 | 2.82 | — |
Index data refers to the Bloomberg U.S. Government/Mortgage-Backed Securities Index tooltip: Bloomberg U.S. Government|Mortgage-Backed Securities Index is a market-value-weighted index that covers fixed-rate, publicly placed, dollar-denominated obligations issued by the U.S. Treasury, U.S. government agencies, quasi-federal corporations, corporate or foreign debt guaranteed by the U.S. government, and the mortgage-backed pass-through securities of Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes..
Daily YTD as of 3/28/25.
Fund inception: 10/17/85. Index lifetime is based on inception date of the fund.
Returns greater than one year are annualized.
Success metrics
As of 12/31/24 (updated quarterly)
0
Success Rate (%) tooltip: The success rate is the percentage of time when the return of a portfolio is greater than the return of its respective index. It is calculated by dividing the number of periods the portfolio outpaced the index by the total number of periods.
100
| Average rolling monthly return (%) tooltip: Average rolling return provides the average return for the portfolio across all periods within the specified timeframe. | 5.09 |
| Average rolling monthly index return (%) tooltip: Average rolling index return provides the average return for the index across all periods within the specified timeframe. | 5.33 |
| Average outpaced rolling monthly return (%) tooltip: Average outpaced rolling return is the average percentage the portfolio outpaced the index in periods where the portfolio return was greater than the index for the specified timeframe. | — |
| Average lagging rolling monthly return (%) tooltip: Average lagged rolling return is the average percentage the portfolio lagged the index in periods where the portfolio return was less than the index for the specified timeframe. | -0.82 |
| Average excess rolling monthly return (%) tooltip: Average excess rolling return is the average of the excess return between the portfolio and the index across all periods for the specified timeframe. | -0.23 |
Index data refers to the Bloomberg U.S. Government/Mortgage-Backed Securities Index tooltip: Bloomberg U.S. Government|Mortgage-Backed Securities Index is a market-value-weighted index that covers fixed-rate, publicly placed, dollar-denominated obligations issued by the U.S. Treasury, U.S. government agencies, quasi-federal corporations, corporate or foreign debt guaranteed by the U.S. government, and the mortgage-backed pass-through securities of Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes..
Volatility & returns
As of 2/28/25 (updated monthly)
| Funds | Standard deviation (%) | Annualized return (%) |
|---|---|---|
| RGVGX | 7.46% | -0.97% |
| Bloomberg U.S. Government/Mortgage-Backed Securities Index | 7.44% | -0.81% |
| American Funds Corporate Bond Fund | 9.42% | -0.03% |
| American Funds Emerging Markets Bond Fund | 10.71% | 3.91% |
| American Funds Inflation Linked Bond Fund | 7.59% | -1.43% |
| American Funds Mortgage Fund | 7.99% | -0.23% |
| American Funds Multi-Sector Income Fund | 7.68% | 3.74% |
| American Funds Strategic Bond Fund | 8.35% | -2.27% |
| American High-Income Trust | 7.86% | 5.75% |
| Capital World Bond Fund | 10.43% | -2.77% |
| Intermediate Bond Fund of America | 5.13% | 1.35% |
| Short-Term Bond Fund of America | 2.46% | 2.47% |
| The Bond Fund of America | 7.82% | -0.33% |
- ●RGVGX
- ▲Other CG funds
- ■Bloomberg U.S. Government/Mortgage-Backed Securities Index tooltip: Bloomberg U.S. Government|Mortgage-Backed Securities Index is a market-value-weighted index that covers fixed-rate, publicly placed, dollar-denominated obligations issued by the U.S. Treasury, U.S. government agencies, quasi-federal corporations, corporate or foreign debt guaranteed by the U.S. government, and the mortgage-backed pass-through securities of Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.
