American Century Equity Income Fund

Investor Summary

The fund has a 4-member management team with an average tenure of 14.98 years. Kevin Toney, CFA, is Chief Investment Officer - Global Value Equity, senior vice president and senior portfolio manager who joined American Century Investments in 1999 and became a portfolio manager on August 30, 2003, with financial industry experience since 1993 and degrees from the University of Virginia and Wharton. Brian Woglom, CFA, is Senior Portfolio Manager since April 29, 2019, with more than five years at American Century co-managing multiple value strategies, holding degrees from Amherst College and the University of Michigan. Paul Howanitz, CFA, became a portfolio manager on February 19, 2022, co-managing the U.S. Value Yield strategy since 2022 after joining the firm in 2015, with degrees from Colby College and the University of North Carolina.

Fund Strategy

The American Century Equity Income Fund is a classic value strategy that seeks to deliver income, build capital, and manage downside risk over time. The fund uses a robust, bottom-up, fundamental research process to determine and manage down market risk and fair value potential for each security in their universe. The investment objective seeks current income with capital appreciation as a secondary objective. Portfolio managers look for equity securities of companies with a favorable income-paying history and undervalued stocks. Under normal market conditions, at least 80% of net assets are invested in equity securities. The fund invests in securities with characteristics proven to increase returns, lower volatility, limit downside risk, and provide income: high quality, attractive valuations, competitive yields. The fund focuses on delivering current income with secondary capital appreciation by investing in equity securities of companies with strong income payment histories that are potentially undervalued. The distinct, active investment approach seeks to deliver a strong risk-adjusted return profile through stock selection. The fund invests in convertible securities, which may be affected by changes in interest rates, the credit of the issuer and the value of the underlying common stock.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
9.96%	3.53%	3.53%

Executive Summary

American Century's Equity Income Fund delivered a 3.53% return in Q1 2026 as value stocks sharply outperformed amid market turmoil from the Iran war. The conflict drove crude oil prices higher due to Strait of Hormuz closure, benefiting energy holdings like Enterprise Products Partners and Baker Hughes. Stock selection in financials added value through avoiding weak performers like Berkshire Hathaway and Capital One, while an overweight to Verizon in communication services contributed positively. Consumer staples detracted due to positions in Unilever and McCormick, both hurt by Unilever's food business sale announcement. The managers initiated Owens Corning in building materials and Honeywell in industrials while exiting Kenvue after its acquisition announcement. Looking forward, the team continues emphasizing higher-quality companies with stable revenues and resilient cash flows to navigate uncertain macroeconomic conditions including ongoing Middle East conflict, inflation concerns, and unclear Federal Reserve policy. They maintain overweights in defensive consumer staples and health care while remaining selective in financials and finding limited opportunities in consumer discretionary and real estate sectors.

