American Funds Emerging Markets Bond Fund
Actively managed emerging-markets bond fund
As of its 2026 Q2 report, American Funds Emerging Markets Bond Fund held 1,024 positions with $6.71B in net assets. Its ten largest holdings made up 18.1% of the fund. The CBNAX share class costs 0.94% a year. Over the 12 months to May 2026, CBNAX returned 11.1%, with dividends reinvested. In 2026 Q2 it added 225 new positions and exited 119.
The funds investment objective is to provide a high level of total return over the long term, of which current income is a large component.
The fund invests at least 80% of its net assets in bonds and other debt securities of emerging market issuers, selecting securities tied economically to emerging markets, denominated in emerging market currencies, or issued by countries rated Ba/BB or lower or participating in International Monetary Fund programs. The fund may invest up to 100% of assets in non-U.S. dollar currencies and employs multiple portfolio managers, each overseeing segments of the portfolio. Because the fund is nondiversified, it may invest a greater percentage of its assets in any one issuer than a diversified fund. Securities held may be rated Ba1 or below and BB+ or below, sometimes referred to as junk bonds.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
CMQXXCAPITAL GROUP CENTRAL CASH FUND | 6.96% | $467.21M | — |
BRAZIL FEDERATIVE REPUBLIC OF (GOVERNMENT) 10.00% · due 2031-01-01 | 2.85% | $191.36M | — |
POLAND (REPUBLIC OF) 6.00% · due 2033-10-25 | 1.23% | $82.60M | — |
SOUTH AFRICA (REPUBLIC OF) 6.25% · due 2036-03-31 | 1.14% | $76.16M | — |
COLOMBIA (REPUBLIC OF) 13.25% · due 2033-02-09 | 1.13% | $75.79M | — |
SOUTH AFRICA (REPUBLIC OF) 8.88% · due 2035-02-28 | 1.01% | $67.62M | — |
BRAZIL FEDERATIVE REPUBLIC OF (GOVERNMENT) 10.00% · due 2035-01-01 | 0.99% | $66.13M | — |
CZECH REPUBLIC 1.20% · due 2031-03-13 | 0.98% | $66.08M | — |
CHINA PEOPLES REPUBLIC OF (GOVERNMENT) 1.63% · due 2030-10-25 | 0.95% | $64.05M | — |
MALAYSIA (GOVERNMENT) 3.58% · due 2032-07-15 | 0.88% | $58.98M | — |
The 200 largest of 1,024 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%.
| Bonds | 91.37% |
| Cash & short-term | 6.96% |
| Stocks | 0.03% |
| Derivatives | -0.02% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
How it has done
CBNAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 6.06%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 21 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.94% | +11.05% | +30.97% | +15.20% | -5.55% | |
| 0.64% | +11.38% | +32.14% | +16.88% | -5.47% | |
| 1.62% | +10.43% | +28.74% | +12.04% | -5.68% | |
| 1.57% | +10.35% | +28.57% | +11.75% | -5.70% | |
| 1.28% | +10.84% | +30.34% | +14.09% | -5.61% | |
| 1.16% | +10.81% | +30.07% | +13.89% | -5.61% | |
| 0.89% | +11.11% | +31.19% | +15.54% | -5.53% | |
| 0.57% | +11.44% | +32.41% | +17.35% | -5.46% | |
| 0.69% | +11.37% | +32.09% | +17.11% | -5.48% | |
| 0.54% | +11.49% | +32.55% | +17.56% | -5.45% | |
| 1.72% | +10.19% | +27.95% | +10.81% | -5.73% | |
| 1.15% | +10.82% | +30.13% | +13.99% | -5.60% | |
| 0.97% | +11.30% | +31.76% | +16.34% | -5.50% | |
| 0.93% | +11.06% | +30.98% | +15.23% | -5.55% | |
| 1.68% | +10.25% | +28.13% | +11.08% | -5.72% | |
| 0.91% | +11.07% | +31.04% | +15.31% | -5.54% | |
| 0.54% | +11.49% | +32.56% | +17.56% | -5.45% | |
| 0.96% | +11.31% | +31.83% | +16.42% | -5.50% | |
| 0.92% | +11.36% | +32.04% | +16.80% | -5.47% | |
| 0.65% | +11.37% | +32.09% | +16.88% | -5.48% | |
| 0.59% | +11.44% | +32.28% | +17.12% | -5.47% |
These classes hold the same portfolio, so the 6.75pp spread over 5 years is the cost difference between them — roughly 1.35pp a year — not a difference in what they own.
Fees & fund details
American Funds Emerging Markets Bond Fund is an actively managed emerging-markets bond fund.
- Asset class
- Bonds
- Region
- Emerging markets
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Intermediate duration
- Features
- Non-diversified
- Expense ratio, by class
- 0.54% – 1.72%· CBNAX 0.94%
- Portfolio turnover
- 57.00% 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.
225 new· the largest 8
119 exited· the largest 5
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
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 | 95.0% |
| Floating rate | 5.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 4.0% |
| 1-3y | 8.6% |
| 3-5y | 20.4% |
| 5-10y | 40.0% |
| 10y+ | 27.0% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 70% |
| Credit spreads | 30% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +1.57 yr |
| High yield | +0.83 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.45 yr | 8% |
| 5 yr | 1.85 yr | 33% |
| 10 yr | 2.35 yr | 41% |
| 30 yr | 1.02 yr | 18% |
| 3 mo | 0.02 yr | 1% |
| 1 yr | 0.25 yr | 10% |
| 5 yr | 0.79 yr | 33% |
| 10 yr | 0.99 yr | 41% |
| 30 yr | 0.36 yr | 15% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.01 | +0.01 | $4.1k | $6.2k |
| 1 yr | +0.45 | +0.12 | +0.13 | $79.7k | $87.7k |
| 5 yr | +1.85 | +0.44 | +0.34 | $296.6k | $231.2k |
| 10 yr | +2.35 | +0.74 | +0.26 | $495.2k | $172.2k |
| 30 yr | +1.02 | +0.27 | +0.09 | $179.4k | $59.8k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 5.68 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
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