Building resilience into portfolios over the long term

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Jan 22, 2026

Aline Avzaradel, an equity portfolio manager with over two decades at Capital Group, shares insights from her investment journey shaped by Brazil's hyperinflation and the 2008 financial crisis. She emphasizes the importance of capital preservation and sustainable dividend growth as key to building resilient portfolios. Aline explores the collaboration between equity and fixed income teams to identify risks and highlights emerging opportunities in non-U.S. markets and stable dividend growers amidst shifting global economic dynamics.

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ANECDOTE

Growing Up During Hyperinflation

Aline lived through Brazil's hyperinflation and saw prices change daily at stores.
That experience ingrained in her a deep focus on preserving real purchasing power.

ANECDOTE

At The Eye Of The 2008 Crisis

Aline recalled being an insurance analyst during the 2008 financial crisis and watching markets fall dramatically.
That period taught her risk assessment, scenario analysis, and the need to stress assumptions.

ANECDOTE

Selling Ambac: A Hard Lesson

Aline recommended selling AMBAC early in the crisis after learning about CDS mechanics and liquidity risks.
That mistake helped her spot risks later and contributed to the correct decision to sell AIG.

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Equity portfolio manager Aline Avzaradel discusses her approach to building resilient portfolios, shaped by experiences ranging from growing up during Brazil's hyperinflation to investing through the 2008 global financial crisis. She shares how those moments influenced her focus on capital preservation, sustainable dividend growth, and fact-based decision-making, including why not all dividends are created equal.

Key takeaways:

A focus on how capital preservation and sustainable dividend growth can support long-term resilience.
Collaboration between equity and fixed income teams may help uncover early warning signals.
Opportunities may be emerging in non-U.S. markets and among stable dividend growers amid shifting global dynamics.

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