The Capital Group Companies

The companies that comprise The Capital Group share an investment philosophy that is distinguished by four key beliefs:

• We believe that solid research is fundamental to sound investment decisions. Our companies employ teams of experienced analysts who regularly gather in-depth, first-hand information on markets and companies around the globe.
• We believe that an investment decision should not be made lightly. In addition to providing extensive research, our investment professionals go to great lengths to determine the difference between the fundamental value of a company and its price in the marketplace.
• We believe in a long-term approach. It's part of the big-picture view our investment professionals take of the companies in which we invest. This is reflected by the typically low turnover of portfolio holdings. In addition, our investment professionals usually remain with us for many years and are compensated according to their investment results over time.
• We believe in the value of multiple perspectives. The assets of each fund or portfolio are divided among a number of portfolio managers. These managers make independent investment decisions and manage their portions as though they were separate funds. Over time, this method has contributed to consistency of results and continuity of management.