American Funds Income Fund of America’s manager roster continues to evolve. But the crew running this strategy continues to be better than most.
This income-seeking strategy will have seen a total of six equity managers depart from the start of 2022 through the end of 2025; several have been added during the period, and there will be five total remaining. The latest to leave include Caroline Randall on Oct. 1, 2025, in advance of her retirement from the firm, and Dimitrije Mitrinovic at the end of 2025 as part of a broader reorganization that will result in this fund’s equity portfolio being managed by one of the firm’s equity investment units instead of two.
The pace of recent turnover has been suboptimal, particularly when Randall and Mitrinovic were only named managers on the fund for just over five and two years, respectively. But veteran managers remain on board; three of the five equity managers as of Jan. 1, 2026, have worked on the fund for at least a decade. Another, Justin Toner, has worked on allocation strategies for the firm for nearly a decade. Meanwhile, the fixed-income manager roster has been much more stable and will be augmented on Jan. 1, 2026, by Andy Moth, a comanager of American Funds American High-Income Trust since December 2024. (This fund’s two other high-yield-focused managers have worked on High Income for 22 and nine years, respectively.)
The fund’s prudent approach to income investing, meanwhile, hasn’t changed since a wise tweak to lower the yield requirement for purchase of a security to 2.5% in 2021 after yields declined. The managers have had little trouble meeting that hurdle; as of September 2025, the yields of the equity managers’ individual portfolios ranged from 2.9% to 3.5%. The mandate has resulted in a significant tilt to stocks that land in the large-value corner of the Morningstar Style Box. But the equity portfolio (which typically ranges from 60% to 80% of assets) isn’t stuffed with lower-quality firms. Its financial health metrics, other than a higher debt/capital ratio, were roughly in line with the fund’s average global moderate allocation Morningstar Category peer.
The value tilt can occasionally be a substantial headwind—the fund trailed 90% of peers in the global moderate allocation Morningstar Category in 2023’s growth-stock rally, for example. But over the trailing five, 10, and 15 years ended November 2025, the fund topped most peers and the category benchmark on a risk-adjusted basis (as measured by Sharpe ratio).
Correction (Dec. 18, 2025): A previous version of this report misidentified manager Andy Moth as Andy Monk.
