万亿巨头，加仓中国！

Core Viewpoint - Capital Group's flagship funds have significantly increased their holdings in Tencent Holdings, with the EUPAC fund raising its stake by over 60% in the second quarter of 2025, reflecting a strong confidence in the company's future prospects [2][3][6]. Group 1: Fund Details - The EUPAC fund, previously known as Europacific Growth Fund, has a current size of approximately $134.48 billion (about 965 billion RMB) and focuses on investing in companies outside the United States, managed by 11 fund managers [4]. - As of June 2025, the EUPAC fund's largest holdings include TSMC with a market value of $6.72 billion, Airbus at $3.02 billion, and Novo Nordisk at $2.94 billion [4][6]. - The fund's holdings in Tencent increased from 11,335,320 shares to 18,433,551 shares, marking a 62.62% increase [5][6]. Group 2: Other Fund Activities - Another flagship fund, New World Fund, also increased its holdings in Chinese stocks, with a total size of approximately $70.03 billion (about 502.51 billion RMB) [8]. - The New World Fund raised its stake in Tencent by 34.37% and in Midea Group by 54.38% during the same period [10][11]. - The International Growth and Income Fund, with a size of $17.26 billion (about 123.84 billion RMB), primarily invests in mature companies outside the U.S. and has a different investment strategy compared to the other funds [13]. Group 3: Market Insights - Capital Group's CEO, Mike Gitlin, indicated that stocks outside the U.S. present attractive valuations and opportunities for diversification, especially as geopolitical concerns and supply chain disruptions grow [18]. - Gitlin emphasized that the focus should be on companies' business models and customer structures rather than their headquarters' locations, highlighting a shift in investment strategy towards small and mid-cap stocks [18].