Capital Group Investment Company of America
The Capital Group Investment Company of America fund is a core US equity strategy investing in a diversified portfolio of companies representing a cross-section of the American economy. With a history spanning more than 90 years, the strategy has navigated multiple market cycles since its launch in 1933. Managed using Capital Group's distinctive multi-manager approach since 1958, the fund aims to deliver long-term capital growth and income through disciplined, bottom-up stock selection.
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Our Opinion
Capital Group's multi-manager system remains one of the most distinctive features of this strategy. Rather than relying on a single individual, the portfolio combines the highest-conviction ideas of seven experienced managers, creating a structure designed to deliver consistency across market cycles while reducing key-person risk. The strategy has historically generated attractive long-term returns with lower volatility than the wider US market, although its diversified approach may lag during periods when performance is driven by a narrow group of mega-cap stocks. We believe it remains an excellent core holding for investors seeking broad US equity exposure.
Fund Managers
James B. Lovelace, Co-Manager
James is an equity portfolio manager at Capital Group with more than 44 years' investment experience, all with the firm. Before becoming a portfolio manager, he was an equity analyst covering consumer-related sectors including beverages, tobacco, household products and personal care. He holds a bachelor's degree in philosophy from Swarthmore College, is a CFA charterholder and is a member of the Los Angeles Society of Financial Analysts.
Jessica C. Spaly , Co-Manager
Jessica is an equity portfolio manager at Capital Group and serves on the firm's Target Date Solutions Committee. She has more than 28 years' investment experience, including over two decades at Capital Group. Before joining the firm she worked at Kohlberg Kravis Roberts and Morgan Stanley. Earlier at Capital she covered US retail, apparel and e-commerce companies. She holds an MBA and bachelor's degree from Harvard University.
Greg Miliotes, Co-Manager
Greg is an equity portfolio manager at Capital Group and serves on the firm's Management Committee. He has more than 28 years' investment experience and joined Capital Group in 2007. Earlier in his career he covered industrials and healthcare companies as an equity analyst, having previously worked as a healthcare analyst at RS Investments. He holds degrees from Stanford Graduate School of Business and the Massachusetts Institute of Technology.
Christopher D. Buchbinder, Co-Manager
Christopher is an equity portfolio manager at Capital Group with more than 30 years' investment experience, all with the firm. Earlier in his career he was an equity analyst covering US telecommunications, automotive and auto parts companies. He holds a bachelor's degree in economics and international relations from Brown University, where he graduated cum laude.
Grant L. Cambridge, Co-Manager
Grant is an equity portfolio manager at Capital Group with more than 33 years' investment experience, including almost three decades at the firm. Earlier in his career he covered sectors including insurance, airlines, software and small- and mid-cap companies as an equity analyst. Before joining Capital Group he worked at BTM Capital. He holds an MBA from Harvard Business School.
Martin Romo , Co-Manager
Martin is chair and chief investment officer of Capital Group, president of Capital Research Company and an equity portfolio manager. He has more than 34 years' investment experience, almost all with the firm. Earlier in his career he was an equity analyst covering chemicals and financials. He holds an MBA from Stanford Graduate School of Business and a bachelor's degree in architecture from the University of California, Berkeley.
Martin Jacobs , Co-Manager
Martin is an equity portfolio manager at Capital Group with more than 37 years' investment experience, including over 25 years at the firm. Before joining Capital Group, he worked at Brinson Partners, Security Pacific Merchant Bank and the Wharton Center for Applied Research. Earlier at Capital, he covered US industrials, machinery and electrical equipment companies. He holds an MBA from the Wharton School and is a CFA charterholder.
Risk
Diversification is a key part of the investment process. The portfolio combines the highest-conviction ideas of several experienced managers and invests across a wide range of companies, sectors and industries, helping to reduce reliance on any single investment or individual manager. The fund is also managed with a long-term perspective and has historically experienced lower volatility than the wider US stock market. However, its diversified approach means it may lag during periods when a small number of large technology companies dominate market returns.
Company Description
Capital Group has history dating back to 1931 and is one of the largest fund managers in the world, managing over $2.5 trillion across equity and debt funds. The firm is privately owned by its employees, with over 400 investment professionals across its equities and fixed income divisions. Capital Group has offices globally including its native United States, the UK, China and Japan. It uses a unique multiple portfolio manager structure, with investment professionals given capital to invest from very early on in their careers, leading to a strong corporate culture and long-standing employees. Despite its size, the company only runs c.40 strategies globally, allowing it to focus on delivering long-term returns for clients.
Investment process
The investment process is founded on the belief that fundamental, bottom-up research is the key to superior long-term investment returns and that a company's long-term earnings and dividend potential, rather than short-term market sentiment, ultimately drives its share price. Rather than relying on a single decision-maker, the fund is managed using the firm's long-established multi-manager approach, where seven experienced portfolio managers independently invest in their highest-conviction ideas. Around 20% of the portfolio is also managed by the firm's research analysts, giving them the opportunity to invest in the companies they know best.
Ideas are generated through Capital Group's extensive global research network. Analysts carry out detailed, first-hand research, meeting company management teams as well as customers, suppliers and competitors to build a comprehensive understanding of each business. They assess factors such as a company's financial strength, competitive position, management quality and long-term earnings potential before recommending stocks to the portfolio managers.
Each manager constructs their own portion of the portfolio independently, creating a diversified blend of investment styles and ideas rather than relying on a single investment view. The result is a broad portfolio of high-quality companies from across the US market, designed to deliver long-term capital growth and income while remaining resilient across different market environments.
Risk
Diversification is a key part of the investment process. The portfolio combines the highest-conviction ideas of several experienced managers and invests across a wide range of companies, sectors and industries, helping to reduce reliance on any single investment or individual manager. The fund is also managed with a long-term perspective and has historically experienced lower volatility than the wider US stock market. However, its diversified approach means it may lag during periods when a small number of large technology companies dominate market returns.
ESG
ESG is integrated into their fundamental research through proprietary, sector-specific frameworks spanning more than 25 industries, supported by a monitoring process that uses third-party data to flag holdings for further review, and an active engagement and proxy voting programme. The UK fund also applies formal screens: exclusions cover violators of UN Global Compact principles, controversial and nuclear weapons, tobacco producers (over 5% of revenue), and companies with material exposure to thermal coal, oil sands and Arctic oil. The portfolio is additionally managed to maintain a carbon footprint below that of the index.
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