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Form N-CSR SMALLCAP WORLD FUND INC For: Sep 30

November 30, 2022 12:33 PM EST

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

Certified Shareholder Report of

Registered Management Investment Companies

 

Investment Company Act File Number: 811-05888

 

SMALLCAP World Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

 

6455 Irvine Center Drive

Irvine, California 92618

(Address of Principal Executive Offices)

 

Registrant's telephone number, including area code: (949) 975-5000

 

Date of fiscal year end: September 30

 

Date of reporting period: September 30, 2022

 

Hong T. Le

SMALLCAP World Fund, Inc.

6455 Irvine Center Drive

Los Angeles, California 90071

(Name and Address of Agent for Service)

 
 

ITEM 1 – Reports to Stockholders

  

SMALLCAP World Fund®
 
Annual report
for the year ended
September 30, 2022

 

 

We believe small
companies around
the world can provide
opportunities for
investors


 

 

SMALLCAP World Fund seeks to provide you with long-term growth of capital.

 

This fund is one of more than 40 offered by Capital Group, home of American Funds, one of the nation’s largest mutual fund families. For over 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.

 

Fund results shown in this report, unless otherwise indicated, are for Class F-2 shares. Class A share results are shown at net asset value unless otherwise indicated. If a sales charge (maximum 5.75%) had been deducted from Class A shares, the results would have been lower. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com.

 

Refer to page 4 for Class F-2 and Class A share results with relevant sales charges deducted and fund expenses. For other share class results, visit capitalgroup.com and americanfundsretirement.com.

 

Investment results assume all distributions are reinvested and reflect applicable fees and expenses. When applicable, results reflect fee waivers and/or expense reimbursements, without which they would have been lower. Visit capitalgroup.com for more information.

 

Investing outside the United States may be subject to risks, such as currency fluctuations and political instability. These risks may be heightened in connection with investments in developing countries. Investing in small-capitalization stocks can involve greater risk than is customarily associated with investing in stocks of larger, more established companies. Refer to the fund prospectus and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.

 

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

 

Contents

 

1 Letter to investors
   
4 The value of a long-term perspective
   
6 Investment portfolio
   
28 Financial statements
   
54 Board of directors and other officers

 

Fellow investors:

 

Calendar year 2022 presented us with one of the most complex and uncertain market environments in our recent history. SMALLCAP World Fund saw a negative return of 35.23% (F-2 shares) for the fund’s 12-month fiscal year ended September 30, 2022. This compares with a 24.80% decline for the fund’s primary benchmark index, the MSCI All Country World Small Cap Index, an unmanaged measure of small capitalization companies from around the world.

 

Record-high inflation, rising interest rates and currency fluctuations, all coming on the heels of unprecedented fiscal stimulus over the course of the COVID-19 pandemic, are just a few of the investment headwinds to emerge over the last 12 months.

 

As fellow shareholders, we are as disappointed in the fund’s results as you surely are. It is worth noting that despite the results this year, SMALLCAP World Fund has outpaced its benchmark index over an extended time horizon — including the five-year, ten-year and lifetime results. We are confident in the opportunities SMALLCAP World Fund provides to its investors — based on the work of our global research team of 18 portfolio managers and over 120 research analysts that are out meeting with companies every day to identify the market disruptors, technology innovators and industry standard-setters that may provide growth of capital over the next decade for our shareholders.

 

The year in review

First and foremost, we want our investors to know that many of the investment professionals working on behalf of this fund have weathered similar difficulties before. Given our extensive tenure and experience, this is not our first downturn.

 

Results at a glance

 

For periods ended September 30, 2022, with all distributions reinvested

 

    Cumulative
total returns
  Average annual total returns
    1 year   5 years   10 years   Lifetime1
                         
SMALLCAP World Fund (Class F-2 shares2)     –35.23 %     4.31 %     8.34 %     9.16 %
SMALLCAP World Fund (Class A shares)     –35.39       4.05       8.05       8.89  
MSCI All Country World Small Cap Index3     –24.80       2.32       7.02       7.42  

 

1 Lifetime returns are as of April 30, 1990, the inception date of Class A shares.  
2  Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.
3  The MSCI All Country World Small Cap Index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. Results reflect dividends net of withholding taxes. Because the index was not in existence when the fund’s Class A shares were first sold, cumulative returns through May 31, 1994, reflect the returns of the S&P Developed <$1.2 Billion Index. MSCI source: MSCI. S&P source: S&P Dow Jones Indices LLC. The MSCI All Country World Small Cap Index captures small cap representation across 23 Developed Markets and 24 Emerging Markets countries. With 6,348 constituents, the index covers about 14% of the free float-adjusted market capitalization in each country.

 

SMALLCAP World Fund 1
 

Our foundation is built on years of expertise, and we are confident that we are in a better position today in terms of our in-depth research capabilities than we have ever been before.

 

A perfect storm of elements came together this year to create an incredibly complex market backdrop. We are in the midst of battling stubbornly persistent inflation, strong currency headwinds and increasingly hawkish central banks. Rising interest rates have negatively impacted elevated equity valuations and price-to-earnings (P/E) growth multiples across the board. Record-high energy bills, and the inflationary pressures that inevitably follow, have left consumers with less disposable income and corporations with lower earnings. Outside of the U.S., our holdings have been exposed to significant currency headwinds in the face of the strong U.S. dollar.

 

In Europe, the Russia-Ukraine war has created a severe energy crisis forcing countries to find new sources of natural gas and renewable energy at higher prices for the consumer. Meanwhile, in China, GDP growth has decelerated materially owing to a slowdown in the property sector and the ongoing COVID-19 lockdowns. In the United States, the Fed has taken one of the most aggressive stances relative to its global central bank peers on tackling high inflation, by taking rates from near zero in the beginning of this year to over 3% as of end of September.

 

Among sector highlights, communication services and health care were two of the worst performing sectors over the last 12 months. Energy has been one of 2022’s few bright spots owing to the current state of geopolitical affairs and a short and steep cost curve for producers.

 

How the fund responded

After years of strong growth, some of the fund’s most durable holdings saw declines this year. Among our top 20 holdings, 60% had negative returns over the fiscal year period, with an average return of –8.94%. Despite market fluctuations this year, the holdings in the portfolio reflect our belief, backed by our fundamental research efforts, in the long-term potential of these companies.

 

Among the top contributors during the reporting period were Indian manufacturing firm Tube Investments of India (up 79.16%) and building and service provider Comfort Systems USA (up 36.47%). Among the largest detractors were database developer MongoDB (down 57.89%) and Japan-based business management and IT consulting firm BayCurrent Consulting (down 48.85%). The fund also had some exposure to Russian securities earlier in the year and those were subsequently written down.

 

Exposure to different sectors and industries comes from our views on the attractiveness of individual securities, rather than a top-down view. The fund saw stronger results from energy, while all other sectors were down.

 

Our holdings span 40 countries, as we identify compelling and differentiated opportunities across the globe. Roughly 70% of the fund’s holdings were in developed markets, with nearly 16% in emerging markets, and U.S. companies comprising just over 43% of the portfolio.

 

The fund closed the fiscal year with 12.5% of its assets held in cash and other short-term securities. The portfolio managers increased the fund’s liquidity to position it to capitalize on investment opportunities as they arise, and to help mitigate the effects of market volatility.

 

The road ahead

The early months of the COVID-19 pandemic prevented us from visiting companies and meeting with management teams. This is the foundation of our primary research process, but with the economy slowly reopening, we have been able to restart in-person engagements. We know from experience that continued in-person collaboration and first-hand research will arm our investment professionals with the best insights necessary to make the best possible investment decisions.

 

2 SMALLCAP World Fund
 

We agree with the Fed’s focus on breaking inflation and — although it has, and will be, a painful remedy — the first dose of medicine is showing early response signs in the deceleration of the employment market. There are differing views among our investment professionals on the potential severity and duration of the market downturn ahead. It remains to be seen how long and difficult the road ahead will be over the short-to-medium-term, but we would remind our fellow investors that, historically, bear markets and recessions have preceded strong bull markets and economic recovery.

 

Despite an extremely challenging geopolitical environment, we see potential for the next 12–36 months to provide a more supportive backdrop for equities globally. We are continuing to find compelling investment opportunities both within and outside of the U.S.

 

Regardless of the market backdrop, good companies and agile management teams with strong product and service offerings should be able to successfully navigate this environment. Against these challenging conditions and this year’s disappointing results, we see a small-cap market with dynamic companies that may be the standard bearers of innovation for years to come.

 

Our job is to make sure we are investing in the companies with the best prospects for future growth for our shareholders. We believe that prudent stock selection and Capital Group’s commitment to deep, fundamental research will support superior long-term outcomes for our clients. As always, we thank you for the trust you have placed in us, and your continued support of SMALLCAP World Fund. We look forward to reporting to you again in six months.

 

Cordially,

 

 

Julian N. Abdey

Co-President

 

 

Jonathan Knowles

Co-President

 

 

Gregory W. Wendt

Co-President

 

November 8, 2022

 

For current information about the fund, visit capitalgroup.com.

 

SMALLCAP World Fund 3
 

The value of a long-term perspective

 

Fund results shown are for Class F-2 shares and Class A shares. Class A share results reflect deduction of the maximum sales charge of 5.75% on the $10,000 investment¹; thus, the net amount invested was $9,425. Results are for past periods and are not predictive of results for future periods. Current and future results may be lower or higher than those shown. Prices and returns will vary, so investors may lose money. For current information and month-end results, visit capitalgroup.com.

 

Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.

 

The results shown are before taxes on fund distributions and sale of fund shares.

 

1 As outlined in the prospectus, the sales charge is reduced for accounts (and aggregated investments) of $25,000 or more and is eliminated for purchases of $1 million or more. There is no sales charge on dividends or capital gain distributions that are reinvested in additional shares.
2 Includes reinvested dividends and reinvested capital gain distributions.
3 The MSCI All Country World Small Cap Index is unmanaged and, therefore, has no expenses. Investors cannot invest directly in an index. Results reflect dividends net of withholding taxes. Because the index was not in existence when the fund’s Class A shares were first sold, cumulative returns through May 31, 1994, reflect the returns of the S&P Developed <$1.2 Billion Index. MSCI source: MSCI. S&P source: S&P Dow Jones Indices LLC.
4 For the period April 30, 1990, commencement of operations, through September 30, 1990.

 

 

4 SMALLCAP World Fund
 

How a hypothetical $10,000 investment has grown

This chart shows how a hypothetical $10,000 investment in SMALLCAP World Fund’s Class F-2 and Class A shares grew from April 30, 1990 — the fund’s inception — through September 30, 2022, the end of the fund’s latest fiscal year. In the case of F-2 shares, the $10,000 would have grown to $171,398 with all distributions reinvested. In the case of A shares, the $10,000 would have grown to $149,104 with all distributions reinvested, even after deducting the maximum 5.75% sales charge.

 

 

 

SMALLCAP World Fund 5
 

Investment portfolio September 30, 2022

 

Sector diversification Percent of net assets

 

 

Country diversification by domicile   Percent of
net assets
United States     43.89 %
India     6.75  
Eurozone*     6.22  
Japan     5.90  
United Kingdom     4.76  
Sweden     3.49  
China     2.66  
Canada     2.56  
Switzerland     1.98  
Other countries     9.21  
Short-term securities & other assets less liabilities     12.58  
* Countries using the euro as a common currency; those represented in the fund’s portfolio are Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Slovenia and Spain.

