Fixed Income / Credit
American Funds® Multi-Sector Income Fund
An income-oriented strategy. MSI is a relative value credit fund that takes advantage of investment opportunities across high yield, investment grade, and emerging markets, as well as securitized debt.
Overview
Key information
Objective
The fund's primary objective is to provide a high level of current income. Its secondary objective is capital appreciation.
Types of investments
Primarily invests in a broad range of debt securities across the credit spectrum, including high-yield and investment-grade corporate, emerging market, and securitized debt. The fund may opportunistically invest in other sectors, including U.S. government debt, municipal debt and non-corporate credit.
Distinguishing characteristics
An income-oriented strategy that invests in a broad range of traditional, high-income asset classes. The fund is designed to provide less volatility and equity correlation than a standalone high yield or emerging market debt fund, without meaningfully reducing income. With a focus on fundamental analysis coupled with a rigorous relative value approach to sector allocation, the fund aims to generate high income across market cycles.
Portfolio restrictions
The fund may invest substantially in securities rated Ba1 or below and BB+ or below, or in securities that are unrated but determined to be of equivalent quality by the fund’s investment adviser. The fund may invest in certain derivative instruments, such as futures contracts and swaps. The fund may invest in a derivative if, in the opinion of the investment adviser, the expected risks and rewards of the proposed investment are consistent with the investment objective and strategies of the fund.
Holdings outside the U.S.
The fund may invest a significant portion of its assets in securities of issuers domiciled outside the United States.
Maturity
The fund invests in debt securities with a wide range of maturities.
Key facts
Fund inception
3/22/19
Fund assets (millions)
$20,466.7
As of 11/30/25 (updated monthly)
Companies/issuers
996
Holdings of 11/30/25 (updated monthly)
Regular dividends paid
Monthly
Capital gains paid
June, Dec.
Portfolio turnover (%) tooltip: FC_PT definition not found.
78
Fiscal year-end
December
Prospectus date
3/1/25
CUSIP
02631W 771
Fund number
26126
Portfolio managers
Portfolio managers years of experience are as of the previous calendar year end.
Robert Burgess
35 years of investment industry experience
9 years with Capital Group
1 year managing fund
Xavier Goss
21 years of investment industry experience
4 years with Capital Group
3 years managing fund
Sandro Lazzarini
17 years of investment industry experience
9 years with Capital Group
2 years managing fund
Damien McCann
Principal Investment Officer
25 years of investment industry experience
25 years with Capital Group
6 years managing fund
Returns
Investment results
Total returns for periods ended 11/30/25 (%)
- ●RMDUX
- ●Index
| Fund | Daily YTD | 1M | 3M | YTD | 1Y | 3Y | 5Y | Lifetime |
|---|
Index data refers to the Bloomberg U.S. Aggregate Index tooltip: 52005 definition not found..
Daily YTD as of 12/22/25.
Fund inception: 3/22/19. Index lifetime is based on inception date of the fund.
Returns greater than one year are annualized.
Success metrics
As of 9/30/25 (updated quarterly)
0
Success Rate (%) tooltip: LSR_success_rate definition not found.
100
| Average rolling monthly return (%) tooltip: LSR_avg_vehicle_return definition not found. | 4.55 |
|---|---|
| Average rolling monthly index return (%) tooltip: LSR_avg_indx_return definition not found. | 0.61 |
| Average outpaced rolling monthly return (%) tooltip: LSR_avg_outp_return definition not found. | 4.91 |
| Average lagging rolling monthly return (%) tooltip: LSR_avg_lag_return definition not found. | -3.22 |
| Average excess rolling monthly return (%) tooltip: LSR_avg_excess_return definition not found. | 3.94 |
Index data refers to the Bloomberg U.S. Aggregate Index tooltip: 52005 definition not found..
Volatility & returns
As of 11/30/25 (updated monthly)
- ●RMDUX
- ▲Other CG funds
- ■Bloomberg U.S. Aggregate Index tooltip: 52005 definition not found.
Risk measures
As of 11/30/25 (updated monthly)
| Standard deviation tooltip: SDF definition not found. | |
| RMDUX | 5.39 |
| Bloomberg U.S. Aggregate Index tooltip: 52005 definition not found. | 6.07 |
| Sharpe ratio tooltip: SRAT definition not found. | |
| RMDUX | 0.64 |
| Bloomberg U.S. Aggregate Index tooltip: 52005 definition not found. | -0.04 |
| R-squared tooltip: RSQ_AFR definition not found. | 87 |
| Alpha tooltip: Alpha definition not found. | 3.63 |
| Beta tooltip: BETA_AF definition not found. | 0.83 |
| Information ratio tooltip: informationRatio definition not found. | 1.78 |
| Downside capture ratio tooltip: DCAPRAT definition not found. | — |
| Upside capture ratio tooltip: UCAPRAT definition not found. | — |
| Tracking error tooltip: TRKERR definition not found. | 2.21 |
| S&P 500 correlation tooltip: indexCorrelation definition not found. | 0.76 |
| MSCI ACWI correlation tooltip: indexCorrelation definition not found. | 0.84 |
Data calculated against the Bloomberg U.S. Aggregate Index tooltip: 52005 definition not found.unless noted otherwise.
