The Ledger
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Over 80% of Capital Group equity strategies beat their benchmarks post-fees
“If you look at our equity strategies since inception, over 80% of them have beaten the market after fees.”
Capital Group analysts directly manage client assets, not just rate stocks
“Everyone sees what everyone's doing, and the analysts manage money. They're not credit raters. They're not stock raters. They actually manage real client assets, which is different.”
Capital Group divides equity investing into three Chinese-walled units of 100
“There's about a hundred investment professionals in each of those three equity units. There is a Chinese wall. They can't see what the others are doing. It is formal disaggregation, but they also have an environment where they can sit around an actual table an…”
Over-allocated institutions have had to borrow against alts to meet liabilities
“Some institutions have long used alternatives, some too much, and they've had to borrow against some of those holdings recently to meet liabilities.”
Capital Group founder absorbed all losses until 1950s profitability
“Part of the secret of the Capital's success is he kept the entity a hundred percent owned by himself until it was profitable. He didn't want anyone else to share in any of the losses that would come in any calendar year. Only after in the fifties Capital Group…”
Capital Group housed Sequoia Capital externally to maintain focus on public markets
“Don Valentine had worked at Capital Group before founding Sequoia, and it was determined at the time that it was best housed outside of the four walls of Capital Group to keep the focus on active public management.”