Mutual-fund giant Capital Group is known for a disciplined approach. One of its top portfolio managers can’t get enough bitcoin. The firm was named as the largest active shareholder in MicroStrategy, a business-software company that has spent billions on bitcoin. Capital Group’s funds have accumulated 12% of MicroStrategy’s stock. The investment in MicroStrategy is driven by the belief that the company’s shares were undervalued, according to a person familiar with the matter. The funds have $2.3 trillion in assets under management.

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