Forward Outlook

The managers expect to continue focusing on higher-quality companies that offer resilience amid an unsettled economic landscape. They maintain significant exposure to defensive sectors like consumer staples and health care while remaining selective in financials and finding few opportunities in consumer discretionary and real estate.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 29 2026	2026 Q1	BKR, EPD, GOOGL, HON, KVUE, MDT, MKC, OC, UL, WFC	Consumer Staples, energy, financials, healthcare, income, Quality, value	-	American Century's Equity Income Fund gained 3.53% in Q1 2026 as value outperformed during Iran war-driven market volatility. Energy holdings benefited from soaring oil prices while consumer staples detracted. The team continues focusing on higher-quality, resilient businesses with stable cash flows to navigate uncertain macroeconomic conditions and geopolitical risks.
Jan 23 2026	2025 Q4	BDX, EPD, GOOGL, JNJ, JPM, MCD, MCHP, MDLZ, MDT, MMC, MU, NSC, PEP, PNC, RHHBY, SYY, TFC, UL	Consumer Staples, dividends, financials, healthcare, Quality, value	-	American Century Equity Income Fund returned 1.84% in Q4 2025, underperforming due to limited communication services and semiconductor exposure. The fund maintains defensive positioning in higher-quality companies with stable cash flows, overweighting consumer staples and healthcare while remaining selective in financials amid rising credit concerns and uncertain macroeconomic conditions.
Oct 19 2025	2025 Q3	AMT, BDX, BK, CRH, CSX, EPD, GOOGL, JNJ, JPM, KVUE, MCHP, MDT, NSC, PCAR, PEP, SATS, UL, UPS	Consumer Staples, dividends, financials, healthcare, income, Quality, Utilities, value	-	American Century's Equity Income Fund gained 5.30% in Q3 2025 as healthcare holdings outperformed while consumer staples lagged. The team maintains defensive positioning in higher-quality companies with stable cash flows, overweighting consumer staples and utilities for resilience amid inflation and economic uncertainty. Recent additions include attractively valued industrial names PACCAR and CSX.
Jul 22 2025	2025 Q2	AMT, BDX, BK, CRH, CSX, EPD, GOOGL, JNJ, JPM, KVUE, MCHP, MDT, NSC, PCAR, PEP, SATS, UL, UPS	Consumer Staples, Defensive, financials, healthcare, income, Quality, value	-	American Century's Equity Income Fund returned 5.30% in Q3 2025, slightly underperforming its benchmark due to limited Magnificent Seven exposure and consumer staples headwinds. The value-focused strategy emphasizes higher-quality companies with stable cash flows and defensive characteristics. Healthcare holdings like Johnson & Johnson drove gains while Kenvue detracted on Tylenol controversy. Defensive positioning maintained through consumer staples and utilities overweights.
Mar 31 2025	2025 Q1	BDX, BRK-A, C, CSCO, EPD, JNJ, JPM, KVUE, MCHP, MDT, MLM, NSC, PM, TROW, WFC, XOM	dividends, financials, healthcare, industrials, Quality, value, volatility	-	American Century's Equity Income Fund outperformed in Q1 2025's volatile market by focusing on defensive, dividend-paying stocks. Healthcare and industrials drove performance while financials lagged. The fund maintains its quality-focused approach, emphasizing companies with stable cash flows and low debt sensitivity to economic conditions, with overweights in consumer staples and utilities.
Sep 30 2024	2024 Q3	BDX, EPD, INTC, JNJ, JPM, KVUE, MCHP, MDT, NSC, ON, PG, RB.L, TROW, UNH, VZ, XOM	Consumer Staples, dividends, financials, healthcare, income, Quality, Utilities, value	-	American Century's Equity Income Fund posted 9.55% quarterly returns driven by value outperformance and strong healthcare/consumer staples positioning. The managers focus on undervalued, higher-quality companies with defensive characteristics and stable cash flows. They maintain overweights in consumer staples and utilities while remaining selective in financials, positioning for continued economic uncertainty from rate impacts and geopolitical risks.
Jun 30 2024	2024 Q2	ADI, BDX, CB, EPD, INTC, JNJ, JPM, KMB, KVUE, MCHP, MDT, NSC, RHHBY, TXN, UL, VZ, XOM	Consumer Staples, dividends, financials, Quality, technology, Utilities, value	-	American Century's Equity Income Fund outperformed its value benchmark in Q2 2024 through strong financials and technology stock selection, despite headwinds in industrials. The fund maintains defensive positioning in consumer staples and utilities while remaining selective in regional banks, focusing on higher-quality companies with stable cash flows to navigate uncertain economic conditions ahead.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 29 2026

2026 Q1

BKR, EPD, GOOGL, HON, KVUE, MDT, MKC, OC, UL, WFC

Consumer Staples, energy, financials, healthcare, income, Quality, value

American Century's Equity Income Fund gained 3.53% in Q1 2026 as value outperformed during Iran war-driven market volatility. Energy holdings benefited from soaring oil prices while consumer staples detracted. The team continues focusing on higher-quality, resilient businesses with stable cash flows to navigate uncertain macroeconomic conditions and geopolitical risks.

Jan 23 2026

2025 Q4

BDX, EPD, GOOGL, JNJ, JPM, MCD, MCHP, MDLZ, MDT, MMC, MU, NSC, PEP, PNC, RHHBY, SYY, TFC, UL

Consumer Staples, dividends, financials, healthcare, Quality, value

American Century Equity Income Fund returned 1.84% in Q4 2025, underperforming due to limited communication services and semiconductor exposure. The fund maintains defensive positioning in higher-quality companies with stable cash flows, overweighting consumer staples and healthcare while remaining selective in financials amid rising credit concerns and uncertain macroeconomic conditions.

