American Funds® International Vantage Fund
Investment portfolio
July 31, 2025
unaudited
 
Common stocks 95.08%
Industrials 26.69%
 
Shares
Value
(000)
Safran SA
237,113
$78,083
Rolls-Royce Holdings PLC
4,892,689
69,013
ABB, Ltd.
686,232
44,904
Airbus SE, non-registered shares
210,096
42,070
DSV A/S
155,694
34,632
BAE Systems PLC
1,363,158
32,446
Epiroc AB, Class A
1,557,778
31,558
Hitachi, Ltd.
953,500
29,293
SMC Corp.
77,600
27,358
RELX PLC
484,068
25,090
MTU Aero Engines AG
48,433
20,833
Mitsubishi Corp.
1,058,254
20,813
Wolters Kluwer NV
126,996
19,757
Ryanair Holdings PLC (ADR)
296,460
18,461
Rheinmetall AG, non-registered shares
9,044
17,783
Daikin Industries, Ltd.
134,400
16,648
ITOCHU Corp.
278,400
14,662
Recruit Holdings Co., Ltd.
242,300
14,376
Volvo AB, Class B
413,272
11,839
Canadian National Railway Co.
69,873
6,529
Canadian National Railway Co. (CAD denominated)
54,230
5,064
Kingspan Group PLC
138,618
11,414
Marubeni Corp.
438,000
8,959
Komatsu, Ltd.
245,100
7,836
Computershare Ltd.
284,144
7,633
Melrose Industries PLC
924,429
6,229
SPIE SA
90,334
5,289
SGH, Ltd.
156,362
5,095
Brambles, Ltd.
265,104
4,054
Deutsche Post AG
87,000
3,914
IMCD NV
24,543
2,685
IHI Corp.
23,400
2,611
Bunzl PLC
68,429
2,033
Bombardier, Inc., Class B
10,355
1,208
 
650,172
Financials 19.36%
 
 
 
UniCredit SpA
620,545
45,654
Hong Kong Exchanges and Clearing, Ltd.
807,000
43,926
London Stock Exchange Group PLC
324,188
39,544
Skandinaviska Enskilda Banken AB, Class A
2,257,488
39,419
NatWest Group PLC
4,876,087
33,847
Euronext NV
184,237
29,683
Resona Holdings, Inc.
2,849,600
25,875
AIA Group, Ltd.
2,744,000
25,674
Munchener Ruckversicherungs-Gesellschaft AG
38,403
25,230
American Funds International Vantage Fund — Page 1 of 7
unaudited
Common stocks (continued)
Financials (continued)
 
Shares
Value
(000)
Deutsche Bank AG
683,929
$22,585
Banco Santander SA
2,563,187
22,023
DBS Group Holdings, Ltd.
578,970
21,251
Banco Bilbao Vizcaya Argentaria SA
1,272,798
21,246
Standard Chartered PLC
1,008,695
18,066
Deutsche Boerse AG
52,443
15,184
Intesa Sanpaolo SpA
2,174,653
13,112
Partners Group Holding AG
7,708
10,336
Hiscox, Ltd.
234,169
3,984
Intact Financial Corp.
17,077
3,530
T&D Holdings, Inc.
140,500
3,424
Tokio Marine Holdings, Inc.
68,200
2,740
Medibank Private Ltd.
812,504
2,652
Sampo Oyj, Class A
233,735
2,506
 
471,491
Information technology 13.25%
 
 
 
SAP SE
230,113
65,871
ASML Holding NV
72,218
50,112
Taiwan Semiconductor Manufacturing Co., Ltd. (ADR)
203,993
49,289
Keyence Corp.
72,820
26,328
Halma PLC
440,724
18,874
Nomura Research Institute, Ltd.
433,200
17,164
Tokyo Electron, Ltd.
101,800
15,932
TDK Corp.
1,164,600
14,169
OBIC Co., Ltd.
386,085
13,835
Shopify, Inc., Class A, subordinate voting shares
107,949
13,192
Capgemini SE
87,093
12,975
Fujitsu, Ltd.
591,100
12,852
Nemetschek SE
45,692
6,831
SK hynix, Inc. (GDR)
27,801
5,391
 
322,815
Health care 9.00%
 
 
 
