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4 · 10 INVESTMENT THEMES FOR 2023 2003 2022 188 188 United Kingdom 9 166 India 109 175 Canada 46 165 Taiwan 546 713 Japan 18 653 China 996 1,451 United States 88 218 Korea Number of companies with net sales of at least $1 billion (USD) Jody Jonsson is an equity portfolio manager with 34 years of experience. She is a manager for New Perspective Fund®. It may seem like a challenging time to be a global investor, but I think this is when the best companies shine. Investors are concerned about de-globalization and assume it is negative for portfolios. It can be, but changes in trade patterns generally favor global champions — what I call industry-leading multinationals that can adjust to the changing landscape. The COVID-19 crisis shed light on the importance of resilience over effi ciency, and companies are responding by establishing redundancies in supply chains. That's creating opportunities for companies that help build factories and expand supply lines. For example, TSMC, the largest pure-play semiconductor maker, plans to build factories in Arizona and Japan and anticipates nearly half of its leading-edge chip production will happen outside of Taiwan in the years ahead. As new facilities are built, Caterpillar, the world's largest manufacturer of construction equipment, could see increased demand for its products. Global stocks should also benefi t as two notable headwinds dissipate. It appears that the strong U.S. dollar may have peaked, which would support dollar-based returns of U.S. and international stocks alike. Also, the reopening of China's economy should boost global economic growth, especially in emerging markets. In my portfolios, I focus primarily on "supertankers" — dominant companies that generate solid cash fl ow, enjoy strong competitive moats and have the ability to fund their own growth — in industries such as health care, semiconductors and insurance. 3. Global champions Sources: Capital Group, FactSet, RIMES. Includes all companies within the MSCI ACWI IMI as of 1/31/03 and 12/31/22. Top eight countries as of 12/31/22 are shown. TSMC refers to Taiwan Semiconductor Manufacturing Company. A new breed of multinational companies has arrived

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