American Funds Investment Company of America® Class A AIVSX

American Funds' parent Capital Group announced that Brad Barrett and Caroline Jones will officially join American Funds Investment Company of America’s management team on Oct. 1, 2026, bringing the total number of named managers to nine. These changes do not alter the strategy’s Above Average People rating or its Morningstar Medalist Ratings. Jones isn’t new to portfolio management. She has run a sleeve of Capital Group Core Equity ETF for more than two years and has been at the firm for more than 22 years. As often happens before Capital Group adds a manager to a strategy, Jones has managed a relatively small portion of assets as an undisclosed manager on this strategy for some time. She previously covered US homebuilding, US healthcare services, and regional banks for the firm. Jones typically focuses on companies with differentiated competitive advantages, strong returns on capital, and long runways for growth. Barrett has more than 25 years of experience at the firm. He has been managing a relatively small portion of assets as an undisclosed manager on this strategy for a period and has managed Capital Group Core Equity ETF for less than one year. He previously covered media and advertising-driven internet companies. This experience and expertise make him a strong fit for this strategy. Barrett looks for undervalued companies with solid management, products, and increasing returns.

After more than 90 years, Capital Group Investment Company of America’s (which includes the US mutual fund as well as the Luxembourg and Japan vehicles) recipe for success continues to prove its merit.

This strategy is firing on all cylinders after a long stint of underperformance. In 2020, team leader Martin Romo and then co-lead Grant Cambridge refined the process, steering it back to its core mandate: growth of capital and income. That adjustment has paid off so far, helping the strategy land in the large-blend Morningstar Category’s top decile over the trailing three- and five-year periods through February 2026. Since 2023, it has benefited from a broad range of holdings, including GE Aerospace, Broadcom, Royal Caribbean, and tobacco companies British American Tobacco and Philip Morris.

There have been changes under the hood. After a firmwide self-assessment, this strategy underwent more personnel changes at the beginning of this year. It had been run jointly by equity subsidiaries Capital International Investors and Capital Research Global Investors since mid-2018, but as of Jan. 1, 2026, Capital Group removed CII. While the impact should be minimal, the strategy lost one manager and one analyst team as a result.

Nevertheless, this strategy remains in experienced hands with considerable support. Romo leads the overall effort alongside James Lovelace, Chris Buchbinder, Martin Jacobs, Jessica Spaly, Grant Cambridge, and Greg Miliotes. They are supported by a deep research team of more than 50 analysts.

The team aims to balance a healthy mix of dividend-payers and growth-oriented companies to build a diversified portfolio. Historically, the strategy leaned too heavily toward income, but adjustments in 2020—such as lowering the preexpense yield target and expanding the eligible investment universe—have helped restore balance.

Encouragingly, the strategy has continued to offer downside protection. In 2022, the strategy’s 15.5% loss was milder than the S&P’s 18.1% loss and landed in the category’s top third, thanks to solid technology picks such as Broadcom. During the early 2025 pullback driven by tariff uncertainty, the strategy again demonstrated resilience, outperforming both the index and the category norm.

This strategy’s flexible growth and income approach earns an Above Average Process rating.

This strategy seeks a healthy mix of dividend-payers and growth names to build a broad portfolio. The managers typically stick to large, well-established companies that have the ability to pay dividends. In the past, it had trouble striking the right balance and leaned too far toward the income part, but the strategy’s leaders decreased its preexpense yield target and expanded its eligibility list in 2020. These changes gave the managers more latitude to pursue growth, which has helped in recent years.

The approach has all the hallmarks of American’s multiple-manager system. Dividing the portfolio into separately run sleeves allows managers to stick with their highest-conviction picks, while the combination of sleeves mutes volatility. Managers' ability to hold cash and bonds when compelling investment opportunities are scarce provides another volatility check.

The managers can differentiate the strategy by investing up to 15% of assets overseas. These foreign holdings tend to be competitively advantaged global firms.

Annual portfolio turnover peaked at 39% in 2020 amid the market’s volatility, a lineup change, and an overall portfolio shift toward growth. Otherwise, however, it has ranged from 22% to 36% in the past 10 years.

The managers split the strategy's massive asset base among 190 to 220 stocks and typically stick to larger companies, which results in an average market cap close to that of the S&P 500 prospectus benchmark.

Sector overweightings versus the index tend to be modest, staying within 5 percentage points. Underweightings have been more distinctive, especially in unusual conditions. The strategy had a double-digit financials underweighting versus the S&P 500 between late 2012 and early 2016 as interest rates fell to low levels relative to their then-historic norms. Since late 2017, as the valuation of many technology companies increased, the strategy’s underweighting has been in the high single digits, but it has since narrowed to only 3 percentage points as of December 2025.

Company-level research has the biggest impact on the portfolio’s positioning, but the managers still must keep in mind the strategy’s income objective when building positions. As of December 2025, only three companies in the top 20 holdings didn’t pay a dividend: Amazon.com, Uber Technologies, and Vertex Pharmaceuticals. To offset some of those nondividend payers to meet the yield requirement, there are stakes in high-yielding stocks such as tobacco giants British American Tobacco and Phillip Morris.

