American Funds Mortgage F1
MFAEX
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- American Funds Mortgage Fund F1 (MFAEX) is an open-end mutual fund managed by Capital Group that seeks current income and preservation of capital by investing at least 80% of its assets in mortgage-related securities, including mortgage-backed obligations (primarily agency mortgage-backed securities such as those issued by Federal Home Loan Mortgage Corp., Federal National Mortgage Association, and Government National Mortgage Association), U.S. Treasury bonds and notes, asset-backed obligations, and commercial mortgage-backed securities; it also holds cash and equivalents. The fund primarily allocates to high credit quality, moderate interest-rate sensitive U.S. bonds in the intermediate government category, with top holdings including United States Treasury Notes 4.5%, Federal Home Loan Mortgage Corp. 5%, and Federal National Mortgage Association 5%; as of recent data, its portfolio features approximately 91%-95% in U.S. bonds, an effective duration of 5.7-6.4 years, average yield to worst of 4.4%-4.7%, and monthly dividend distributions. Launched on November 1, 2010, and domiciled in the United States with total net assets exceeding $11.7 billion (including $34.5 million in the F1 share class), the fund targets U.S. investors such as individuals and institutions through financial advisors, with a minimum initial investment of $250, net expense ratio of 0.62%, and no front-end or deferred loads; it is managed by Fergus MacDonald (since inception), David Betanzos (since 2013), and Oliver Edmonds (since 2019). Headquartered in Los Angeles, California, as part of Capital Group's American Funds family, the fund operates exclusively in U.S. markets with high portfolio turnover (824% in 2024, 428% in 2025) and fiscal year-end in August. In recent developments, Capital Group has pursued strategic expansions including a high-profile partnership with KKR announced in late 2024 and advanced in 2025 to launch public-private fixed income funds (Core Plus+ and Multi-Sector+), alongside growth in active ETFs, fixed income capabilities, and international outreach to diversify beyond equities, though these do not directly impact MFAEX operations.