Risk measures7
As of 2/28/25 (updated monthly)
| Standard deviation tooltip: 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. | |
| RGVGX | 7.46 |
| Bloomberg U.S. Government/Mortgage-Backed Securities Index tooltip: Bloomberg U.S. Government|Mortgage-Backed Securities Index is a market-value-weighted index that covers fixed-rate, publicly placed, dollar-denominated obligations issued by the U.S. Treasury, U.S. government agencies, quasi-federal corporations, corporate or foreign debt guaranteed by the U.S. government, and the mortgage-backed pass-through securities of Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. | 7.44 |
| Sharpe ratio tooltip: Sharpe ratios use standard deviation and excess return to determine reward per unit of risk. The higher the number, the better the portfolio's historical risk-adjusted performance. | |
| RGVGX | -0.70 |
| Bloomberg U.S. Government/Mortgage-Backed Securities Index tooltip: Bloomberg U.S. Government|Mortgage-Backed Securities Index is a market-value-weighted index that covers fixed-rate, publicly placed, dollar-denominated obligations issued by the U.S. Treasury, U.S. government agencies, quasi-federal corporations, corporate or foreign debt guaranteed by the U.S. government, and the mortgage-backed pass-through securities of Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes. | -0.68 |
| R-squared tooltip: R-squared is a measure of the correlation between a particular return and that of a benchmark index. A measure of 100 indicates that all of the return can be explained by movements in the benchmark. Generally the higher the R-squared measure, the more reliable the beta measurement will be. | 97 |
| Alpha tooltip: Alpha is a measure of the difference between a portfolio's actual returns and its expected results, given its level of risk as measured by beta. A positive alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative alpha indicates the portfolio has underperformed, given the expectations established by beta. | -0.84 |
| Beta tooltip: Beta relatively measures sensitivity to market movements over a specified period of time. The beta of the market (represented by the benchmark index) is equal to 1; a beta higher than 1 implies that a return was more volatile than the market. A beta lower than 1 suggests that a return was less volatile than the market. Generally the higher the R-squared measure, the more reliable the beta measurement will be. | 0.94 |
| Information ratio tooltip: The information ratio represents the excess return generated (over the market) per unit of relative risk as measured by tracking error. | -0.42 |
| Downside capture ratio tooltip: Ratio of a fund/model/composite's return during periods when the index was down, divided by the return of the index during those periods. For example, during periods when the index was down, a down-capture ratio greater than 100 indicates the fund/model/composite produced a lower return than the index. | 98 |
| Upside capture ratio tooltip: Ratio of a fund/model/composite's return during periods when the index was up, divided by the return of the index during those periods. For example, an up-capture ratio greater than 100 indicates the fund/model/composite produced a higher return than the index during periods when the index was up. | 93 |
| Tracking error tooltip: The tracking error is the standard deviation of the difference between the returns of an investment and its benchmark. | 1.26 |
| S&P 500 correlation tooltip: Correlation describes the strength of the association between a return and a benchmark. Correlation is shown on a scale from 1 to -1. The higher the positive correlation, the more closely the return and the benchmark moved relative to one another. The lower the negative correlation, the more the return and the benchmark diverged from one another. | 0.65 |
| MSCI ACWI correlation tooltip: Correlation describes the strength of the association between a return and a benchmark. Correlation is shown on a scale from 1 to -1. The higher the positive correlation, the more closely the return and the benchmark moved relative to one another. The lower the negative correlation, the more the return and the benchmark diverged from one another. | 0.72 |
Data calculated against the Bloomberg U.S. Government/Mortgage-Backed Securities Index tooltip: Bloomberg U.S. Government|Mortgage-Backed Securities Index is a market-value-weighted index that covers fixed-rate, publicly placed, dollar-denominated obligations issued by the U.S. Treasury, U.S. government agencies, quasi-federal corporations, corporate or foreign debt guaranteed by the U.S. government, and the mortgage-backed pass-through securities of Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.unless noted otherwise.
