American Funds Developing World Growth & Income Fund
Actively managed emerging-markets stock fund
As of its 2026 Q2 report, American Funds Developing World Growth & Income Fund held 147 positions with $2.73B in net assets. Its ten largest holdings made up 42.6% of the fund. The DWGAX share class costs 1.21% a year. Over the 12 months to May 2026, DWGAX returned 44.6%, with dividends reinvested. In 2026 Q2 it added 21 new positions and exited 12.
The funds investment objective is to provide long-term growth of capital while providing current income.
The fund invests at least 80% of its assets in securities issued by, principally traded in, or denominated in developing countries, or issued by companies with significant economic exposure to developing countries, as determined by the adviser using criteria including per capita GDP, market capitalization relative to GDP, and regulatory environment. The fund focuses on stocks with growth potential and dividend capacity, alongside debt securities, managed through a multi-manager approach that sells holdings no longer viewed as attractive investments. Because the fund's developing-country classification depends on the adviser's judgment about economic exposure and regulatory conditions, which may change, the composition of the fund's eligible universe is not fixed.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | 11.76% | $321.16M | 4.3M | $75.18 |
SK HYNIX INC | 8.98% | $245.25M | 158.4K | $1,548.11 |
SAMSUNG ELECTRONICS CO LTD | 6.94% | $189.64M | 901.5K | $210.35 |
TENCENT HOLDINGS LTD | 2.70% | $73.81M | 1.4M | $54.51 |
CMQXXCAPITAL GROUP CENTRAL CASH FUND | 2.29% | $62.49M | — | — |
ALIBABA GROUP HOLDING LTD | 2.08% | $56.89M | 3.7M | $15.43 |
MEDIATEK INC | 2.06% | $56.28M | 409.1K | $137.59 |
HANA FINANCIAL GROUP INC | 2.02% | $55.16M | 722.2K | $76.38 |
TSMTAIWAN SEMICONDUCTOR MANUFACTURING CO LTD | 1.99% | $54.25M | 129.6K | $418.45 |
CHINA RESOURCES LAND LTD | 1.80% | $49.12M | 10.9M | $4.51 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
All 147 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 97.06% |
| Cash & short-term | 2.29% |
| Bonds | 0.88% |
How it has done
DWGAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 19.20%. Past returns are a record, not a forecast.
The 21 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.21% | +44.58% | +78.46% | +31.61% | -12.06% | |
| 1.21% | +44.95% | +79.85% | +33.17% | -12.02% | |
| 1.88% | +43.53% | +75.05% | +27.32% | -12.24% | |
| 1.86% | +43.55% | +75.11% | +27.35% | -12.25% | |
| 1.43% | +44.20% | +77.48% | +30.20% | -12.13% | |
| 1.12% | +44.74% | +79.10% | +32.28% | -12.05% | |
| 0.83% | +45.07% | +80.47% | +34.17% | -12.05% | |
| 0.78% | +45.15% | +80.94% | +34.51% | -11.96% | |
| 1.97% | +43.55% | +74.48% | +26.69% | -12.27% | |
| 1.17% | +44.54% | +78.73% | +31.95% | -12.04% | |
| 0.88% | +45.00% | +80.35% | +33.77% | -12.07% | |
| 1.22% | +44.60% | +78.47% | +31.56% | -12.08% | |
| 2.01% | +43.49% | +74.39% | +26.49% | -12.21% | |
| 1.39% | +44.29% | +77.70% | +30.51% | -12.12% | |
| 1.56% | +44.03% | +76.74% | +29.34% | -12.11% | |
| 0.92% | +44.98% | +80.10% | +33.51% | -12.02% | |
| 0.78% | +45.19% | +80.83% | +34.43% | -11.96% | |
| 1.25% | +44.79% | +79.66% | +32.95% | -12.03% | |
| 1.21% | +44.98% | +79.92% | +33.27% | -12.02% | |
| 0.89% | +44.99% | +80.30% | +33.75% | -11.99% | |
| 0.83% | +45.07% | +80.59% | +34.09% | -11.98% |
These classes hold the same portfolio, so the 8.02pp spread over 5 years is the cost difference between them — roughly 1.60pp a year — not a difference in what they own.
Fees & fund details
American Funds Developing World Growth & Income Fund is an actively managed emerging-markets equity fund.
- Asset class
- Equity
- Region
- Emerging markets
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.78% – 2.01%· DWGAX 1.21%
- Portfolio turnover
- 54.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
21 new· the largest 8
12 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 40.3% |
| 1-3y | 24.6% |
| 3-5y | 35.1% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
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