3 de abril de 2025
Capital Group US High Yield Fund (LUX)
El análisis fundamental integrado es la base de nuestra búsqueda de rentabilidad.
From 21 March 2025, Capital Group US High Yield Fund (LUX) classified as an Article 8 fund under the EU’s Sustainable Finance Disclosure Regulation (SFDR).
Últimas notificaciones a los accionistas
19 de febrero de 2025
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Resultados
Report not available for this security
La información relativa al índice se proporciona únicamente a título ilustrativo y de contexto. El fondo se gestiona de manera activa. Su gestión no está vinculada a un índice de referencia.
Los resultados históricos no son indicativos de los resultados futuros.
Precio y dividendos
Cartera
Consideraciones de riesgo
Factores de riesgo que han de tenerse en cuenta antes de invertir:
- El presente documento no pretende ofrecer un consejo de inversión y no debe ser considerado como una recomendación.
- El valor de las inversiones y sus respectivos dividendos puede subir o bajar y es posible que los inversores no recuperen los importes invertidos inicialmente.
- Si la divisa en la que invierte se fortalece frente a la divisa en la que se realizan las inversiones subyacentes del fondo, el valor de su inversión disminuirá. La cobertura de divisas trata de limitar esto, pero no hay garantía de que dicha cobertura sea completamente eficaz.
- Algunas carteras pueden invertir en instrumentos financieros derivados con fines de inversión, cobertura y/o gestión eficiente de la cartera.
- Este fondo lleva asociados ciertos riesgos adicionales de Bonos, Contraparte, Instrumentos derivados, Bonos de alto rendimiento, Liquidez y Operativo.
Riesgos del fondo
Riesgo de bonos: el valor de los bonos puede cambiar como consecuencia de las variaciones en los tipos de interés. Normalmente, cuando los tipos de interés suben, el valor de los bonos disminuye. Los fondos que invierten en bonos están expuestos al riesgo de crédito. El deterioro de la situación financiera de un emisor puede reducir el valor de sus bonos o hacer que estos pierdan su valor.
Riesgo de contraparte: hay otras instituciones financieras que prestan ciertos servicios al fondo, como la custodia de activos, o que pueden actuar como contraparte en contratos financieros como los derivados. Existe el riesgo de que la contraparte en cuestión no cumpla sus obligaciones.
Riesgo de instrumentos derivados: los derivados son instrumentos financieros cuyo valor se deriva de un activo subyacente y que pueden utilizarse para cubrir exposiciones existentes o para obtener exposición económica. Un instrumento derivado podría no ofrecer los resultados esperados, generar pérdidas superiores al coste del derivado y ocasionar pérdidas al fondo.
Riesgo de bonos de alto rendimiento: los títulos de deuda con baja calificación crediticia o sin calificación, incluidos los bonos de alto rendimiento, pueden, en consecuencia, estar sujetos a riesgos de liquidez, volatilidad, impago y contraparte.
Riesgo de liquidez: en condiciones de tensión de los mercados, es posible que ciertos títulos incluidos en el fondo no puedan venderse por su valor íntegro o no puedan venderse en absoluto, lo que podría obligar al fondo a aplazar o suspender el reembolso de sus participaciones e impedir que los inversores tuvieran acceso inmediato a su inversión.
Riesgo operativo: riesgo de pérdidas potenciales derivadas de procesos, personas y sistemas internos inadecuados o fallidos o de factores externos.
Documentación
Sostenibilidad – Información relacionada
SUSTAINABILITY-RELATED DISCLOSURES
The sustainability-related disclosures are meant to be revised as necessary from time to time to capture any changes or reviews. The capitalized terms are used in accordance with the definitions and references outlined in Capital International Fund Prospectus.
Capital International Fund – Capital Group US High Yield Fund (LUX) (the “Fund”)
LEI: 549300UUXOXHO7V0TV27
The below section “Summary” was prepared in English and is being translated to other official languages of the European Economic Area. In case of any inconsistency(ies) or conflict(s) between the different versions of this section “Summary”, the English language version shall prevail.
Resumen
Sin objetivo de inversión sostenible
Este Fondo promueve características medioambientales o sociales, pero no tiene un objetivo de inversión sostenible.
Características medioambientales o sociales del producto financiero
El Fondo promueve las características medioambientales y sociales de invertir en empresas con una intensidad media ponderada de carbono («WACI», por sus siglas en inglés) inferior a la del Bloomberg US Corporate High Yield 2% Issuer Capped Total Return Index, así como de excluir inversiones en emisores según criterios ASG y basados en normas.
