Investment Fund

Share Class
Purchase Restrictions: Class F-2 shares are available through certain registered investment advisor and fee-based programs, but are not available for purchase in most employer-sponsored retirement plans. See the prospectus for details.

Summary

Internal Prompt
A flexible approach to developing markets. Seeks broad exposure to emerging markets opportunities, principally by investing in emerging markets companies as well as multinational companies with material emerging markets exposure.
Price at NAV $96.62 as of 10/24/2025 (updated daily)
Fund Assets (millions) $74,183.9
Portfolio Managers
12
Expense Ratio
(Gross/Net %)
0.68 / 0.68%
Quarterly Fund Fact Sheet (PDF)
Prospectus
Internal Prompt

Returns at NAV

Returns at MOP

Asset Mix

U.S. Equities17.3%
Non-U.S. Equities75.7%
U.S. Bonds0.0%
Non-U.S. Bonds3.2%
Cash & Equivalents
3.9%
As of 9/30/2025 (updated monthly)
Internal Prompt

Volatility & Return

Read important investment disclosures

Equities

For Class F-2 Shares, this chart tracks the 10-year standard deviation
and 10-year annualized return of the equity funds
NFFFX
MSCI All Country World Index (ACWI)
Other AF Funds
Standard Deviation as of 09/30/2025 (updated monthly) . Annualized return as of 09/30/2025 (updated monthly) .
VIEW LARGER CHART

Market Capitalization

90.1%
Large
9.0%
Medium
0.9%
Small
$419,634.00 Million
Weighted Average


As of 9/30/2025 (updated quarterly). FactSet data as of 9/30/2025 (updated quarterly).

Morningstar Ownership ZoneTM

Diversified Emerging Mkts
Weighted average of holdings
75% of fund's stock holdings
Morningstar data as of 9/30/25 (updated quarterly)
INSIGHTS ON THE MORNINGSTAR OWNERSHIP ZONE

Description

Objective
The fund's investment objective is long-term capital appreciation.
Distinguishing Characteristics
This fund seeks broad exposure to emerging markets opportunities, principally by investing in emerging markets companies as well as multinational companies with material emerging markets exposure. It also includes a relatively small opportunistic sleeve of emerging markets fixed income with attractive total return potential. Over the long term, this fund may have the potential to help provide emerging markets-like returns with developed markets-like volatility.
Types of Investments
The fund invests in common stocks and other equity-type securities, corporate and government bonds, and cash and cash equivalents.
Holdings Outside the U.S.
The fund will invest at least 35% of assets in securities of issuers based primarily in qualified developing countries.
Portfolio Restrictions
The fund may invest in debt securities, which may be rated below investment grade (BB/Ba and below, or unrated, but determined by the fund’s investment adviser to be of equivalent quality).

Fund Facts

Fund Inception 6/17/1999
Fund Assets (millions)
As of 9/30/2025
 $74,183.9
Companies/Issuers
Holdings are as of 9/30/2025 (updated monthly).
 432+
Shareholder Accounts
Shareholder accounts are as of 9/30/2025
 1,313,779
Regular Dividends Paid
Dec
Minimum Initial Investment $250
Capital Gains Paid
Dec
Portfolio Turnover (2024) 37%
Fiscal Year-End Oct
Prospectus Date 01/01/2025
CUSIP 649280 82 3
Fund Number 636

Returns

Internal Prompt

Month-End Returns as of 9/30/25

Returns at NAV
| at MOP
Read important investment disclosures
NFFFX
MSCI All Country World Index (ACWI)
ANNUAL RETURNS CHART

Quarter-End Returns as of 9/30/25

Growth of 10K

Read important investment disclosures
For Class F-2 Shares, this chart tracks a hypothetical investment with dividends reinvested, over the last 20 years, or since inception date if the fund has been in existence under 20 years, through 12/31/2024.
NFFFX
MSCI All Country World Index (ACWI)
VIEW LARGER CHART

High & Low Prices

Internal Prompt

Yield

12-month
Distribution Rates
30-day SEC Yield
Fund at NAV 0.94% 1.40%
Fund at MOP N/A N/A
As of 9/30/2025 (updated monthly)

Valuation

Price/ Price/ Price/
Book
Cash Flow
Earnings
Fund 2.70 9.95 16.52
MSCI All Country World Index (ACWI)
3.10 13.00 19.20
Fund as of 9/30/25. Index as of 9/30/25.
Years of Experience with Fund
Years of Experience with Capital Group
Years of Experience with Investment Industry
Brad Freer 8 31 34
Matt Hochstetler 7 11 20
Dawid Justus 5 20 26
Carl Kawaja 23 33 37
Winnie Kwan 15 25 30
Rob Lovelace 25 39
Piyada Phanaphat 5 17 21
Akira Shiraishi 6 21 27
Kirstie Spence 5 29
Tomonori Tani 11 20 26
Lisa Thompson 5 30 37
Chris Thomsen 15 27 31
A boldface number indicates that years of experience with Capital Group is equal to years of experience with investment industry.