AstraZeneca PLC
359,494
52,433
EssilorLuxottica SA
129,267
38,345
Novo Nordisk AS, Class B
708,891
32,721
Daiichi Sankyo Co., Ltd.
986,100
24,169
Chugai Pharmaceutical Co., Ltd.
435,900
21,242
HOYA Corp.
80,500
10,175
BeOne Medicines, Ltd. (ADR)
30,567
9,205
Terumo Corp.
443,600
7,500
Roche Holding AG, nonvoting non-registered shares
20,620
6,470
QIAGEN NV
114,416
5,645
Straumann Holding AG
35,580
4,305
Innovent Biologics, Inc.
314,000
3,921
Sanofi
18,507
1,682
Asahi Intecc Co., Ltd.
91,200
1,423
 
219,236
Consumer discretionary 8.40%
 
 
 
Amadeus IT Group SA, Class A, non-registered shares
478,177
38,386
MercadoLibre, Inc.
12,643
30,013
Sony Group Corp.
938,400
22,710
Industria de Diseno Textil SA
392,019
18,742
American Funds International Vantage Fund — Page 2 of 7
unaudited
Common stocks (continued)
Consumer discretionary (continued)
 
Shares
Value
(000)
LVMH Moet Hennessy-Louis Vuitton SE
31,287
$16,823
Suzuki Motor Corp.
1,314,800
14,415
Ferrari NV (EUR denominated)
31,303
13,694
Aristocrat Leisure, Ltd.
231,915
10,343
Hermes International
3,913
9,560
Kering SA
28,895
7,115
Evolution AB
72,791
6,467
InterContinental Hotels Group PLC
51,147
5,893
Flutter Entertainment PLC
16,735
5,058
Alibaba Group Holding, Ltd.
267,400
3,944
B&M European Value Retail SA
478,270
1,414
 
204,577
Consumer staples 7.21%
 
 
 
L’Oreal SA, non-registered shares
85,112
37,710
Nestle SA
334,114
29,138
Imperial Brands PLC
672,412
26,213
British American Tobacco PLC
458,387
24,538
Danone SA
220,430
18,081
Anheuser-Busch InBev SA/NV
218,304
12,632
Unilever PLC
139,307
8,102
Carlsberg A/S, Class B
57,582
7,186
Pernod Ricard SA
67,989
6,991
Philip Morris International, Inc.
30,096
4,937
 
175,528
Materials 4.05%
 
 
 
Air Liquide SA
133,785
26,334
Sika AG
89,775
21,172
Shin-Etsu Chemical Co., Ltd.
680,300
19,626
Heidelberg Materials AG, non-registered shares
41,108
9,497
Givaudan SA
2,021
8,446
Barrick Mining Corp.
195,840
4,136
BHP Group, Ltd. (CDI)
131,998
3,307
Rio Tinto PLC
39,304
2,334
Smurfit Westrock PLC
47,816
2,122
BASF SE
36,214
1,781
 
98,755
Utilities 3.25%
 
 
 
Iberdrola SA, non-registered shares
1,727,239
30,317
RWE AG
616,323
25,285
Engie SA
1,044,344
23,464
 
79,066
Communication services 2.78%
 
 
 
Nintendo Co., Ltd.
301,200
25,139
Tencent Holdings, Ltd.
174,600
12,240
Koninklijke KPN NV
1,904,873
8,515
NetEase, Inc.
203,200
5,301
Capcom Co., Ltd.
201,900
5,161
Spotify Technology SA
7,357
4,609
American Funds International Vantage Fund — Page 3 of 7
unaudited
Common stocks (continued)
Communication services (continued)
 
Shares
Value
(000)
Singapore Telecommunications, Ltd.
1,374,800
$4,099
Swisscom AG
3,710
2,581
 
67,645
Energy 1.09%
 
 
 
TotalEnergies SE
380,016
22,581
BP PLC
758,254
4,063
 
26,644
Total common stocks (cost: $1,534,764,000)
2,315,929
Short-term securities 4.38%
Money market investments 4.38%
 
 
 
Capital Group Central Cash Fund 4.33% (a)(b)
1,068,401
106,830
Total short-term securities (cost: $106,830,000)
106,830
Total investment securities 99.46% (cost: $1,641,594,000)
2,422,759
Other assets less liabilities 0.54%
13,046
Net assets 100.00%
$2,435,805
Investments in affiliates (b)
 