Estrategia de inversión
El Fondo busca que sus inversiones en emisores corporativos mantengan una huella de carbono (WACI) inferior a la del Bloomberg US Corporate High Yield 2% Issuer Capped Total Return Index. Aunque este Fondo se gestiona de forma activa y sin referirse ni limitarse a un índice de referencia por lo que respecta a la composición de la cartera del Fondo (dentro de los límites del objetivo y la política de inversión específicos correspondientes), el Fondo utiliza este índice para controlar las emisiones de carbono de la inversión. El Asesor de inversiones se basa en los datos de un proveedor externo para realizar un seguimiento continuo de la WACI a nivel de Fondo, y podrá reducir o eliminar las exposiciones a determinadas empresas según sea necesario.
Para promover características medioambientales y sociales, el Asesor de inversiones aplica una selección ASG y basada en normas con respecto a determinados sectores, como las armas (la «Política de selección negativa»).
El Fondo promueve, entre otras, características medioambientales y sociales, siempre que las empresas en las que se invierta sigan prácticas de buena gobernanza. Las prácticas de buena gobernanza se evalúan en el marco del proceso de integración ASG del Asesor de inversiones. Al evaluar las prácticas de buena gobernanza, el Asesor de inversiones tendrá en cuenta, como mínimo, las cuestiones que considere pertinentes para los cuatro pilares prescritos de la buena gobernanza (es decir, las estructuras de buena gestión, las relaciones con los trabajadores, la remuneración del personal y el cumplimiento de las obligaciones fiscales). Dichas prácticas se evalúan mediante un proceso de seguimiento basado en indicadores de terceros disponibles relacionados con el gobierno corporativo y las prácticas empresariales. En su caso, también se realiza un análisis fundamental de una serie de parámetros que abarcan las prácticas de auditoría, la composición de los consejos de administración y la remuneración de los ejecutivos, entre otros.
La limitación de carbono del Fondo no se aplica a toda la cartera, y únicamente se empleará con los emisores corporativos que dispongan de datos sobre emisiones de carbono (declarados o estimados). La Política de selección negativa de Capital Group se aplicará a toda la cartera, a excepción de liquidez, los equivalentes a liquidez y los fondos del mercado monetario. Los derivados sobre índices que se utilicen con fines de cobertura y/o inversión no se evaluarán con respecto a la transparencia. Por consiguiente, podría haber circunstancias en las que el Fondo pueda obtener exposición indirecta a un emisor incluido en las categorías excluidas (a través de, entre otros, derivados e instrumentos que ofrezcan exposición a un índice). Los derivados uninominales deberán cumplir la Política de selección negativa. El Asesor de inversiones se asegurará de que las garantías recibidas se ajusten a la política.
Proporción de inversiones
La asignación de activos prevista se supervisa continuamente y se evalúa anualmente.
Al menos el 60% de las inversiones del Fondo pertenecen a la categoría «n.° 1 Ajustadas a características medioambientales o sociales» y, por lo tanto, se utilizan para la consecución de las características medioambientales o sociales que promueve el Fondo (con sujeción a la Política de selección negativa y a la limitación de carbono vinculantes del Asesor de inversiones). Un máximo del 40% de las inversiones del Fondo, incluidas las inversiones no ajustadas a las características medioambientales o sociales promovidas, la deuda titulizada, los derivados y/o el efectivo y equivalentes de efectivo se encuentran en la categoría «n.° 2 Otras».
El Fondo no se compromete a realizar inversiones sostenibles.
Seguimiento de las características medioambientales o sociales
Los indicadores de sostenibilidad utilizados por este Fondo para medir la consecución de cada una de las características medioambientales o sociales que promueve son los siguientes:
La WACI es el parámetro que se utiliza para informar de las emisiones de carbono del Fondo. Ayuda a mostrar la huella de carbono de la cartera en comparación con el índice, y se basa en las emisiones de ámbito 1 y 2:
- Ámbito 1: emisiones directas de las instalaciones de la empresa participada.
- Ámbito 2: emisiones indirectas vinculadas al consumo de energía de la empresa participada.
El Asesor de inversiones aplica exclusiones ASG y basadas en normas para adoptar una Política de selección negativa a las inversiones del Fondo. El Fondo supervisará porcentaje de emisores corporativos que no han superado una selección en el marco de la Política de selección negativa.
Métodos
El Fondo aplica dos criterios vinculantes en materia ASG: selecciones basadas en sectores y en normas mediante exclusiones, y un objetivo de huella de carbono.
