MARKET VOLATILITY

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Rob Lovelace on all-weather investing

Rob Lovelace, vice chair and president of Capital Group, offers his view of the 2022 bear market and what it means for investors.

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Experience matters

Throughout our history, we've weathered past storms. In fact, our equity-focused funds have outpaced their benchmark indexes during the biggest downturns of the last nine decades.

Across 17 bear markets, the equity-focused American Funds outpaced their benchmarks 77% of the time.

Chart with headline that reads: Across seventeen bear markets, the equity-focused American Funds outpaced their benchmarks 77% of the time. Chart has legend of two squares. Blue square labeled: Fund outpaced benchmark. Raspberry square labeled: Fund lagged benchmark. Chart tracks performance of twenty American Funds through bear markets from their inception through May 31, 2020. Results of each fund are as follows: The Investment Company of America. Outpaced benchmark 1934-1935, 1937-1938, 1938-1939, 1939-1940, 1940-1942, 1956-1957, 1966, 1973-1974, 1980-1982, 1987, 2000-2002, 2007-2009, 2020. Lagged benchmark 1946-1947, 1948-1949, 1961-1962, 1968-1970. American Mutual Fund. Outpaced benchmark 1956-1957, 1961-1962, 1966, 1968-1970, 1973-1974, 1980-1982, 1987, 2000-2002, 2007-2009, 2020. Washington Mutual Investors Fund. Outpaced benchmark 1956-1957, 1961-1962, 1966, 1968-1970, 1973-1974, 1980-1982, 1987, 2000-2002, 2007-2009. Lagged benchmark 2020. AMCAP Fund. Lagged benchmark 1968-1970, 1973-1974. Outpaced benchmark 1980-1982, 1987, 2000-2002, 2007-2009, 2020. The Growth Fund of America. Outpaced benchmark 1980-1982, 1987, 2000-2002, 2007-2009, 2020. The Income Fund of America. Outpaced benchmark 1980-1982, 1987, 2000-2002. Lagged benchmark 2007-2009, 2020. New Perspective Fund. Outpaced benchmark 1980-1982, 2000-2002, 2007-2009, 2020. Lagged benchmark 1987. Fundamental Investors. Outpaced benchmark 1980-1982, 1987, 2000-2002, 2007-2009. Lagged benchmark 2020. American Balanced Fund. Outpaced benchmark 1980-1982, 1987, 2000-2002. Lagged benchmark 2007-2009, 2020. Capital Income Builder. Outpaced the index 1987, 2000-2002. Lagged benchmark 2007-2009, 2020. The New Economy Fund. Outpaced benchmark 1987, 2007-2009, 2020. Lagged benchmark 2000-2002. EuroPacific Growth Fund. Lagged benchmark 1987. Outpaced benchmark 2000-2002, 2007-2009, 2020. Capital World Growth & Income Fund. Outpaced benchmark 2000-2002, 2007-2009, 2020. SMALLCAP World Fund. Lagged benchmark 2000-2002, 2007-2009. Outpaced benchmark 2020. New World Fund. Outpaced benchmark 2000-2002, 2007-2009, 2020. International Growth and Income Fund. Lagged benchmark 2020. American Funds Global Balanced Fund. Lagged benchmark 2020. American Funds Developing World Growth and Income Fund. Lagged benchmark 2020. American Funds Global Insight Fund. Outpaced benchmark 2020. American Funds International Vantage Fund. Outpaced benchmark 2020.

Experience matters

Throughout our history, we've weathered past storms. In fact, our equity-focused funds have outpaced their benchmark indexes during the biggest downturns of the last nine decades.

Across 17 bear markets, the equity-focused American Funds outpaced their benchmarks 77% of the time.

Sources: Capital Group, Morningstar. Class F-2 and R-6 shares with all distributions reinvested. View fund expense ratios and returns.

Dates shown for bear markets are based on price declines of 20% or more (without dividends reinvested) in the unmanaged S&P 500 with at least 50% recovery between declines. Funds shown are the equity-focused American Funds in existence at the time of each decline. Fund and benchmark returns are based on total returns. 

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on Class A share results without a sales charge, adjusted for estimated annual expenses. The results shown are before taxes on fund distributions and sale of fund shares. Past results are not predictive of results in future periods. Results for other share classes may differ.

Class R-6 shares were first offered on May 1, 2009. Class R-6 share results prior to the date of first sale are hypothetical based on Class A share results without a sales charge, adjusted for typical estimated expenses. Please see the fund’s prospectus for more information on specific expenses.

Benchmark indexes for the funds: S&P 500 (ICA, AMF, WMIF, AMCAP, GFA, FI); MSCI World (NPF, WGI, GIF); 60% S&P 500 / 40% Bloomberg Barclays U.S. Aggregate (AMBAL); 65% S&P 500 / 35% Bloomberg U.S. Aggregate (IFA); 70% MSCI ACWI / 30% Bloomberg Barclays U.S. Aggregate (CIB); S&P 500 prior to the 2020 bear market, MSCI ACWI thereafter (NEF); MSCI EAFE prior to the 2007-09 bear market, MSCI ACWI ex USA thereafter (EUPAC); MSCI ACWI Small Cap (SMALLCAP); MSCI ACWI (NWF); MSCI ACWI ex USA (IGI), 60% MSCI ACWI / 40% Bloomberg Barclays Global Aggregate (GBAL); MSCI Emerging Markets (DWGI); MSCI EAFE (IVE).

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