 
Value at
11/1/2024
(000)
Additions
(000)
Reductions
(000)
Net
realized
gain (loss)
(000)
Net
unrealized
appreciation
(depreciation)
(000)
Value at
7/31/2025
(000)
Dividend
or interest
income
(000)
Short-term securities 4.38%
Money market investments 4.38%
Capital Group Central Cash Fund 4.33% (a)
$125,051
$288,749
$306,963
$(3
)
$(4
)
$106,830
$3,271
 
(a)
Rate represents the seven-day yield at 7/31/2025.
(b)
Part of the same “group of investment companies“ as the fund as defined under the Investment Company Act of 1940, as amended.
American Funds International Vantage Fund — Page 4 of 7
unaudited
Valuation disclosures
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by accounting principles generally accepted in the United States of America. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open. Security transactions are recorded by the fund as of the date the trades are executed with brokers.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Equity securities, including depositary receipts, are generally valued at the official closing price of, or the last reported sale price on, the exchange or market on which such securities are traded, as of the close of business on the day the securities are being valued or, lacking any sales, at the last available bid price. Prices for each security are taken from the principal exchange or market on which the security trades.
Fixed-income securities, including short-term securities, are generally valued at evaluated prices obtained from third-party pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security. 
Fixed-income class
Examples of standard inputs
All
Benchmark yields, transactions, bids, offers, quotations from dealers and
trading systems, new issues, spreads and other relationships observed in
the markets among comparable securities; and proprietary pricing
models such as yield measures calculated using factors such as cash flows,
financial or collateral performance and other reference data (collectively
referred to as “standard inputs”)
Corporate bonds, notes & loans; convertible securities
Standard inputs and underlying equity of the issuer
Bonds & notes of governments & government agencies
Standard inputs and interest rate volatilities
Mortgage-backed; asset-backed obligations
Standard inputs and cash flows, prepayment information, default rates,
delinquency and loss assumptions, collateral characteristics, credit
enhancements and specific deal information
Securities with both fixed-income and equity characteristics, or equity securities traded principally among fixed-income dealers, are generally valued in the manner described for either equity or fixed-income securities, depending on which method is deemed most appropriate by the fund’s investment adviser. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds“), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information.
American Funds International Vantage Fund — Page 5 of 7
unaudited
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by the fund’s investment adviser and approved by the board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security, restrictions on resale of the security, relevant financial or business developments of the issuer, actively traded similar or related securities, dealer or broker quotes, conversion or exchange rights on the security, related corporate actions, significant events occurring after the close of trading in the security, and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure — The fund’s board of trustees has designated the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Committee”) to administer, implement and oversee the fair valuation process and to make fair value decisions. The Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation team. The Committee reviews changes in fair value measurements from period to period, pricing vendor information and market data, and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group. The Committee reports changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The fund’s valuation levels as of July 31, 2025, were as follows (dollars in thousands): 
 
Investment securities
 
Level 1
Level 2
Level 3
Total
Assets:
Common stocks:
Industrials
$31,262
$618,910
$—
$650,172
Financials
3,530
467,961
—
471,491
Information technology
62,481
260,334
—
322,815
Health care
14,850
204,386
—
219,236
Consumer discretionary
35,071
169,506
—
204,577
Consumer staples
4,937
170,591
—
175,528
Materials
6,258
92,497
—
98,755
Utilities
—
79,066
—
79,066
Communication services
4,609
63,036
—
67,645
Energy
—
26,644
—
26,644
Short-term securities
106,830
—
—
106,830
Total
$269,828
$2,152,931
$—
$2,422,759
 
Key to abbreviation(s)
ADR = American Depositary Receipts
CAD = Canadian dollars
CDI = CREST Depository Interest
EUR = Euros
GDR = Global Depositary Receipts
American Funds International Vantage Fund — Page 6 of 7
unaudited
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectus and summary prospectus, which can be obtained from your financial professional and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
Capital Client Group, Inc., member FINRA.
© 2025 Capital Group. All rights reserved.
MFGEFP3-123-0925
American Funds International Vantage Fund — Page 7 of 7