Global Small Capitalization Fund
Data updated: 2026-08-27
C000023914 — Global Small Capitalization Fund. Global (incl. US) Mid Cap Growth Equity · $2.56B AUM. Holdings, fees, performance and SEC filings.
C000023914 Fund Overview
Global Small Capitalization Fund is a US mutual fund managed by American Funds Insurance Series, categorised as Global (incl. US) Mid Cap Growth Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: American Funds Insurance Series
- Category: Global (incl. US) Mid Cap Growth Equity
- Assets under management: $2.56B
- 1-year return: 23.9%
- SEC CIK: 0000729528
- SEC series ID: S000008790
- Share class ID: C000023914
C000023914 Investment Objective and Strategy
Global Small Capitalization Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by American Funds Insurance Series.
Investment objective
The funds investment objective is to provide you with long-term growth of capital.
Principal investment strategy
Normally the fund invests at least 80% of its net assets in common stocks and other equity-type securities (such as preferred stocks, convertible preferred stocks and convertible bonds) of companies with small market capitalizations, including growth-oriented stocks. The investment adviser currently defines small market capitalization companies to be companies with market capitalizations within or below the capitalization range of companies included in the MSCI All Country World Small Cap Index or the Russell 2000 Index, measured based on the maximum market capitalization of companies in either index within the last 12 months. As of August 31, 2025, the largest company in the MSCI All Country World Small Cap Index had a market capitalization of approximately $25.9 billion and the largest company in the Russell 2000 Index had a market capitalization of approximately $20.9 billion.
The market capitalization of the companies included in the MSCI All Country World Small Cap Index and the Russell 2000 Index will change with market conditions. The investment adviser has periodically re-evaluated and adjusted this definition and may continue to do so in the future. The fund may continue to hold securities of a portfolio company that subsequently appreciates above the small market capitalization threshold. Under normal circumstances, the fund will invest a significant portion of its assets outside the United States, including in emerging markets. Prior to May 1, 2026, the fund was called Global Small Capitalization Fund. The investment adviser uses a system of multiple portfolio managers in managing the funds assets. Under this approach, the portfolio of the fund is divided into segments managed by individual managers.
The fund relies on the professional judgment of its investment adviser to make decisions about the funds portfolio investments. The basic investment philosophy of the investment adviser is to seek to invest in attractively valued companies that, in its opinion, represent good, long-term investment opportunities. Securities may be sold when the investment adviser believes that they no longer represent relatively attractive investment opportunities.
C000023914 Holdings
Top 10 holdings of Global Small Capitalization Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Capital Group Central Cash Fund | 2.44% |
| Kokusai Electric Corp. | 1.38% |
| Mks, Inc. | 1.17% |
| Diploma PLC | 1.04% |
| Comfort Systems USA, Inc. | 0.94% |
| Ati, Inc. | 0.88% |
| Global Unichip Corp. | 0.77% |
| Lumentum Holdings, Inc. | 0.74% |
| Crane Co. | 0.73% |
| Asmpt Ltd. | 0.71% |
C000023914 Portfolio Allocation
Asset-class allocation of Global Small Capitalization Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 97.3% |
| Cash & Equivalents | 2.4% |
| Fixed Income | 0.1% |
C000023914 Performance
Total returns for C000023914 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 16.5% |
| 1 year | 23.9% |
| 3 years (annualised) | 12.8% |
| 5 years (annualised) | 1.7% |
C000023914 Risk Information
Risk metrics for C000023914, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 15.4%
C000023914 Costs and Fees
C000023914 costs about $65 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.65%
- Gross expense ratio: 0.70%
- Portfolio turnover: 51%
- Brokerage commissions: 6.16 bps of average net assets (SEC N-CEN)
C000023914 Cashflows
Over the 12 months to 2026-06, Global Small Capitalization Fund had net outflows of $717.55M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | $350.12M |
| 2026-05 | −$22.88M |
| 2026-04 | −$656.06M |
| 2026-03 | −$32.80M |
| 2026-02 | −$38.08M |
| 2026-01 | −$31.29M |
C000023914 Debt Constituents
Largest debt holdings of Global Small Capitalization Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Wolfspeed, Inc. | 0.06% |
| Wolfspeed, Inc. | 0.03% |
| Wolfspeed, Inc. | 0.01% |
| Wolfspeed, Inc. | 0.01% |
C000023914 Prospectus and SEC Filings
Official Global Small Capitalization Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-30
- Prospectus (485BPOS) — filed 2025-04-30
- Prospectus (485BPOS) — filed 2024-04-30
- Portfolio holdings (N-PORT) — filed 2026-08-27
- Portfolio holdings (N-PORT) — filed 2026-05-28
- Portfolio holdings (N-PORT) — filed 2026-02-26
- Annual census (N-CEN) — filed 2026-03-16
- Annual census (N-CEN) — filed 2025-03-17
Related Funds
Other Global (incl. US) Mid Cap Growth Equity funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.