Fuentes y tratamiento de datos
Las exclusiones se determinan principalmente a través de un proveedor externo, MSCI ESG Business Involvement Screening Research («MSCI ESG»). Otros datos son los indicadores de los infractores del Pacto Mundial de las Naciones Unidas de MSCI y de la huella de carbono de MSCI.
Limitaciones de los métodos y los datos
La metodología y las fuentes relativas a las exclusiones y al enfoque de integración ASG en su conjunto tienen ciertas limitaciones. La WACI mide la huella de carbono en relación con el índice correspondiente. En caso de que no se disponga de datos sobre las emisiones de carbono de un determinado emisor, el proveedor externo podría facilitar estimaciones empleando sus propias metodologías. Los emisores que no cuenten con datos sobre emisiones de carbono (comunicados o estimados) quedan excluidos del cálculo de la WACI.
Diligencia debida
Los miembros del personal de cumplimiento normativo, gestión de riesgos y auditoría interna de Capital Group realizan evaluaciones periódicas sobre el diseño y la eficacia operativa de las actividades ASG y los controles clave de la empresa.
Políticas de implicación
Entablar un diálogo con las empresas forma parte integrante del servicio de gestión de inversiones que el Asesor de inversiones presta a sus clientes. Esto permite a Capital Group implicarse y entablar un diálogo sobre cualquier cuestión que pueda afectar a las perspectivas a largo plazo de la empresa participada, incluida la exposición a cuestiones de sostenibilidad.
Índice de referencia designado
El Fondo no ha designado un índice de referencia que responda a las características medioambientales y/o sociales que promueve.
No sustainable investment objective
This Fund promotes environmental or social characteristics but does not have as its objective sustainable investment.
Environmental or social characteristics of the financial product
The Fund promotes environmental and social characteristics, provided that the companies in which investments are made follow good governance practices.
Carbon constraint: The Fund aims to maintain a Weighted Average Carbon Intensity (WACI) for its investments in corporate issuers that is lower than Bloomberg US Corporate High Yield 2% Issuer Capped Total Return index. The WACI is based on GHG emissions (Scope 1 and 2) divided by the revenue of the investee companies. Should the WACI of the Fund not be lower than the aforementioned index, the Investment Adviser will consider what action is in the best interest of the Fund, its Shareholders and in line with the relevant Fund investment objective to bring the Fund back above the threshold in a reasonable period of time.
Negative Screening Policy: In addition, the Investment Adviser evaluates and applies ESG and norms-based exclusions to implement a Negative Screening Policy to the Fund’s investments at the time of purchase.
For corporate issuers, the Investment Adviser relies on third-party providers who identify an issuer’s participation in or the revenue which they derive from activities that are inconsistent with these screens with respect to certain sectors such as tobacco, fossil fuel and weapons, as well as companies violating the principles of the United Nations Global Compact (UNGC).
The Investment Adviser selects investments to the extent they do not trigger a breach of the carbon target and are in line with the Negative Screening Policy.
Investment strategy
The Investment Adviser applies the following investment strategy to attain the environmental and/or social characteristics promoted:
Carbon constraint. The Investment Adviser aims to manage a carbon footprint lower than the Fund’s selected index level. Therefore, it will aim to manage a carbon footprint (WACI) for its investments in corporate issuers that is lower than the Fund’s selected index level (Bloomberg US Corporate High Yield 2% Issuer Capped Total Return). Should the WACI of the Fund not be lower than the level of the aforementioned indexes, the Investment Adviser will consider what action is in the best interest of the Fund, its Shareholders and in line with the relevant Fund investment objective to bring the Fund back above the threshold in a reasonable period of time. The Investment Adviser carries out ongoing monitoring of WACI at the Fund level, and may reduce or eliminate exposures to certain companies as necessary.
The selected index is representative of the investment universe of the Fund. The Investment Adviser assesses the portfolio WACI data on an ongoing basis to help the Fund remain within the target level. This allows the Investment Adviser to measure the carbon footprint and carbon intensity of the portfolio compared to the selected index, and to understand the attribution of the emission results. From an investment perspective, carbon footprint analysis can serve as a tool to engage with the investee company and better understand the investee company’s business. In the event that reported carbon emissions data is not available for a particular issuer, the third party provider may provide estimates using their own methodologies. Issuers that do not have any carbon emissions data available (reported or estimated) are excluded from the WACI calculation. This will not apply to sovereign issuers. It is not the intention of the Investment Adviser to automatically exclude higher carbon emitters on an individual basis as the carbon intensity is monitored at the total portfolio level rather than at the individual holding level.
Negative Screening Policy. The Investment Adviser also evaluates and applies ESG and norms-based screening to implement a Negative Screening Policy to the Fund’s investments at the time of purchase.