 

Common stocks 85.86%   Shares     Value
(000)
 
Industrials 18.22%                
Saia, Inc.1,2     1,965,521     $ 373,449  
IMCD NV     2,701,267       320,583  
BayCurrent Consulting, Inc.1     1,154,900       296,667  
Chart Industries, Inc.2     1,433,298       264,228  
NIBE Industrier AB, Class B     29,398,225       261,024  
Comfort Systems USA, Inc.1     2,556,739       248,847  
Diploma PLC1     9,671,977       247,981  
Armstrong World Industries, Inc.1     2,888,335       228,843  
Arcosa, Inc.1     3,862,940       220,883  
Japan Airport Terminal Co., Ltd.1,2     4,936,060       204,235  
Vicor Corp.2     3,211,006       189,899  
Visional, Inc.1,2     3,025,930       184,944  
Interpump Group SpA     5,272,523       170,547  
Willscot Mobile Mini Holdings Corp., Class A2     3,981,988       160,594  
Stericycle, Inc.2     3,782,687       159,289  
BELIMO Holding AG     423,990       155,274  
Harmonic Drive Systems, Inc.1,3     4,928,150       153,146  
Regal Rexnord Corp.     1,087,715       152,672  
ATS Automation Tooling System, Inc.1,2     5,680,718       149,940  
Cleanaway Waste Management, Ltd.     75,279,081       130,696  
Wizz Air Holdings PLC1,2     7,073,107       124,398  
EnPro Industries, Inc.1     1,455,603       123,697  
International Container Terminal Services, Inc.     44,009,076       117,664  
Carel Industries SpA1     6,013,018       112,363  
VAT Group AG     553,276       111,699  
Alfen NV1,2     1,189,401       109,251  
TFI International, Inc. (CAD denominated)     1,130,000       102,263  
TFI International, Inc.     68,200       6,171  
Boyd Group Services, Inc.3     836,324       105,316  
TransDigm Group, Inc.     190,000       99,716  
Trelleborg AB, Class B     5,257,264       98,049  
Spirax-Sarco Engineering PLC     848,200       97,433  
Kadant, Inc.     575,118       95,935  
The AZEK Co., Inc., Class A2     5,687,886       94,533  
Japan Elevator Service Holdings Co., Ltd.1     7,100,154       91,582  
TechnoPro Holdings, Inc.     4,047,000       85,076  
dip Corp.1     3,341,000       85,046  
Rumo SA     24,541,535       84,075  
Graco, Inc.     1,374,000       82,371  
Johns Lyng Group, Ltd.1     20,594,836       81,872  
Zurn Elkay Water Solutions Corp.     3,296,375       80,761  
ESCO Technologies, Inc.     1,095,937       80,486  
ManpowerGroup, Inc.     1,235,101       79,899  
   
6 SMALLCAP World Fund
 
Common stocks (continued)   Shares     Value
(000)
 
Industrials (continued)                
KEI Industries, Ltd.1     4,526,134     $ 79,713  
Watsco, Inc.     300,000       77,238  
Masco Corp.     1,625,000       75,871  
Matson, Inc.     1,231,059       75,735  
Instalco AB1     17,900,905       71,184  
AirTAC International Group     3,072,590       70,291  
Pegasus Hava Tasimaciligi AS1,2     5,314,662       68,307  
Havells India, Ltd.     4,117,388       68,098  
Driven Brands Holdings, Inc.2     2,412,400       67,499  
First Advantage Corp.2     5,176,895       66,420  
SHO-BOND Holdings Co., Ltd.     1,466,700       63,084  
Marlowe PLC1,2,3     6,904,878       61,893  
Haitian International Holdings, Ltd.     32,480,200       61,121  
Lifco AB, Class B     4,195,000       57,910  
Atlas Corp.3     4,159,499       57,817  
Zhejiang Weixing New Building Materials Co., Ltd., Class A     19,398,983       56,317  
CSW Industrials, Inc.     458,419       54,919  
Simpson Manufacturing Co., Inc.     699,036       54,804  
Quess Corp., Ltd.     6,907,615       54,700  
Montrose Environmental Group, Inc.1,2     1,623,909       54,645  
CG Power and Industrial Solutions, Ltd.2     18,869,753       54,422  
Trinity Industries, Inc.     2,513,238       53,658  
MonotaRO Co., Ltd.     3,455,300       52,228  
Aalberts NV, non-registered shares     1,596,599       52,170  
Woodward, Inc.     649,000       52,089  
DO & CO AG, non-registered shares1,2,3     779,520       51,410  
Waste Connections, Inc.     380,000       51,349  
APM Human Services International, Ltd.3     23,661,959       51,233  
Volution Group PLC1     15,684,638       50,954  
GVS SpA2     8,720,038       50,920  
Cargotec OYJ, Class B, non-registered shares     1,682,220       50,642  
FTI Consulting, Inc.2     294,377       48,781  
Munters Group AB     7,015,000       48,737  
Resideo Technologies, Inc.2     2,527,864       48,181  
Textron, Inc.     780,000       45,443  
Builders FirstSource, Inc.2     760,228       44,793  
Copa Holdings, SA, Class A2     665,000       44,562  
Guangzhou Baiyun International Airport Co., Ltd., Class A2     21,926,503       44,062  
DL E&C Co., Ltd.     1,793,720       42,523  
Interface, Inc.1     4,721,060       42,442  
Midac Holdings Co., Ltd.1,3     1,844,500       42,395  
Addtech AB, Class B     3,165,903       41,298  
Engcon AB, Class B2     6,668,176       40,789  
Advanced Drainage Systems, Inc.     323,056       40,178  
IDEX Corp.     200,000       39,970  
JGC Holdings Corp.     3,124,000       39,151  
Antares Vision SpA1,2,3     5,278,008       37,577  
Generac Holdings, Inc.2     207,989       37,051  
Sulzer AG     641,945       36,682  
Centre Testing International Group Co., Ltd.     12,715,436       36,472  
Cathay Pacific Airways, Ltd.2,3     33,879,000       35,508  
LIXIL Corp.3     2,434,500       35,277  
Montana Aerospace AG1,2     3,338,132       34,688  
Voltronic Power Technology Corp.     784,000       34,325  
Atkore, Inc.2     436,200       33,941  
Marel hf.     10,903,000       33,810  
Kingspan Group PLC     724,000       32,348  
Hefei Meyer Optoelectronic Technology, Inc., Class A     9,654,084       31,120  
Melrose Industries PLC     27,747,591       30,981  
BWX Technologies, Inc.     611,300       30,791  
Fasadgruppen Group AB1     3,875,833       29,797  
SIS, Ltd.2     5,440,291       27,635  
International Consolidated Airlines Group SA (CDI)2,3     26,494,000       27,611  
Sinoseal Holding Co., Ltd., Class A     5,298,624       26,609  
Controladora Vuela Compañía de Aviación, SAB de CV, Class A, ordinary participation certificates (ADR)2     2,557,800       17,879  
Controladora Vuela Compañía de Aviación, SAB de CV, Class A, ordinary participation certificates2,3     11,941,586       8,438  
Kajaria Ceramics, Ltd.     1,764,211       25,947  
   
SMALLCAP World Fund 7
 
Common stocks (continued)   Shares     Value
(000)
 
Industrials (continued)                
Adecco Group AG     936,900     $ 25,727  
SK, Inc.     192,683       25,670  
Upwork, Inc.2     1,790,057       24,381  
Lyft, Inc.2     1,795,000       23,640  
Sun Country Airlines Holdings, Inc.2     1,711,612       23,295  
Azelis Group NV     995,108       22,128  
InPost SA2     3,711,638       21,675  
Polycab India, Ltd.     607,909       18,965  
Jamna Auto Industries, Ltd.     12,837,657       17,919  
Einride AB1,2,4,5     391,089       17,834  
Indutrade AB     1,080,000       17,417  
Hensoldt AG     808,623       16,241  
Ventia Services Group Pty, Ltd.     9,155,653       15,111  
Coor Service Management Holding AB     2,177,000       14,778  
Storskogen Group AB, Class B     17,764,071       14,238  
RS Group PLC     1,312,000       14,001  
INVISIO Communications AB     950,000       11,658  
Crane Holdings, Co.     130,938       11,462  
UFP Industries, Inc.     154,191       11,126  
ITM Power PLC2,3     9,693,939       11,062  
XP Power, Ltd.     583,458       10,936  
Heliogen, Inc.2     5,800,000       10,788  
Daiseki Co., Ltd.     352,600       10,758  
Grafton Group PLC     1,437,900       10,752  
Oshkosh Corp.     150,000       10,544  
Intrum AB     800,000       10,046  
Green Landscaping Group AB2     1,977,759       10,001  
Nolato AB, Class B     2,186,962       9,999  
ICF International, Inc.     91,666       9,993  
Troax Group AB     708,000       9,960  
Grupa Pracuj SA     1,300,000       9,917  
easyJet PLC2     3,000,000       9,858  
IMI PLC     750,055       9,306  
Fluidra, SA, non-registered shares     616,300       9,188  
Chemring Group PLC     2,607,000       8,158  
Pyrum Innovations AG2     128,340       7,378  
Univar Solutions, Inc.2     315,595       7,177  
Norva24 Group AB2     1,650,000       4,708  
L&T Technology Services, Ltd.     104,056       4,517  
TuSimple Holdings, Inc., Class A2,3     580,000       4,408  
Ceres Power Holdings PLC2,3     831,946       3,387  
HeadHunter Group PLC (ADR)4     521,600       6 
              10,129,937  
                 
Information technology 15.20%                
Wolfspeed, Inc.2     4,082,600       421,978  
MongoDB, Inc., Class A2     1,258,182       249,825  
eMemory Technology, Inc.1     6,440,334       227,400  
Smartsheet, Inc., Class A2     6,354,321       218,334  
ALTEN SA, non-registered shares1     1,742,848       190,817  
Alteryx, Inc., Class A2     3,407,576       190,279  
Kulicke and Soffa Industries, Inc.1     4,782,013       184,251  
Global Unichip Corp.1     10,059,000       183,868  
Fabrinet, non-registered shares1,2     1,919,265       183,194  
Confluent, Inc., Class A2     6,652,721       158,135  
Globant SA2     784,865       146,833  
Teradata Corp.2     4,257,782       132,247  
Keywords Studios PLC1     5,115,655       130,461  
MKS Instruments, Inc.     1,455,636       120,294  
Novanta, Inc.2     1,015,687       117,464  
Dexerials Corp.1,3     5,161,500       116,270  
RingCentral, Inc., Class A2     2,869,200       114,653  
Extreme Networks, Inc.1,2     8,646,932       113,015  
Nordic Semiconductor ASA2     8,580,615       112,390  
VisEra Technologies Co., Ltd.5     11,090,000       80,413  
VisEra Technologies Co., Ltd.     3,774,800       28,811  
Network International Holdings PLC1,2     32,104,275       108,706  
Alarm.com Holdings, Inc.2     1,661,500       107,765  
   
8 SMALLCAP World Fund
 
Common stocks (continued)   Shares     Value
(000)
 
Information technology (continued)                
CDW Corp.     650,000     $ 101,452  
Clear Secure, Inc., Class A2,3     4,428,299       101,231  
Pegasystems, Inc.     3,110,030       99,956  
Net One Systems Co., Ltd.1     5,162,673       99,485  
DoubleVerify Holdings, Inc.2     3,442,000       94,139  
SHIFT, Inc.2     722,200       93,351  
Endava PLC, Class A (ADR)2     1,136,921       91,670  
Credo Technology Group Holding, Ltd.1,2,3     8,194,682       90,141  
Paycom Software, Inc.2     270,525       89,271  
Viavi Solutions, Inc.2     6,830,000       89,131  
Softcat PLC     6,734,335       87,893  
Tanla Platforms, Ltd.1     9,190,777       87,331  
PagSeguro Digital, Ltd., Class A2     6,492,200       85,892  
Euronet Worldwide, Inc.2     1,129,232       85,551  
SUMCO Corp.     7,295,374       84,768  
SINBON Electronics Co., Ltd.     9,727,000       80,772  
Money Forward, Inc.1,2     3,664,187       75,953  
CCC Intelligent Solutions Holdings, Inc.2,3     8,042,622       73,188  
Bytes Technology Group PLC1     15,122,601       70,523  
LEM Holding SA     46,070       70,375  
EVERTEC, Inc.     2,164,230       67,849  
Gitlab, Inc., Class A2,3     1,295,152       66,338  
Vitec Software Group AB, Class B     2,228,800       65,945  
PAR Technology Corp.1,2,3     2,140,057       63,196  
Silergy Corp.     4,645,824       60,899  
Topicus.com, Inc., subordinate voting shares2     1,265,553       60,852  
Ceridian HCM Holding, Inc.2     1,078,060       60,242  
Coforge, Ltd.     1,469,344       59,900  
MACOM Technology Solutions Holdings, Inc.2     1,140,000       59,041  
Aixtron SE     2,434,518       58,869  
Kainos Group PLC     4,103,704       58,701  
Hamamatsu Photonics KK     1,289,450       55,363  
Netcompany Group AS, non-registered shares2     1,577,091       52,578  
Mastek, Ltd.1     2,403,500       50,944  
Crayon Group Holding ASA1,2,3     6,588,516       50,857  
Cvent Holding Corp.2     9,655,200       50,690  
Qorvo, Inc.2     638,300       50,687  
Kingdee International Software Group Co., Ltd.2     38,667,093       49,994  
EPAM Systems, Inc.2     134,600       48,751  
Concentrix Corp.     428,914       47,880  
Marqeta, Inc., Class A2     6,719,114       47,840  
Dock, Ltd.2,4,5     4,318,937       47,206  
Silicon Laboratories, Inc.2     369,000       45,549  
NCR Corp.2     2,353,790       44,746  
Megaport, Ltd.1,2,3     9,161,000       44,425  
Zuken, Inc.1     1,823,800       44,123  
Vanguard International Semiconductor Corp.     21,389,394       43,240  
Nagarro SE2,3     483,317       42,897  
Computer Age Management Services, Ltd.     1,387,558       42,724  
Aspen Technology, Inc.2     175,140       41,718  
Flex, Ltd.2     2,291,735       38,180  
Nuvei Corp., subordinate voting shares2     1,400,000       37,834  
ironSource, Ltd., Class A2,3     10,533,854       36,236  
Maruwa Co., Ltd.     341,300       36,196  
BlackLine, Inc.2     595,000       35,640  
HashiCorp, Inc., Class A2,3     1,091,870       35,147  
INFICON Holding AG     52,362       34,853  
Thoughtworks Holding, Inc.2     3,260,506       34,203  
Accton Technology Corp.     4,009,000       33,994  
Perficient, Inc.2     517,165       33,626  
Bechtle AG, non-registered shares     919,758       33,465  
SimCorp AS     594,367       33,274  
Cognex Corp.     800,000       33,160  
Bentley Systems, Inc., Class B3     1,071,370       32,773  
SentinelOne, Inc., Class A2     1,239,464       31,681  
BE Semiconductor Industries NV     741,300       31,550  
Reply SpA     299,378       31,231  
Unimicron Technology Corp.     8,238,000       30,590  
Dye & Durham, Ltd.3     2,470,647       30,442  
   
SMALLCAP World Fund 9
 
Common stocks (continued)   Shares     Value
(000)
 
Information technology (continued)                
Alkami Technology, Inc.2,3     1,950,806     $ 29,360  
Trimble, Inc.2     530,000       28,763  
Disco Corp.3     131,500       28,656  
OVH Groupe SAS2,3     2,894,931       28,615  
Okta, Inc., Class A2     500,000       28,435  
Paymentus Holdings, Inc., Class A2,3     2,854,826       27,749  
Halma PLC     1,200,000       27,020  
Boku, Inc.1,2,5     20,461,639       25,379  
Pushpay Holdings, Ltd.2     41,008,017       25,133  
Sinch AB2,3     17,697,918       23,205  
ePlus, inc.2     556,200       23,105  
ams OSRAM AG, non-registered shares2     3,494,900       21,751  
Technoprobe SpA2     2,980,236       20,738  
AvidXchange Holdings, Inc.2     2,445,867       20,594  
Kingboard Holdings, Ltd.     7,191,000       20,205  
Truecaller AB, Class B2,3     5,941,170       19,782  
Kingboard Laminates Holdings, Ltd.     22,027,500       19,693  
Alchip Technologies, Ltd.     717,000       19,313  
Nayax, Ltd.2     802,200       18,934  
SmartCraft ASA, Class A1,2     13,349,780       18,628  
Semtech Corp.2     585,000       17,205  
GFT Technologies SE     570,924       17,205  
LiveRamp Holdings, Inc.2     932,711       16,938  
TDCX, Inc., Class A1,2     1,781,024       16,688  
JustSystems Corp.     706,700       16,106  
Nemetschek SE     291,067       14,016  
Insight Enterprises, Inc.2     168,500       13,886  
LandMark Optoelectronics Corp.     2,985,000       13,276  
Tripod Technology Corp.     4,134,000       12,106  
91APP, Inc.     4,728,158       11,906  
eCloudvalley Digital Technology Co., Ltd.     3,003,174       11,790  
Linklogis, Inc., Class B2,3     28,318,000       11,719  
Venustech Group, Inc., Class A     4,107,547       11,697  
Alphawave IP Group PLC2,3     7,257,773       11,015  
MaxLinear, Inc.2     328,275       10,708  
ON Semiconductor Corp.2     167,850       10,462  
AppFolio, Inc., Class A2     98,300       10,294  
Atea ASA     1,132,000       10,017  
Zebra Technologies Corp., Class A2     36,300       9,511  
GB Group PLC     1,330,200       8,978  
Softline Holding PLC (GDR)1,2,4,7     10,650,000       8,810  
Softline Holding PLC (GDR)1,2,4     9,996       8  
Lime Technologies AB     435,850       8,586  
LivePerson, Inc.2     850,104       8,008  
Cherry AG1,2,3     1,398,734       7,364  
Oxford Instruments PLC     340,300       6,783  
Entegris, Inc.     79,014       6,560  
Procore Technologies, Inc.2     125,600       6,215  
MotorK, Ltd.1,2     2,300,000       5,468  
Avaya Holdings Corp.2,3     3,363,700       5,348  
CI&T, Inc., Class A2,3     541,127       5,081  
CEVA, Inc.2     175,000       4,590  
Copperleaf Technologies, Inc.2,3     966,713       4,395  
Yotpo, Ltd.2,4,5     2,620,102       4,297  
AAC Technologies Holdings, Inc.2,3     2,629,000       4,057  
JFrog, Ltd.2     178,400       3,944  
Patreon, Inc., Class B2,4,5     189,951       3,921  
Foursquare Labs, Inc., Series A2,4,5     1,970,385       3,231  
WeCommerce Holdings, Ltd., Class A1,2,3     2,113,430       3,060  
SiteMinder, Ltd.2     750,663       1,471  
              8,449,373  
                 
Consumer discretionary 14.65%                
Tube Investments of India, Ltd.1     12,231,762       410,555  
Evolution AB     5,074,230       399,608  
TopBuild Corp.1,2     2,120,114       349,352  
Dollarama, Inc.     5,010,000       287,612  
Floor & Decor Holdings, Inc., Class A2     4,046,400       284,300  
   
10 SMALLCAP World Fund
 
Common stocks (continued)   Shares     Value
(000)
 
Consumer discretionary (continued)                
IDP Education, Ltd.     11,978,890     $ 200,438  
Wyndham Hotels & Resorts, Inc.     3,226,678       197,957  
YETI Holdings, Inc.1,2     6,894,065       196,619  
Thor Industries, Inc.     2,213,628       154,910  
Helen of Troy, Ltd.1,2     1,441,721       139,040  
DraftKings, Inc., Class A2,3     8,877,732       134,409  
Kindred Group PLC (SDR)1     15,987,668       119,302  
MakeMyTrip, Ltd., non-registered shares1,2     3,876,781       119,017  
Five Below, Inc.2     804,402       110,742  
Inchcape PLC     14,693,764       110,576  
WH Smith PLC1,2     8,150,907       108,181  
Entain PLC     8,978,173       107,816  
Light & Wonder, Inc.2     2,481,004       106,385  
Leslie’s, Inc.2,3     6,992,578       102,861  
Jiumaojiu International Holdings, Ltd.3     62,092,000       101,336  
Pool Corp.     317,700       101,095  
NEXTAGE Co., Ltd.1     4,623,400       100,390  
Pets at Home Group PLC1     33,138,500       96,500  
Xometry, Inc., Class A2,3     1,695,180       96,269  
Bajaj Electricals, Ltd.1     6,515,607       96,037  
Polaris, Inc.     985,000       94,215  
Jack in the Box, Inc.1     1,256,700       93,084  
Mattel, Inc.2     4,700,000       89,018  
Toll Brothers, Inc.     2,104,633       88,395  
Asbury Automotive Group, Inc.2     575,004       86,883  
Adient PLC2     3,061,255       84,950  
Moncler SpA     2,015,000       82,735  
Lennar Corp., Class A     1,058,458       78,908  
Lennar Corp., Class B     21,169       1,260  
Everi Holdings, Inc.1,2     4,920,396       79,809  
Melco Resorts & Entertainment, Ltd. (ADR)2     11,707,307       77,619  
KB Home     2,957,918       76,669  
Auction Technology Group PLC1,2     9,570,000       76,577  
Kontoor Brands, Inc.     2,208,000       74,211  
Watches of Switzerland Group PLC2     9,622,820       71,302  
Salvatore Ferragamo SpA3     4,954,090       69,412  
Domino’s Pizza Enterprises, Ltd.     2,110,841       69,107  
Norwegian Cruise Line Holdings, Ltd.2,3     5,839,904       66,341  
Golden Entertainment, Inc.1,2     1,896,757       66,178  
DESCENTE, Ltd.     2,865,900       65,159  
Momo.com, Inc.     3,839,758       64,730  
Jumbo SA     4,771,161       63,611  
Bright Horizons Family Solutions, Inc.2     1,058,300       61,011  
Domino’s Pizza Group PLC1     24,475,815       60,604  
Williams-Sonoma, Inc.     500,000       58,925  
Games Workshop Group PLC     917,600       58,873  
Basic-Fit NV2,3     1,895,318       56,716  
M.D.C. Holdings, Inc.     2,001,000       54,867  
Domino’s Pizza, Inc.     176,500       54,750  
Haichang Ocean Park Holdings, Ltd.2,3     52,649,000       51,549  
Skechers USA, Inc., Class A2     1,600,000       50,752  
Fox Factory Holding Corp.2     605,690       47,898  
Wayfair, Inc., Class A2,3     1,467,200       47,757  
LGI Homes, Inc.2     571,556       46,508  
Musti Group OYJ1     2,682,737       46,469  
Snow Peak, Inc.1,3     3,050,800       46,400  
Shoei Co., Ltd.     1,224,100       44,358  
Six Flags Entertainment Corp.2     2,425,351       42,929  
Levi Strauss & Co., Class A     2,950,000       42,687  
Compagnie Plastic Omnium SA     3,192,845       41,634  
Malibu Boats, Inc., Class A2     851,000       40,840  
Century Communities, Inc.     911,000       38,973  
Bafang Electric (Suzhou) Co., Ltd., Class A     2,347,840       38,752  
Nien Made Enterprise Co., Ltd.     4,920,000       38,734  
Darden Restaurants, Inc.     303,300       38,313  
International Game Technology PLC     2,421,600       38,261  
Arco Platform, Ltd., Class A2,3     3,480,934       37,559  
Trainline PLC2     10,584,000       36,873  
Etsy, Inc.2     366,850       36,733  
   
SMALLCAP World Fund 11
 
Common stocks (continued)   Shares     Value
(000)
 
Consumer discretionary (continued)                
Cavco Industries, Inc.2     170,870     $ 35,158  
Chervon Holdings, Ltd.3     9,167,900       34,605  
Victoria PLC1,2,3     6,757,962       33,462  
D.R. Horton, Inc.     490,000       33,002  
Hilton Grand Vacations, Inc.2     951,800       31,305  
Americanas SA, ordinary nominative shares     9,677,258       30,461  
Macy’s, Inc.     1,900,000       29,773  
Tongcheng Travel Holdings, Ltd.2     15,035,800       29,368  
Flutter Entertainment PLC2     259,095       28,305  
AcadeMedia AB1     6,523,595       28,256  
On Holding AG, Class A2,3     1,742,200       27,962  
Cairn Homes PLC     31,452,000       25,259  
RH2     100,000       24,607  
Graham Holdings Co., Class B     45,000       24,209  
Boot Barn Holdings, Inc.2     397,000       23,209  
Persimmon PLC     1,650,880       22,728  
Mazda Motor Corp.     3,264,000       21,606  
B&M European Value Retail SA     6,257,481       21,248  
Gentherm, Inc.2     400,500       19,917  
ABC-Mart, Inc.     456,100       19,658  
XPEL, Inc.2,3     304,820       19,643  
Puuilo OYJ3     4,124,072       19,338  
China MeiDong Auto Holdings, Ltd.     11,564,000       18,297  
JOANN, Inc.1,3     2,729,250       18,068  
Westlife Development, Ltd.2     1,928,968       17,027  
Lojas Quero-Quero SA1     14,974,560       16,156  
Roland Corp.3     530,600       16,137  
Beazer Homes USA, Inc.1,2     1,659,813       16,050  
Alpen Co., Ltd.     1,130,000       16,025  
Mips AB     543,100       16,020  
Installed Building Products, Inc.     189,361       15,336  
Vail Resorts, Inc.     71,000       15,310  
OneWater Marine, Inc., Class A2     504,604       15,194  
Melco International Development, Ltd.2     19,643,000       15,125  
Playtech PLC2     3,083,800       14,961  
Traeger, Inc.2     5,224,267       14,732  
Caesars Entertainment, Inc.2     400,000       12,904  
Nordstrom, Inc.3     760,000       12,715  
Porch Group, Inc.1,2,3     5,520,000       12,420  
Central Automotive Products, Ltd.     787,200       11,963  
Coursera, Inc.2     1,055,400       11,377  
ThredUp Inc., Class A2,3     6,154,000       11,323  
StockX, Inc.2,4,5     161,790       11,238  
Aramark     356,556       11,125  
Food & Life Companies, Ltd.3     716,300       10,932  
DPC Dash, Ltd.2,4,5     2,158,273       10,835  
Dreamfolks Services, Ltd.2     1,296,626       5,686  
Dreamfolks Services, Ltd.2,5     1,104,299       4,704  
ASOS PLC2,3     1,607,415       10,057  
Elior Group SA2,3     5,263,313       9,491  
Relaxo Footwears, Ltd.     713,900       8,780  
Zhongsheng Group Holdings, Ltd.     2,121,500       8,342  
Chegg, Inc.2     365,500       7,701  
Grove Collaborative Holdings, Inc., Class A2,5     3,070,667       6,328  
Grove Collaborative Holdings, Inc., Class A2     519,604       1,164  
Steven Madden, Ltd.     277,000       7,388  
Bike24 Holding AG1,2,3     2,987,174       7,135  
Victoria’s Secret & Co.2     210,400       6,127  
Goodyear Tire & Rubber Co.2     558,712       5,637  
Brilliant Earth Group, Inc., Class A2     866,800       4,967  
BARK, Inc.2,3     2,500,000       4,550  
Synsam AB     952,992       4,464  
Royal Caribbean Cruises, Ltd.2     78,017       2,957  
Westwing Group SE, non-registered shares2,3     344,652       1,883  
Leifheit AG, non-registered shares3     129,643       1,688  
BNN Technology PLC1,2,4     19,007,000       6 
Ozon Holdings PLC (ADR)2,4     2,346,600       6 
              8,144,603  
   
12 SMALLCAP World Fund
 
Common stocks (continued)   Shares     Value
(000)
 
Health care 14.57%                
Molina Healthcare, Inc.2     2,407,600     $ 794,123  
Insulet Corp.2     2,399,642       550,478  
Max Healthcare Institute, Ltd.1,2     67,134,781       335,885  
Agilon Health, Inc.2     13,114,300       307,137  
Haemonetics Corp.1,2     4,093,820       303,065  
NovoCure, Ltd.2     3,621,597       275,169  
Centene Corp.2     2,925,674       227,647  
DexCom, Inc.2     2,210,000       177,993  
Biohaven Pharmaceutical Holding Co., Ltd.2     1,140,376       172,391  
Revance Therapeutics, Inc.1,2     6,313,932       170,476  
Legend Biotech Corp. (ADR)2     4,033,599       164,571  
Shockwave Medical, Inc.2     585,000       162,671  
Oak Street Health, Inc.2     6,084,207       149,185  
Penumbra, Inc.2     780,244       147,934  
Xenon Pharmaceuticals, Inc.1,2     3,917,482       141,421  
iRhythm Technologies, Inc.2     1,025,100       128,425  
Silk Road Medical, Inc.1,2     2,791,630       125,623  
CONMED Corp.1     1,538,492       123,341  
Amplifon SpA     4,668,700       122,263  
Hapvida Participações e Investimentos SA2     82,535,599       115,824  
Laurus Labs, Ltd.     18,452,700       115,790  
Amvis Holdings, Inc.1     6,950,300       115,541  
Bachem Holding AG3     1,802,075       112,102  
Integra LifeSciences Holdings Corp.2     2,551,447       108,079  
Karuna Therapeutics, Inc.2     466,922       105,025  
Tandem Diabetes Care, Inc.2     2,140,500       102,423  
Globus Medical, Inc., Class A2     1,531,378       91,224  
Addus HomeCare Corp.1,2     938,900       89,421  
Inari Medical, Inc.2     1,190,498       86,478  
Fate Therapeutics, Inc.2     3,674,900       82,355  
Genus PLC     2,245,985       64,841  
Pacific Biosciences of California, Inc.2,3     10,225,968       59,362  
Allogene Therapeutics, Inc.2,3     5,310,109       57,349  
Ascendis Pharma A/S (ADR)2,3     541,287       55,893  
Hypera SA, ordinary nominative shares     6,689,914       54,878  
CanSino Biologics, Inc., Class H3     9,717,400       54,588  
AbCellera Biologics, Inc.2,3     5,480,000       54,197  
EBOS Group, Ltd.     2,556,246       53,617  
Asahi Intecc Co., Ltd.     3,346,600       52,951  
Shandong Pharmaceutical Glass Co., Ltd., Class A     12,973,422       52,841  
ICON PLC2     281,109       51,662  
Encompass Health Corp.     1,114,331       50,401  
Ocumension Therapeutics1,2,3     37,692,000       48,977  
CRISPR Therapeutics AG2     746,299       48,771  
Poly Medicure, Ltd.     4,511,022       47,782  
Virbac SA     178,400       46,351  
Ultragenyx Pharmaceutical, Inc.2     1,106,215       45,808  
Surgical Science Sweden AB1,2,3     3,271,137       43,622  
New Horizon Health, Ltd.1,2,3     22,889,335       42,209  
Alignment Healthcare, Inc.2     3,500,000       41,440  
CompuGroup Medical SE & Co. KGaA     1,187,660       41,158  
Nakanishi, Inc.     2,255,800       40,959  
Netcare, Ltd.     54,252,695       40,809  
Medmix AG1     2,314,251       40,482  
Glaukos Corp.2     750,322       39,947  
IVERIC bio, Inc.2     2,164,099       38,824  
Carl Zeiss Meditec AG, non-registered shares     368,406       38,796  
Indivior PLC2     11,805,600       37,350  
Ambu AS, Class B, non-registered shares3     3,992,766       34,503  
FIGS, Inc., Class A2     4,166,847       34,376  
Seer, Inc., Class A2     4,414,668       34,170  
NuVasive, Inc.2     766,000       33,558  
Revenio Group OYJ, non-registered shares     792,790       29,454  
Exact Sciences Corp.2     890,000       28,916  
KRKA, dd, Novo mesto     335,262       28,243  
Angelalign Technology, Inc.3     2,908,600       27,599  
Alnylam Pharmaceuticals, Inc.2     137,700       27,562  
SKAN Group AG3     462,566       27,217  
Incyte Corp.2     396,000       26,389  
   
SMALLCAP World Fund 13
 
Common stocks (continued)   Shares     Value
(000)
 
Health care (continued)                
Fisher & Paykel Healthcare Corp., Ltd.     2,510,000     $ 25,881  
Zealand Pharma A/S2     1,142,366       25,757  
Idorsia, Ltd.2,3     1,959,816       25,182  
Pharmaron Beijing Co., Ltd., Class H     5,167,550       25,060  
Twist Bioscience Corp.2     704,000       24,809  
Sosei Group Corp.2,3     1,861,300       23,349  
Guardant Health, Inc.2     420,239       22,621  
10x Genomics, Inc., Class A2     793,300       22,593  
Innovent Biologics, Inc.2     6,938,500       21,611  
Amedisys, Inc.2     210,699       20,394  
Olink Holding AB (ADR)2,3     1,586,593       19,261  
Gland Pharma, Ltd.2     750,000       19,235  
Zai Lab, Ltd. (ADR)2     551,078       18,847  
CM Hospitalar SA     5,671,671       18,652  
Chemed Corp.     42,000       18,336  
Medacta Group SA     216,959       18,264  
Fleury SA, ordinary nominative shares     5,540,900       18,160  
Galapagos NV2     424,039       18,145  
CellaVision AB, non-registered shares     789,300       18,051  
Ami Organics, Ltd.     1,596,540       17,857  
BONESUPPORT Holding AB2     2,647,760       17,459  
Hutchmed China, Ltd. (ADR)2     1,350,035       11,961  
Hutchmed China, Ltd.2,3     2,554,000       4,216  
Natera, Inc.2     363,000       15,907  
Zentalis Pharmaceuticals, Inc.2     683,000       14,794  
PolyPeptide Group AG     487,635       14,141  
Hangzhou Tigermed Consulting Co., Ltd., Class A     1,090,535       14,003  
Piramal Pharma, Ltd.2,4     5,340,000       13,575  
Editas Medicine, Inc.2     1,100,000       13,464  
Sysmex Corp.     220,300       11,857  
Nevro Corp.2     253,000       11,790  
Vaxcyte, Inc.2     475,303       11,407  
Dechra Pharmaceuticals PLC     384,608       11,146  
Brii Biosciences, Ltd.2,3     16,214,542       10,872  
SUNWELS Co., Ltd.3     233,000       9,944  
Nordhealth AS, Class A1,2     5,120,000       9,375  
Arjo AB, Class B     2,572,435       9,368  
Precision BioSciences, Inc.1,2     6,715,043       8,730  
NextGen Healthcare, Inc.2     406,300       7,192  
Creo Medical Group PLC1,2     11,533,623       6,962  
Classys, Inc.     740,401       6,913  
Vitrolife AB     467,551       6,603  
PetIQ, Inc., Class A2     880,561       6,076  
Diagnósticos da América SA     1,728,463       6,043  
ChemoMetec A/S     70,910       5,353  
KRY International AB, Series A2,4,5     19,744       4,886  
HBM Holdings, Ltd.2,3     15,992,000       3,810  
OdontoPrev SA, ordinary nominative shares     2,134,000       3,481  
Cellectis SA, non-registered shares2,3     760,997       1,769  
Cellectis SA (ADR)2,3     698,804       1,600  
IO Biotech, Inc.2,3     1,235,000       3,347  
Jeisys Medical, Inc.2     605,326       2,730  
Implantica AG, Class A (SDR)2     700,000       2,597  
Sana Biotechnology, Inc.2,3     432,071       2,592  
Denali Therapeutics, Inc.2     84,264       2,586  
Intervacc AB2     850,000       2,554  
Applied Molecular Transport, Inc.2,3     1,861,107       1,811  
Autolus Therapeutics PLC (ADR)2,3     625,000       1,338  
Schrodinger, Inc.2     31,250       781  
Acutus Medical, Inc.2     797,523       702  
              8,099,712  
                 
Financials 9.51%                
Ares Management Corp., Class A     5,174,776       320,577  
AU Small Finance Bank, Ltd.     30,476,509       229,425  
SVB Financial Group2     606,500       203,651  
Essent Group, Ltd.1     5,654,659       197,178  
Trupanion, Inc.1,2,3     3,213,692       190,990  
   
14 SMALLCAP World Fund
 
Common stocks (continued)   Shares     Value
(000)
 
Financials (continued)                
Aavas Financiers, Ltd.1,2     6,038,330     $ 165,167  
Cholamandalam Investment and Finance Co., Ltd.     17,195,186       153,424  
RenaissanceRe Holdings, Ltd.     952,200       133,679  
Independent Bank Group, Inc.1     2,166,153       132,980  
Seacoast Banking Corporation of Florida1     4,156,901       125,663  
First Republic Bank     945,825       123,477  
Eurobank Ergasias Services and Holdings SA2     148,563,100       122,901  
Janus Henderson Group PLC     5,650,041       114,752  
Steadfast Group, Ltd.     35,229,793       103,813  
IIFL Finance, Ltd.1     23,246,993       99,987  
IIFL Wealth Management, Ltd.     4,379,654       98,842  
Patria Investments, Ltd., Class A1     6,913,834       90,226  
East West Bancorp, Inc.     1,308,975       87,885  
SouthState Corp.     1,097,165       86,808  
Kinsale Capital Group, Inc.     339,620       86,746  
Capitec Bank Holdings, Ltd.     983,153       84,276  
Fukuoka Financial Group, Inc.3     4,700,100       83,404  
Focus Financial Partners, Inc., Class A2     2,549,002       80,319  
TMX Group, Ltd.     862,202       79,307  
City Union Bank, Ltd.     36,608,696       77,565  
Stifel Financial Corp.     1,477,350       76,689  
Canara Bank     26,973,076       75,000  
StepStone Group, Inc., Class A     3,039,100       74,488  
Western Alliance Bancorporation     1,100,128       72,322  
Glacier Bancorp, Inc.     1,443,817       70,935  
Bridgepoint Group PLC     32,728,364       68,204  
National Bank of Greece SA2     22,719,403       67,077  
Eastern Bankshares, Inc.     3,267,276       64,169  
AUB Group, Ltd.1     5,126,659       62,367  
Valley National Bancorp     5,495,000       59,346  
United Community Banks, Inc.     1,789,000       59,216  
VZ Holding AG     785,919       55,023  
AJ Bell PLC     18,325,000       55,020  
Banca Generali SpA     1,972,252       54,563  
The Bank of N.T. Butterfield & Son, Ltd.     1,504,686       48,842  
Remgro, Ltd.     6,502,281       47,716  
Bolsa Mexicana de Valores, SAB de CV, Series A     26,040,000       43,561  
Allfunds Group PLC     5,925,895       43,440  
Antin Infrastructure Partners SA     1,964,300       40,836  
Aptus Value Housing Finance India, Ltd.2     10,588,171       39,880  
Webster Financial Corp.     843,652       38,133  
Pine Labs Pte., Ltd.2,4,5     76,998       38,039  
Silvergate Capital Corp., Class A2     500,878       37,741  
Euronext NV     585,333       37,039  
Enstar Group, Ltd.2     203,500       34,512  
Virtu Financial, Inc., Class A     1,566,000       32,526  
Umpqua Holdings Corp.     1,785,500       30,514  
Goosehead Insurance, Inc., Class A2     838,350       29,879  
Star Health & Allied Insurance Co., Ltd.2     3,400,000       29,398  
Victory Capital Holdings, Inc., Class A     1,196,000       27,879  
PacWest Bancorp     1,220,000       27,572  
Hilltop Holdings, Inc.     1,000,000       24,850  
AssetMark Financial Holdings, Inc.2     1,350,000       24,692  
Moelis & Co., Class A     719,000       24,309  
Nova Ljubljanska Banka dd (GDR)     2,365,833       24,029  
The Tel Aviv Stock Exchange, Ltd.     4,312,024       22,319  
eGuarantee, Inc.     1,268,348       21,910  
ICICI Securities, Ltd.     3,293,062       21,008  
Alpha Services and Holdings SA2     26,000,000       20,249  
Hiscox, Ltd.     2,060,606       20,146  
NMI Holdings, Inc.2     950,000       19,352  
Radian Group, Inc.     1,000,000       19,290  
WealthNavi, Inc.2,3     1,788,200       19,144  
Artisan Partners Asset Management, Inc., Class A     705,000       18,986  
Qualitas Controladora, SAB de CV3     4,450,000       18,351  
Haci Ömer Sabanci Holding AS     12,391,000       17,233  
Angel One, Ltd.     921,071       15,316  
Piramal Enterprises, Ltd.     1,335,000       14,153  
Oscar Health, Inc., Class A2,3     2,751,000       13,728  
   
SMALLCAP World Fund 15
 
Common stocks (continued)   Shares     Value
(000)
 
Financials (continued)                
SiriusPoint, Ltd.2     2,464,299     $ 12,198  
Selective Insurance Group, Inc.     145,930       11,879  
Collector Bank AB2     4,629,130       11,466  
EFG International AG     1,414,530       11,179  
Premium Group Co., Ltd.     888,900       10,925  
Hellenic Exchanges - Athens Stock Exchange SA1     3,500,000       10,361  
PT Bank Raya Indonesia Tbk2     278,708,667       10,000  
Islandsbanki hf.     11,632,054       9,771  
Linc AB2,3     2,358,208       9,310  
Funding Circle Holdings PLC2     14,713,073       6,706  
Discovery, Ltd.2     899,883       5,196  
Uzabase, Inc.2,3     465,000       2,093  
TCS Group Holding PLC (GDR)2,4,7     31,700       6 
TCS Group Holding PLC (GDR)2,4     1,334,228       6 
              5,285,117  
                 
Consumer staples 3.42%                
Emmi AG1     318,222       247,648  
Grocery Outlet Holding Corp.1,2     5,915,153       196,915  
Simply Good Foods Co.1,2     5,770,500       184,598  
Milbon Co., Ltd.1     2,378,500       104,902  
BJ’s Wholesale Club Holdings, Inc.2     1,217,842       88,671  
Varun Beverages, Ltd.     6,634,383       84,866  
Celsius Holdings, Inc.2     832,726       75,512  
Monde Nissin Corp.     350,959,960       72,757  
Sovos Brands, Inc.1,2     5,050,900       71,925  
Raia Drogasil SA, ordinary nominative shares     15,832,125       66,711  
Ocado Group PLC2     10,398,813       53,998  
AAK AB     3,694,316       48,710  
Shop Apotheke Europe NV, non-registered shares1,2,3     1,142,620       46,389  
United Spirits, Ltd.2     4,506,665       46,336  
Scandinavian Tobacco Group A/S     2,941,378       42,441  
Sok Marketler Ticaret AS, non-registered shares1,2     37,067,550       41,357  
Performance Food Group Co.2     928,000       39,858  
Nu Skin Enterprises, Inc., Class A     1,100,000       36,707  
Freshpet, Inc.2     667,764       33,448  
Jonjee Hi-Tech Industrial and Commercial Holding Co., Ltd., Class A     6,624,986       29,743  
Kotobuki Spirits Co., Ltd.     499,000       28,580  
COSMOS Pharmaceutical Corp.     287,909       28,408  
BidCorp, Ltd.3     1,640,857       25,115  
Fresh Del Monte Produce, Inc.     1,028,000       23,891  
Avenue Supermarts, Ltd.2     417,313       22,411  
Fever-Tree Drinks PLC     2,410,000       22,347  
Vector Group, Ltd.     2,509,032       22,105  
Bakkafrost P/F     517,500       20,495  
Royal Unibrew A/S     280,000       18,121  
Hilton Food Group PLC     2,327,506       13,822  
PZ Cussons PLC     6,017,310       13,034  
Century Pacific Food, Inc.     25,901,000       9,918  
Humble Group AB2     11,368,627       9,409  
Icelandic Salmon AS2,3     515,000       7,704  
Nomad Foods, Ltd.2     500,000       7,100  
TreeHouse Foods, Inc.2     152,200       6,456  
Dole PLC     551,300       4,024  
Zur Rose Group AG2,3     54,100       1,590  
Beyond Meat, Inc.2,3     73,395       1,040  
              1,899,062  
                 
Energy 3.12%                
New Fortress Energy, Inc., Class A     4,116,300       179,923  
Northern Oil and Gas, Inc.1     6,054,000       165,940  
Coterra Energy, Inc.     6,350,059       165,864  
Chesapeake Energy Corp.     1,434,104       135,107  
MEG Energy Corp.2     11,431,657       127,943  
DT Midstream, Inc.     2,420,877       125,619  
Gaztransport & Technigaz SA     913,743       101,092  
Vallourec SA2     9,989,108       96,289  
Viper Energy Partners, LP     2,555,470       73,240  
   
16 SMALLCAP World Fund
 
Common stocks (continued)   Shares     Value
(000)
 
Energy (continued)                
Helmerich & Payne, Inc.     1,817,270     $ 67,184  
Pioneer Natural Resources Company     268,053       58,041  
Golar LNG, Ltd.2     2,132,596       53,144  
Worley, Ltd.     5,701,172       46,352  
Cactus, Inc., Class A     1,149,091       44,160  
TechnipFMC PLC2     5,200,890       43,999  
Denbury, Inc.2     406,329       35,050  
Venture Global LNG, Inc., Series C2,4,5     4,240       34,228  
Subsea 7 SA     3,742,357       29,563  
Savannah Energy PLC1,2,3     96,128,672       29,272  
Magnolia Oil & Gas Corp., Class A     1,323,743       26,223  
Equitrans Midstream Corp.     3,390,447       25,361  
Weatherford International2     706,648       22,818  
Headwater Exploration, Inc.2     5,105,000       19,439  
ProFrac Holding Corp., Class A2,3     1,194,734       18,172  
Championx Corp.     462,625       9,054  
              1,733,077  
                 
Materials 3.02%                
APL Apollo Tubes, Ltd.1     15,548,000       198,170  
LANXESS AG1     4,917,743       144,010  
JSR Corp.     6,631,830       126,378  
Navin Fluorine International, Ltd.     2,079,348       114,025  
CCL Industries, Inc., Class B, nonvoting shares     2,262,200       109,659  
OZ Minerals, Ltd.     6,303,841       103,479  
Perimeter Solutions SA1,2     11,791,546       94,450  
Deepak Fertilisers & Petrochemicals Corp., Ltd.     6,039,256       64,739  
Summit Materials, Inc., Class A2     2,535,041       60,739  
H.B. Fuller Co.     866,200       52,059  
ATI, Inc.2     1,868,650       49,725  
Livent Corp.2     1,530,893       46,922  
PI Industries, Ltd.     1,212,000       44,299  
MMG, Ltd.2     148,596,000       35,281  
Lundin Mining Corp.     6,434,519       32,514  
Yamato Kogyo Co., Ltd.3     1,043,900       31,727  
Toyo Gosei Co., Ltd.1,3     642,700       28,289  
FUJIMI INCORPORATED3     597,000       25,022  
Jindal Steel & Power, Ltd.     4,763,387       24,863  
Labrador Iron Ore Royalty Corp.3     1,156,000       24,194  
Vinati Organics, Ltd.     943,000       24,161  
Aluflexpack AG1,2,3     1,309,666       23,652  
Kansai Paint Co., Ltd.     1,642,000       23,282  
Mayr-Melnhof Karton AG, non-registered shares     171,841       22,055  
JCU Corp.     1,066,300       21,442  
Indigo Paints, Ltd.     1,103,244       20,302  
Shandong Sinocera Functional Material Co., Ltd., Class A     4,713,974       19,241  
Nanofilm Technologies International, Ltd.     12,438,970       18,013  
Re:NewCell AB1,2,3     2,702,272       17,542  
Berger Paints India, Ltd.     1,930,816       14,584  
Alcoa Corp.     350,000       11,781  
Recticel SA/NV     873,200       11,458  
Materion Corp.     121,538       9,723  
Gerdau SA (ADR)     2,011,500       9,092  
Venator Materials PLC1,2     8,519,540       7,497  
Fuso Chemical Co., Ltd.     283,300       6,104  
Alleima AB2     1,509,740       4,734  
Carbios SA2     105,815       2,108  
              1,677,315  
                 
Communication services 2.10%                
Iridium Communications, Inc.2     4,845,068       214,976  
Iridium Communications, Inc.2,7     636,132       28,225  
Lions Gate Entertainment Corp., Class B2     18,041,147       125,386  
New York Times Co., Class A     2,439,638       70,140  
JCDecaux SA2     5,841,330       68,774  
Frontier Communications Parent, Inc.2     2,609,825       61,148  
Pearson PLC     5,591,034       53,583  
Viaplay Group AB, Class B2     2,662,395       52,016  
   
SMALLCAP World Fund 17
 
Common stocks (continued)   Shares     Value
(000)
 
Communication services (continued)                
4imprint Group PLC     1,104,563     $ 41,611  
Ascential PLC2     17,882,269       41,067  
Hemnet Group AB     2,549,439       32,459  
JOYY, Inc., Class A (ADR)     1,177,618       30,618  
YouGov PLC     2,997,794       29,210  
Paradox Interactive AB3     1,744,220       27,763  
Rightmove PLC     5,188,789       27,522  
Direct Marketing MIX, Inc.1     2,454,500       27,521  
Megacable Holdings, SAB de CV, ordinary participation certificates     13,468,136       27,138  
TIM SA     11,855,402       26,549  
CTS Eventim AG & Co. KGaA2     471,400       19,647  
Nextdoor Holdings, Inc., Class A2,3     6,859,318       19,137  
VTEX, Class A2,3     5,109,762       18,906  
Bandwidth, Inc., Class A2     1,329,018       15,815  
JYP Entertainment Corp.     388,161       15,789  
PLAYSTUDIOS, Inc., Class A2     4,500,000       15,705  
Trustpilot Group PLC2     16,821,394       14,149  
Ubisoft Entertainment SA2     511,500       14,043  
Pebble Group PLC1,2     13,392,050       13,532  
Cable One, Inc.     15,197       12,964  
MTN Group, Ltd.     1,458,066       9,573  
Boat Rocker Media, Inc.2     2,611,926       5,559  
Playtika Holding Corp.2     429,090       4,029  
Huuuge, Inc.2,3     106,234       488  
Yandex NV, Class A2,4     1,530,000       6 
              1,165,042  
                 
Real estate 1.45%                
Embassy Office Parks REIT     31,445,400       133,529  
Altus Group, Ltd.1     3,619,087       117,322  
DigitalBridge Group, Inc. REIT, Class A     7,708,189       96,429  
Concentradora Fibra Danhos REIT, SA de CV3     57,954,482       69,639  
JHSF Participações SA1     47,722,472       65,466  
Mindspace Business Parks REIT     9,000,000       40,171  
SRE Holdings Corp.1,2,3     1,290,828       27,781  
Macrotech Developers, Ltd.2     2,331,038       26,215  
K-Fast Holding AB, Class B1,2,3     12,909,607       24,470  
FirstService Corp.3     200,000       23,807  
ESR-Logos REIT     93,830,358       23,216  
Corp. Inmobiliaria Vesta, SAB de CV     11,183,823       20,835  
CIFI Ever Sunshine Services Group, Ltd.3     55,562,025       20,341  
PotlatchDeltic Corp. REIT     379,300       15,566  
Zillow Group, Inc., Class C, nonvoting shares2     525,000       15,020  
Redwood Trust, Inc. REIT3     2,562,000       14,706  
Swedish Logistic Property AB, Class B2     4,739,069       11,484  
CTP NV     1,092,105       11,278  
Genova Property Group AB1,2     2,126,731       10,794  
Cushman & Wakefield PLC2     862,000       9,870  
Fastighets AB Balder, Class B2     2,448,188       9,676  
Douglas Elliman, Inc.     1,832,215       7,512  
LXP Industrial Trust REIT     805,425       7,378  
Americold Realty Trust, Inc. REIT     217,800       5,358  
              807,863  
                 
Utilities 0.60%                
Black Hills Corp.     1,290,379       87,398  
ACEN Corp.     861,383,220       82,369  
Brookfield Infrastructure Corp., Class A, subordinate voting shares3     1,056,214       42,995  
ENN Energy Holdings, Ltd.     3,166,000       42,128  
Nippon Gas Co., Ltd.3     2,848,600       40,294  
Neoenergia SA     9,514,000       26,985  
SJW Group     162,000       9,331  
Mytrah Energy, Ltd.1,2,4     10,418,000       116  
              331,616  
                 
Total common stocks (cost: $43,067,208,000)             47,722,717  
   
18 SMALLCAP World Fund
 
Preferred securities 1.27%   Shares     Value
(000)
 
Industrials 0.42%                
Einride AB, Series B, preferred shares1,2,4,5     1,334,588     $ 60,860  
Einride AB, Series A, preferred shares1,2,4,5     11,990       547  
Azul SA, preferred nominative shares (ADR)2,3     6,549,081       53,310  
Azul SA, preferred nominative shares2     771,000       2,104  
Relativity Space, Inc., Series D, preferred shares1,2,4,5     2,143,751       39,166  
Relativity Space, Inc., Series E, preferred shares1,2,4,5     464,197       8,481  
ABL Space Systems Co., Series B, preferred shares2,4,5     777,162       44,920  
WorkRise Technologies, Inc., Series E, preferred shares2,4,5     95,423       21,696  
              231,084  
                 
Information technology 0.36%                
Skyryse, Inc., Series B, preferred shares1,2,4,5     1,649,110       40,700  
PsiQuantum Corp., Series D, preferred shares2,4,5     1,334,542       36,059  
Outreach Corp., Series G, preferred shares2,4,5     1,554,053       35,557  
SiFive, Inc., Series F, preferred shares2,4,5     3,451,632       25,128  
Yotpo, Ltd., Series F, preferred shares2,4,5     8,332,809       13,666  
Yotpo, Ltd., Series B, preferred shares2,4,5     1,111,347       1,823  
Yotpo, Ltd., Series C, preferred shares2,4,5     1,057,985       1,735  
Yotpo, Ltd., Series A-1, preferred shares2,4,5     709,592       1,164  
Yotpo, Ltd., Series A, preferred shares2,4,5     345,899       567  
Yotpo, Ltd., Series C-1, preferred shares2,4,5     293,302       481  
Yotpo, Ltd., Series D, preferred shares2,4,5     163,552       268  
Yotpo, Ltd., Series B-1, preferred shares2,4,5     130,625       214  
ANDPAD, Inc., Series D, preferred shares2,4,5     459,413       18,411  
Patreon, Inc., Series E, preferred shares2,4,5     698,208       14,411  
Patreon, Inc., Series Seed, preferred shares2,4,5     163,096       3,366  
Kandou Holding SA, Series D, preferred shares2,4,5     2,142,857       3,986  
              197,536  
                 
Health care 0.20%                
Laronde, Inc., Series B, 6.00% preferred shares2,4,5     1,785,714       43,822  
KRY International AB, Series E, preferred shares2,4,5     114,059       28,225  
InSilico Medicine Cayman TopCo, Series D, preferred shares2,4,5     605,423       23,684  
Bluestar Genomics, Inc., Series C, noncumulative preferred shares, 5.00% 20221,2,4,5     1,531,102       9,814  
Artiva Biotherapeutics, Inc., Series B, preferred shares2,4,5     636,364       6,555  
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares2,4,5     4,397,107       616  
              112,716  
                 
Financials 0.15%                
PPRO Holding GMBS, Series B, 8.00% preferred shares1,2,4,5     13,618       57,732  
Pine Labs Pte., Ltd., Series J, cumulative preferred shares2,4,5     57,100       28,209  
              85,941  
                 
Consumer discretionary 0.07%                
Cava Group, Inc., Series F, preferred shares2,4,5     664,364       20,928  
StockX, Inc., Series E-1, preferred shares2,4,5     222,222       15,435  
StockX, Inc., Series AA, preferred shares2,4,5     57,338       3,983  
StockX, Inc., Series B, preferred shares2,4,5     3,094       215  
              40,561  
                 
Real estate 0.07%                
QuintoAndar, Ltd., Series E-1, preferred shares2,4,5     244,733       37,752  
                 
Total preferred securities (cost: $783,659,000)             705,590  
                 
Rights & warrants 0.20%                
Information technology 0.12%                
OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 20232,7     2,838,640       63,037  
Foursquare Labs, Inc., warrants, expire 20332,4,5     1,163,990       55  
              63,092  
                 
Industrials 0.07%                
Warom Technology, Inc. Co., Class A, warrants, expire 20232,7     8,603,931       26,322  
Centre Testing International Group Co., Ltd., Class A, warrants, expire 20232,7     3,799,918       10,900  
Guangzhou Baiyun International Airport Co., Ltd., Class A, warrants, expire 20242,7     1,315,742       2,644  
Momentus, Inc., warrants, expire 20262     2,225,000       400  
              40,266  
   
SMALLCAP World Fund 19
 
Rights & warrants (continued)           Shares     Value
(000)
 
Materials 0.01%                        
Shandong Sinocera Functional Material Co., Ltd., Class A, warrants, expire 20232,7   1,225,940     $ 5,004  
                         
Total rights & warrants (cost: $146,526,000)                     108,362  
                         
Convertible stocks 0.09%                        
Utilities 0.06%                        
TAE Technologies, Inc., Series G2, 4.00% cumulative convertible preferred shares4,5   300,000       30,000  
                         
Information technology 0.03%                        
RealSelf, Inc., Series C, convertible preferred shares1,2,4,5             3,468,862       10,163  
Tarana Wireless, Inc., Series 6, noncumulative convertible preferred shares4,5   14,888,589       8,040  
                      18,203  
                         
Total convertible stocks (cost: $61,179,000)                     48,203  
                         
Convertible bonds & notes 0.00%           Principal amount
(000)
         
Industrials 0.00%                        
Einride AB, convertible notes, 7.00% 20231,4,5           USD 1,500       1,895  
                         
Total convertible bonds & notes (cost: $1,501,000)                     1,895  
                         
Short-term securities 14.57%             Shares          
Money market investments 8.59%                        
Capital Group Central Cash Fund 2.81%1,8             47,762,957       4,775,818  
                         
  Weighted
average yield
at acquisition
    Principal amount
(000)
       
Commercial paper 4.49%                        
Banque et Caisse d’Epargne de l’Etat 12/8/2022     3.066 %   USD 87,400       86,823  
BNG Bank NV 10/3/20227     2.353       150,000       149,962  
BNG Bank NV 10/14/20227     2.625       200,000       199,761  
BNG Bank NV 10/17/20227     2.692       100,000       99,855  
BNG Bank NV 10/19/20227     2.656       50,000       49,919  
Caisse des Dépôts et Consignations 10/12/2022     2.414       250,000       249,747  
DBS Bank, Ltd. 12/14/20227     3.481       100,000       99,253  
Export Development Canada 11/21/2022     2.969       100,000       99,533  
KfW 11/14/20227     2.971       200,000       199,319  
KfW 12/13/20227     3.214       50,000       49,678  
KfW 12/14/20227     3.412       150,000       149,017  
LVMH Moët Hennessy Louis Vuitton, Inc. 12/1/20227     2.935       77,250       76,794  
NRW.Bank 10/7/20227     2.509       250,000       249,853  
NRW.Bank 10/11/20227     2.519       150,000       149,861  
NRW.Bank 10/17/20227     2.861       100,000       99,855  
Oesterreich Kontrollbank 10/17/2022     2.858       51,500       51,425  
United Overseas Bank, Ltd. 12/8/20227     3.126       87,400       86,777  
United Overseas Bank, Ltd. 12/12/20227     3.084       100,000       99,242  
United Overseas Bank, Ltd. 12/13/20227     3.086       150,000       148,847  
United Overseas Bank, Ltd. 12/16/20227     3.089       100,000       99,197  
                      2,494,718  
                         
              Shares          
Money market investments purchased with collateral from securities on loan 1.49%                
Capital Group Central Cash Fund 2.81%1,8,9             2,910,012       290,972  
State Street Institutional U.S. Government Money Market Fund, Premier Class 2.94%8,9     199,400,000       199,400  
Goldman Sachs Financial Square Government Fund, Institutional Shares 2.93%8,9     166,100,000       166,100  
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 2.88%8,9     66,575,613       66,576  
   
20 SMALLCAP World Fund
 
Short-term securities (continued)   Shares     Value
(000)
 
Money market investments purchased with collateral from securities on loan (continued)                
Dreyfus Treasury Obligations Cash Management, Institutional Shares 2.85%8,9     58,100,000     $ 58,100  
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 2.80%8,9     33,200,000       33,200  
BlackRock Liquidity Funds – FedFund, Institutional Shares 2.76%8,9     16,600,000       16,600  
              830,948  
                 
Total short-term securities (cost: $8,102,184,000)             8,101,484  
Total investment securities 101.99% (cost: $52,162,257,000)             56,688,251  
Other assets less liabilities (1.99)%             (1,108,107 )
                 
Net assets 100.00%           $ 55,580,144  

 

Investments in affiliates1

 

    Value of
affiliates at
10/1/2021
(000)
    Additions
(000)
    Reductions
(000)
    Net
realized
gain (loss)
(000)
    Net
unrealized
(depreciation)
appreciation
(000)
    Value of
affiliates at
9/30/2022
(000)
    Dividend
or interest
income
(000)
 
Common stocks 23.01%                                                        
Industrials 6.62%                                                        
Saia, Inc.2   $ 349,105     $ 103,842     $     $     $ (79,498 )   $ 373,449     $  
BayCurrent Consulting, Inc.     624,379       18,516       53,725       8,796       (301,299 )     296,667       2,995  
Comfort Systems USA, Inc.     137,040       94,086       37,033       (1,074 )     55,828       248,847       1,351  
Diploma PLC     374,585       296       8,238       (4,156 )     (114,506 )     247,981       5,967  
Armstrong World Industries, Inc.     205,914       76,020                   (53,091 )     228,843       2,475  
Arcosa, Inc.     176,368       18,694                   25,821       220,883       740  
Japan Airport Terminal Co., Ltd.2     189,109       60,264       11,881       (2,069 )     (31,188 )     204,235        
Visional, Inc.2     186,716       6,282                   (8,054 )     184,944        
Harmonic Drive Systems, Inc.3     149,749       87,721       13,367       (12,426 )     (58,531 )     153,146       812  
ATS Automation Tooling System, Inc.2           200,771                   (50,831 )     149,940        
Wizz Air Holdings PLC2     259,859       285,749       107,325       (100,038 )     (213,847 )     124,398        
EnPro Industries, Inc.     72,321       68,924                   (17,548 )     123,697       1,446  
Carel Industries SpA     186,704             21,300       9,917       (62,958 )     112,363       947  
Alfen NV2     134,619             8,497       (2,206 )     (14,665 )     109,251        
Japan Elevator Service Holdings Co., Ltd.     163,396                         (71,814 )     91,582       816  
dip Corp.     91,426       27,583                   (33,963 )     85,046       1,437  
Johns Lyng Group, Ltd.     79,441       13,116                   (10,685 )     81,872       821  
KEI Industries, Ltd.           62,117                   17,596       79,713       102  
Instalco AB     158,007       3,002                   (89,825 )     71,184       1,130  
Pegasus Hava Tasimaciligi AS2     52,880             10,269       1,599       24,097       68,307        
Marlowe PLC2,3     69,724       9,520                   (17,351 )     61,893        
Montrose Environmental Group, Inc.2     95,694       49,261       24,695       (21,646 )     (43,969 )     54,645        
DO & CO AG, non-registered shares2,3     63,241                         (11,831 )     51,410        
Volution Group PLC     37,413       67,773                   (54,232 )     50,954       848  
Interface, Inc.     71,524                         (29,082 )     42,442       189  
Midac Holdings Co., Ltd.3     58,547       11,976                   (28,128 )     42,395       51  
Antares Vision SpA2,3     67,179                         (29,602 )     37,577        
Montana Aerospace AG2     98,830       11,248                   (75,390 )     34,688        
Fasadgruppen Group AB     66,194       3,933                   (40,330 )     29,797       458  
Einride AB2,4,5     13,640                         4,194       17,834        
Azelio AB10     20,939             4,008       (24,441 )     7,510              
Barrett Business Services, Inc.10     46,577             39,544       3,412       (10,445 )           183  
Boyd Group Services, Inc.3,11     237,086       21,580       69,261       (22,232 )     (61,857 )           460  
GVS SpA2,11     174,811       28,257       64,546       (6,317 )     (81,285 )            
IMCD NV11     668,138             146,346       70,510       (271,719 )           4,914  
   
SMALLCAP World Fund 21
 

Investments in affiliates1 (continued)

 

    Value of
affiliates at
10/1/2021
(000)
    Additions
(000)
    Reductions
(000)
    Net
realized
gain (loss)
(000)
    Net
unrealized
(depreciation)
appreciation
(000)
    Value of
affiliates at
9/30/2022
(000)
    Dividend
or interest
income
(000)
 
Matson, Inc.11   $ 159,322     $ 20,147     $ 58,954     $ 11,171     $ (55,951 )   $     $ 2,495  
Sun Country Airlines Holdings, Inc.2,11     104,947       13,080       48,563       (12,347 )     (33,822 )            
                                              3,679,983          
Information technology 3.96%                                                        
eMemory Technology, Inc.     425,376       42,851       21,755       16,739       (235,811 )     227,400       3,038  
ALTEN SA, non-registered shares     218,256       104,552       45,261       (19,027 )     (67,703 )     190,817       2,692  
Kulicke and Soffa Industries, Inc.     277,553       12,062       8,098       (5,913 )     (91,353 )     184,251       3,354  
Global Unichip Corp.     122,936       65,715       11,301       (2,756 )     9,274       183,868       2,564  
Fabrinet, non-registered shares2     112,252       92,643                   (21,701 )     183,194        
Keywords Studios PLC     237,154       3,325       28,784       (11,573 )     (69,661 )     130,461       169  
Dexerials Corp.3     63,639       63,648                   (11,017 )     116,270       2,357  
Extreme Networks, Inc.2     52,435       76,483       22,231       (11,634 )     17,962       113,015        
Network International Holdings PLC2     215,255       12,398       40,239       (48,431 )     (30,277 )     108,706        
Net One Systems Co., Ltd.     226,584       9,042       47,996       (9,321 )     (78,824 )     99,485       3,062  
Credo Technology Group Holding, Ltd.2,3           58,768                   31,373       90,141        
Tanla Platforms, Ltd.     112,334                         (25,003 )     87,331       925  
Money Forward, Inc.2     235,170       42,349       26,198       (48,094 )     (127,274 )     75,953        
Bytes Technology Group PLC     80,157       24,222                   (33,856 )     70,523       2,253  
PAR Technology Corp.2,3     125,429       6,227                   (68,460 )     63,196        
Mastek, Ltd.           58,352                   (7,408 )     50,944       237  
Crayon Group Holding ASA2,3     75,090       60,519       4,880       (4,864 )     (75,008 )     50,857        
Megaport, Ltd.2,3     132,815       10,408       28,970       14,002       (83,830 )     44,425        
Zuken, Inc.     59,358       11,512       4,302       (1,969 )     (20,476 )     44,123       569  
Boku, Inc.2,5     53,644                         (28,265 )     25,379        
SmartCraft ASA, Class A2     34,172                         (15,544 )     18,628        
TDCX, Inc., Class A2           16,015                   673       16,688        
Softline Holding PLC (GDR)2,4,7           79,875                   (71,065 )     8,810        
Softline Holding PLC (GDR)2,4           75                   (67 )     8        
Cherry AG2,3     52,280             170       (238 )     (44,508 )     7,364        
MotorK, Ltd.2           17,278                   (11,810 )     5,468        
WeCommerce Holdings, Ltd., Class A2,3           21,801       576       (1,131 )     (17,034 )     3,060        
91APP, Inc.11     1,012       94,730       18,048       (32,669 )     (33,119 )           129  
Appier Group, Inc.10     81,454             43,642       (55,578 )     17,766              
Avaya Holdings Corp.2,3,11     53,532       72,050       9,242       (119,901 )     8,909              
AvidXchange Holdings, Inc.2,11           201,705       75,995       (99,739 )     (5,377 )            
Bottomline Technologies (DE), Inc.10     140,399             201,074       37,298       23,377              
Computer Age Management Services, Ltd.11     128,344             63,714       21,792       (43,698 )           946  
Dock, Ltd.2,4,5,11     27,080                         20,126              
Dye & Durham, Ltd.3,11     121,192       5,772       37,736       (27,841 )     (30,945 )           232  
eCloudvalley Digital Technology Co., Ltd.11     30,937       6,339                   (25,486 )           252  
EcoOnline Holding AS10     29,071             22,344       (7,072 )     345              
GB Group PLC11     125,523       4,053       83,896       (7,916 )     (28,786 )           104  
Hennge KK10     56,060             15,958       (29,775 )     (10,327 )            
Ideagen PLC10     86,794       10,402       100,302       10,869       (7,763 )           112  
LPKF Laser & Electronics AG, non-registered shares10     44,674             21,384       (24,680 )     1,390              
Nagarro SE2,3,11     144,449             58,969       23,021       (65,604 )            
Netcompany Group AS, non-registered shares2,11     311,683             95,938       56,239       (219,406 )            
SHIFT, Inc.2,11     281,192       31,760       137,255       38,150       (120,496 )            
   
22 SMALLCAP World Fund
 

Investments in affiliates1 (continued)

 

    Value of
affiliates at
10/1/2021
(000)
    Additions
(000)
    Reductions
(000)
    Net
realized
gain (loss)
(000)
    Net
unrealized
(depreciation)
appreciation
(000)
    Value of
affiliates at
9/30/2022
(000)
    Dividend
or interest
income
(000)
 
Smaregi, Inc.10   $ 34,016     $     $ 8,246     $ (11,348 )   $ (14,422 )   $     $  
Unifiedpost Group SA10     50,611             8,428       (50,179 )     7,996              
                                              2,200,365          
Consumer discretionary 4.20%                                                        
Tube Investments of India, Ltd.     288,934       21,054       92,539       23,499       169,607       410,555       634  
TopBuild Corp.2     411,907       44,714       27,834       6,652       (86,087 )     349,352        
YETI Holdings, Inc.2     518,842       65,070       8,136       (3,904 )     (375,253 )     196,619        
Helen of Troy, Ltd.2     433,116       60,079       121,757       (45,500 )     (186,898 )     139,040        
Kindred Group PLC (SDR)     211,253       59,967       25,533       (25,557 )     (100,828 )     119,302       7,417  
MakeMyTrip, Ltd., non-registered shares2     34,933       76,137                   7,947       119,017        
WH Smith PLC2     120,874       55,198                   (67,891 )     108,181        
NEXTAGE Co., Ltd.           94,191                   6,199       100,390        
Pets at Home Group PLC     43,482       126,175                   (73,157 )     96,500       3,384  
Bajaj Electricals, Ltd.     126,568             9,381       1,689       (22,839 )     96,037       245  
Jack in the Box, Inc.           111,998                   (18,914 )     93,084       1,527  
Everi Holdings, Inc.2     170,435             39,195       9,762       (61,193 )     79,809        
Auction Technology Group PLC2     148,698       23,679                   (95,800 )     76,577        
Golden Entertainment, Inc.2     55,286       38,838                   (27,946 )     66,178        
Domino’s Pizza Group PLC     129,598                         (68,994 )     60,604       3,133  
Musti Group OYJ     86,680       8,426                   (48,637 )     46,469       1,233  
Snow Peak, Inc.3           66,358                   (19,958 )     46,400       266  
Victoria PLC2,3           59,123                   (25,661 )     33,462        
AcadeMedia AB     38,581       4,836                   (15,161 )     28,256       1,098  
JOANN, Inc.3     30,404                         (12,336 )     18,068       1,174  
Lojas Quero-Quero SA     44,684       7,071       4,920       (11,658 )     (19,021 )     16,156       325  
Beazer Homes USA, Inc.2     28,632                         (12,582 )     16,050        
Porch Group, Inc.2,3     113,369       9,471       20,311       (67,474 )     (22,635 )     12,420        
Bike24 Holding AG2,3     90,361             6,837       (781 )     (75,608 )     7,135        
BNN Technology PLC2,4     6                       6     6      
BHG Group AB10     143,245             32,607       (52,715 )     (57,923 )            
Cairn Homes PLC11     57,942       3,083       20,935       (595 )     (14,236 )           1,813  
Cary Group AB10     79,878             47,951       (15,802 )     (16,125 )            
Del Taco Restaurants, Inc.10     20,974             29,859       3,106       5,779             96  
Desenio Group AB10     19,095       12,550       5,731       (56,158 )     30,244              
Gourmet Master Co., Ltd.10     49,381             34,236       (16,614 )     1,469              
Leslie’s, Inc.2,3,11     115,326       96,356       46,932       (24,914 )     (36,975 )            
MADE.com Group PLC10     58,379             3,717       (66,656 )     11,994              
OneSpaWorld Holdings, Ltd.10     53,370             53,042       7,401       (7,729 )            
Purple Innovation, Inc., Class A10 80,885             34,552       (57,914 )     11,581              
RVRC Holding AB10     48,538       1,770       15,033       (42,257 )     6,982             444  
Watches of Switzerland Group PLC2,11     153,430       52,708       56,993       (29,409 )     (48,434 )            
Westwing Group SE, non-registered shares2,3,11     44,293       14,507       10,398       (21,664 )     (24,855 )            
zooplus AG, non-registered shares10     263,323             257,235       213,610       (219,698 )            
                                              2,335,661          
Health care 2.89%                                                        
Max Healthcare Institute, Ltd.2     176,975       230,237       100,479       66,960       (37,808 )     335,885        
Haemonetics Corp.2     35,041       215,033                   52,991       303,065        
Revance Therapeutics, Inc.2     125,722       60,441       18,675       (19,353 )     22,341       170,476        
Xenon Pharmaceuticals, Inc.2     30,854       63,497       4,937       (993 )     53,000       141,421        
Silk Road Medical, Inc.2     152,688       568                   (27,633 )     125,623        
   
SMALLCAP World Fund 23
 

Investments in affiliates1 (continued)

 

    Value of
affiliates at
10/1/2021
(000)
    Additions
(000)
    Reductions
(000)
    Net
realized
gain (loss)
(000)
    Net
unrealized
(depreciation)
appreciation
(000)
    Value of
affiliates at
9/30/2022
(000)
    Dividend
or interest
income
(000)
 
CONMED Corp.   $ 114,514     $ 71,363     $     $     $ (62,536 )   $ 123,341     $ 915  
Amvis Holdings, Inc.     68,450       80,411       13,634       (5,540 )     (14,146 )     115,541       148  
Addus HomeCare Corp.2     74,877                         14,544       89,421        
Ocumension Therapeutics2,3     88,719       1,387                   (41,129 )     48,977        
Surgical Science Sweden AB2,3     89,512                         (45,890 )     43,622        
New Horizon Health, Ltd.2,3     58,291       34,720                   (50,802 )     42,209        
Medmix AG     84,065       34,591       6,070       (9,088 )     (63,016 )     40,482       1,295  
Nordhealth AS, Class A2     25,989                         (16,614 )     9,375        
Precision BioSciences, Inc.2     49,264       3,400                   (43,934 )     8,730        
Creo Medical Group PLC2     26,954                         (19,992 )     6,962        
Acutus Medical, Inc.2,11     14,144             1,212       (13,280 )     1,050              
Adaptimmune Therapeutics PLC (ADR)10     41,374             17,333       (15,147 )     (8,894 )            
Allakos, Inc.10     401,101             173,447       82,236       (309,890 )            
BICO Group AB, Class B10     192,639       37,534       42,897       (101,217 )     (86,059 )            
Cellectis SA (ADR)2,3,11     27,923       2,959       6,508       (37,698 )     14,924              
Cellectis SA, non-registered shares2,3,11     15,170       1,598       3,595       (25,293 )     13,889              
Cortexyme, Inc.10     205,553       19,079       31,744       (23,204 )     (169,684 )            
Genus PLC11     154,518       123,782       64,567       (79,171 )     (69,721 )           1,439  
Mani, Inc.10     102,420             72,885       (28,692 )     (843 )           319  
Metropolis Healthcare, Ltd.10     126,134             100,763       53,712       (79,083 )           204  
Pacific Biosciences of California, Inc.2,3,11     249,229       41,212       32,355       (24,422 )     (174,302 )            
PolyPeptide Group AG11     306,892       27,631       118,148       (65,538 )     (136,696 )           818  
Pulmonx Corp.10     99,107       5,900       48,761       (61,560 )     5,314              
Zealand Pharma A/S2,11     69,352       1,001       18,086       (24,021 )     (2,489 )            
                                              1,605,130          
Financials 1.94%                                                        
Essent Group, Ltd.     197,200       75,821       25,443       (539 )     (49,861 )     197,178       4,046  
Trupanion, Inc.2,3     241,636       8,695       786       626       (59,181 )     190,990        
Aavas Financiers, Ltd.2     213,203       4,001       10,814       (1,730 )     (39,493 )     165,167        
Independent Bank Group, Inc.     157,257       37,282       37,893       (3,383 )     (20,283 )     132,980       3,621  
Seacoast Banking Corporation of Florida     138,854       1,911                   (15,102 )     125,663       2,488  
IIFL Finance, Ltd.     23,507       70,351                   6,129       99,987       920  
Patria Investments, Ltd., Class A 91,511       21,735                   (23,020 )     90,226       4,456  
AUB Group, Ltd.           83,492                   (21,125 )     62,367       1,631  
Hellenic Exchanges - Athens Stock Exchange SA     13,967                         (3,606 )     10,361       568  
Bridgepoint Group PLC11     254,040       35,504       31,740       (43,595 )     (146,005 )           3,588  
SiriusPoint, Ltd.2,11     55,772       21,943       27,847       (34,904 )     (2,766 )            
Uzabase, Inc.2,3,11     46,409             12,277       (23,871 )     (8,168 )            
                                              1,074,919          
Consumer staples 1.61%                                                        
Emmi AG     328,323                         (80,675 )     247,648       4,770  
Grocery Outlet Holding Corp.2     127,554       38,848       70,242       7,688       93,067       196,915        
Simply Good Foods Co.2     229,393       30,920       64,823       10,684       (21,576 )     184,598        
Milbon Co., Ltd.     112,067       25,406                   (32,571 )     104,902       1,436  
Sovos Brands, Inc.2     46,501       25,020                   404       71,925        
Shop Apotheke Europe NV, non-registered shares2,3     128,744       27,080                   (109,435 )     46,389        
Sok Marketler Ticaret AS, non-registered shares2     35,839       8,749                   (3,231 )     41,357        
Dole PLC11     63,125       55,809       65,254       (51,843 )     2,187             1,469  
                                              893,734          
   
24 SMALLCAP World Fund
 

Investments in affiliates1 (continued)

 

    Value of
affiliates at
10/1/2021
(000)
    Additions
(000)
    Reductions
(000)
    Net
realized
gain (loss)
(000)
    Net
unrealized
(depreciation)
appreciation
(000)
    Value of
affiliates at
9/30/2022
(000)
    Dividend
or interest
income
(000)
 
Energy 0.35%                                                        
Northern Oil and Gas, Inc.   $ 104,325     $ 23,768     $     $     $ 37,847     $ 165,940     $ 3,996  
Savannah Energy PLC2,3     15,998       8,234                   5,040       29,272        
                                              195,212          
Materials 0.93%                                                        
APL Apollo Tubes, Ltd.     159,233       24,815       9,428       (1,049 )     24,599       198,170       684  
LANXESS AG     76,030       204,779                   (136,799 )     144,010       4,789  
Perimeter Solutions SA2           207,621       85,597       (4,109 )     (23,465 )     94,450        
Toyo Gosei Co., Ltd.3           55,991                   (27,702 )     28,289       137  
Aluflexpack AG2,3     45,884                         (22,232 )     23,652        
Re:NewCell AB2,3     61,257       2,502                   (46,217 )     17,542        
Venator Materials PLC2     24,281                         (16,784 )     7,497        
Deepak Fertilisers & Petrochemicals Corp., Ltd.11           43,067       6,176       1,474       26,374             738  
JCU Corp.11     86,616             33,831       2,396