Prices & distributions
As of 3/28/25
- Price at nav ($)
- Price change ($)
- Price change (%)
| YTD dividends subtotal ($) | 0.08614922 |
| YTD cap gains subtotal ($) | 0.00 |
| YTD total distributions ($) | 0.08614922 |
Yield
As of 2/28/25 (updated monthly)
| 12-month distribution rates (at NAV, %) tooltip: The income per share paid by the fund over the past 12 months to an investor from dividends (including any special dividends). The distribution rate is expressed as a percentage of the current price.6 | 4.49 |
| 30-day SEC yield (gross/net %) tooltip: The 30-day SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities calculated according to the standardized SEC formula; when applicable, it reflects the maximum sales charge. If shown, a net yield reflects fee waivers and/or expense reimbursements in effect during the period. Without waivers and/or reimbursements, the yield would be reduced. Gross yield does not adjust for any fee waivers and/or expense reimbursements in effect. | 4.35 / 4.40 |
Ratings are based on risk-adjusted returns.
Portfolio Composition
Asset mix
As of 2/28/25 (updated monthly)
●
U.S. Equities0%
●
Non-U.S. Equities0%
●
U.S. Bonds92.3%
●
Non-U.S. Bonds0%
●
Cash, Equivalents & Other107.7%
U.S. Equities | — |
Non-U.S. Equities | — |
U.S Bonds | 92.3% |
Non-U.S. Bonds | — |
Cash, Equivalents & Other | 7.7% |
Key statistics
% of net assets as of 2/28/25 (updated monthly)
| RGVGX | INDEX | |
|---|---|---|
Yield to worst (%) tooltip: Lower of Yield to Maturity or the bond's total return if put or call options are exercised prior to maturity but no default occurs. | 4.4 | 4.4 |
Yield to maturity (%) tooltip: A bond's total return if held to maturity and no default occurs or options are exercised. Assumes coupons are paid on time and accounts for their present value. Assumes principal is returned at maturity. | 4.4 | 4.4 |
Average coupon (%) tooltip: The average coupon is the weighted average coupon rate of all the bond holdings. | 4.1 | 3.2 |
Effective duration (years) tooltip: Effective duration is a duration calculation for bonds that takes into account that expected cash flows will fluctuate as interest rates change. | 6.1 | 5.8 |
Spread duration (years) tooltip: A measure of fixed income securities' sensitivity to spread movement. | 2.3 | 2.0 |
Option adjusted spread (bps) tooltip: Option-adjusted spread is a yield-spread calculation used to value securities with embedded options. | 17.4 | 13 |
Duration times spread (bps) tooltip: A measure of fixed income securities' spread exposure, taking into account both spread duration and credit spread exposure. | 81 | 71 |
Index data refers to the Bloomberg U.S. Government/Mortgage-Backed Securities Index tooltip: Bloomberg U.S. Government|Mortgage-Backed Securities Index is a market-value-weighted index that covers fixed-rate, publicly placed, dollar-denominated obligations issued by the U.S. Treasury, U.S. government agencies, quasi-federal corporations, corporate or foreign debt guaranteed by the U.S. government, and the mortgage-backed pass-through securities of Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes..
Morningstar Style Box™11
As of 12/31/24 (updated quarterly)
Top fixed income issuers12
As of 2/28/25 (updated monthly)
| RGVGX | Index | |
|---|---|---|
| U.S. Treasury | 41.7% | 63.4% |
| Federal Home Loan Mortgage | 19.3% | 0.8% |
| Fannie Mae | 15.9% | 0.2% |
| UMBS | 9.6% | 26.6% |
| Ginnie Mae II | 4.0% | 0.6% |
| Federal Home Loan Bank | 0.2% | 0.3% |
| Freddie Mac Multifamily Structured Pass Through FHMS_K751 | 0.2% | — |
| Freddie Mac - SLST SLST_18-2 | 0.2% | — |
| Freddie Mac Gold | 0.2% | — |
| Seasoned Loans Structured Transaction Trust SLST_22-1 | 0.2% | — |
Index data refers to the Bloomberg U.S. Government/Mortgage-Backed Securities Index tooltip: Bloomberg U.S. Government|Mortgage-Backed Securities Index is a market-value-weighted index that covers fixed-rate, publicly placed, dollar-denominated obligations issued by the U.S. Treasury, U.S. government agencies, quasi-federal corporations, corporate or foreign debt guaranteed by the U.S. government, and the mortgage-backed pass-through securities of Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes..
