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Four decades of investing with Gordon Crawford

Speaker:
Gordon Crawford
Title:
Portfolio manager
Based in:
Los Angeles
Investment experience:
41

WILL MCKENNA: Let’s shift gears and talk a little bit about how we’re preparing for your departure in the funds [that] you’re managing. Specifically, how does Capital’s investment system help facilitate succession planning?

GORDON CRAWFORD: It’s very simple. It’s one of the beauties of the [Multiple] Portfolio Manager SystemSM. If I was the sole portfolio manager in SMALLCAP World Fund® and I decided to retire and somebody had to step into my shoes and figure out what 600 companies did, there would be total chaos and a very, very unpleasant transition period. The fact that SMALLCAP World Fund has over a dozen portfolio managers, and something between 35 and 40% of the fund is managed by the analysts, when I take the elevator down for the last time, there’ll be nary a ripple. My little slice of the fund will be taken over by a few new people — a few old people that we want to get bigger — and the shareholder won’t even notice I’m gone.

So it’s the beauty of the Multiple Portfolio Manager System that we can just easily take a little slice out of the pie and redistribute it or put somebody else new in that slice. We always have a team of young people moving up who are ready for that increased responsibility, and you’re not going to see really any impact, I think, in any of the funds that I manage money.

And by the way, I did the same thing. I mean, when I started in each of these funds, I started by picking up somebody’s assets [who] was moving out.


Past results are not predictive of results in future periods.

Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.

Investing outside the U.S. involves additional risks, such as currency fluctuations, periods of illiquidity and price volatility, as more fully described in the prospectus. These risks may be heightened in connection with investments in developing countries.

Capital Group manages equity assets through three investment groups. These groups make investment and proxy voting decisions independently. Fixed-income investment professionals provide fixed-income research and investment management across the Capital organization; however, for securities with equity characteristics, they act solely on behalf of one of the three equity investment groups. 

Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund prospectuses and summary prospectuses, which can be obtained from a financial professional and should be read carefully before investing.

The statements included here are the opinions and beliefs of the speaker(s) expressed at the time the commentary was recorded and are not intended to represent those persons’ opinions and beliefs at any other time.