Aline Avzaradel
San Francisco
20 years with Capital
Christopher D. Buchbinder
San Francisco
29 years with Capital
Grant L. Cambridge
Los Angeles
28 years with Capital
Greg Miliotes
San Francisco
18 years with Capital
James B. Lovelace
Los Angeles
43 years with Capital
James Terrile
Los Angeles
28 years with Capital
Jessica C. Spaly
San Francisco
21 years with Capital
Martin Jacobs
Los Angeles
24 years with Capital
Martin Romo
San Francisco
32 years with Capital
Research Portfolio
Research analysts are allocated
part of the fund assets to manage
In this paper we explore American exceptionalism through an economic and investment lens with the objective of guiding an equity investor over the long-term:
Data as at 31 December 2024
Jeremy Chapuis
Managing Director
Financial Intermediaries & Institutional
Western Switzerland
Katja Wiechers
Managing Director
Financial Intermediaries
Michael Stadelmann
Managing Director
Financial Intermediaries
Melody Cattaneo
Director
Financial Intermediaries & Institutional
Western Switzerland
Bozica Cuskic
Associate
Financial Intermediaries
Adrien Baldy
Associate
Financial Intermediaries
Claudia Renouard
Senior Client Manager
Nadja Huber
Marketing Director
Emilie Janin
Marketing and Events Associate
Karin Krüger
Senior Assistant
Rebecca Schwitter
Assistant
All information as at 31 December 2024 and attributed to Capital Group, unless otherwise specified.
1 Consistency and stability are based on investment results for the Capital Group Investment Company of America Composite (defined as a single group of discretionary portfolios that collectively represent a particular investment strategy or objective), which has demonstrated lower volatility than the S&P 500 Total Return Index in USD terms over the long term. Capital Group Investment Company of America (LUX) has been a member of this composite since July 2016. Sources: Capital Group, S&P
2 Broad market participation during mid-cycle economic phase in the US is based on monthly index data from December 1973 to August 2024. Index data is based on Datastream US Total Market Index from 31 December 1973 through 31 December 1994, and MSCI USA Index data thereafter. Business cycles are forward-looking estimates by Capital Group economists, shown for illustrative purposes only. The views of individual portfolio managers and analysts may differ. Sources: Capital Group, MSCI
3 Positions within the business cycle are forward-looking estimates by Capital Group economists as of December 2023 (2024 bubble) and September 2024 (2025 bubble). The views of individual portfolio managers and analysts may differ. Returns data is monthly from December 1973 to August 2024. Data is Datastream US Total Market Index from 31 December 1973 through 31 December 1994 and MSCI USA data thereafter. Returns data reflects all completed cycle stages through 31 October 2024. Returns are in USD terms. Sources: Capital Group, MSCI
4 Data from 31 December 2022 to 31 December 2024. Capital Group Investment Company of America (LUX) (ICA) % exposure to Magnificent 7 relative to S&P 500 Total Return Index in USD terms. Magnificent 7: Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia and Tesla. Sources: Capital Group, MSCI
5 Data from 31 December 2022 to 31 December 2024. Relative to S&P 500 Total Return Index, Capital Group Investment Company of America (LUX) (ICA) has achieved an excess return of 3.2% in USD terms, before fees and expenses. The relative return is calculated geometrically. Sources: Capital Group, MSCI
6 As at 31 December 2024. Returns are in USD terms. Capital Group Investment Company of America Composite data is shown for illustration purposes only. Capital Group Investment Company of America (LUX) has been a member of this composite since July 2016. Sources: Capital Group, S&P
* The results shown for Capital Group Investment Company of America Composite are since its inception on 31 December 1933. Results are asset-weighted and based on initial weights and monthly returns. Net of management fees and expenses for a representative Luxembourg fund share class (Z), applying the maximum Total Expense Ratio (TER).
† S&P 500 Total Return Index
The information in relation to the index is provided for context and illustration only. The fund is an actively managed UCITS. It is not managed in reference to a benchmark.
Capital Group Investment Company of America (LUX)
Counterparty risk: Other financial institutions provide services to the fund such as safekeeping of assets, or may serve as a counterparty to financial contracts such as derivatives. There is a risk the counterparty will not meet their obligations.
Equities risk: The prices of equity securities may decline in response to certain events, including those directly involving the companies whose securities are owned by the fund, overall market changes, local, regional or global political, social or economic instability and currency fluctuations.
Operational risk: The risk of potential loss resulting from inadequate or failed internal processes, people and systems or from external events.
Risk factors you should consider before investing: