
Capital Group New Perspective Fund

This is the flagship global equities strategy of Capital Group. It has a track record of 50 years, investing in some of the world’s largest multinational firms that are able to benefit from transformational changes in the global economy. The fund has a unique multiple manager structure, with each of the nine named managers running their ‘sleeve’ in their own way. Their best ideas are blended together for a diversified portfolio. 
Our Opinion
Fund Managers
Fund Managers

Noriko Chen, Co-Manager Noriko Honda Chen is an equity portfolio manager at Capital Group and a member of the Capital Group Management Committee. With 34 years of experience in the investment industry, she has spent 25 years at Capital Group. As an equity investment analyst, she covered Asian infrastructure, building materials, construction companies, and the oil and gas sectors. She also served as a research director for a global group. Before joining Capital, Noriko worked in corporate finance and research at Worldsec International in Hong Kong. She holds a bachelor’s degree in economics from Williams College and studied at Keio University in Tokyo. Noriko is based in San Francisco.

Brady Enright, Co-Manager Brady L. Enright is an equity portfolio manager at Capital Group with 32 years of investment experience, 27 of which have been at Capital Group. He previously worked as an equity investment analyst, covering U.S. small-cap companies and commercial services. Before joining Capital, Brady was an equity research analyst and portfolio manager at Provident Investment Counsel. He holds an MBA from Harvard Business School, a bachelor's degree in biology from Stanford University, and is a Chartered Financial Analyst® (CFA) charterholder. Brady is based in San Francisco.

Rob Lovelace, Co-Manager Robert W. Lovelace is an equity portfolio manager and chair of Capital International, Inc., with 38 years of experience at Capital Group. He began his career as an equity investment analyst, focusing on global mining and metals companies as well as firms in Mexico and the Philippines. Rob graduated summa cum laude and Phi Beta Kappa from Princeton University with a degree in mineral economics (geology) and is a Chartered Financial Analyst® charterholder. He is based in Los Angeles.

Aline Avzaradel, Co-Manager Aline Avzaradel is an equity portfolio manager at Capital Group. She has 23 years of investment industry experience and has been with Capital Group for 20 years. Earlier in her career at Capital, as an equity analyst, she covered U.S. insurance companies as well as the apparel industry, non-alcoholic beverages, and packaged food companies. Prior to joining Capital, Aline was an investment banking analyst with Morgan Stanley in New York. She holds an MBA from Stanford Graduate School of Business and a bachelor’s degree in economics and mathematics from Barnard College graduating summa cum laude and Phi Beta Kappa. Aline is based in San Francisco.

Andraz Razen, Co-Manager Andraz Razen is an equity portfolio manager at Capital Group. As an equity investment analyst at Capital, Andraz is a generalist covering small-cap companies. He has 26 years of investment industry experience and has been with Capital Group for 19 years. Earlier in his career, as an equity investment analyst at Capital, he also covered U.S. health care and supplies companies. Prior to joining Capital, he was an analyst and portfolio manager at Fidelity Investments in Boston. He holds a bachelor’s degree in quantitative economics from Tufts University graduating summa cum laude. Andraz is based in London.

Anne-Marie Peterson, Co-Manager Anne-Marie Peterson is an equity portfolio manager at Capital Group. She has 30 years of investment industry experience and has been with Capital Group for 19 years. Earlier in her career at Capital, she was an equity investment analyst covering U.S. retail and restaurants. Prior to joining Capital, she was a partner and research analyst for Thomas Weisel Partners and before that, she was a research associate at Montgomery Securities. She holds a bachelor’s degree in economics from the University of California, Irvine. She also holds the Chartered Financial Analyst® designation. Anne-Marie is based in San Francisco.

Barbara Burtin, Co-Manager Barbara Burtin is an equity portfolio manager and research director at Capital Group. As an equity investment analyst, she covers European banks and bank outsourcing providers, globally. She has 15 years of investment industry experience, all with Capital Group. Prior to joining Capital, Barbara worked in business development for Capital One Financial in the United States, France and Italy. She also brings a variety of other international business experiences, including entrepreneurship and management consulting. She holds an MBA with honors from the Wharton School of the University of Pennsylvania and a master’s degree in finance from HEC Paris. Barbara is based in Los Angeles.

Kohei Higashi, Co-Manager Kohei Higashi is an equity portfolio manager at Capital Group. As an equity investment analyst, he has research responsibility for electrical equipment, industrial conglomerates, machinery, consumer products, retail and textiles & apparel in Japan. He has 28 years of investment experience and has been with Capital Group for 20 years. Earlier in his career at Capital, he covered Japanese photographic products and office electronics, as well as Asian and European automobile manufacturers. Prior to joining Capital, he was a senior crude oil trader at Mitsubishi Corp. He holds an MBA from Harvard Business School and a bachelor’s degree from the University of Tsukuba in Japan. Kohei is based in Los Angeles.

Patrice Collette, Co-Manager Patrice Collette is an equity portfolio manager at Capital Group. He has 29 years of investment industry experience and has been with Capital Group for 24 years. Earlier in his career at Capital, Patrice was an equity investment analyst and covered health care supplies, devices and service companies, as well as chemicals and insurance companies for Europe. Prior to joining Capital, he worked at two private banking firms, Lombard Odier & Cie and Banque Syz & Co. He holds an MBA from INSEAD, France, and holds degrees from the Graduate Institute of International Studies in Geneva and from the Universities of Lausanne and Geneva. He also holds the Chartered Financial Analyst® designation. Patrice is based in Luxembourg.

Steven Watson, Co-Manager Steven T. Watson is an equity portfolio manager at Capital Group. He has 36 years of investment industry experience and has been with Capital Group for 34 years. Earlier in his career, as an equity investment analyst at Capital, he covered Asian property and transportation, as well as European transportation and utilities companies. Before joining Capital, Steven was a buy-side research analyst for Sanford C. Bernstein & Co. in New York. He holds an MBA in finance from New York University Graduate School of Business Administration, a master’s degree in French studies from New York University Institute of French Studies and a bachelor’s degree in French from the University of Massachusetts graduating cum laude. He also studied Mandarin Chinese at Wuhan University and the Shanghai Foreign Language Institute in China. Steven is based in Hong Kong.
Fund Performance
Risk
Company Description
Talking Factsheet
Investment process
Capital Group New Perspective fund has a unique multiple manager approach, looking to capture the companies that are leading change in global trends. The team aims to identify companies in the early stages of their growth trajectory and will want to hold them as they become future winners. As such, the portfolio will consist of future and global champions, with the latter of these providing some defensiveness for the fund. 
To build the portfolio, the fund has nine portfolio managers, each with their own sleeve, and then an tenth sleeve run by a team of research analysts. Each of these groups are given their own capital to invest their way. They all have slightly different approach, some preferring more concentrated portfolios whilst others take a more diversified approach. 
The work on the stock universe is supported by the vast analyst resource at Capital Group that will analyse a stock’s financial statements in detail. Company meetings are an essential part of the analysis, with the managers meeting the corporate team of the companies they look to invest into and challenge them on their approach and outlook, as well as discuss any issues the financial analysis may have uncovered. 
The highest conviction ideas are put together to make the final portfolio. Each manager will have an allocation, with around 20% of the total fund assets given to the c.80 strong research team. Here, each analyst, often sector or subsector specialists, can invest a small amount of the fund into their highest conviction ideas if they see value in it. Each will put forward around four stocks and will try and balance them between cyclical and defensive ideas to ensure the portfolio doesn’t drift too far to one investment style. This creates around 180-190 small positions in this sleeve of the portfolio and this ‘tail’ has added around a quarter of the fund’s outperformance historically. 
At an individual level, the managers can have more conviction, but this is balanced in the final portfolio to ensure single stock risk doesn’t dominate the portfolio. 
Risk
Investment officers monitor risk throughout the process to ensure the final portfolio remains balanced and considerate of all risks. One of these includes sell discipline, ensuring managers and analysts review their stocks on a regular basis especially after stock news. Managers and analysts are each renumerated on the relative performance of their stock selections, rather than the impact they have on the overall fund, meaning the portfolio becomes the highest conviction ideas of the investment professionals rather than a fight for capital. 
ESG
ESG - Integrated   
Capital Group is committing significant resources to supporting the integration of ESG factors into its investment decisions. The analyst teams will incorporate ESG factors into their in-depth analysis of a stock. They have investment frameworks which they use, populating data fields from their analysis of the company, including the financial statement and wider data sources. They will also use some external data to help identify issues they may have missed. The depth of the analyst resource allows them to focus on the most pressing issues for each company, rather than take a blanket approach. Any serious issues identified can then be analysed in greater depth, as well as providing the basis for ongoing monitoring, to ensure the problems are not getting worse. The firm will also engage and vote at AGMs. There is a dedicated team for governance and proxy issues, as well as a specialist team for ESG research, which will also conduct engagement with companies.
 