Oct 19 2025

2025 Q3

AMT, BDX, BK, CRH, CSX, EPD, GOOGL, JNJ, JPM, KVUE, MCHP, MDT, NSC, PCAR, PEP, SATS, UL, UPS

Consumer Staples, dividends, financials, healthcare, income, Quality, Utilities, value

American Century's Equity Income Fund gained 5.30% in Q3 2025 as healthcare holdings outperformed while consumer staples lagged. The team maintains defensive positioning in higher-quality companies with stable cash flows, overweighting consumer staples and utilities for resilience amid inflation and economic uncertainty. Recent additions include attractively valued industrial names PACCAR and CSX.

Jul 22 2025

2025 Q2

AMT, BDX, BK, CRH, CSX, EPD, GOOGL, JNJ, JPM, KVUE, MCHP, MDT, NSC, PCAR, PEP, SATS, UL, UPS

Consumer Staples, Defensive, financials, healthcare, income, Quality, value

American Century's Equity Income Fund returned 5.30% in Q3 2025, slightly underperforming its benchmark due to limited Magnificent Seven exposure and consumer staples headwinds. The value-focused strategy emphasizes higher-quality companies with stable cash flows and defensive characteristics. Healthcare holdings like Johnson & Johnson drove gains while Kenvue detracted on Tylenol controversy. Defensive positioning maintained through consumer staples and utilities overweights.

Mar 31 2025

2025 Q1

BDX, BRK-A, C, CSCO, EPD, JNJ, JPM, KVUE, MCHP, MDT, MLM, NSC, PM, TROW, WFC, XOM

dividends, financials, healthcare, industrials, Quality, value, volatility

American Century's Equity Income Fund outperformed in Q1 2025's volatile market by focusing on defensive, dividend-paying stocks. Healthcare and industrials drove performance while financials lagged. The fund maintains its quality-focused approach, emphasizing companies with stable cash flows and low debt sensitivity to economic conditions, with overweights in consumer staples and utilities.

Sep 30 2024

2024 Q3

BDX, EPD, INTC, JNJ, JPM, KVUE, MCHP, MDT, NSC, ON, PG, RB.L, TROW, UNH, VZ, XOM

Consumer Staples, dividends, financials, healthcare, income, Quality, Utilities, value

American Century's Equity Income Fund posted 9.55% quarterly returns driven by value outperformance and strong healthcare/consumer staples positioning. The managers focus on undervalued, higher-quality companies with defensive characteristics and stable cash flows. They maintain overweights in consumer staples and utilities while remaining selective in financials, positioning for continued economic uncertainty from rate impacts and geopolitical risks.

Jun 30 2024

2024 Q2

ADI, BDX, CB, EPD, INTC, JNJ, JPM, KMB, KVUE, MCHP, MDT, NSC, RHHBY, TXN, UL, VZ, XOM

Consumer Staples, dividends, financials, Quality, technology, Utilities, value

American Century's Equity Income Fund outperformed its value benchmark in Q2 2024 through strong financials and technology stock selection, despite headwinds in industrials. The fund maintains defensive positioning in consumer staples and utilities while remaining selective in regional banks, focusing on higher-quality companies with stable cash flows to navigate uncertain economic conditions ahead.