Portfolio exposures
As of 2/28/25 (updated monthly)
| Market value (%) | Contribution to duration (%) | ||||
|---|---|---|---|---|---|
| RGVGX | INDEX | RGVGX | INDEX | ||
| Government | 43.3 | 64.3 | 4.2 | 3.8 | |
| Cash & equivalents13 | 7.1 | — | 0.0 | — | |
| Securitized | 49.7 | 35.7 | 1.8 | 2.0 | |
| Other14 | 0.0 | 0.0 | 0.0 | 0.0 | |
| Unassigned | 0.0 | — | 0.0 | — | |
Index data refers to the Bloomberg U.S. Government/Mortgage-Backed Securities Index tooltip: Bloomberg U.S. Government|Mortgage-Backed Securities Index is a market-value-weighted index that covers fixed-rate, publicly placed, dollar-denominated obligations issued by the U.S. Treasury, U.S. government agencies, quasi-federal corporations, corporate or foreign debt guaranteed by the U.S. government, and the mortgage-backed pass-through securities of Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes..
Fees & Expenses
Fees
As of the most recent prospectus
Annual management fees (%) | 0.25 |
Other expenses (%) | 0.04 |
Service 12b-1 (%) | n/a |
Expense ratio
RGVGX (gross/net %) 3 | 0.29/0.25 |
Morningstar Government Retirement, Large median (%) 15 As of 12/31/24 (updated quarterly) | 0.44 |
Resources
Timely thought leadership to guide your investment perspectives
EXPLORE INSIGHTSFind resources on topics ranging from plan design to participant education
EXPLORE RESOURCESFigures shown are past results and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Investing for short periods makes losses more likely.
Prices and returns will vary, so investors may lose money.
View mutual fund expense ratios and returns.
View current mutual fund SEC yields.
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 prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.
Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor's, Moody's and/or Fitch, as an indication of an issuer's creditworthiness.
For most funds, unless otherwise noted below, if agency ratings differ, a security will be considered to have received the highest of those ratings, consistent with applicable investment policies. Securities in the Unrated category have not been rated by a rating agency; however, the investment adviser performs its own credit analysis and assigns comparable ratings that are used for compliance with applicable investment policies.
Investments in mortgage-related securities involve additional risks, such as prepayment risk.
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.
Interests in Capital Group's U.S. Government Securities portfolios are not guaranteed by the U.S. government.
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.
Capital Group offers a range of share classes designed to meet the needs of retirement plan sponsors and participants. The different share classes incorporate varying levels of financial professional compensation and service provider payments.
Because Class R-6 shares do not include any recordkeeping payments, expenses are lower and results are higher. Other share classes that include recordkeeping costs have higher expenses and lower results than Class R-6.
There have been periods when the results lagged the index(es) and/or average(s).
The indexes are unmanaged and, therefore, have no expenses. Investors cannot invest directly in an index.
Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.
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.
Portfolios are managed, so holdings will change.
Certain fixed income and/or cash and equivalents holdings may be held through mutual funds managed by the investment adviser or its affiliates that are not offered to the public.
Totals may not reconcile due to rounding.
Investment results assume all distributions are reinvested and reflect applicable fees and expenses.
When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower and net expenses higher.
Read details about how waivers and/or reimbursements affect the results for each fund.
View results and yields without fee waiver and/or expense reimbursement.
For the U.S. Government Securities Fund share class(es) listed below, the investment adviser has agreed to waive a portion of fund expenses through the date(s) listed below, without which results would have been lower and net expenses higher.
- Class R-6 shares (expiration: 11/1/2025)
Certain share classes were offered after the inception dates of some funds. Results for these shares prior to the dates of first sale are hypothetical based on the original share class results without a sales charge, adjusted for typical estimated expenses.
