The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 19, 2026
The American Century Equity Income Fund Investor Class posted a net return of 0.61% for the third quarter of 2026, trailing the Russell 3000 Value Index benchmark return of 2.31%. Relative underperformance was driven by adverse stock selection and an overweight position in building products within industrials, alongside an underweight stance in information technology, most notably in Apple. Financials contributed the strongest relative gains through insurance selection, and the sector represents the fund's largest absolute weight. The portfolio remains positioned with benchmark overweights in consumer staples and healthcare, balanced against underweights in technology, consumer discretionary, and real estate. The investment team navigates an unsettled macroeconomic environment marked by escalating conflict in Iran, which pushed crude oil prices higher, exacerbated inflation anxieties, and dampened consumer confidence. Elevated bond yields and Federal Reserve rate hikes have prolonged expectations for sustained restrictive borrowing costs. In response, the managers maintain a disciplined focus on quality compounders defined by low debt, recurring cash flows, stable profit generation, and defensive business models capable of withstanding macroeconomic volatility. Key quarterly contributors included medical technology leaders Becton Dickinson and Medtronic, as well as an advantageous decision to avoid Intel. Performance was hindered by an underweight in Apple and weakness in Owens Corning and Kimberly-Clark. Portfolio adjustments featured new purchases of Honeywell Aerospace following its corporate separation and Equifax for its mortgage recovery exposure, funded by full divestments of Citigroup preferred securities and Target due to ongoing execution headwinds.
The fund seeks current income and long-term capital growth by investing in undervalued companies across market capitalizations where valuation and relative rates of return do not reflect underlying business quality and normalized earnings power.
The managers anticipate an unsettled economic landscape marked by Middle East conflict, persistent inflation, and uncertain policy, maintaining an emphasis on resilient, high-quality businesses with predictable cash flows and low debt.
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