To support this screening on corporate issuers, the Investment Adviser relies on third party provider(s) who identify an issuer’s participation in or the revenue which they derive from activities that are inconsistent with the ESG and norms-based screens. In this way, third party provider data is used to support the application of ESG and norms-based screening by the Investment Adviser. In the event that exclusions cannot be verified through third-party providers or if the Investment Adviser believes that data and/or assessment is incomplete or inaccurate, the Investment Adviser reserves the right to identify business involvement activities through its own assessment (including by using other third-party data sources). If an eligible corporate issuer held in a Fund subsequently fails a screen, the issuer will not contribute towards the environmental and/or social characteristics of the Fund and will generally be sold within six months from the date of such determination, subject to the best interests of investors in the Fund.
What is the policy to assess good governance practices of the investee companies?
The Investment Adviser ensures that the companies in which investments are made follow good governance practices. When assessing good governance practices, the Investment Adviser will, as a minimum, have regard to matters it sees relevant to the four prescribed pillars of good governance (i.e., sound management structures, employee relations, remuneration of staff and tax compliance).
As described above, the Investment Adviser applies a Negative Screening Policy to the Fund. As part of this, the Investment Adviser excludes companies that, based on available third-party data, are viewed to be in violation of the principles of the UNGC, which include Principle 10 (anti-corruption) and Principle 3 (employee relations).
In addition, good governance practices are evaluated as part of the Investment Adviser’s ESG integration process. Such practices are assessed through a monitoring process based on available third-party indicators relating to corporate governance and corporate behavior. Third-party data may be inaccurate, incomplete or outdated. Where the corporate governance and corporate behavior indicators cannot be verified through the third-party provider, the Investment Adviser will aim to make such determination through its own assessment based on information that is reasonably available. Where relevant, fundamental analysis of a range of metrics that cover auditing practices, board composition, and executive compensation, among others, is also conducted. The Investment Adviser also engages in regular dialogue with companies on corporate governance issues and exercises its proxy voting rights for the entities in which the Fund invests.
If a previously eligible company held in a Fund subsequently fails the Investment Adviser’s assessment of good governance practices, the company will generally be sold within six months from the date of such determination, subject to the best interests of investors in the Fund.
Capital Group's ESG Policy Statement provides additional detail on Capital Group’s ESG philosophy, integration, governance, support and processes, including proxy voting procedures and principles, as well as views on specific ESG issues, including ethical conduct, disclosures and corporate governance, available on:
http://www.capitalgroup.com/content/dam/cgc/tenants/eacg/esg/files/esg-policy-statement(en).pdf
Information on Capital Group’s corporate governance principles can also be found in its Proxy Voting Procedures and Principles, available on:
Proportion of investments
At least 60% of the Fund's investments are in category “#1 Aligned with E/S characteristics” and so are used to attain the environmental or social characteristics promoted by the Fund (being subject to the Investment Adviser’s binding Negative Screening Policy and carbon constraint). A maximum of 40% of the Fund’s investments including investments non-aligned with the E/S characteristics promoted, securitised debt, derivatives and/or cash and cash equivalents are in category “#2 Other”.
The Fund does not commit to make any sustainable investments.
Monitoring of environmental or social characteristics
The sustainability indicators used by this Fund to measure the attainment of each of the environmental or social characteristics it promotes are the following:
The WACI is the metric used to report the Fund’s carbon emissions. It helps show the carbon footprint of the portfolio compared to the index, and is based on Scope 1 and 2 emissions:
- Scope 1: direct emissions from the investee company’s facilities;
- Scope 2: indirect emissions linked to the investee company’s energy consumption.
The Investment Adviser applies ESG and norms-based exclusions to implement a Negative Screening Policy to the Fund’s investments. The Fund will monitor percentage of corporate issuers failing a screen under the Negative Screening Policy.
The Fund applies investment restrictions rules on a pre-trade basis in portfolio management systems to prohibit investment in companies or issuers based on the exclusion criteria. The portfolio also undergoes regular/systematic post-trade compliance checks. The methodology applied in support of this screening is described in detail under the section “Investment Strategy” of this document.
In the event that exclusions cannot be verified through the third-party provider(s), the Investment Adviser will aim to identify business involvement activities through its own assessment. Please refer to Fund’s Negative Screening Policy for further details.
