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Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value. 10 investment themes for 2023 There's a new reality taking shape that could defi ne global markets over the next decade. Although many investors are expecting a return to normal after infl ation subsides and central banks stop raising interest rates, we believe markets are undergoing signifi cant changes. Investors may need to reset expectations in this new environment. One change that's already underway is the shift from narrow to broad market leadership. A handful of tech stocks dominated markets for years, but we expect a much wider range of investments to drive portfolio returns going forward. While growth investing isn't going away, other sectors may have more room to shine — such as health care, where we are witnessing a golden age of drug development. Opportunities could also arise as dividend stocks return to prominence on a global stage. Likewise, bond markets are offering some of the highest income in years, which means traditional 60% equity/40% bond portfolios are well positioned for a comeback. In this report, we share 10 long-term themes that our investment team is focused on right now. As these ideas illustrate, even during periods of uncertainty, it can be an exciting time to be an investor. *Years of experience for all investment professionals are as of December 31, 2022. Martin Romo is an equity portfolio manager with 31 years of experience. He is president of Capital Research Company and a manager for The Growth Fund of America® and The Investment Company of America®. Jody Jonsson is an equity portfolio manager with 34 years of experience.* She is president of Capital Research and Management Company and is a manager for New Perspective Fund®. Dividend decade 1 New growth 2 Global champions 3 Golden age of health care 4 Industrial renaissance 5 Reshoring supply chains 6 Core strength 7 Credit comeback 8 Selective high yield 9 Revisiting 60/40 10

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