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Index funds were supposed to bury active management, yet one fund with $360 billion in assets keeps writing checks to private AI companies that indexers cannot touch. What Capital Group built inside AGTHX defies the obituary Wall Street already wrote.

Index funds were supposed to have buried active management for good, yet one $360 billion mutual fund keeps writing checks to private AI companies that indexers cannot even touch. The question is whether the portfolio earns that privilege or just gets lucky timing.