- Class R-6 shares were first offered on 5/1/2009.
1.
YTD (year-to-date return): For the period from January 1 of the current year to the date shown or from inception date if first offered after January 1 of the current year.
2.
When applicable, returns for less than one year are not annualized, but calculated as cumulative total returns.
3.
Expense ratios are as of each fund's prospectus/characteristics statement available at the time of publication.
4.
The months indicated for dividends and capital gains paid represent the anticipated current year ex-dividend date schedule for all share classes.
5.
Portfolio turnover is as of the most recent prospectus/characteristics statement.
6.
The distribution rate reflects the fund's past dividends paid to shareholders and may differ from the fund's SEC yield which reflects the rate at which the fund is earning income on its current portfolio of securities. The distribution rate reflects fee waivers and/or expense reimbursements in effect during the period. Without waivers and/or reimbursements, it would be reduced.
7.
Calculated by Morningstar. Due to differing calculation methods, the figures shown here may differ from those calculated by Capital Group.
8.
Reflects current team at the time of publication. Years of experience in investment industry and Capital Group are as of the most recent year end.
Years of experience on the fund are as of the most recent prospectus.
9.
The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. Past results are not a guarantee of results in future periods. The Morningstar Ratings are based on the share classes of each underlying fund held by the series; other underlying fund share classes may have different performance characteristics.
10.
Includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
11.
Read more information about Morningstar Style Box methodology.
The model for the fixed-income style box is based on the two pillars of fixed-income performance: interest-rate sensitivity and credit quality. The three interest sensitivity groups are limited, moderate and extensive and the three credit quality groups are high, medium and low. These groupings display a portfolio's effective duration and third party credit ratings to provide an overall representation of the fund's risk orientation given the sensitivity to interest rate and credit rating of bonds in the portfolio.
12.
The information shown does not include cash and cash equivalents. This includes shares of money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
13.
Includes cash, short-term securities, other assets less liabilities, and may include accrued income. It may also include investments in money market or similar funds managed by the investment adviser or its affiliates that are not offered to the public.
14.
Sector breakdown ”Other” may include equities, rights, warrants, preferreds, convertibles, forwards and FX (foreign exchange) options.
15.
Source for Morningstar expense ratio comparison: Morningstar, based on Morningstar Government Retirement, Large median funds' most recent fiscal year-ends available as of the most recent quarter-end.
Use of this website is intended for U.S. residents only.
Capital Client Group, Inc.
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.
Average outpaced rolling return
Average outpaced rolling return is the average percentage the portfolio outpaced the index in periods where the portfolio return was greater than the index for the specified timeframe.
Average outpaced rolling return is the average percentage the portfolio outpaced the index in periods where the portfolio return was greater than the index for the specified timeframe.
Effective duration
Effective duration is a duration calculation for bonds that takes into account that expected cash flows will fluctuate as interest rates change.
Effective duration is a duration calculation for bonds that takes into account that expected cash flows will fluctuate as interest rates change.
Average coupon
The average coupon is the weighted average coupon rate of all the bond holdings.
The average coupon is the weighted average coupon rate of all the bond holdings.
Index Correlation
Correlation describes the strength of the association between a return and a benchmark. Correlation is shown on a scale from 1 to -1. The higher the positive correlation, the more closely the return and the benchmark moved relative to one another. The lower the negative correlation, the more the return and the benchmark diverged from one another.
Correlation describes the strength of the association between a return and a benchmark. Correlation is shown on a scale from 1 to -1. The higher the positive correlation, the more closely the return and the benchmark moved relative to one another. The lower the negative correlation, the more the return and the benchmark diverged from one another.
Beta
Beta relatively measures sensitivity to market movements over a specified period of time. The beta of the market (represented by the benchmark index) is equal to 1; a beta higher than 1 implies that a return was more volatile than the market. A beta lower than 1 suggests that a return was less volatile than the market. Generally the higher the R-squared measure, the more reliable the beta measurement will be.
