NPORT-EX 3 edgar.htm EDGAR HTML
 
 
American Funds® International Vantage Fund
Investment portfolio
July 31, 2023
unaudited
 
Common stocks 90.05%
Information technology 15.69%
 
Shares
Value
(000)
ASML Holding NV
60,571
$43,435
SAP SE
198,124
27,099
Taiwan Semiconductor Manufacturing Company, Ltd. (ADR)
268,853
26,657
Keyence Corp.
55,320
24,793
STMicroelectronics NV
374,505
20,022
Hamamatsu Photonics KK
401,800
19,335
OBIC Co., Ltd.
113,600
18,581
Tokyo Electron, Ltd.
89,300
13,336
Capgemini SE
68,933
12,494
Nomura Research Institute, Ltd.
402,200
11,396
NICE, Ltd. (ADR)1
35,988
7,840
TDK Corp.
160,900
6,149
Dassault Systemes SE
119,948
5,128
Fujitsu, Ltd.
37,400
4,833
Shopify, Inc., Class A, subordinate voting shares1
68,460
4,627
Halma PLC
137,906
3,957
Nemetschek SE
46,500
3,387
Nokia Corp.
752,337
2,960
Dye & Durham, Ltd.
94,645
1,421
 
257,450
Industrials 15.64%
 
 
 
Safran SA
232,219
38,544
ABB, Ltd.
581,735
23,255
Epiroc AB, Class A
962,870
19,218
Airbus SE, non-registered shares
128,067
18,866
TFI International, Inc. (CAD denominated)
142,137
18,243
SMC Corp.
34,500
17,982
DSV A/S
75,002
15,017
Daikin Industries, Ltd.
53,200
10,729
Marubeni Corp.
556,600
9,834
Recruit Holdings Co., Ltd.
261,300
9,061
MTU Aero Engines AG
36,684
8,563
Canadian National Railway Company
61,533
7,460
RELX PLC
205,486
6,909
BAE Systems PLC
545,380
6,519
Hitachi, Ltd.
94,300
6,163
DKSH Holding AG
69,190
5,574
ATS Corp.1
121,207
5,497
Nidec Corp.
75,600
4,492
Ryanair Holdings PLC (ADR)1
33,614
3,446
Azelis Group NV
133,337
3,445
Jardine Matheson Holdings, Ltd.
65,500
3,234
ASSA ABLOY AB, Class B
119,210
2,865
Japan Airlines Co., Ltd.
130,400
2,819
Toppan, Inc.
109,800
2,579
American Funds International Vantage Fund — Page 1 of 6
unaudited
Common stocks (continued)
Industrials (continued)
 
Shares
Value
(000)
IMCD NV
11,600
$1,759
LIXIL Corp.
128,200
1,638
Spirax-Sarco Engineering PLC
10,713
1,530
VAT Group AG
3,500
1,485
 
256,726
Health care 13.03%
 
 
 
Novo Nordisk AS, Class B
323,790
52,180
AstraZeneca PLC
296,477
42,561
Genmab A/S1
59,357
24,409
EssilorLuxottica SA
107,770
21,677
Lonza Group AG
28,827
16,700
Straumann Holding AG
87,090
14,396
Daiichi Sankyo Company, Ltd.
370,900
11,333
BeiGene, Ltd. (ADR)1
44,700
9,576
Terumo Corp.
167,500
5,476
Asahi Intecc Co., Ltd.
249,100
5,109
HOYA Corp.
42,800
4,973
Innovent Biologics, Inc.1
815,500
3,618
Roche Holding AG, nonvoting non-registered shares
5,800
1,800
 
213,808
Financials 12.14%
 
 
 
London Stock Exchange Group PLC
307,075
33,348
AIA Group, Ltd.
2,695,300
26,749
HDFC Bank, Ltd. (ADR)
258,787
17,670
DNB Bank ASA
822,746
16,974
United Overseas Bank, Ltd.
730,100
16,526
DBS Group Holdings, Ltd.
591,680
15,244
Euronext NV
170,309
12,967
Adyen NV1
6,228
11,571
Worldline SA, non-registered shares1
175,114
6,937
UniCredit SpA
237,933
6,017
Deutsche Boerse AG
30,388
5,824
Bank of Montreal2
52,153
4,847
Partners Group Holding AG
4,227
4,741
Aon PLC, Class A
14,800
4,714
Hiscox, Ltd.
337,642
4,675
Hong Kong Exchanges and Clearing, Ltd.
101,900
4,257
ING Groep NV
214,800
3,136
Skandinaviska Enskilda Banken AB, Class A
242,100
2,934
 
199,131
Consumer discretionary 9.65%
 
 
 
LVMH Moët Hennessy-Louis Vuitton SE
26,994
25,171
Industria de Diseño Textil, SA
536,578
20,537
Kering SA
34,918
20,102
Amadeus IT Group SA, Class A, non-registered shares
243,603
17,469
Hermès International
6,872
15,236
MercadoLibre, Inc.1
12,178
15,077
adidas AG
48,597
9,832
B&M European Value Retail SA
974,921
6,921
Nitori Holdings Co., Ltd.
49,600
6,086
Oriental Land Co., Ltd.
139,500
5,344
Cie. Financière Richemont SA, Class A
29,708
4,780
American Funds International Vantage Fund — Page 2 of 6
unaudited
Common stocks (continued)
Consumer discretionary (continued)
 
Shares
Value
(000)
Bridgestone Corp.
107,800
$4,465
Flutter Entertainment PLC (CDI)1
13,860
2,759
Evolution AB
21,400
2,639
Entain PLC
105,100
1,869
 
158,287
Consumer staples 9.63%
 
 
 