QUARTER	THEMES	TAGS
2026 Q1	Oil Crude oil soared due to the closure of the Strait of Hormuz amid the Iran war, igniting fears of a low growth, higher inflation environment. Rising crude prices helped drive gains for energy holdings like Enterprise Products Partners and Baker Hughes.	Oil Energy Iran Geopolitical Inflation
	Value Value stocks sharply outperformed during the quarter as the market rotation continued, with value stocks posting gains across the market-capitalization spectrum while growth stocks declined. The fund seeks to invest in companies where valuation does not reflect quality and normal earnings power.	Value Rotation Outperformance Quality
	AI Before the war, U.S. stocks had fallen on concerns about artificial intelligence business disruptions and related layoffs. Both Alphabet and Meta Platforms lagged amid heightened scrutiny of AI investment and margins.	AI Technology Disruption Margins
	Financials The fund remains selective in the financials sector, which is the largest absolute weight in the portfolio. While the banking industry may face a less strenuous regulatory environment, the team continues to pay close attention to credit quality and tends to take preferred securities for income purposes while mitigating risk.	Banks Credit Regulation Preferred
2025 Q4	Defense Spending Canada announced significant defense spending increases to reach 2% NATO target in 2026 and 5% of GDP by 2035. This represents a potential sea change in investment levels for Canada, with cumulative defense spending over the next decade creating substantial infrastructure investment opportunities.	NATO Military Infrastructure Government
	Infrastructure Spending Canada's pivot toward National Capitalism includes major infrastructure investments in energy, defense, and regulatory reform. The manager sees opportunities for businesses that can benefit from elevated infrastructure spending levels, particularly in the industrial sector.	Construction Industrial Energy Regulatory
	AI Technology sector capital spending has increased from $100 billion in 2020 to over $400 billion expected in 2026 due to AI investments. The manager questions whether companies will earn returns on this massive investment and warns that AI capital cycles typically drive returns on capital lower due to depreciation of physical infrastructure.	Technology Capital Datacenter Investment
	Trade Policy US tariffs announced in early 2025 pushed average tariff rates to levels not seen in over 100 years. The manager believes tariffs are now a permanent reality for the global economy, serving as an economic wake-up call for Canada to fix past policy mistakes.	Tariffs Global Economic Policy
	Industrial Policy The letter extensively discusses the global push toward National Capitalism, where governments actively prioritize national economic interests over global integration. The manager warns this creates risks of resource misallocation and cronyism while acknowledging it can provide short-term economic boosts.	Government Nationalism Economic Intervention
	Energy Canada's Memorandum of Understanding with Alberta aims to increase oil and gas production, reduce regulatory overlap to 2-year approval timeframes, and create hundreds of thousands of new jobs while reaching carbon neutrality. The manager views this as a positive step for unleashing Alberta's energy sector potential.	Oil Gas Alberta Production
2025 Q3	Quality The portfolio focuses on higher-quality stocks that may offer resilience amid continuing inflation and uncertain macroeconomic conditions. The team emphasizes companies with stable revenues and profits, low indebtedness, resilient cash flows and predictable business models that are less sensitive to economic conditions.	Resilience Defensive Stability Cash Flow Low Debt
	Dividends The fund seeks current income and long-term capital growth by investing in companies believed to be undervalued. The portfolio maintains significant exposure to defensive sectors like consumer staples and utilities for their income-generating characteristics and defensive nature.	Income Yield Defensive Staples Utilities
	Value The portfolio seeks to invest in companies where the valuation does not reflect the quality and normal earning power of the company. This value-oriented approach has historically resulted in a less volatile portfolio versus the benchmark.	Undervalued Valuation Earnings Power Volatility Selection
2025 Q2	Value The portfolio seeks to invest in companies where the valuation does not reflect the quality and normal earning power of the company. This value-oriented approach has historically resulted in a less volatile portfolio versus the benchmark.	Undervalued Quality Earnings Valuation Volatility
	Resilience The fund continues to focus on companies of higher quality because of stable revenues and profits, low indebtedness, resilient cash flows and predictable business models that are less sensitive to economic conditions. This positioning aims to provide resilience against uncertain macroeconomic and policy conditions.	Quality Stability Cash Flow Defensive Economic
	Dividends The fund's goal is current income and long-term capital growth, with a focus on income-generating investments. The portfolio tends to take preferred securities that offer exposure to banks for income purposes while also mitigating risk.	Income Preferred Yield Banks Current
2025 Q1	Quality The fund continues to focus on higher-quality companies with stable revenues and profits, low indebtedness, stable cash flows and predictable business models that are less sensitive to economic conditions. This approach is driven by continuing inflation and uncertain macroeconomic and policy conditions.	Quality Stability Defensive Resilience Fundamentals
	Dividends Investors fled to dividend-paying stocks as growth and momentum fell out of favor during the quarter's market turbulence. The fund's focus on income-generating securities aligns with this defensive positioning trend.	Dividends Income Yield Defensive Cash Flow
	Volatility U.S. stocks suffered their worst quarter since 2022, with investors seeking cover from volatility by moving to low-volatility and dividend-paying stocks. The uncertain outlook on inflation and Federal Reserve decision-making contributed to market instability.	Volatility Risk Uncertainty Market Stress Defensive
2024 Q3	Value Value stocks outperformed growth stocks across the market-capitalization spectrum during the quarter. The portfolio seeks to invest in companies where the valuation does not reflect the quality and normal earning power of the company.	Value Undervalued Quality Earnings
	Dividends The fund focuses on current income and long-term capital growth. Intel suspended its dividend during the quarter, while Enterprise Products Partners faced investor concerns about upfront spending to expand pipeline capacity in lieu of dividend growth.	Dividends Income Yield Distribution
	Resilience The portfolio focuses on companies viewed as higher quality with stable revenues and profits, low indebtedness, stable cash flows and predictable business models that are less sensitive to economic conditions. This has historically resulted in a less volatile portfolio versus the benchmark.	Resilience Quality Stability Defensive
2024 Q2	Quality The portfolio focuses on higher-quality stocks with stable revenues and profits, low indebtedness, stable cash flows and predictable business models that are less sensitive to economic conditions. This approach is viewed as offering resilience against uncertain economic environments and lagging effects of elevated interest rates.	Stability Resilience Defensive Cash Flow Debt
	Dividends The fund maintains significant overweight in consumer staples and utilities for their defensive nature and attractive valuations. These sectors provide consistent dividend income even as consumers face economic pressures, as they still need to purchase necessities.	Income Defensive Staples Utilities Yield
	Value The portfolio seeks to invest in companies where the valuation does not reflect the quality and normal earning power of the company. The process is based on individual security selection focused on attractive valuations relative to business quality.	Undervalued Mispriced Selection Earnings Attractive