Beta relatively measures sensitivity to market movements over a specified period of time. The beta of the market (represented by the benchmark index) is equal to 1; a beta higher than 1 implies that a return was more volatile than the market. A beta lower than 1 suggests that a return was less volatile than the market. Generally the higher the R-squared measure, the more reliable the beta measurement will be.
Success Rate
The success rate is the percentage of time when the return of a portfolio is greater than the return of its respective index. It is calculated by dividing the number of periods the portfolio outpaced the index by the total number of periods.
The success rate is the percentage of time when the return of a portfolio is greater than the return of its respective index. It is calculated by dividing the number of periods the portfolio outpaced the index by the total number of periods.
Option adjusted spread
Option-adjusted spread is a yield-spread calculation used to value securities with embedded options.
Option-adjusted spread is a yield-spread calculation used to value securities with embedded options.
Information ratio
The information ratio represents the excess return generated (over the market) per unit of relative risk as measured by tracking error.
The information ratio represents the excess return generated (over the market) per unit of relative risk as measured by tracking error.
Average rolling return
Average rolling return provides the average return for the portfolio across all periods within the specified timeframe.
Average rolling return provides the average return for the portfolio across all periods within the specified timeframe.
Average lagging rolling return
Average lagged rolling return is the average percentage the portfolio lagged the index in periods where the portfolio return was less than the index for the specified timeframe.
Average lagged rolling return is the average percentage the portfolio lagged the index in periods where the portfolio return was less than the index for the specified timeframe.
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.
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.
Total Return Swap
A total return swap (TRS) is a contract between a total return payer and total return receiver. The payer usually pays the total return of agreed security to the receiver and receives a fixed/floating rate payment in exchange. The agreed (or referenced) security can be a bond, index, equity, loan, or commodity.
A total return swap (TRS) is a contract between a total return payer and total return receiver. The payer usually pays the total return of agreed security to the receiver and receives a fixed/floating rate payment in exchange. The agreed (or referenced) security can be a bond, index, equity, loan, or commodity.
12-month distribution rates
The income per share paid by the fund over the past 12 months to an investor from dividends (including any special dividends). The distribution rate is expressed as a percentage of the current price.
The income per share paid by the fund over the past 12 months to an investor from dividends (including any special dividends). The distribution rate is expressed as a percentage of the current price.
Price/Book
Price-to-book ratio compares a stock's market value to the value of total assets less total liabilities (book value). Adjusted for stock splits. Price-to-cash-flow (P/C) ratio is the average price to cash flow ratio of the individual stocks within a fund. Price-to-earnings (P/E) ratio takes the current price of a stock divided by its earnings per share. The ratio reflects the cost of a given stock per dollar of current annual earnings and is the most common measure of a stock's expense. The higher the P/E, the more investors are paying, and therefore the more earnings growth they are expecting.
Price-to-book ratio compares a stock's market value to the value of total assets less total liabilities (book value). Adjusted for stock splits. Price-to-cash-flow (P/C) ratio is the average price to cash flow ratio of the individual stocks within a fund. Price-to-earnings (P/E) ratio takes the current price of a stock divided by its earnings per share. The ratio reflects the cost of a given stock per dollar of current annual earnings and is the most common measure of a stock's expense. The higher the P/E, the more investors are paying, and therefore the more earnings growth they are expecting.
Credit Default Swap Index
The credit default swap index (CDX) is a benchmark financial instrument made up of credit default swaps (CDS) that have been issued by North American or emerging markets companies. Credit default swaps act like insurance policies offering a buyer protection in case of the borrower's default.
The credit default swap index (CDX) is a benchmark financial instrument made up of credit default swaps (CDS) that have been issued by North American or emerging markets companies. Credit default swaps act like insurance policies offering a buyer protection in case of the borrower's default.
Upside capture ratio
Ratio of a fund/model/composite's return during periods when the index was up, divided by the return of the index during those periods. For example, an up-capture ratio greater than 100 indicates the fund/model/composite produced a higher return than the index during periods when the index was up.