Nestlé SA
216,100
26,486
L’Oréal SA, non-registered shares
56,054
26,082
British American Tobacco PLC
606,028
20,342
Carlsberg A/S, Class B
111,772
16,764
Danone SA
221,150
13,502
Anheuser-Busch InBev SA/NV
214,178
12,257
Reckitt Benckiser Group PLC
130,445
9,773
Imperial Brands PLC
374,165
8,833
Uni-Charm Corp.
217,100
8,038
Pernod Ricard SA
22,379
4,936
Unilever PLC
81,000
4,357
Diageo PLC
96,500
4,208
Asahi Group Holdings, Ltd.
62,100
2,442
 
158,020
Materials 4.91%
 
 
 
Sika AG
72,098
22,380
Air Liquide SA, non-registered shares
97,821
17,570
Shin-Etsu Chemical Co., Ltd.
479,000
15,754
Givaudan SA
4,291
14,462
BHP Group, Ltd. (CDI)
162,515
5,061
Rio Tinto PLC
35,500
2,346
Glencore PLC
255,000
1,550
Umicore SA
51,600
1,527
 
80,650
Communication services 3.52%
 
 
 
Tencent Holdings, Ltd.
277,700
12,619
Singapore Telecommunications, Ltd.
5,422,100
10,846
Nippon Telegraph and Telephone Corp.
7,790,000
8,920
Koninklijke KPN NV
2,412,581
8,732
NetEase, Inc.
268,800
5,842
Capcom Co., Ltd.
88,900
3,999
América Móvil, SAB de CV, Class B (ADR)
137,356
2,873
Spotify Technology SA1
16,241
2,427
Sea, Ltd., Class A (ADR)1
17,100
1,138
Viaplay Group AB, Class B1,2
75,170
327
 
57,723
Energy 2.94%
 
 
 
TotalEnergies SE
569,653
34,611
BP PLC
1,810,009
11,220
Canadian Natural Resources, Ltd. (CAD denominated)
39,400
2,396
 
48,227
American Funds International Vantage Fund — Page 3 of 6
unaudited
Common stocks (continued)
Utilities 2.55%
 
Shares
Value
(000)
Engie SA
1,313,289
$21,532
Iberdrola, SA, non-registered shares
653,185
8,155
Ørsted AS
93,482
8,155
National Grid PLC
296,653
3,927
 
41,769
Real estate 0.35%
 
 
 
Link REIT
528,840
2,960
Altus Group, Ltd.
85,124
2,842
 
5,802
Total common stocks (cost: $1,021,833,000)
1,477,593
Rights & warrants 0.00%
Consumer discretionary 0.00%
 
 
 
Compagnie Financière Richemont SA, Class A, warrants, expire 11/22/20231
59,416
73
Total rights & warrants (cost: $0)
73
Short-term securities 10.36%
Money market investments 10.06%
 
 
 
Capital Group Central Cash Fund 5.26%3,4
1,650,808
165,064
Money market investments purchased with collateral from securities on loan 0.30%
 
 
 
Goldman Sachs Financial Square Government Fund, Institutional Shares 5.16%3,5
2,437,278
2,438
Invesco Short-Term Investments Trust – Government & Agency Portfolio,
Institutional Class 5.18%3,5
2,437,277
2,437
 
4,875
Total short-term securities (cost: $169,944,000)
169,939
Total investment securities 100.41% (cost: $1,191,777,000)
1,647,605
Other assets less liabilities (0.41)%
(6,664
)
Net assets 100.00%
$1,640,941
Investments in affiliates4
 
 
Value of
affiliate at
11/1/2022
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain
(000)
Net
unrealized
depreciation
(000)
Value of
affiliate at
7/31/2023
(000)
Dividend
income
(000)
Short-term securities 10.06%
Money market investments 10.06%
Capital Group Central Cash Fund 5.26%3
$135,022
$347,575
$317,550
$19
$(2
)
$165,064
$4,704
 
1
Security did not produce income during the last 12 months.
2
All or a portion of this security was on loan. The total value of all such securities was $5,118,000, which represented .31% of the net assets of the fund.
3
Rate represents the seven-day yield at 7/31/2023.
4
Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
5
Security purchased with cash collateral from securities on loan.
American Funds International Vantage Fund — Page 4 of 6
unaudited
Valuation disclosures
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. Security transactions are recorded by the fund as of the date the trades are executed with brokers.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.
Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security. 
Fixed-income class
Examples of standard inputs
All
Benchmark yields, transactions, bids, offers, quotations from dealers and
trading systems, new issues, spreads and other relationships observed in
the markets among comparable securities; and proprietary pricing
models such as yield measures calculated using factors such as cash flows,
financial or collateral performance and other reference data (collectively
referred to as “standard inputs”)
Corporate bonds, notes & loans; convertible securities
Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies
Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations
Standard inputs and cash flows, prepayment information, default rates,
delinquency and loss assumptions, collateral characteristics, credit
enhancements and specific deal information
Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds“), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by the fund’s investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, contractual or legal restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
American Funds International Vantage Fund — Page 5 of 6
unaudited
Processes and structure — The fund’s board of trustees has designated the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to administer, implement and oversee the fair valuation process and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. As of July 31, 2023, all of the fund’s investments were classifed as Level 1. 
Key to abbreviations
ADR = American Depositary Receipts
CAD = Canadian dollars
CDI = CREST Depository Interest
REIT = Real Estate Investment Trust
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 prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
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.
American Funds Distributors, Inc., member FINRA.
© 2023 Capital Group. All rights reserved.
MFGEFP3-123-0923O-S96404
American Funds International Vantage Fund — Page 6 of 6