] is getting ready for change.
The Los Angeles, California-based mutual fund shop is preparing to launch funds with a narrow focus, according to a Wall Street Journal story
. This is a marked change from the shop's tradition of highly diversified portfolios.
"Our assets under management went from roughly $1.6 trillion to $840 billion, and we had that come-to-Jesus moment where we had to make a bunch of decisions about how do we move forward," Kevin Clifford
, chief executive officer of the sales arm of American Funds, told reporter Tom Lauricella.
The article, which is part of the special monthly investing in funds Journal Report, also details how major several years of outflows — which was finally reversed in January — caused the shop to finally change its thinking.
For more details, check out the original article here
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