QUARTER

THEMES

Oil

Crude oil soared due to the closure of the Strait of Hormuz amid the Iran war, igniting fears of a low growth, higher inflation environment. Rising crude prices helped drive gains for energy holdings like Enterprise Products Partners and Baker Hughes.

Oil Energy Iran Geopolitical Inflation

Value

Value stocks sharply outperformed during the quarter as the market rotation continued, with value stocks posting gains across the market-capitalization spectrum while growth stocks declined. The fund seeks to invest in companies where valuation does not reflect quality and normal earnings power.

Value Rotation Outperformance Quality

AI

Before the war, U.S. stocks had fallen on concerns about artificial intelligence business disruptions and related layoffs. Both Alphabet and Meta Platforms lagged amid heightened scrutiny of AI investment and margins.

AI Technology Disruption Margins

Financials

The fund remains selective in the financials sector, which is the largest absolute weight in the portfolio. While the banking industry may face a less strenuous regulatory environment, the team continues to pay close attention to credit quality and tends to take preferred securities for income purposes while mitigating risk.

Banks Credit Regulation Preferred

2025 Q4

Defense Spending

Canada announced significant defense spending increases to reach 2% NATO target in 2026 and 5% of GDP by 2035. This represents a potential sea change in investment levels for Canada, with cumulative defense spending over the next decade creating substantial infrastructure investment opportunities.

NATO Military Infrastructure Government

Infrastructure Spending

Canada's pivot toward National Capitalism includes major infrastructure investments in energy, defense, and regulatory reform. The manager sees opportunities for businesses that can benefit from elevated infrastructure spending levels, particularly in the industrial sector.

Construction Industrial Energy Regulatory

AI

Technology sector capital spending has increased from $100 billion in 2020 to over $400 billion expected in 2026 due to AI investments. The manager questions whether companies will earn returns on this massive investment and warns that AI capital cycles typically drive returns on capital lower due to depreciation of physical infrastructure.

Technology Capital Datacenter Investment

Trade Policy

US tariffs announced in early 2025 pushed average tariff rates to levels not seen in over 100 years. The manager believes tariffs are now a permanent reality for the global economy, serving as an economic wake-up call for Canada to fix past policy mistakes.

Tariffs Global Economic Policy

Industrial Policy

The letter extensively discusses the global push toward National Capitalism, where governments actively prioritize national economic interests over global integration. The manager warns this creates risks of resource misallocation and cronyism while acknowledging it can provide short-term economic boosts.