An additional objective of the Fund is to ensure that a carbon footprint (weighted average intensity) for its investment in corporate issuers that is lower than the Fund’s selected index (Bloomberg US Corporate High Yield 2% Issuer Capped Total Return). The selected index is representative of the investment universe of the Fund. The Investment Adviser uses the WACI as a metric to measure the Fund’s carbon footprint. In calculating the Fund’s WACI, the Investment Adviser relies on third party data provider(s). In the event that reported carbon emissions data is not available for a particular issuer, the third-party provider may provide estimates using their own methodologies Issuers that do not have any carbon emissions data available (reported or estimated) are excluded from the WACI calculation.
If the portfolio was in danger of breaching the target, holdings would be adjusted to increase the margin between the portfolio carbon footprint and target level; exposure to selected higher emitters would be reduced with increased exposure to lower emitters, while ensuring the Fund’s investment objective is maintained. Compliance checks are in place to facilitate this and mitigate the risk of any breach, for example as the result of market movement. Carbon footprint reports use MSCI Carbon Footprint Metrics data.
Methodologies
The Fund implements two binding ESG-related criteria: sector- and norms-based screens in the form of exclusions and a carbon footprint target, with the methodology applied to these commitments having already been presented in detail in the previous sections.
The SFDR classification is related to the European Union’s regulation and is not equivalent to approval or recognition as an ESG Fund by regulators in Asia Pacific.
The exclusionary screens are implemented pre-trade and the carbon target is managed and monitored at the aggregate portfolio level.
Data sources and processing
Data sources
The Investment Adviser uses a combination of internal research and third-party data providers to gather ESG-related data.
Third-party providers are used to calculate the carbon footprint of the Fund and for identifying corporate issuers' involvement in activities inconsistent with ESG and norms-based screens. In the event that exclusions cannot be verified through third-party data or if the Investment Adviser believes that third-party data and/or assessment is incomplete or inaccurate, the Investment Adviser reserves the right to identify business involvement activities through its own assessment (including by using other third-party data sources).
Data quality and processing
Capital Group periodically reviews the performance quality of provider organizations and conducts ongoing monitoring and due diligence activities commensurate with the significance of the services provided.
Data are regularly updated in Capital Group’s internal platforms and made available to relevant teams. When issues are identified in third-party data, they are reported back to the provider(s). The Investment Adviser also applies systematic data quality checks to catch discrepancies and validate with the provider when issues arise.
Proportion of data that is estimated
Third-party providers may estimate data. While reported data are prioritized, Capital Group uses estimated data when reported data are unavailable. The proportion of estimated data varies depending on the data point due to inconsistencies in reporting by investee companies.
Limitations to methodologies and data
The methodology and sources relating to the exclusions and the ESG integration approach as a whole have certain limitations. In order to identify all publicly traded companies globally which are involved in activities such as the production of controversial products and revenue derived from activities that are inconsistent with the ESG and norms-based screens, the Fund uses data from third-party provider(s). In the event that data cannot be obtained through third-party providers or if the Investment Adviser believes that third-party data and/or assessment is incomplete or inaccurate, the Investment Adviser will aim to identify business involvement activities through its own assessment (including by using other third-party data sources).
When assessing the ESG characteristics of securities and the selection of such securities, subjective judgement within the investment process might be involved.
The carbon footprint is measured by the WACI score relative to the relevant index. The WACI is calculated based on securities for which data is reported or estimated. Excluded from the WACI determination are cash holdings, derivatives, sovereigns and securitised products.
Due diligence
Members of Capital Group's compliance, risk management and internal audit staff conduct periodic assessments on the design and operating effectiveness of the firm’s ESG activities and key controls. This includes compliance with internal processes and procedures as well as with the regulatory landscape in the jurisdictions in which the company operates. Capital Group meets regularly with the third-party data providers to review the quality of the services provided.
Pre-trade and post-trade checks are also in place as further explained in section “Monitoring of environmental or social characteristics” above.
Engagement policies
Establishing dialogue with companies is an integral part of the Investment Adviser’s investment management service to clients. Capital Group’s investment teams meet on a regular basis with company management, including executive and non-executive directors, chairs and finance directors. This enables the company to engage and generate dialogue on any issues that could affect the company’s long-term prospects, including exposures to sustainability issues.
Where Capital Group's investment teams identify an issue material to the long-term value of a company or they are concerned about relative ESG performance, Capital Group's investment professionals and governance teams will engage with management. Management’s response and the steps they take to minimise any associated risks, forms an important part of Capital Group's assessment of management quality, which itself is a key factor in the stock selection decisions.
Designated reference benchmark
The Fund has not designated a reference benchmark to meet the environmental and/or social characteristics it promotes.
Where can more product-specific information be found?
More product-specific information can be found in the pre-contractual template:
https://docs.publifund.com/1_PROSP/LU1577354035/en_LU
More product-specific information can be found in the periodic reports: