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

November 30, 2021 12:16 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, 2021

 

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, 2021

 

 

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 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.

 

See 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, investment results reflect fee waivers and/or expense reimbursements, without which results 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
   
29 Financial statements
   
54 Board of directors and other officers

 

Fellow investors:

 

Spurred by a rebounding economy and the strong momentum of cyclical recovery stocks, SMALLCAP World Fund generated a 35.69% total return (F-2 shares) for the fund’s 12-month fiscal year ended September 30, 2021. These returns reflect a one-time capital gains payment of $1.27 per share. This compares with a 40.61% total return 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.

 

SMALLCAP World Fund has continued to outpace its benchmark index over an extended time horizon — including five-year, 10-year and lifetime results. This is a product of Capital Group’s deep, bottom-up research capabilities and the unique manner in which the fund is managed. This past fiscal year, the fund had a strong absolute return but lagged the benchmark slightly following last year’s outsized results.

 

In March, SMALLCAP World Fund (R-6 share class) was one of three Capital Group funds recognized by Refinitiv Lipper for its strong results, winning the 10-year Global Small-/Mid-Cap Fund category. The annual Refinitiv Lipper Fund Awards highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted results relative to their peers. It was the 13th consecutive year that Capital Group has taken home multiple Refinitiv Lipper awards.*

 

* The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award. For more information, see lipperfundawards.com. Although Refinitiv Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Refinitiv Lipper.

 

Results at a glance

 

For periods ended September 30, 2021, with all distributions reinvested

 

    Cumulative
total returns
  Average annual total returns
    1 year   5 years   10 years   Lifetime
(since Class A inception
on 4/30/90)
                 
SMALLCAP World Fund (Class F-2 shares)      35.69 %     17.69 %     15.76 %     10.99 %
SMALLCAP World Fund (Class A shares)     35.35       17.38       15.45       10.71  
MSCI All Country World Small Cap Index      40.61       12.20       12.33       8.65  

 

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 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.

 

SMALLCAP World Fund 1
 

The year in review

During the fund’s past fiscal year, the financial markets continued to weigh the economic effects of the ongoing COVID-19 pandemic. As they have since the onset of the pandemic, many of the world’s largest central banks maintained an aggressive stance — easing interest rates, making large-scale bond purchases and implementing targeted liquidity facilities.

 

In the U.S., the Federal Reserve’s accommodative policies, along with economic reopening, helped propel GDP past 6% in both the first and second quarters of 2021. The economy got another shot in the arm from the rollout of COVID-19 vaccines and the American Rescue Plan Act of 2021, a $1.9 trillion dollar stimulus package that included direct payments to more than 160 million U.S. households and $362 billion in aid to state and local governments. Growth rates were more contained across Europe, Asia and Latin America — hampered by periodic lockdowns and uneven vaccine distribution efforts.

 

As consumers opened their wallets and corporate earnings impressed, the financial markets rallied throughout much of the reporting period, with investors gradually rotating into cyclical and COVID recovery stocks. However, despite generally positive economic news, the global recovery has been plagued by factors few could have predicted when the world’s economies seized up early last year. These include rising inflation, massive supply-chain bottlenecks and, in many developed countries, a chronic labor shortage. In the U.S., the labor crunch has shown few signs of easing, even after expanded unemployment benefits ended in early September.

 

How the fund responded

Over long periods of time, we believe SMALLCAP World Fund has produced strong results based on our deep research capabilities and a unique fund structure that allows a trusted group of independent portfolio managers and analysts to make investment decisions. We believe that no other portfolio in the world exists with so many independent decision-makers, which is reflected in the fund’s solid long-term results.

 

Among the top contributors during the reporting period were Swedish online gaming firm Evolution AB (up 129.97%) and database developer MongoDB (up 103.67%). Among the largest detractors were logistics provider Ocado Group, PLC (down 37.06%) and cloud-based computing firm RingCentral (down 20.80%).

 

Industry sizing comes from our views on the attractiveness of individual securities, rather than a top-down view. The fund saw particularly strong returns from energy and industrials given the rebound in the economy, with utilities and health care also making solid contributions to returns. While absolute returns in some of the long-term growth industries like software were positive, they lagged more cyclical sectors that benefited the most from economic recovery.

 

Moreover, although the fund’s energy holdings produced impressive gains, the fund had relatively few energy holdings during this period, which detracted from relative returns.

 

Roughly 80% of the fund’s holdings were in developed markets, with U.S. companies comprising just over 44% of the portfolio. Some of the fund’s highest returns came from companies in emerging markets, which climbed nearly 40% during the period — including a stellar 128.41% gain from holdings in Taiwan. As always, we build the portfolio from the bottom up, stock by stock, rather than in reference to the benchmark weight.

 

One notable phenomenon that has gained traction in recent years is that of special purpose acquisition companies (SPACs) —publicly traded shell companies formed with the goal of acquiring other firms. While we have selectively participated in SPACs, we remain wary of lower-quality companies being introduced to the market through SPACs and intend to focus only on high-quality firms within this space — both in the U.S. and internationally. Over time, our bottom-up research should help us identify higher-quality investment opportunities on a fundamental basis.

 

The fund closed the fiscal year with 4.8% of its assets held in cash and other short-term securities. We maintain this liquidity to capitalize on investment opportunities as they arise, and to help mitigate the effects of potential market volatility.

 

2 SMALLCAP World Fund
 

The road ahead

We believe we have successfully ushered our clients through the most challenging stretch of the COVID-19 pandemic, but there is much uncertainty ahead. Without question, a post-COVID world will be marked by many long-lasting changes in how consumers engage and how companies are managed. As vaccination rates increase and some regions of the world approach herd immunity, we expect economic conditions to gradually improve in 2022.

 

Over the coming months, we expect three factors to loom large in the financial markets:

 

Supply-chain disruptions represent one of the most significant risks to the financial markets. Semiconductor shortages continue to plague many industries, resulting in demand that has outstripped the supply of automobiles, consumer electronics and appliances, to name just a few. Over the next 18 months, we would expect to see continued volatility in stocks most directly affected by supply-chain constraints. That should allow us some opportunities to invest in high-quality companies experiencing near-term challenges.

 

A stubborn labor shortage in many developed markets, including the United States, Canada, Europe and Australia, is exacerbating supply-chain bottlenecks. Service industries are being particularly hard hit by the labor crunch, which is upending entire business models.

 

Tied to supply chain bottlenecks and labor issues is the specter of inflation. Whether transitory or long-term, inflation is a concern because it acts as a tax on consumers and complicates companies’ planning efforts. Core U.S. inflation (ex-food and energy) reached a 30-year high in August, a precursor to the Federal Reserve’s decision in November to taper bond purchases. However, we remain open to the possibility that after near-term supply chain issues subside and the pull forward of demand has worked its way through, we could return to another period of lower inflation following a temporary boost. Whatever the inflation outcome, good companies and agile management teams with strong products should be able to successfully navigate this environment.

 

Against this challenging backdrop we see a small-cap market teeming with dynamic companies that should be standard bearers of innovation for many years to come. Established firms are evolving, while venture capital and a buoyant IPO market are producing exciting investment opportunities for those with the foresight to spot them. That’s why we meet with hundreds of companies each month. Our job, year in and year out, is to make sure we are investing in the companies with the best prospects for future growth.

 

Regardless of market conditions, we believe that prudent stock selection and Capital Group’s commitment to fundamental research will continue to produce superior long-term results for our clients. As always, we thank you for the trust you have placed in us, and we offer our best wishes for the upcoming holiday season and beyond.

 

Cordially,

 

 

Julian N. Abdey
Co-President

 

 

Jonathan Knowles
Co-President

 

 

Gregory W. Wendt
Co-President

 

November 9, 2021

 

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, 2021, the end of the fund’s latest fiscal year. In the case of F-2 shares, the $10,000 would have grown to $264,615 with all distributions reinvested. In the case of A shares, the $10,000 would have grown to $230,753 with all distributions reinvested, even after deducting the maximum 5.75% sales charge.

 

 

SMALLCAP World Fund 5
 
Investment portfolio September 30, 2021  
   
Industry sector diversification Percent of net assets

 

 

Country diversification by domicile   Percent of
net assets
United States     44.47 %
Eurozone*     7.18  
United Kingdom     7.14  
Sweden     6.92  
Japan     6.28  
India     4.88  
China     3.93  
Switzerland     2.69  
Canada     2.41  
Other countries     9.30  
Short-term securities & other assets less liabilities     4.80  
* 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 93.48%   Shares     Value
(000)
 
Information technology 21.09%                
MongoDB, Inc., Class A1     1,906,121     $ 898,755  
RingCentral, Inc., Class A1     3,550,555       772,246  
Sinch AB1,2     25,109,900       483,878  
Cree, Inc.1     5,287,678       426,874  
eMemory Technology, Inc.2,3     6,073,334       425,376  
Smartsheet, Inc., Class A1     6,141,805       422,679  
Ceridian HCM Holding, Inc.1     2,851,343       321,118  
Netcompany Group AS, non-registered shares2,3     2,711,200       311,683  
Globant SA1     1,093,567       307,303  
Nordic Semiconductor ASA1,2     9,497,115       284,185  
SHIFT, Inc.1,2,3     1,328,300       281,192  
Kulicke and Soffa Industries, Inc.3     4,762,414       277,553  
EPAM Systems, Inc.1     439,983       251,002  
Silergy Corp.2     1,693,456       248,688  
Keywords Studios PLC1,2,3     6,039,907       237,154  
Paycom Software, Inc.1     476,750       236,349  
Money Forward, Inc.1,2,3,4     3,308,304       235,170  
Net One Systems Co., Ltd.2,3     6,879,958       226,584  
ALTEN SA, non-registered shares2     1,496,996       218,256  
Network International Holdings PLC1,2,3     43,999,813       215,255  
Lightspeed Commerce, Inc. SV, subordinate voting shares1     1,597,219       154,020  
Lightspeed Commerce, Inc. SV, subordinate voting shares (CAD denominated)1     580,600       56,025  
VisEra Technologies Co., Ltd.1,2,5,6     11,090,000       146,885  
VisEra Technologies Co., Ltd.1,2     2,993,000       47,193  
Asana, Inc., Class A1     1,858,335       192,970  
Teradata Corp.1     3,291,774       188,783  
Alteryx, Inc., Class A1     2,410,993       176,244  
Endava PLC, Class A (ADR)1     1,287,631       174,925  
Softcat PLC2     6,259,035       170,299  
Nuvei Corp., subordinate voting shares1     1,400,000       161,728  
Kingdee International Software Group Co., Ltd.1,2     46,106,093       152,640  
Rapid7, Inc.1     1,345,069       152,020  
MKS Instruments, Inc.     964,988       145,626  
Nagarro SE1,2,3,4     823,468       144,449  
Marvell Technology, Inc.     2,368,818       142,863  
SUMCO Corp.2,4     7,001,074       140,566  
Bottomline Technologies (de), Inc.1,3     3,574,300       140,399  
Okta, Inc., Class A1     581,800       138,084  
Jamf Holding Corp.1     3,482,000       134,127  
Megaport, Ltd.1,2,3     11,040,000       132,815  
Computer Age Management Services, Ltd.2,3     3,163,383       128,344  
GB Group PLC2,3     10,893,800       125,523  
BE Semiconductor Industries NV2     1,588,880       125,436  

 

6 SMALLCAP World Fund
 
Common stocks (continued)   Shares     Value
(000)
 
Information technology (continued)                
PAR Technology Corp.1,3,4     2,039,163     $ 125,429  
Qorvo, Inc.1     741,404       123,955  
Global Unichip Corp.2,3     6,965,000       122,936  
Vitec Software Group AB, Class B2     2,228,800       121,713  
Dye & Durham, Ltd.3     3,731,197       121,192  
Euronet Worldwide, Inc.1     939,416       119,569  
CDW Corp.     650,000       118,313  
Olo, Inc., Class A1,4     3,870,830       116,241  
Tanla Platforms, Ltd.2,3     9,190,777       112,334  
Fabrinet, non-registered shares1     1,095,031       112,252  
Novanta, Inc.1     709,983       109,692  
Viavi Solutions, Inc.1     6,642,608       104,555  
Appfolio, Inc., Class A1     832,156       100,192  
EVERTEC, Inc.     2,131,730       97,463  
Bentley Systems, Inc., Class B4     1,586,700       96,217  
Halma PLC2     2,521,862       96,198  
Elastic NV, non-registered shares1     618,500       92,150  
Coforge, Ltd.2     1,297,186       91,431  
Justsystems Corp.2     1,617,921       91,297  
MACOM Technology Solutions Holdings, Inc.1     1,387,000       89,975  
Ideagen PLC2,3     20,183,901       86,794  
Comet Holding AG2     245,477       84,996  
LEM Holding SA2     36,500       84,124  
Appier Group, Inc.1,2,3,4     6,334,800       81,454  
Bytes Technology Group PLC1,2     11,798,581       80,157  
Hamamatsu Photonics KK2     1,289,450       79,990  
Avalara, Inc.1     451,914       78,981  
Concentrix Corp.1     428,914       75,918  
SimCorp AS2     641,250       75,529  
ON Semiconductor Corp.1     1,645,700       75,324  
Unimicron Technology Corp.2     16,174,000       75,290  
Crayon Group Holding ASA1,2     4,018,713       75,090  
Alarm.Com Holdings, Inc.1     951,000       74,359  
INFICON Holding AG2     61,865       72,462  
Repay Holdings Corp., Class A1     3,089,000       71,140  
Vanguard International Semiconductor Corp.2     13,107,394       70,519  
BlackLine, Inc.1     595,000       70,246  
Kainos Group PLC2     2,765,592       69,010  
Pegasystems, Inc.     542,025       68,891  
Advanced Energy Industries, Inc.     780,511       68,490  
Duck Creek Technologies, Inc.1     1,468,897       64,984  
Cognex Corp.     800,000       64,176  
Computer Services, Inc.     1,084,411       63,980  
TeamViewer AG1,2     2,163,770       63,802  
Paymentus Holdings, Inc., Class A1,4     2,587,864       63,765  
Dexerials Corp.2,3     3,231,400       63,639  
Semtech Corp.1     798,100       62,228  
Reply SpA2     337,320       62,141  
AIXTRON SE2     2,434,518       61,283  
Fortnox AB2     1,012,800       60,918  
Nayax, Ltd.1,2     15,122,000       59,877  
Zuken, Inc.2,3     1,625,000       59,358  
Hennge KK1,2,3,4     1,059,000       56,060  
Boku, Inc.1,2,3,4,7     20,461,639       53,644  
Avaya Holdings Corp.1     2,705,000       53,532  
Extreme Networks, Inc.1     5,323,397       52,435  
Cherry AG1,2,3     1,409,348       52,280  
Topicus.com, Inc., subordinate voting shares1     493,448       51,811  
IronNet, Inc., Class A1,2     3,130,000       51,766  
Thoughtworks Holding, Inc.1,2,7     1,975,505       51,612  
Flex, Ltd.1     2,917,808       51,587  
Aspen Technology, Inc.1     417,000       51,208  
Unifiedpost Group SA1,2,3     2,470,158       50,611  
CMC Materials, Inc.     371,355       45,762  
Silicon Laboratories, Inc.1     324,000       45,412  
NCR Corp.1     1,160,000       44,962  
Agora, Inc. (ADR)1,4     1,542,000       44,718  
LPKF Laser & Electronics AG, non-registered shares2,3,4     1,959,515       44,674  
Trimble, Inc.1     530,000       43,592  

 

SMALLCAP World Fund 7
 
Common stocks (continued)   Shares     Value
(000)
 
Information technology (continued)                
Bechtle AG, non-registered shares2     617,463     $ 42,362  
Paylocity Holding Corp.1     150,000       42,060  
Clear Secure, Inc., Class A1     982,666       40,338  
Pexip Holding ASA1,2     4,932,034       39,686  
SINBON Electronics Co., Ltd.2     4,594,000       38,699  
ams AG, non-registered shares1,2     2,096,900       38,283  
Plaid, Inc.1,2,4     1,432,350       37,772  
Disco Corp.2     131,500       36,809  
Anaplan, Inc.1     564,740       34,387  
SmartCraft ASA, Class A1,2,3     13,349,780       34,172  
Smaregi, Inc.1,2,3,4     1,129,200       34,016  
Insight Enterprises, Inc.1     373,300       33,627  
Maruwa Co., Ltd.2     323,400       33,036  
NHN KCP Corp.1,2     746,757       32,655  
Oneconnect Financial Technology Co., Ltd. (ADR)1,4     7,885,634       32,331  
Zendesk, Inc.1     273,000       31,774  
eCloudvalley Digital Technology Co., Ltd.2     2,519,174       30,937  
BigCommerce Holdings, Inc., Series 11,4     610,000       30,890  
Yeahka, Ltd.1,2,4     9,490,030       30,449  
Cloudflare, Inc., Class A1     264,395       29,784  
FDM Group (Holdings) PLC2     1,760,000       29,586  
EcoOnline Holding AS1,2,3,4     10,000,000       29,071  
Alkami Technology, Inc.1     1,167,053       28,803  
Vontier Corp.     850,000       28,560  
DoubleVerify Holdings, Inc.1,4     811,900       27,735  
Dock, Ltd.1,2,3,5,6     4,318,937       27,080  
BTRS Holdings, Inc., Class A1     2,480,000       26,387  
Nemetschek SE2     249,687       26,243  
SpiderPlus & Co.1,2,4     1,342,000       25,833  
Linklogis, Inc., Class B1,2,4     23,970,500       24,460  
Digital Turbine, Inc.1     350,000       24,062  
Pushpay Holdings, Ltd.1,2     17,654,124       22,413  
GlobalWafers Co., Ltd.2     777,000       21,949  
CCC Intelligent Solutions Holdings, Inc.1,4     2,048,595       21,531  
Blend Labs, Inc., Class A1,4     1,491,941       20,111  
WuXi Xinje Electric Co., Ltd., Class A2     2,755,858       19,588  
Lime Technologies AB2     500,526       19,557  
GMO Payment Gateway, Inc.2     153,000       19,384  
Renishaw PLC2     305,400       19,367  
LiveRamp Holdings, Inc.1     399,362       18,862  
Avast PLC2     2,458,818       18,802  
Zebra Technologies Corp., Class A1     36,300       18,710  
CDK Global, Inc.     423,077       18,002  
Venustech Group, Inc., Class A2     4,107,547       17,551  
Tokai Carbon Korea Co., Ltd.2     170,000       16,550  
CS Disco, Inc.1,4     334,240       16,023  
Adesso SE, non-registered shares2     76,300       15,447  
SiTime Corp.1     73,312       14,968  
BasWare OYJ1,2     380,200       14,232  
Coupa Software, Inc.1     61,500       13,480  
AAC Technologies Holdings, Inc.2,4     2,629,000       12,481  
SailPoint Technologies Holdings, Inc.1     286,700       12,294  
Similarweb, Ltd.1,4     571,900       11,970  
Fair Isaac Corp.1     29,100       11,580  
Patreon, Inc., Class B1,2,5,6     189,951       10,637  
Appen, Ltd.2     1,600,000       10,270  
LandMark Optoelectronics Corp.2     1,168,000       9,425  
NCC Group PLC2     2,721,218       9,393  
Accton Technology Corp. (Taiwan)2     803,000       7,550  
Atea ASA1,2     426,027       7,358  
Mensch und Maschine Software SE2     96,000       6,485  
Foursquare Labs, Inc., Series A1,2,5,6,7     1,970,385       6,423  
Jfrog, Ltd.1     178,400       5,976  
nCino, Inc.1     83,750       5,949  
BASE, Inc.1,2,4     589,700       5,771  
Yotpo, Ltd.1,2,5,6,7     2,620,102       5,763  
908 Devices, Inc.1,4     112,500       3,658  

 

8 SMALLCAP World Fund
 
Common stocks (continued)   Shares     Value
(000)
 
Information technology (continued)                
Maxlinear, Inc.1     69,308     $ 3,413  
Clearwater Analytics Holdings, Inc., Class A1     88,920       2,277  
91APP Inc.1,2     132,000       1,012  
              17,129,048  
                 
Industrials 17.79%                
IMCD NV2,3     3,519,136       668,138  
BayCurrent Consulting, Inc.2,3     1,243,200       624,379  
NIBE Industrier AB, Class B2     40,800,276       512,486  
Diploma PLC2,3     9,962,226       374,585  
VAT Group AG2     929,754       366,289  
Saia, Inc.1,3     1,466,641       349,105  
Rexnord Corp.     4,878,500       313,639  
Wizz Air Holdings PLC1,2     3,902,224       259,859  
Nihon M&A Center Holdings, Inc.2     8,812,160       259,672  
Interpump Group SpA2     3,880,325       251,341  
BELIMO Holding AG2     459,465       243,263  
Boyd Group Services, Inc.3,4     1,278,114       237,086  
Meggitt PLC1,2     22,994,288       228,314  
Nolato AB, Class B2     18,617,196       220,781  
Marel hf.2     31,700,083       219,671  
Spirax-Sarco Engineering PLC2     1,035,200       208,043  
Armstrong World Industries, Inc.     2,156,841       205,914  
Havells India, Ltd.2     11,010,155       203,284  
Stericycle, Inc.1     2,889,903       196,427  
Japan Airport Terminal Co., Ltd.2     3,834,400       189,109  
Visional, Inc.1,2,3     2,912,800       186,716  
Carel Industries SpA2,3     6,904,814       186,704  
Arcosa, Inc.3     3,515,410       176,368  
International Container Terminal Services, Inc.2     44,009,076       168,141  
MonotaRO Co., Ltd.2     7,408,200       167,168  
Japan Elevator Service Holdings Co., Ltd.2,3     7,100,154       163,396  
ManpowerGroup, Inc.     1,500,000       162,420  
Matson, Inc.     1,974,000       159,322  
Instalco AB2,3     3,457,000       158,007  
Harmonic Drive Systems, Inc.2,4     3,105,050       149,749  
Comfort Systems USA, Inc.3     1,921,479       137,040  
Chart Industries, Inc.1     710,000       135,688  
Willscot Mobile Mini Holdings Corp., Class A1     4,261,988       135,190  
Alfen NV1,2,3     1,280,554       134,619  
Generac Holdings, Inc.1     316,141       129,197  
Vicor Corp., Class A1     930,305       124,810  
TFI International, Inc. (CAD denominated)     1,130,000       115,605  
TFI International, Inc.     68,200       6,969  
TransDigm Group, Inc.1     190,000       118,668  
Kadant, Inc.     567,165       115,758  
Lifco AB, Class B2     4,195,000       112,288  
Sun Country Airlines Holdings, Inc.1,3     3,129,018       104,947  
Montana Aerospace AG1,2,3     2,772,283       98,830  
Atlas Corp.4     6,500,000       98,735  
Haitian International Holdings, Ltd.2     31,373,000       97,440  
Graco, Inc.     1,374,000       96,139  
Montrose Environmental Group, Inc.1,3     1,549,946       95,694  
Kajaria Ceramics, Ltd.2     5,664,940       90,696  
Masco Corp.     1,625,000       90,269  
Rocket Lab USA, Inc., Class A1,2,7     5,500,000       87,828  
DL E&C Co., Ltd.1,2     785,299       87,567  
Aalberts NV, non-registered shares2     1,518,000       86,688  
Cleanaway Waste Management, Ltd.2     42,502,998       84,646  
Medmix AG1,2     1,757,089       84,065  
IDEX Corp.     402,700       83,339  
TechnoPro Holdings, Inc.2     2,750,000       81,693  
Ceres Power Holdings PLC1,2     5,625,195       81,551  
Sweco AB, Class B, non-registered shares2     5,093,702       80,074  
Johns Lyng Group, Ltd.2,3,4     17,952,060       79,441  
Watsco, Inc.     300,000       79,386  
Shoals Technologies Group, Inc., Class A1     2,794,994       77,924  
Woodward, Inc.     649,000       73,467  

 

SMALLCAP World Fund 9
 
Common stocks (continued)   Shares     Value
(000)
 
Industrials (continued)                
EnPro Industries, Inc.     830,134     $ 72,321  
Quess Corp., Ltd.1,2     5,880,859       72,214  
Waste Connections, Inc.     570,000       71,780  
Kingspan Group PLC2     724,000       71,616  
Interface, Inc.3     4,721,060       71,524  
BWX Technologies, Inc.     1,311,500       70,637  
Marlowe PLC1,2,3     6,169,901       69,724  
ITM Power PLC1,2,4     11,964,657       69,195  
Sulzer AG2     724,289       68,586  
Trinity Industries, Inc.     2,513,238       68,285  
Hefei Meyer Optoelectronic Technology, Inc., Class A2     11,400,472       67,111  
Granite Construction, Inc.     1,677,000       66,325  
Fasadgruppen Group AB2,3     3,610,300       66,194  
Kratos Defense & Security Solutions, Inc.1     2,959,051       66,016  
Melrose Industries PLC2     27,747,591       64,208  
DO & CO AG, non-registered shares1,2,3     779,520       63,241  
Resideo Technologies, Inc.1     2,527,864       62,666  
easyJet PLC1,2     6,905,475       61,514  
IR Japan Holdings, Ltd.2     561,900       61,321  
Midac Holdings Co., Ltd.1,2,4     1,245,600       58,547  
Cargotec OYJ, Class B, non-registered shares2     1,132,500       57,450  
Zhejiang Weixing New Building Materials Co., Ltd., Class A2     21,260,009       55,145  
Addtech AB, Class B2     3,093,403       54,757  
Textron, Inc.     780,000       54,452  
RWS Holdings PLC2     6,400,000       53,936  
John Bean Technologies Corp.     382,223       53,721  
ACV Auctions, Inc., Class A1     2,992,920       53,543  
CSW Industrials, Inc.     415,719       53,087  
Pegasus Hava Tasimaciligi AS1,2,3     6,057,223       52,880  
FTI Consulting, Inc.1     390,600       52,614  
Astral, Ltd.2     1,784,112       51,733  
Centre Testing International Group Co., Ltd.2     12,715,436       49,885  
Howden Joinery Group PLC2     4,143,379       49,574  
Guangzhou Baiyun International Airport Co., Ltd., Class A2     29,547,628       48,988  
AFRY AB, Class B2     1,553,500       47,371  
Barrett Business Services, Inc.3     610,765       46,577  
Indutrade AB2     1,653,822       45,938  
MDA, Ltd.1,4     3,426,600       44,016  
LIXIL Corp.2,4     1,483,100       43,097  
CoStar Group, Inc.1     500,000       43,030  
First Advantage Corp.1     2,250,000       42,863  
Driven Brands Holdings, Inc.1     1,430,000       41,313  
XP Power, Ltd.2     583,458       40,465  
Cummins India, Ltd.2     3,000,000       39,922  
Avon Protection PLC2     1,528,500       39,895  
Builders FirstSource, Inc.1     760,228       39,334  
Copa Holdings, SA, Class A1     482,000       39,225  
Controladora Vuela Compañía de Aviación, SAB de CV, ordinary participation certificates, Class A (ADR)1     1,785,000       38,931  
ESCO Technologies, Inc.     490,796       37,791  
Volution Group PLC2     5,658,600       37,413  
Voltronic Power Technology Corp.2     610,000       37,031  
G R Infraprojects, Ltd.1,2     1,461,700       36,585  
Upwork Inc.1     777,246       34,999  
Advanced Drainage Systems, Inc.     323,056       34,945  
Rumo SA1     10,443,335       32,198  
The AZEK Co., Inc., Class A1     864,400       31,577  
CAE, Inc.1     1,052,600       31,447  
Simpson Manufacturing Co., Inc.     270,449       28,930  
Troax Group AB2     747,300       28,555  
Sterling Check Corp.1     1,085,000       28,167  
IAA, Inc.1     491,500       26,821  
Grafton Group PLC2     1,437,900       24,468  
Momentus, Inc., Class A1,7     2,225,000       23,585  
Air Lease Corp., Class A     569,300       22,396  
Sdiptech AB, Class B1,2     444,849       21,581  
Froy ASA1,2,4     3,581,100       21,234  
Azelio AB1,2,3,4     5,786,000       20,939  
Lilium NV, Class A1,4     1,960,000       20,600  

 

10 SMALLCAP World Fund
 
Common stocks (continued)   Shares     Value
(000)
 
Industrials (continued)                
UFP Industries, Inc.     301,905     $ 20,524  
INVISIO AB2     950,000       18,797  
Munters Group AB2     2,272,660       18,610  
AirTAC International Group2     594,000       18,591  
Oshkosh Corp.     150,000       15,356  
Green Landscaping Group AB1,2,4     1,644,000       14,670  
Sitowise Group PLC1,2     1,530,182       13,990  
Nitto Boseki Co., Ltd.2     414,000       13,817  
Coor Service Management Holding AB2     1,450,000       13,744  
Einride AB1,2,3,5,6     391,089       13,640  
Otonomo Technologies Ltd.1,7     2,800,000       13,384  
Mersen SA2     337,489       12,466  
Imperial Logistics, Ltd.2     3,026,714       12,262  
Fluidra, SA, non-registered shares2     295,000       11,656  
Boa Vista Servicos SA     4,991,700       11,641  
Interroll Holding AG2     2,650       11,216  
Hexagon Purus ASA1,2,4     3,162,601       10,427  
JELD-WEN Holding, Inc.1     415,000       10,387  
Pyrum Innovations AG1,2     128,340       8,514  
ICF International, Inc.     60,182       5,374  
Kornit Digital Ltd.1     19,800       2,866  
              14,445,588  
                 
Consumer discretionary 17.35%                
Evolution AB2     7,916,558       1,203,384  
YETI Holdings, Inc.1,3     6,054,875       518,842  
Floor & Decor Holdings, Inc., Class A1     4,124,900       498,247  
Helen of Troy, Ltd.1,3     1,927,702       433,116  
TopBuild Corp.1,3     2,011,168       411,907  
IDP Education, Ltd.2     11,816,861       290,688  
Tube Investments of India, Ltd.2,3     15,422,242       288,934  
Thor Industries, Inc.     2,315,800       284,288  
zooplus AG, non-registered shares1,2,3     466,734       263,323  
Entain PLC1,2     8,978,173       257,009  
Wyndham Hotels & Resorts, Inc.     3,000,601       231,616  
Dollarama, Inc.4     5,010,000       217,314  
Kindred Group PLC (SDR)2,3     14,068,409       211,253  
Momo.com, Inc.2     3,587,717       208,334  
Food & Life Companies, Ltd.2     4,332,900       199,775  
DraftKings, Inc., Class A1,4     4,106,126       197,751  
Coursera, Inc.1     5,566,364       176,175  
Everi Holdings, Inc.1,3     7,048,606       170,435  
Jiumaojiu International Holdings, Ltd.2     56,428,000       170,335  
Pool Corp.     391,999       170,288  
Scientific Games Corp.1     2,004,204       166,489  
Red Rock Resorts, Inc., Class A1     3,142,436       160,956  
Watches of Switzerland Group PLC1,2,3     12,127,044       153,430  
Auction Technology Group PLC1,2,3     8,335,148       148,698  
BHG Group AB1,2,3     9,905,000       143,245  
Five Below, Inc.1     804,402       142,226  
Domino’s Pizza Group PLC2,3     24,475,815       129,598  
Shop Apotheke Europe NV, non-registered shares1,2,4     870,557       128,744  
Six Flags Entertainment Corp.1     2,986,240       126,915  
Bajaj Electricals, Ltd.1,2,3     7,218,607       126,568  
Bafang Electric (Suzhou) Co., Ltd., Class A2     3,058,340       123,490  
Moncler SpA2     2,015,000       123,239  
WH Smith PLC1,2     5,274,000       120,874  
Williams-Sonoma, Inc.     658,000       116,683  
Leslie’s, Inc.1     5,614,721       115,326  
KB Home     2,957,918       115,122  
Adient PLC1     2,752,000       114,070  
MIPS AB2     1,130,500       113,373  
Porch Group, Inc.1,3,4     6,412,252       113,369  
Inchcape PLC2     10,268,000       111,506  
SSP Group PLC1,2     30,015,488       110,967  
Frontdoor, Inc.1     2,566,763       107,547  
Wayfair, Inc., Class A1,4     416,000       106,292  
Mercari, Inc.1,2,4     1,930,000       106,250  

 

SMALLCAP World Fund 11
 
Common stocks (continued)   Shares     Value
(000)
 
Consumer discretionary (continued)                
Mattel, Inc.1     5,700,000     $ 105,792  
Lennar Corp., Class A     1,058,458       99,156  
Lennar Corp., Class B     21,169       1,643  
Kontoor Brands, Inc.     1,910,000       95,405  
Bright Horizons Family Solutions, Inc.1     678,549       94,603  
Norwegian Cruise Line Holdings, Ltd.1,4     3,397,628       90,751  
Bike24 Holding AG1,2,3     3,379,940       90,361  
Traeger, Inc.1,4     4,314,170       90,296  
Basic-Fit NV1,2,4     1,895,318       86,810  
Musti Group OYJ2,3     2,428,879       86,680  
Salvatore Ferragamo SpA1,2,4     4,163,958       84,775  
Domino’s Pizza, Inc.     176,500       84,183  
Hilton Grand Vacations, Inc.1     1,744,923       83,006  
Games Workshop Group PLC2     600,400       82,534  
Purple Innovation, Inc., Class A1,3     3,848,000       80,885  
Cary Group AB1,2,3     7,857,142       79,878  
Jumbo SA2     4,771,161       77,596  
Asbury Automotive Group, Inc.1     393,402       77,398  
Etsy, Inc.1     366,850       76,290  
Levi Strauss & Co., Class A     2,950,000       72,305  
Thule Group AB2     1,445,800       72,286  
Tongcheng-Elong Holdings, Ltd.1,2,4     30,072,200       71,872  
Nien Made Enterprise Co., Ltd.2     4,920,000       69,548  
Dr. Martens PLC1,2     13,072,600       69,163  
DESCENTE, Ltd.1,2     1,964,400       69,064  
Skechers USA, Inc., Class A1     1,550,000       65,286  
Strategic Education, Inc.     916,199       64,592  
ASOS PLC1,2     1,607,415       64,178  
Arco Platform, Ltd., Class A1,4     2,821,157       61,219  
Vroom, Inc.1,4     2,760,700       60,929  
B&M European Value Retail SA2     7,408,252       58,815  
MADE.com Group PLC1,2,3,4     31,119,580       58,379  
Polaris, Inc.     485,000       58,035  
Cairn Homes PLC2,3     43,970,000       57,942  
ThredUp Inc., Class A1,4     2,666,043       57,826  
Toll Brothers, Inc.     1,043,184       57,678  
Century Communities, Inc.     911,000       55,981  
Golden Entertainment, Inc.1     1,126,208       55,286  
OneSpaWorld Holdings, Ltd.1,3,4     5,353,108       53,370  
Flutter Entertainment PLC (EUR denominated)1,2     259,095       50,863  
China MeiDong Auto Holdings, Ltd.2     10,088,000       50,497  
Gourmet Master Co., Ltd.2,3     9,503,000       49,381  
M.D.C. Holdings, Inc.     1,044,930       48,819  
POYA International Co., Ltd.2     2,879,392       48,714  
RVRC Holding AB1,2,3     6,034,800       48,538  
Powerschool Holdings, Inc., Class A1,4     1,972,300       48,538  
Brunello Cucinelli SpA1,2     864,000       47,389  
Just Eat Takeaway (EUR denominated)1,2     638,400       46,520  
Darden Restaurants, Inc.     303,300       45,941  
Caesars Entertainment, Inc.1     400,000       44,912  
Lojas Quero-Quero SA3     14,974,560       44,684  
Westwing Group AG, non-registered shares1,2,3     1,179,296       44,293  
Grand Canyon Education, Inc.1     500,000       43,980  
Pets at Home Group PLC2     6,752,000       43,482  
Trainline PLC1,2     9,163,000       43,326  
Macy’s, Inc.     1,900,000       42,940  
D.R. Horton, Inc.     490,000       41,145  
Xometry, Inc., Class A1,4     703,250       40,556  
Cavco Industries, Inc.1     170,870       40,452  
AcadeMedia AB2,3     5,658,097       38,581  
Patrick Industries, Inc.     457,070       38,074  
MakeMyTrip, Ltd., non-registered shares1     1,284,769       34,933  
Cie. Plastic Omnium SA2     1,348,533       34,448  
Alpen Co., Ltd.2,4     1,130,000       31,227  
Countryside Properties PLC1,2     4,604,600       31,168  
JOANN, Inc.3,4     2,729,250       30,404  
Graham Holdings Co., Class B     50,000       29,458  
Elior Group SA1,2     3,719,000       29,366  
Melco International Development, Ltd.1,2,4     25,076,000       29,299  

 

12 SMALLCAP World Fund
 
Common stocks (continued)   Shares     Value
(000)
 
Consumer discretionary (continued)                
Beazer Homes USA, Inc.1,3     1,659,813     $ 28,632  
International Game Technology PLC1     1,082,000       28,478  
Mazda Motor Corp.1,2     3,264,000       28,423  
Nokian Renkaat OYJ2     738,000       26,185  
MGM China Holdings, Ltd.1,2     41,858,248       25,927  
LGI Homes, Inc.1     175,856       24,956  
Roland Corp.2     530,600       24,071  
Vail Resorts, Inc.1     71,000       23,718  
Americanas SA, ordinary nominative shares1     3,985,121       22,627  
Jamna Auto Industries, Ltd.2     17,988,741       21,529  
Central Automotive Products, Ltd.2     787,200       21,440  
Del Taco Restaurants, Inc.3     2,402,550       20,974  
Installed Building Products, Inc.     189,361       20,290  
Nordstrom, Inc.1     760,000       20,102  
Shoei Co., Ltd.2     434,400       19,567  
Smartfit Escola de Ginástica e Dança SA1     4,100,000       19,274  
Desenio Group AB1,2     5,669,027       19,095  
Leifheit AG, non-registered shares2,4     472,000       19,046  
Zhongsheng Group Holdings, Ltd.2     2,121,500       17,051  
The Original BARK Co.1,4     2,350,000       16,121  
Westlife Development, Ltd.1,2     1,928,968       14,706  
StockX, Inc.1,2,5,6     161,790       14,561  
Paltac Corp.2     313,300       14,161  
Relaxo Footwears, Ltd.2     890,000       13,607  
Playtech PLC1,2     1,933,410       12,267  
Aramark     356,556       11,716  
Puuilo OYJ1,2     1,271,372       11,181  
Goodyear Tire & Rubber Co. (USA)1     558,712       9,889  
Dutch Bros., Inc., Class A1     213,211       9,236  
Fox Factory Holding Corp.1     61,853       8,940  
Aston Martin Lagonda Global Holdings PLC1,2,4     331,981       8,450  
Royal Caribbean Cruises, Ltd.1     78,017       6,940  
Ace Hardware Indonesia Tbk PT2     69,376,900       6,123  
Bloomberry Resorts Corp.1,2     33,894,100       3,940  
Detsky Mir PJSC2     2,136,130       3,823  
OneWater Marine, Inc., Class A     34,641       1,393  
China Zenix Auto International, Ltd. (ADR)1     2,152,000       1,184  
Lojas Americanas SA, ordinary nominative shares     1,232,000       998  
BNN Technology PLC1,2,3,5     19,007,000       8
              14,092,336  
                 
Health care 17.26%                
Insulet Corp.1     2,884,282       819,799  
Molina Healthcare, Inc.1     2,407,600       653,206  
Biohaven Pharmaceutical Holding Co., Ltd.1     3,190,163       443,146  
NovoCure, Ltd.1     3,621,597       420,721  
Allakos, Inc.1,3     3,788,618       401,101  
CanSino Biologics, Inc., Class H1,2,4     10,124,804       356,605  
Agilon Health, Inc.1,2,7     13,114,300       329,977  
PolyPeptide Group AG1,2,3     2,408,747       306,892  
DexCom, Inc.1     552,500       302,140  
Notre Dame Intermédica Participações SA     21,680,129       297,031  
Amplifon SpA2     5,286,500       251,926  
Pacific Biosciences of California, Inc.1     9,754,575       249,229  
Vitrolife AB2     4,669,000       244,891  
Pharmaron Beijing Co., Ltd., Class H2     9,308,000       221,183  
AddLife AB, Class B2     5,990,168       217,359  
Centene Corp.1     3,437,674       214,201  
Cortexyme, Inc.1,3,4     2,242,561       205,553  
BICO Group AB, Class B1,2,4     3,233,528       192,639  
Ultragenyx Pharmaceutical, Inc.1     2,070,251       186,716  
Legend Biotech Corp. (ADR)1,4     3,689,400       186,536  
Bachem Holding AG, Class B2     242,844       184,809  
Max Healthcare Institute, Ltd.1,2     36,974,348       176,975  
GVS SpA2,3     12,299,081       174,811  
Nevro Corp.1     1,341,464       156,120  
Genus PLC2     2,108,000       154,518  
Silk Road Medical, Inc.1,3     2,774,630       152,688  

 

SMALLCAP World Fund 13
 
Common stocks (continued)   Shares     Value
(000)
 
Health care (continued)                
Integra LifeSciences Holdings Corp.1     2,128,347     $ 145,749  
Penumbra, Inc.1     508,744       135,580  
AbCellera Biologics, Inc.1,4     6,514,332       130,547  
Metropolis Healthcare, Ltd.2,3     3,491,571       126,134  
Revance Therapeutics, Inc.1,3,4     4,512,630       125,722  
Shockwave Medical, Inc.1     585,000       120,440  
Globus Medical, Inc., Class A1     1,531,007       117,306  
CONMED Corp.     875,287       114,514  
Zai Lab, Ltd. (ADR)1     1,071,005       112,873  
Health Catalyst, Inc.1     2,193,600       109,702  
ICON PLC1     411,406       107,797  
Arjo AB, Class B2     8,533,027       105,274  
Mani, Inc.2,3     5,367,004       102,420  
Laurus Labs, Ltd.2     12,245,000       100,895  
Pulmonx Corp.1,3,4     2,754,500       99,107  
Gland Pharma, Ltd.1,2     1,970,452       97,363  
Tandem Diabetes Care, Inc.1     778,500       92,937  
Vir Biotechnology, Inc.1     2,106,538       91,677  
Surgical Science Sweden AB1,2,3     3,271,137       89,512  
Ocumension Therapeutics1,2,3,4     37,102,000       88,719  
Novavax, Inc.1     411,000       85,204  
Exact Sciences Corp.1     890,000       84,950  
TG Therapeutics, Inc.1     2,450,200       81,543  
Warby Parker, Inc., Class A1     1,484,922       78,775  
CompuGroup Medical SE & Co. KGaA2     922,800       75,988  
Brii Biosciences, Ltd.1,2,7     12,989,542       59,974  
Brii Biosciences, Ltd.1,2     3,225,000       16,010  
Cano Health, Inc.1     5,979,714       75,823  
Alignment Healthcare, Inc.1,4     4,737,200       75,700  
Twist Bioscience Corp.1     704,000       75,307  
Addus HomeCare Corp.1,3     938,900       74,877  
Natera, Inc.1     643,000       71,656  
Carl Zeiss Meditec AG, non-registered shares2     368,406       70,818  
Zealand Pharma A/S1,2,3     2,414,836       69,352  
Amvis Holdings, Inc.2,4     960,900       68,450  
Hutchmed China, Ltd. (ADR)1     1,350,035       49,425  
Hutchmed China, Ltd.1,2,4     2,554,000       18,532  
Antares Vision SpA1,2,3,4     5,278,008       67,179  
Shandong Pharmaceutical Glass Co., Ltd., Class A2     14,613,776       67,149  
New Frontier Health Corp., Class A1,4     5,888,650       66,130  
Allogene Therapeutics, Inc.1     2,501,703       64,294  
Definitive Healthcare Corp., Class A1,4     1,500,000       64,245  
Medlive Technology Co., Ltd.1,2     12,905,000       61,612  
Inari Medical, Inc.1     757,410       61,426  
New Horizon Health, Ltd.1,2,4     13,361,335       58,291  
Poly Medicure, Ltd.2     4,511,022       56,170  
CRISPR Therapeutics AG1     495,405       55,451  
Fisher & Paykel Healthcare Corp., Ltd.2     2,510,000       55,190  
Oak Street Health, Inc.1,4     1,293,500       55,013  
Rubius Therapeutics, Inc.1     3,067,396       54,845  
Editas Medicine, Inc.1     1,300,000       53,404  
Nakanishi, Inc.2     2,255,800       51,499  
Guardant Health, Inc.1     409,500       51,192  
Revenio Group OYJ, non-registered shares2     792,790       50,282  
Hikma Pharmaceuticals PLC2     1,521,400       50,051  
Precision BioSciences, Inc.1,3     4,269,000       49,264  
Phreesia, Inc.1     795,384       49,075  
Adaptive Biotechnologies Corp.1     1,407,980       47,857  
Amedisys, Inc.1     317,400       47,324  
Seer, Inc., Class A1,4     1,370,000       47,306  
NuVasive, Inc.1     766,000       45,845  
Angelalign Technology, Inc.1,2     1,072,400       45,586  
Zentalis Pharmaceuticals, Inc.1     683,000       45,515  
Applied Molecular Transport, Inc.1,4     1,712,980       44,315  
Jacobio Pharmaceuticals Group Co., Ltd.1,2,4     18,436,500       44,028  
KRKA, dd, Novo mesto2     335,262       43,236  
Cellectis SA (ADR)1,3,4     2,214,336       27,923  
Cellectis SA, non-registered shares1,2,3     1,181,240       15,170  
Fagron NV2     2,126,554       41,424  

 

14 SMALLCAP World Fund
 
Common stocks (continued)   Shares     Value
(000)
 
Health care (continued)                
Adaptimmune Therapeutics PLC (ADR)1,3,4     8,002,700     $ 41,374  
Sosei Group Corp.1,2,4     2,359,600       40,224  
Inhibrx, Inc.1,4     1,200,000       39,972  
FIGS, Inc., Class A1,4     1,000,000       37,140  
Glaukos Corp.1     750,322       36,143  
Hypera SA, ordinary nominative shares     5,957,283       35,159  
CellaVision AB, non-registered shares2     789,300       35,088  
Haemonetics Corp.1     496,400       35,041  
Genetron Holdings, Ltd. (ADR)1     2,472,191       34,240  
Genomma Lab Internacional, SAB de CV, Series B1     35,953,000       34,121  
Medacta Group SA1,2     216,959       33,785  
Revolution Medicines, Inc.1     1,228,000       33,782  
Hikal, Ltd.2     4,140,000       33,297  
Encompass Health Corp.     443,400       33,273  
Menicon Co., Ltd.2,4     842,000       32,801  
Incyte Corp.1     474,000       32,602  
Ambu AS, Class B, non-registered shares2     1,070,500       31,621  
Syneos Health, Inc., Class A1     353,500       30,924  
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A2     1,949,981       30,881  
Xenon Pharmaceuticals, Inc.1,4     2,019,226       30,854  
Classys, Inc.2     1,829,323       30,726  
Hangzhou Tigermed Consulting Co., Ltd., Class A2     1,090,535       29,223  
Teladoc Health, Inc.1     230,000       29,166  
Olink Holding AB (ADR)1,4     1,177,156       28,546  
Cue Health, Inc.1,4     2,375,000       28,049  
Acerta Pharma BV1,2,5,6     195,556,815       27,730  
Sysmex Corp.2     220,300       27,214  
Creo Medical Group PLC1,2,3,4     11,533,623       26,954  
Asahi Intecc Co., Ltd.2     962,400       26,404  
Alnylam Pharmaceuticals, Inc.1     137,700       25,999  
Nordhealth AS, Class A1,2,3     5,120,000       25,989  
Dechra Pharmaceuticals PLC2     398,000       25,926  
Privia Health Group, Inc.1     1,098,000       25,869  
Strides Pharma Science, Ltd.1,2     2,980,558       23,528  
CM Hospitalar SA1     5,671,671       23,444  
Oncoclinicas do Brasil Servicos Medicos SA1     9,252,000       22,885  
Fleury SA, ordinary nominative shares     5,540,900       22,506  
OdontoPrev SA, ordinary nominative shares     6,925,700       20,933  
Quantum-SI, Inc., Class A1     2,500,000       20,850  
Chemed Corp.     42,000       19,535  
Autolus Therapeutics PLC (ADR)1,4     2,955,806       19,361  
Gracell Biotechnologies, Inc., Class A (ADR)1,4     1,388,988       19,265  
Signify Health, Inc., Class A1,4     1,000,000       17,870  
Adagene, Inc. (ADR)1,4     1,137,532       16,494  
Scholar Rock Holding Corp.1,4     475,000       15,684  
Acutus Medical, Inc.1,4     1,600,000       14,144  
Diagnósticos da América SA     1,728,463       13,813  
HBM Holdings, Ltd.1,2     15,992,000       13,732  
Certara, Inc.1     397,595       13,160  
Schrodinger, Inc.1     232,084       12,690  
Kronos Bio, Inc.1,4     600,000       12,576  
WIN-Partners Co., Ltd.2     1,402,700       12,330  
Global Blood Therapeutics, Inc.1     467,520       11,912  
Aveanna Healthcare Holdings, Inc.1     1,246,000       9,993  
Karuna Therapeutics, Inc.1     78,600       9,615  
Sana Biotechnology, Inc.1,4     426,000       9,593  
Pacific Edge, Ltd.1,2     8,703,703       9,313  
Deciphera Pharmaceuticals, Inc.1     270,000       9,175  
Cronos Group, Inc.1,4     1,585,000       8,947  
KRY International AB, Series A1,2,5,6     19,744       8,565  
Implantica AG, Class A (SDR)1,2     700,000       7,323  
Galapagos NV1,2     139,195       7,304  
Intervacc AB1,2,4     850,000       6,377  
Xvivo Perfusion AB1,2     135,500       5,952  
Talkspace, Inc., Class A1     1,554,641       5,674  
Bausch Health Companies, Inc.1     200,000       5,570  
IN8bio, Inc.1     800,000       5,520  
Innovage Holding Corp.1     825,300       5,455  
Bonesupport Holding AB1,2     1,200,000       5,432  

 

SMALLCAP World Fund 15
 
Common stocks (continued)   Shares     Value
(000)
 
Health care (continued)                
PetIQ, Inc., Class A1,4     181,500     $ 4,532  
Black Diamond Therapeutics, Inc.1,4     525,000       4,441  
Nanoform Finland PLC1,2     351,000       3,294  
Berkeley Lights, Inc.1     124,831       2,442  
Eargo, Inc.1,4     135,000       909  
              14,016,970  
                 
Financials 9.00%                
SVB Financial Group1     606,500       392,333  
Ares Management Corp., Class A     5,174,776       382,054  
Janus Henderson Group PLC     6,819,041       281,831  
Bridgepoint Group PLC1,2     37,280,545       254,040  
Trupanion, Inc.1,3     3,111,062       241,636  
East West Bancorp, Inc.     3,044,577       236,077  
Marqeta, Inc., Class B1,2,7     11,068,797       235,048  
First Republic Bank     1,141,825       220,235  
Aavas Financiers, Ltd.1,2,3     6,280,980       213,203  
Goosehead Insurance, Inc., Class A     1,310,968       199,647  
Essent Group, Ltd.     4,480,800       197,200  
AU Small Finance Bank, Ltd.1,2     11,857,100       183,848  
Independent Bank Group, Inc.3     2,213,646       157,257  
SouthState Corp.     2,099,211       156,748  
Capitec Bank Holdings, Ltd.2     1,242,943       150,193  
RenaissanceRe Holdings, Ltd.     1,058,600       147,569  
Enstar Group, Ltd.1     619,500       145,415  
Seacoast Banking Corporation of Florida3     4,106,901       138,854  
Focus Financial Partners, Inc., Class A1     2,640,931       138,306  
Cholamandalam Investment and Finance Co., Ltd.2     17,582,421       132,587  
TCS Group Holding PLC (GDR)2     1,407,625       128,162  
TCS Group Holding PLC (GDR)2,7     31,700       2,886  
Upstart Holdings, Inc.1     402,465       127,356  
Bajaj Finance, Ltd.2     1,202,961       123,494  
Eurobank Ergasias Services and Holdings SA1,2     130,196,554       121,913  
Western Alliance Bancorporation     1,100,128       119,716  
Radian Group, Inc.     4,910,751       111,572  
Live Oak Bancshares, Inc.     1,634,993       104,035  
Stifel Financial Corp.     1,477,350       100,401  
AJ Bell PLC2     18,325,000       98,351  
IIFL Wealth Management, Ltd.2     4,379,654       92,451  
Patria Investments, Ltd., Class A3     5,603,834       91,511  
Indian Energy Exchange, Ltd.2     10,468,727       90,165  
StepStone Group, Inc., Class A     1,853,600       79,038  
TMX Group, Ltd.     699,000       75,380  
Euronext NV2     585,333       66,052  
Banca Generali SpA1,2     1,416,423       62,119  
Valley National Bancorp     4,567,000       60,787  
Multi Commodity Exchange of India, Ltd.2     2,540,000       56,350  
SiriusPoint, Ltd.1     6,022,900       55,772  
PacWest Bancorp     1,220,000       55,290  
The Bank of N.T. Butterfield & Son, Ltd.     1,550,000       55,040  
NMI Holdings, Inc.1     2,147,927       48,565  
Uzabase, Inc.1,2,3     2,145,100       46,409  
MGIC Investment Corp.     3,101,550       46,399  
VZ Holding AG2     465,000       46,096  
Webster Financial Corp.     843,652       45,945  
Moelis & Co., Class A     719,000       44,485  
Korea Investment Holdings Co., Ltd.2     590,280       42,372  
City Union Bank, Ltd.2     19,531,129       41,253  
Antin Infrastructure Partners SA1,2     1,210,502       40,804  
Nova Ljubljanska Banka dd (GDR)2     2,360,226       39,733  
Hamilton Lane Inc., Class A     442,970       37,573  
Pine Labs Pte., Ltd.1,2,5,6     76,998       37,311  
Bolsa Mexicana de Valores, SAB de CV, Series A     19,002,880       36,567  
Umpqua Holdings Corp.     1,785,500       36,156  
EFG International AG2     4,814,800       34,893  
Artisan Partners Asset Management, Inc., Class A     705,000       34,489  
ICICI Securities, Ltd.2     3,293,062       33,576  
AssetMark Financial Holdings, Inc.1     1,350,000       33,575  

 

16 SMALLCAP World Fund
 
Common stocks (continued)   Shares     Value
(000)
 
Financials (continued)                
Funding Circle Holdings PLC1,2     14,713,073     $ 30,796  
Victory Capital Holdings, Inc., Class A4     812,000       28,428  
eGuarantee, Inc.2     1,268,348       28,201  
Alpha Services and Holdings SA1,2     22,170,967       27,786  
Hilltop Holdings, Inc.     850,000       27,770  
Archer Aviation, Inc., Class A1,2     3,134,336       26,163  
Linc AB1,2     2,358,208       24,001  
IIFL Finance Ltd.2     6,110,207       23,507  
Kinsale Capital Group, Inc.     144,120       23,304  
Hiscox, Ltd.2     2,060,606       23,166  
PT Bank Rakyat Indonesia Agroniaga Tbk1,2     147,804,400       22,887  
The Tel Aviv Stock Exchange, Ltd.2     4,312,024       22,856  
BOK Financial Corp.     250,368       22,420  
Aptus Value Housing Finance India, Ltd.1,2     5,246,052       22,365  
Qualitas Controladora, SAB de CV     4,600,000       21,080  
Open Lending Corp.1     575,641       20,763  
Regional, SAB de CV, Series A     3,522,159       20,271  
Close Brothers Group PLC2     881,900       18,223  
Silvergate Capital Corp., Class A1     137,900       15,927  
Hellenic Exchanges-Athens Stock Exchange SA2,3     3,500,000       13,967  
HDFC Asset Management Co., Ltd.2     319,780       12,489  
SBI Holdings, Inc.2     505,000       12,459  
Discovery, Ltd.1,2     899,883       8,177  
MJ Hudson Group PLC1,2     4,837,363       3,273  
              7,308,402  
                 
Consumer staples 3.28%                
Emmi AG2,3     318,222       328,323  
Ocado Group PLC1,2     10,398,813       231,284  
Simply Good Foods Co., Class A1,3     6,651,000       229,393  
Freshpet, Inc.1     1,169,632       166,895  
Monde Nissin Corp.1,2     450,277,767       165,531  
Fevertree Drinks PLC2     4,196,369       133,828  
Grocery Outlet Holding Corp.1,3     5,913,486       127,554  
Raia Drogasil SA, ordinary nominative shares     28,750,000       123,378  
Milbon Co., Ltd.2,3     1,828,900       112,067  
Kotobuki Spirits Co., Ltd.2     1,483,200       101,684  
BJ’s Wholesale Club Holdings, Inc.1     1,455,608       79,942  
AAK AB2     3,563,609       76,622  
COSMOS Pharmaceutical Corp.2     412,300       70,315  
Dole PLC1,4     3,721,980       63,125  
United Spirits, Ltd.1,2     4,506,665       51,352  
Zur Rose Group AG1,2     127,980       50,792  
Vector Group, Ltd.     3,971,496       50,637  
Hilton Food Group PLC2     3,062,967       48,255  
Sovos Brands, Inc.1,4     3,333,400       46,501  
Nu Skin Enterprises, Inc., Class A     1,100,000       44,517  
Performance Food Group Co.1     928,000       43,115  
Bakkafrost P/F2     517,500       42,606  
Varun Beverages, Ltd.2     2,973,313       35,895  
Sok Marketler Ticaret AS, non-registered shares2     27,025,951       35,839  
BidCorp, Ltd.1,2     1,640,857       35,288  
Fresh Del Monte Produce, Inc.     1,028,000       33,122  
Jonjee Hi-Tech Industrial and Commercial Holding Co., Ltd., Class A2     6,624,986       32,289  
Avenue Supermarts, Ltd.1,2     417,313       23,771  
PZ Cussons PLC2     6,017,310       18,200  
Hostess Brands, Inc., Class A1     1,010,000       17,544  
Nomad Foods, Ltd.1     500,000       13,780  
Century Pacific Food, Inc.2     25,901,000       13,528  
Icelandic Salmon AS1,2,4     515,000       8,379  
Beyond Meat, Inc.1,4     73,395       7,726  
              2,663,077  
                 
Communication services 2.36%                
Iridium Communications, Inc.1     4,256,695       169,629  
Iridium Communications, Inc.1,7     636,132       25,350  
New York Times Co., Class A     3,865,100       190,433  
Bandwidth, Inc., Class A1     1,687,700       152,366  

 

SMALLCAP World Fund 17
 
Common stocks (continued)   Shares     Value
(000)
 
Communication services (continued)                
JCDecaux SA1,2     5,744,911     $ 151,710  
Nordic Entertainment Group AB, Class B1,2     2,663,433       143,069  
Yandex NV, Class A1     1,530,000       121,926  
JOYY Inc., Class A (ADR)     1,782,000       97,707  
DIP Corp.2     2,401,400       91,426  
Daily Mail and General Trust PLC, Class A, nonvoting shares2     5,273,803       76,008  
YouGov PLC2     3,518,294       59,962  
Direct Marketing MIX, Inc.2,3     1,312,000       50,358  
Trustpilot AS1,2     9,251,489       48,066  
Future PLC1,2     945,924       46,379  
Zillow Group, Inc., Class C, nonvoting shares1     525,000       46,273  
Cable One, Inc.     25,321       45,910  
CTS Eventim AG & Co. KGaA1,2     471,400       35,669  
4imprint Group PLC2     866,001       34,979  
Zee Entertainment Enterprises, Ltd.2     7,932,200       32,370  
Tata Communications, Ltd.2     1,725,254       32,157  
Ascential PLC1,2     5,561,296       30,690  
Huuuge, Inc.1,2     2,977,596       30,545  
Pebble Group PLC1,2,3     13,396,071       28,975  
Paradox Interactive AB2     1,473,435       23,616  
Vimeo, Inc.1     786,700       23,105  
Playstudios, Inc., Class A1     4,500,000       20,520  
Hemnet Group AB1,2     886,257       17,117  
Capcom Co., Ltd.2     543,719       15,102  
Bambuser AB1,2     6,920,149       14,608  
Bengo4.com, Inc.1,2,4     241,100       13,876  
MTN Group, Ltd.1,2     1,458,066       13,684  
Boat Rocker Media, Inc.1,4     2,103,504       12,456  
Frontier Communications Parent, Inc.1     439,057       12,237  
Indus Towers, Ltd.2     2,202,579       9,063  
Skillz, Inc., Class A1,2,7     156,976       1,434  
              1,918,775  
                 
Materials 2.34%                
Navin Fluorine International, Ltd.2,3     3,654,309       180,182  
APL Apollo Tubes, Ltd.2,3     14,384,000       159,233  
CCL Industries, Inc., Class B, nonvoting shares     2,262,200       117,164  
Nanofilm Technologies International, Ltd.2,3     34,696,300       105,677  
PI Industries, Ltd.2     2,223,929       95,001  
JCU Corp.2,3,4     2,174,900       86,616  
MMG, Ltd.1,2     190,768,000       78,782  
LANXESS AG2     1,118,084       76,030  
SK Materials Co., Ltd.2     210,918       72,971  
Diversey Holdings, Ltd.1     4,199,000       67,352  
Alcoa Corp.1     1,260,000       61,664  
Re:NewCell AB1,2,3,4     2,462,272       61,257  
Lundin Mining Corp.     8,514,400       61,240  
Summit Materials, Inc., Class A1     1,853,320       59,251  
H.B. Fuller Co.     866,200       55,922  
Vidrala, SA, non-registered shares2     478,335       52,186  
Tronox Holdings PLC, Class A     2,068,000       50,976  
Aluflexpack AG1,2,3     1,309,666       45,884  
ACC, Ltd.2     1,377,000       41,761  
SSR Mining, Inc.     2,445,000       35,575  
Yamana Gold, Inc.4     8,881,000       35,169  
Allegheny Technologies, Inc.1     2,098,602       34,900  
Danimer Scientific, Inc., Class A1,4     2,074,887       33,904  
Croda International PLC2     267,795       30,581  
Berger Paints India, Ltd.1,2     2,500,993       27,252  
Arkema SA2     197,500       26,126  
Venator Materials PLC1,3     8,519,540       24,281  
Indigo Paints, Ltd.1,2     696,004       23,967  
Sandstorm Gold, Ltd.1     3,577,197       20,605  
Vinati Organics, Ltd.2     784,886       20,469  
Origin Materials, Inc., Class A1     2,500,000       17,025  
Gulf Oil Lubricants India, Ltd.2     1,476,661       11,620  

 

18 SMALLCAP World Fund
 
Common stocks (continued)   Shares     Value
(000)
 
Materials (continued)                
Fuso Chemical Co., Ltd.2     253,100     $ 11,470  
Gerdau SA (ADR)     2,011,500       9,897  
Shandong Sinocera Functional Material Co., Ltd., Class A2     949,821       6,050  
              1,898,040  
                 
Real estate 1.54%                
Altus Group, Ltd.3     3,539,988       172,723  
DigitalBridge Group, Inc. REIT, Class A1,4     24,048,774       145,014  
CIFI Ever Sunshine Services Group, Ltd.2,4     69,614,000       138,355  
Embassy Office Parks REIT2     22,010,000       100,196  
SRE Holdings Corp.1,2,3     1,162,500       82,123  
K-Fast Holding AB, Class B1,2,3,4     9,796,068       81,175  
Concentradora Fibra Danhos REIT, SA de CV     57,554,482       70,962  
MGM Growth Properties LLC REIT, Class A     1,767,000       67,676  
Real Matters, Inc.1,3     6,373,367       50,520  
JHSF Participações SA3     46,022,472       50,030  
Samhallsbyggnadsbolaget i Norden AB, Class B2     7,264,000       40,057  
Mindspace Business Parks REIT2     9,000,000       37,191  
FirstService Corp.     200,000       36,160  
Shimao Services Holdings, Ltd.2     16,829,000       34,555  
Redwood Trust, Inc. REIT     2,562,000       33,024  
Macrotech Developers, Ltd.1,2     2,331,038       32,877  
Douglas Emmett, Inc. REIT     910,000       28,765  
Genova Property Group AB1,2,3     2,126,731       28,296  
Americold Realty Trust REIT     217,800       6,327  
Park Hotels & Resorts, Inc. REIT1     270,400       5,175  
BR Malls Participacoes SA, ordinary nominative shares1     3,357,560       4,982  
Pebblebrook Hotel Trust REIT     219,000       4,908  
              1,251,091  
                 
Energy 1.19%                
Cimarex Energy Co.     1,971,000       171,871  
Pioneer Natural Resources Company     629,255       104,777  
Northern Oil and Gas, Inc.3,4     4,875,000       104,325  
New Fortress Energy, Inc., Class A4     2,340,000       64,935  
Denbury, Inc.1,4     855,000       60,064  
Vine Energy, Inc., Class A1,4     3,282,000       54,055  
APA Corp.     2,478,500       53,114  
Chesapeake Energy Corp.     817,500       50,350  
Cactus, Inc., Class A     1,300,791       49,066  
Renewable Energy Group, Inc.1     900,000       45,180  
Worley, Ltd.2     5,701,172       40,108  
Viper Energy Partners LP     1,455,000       31,792  
Magnolia Oil & Gas Corp., Class A     1,632,000       29,033  
Equitrans Midstream Corp.     2,736,742       27,751  
Venture Global LNG, Inc., Series C1,2,5,6,7     4,240       20,346  
Helmerich & Payne, Inc.     690,600       18,929  
Aegis Logistics, Ltd.2     5,285,594       16,057  
Savannah Energy PLC1,2,3,5     64,599,102       15,998  
Diamondback Energy, Inc.     50,000       4,733  
Petronet LNG, Ltd.2     1,384,229       4,421  
              966,905  
                 
Utilities 0.28%                
AC Energy Corp.2     567,933,920       125,420  
ENN Energy Holdings, Ltd.2     3,166,000       51,846  
Black Hills Corp.     379,000       23,786  
Neoenergia SA     5,959,000       16,753  
Hawaiian Electric Industries, Inc.     220,859       9,018  
Mytrah Energy, Ltd.1,2,3,5     10,418,000       140  
              226,963  
                 
Total common stocks (cost: $42,315,310,000)             75,917,195  

 

SMALLCAP World Fund 19
 
Preferred securities 1.47%   Shares     Value
(000)
 
Information technology 0.45%                
Avidxchange Holdings, Inc., Series F, preferred shares1,2,3,5,6     2,159,548     $ 141,386  
Patreon, Inc., Series E, preferred shares1,2,5,6     698,208       39,100  
Patreon, Inc., Series Seed, preferred shares1,2,5,6     163,096       9,133  
Outreach Corp., Series G, preferred shares1,2,5,6     1,554,053       45,483  
Gitlab, Inc., Series E, preferred shares1,2,5,6     1,044,048       42,378  
PsiQuantum, Corp., Series D, preferred shares1,2,5,6     1,334,542       35,000  
Credo Technology Group Holding, Ltd., Series D, 8.00% noncumulative preferred shares1,2,5,6   4,005,527       23,253  
Credo Technology Group Holding, Ltd., Series D+, 8.00% noncumulative preferred shares1,2,5,6     744,555       4,322  
Yotpo, Ltd., Series F, preferred shares1,2,5,6,7     8,332,809       18,329  
Yotpo, Ltd., Series B, preferred shares1,2,5,6,7     1,111,347       2,444  
Yotpo, Ltd., Series C, preferred shares1,2,5,6,7     1,057,985       2,327  
Yotpo, Ltd., Series A-1, preferred shares1,2,5,6,7     709,592       1,561  
Yotpo, Ltd., Series A, preferred shares1,2,5,6,7     345,899       761  
Yotpo, Ltd., Series C-1, preferred shares1,2,5,6,7     293,302       645  
Yotpo, Ltd., Series D, preferred shares1,2,5,6,7     163,552       360  
Yotpo, Ltd., Series B-1, preferred shares1,2,5,6,7     130,625       287  
              366,769  
                 
Industrials 0.41%                
Azul SA, preferred nominative shares (ADR)1     7,105,974       142,546  
Azul SA, preferred nominative shares1     771,000       5,155  
Relativity Space, Inc., Series D, preferred shares1,2,3,5,6     2,143,751       48,953  
Relativity Space, Inc., Series E, preferred shares1,2,3,5,6     464,197       10,600  
Einride AB, Series B, preferred shares1,2,3,5,6     1,334,588       46,547  
ABL Space Systems Co., Series B, preferred shares1,2,5,6     777,162       40,249  
WorkRise Technologies, Inc., Series E, preferred shares1,2,5,6     95,423       40,194  
              334,244  
                 
Health care 0.41%                
Sartorius AG, nonvoting non-registered preferred shares2     306,600       195,257  
Laronde, Inc., Series B, 6.00% preferred shares1,2,5,6     1,785,714       50,000  
KRY International AB, Series E, preferred shares1,2,5,6     114,059       49,478  
Bluestar Genomics, Inc., Series C, noncumulative preferred shares, 5.00% 20221,2,3,5,6     1,531,102       15,101  
PACT Pharma, Inc., Series C, 8.00% noncumulative preferred shares1,2,5,6     4,397,107       12,347  
Artiva Biotherapeutics, Inc., Series B, preferred shares1,2,5,6     636,364       7,000  
              329,183  
                 
Financials 0.10%                
PPRO Holding GMBS, Series B, 8.00% preferred shares1,2,3,5,6     13,618       54,312  
Pine Labs Pte., Ltd., Series J, cumulative preferred shares1,2,5,6     57,100       27,669  
              81,981  
                 
Consumer discretionary 0.10%                
Grove Collaborative, Inc., Series E, preferred shares1,2,5,6     2,611,018       27,311  
Cava Group, Inc., Series F, preferred shares1,2,5,6,7     664,364       26,395  
StockX, Inc., Series E-1, preferred shares1,2,5,6     222,222       20,000  
StockX, Inc., Series AA, preferred shares1,2,5,6     57,338       5,160  
StockX, Inc., Series B, preferred shares1,2,5,6     3,094       279  
              79,145  
                 
Total preferred securities (cost: $808,869,000)             1,191,322  
                 
Rights & warrants 0.18%                
Information technology 0.15%                
OPT Machine Vision Tech Co., Ltd., Class A, warrants, expire 20231,2,7     2,119,100       122,669  
Foursquare Labs, Inc., warrants, expire 20331,2,5,6     1,163,990       788  
              123,457  
                 
Consumer staples 0.02%                
Qingdao Richen Food Co., Ltd., Class A, warrants, expire 20221,2,7     2,415,300       15,743  
                 
Industrials 0.01%                
Momentus, Inc., warrants, expire 20261     2,225,000       5,930  
                 
Total rights & warrants (cost: $133,610,000)             145,130  
   
20 SMALLCAP World Fund
 
Convertible stocks 0.07%   Shares     Value
(000)
 
Communication services 0.05%                
Nextdoor, Inc., Series H, convertible preferred shares2,5,6,7     1,512,513     $ 39,680  
                 
Information technology 0.02%                
RealSelf, Inc., Series C, convertible preferred shares1,2,3,5,6     3,468,862       19,495  
                 
Total convertible stocks (cost: $49,833,000)             59,175  
                 
Short-term securities 5.99%                
Money market investments 5.18%                
Capital Group Central Cash Fund 0.06%3,9     42,099,081       4,210,329  
                 
Money market investments purchased with collateral from securities on loan 0.81%                
Capital Group Central Cash Fund 0.06%3,9,10     1,881,202       188,139  
Goldman Sachs Financial Square Government Fund, Institutional Shares 0.03%9,10     110,000,000       110,000  
Invesco Short-Term Investments Trust – Government & Agency Portfolio, Institutional Class 0.03%9,10   100,303,559       100,304  
BlackRock Liquidity Funds – FedFund, Institutional Shares 0.03%9,10     90,000,000       90,000  
Morgan Stanley Institutional Liquidity Funds – Government Portfolio, Institutional Class 0.03%9,10     50,000,000       50,000  
Fidelity Investments Money Market Government Portfolio, Class I 0.01%9,10     45,000,000       45,000  
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%9,10     44,000,000       44,000  
RBC Funds Trust – U.S. Government Money Market Fund, RBC Institutional Class 1 0.03%9,10     27,000,000       27,000  
              654,443  
                 
Total short-term securities (cost: $4,864,428,000)             4,864,772  
Total investment securities 101.19% (cost: $48,172,050,000)             82,177,594  
Other assets less liabilities (1.19)%             (963,402 )
                 
Net assets 100.00%           $ 81,214,192  

 

Investments in affiliates3

 

    Value of
affiliates at
10/1/2020
(000)
    Additions
(000)
    Reductions
(000)
    Net
realized
gain (loss)
(000)
    Net
unrealized
appreciation
(depreciation)
(000)
    Value of
affiliates at
9/30/2021
(000)
    Dividend
income
(000)
 
Common stocks 21.48%                                                        
Information technology 4.97%                                                        
eMemory Technology, Inc.2   $ 71,353     $ 67,425     $ 327     $ 24     $ 286,901     $ 425,376     $ 1,634  
Netcompany Group AS, non-registered shares2     261,807       12,613       57,415       27,312       67,366       311,683       443  
SHIFT, Inc.1,2     149,519       58,714       26,227       17,426       81,760       281,192        
Kulicke and Soffa Industries, Inc.           243,679                   33,874       277,553       1,405  
Keywords Studios PLC1,2     53,740       161,461       12,201       (926 )     35,080       237,154        
Money Forward, Inc.1,2,4     71,443       112,753       15,559       8,096       58,437       235,170        
Net One Systems Co., Ltd.2     313,706       13,177       16,497       5,906       (89,708 )     226,584       4,716  
Network International Holdings PLC1,2     102,957       57,526       1,139       (98 )     56,009       215,255        
Nagarro SE1,2,4           90,960       14,512       5,292       62,709       144,449        
Bottomline Technologies (de), Inc.1     146,392       4,527                   (10,520 )     140,399        
Megaport, Ltd.1,2     139,672             11,403       8,522       (3,976 )     132,815        
Computer Age Management Services, Ltd.2     10,130       57,807                   60,407       128,344       1,232  
GB Group PLC2     96,159       2,979                   26,385       125,523       948  
PAR Technology Corp.1,4     39,764       69,755                   15,910       125,429        
Global Unichip Corp.2     41,928       31,303                   49,705       122,936       1,257  
   
SMALLCAP World Fund 21
 

Investments in affiliates3 (continued)

 

    Value of
affiliates at
10/1/2020
(000)
    Additions
(000)
    Reductions
(000)
    Net
realized
gain (loss)
(000)
    Net
unrealized
appreciation
(depreciation)
(000)
    Value of
affiliates at
9/30/2021
(000)
    Dividend
income
(000)
 