Government Nationalism Economic Intervention

Energy

Canada's Memorandum of Understanding with Alberta aims to increase oil and gas production, reduce regulatory overlap to 2-year approval timeframes, and create hundreds of thousands of new jobs while reaching carbon neutrality. The manager views this as a positive step for unleashing Alberta's energy sector potential.

Oil Gas Alberta Production

2025 Q3

Quality

The portfolio focuses on higher-quality stocks that may offer resilience amid continuing inflation and uncertain macroeconomic conditions. The team emphasizes companies with stable revenues and profits, low indebtedness, resilient cash flows and predictable business models that are less sensitive to economic conditions.

Resilience Defensive Stability Cash Flow Low Debt

Dividends

The fund seeks current income and long-term capital growth by investing in companies believed to be undervalued. The portfolio maintains significant exposure to defensive sectors like consumer staples and utilities for their income-generating characteristics and defensive nature.

Income Yield Defensive Staples Utilities

Value

The portfolio seeks to invest in companies where the valuation does not reflect the quality and normal earning power of the company. This value-oriented approach has historically resulted in a less volatile portfolio versus the benchmark.

Undervalued Valuation Earnings Power Volatility Selection

2025 Q2

Value

Undervalued Quality Earnings Valuation Volatility

Resilience

The fund continues to focus on companies of higher quality because of stable revenues and profits, low indebtedness, resilient cash flows and predictable business models that are less sensitive to economic conditions. This positioning aims to provide resilience against uncertain macroeconomic and policy conditions.

Quality Stability Cash Flow Defensive Economic

Dividends

The fund's goal is current income and long-term capital growth, with a focus on income-generating investments. The portfolio tends to take preferred securities that offer exposure to banks for income purposes while also mitigating risk.

Income Preferred Yield Banks Current

2025 Q1

Quality

The fund continues to focus on higher-quality companies with stable revenues and profits, low indebtedness, stable cash flows and predictable business models that are less sensitive to economic conditions. This approach is driven by continuing inflation and uncertain macroeconomic and policy conditions.

Quality Stability Defensive Resilience Fundamentals

Dividends

Investors fled to dividend-paying stocks as growth and momentum fell out of favor during the quarter's market turbulence. The fund's focus on income-generating securities aligns with this defensive positioning trend.

Dividends Income Yield Defensive Cash Flow

Volatility

U.S. stocks suffered their worst quarter since 2022, with investors seeking cover from volatility by moving to low-volatility and dividend-paying stocks. The uncertain outlook on inflation and Federal Reserve decision-making contributed to market instability.

Volatility Risk Uncertainty Market Stress Defensive

2024 Q3

Value

Value stocks outperformed growth stocks across the market-capitalization spectrum during the quarter. The portfolio seeks to invest in companies where the valuation does not reflect the quality and normal earning power of the company.

Value Undervalued Quality Earnings

Dividends

The fund focuses on current income and long-term capital growth. Intel suspended its dividend during the quarter, while Enterprise Products Partners faced investor concerns about upfront spending to expand pipeline capacity in lieu of dividend growth.

Dividends Income Yield Distribution

Resilience

The portfolio focuses on companies viewed as higher quality with stable revenues and profits, low indebtedness, stable cash flows and predictable business models that are less sensitive to economic conditions. This has historically resulted in a less volatile portfolio versus the benchmark.

Resilience Quality Stability Defensive

2024 Q2

Quality

The portfolio focuses on higher-quality stocks with stable revenues and profits, low indebtedness, stable cash flows and predictable business models that are less sensitive to economic conditions. This approach is viewed as offering resilience against uncertain economic environments and lagging effects of elevated interest rates.

Stability Resilience Defensive Cash Flow Debt

Dividends

The fund maintains significant overweight in consumer staples and utilities for their defensive nature and attractive valuations. These sectors provide consistent dividend income even as consumers face economic pressures, as they still need to purchase necessities.

Income Defensive Staples Utilities Yield

Value

The portfolio seeks to invest in companies where the valuation does not reflect the quality and normal earning power of the company. The process is based on individual security selection focused on attractive valuations relative to business quality.