While there have been significant team changes in recent years, this strategy benefits from the strengths of American Funds’ multimanager system, its managers’ decades of experience, and their fund ownership. It warrants an Above Average People rating.

After a firmwide self-assessment, this strategy underwent more personnel changes at the beginning of the year. It had been run by equity subsidiaries CII and CRGI since mid-2018, but on Jan. 1, 2026, Capital Group removed one of the strategy's subsidiaries, CII. This resulted in one manager, Aline Avzaradel, and one analyst team coming off the strategy. Additionally, two managers, Grant Cambridge and Greg Miliotes, moved subsidiaries but remain on the fund. Since 2020, five managers have retired, one removed, and five have been added.

Yet, this strategy remains in veteran hands. Martin Romo leads the whole strategy and the team of James Lovelace, Chris Buchbinder, Martin Jacobs, Jessica Spaly, Cambridge, and Miliotes. The managers are supported by a deep research team of more than 50 analysts.

Romo, who took over the leadership role in 2020, keeps tabs on the stylistic mix of the overall manager lineup while navigating retirements and naming new managers.

Six of the seven managers invest more than USD 1 million in the fund each.

Capital Group stands out from the pack as it enhances capabilities around strong core competencies. It earns a High Parent rating.

Since 1931, Capital Group, parent of American Funds, has thoughtfully built out capabilities to become one of the world’s largest asset managers, managing more than USD 3 trillion dollars. Building on the success of its long-term-oriented, multiple-manager system for global equities, the firm has developed robust fixed-income and multi-asset units, each managing more than USD 500 billion. In January 2026, as part of its periodic review of its now five distinct research organizations, Capital Group implemented changes to its equity investment subsidiaries. This exercise resulted in most equity strategies having at least one portfolio manager change, but according to the firm, it better balances each of Capital Group’s three equity groups in terms of investment breadth and helps the firm better align leadership opportunities across the groups. These kinds of shifts have occurred before, with the last coming in 2018.

Capital Group has also turned its attention to some modern opportunities. To address public/private market convergence trends, it launched in April 2025 two semiliquid funds with private market giant KKR. In keeping with its signature portfolio management approach, it splits those funds into multiple sleeves, which are managed independently by distinct managers at each firm. Capital Group plans to deepen this relationship with target-date and model portfolios, as well as public/private equity funds. On the other end of the spectrum, although the firm is firmly dedicated to active management, it has also acknowledged investor preference for passive investing and has thus partnered with indexing stalwarts Vanguard, BlackRock, and Schwab on active/passive models. Capital Group’s proven investment prowess, strong reputation among investors, and scale mean it can be selective with its partnerships.

In addressing another recent trend, since early 2022, the firm has launched more than 25 active exchange-traded funds globally, most of which are distinct, but several are similar to some of its legacy American Funds mutual funds. Unlike some of its peers, though, it has not filed for SEC exemptive relief to offer ETFs as a share class.

That’s a lot of change for such a storied and sizable firm, but Capital Group has a long history of serving investors well.

This strategy has been firing on all cylinders recently. Since leadership changed hands in March 2020 and tweaked the approach through February 2026, the strategy’s R6 shares gained 15.8%, besting the prospectus S&P 500 benchmark’s 15.0% and the large-blend category norm’s 12.8%. Over the trailing three- and five-year periods through February 2026, it landed in the category’s top decile both times. It has posted mixed results over the longer term, but it has typically been less volatile than the index, so its risk-adjusted results look better. Since its longest-tenured managers’ 1992 start through February 2026, the strategy slightly lagged the category norm but bested the index.

The strategy has typically offered protection in down markets, and that hasn’t changed since the process enhancement. In 2022, the strategy’s 15.5% loss was milder than the S&P’s 18.1% loss and landed in the category’s top third, thanks to solid technology picks such as semiconductor giant Broadcom. In early 2025’s pullback driven by tariff uncertainty, the fund once again showed its meddle and outperformed the index and category norm.

What’s more, the strategy has captured more upside in market rallies than in the past. In 2023, it bested the index and landed in the top decile of peers, thanks in part to several picks such as GE Aerospace, Broadcom, and Royal Caribbean. In 2024, the strategy kept pace with the index and landed in the top quartile of the category, as those picks helped, as well as RTX. In 2025, its 20.5% once again bested the index with help from tobacco stocks British American Tobacco and Philip Morris.

American Funds Invmt Co of Amer A's Prospectus Adjusted Expense Ratio is 0.55% per year. It places it in the second-cheapest quintile of the Morningstar US Fund Large Blend Category, where the median fee is 0.67% per year. This cost positioning translates into a Medalist Rating Price Score of 0.6, which reflects its relative price positioning within the category. The Price Score ranges from -2.50 (most expensive) to +2.50 (cheapest), with higher scores indicating better cost competitiveness.