Ratings & Risk

Morningstar Rating TM


Overall Morningstar RatingTM
Funds rated(697)
3-yr. Morningstar RatingTM
(697 funds rated)
5-yr. Morningstar RatingTM
(614 funds rated)
10-yr. Morningstar RatingTM
(457 funds rated)
Overall Morningstar Risk Below Average
HIGH
LOW
Category
Diversified Emerging Mkts
ADVANTAGES AND DISADVANTAGES OF MORNINGSTAR RATINGS
Ratings are based on risk-adjusted returns as of 9/30/2025 (updated monthly).

Lipper Leader Scorecard

Over-all 3 yr. 5 yr. 10 yr.
Consistent Return Within Category
Funds Rated
(681)
(681)
(598)
(439)
Expense Within Category
Funds Rated
(373)
(373)
(325)
(220)
Preservation Within Category
Funds Rated
(12058)
(12058)
(11101)
(8486)
Tax Efficiency Within Category
Funds Rated
(681)
(681)
(598)
(439)
Total Return Within Category
Funds Rated
(681)
(681)
(598)
(439)
Category Emerging Markets Funds
KEY
HIGHEST LOWEST
As of 9/30/2025 (updated monthly)

Risk Measures

Fund
Standard Deviation
14.78
Sharpe Ratio
0.56
For the 10 Years ending 9/30/25 (updated monthly).
American Funds
Benchmark
Morningstar
Benchmark
MSCI All Country World Index (ACWI)
MSCI ACWI Ex USA NR USD
R-squared
87 92
Beta
0.94 0.96
Capture Ratio (Downside/Upside)
94/89 92/101
American Funds Benchmark for the 10 Years ending 8/31/25 (updated monthly).
Morningstar Benchmark for the 10 Years ending 9/30/25 (updated monthly).

Holdings

Equities Breakdown

Sectors | Top Industries
Equity Fund Holdings
 Information technology 19.7%
Financials 17.0%
Consumer discretionary 13.2%
Industrials 12.6%
Communication services 9.8%
Materials 5.7%
Health care 5.1%
Consumer staples 4.8%
Energy 2.1%
Real estate 1.6%
Utilities 1.3%

% of net assets as of 9/30/2025 (updated monthly)

Top Equities

TSMC
7.3%
Tencent
2.9%
Microsoft
2.1%
MercadoLibre
2.0%
Trip.com Group
1.7%
SK hynix
1.6%
Broadcom
1.6%
Airbus
1.5%
NVIDIA
1.4%
Meta Platforms
1.3%

% of net assets as of 9/30/2025 (updated monthly)

Geographic Breakdown

Regions | Top Countries
United States
17.3%
Europe
16.5%
Asia & Pacific Basin
45.4%
Other (Including Canada & Latin America)
16.9%
Cash & equivalents
3.9%
% of net assets as of 9/30/2025 (updated monthly)

The New Geography of Investing ®

Equity Portion Breakdown by Domicile | Equity Portion Breakdown by Revenue
Regions Fund
MSCI All Country World Index (ACWI)
United States 18.6% 64.7%
Canada 2.2% 2.9%
Europe & Middle East 15.8% 14.5%
Japan 2.7% 4.8%
Asia-Pacific ex. Japan 2.6% 2.4%
China 15.6% 3.4%
Emerging markets ex. China 41.5% 7.4%
Other 1.0% 0.0%

% of net assets as of 9/30/2025 (updated monthly)

Fund Breakdown by Domicile

Regions Fund
MSCI All Country World Index (ACWI)
United States 17.2% 64.7%
Canada 2.0% 2.9%
Europe & Middle East 14.7% 14.5%
Japan 2.5% 4.8%
Asia-Pacific ex. Japan 2.5% 2.4%
China 14.4% 3.4%
Emerging markets ex. China 38.5% 7.4%
Other 0.9% 0.0%
Cash & equivalents
4.2% --
Fixed Income 3.2% --

% of net assets as of 9/30/2025 (updated monthly)

Prices & Distributions

Internal Prompt

Historical Prices Month-End

2025

Historical Prices Year-End

Internal Prompt

Historical Distributions as of 01/27/25

FIND HISTORICAL DISTRIBUTIONS
2024
Record
Date		 Calculated
Date		 Pay Date
Income Dividend Regular
Income Dividend Special
Cap. Gains Long-Term
Cap. Gains Short-Term
Reinvest NAV
12/19/24 12/19/24 12/20/24 $0.9075 $0.00 $2.1679 $0.00 $77.09
2024 Year-to-Date: Dividends Subtotal: $0.9075 Cap Gains Subtotal: $2.1679
Total Distributions: $3.0754

Fees & Expenses

Internal Prompt

Fees

Annual Management Fees 0.51%
Other Expenses 0.17%
Service 12b-1 --
As of each fund's most recent prospectus.
Internal Prompt

Expense Ratio

NFFFX 0.68%
Lipper Emerging Markets Funds Average
1.00%
Fund as of most recent prospectus. Lipper Category as of 9/30/25 (updated quarterly).