Undervalued Mispriced Selection Earnings Attractive

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
No Elevator Pitches found

Date

Pitch Type

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Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

No Elevator Pitches found

TICKER	COMMENTARY
EPD	This midstream operator, which we believe is a high quality company, had its shares advance sharply alongside global crude prices, which surged higher amid the conflict with Iran.
GOOGL	Not owning Alphabet benefited the portfolio. The stock underperformed, primarily due to renewed regulatory and legal overhangs, most notably a U.S. jury ruling related to YouTube's child safety practices that rekindled concerns about future litigation costs and tighter platform regulation.
BKR	Rising crude prices due to the Iran conflict helped drive gains for the energy technology company. Baker Hughes' exposure to continued momentum in U.S. gas infrastructure and better-than-expected earnings during the period also supported the stock.
UL	Despite a February rally to all-time highs, shares of the U.K.-based consumer goods company underperformed during the quarter, declining sharply in March amid concerns around the sale of its food business. The move caught investors off guard and, in our view, added near-term operational and financial complexity.
MDT	The medical device company beat expectations on earnings, revenue and margins with unchanged guidance. Nevertheless, shares underperformed amid concerns around a slowdown in the electrophysiology market, the potentially rising cost of sales and muted market response to the partial initial public offering of Medtronic's diabetes business.
MKC	The spice- and condiment-focused food company underperformed after announcing a large, transformative acquisition of the food business of U.K.-based consumer goods firm Unilever.
HON	We believe this diversified industrial company is the owner of high-quality assets, especially following the spin-off of its advanced materials unit. We see further upside potential as Honeywell approaches the spin-off of its aerospace business.
OC	We initiated a position in this building materials manufacturer after a period of underperformance tied to slowing residential construction activity and historically weak storm activity, which reduced roofing demand. In our view, the stock is very cheap, and we believe the roofing business will likely improve.
KVUE	After the announced acquisition of Kenvue by Kimberly-Clark and the subsequent appreciation in Kenvue's share price, we exited the position and invested in what we view as better opportunities.
WFC	This preferred security was called during the period.

TICKER

COMMENTARY

EPD

This midstream operator, which we believe is a high quality company, had its shares advance sharply alongside global crude prices, which surged higher amid the conflict with Iran.

GOOGL

Not owning Alphabet benefited the portfolio. The stock underperformed, primarily due to renewed regulatory and legal overhangs, most notably a U.S. jury ruling related to YouTube's child safety practices that rekindled concerns about future litigation costs and tighter platform regulation.

BKR

Rising crude prices due to the Iran conflict helped drive gains for the energy technology company. Baker Hughes' exposure to continued momentum in U.S. gas infrastructure and better-than-expected earnings during the period also supported the stock.

Despite a February rally to all-time highs, shares of the U.K.-based consumer goods company underperformed during the quarter, declining sharply in March amid concerns around the sale of its food business. The move caught investors off guard and, in our view, added near-term operational and financial complexity.

MDT

The medical device company beat expectations on earnings, revenue and margins with unchanged guidance. Nevertheless, shares underperformed amid concerns around a slowdown in the electrophysiology market, the potentially rising cost of sales and muted market response to the partial initial public offering of Medtronic's diabetes business.

MKC

The spice- and condiment-focused food company underperformed after announcing a large, transformative acquisition of the food business of U.K.-based consumer goods firm Unilever.

HON

We believe this diversified industrial company is the owner of high-quality assets, especially following the spin-off of its advanced materials unit. We see further upside potential as Honeywell approaches the spin-off of its aerospace business.

We initiated a position in this building materials manufacturer after a period of underperformance tied to slowing residential construction activity and historically weak storm activity, which reduced roofing demand. In our view, the stock is very cheap, and we believe the roofing business will likely improve.

KVUE

After the announced acquisition of Kenvue by Kimberly-Clark and the subsequent appreciation in Kenvue's share price, we exited the position and invested in what we view as better opportunities.

WFC

This preferred security was called during the period.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Oil

Value

AI

Financials

Defense Spending

Infrastructure Spending

AI

Trade Policy

Industrial Policy

Energy

Quality

Dividends

Value

Value

Resilience

Dividends

Quality

Dividends

Volatility

Value

Dividends

Resilience

Quality

Dividends

Value

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Kevin Toney Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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American Century Equity Income Fund