Prices & distributions
As of 12/22/25
- Price at nav ($)
- Price change ($)
- Price change (%)
| YTD dividends subtotal ($) | 0.55192085 |
| YTD cap gains subtotal ($) | 0.00 |
| YTD total distributions ($) | 0.55192085 |
Yield
As of 11/30/25 (updated monthly)
| 12-month distribution rates (at NAV, %) tooltip: DBR definition not found. | 6.41 |
| 30-day SEC yield (gross/net %) tooltip: SECYield definition not found. | 5.71 / 5.71 |
Ratings are based on risk-adjusted returns.
Portfolio Composition
Asset mix
As of 11/30/25 (updated monthly, %)
U.S. Equities | 0.6 |
|---|---|
Non-U.S. Equities | 0.0 |
U.S. Bonds | 78.7 |
Non-U.S. Bonds | 17.9 |
Cash, Equivalents & Other | 2.9 |
U.S. Equities | 0.6 |
|---|---|
Non-U.S. Equities | 0.0 |
U.S Bonds | 78.7 |
Non-U.S. Bonds | 17.9 |
Cash, Equivalents & Other | 2.9 |
Key statistics
% of net assets as of 11/30/25 (updated monthly)
RMDUX | INDEX | |
|---|---|---|
Yield to worst (%) tooltip: BS_YTW definition not found. | 6.1 | 4.3 |
Yield to maturity (%) tooltip: BS_YLDMAT definition not found. | 6.3 | 4.3 |
Average coupon (%) tooltip: AVGCOUP definition not found. | 6.2 | 3.6 |
Effective duration (years) tooltip: BS_ED definition not found. | 4.6 | 5.9 |
Spread duration (years) tooltip: spreadDuration definition not found. | 4.8 | 3.2 |
Option adjusted spread (bps) tooltip: BS_OAS definition not found. | 222.2 | 31 |
Duration times spread (bps) tooltip: durationTimesSpread definition not found. | 898 | 208 |
Index data refers to the Bloomberg U.S. Aggregate Index tooltip: 52005 definition not found..
Morningstar Style Box™
As of 9/30/25 (updated quarterly)
Top fixed income issuers
As of 10/31/25 (updated monthly)
| RMDUX | Index | |
|---|---|---|
| U.S. Treasury | 1.8% | 45.8% |
| Federal Home Loan Mortgage | 1.5% | 0.5% |
| Ford Motor | 1.3% | 0.2% |
| Charter Communications | 1.2% | 0.2% |
| Fannie Mae | 1.1% | 0.1% |
| PG&E | 1.1% | 0.1% |
| Morgan Stanley | 0.8% | 0.5% |
| Goldman Sachs | 0.8% | 0.4% |
| EchoStar | 0.8% | — |
| JPMorgan Chase | 0.8% | 0.6% |
Index data refers to the Bloomberg U.S. Aggregate Bond Index tooltip: 52005 definition not found..
Portfolio exposures
As of 11/30/25 (updated monthly)
| Market value (%) | |||
|---|---|---|---|
| RMDUX | INDEX | ||
| High yield corporates | 32.9 | — | |
| Investment-grade corporates | 31.3 | 23.8 | |
| Corporate unrated | 1.0 | 0.0 | |
| Emerging markets | 11.2 | 1.2 | |
| Securitized | 16.5 | 1.9 | |
| Direct Lending | — | — | |
| Asset Based Finance | — | — | |
| Cash & equivalents | 1.7 | — | |
| Other | 5.3 | 73.2 | |
Index data refers to the Bloomberg U.S. Aggregate Index tooltip: 52005 definition not found..
Fees & Expenses
Fees
As of the most recent prospectus
Annual management fees (%) | 0.33 |
|---|---|
Other expenses (%) | 0.04 |
Service 12b-1 (%) | n/a |
Expense ratio
Values shown as percentages (%).
RMDUX (gross/net) | 0.37/0.37 |
|---|---|
Morningstar Multisector Bond Retirement, Large median As of 9/30/25 (updated quarterly) | 0.59 |
Resources
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