Dye & Durham, Ltd.   $ 23,232     $ 88,819     $ 9,922     $     $ 19,063     $ 121,192     $ 120  
Tanla Platforms, Ltd.2           59,312                   53,022       112,334       125  
Ideagen PLC2           79,031                   7,763       86,794       22  
Appier Group, Inc.1,2,4           99,220                   (17,766 )     81,454        
Dexerials Corp.2     18,537       24,099                   21,003       63,639       1,551  
Zuken, Inc.2     3,746       44,416                   11,196       59,358       295  
Hennge KK1,2,4           56,580       4,323       (6,524 )     10,327       56,060        
Boku, Inc.1,2,4,7           48,584                   5,060       53,644        
Cherry AG1,2           53,736                   (1,456 )     52,280        
Unifiedpost Group SA1,2     51,564       11,545                   (12,498 )     50,611        
LPKF Laser & Electronics AG, non-registered shares2,4     42,521       10,070                   (7,917 )     44,674       240  
SmartCraft ASA, Class A1,2           53,700       25,766             6,238       34,172        
Smaregi, Inc.1,2,4     14,647       4,476                   14,893       34,016        
EcoOnline Holding AS1,2,4           58,832       29,416             (345 )     29,071        
Dock, Ltd.1,2,5,6,11           26,000                   1,080       27,080        
CANCOM SE, non-registered shares1,2,12     148,833             143,317       1,835       (7,351 )            
Clear Secure, Inc., Class A1,12           34,844                   5,494              
Fortnox AB2,12     143,848             193,905       132,383       (21,408 )           285  
Nuvei Corp., subordinate voting shares1,7,12     83,460             58,727       7,331       (32,064 )            
Paya Holdings Inc., Class A1,12           26,378       25,583       (795 )                  
Paya Holdings Inc., Class A1,2,7,12           50,000       60,997       10,997                    
SimCorp AS2,12     287,448       10,103       213,130       69,337       (78,229 )           1,311  
Smartsheet, Inc., Class A1,12     339,768       7,161       62,402       27,654       110,498              
Tokai Carbon Korea Co., Ltd.2,12           141,455       83,145       (43,995 )     2,235             172  
Yext, Inc.1,12     107,110             126,131       34,785       (15,764 )            
                                              4,036,241          
Industrials 5.15%                                                        
IMCD NV2     419,005                         249,133       668,138       4,280  
BayCurrent Consulting, Inc.2     57,697       188,918       6,253       356       383,661       624,379       2,139  
Diploma PLC2     217,621       107,080       30,520             80,404       374,585       5,219  
Saia, Inc.1     134,364       79,240                   135,501       349,105        
Boyd Group Services, Inc.4     166,456       44,268       9,727       1,817       34,272       237,086       515  
Visional, Inc.1,2           137,690                   49,026       186,716        
Carel Industries SpA2     165,092       4,432       22,670       10,169       29,681       186,704       983  
Arcosa, Inc.     108,252       101,923       34,633       (10,073 )     10,899       176,368       648  
Japan Elevator Service Holdings Co., Ltd.2     97,944       33,586                   31,866       163,396       611  
Instalco AB2     71,427       12,304       4,253       1,115       77,414       158,007       1,107  
Comfort Systems USA, Inc.           134,795                   2,245       137,040       561  
Alfen NV1,2     81,133       15,756       9,497       3,387       43,840       134,619        
Sun Country Airlines Holdings, Inc.1           111,119       27,382       5,563       15,647       104,947        
Montana Aerospace AG1,2           157,364       78,682             20,148       98,830        
Montrose Environmental Group, Inc.1     18,794       40,090                   36,810       95,694        
Johns Lyng Group, Ltd.2,4           78,148                   1,293       79,441       364  
Interface, Inc.     9,547       43,730                   18,247       71,524       126  
Marlowe PLC1,2           106,481       45,941             9,184       69,724        
Fasadgruppen Group AB2           51,266       25,107             40,035       66,194       262  
DO & CO AG, non-registered shares1,2     8,882       42,909                   11,450       63,241        
Pegasus Hava Tasimaciligi AS1,2           59,540                   (6,660 )     52,880        
Barrett Business Services, Inc.     21,658       12,319                   12,600       46,577       733  
Azelio AB1,2,4     6,443       22,032                   (7,536 )     20,939        
   
22 SMALLCAP World Fund
 

Investments in affiliates3 (continued)

 

    Value of
affiliates at
10/1/2020
(000)
    Additions
(000)
    Reductions
(000)
    Net
realized
gain (loss)
(000)
    Net
unrealized
appreciation
(depreciation)
(000)
    Value of
affiliates at
9/30/2021
(000)
    Dividend
income
(000)
 
Einride AB1,2,5,6   $     $ 8,938     $     $     $ 4,702     $ 13,640     $  
Avon Protection PLC2,11,12     130,603       19,916       41,360       5,035       (74,299 )           947  
Bingo Industries Ltd.2,12     85,378             130,282       63,062       (18,158 )           566  
Grace Technology, Inc.12     50,981       6,989       39,750       (9,930 )     (8,290 )           168  
Granite Construction, Inc.12     40,979       12,088       48,572       9,421       52,409             1,190  
Greaves Cotton Ltd.1,2,12     13,291             13,277       (13,401 )     13,387              
Matson, Inc.12     87,156             13,713       5,815       80,064             2,046  
Meggitt PLC1,2,12     147,363       144,186       455,603       240,699       151,669              
                                              4,179,774          
Consumer discretionary 4.83%                                                        
YETI Holdings, Inc.1     226,417       74,713       9,137       3,309       223,540       518,842        
Helen of Troy, Ltd.1     126,272       269,374                   37,470       433,116        
TopBuild Corp.1     403,067       15,183       95,957       73,128       16,486       411,907        
Tube Investments of India, Ltd.2     50,583       122,873                   115,478       288,934       630  
zooplus AG, non-registered shares1,2     106,273       120       55,670       41,239       171,361       263,323        
Kindred Group PLC (SDR)2     52,539       95,433                   63,281       211,253       2,467  
Everi Holdings, Inc.1     39,528       30,141                   100,766       170,435        
Watches of Switzerland Group PLC1,2           120,138                   33,292       153,430        
Auction Technology Group PLC1,2           133,177       33,704             49,225       148,698        
BHG Group AB1,2     120,598       42,183       14,095       9,369       (14,810 )     143,245        
Domino’s Pizza Group PLC2     124,794             9,746       792       13,758       129,598       4,077  
Bajaj Electricals, Ltd.1,2     46,868       5,497                   74,203       126,568        
Porch Group, Inc.1,4           112,359                   1,010       113,369        
Bike24 Holding AG1,2           112,963       51,872             29,270       90,361        
Musti Group OYJ2     54,475       25,781       22,119       10,499       18,044       86,680       1,181  
Purple Innovation, Inc., Class A1     59,739       44,680                   (23,534 )     80,885        
Cary Group AB1,2           63,752                   16,126       79,878        
MADE.com Group PLC1,2,4           139,697       69,324             (11,994 )     58,379        
Cairn Homes PLC2     46,064             8,373       (2,130 )     22,381       57,942       1,377  
OneSpaWorld Holdings, Ltd.1,4     24,501       32,624       16,565       (10,301 )     23,111       53,370        
Gourmet Master Co., Ltd.2     20,424       21,835                   7,122       49,381       1,217  
RVRC Holding AB1,2           55,520                   (6,982 )     48,538        
Lojas Quero-Quero SA     22,356       21,171                   1,157       44,684       168  
Westwing Group AG, non-registered shares1,2     21,793       10,688                   11,812       44,293        
AcadeMedia AB2     65,102             22,134       10,191       (14,578 )     38,581       1,389  
JOANN, Inc.4           33,949                   (3,545 )     30,404       513  
Beazer Homes USA, Inc.1     21,910                         6,722       28,632        
Del Taco Restaurants, Inc.     11,793       10,803                   (1,622 )     20,974       250  
BNN Technology PLC1,2,5     8                        8      8       
Desenio Group AB1,2,12           105,620       31,544       (24,737 )     (30,244 )            
Evolution AB2,11,12     653,356       53,424       396,511       316,028       577,087             7,326  
GoCo Group PLC1,2,12     30,969             40,352       15,947       (6,564 )            
IDP Education, Ltd.2,12     194,977       8,493       84,771       24,857       98,786             918  
Shop Apotheke Europe NV, non-registered shares1,2,4,12     152,474       88,185       60,651       (27,534 )     (23,730 )            
Six Flags Entertainment Corp.1,12     80,059       23,016       62,655       8,716       77,779              
Strategic Education, Inc.12     138,028       36,129       81,784       (40,756 )     12,975             2,752  
Trainline PLC1,2,12     132,167             81,416       (12,636 )     5,211              
                                              3,925,700          
   
SMALLCAP World Fund 23
 

Investments in affiliates3 (continued)

 

    Value of
affiliates at
10/1/2020
(000)
    Additions
(000)
    Reductions
(000)
    Net
realized
gain (loss)
(000)
    Net
unrealized
appreciation
(depreciation)
(000)
    Value of
affiliates at
9/30/2021
(000)
    Dividend
income
(000)
 
Health care 2.80%                                                        
Allakos, Inc.1   $ 311,345     $ 36,487     $ 46,566     $ 7,586     $ 92,249     $ 401,101     $  
PolyPeptide Group AG1,2           190,386                   116,506       306,892        
Cortexyme, Inc.1,4     117,669       13,857       14,651       741       87,937       205,553        
GVS SpA2     160,421       46,987       40,835             8,238       174,811       1,876  
Silk Road Medical, Inc.1     166,923       39,040       21,490       3,002       (34,787 )     152,688        
Metropolis Healthcare, Ltd.2     94,292       1,049       15,897       8,689       38,001       126,134       426  
Revance Therapeutics, Inc.1,4     82,758       32,627                   10,337       125,722        
Mani, Inc.2     169,994             19,562       (3,044 )     (44,968 )     102,420       1,202  
Pulmonx Corp.1,4           117,526       19,010       5,905       (5,314 )     99,107        
Surgical Science Sweden AB1,2           69,733                   19,779       89,512        
Ocumension Therapeutics1,2,4     32,004       107,602       12,410             (38,477 )     88,719        
Addus HomeCare Corp.1     58,738       32,578                   (16,439 )     74,877        
Zealand Pharma A/S1,2     30,806       52,087                   (13,541 )     69,352        
Antares Vision SpA1,2,4     68       73,812                   (6,701 )     67,179        
Precision BioSciences, Inc.1     25,022       1,876                   22,366       49,264        
Cellectis SA (ADR)1,4     40,965                         (13,042 )     27,923        
Cellectis SA, non-registered shares1,2     21,878                         (6,708 )     15,170        
Adaptimmune Therapeutics PLC (ADR)1,4     74,405             5,007       (12,886 )     (15,138 )     41,374        
Creo Medical Group PLC1,2,4     8,578       19,019                   (643 )     26,954