Ratio of a fund/model/composite's return during periods when the index was up, divided by the return of the index during those periods. For example, an up-capture ratio greater than 100 indicates the fund/model/composite produced a higher return than the index during periods when the index was up.
Duration times spread
A measure of fixed income securities' spread exposure, taking into account both spread duration and credit spread exposure.
A measure of fixed income securities' spread exposure, taking into account both spread duration and credit spread exposure.
Currency Weighting Short Breakdown
The exposure to a specific currency before taking into consideration any forward currency contracts that may increase or decrease that currency's exposure.
The exposure to a specific currency before taking into consideration any forward currency contracts that may increase or decrease that currency's exposure.
Spread duration
A measure of fixed income securities' sensitivity to spread movement.
A measure of fixed income securities' sensitivity to spread movement.
Downside capture ratio
Ratio of a fund/model/composite's return during periods when the index was down, divided by the return of the index during those periods. For example, during periods when the index was down, a down-capture ratio greater than 100 indicates the fund/model/composite produced a lower return than the index.
Ratio of a fund/model/composite's return during periods when the index was down, divided by the return of the index during those periods. For example, during periods when the index was down, a down-capture ratio greater than 100 indicates the fund/model/composite produced a lower return than the index.
Average rolling index return
Average rolling index return provides the average return for the index across all periods within the specified timeframe.
Average rolling index return provides the average return for the index across all periods within the specified timeframe.
Tracking error
The tracking error is the standard deviation of the difference between the returns of an investment and its benchmark.
The tracking error is the standard deviation of the difference between the returns of an investment and its benchmark.
30-day SEC yield
The 30-day SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities calculated according to the standardized SEC formula; when applicable, it reflects the maximum sales charge. If shown, a net yield reflects fee waivers and/or expense reimbursements in effect during the period. Without waivers and/or reimbursements, the yield would be reduced. Gross yield does not adjust for any fee waivers and/or expense reimbursements in effect.
The 30-day SEC yield reflects the rate at which the fund is earning income on its current portfolio of securities calculated according to the standardized SEC formula; when applicable, it reflects the maximum sales charge. If shown, a net yield reflects fee waivers and/or expense reimbursements in effect during the period. Without waivers and/or reimbursements, the yield would be reduced. Gross yield does not adjust for any fee waivers and/or expense reimbursements in effect.
Yield Annualized 7-day SEC
The 7-day SEC yield is calculated by annualizing dividends paid over the past seven days. Compared with returns, the 7-day SEC yield more accurately reflects the fund's current earnings. If shown, the net 7-day SEC yield reflects waivers/reimbursements; the gross yield does not reflect waivers/reimbursements.
The 7-day SEC yield is calculated by annualizing dividends paid over the past seven days. Compared with returns, the 7-day SEC yield more accurately reflects the fund's current earnings. If shown, the net 7-day SEC yield reflects waivers/reimbursements; the gross yield does not reflect waivers/reimbursements.
Average excess rolling return
Average excess rolling return is the average of the excess return between the portfolio and the index across all periods for the specified timeframe.
Average excess rolling return is the average of the excess return between the portfolio and the index across all periods for the specified timeframe.
Yield to worst
Lower of Yield to Maturity or the bond's total return if put or call options are exercised prior to maturity but no default occurs.
Lower of Yield to Maturity or the bond's total return if put or call options are exercised prior to maturity but no default occurs.
Sharpe ratio
Sharpe ratios use standard deviation and excess return to determine reward per unit of risk. The higher the number, the better the portfolio's historical risk-adjusted performance.
Sharpe ratios use standard deviation and excess return to determine reward per unit of risk. The higher the number, the better the portfolio's historical risk-adjusted performance.
Price/Cash flow
Price-to-cash-flow (P/C) ratio is the average price to cash flow ratio of the individual stocks within a fund/model.
Price-to-cash-flow (P/C) ratio is the average price to cash flow ratio of the individual stocks within a fund/model.
Bloomberg U.S. Government|Mortgage-Backed Securities Index
Bloomberg U.S. Government|Mortgage-Backed Securities Index is a market-value-weighted index that covers fixed-rate, publicly placed, dollar-denominated obligations issued by the U.S. Treasury, U.S. government agencies, quasi-federal corporations, corporate or foreign debt guaranteed by the U.S. government, and the mortgage-backed pass-through securities of Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.
Bloomberg U.S. Government|Mortgage-Backed Securities Index is a market-value-weighted index that covers fixed-rate, publicly placed, dollar-denominated obligations issued by the U.S. Treasury, U.S. government agencies, quasi-federal corporations, corporate or foreign debt guaranteed by the U.S. government, and the mortgage-backed pass-through securities of Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. This index is unmanaged, and its results include reinvested distributions but do not reflect the effect of sales charges, commissions, account fees, expenses or U.S. federal income taxes.
Price/Earnings
Price-to-earnings (P/E) ratio takes the current price of a stock divided by its earnings per share. The ratio reflects the cost of a given stock per dollar of current annual earnings and is the most common measure of a stock's expense. The higher the P/E, the more investors are paying, and therefore the more earnings growth they are expecting.
Price-to-earnings (P/E) ratio takes the current price of a stock divided by its earnings per share. The ratio reflects the cost of a given stock per dollar of current annual earnings and is the most common measure of a stock's expense. The higher the P/E, the more investors are paying, and therefore the more earnings growth they are expecting.
Alpha
Alpha is a measure of the difference between a portfolio's actual returns and its expected results, given its level of risk as measured by beta. A positive alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative alpha indicates the portfolio has underperformed, given the expectations established by beta.
Alpha is a measure of the difference between a portfolio's actual returns and its expected results, given its level of risk as measured by beta. A positive alpha figure indicates the portfolio has performed better than its beta would predict. In contrast, a negative alpha indicates the portfolio has underperformed, given the expectations established by beta.
Yield to maturity
A bond's total return if held to maturity and no default occurs or options are exercised. Assumes coupons are paid on time and accounts for their present value. Assumes principal is returned at maturity.
A bond's total return if held to maturity and no default occurs or options are exercised. Assumes coupons are paid on time and accounts for their present value. Assumes principal is returned at maturity.
Category
In an effort to classify funds by what they own, as well as by their prospectus objectives and styles, Morningstar developed Morningstar Categories. While the prospectus objective identifies a fund's investment goals based on the wording in the fund prospectus, the Morningstar Category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings (portfolio and other statistics over the past three years).
In an effort to classify funds by what they own, as well as by their prospectus objectives and styles, Morningstar developed Morningstar Categories. While the prospectus objective identifies a fund's investment goals based on the wording in the fund prospectus, the Morningstar Category identifies funds based on their actual investment styles as measured by their underlying portfolio holdings (portfolio and other statistics over the past three years).
R-squared
R-squared is a measure of the correlation between a particular return and that of a benchmark index. A measure of 100 indicates that all of the return can be explained by movements in the benchmark. Generally the higher the R-squared measure, the more reliable the beta measurement will be.
R-squared is a measure of the correlation between a particular return and that of a benchmark index. A measure of 100 indicates that all of the return can be explained by movements in the benchmark. Generally the higher the R-squared measure, the more reliable the beta measurement will be.
Portfolio turnover
Portfolio turnover is the portion of a portfolio's holdings sold and replaced with new securities annually, usually expressed as a percentage of the portfolio's total assets. For example, a portfolio with a turnover of 25% holds assets for an average of about four years, while a portfolio with a turnover of 100% holds assets for one year.
Portfolio turnover is the portion of a portfolio's holdings sold and replaced with new securities annually, usually expressed as a percentage of the portfolio's total assets. For example, a portfolio with a turnover of 25% holds assets for an average of about four years, while a portfolio with a turnover of 100% holds assets for one year.