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
During the third quarter of 2026, the American Century International Growth Fund (Investor Class) returned -2.19% net of fees, underperforming the benchmark MSCI EAFE Index, which gained 0.81%. While non-U.S. developed equity markets recorded slight gains supported by unprecedented underlying corporate earnings growth, equity returns were tempered by earnings multiple contraction driven by rapidly rising interest rates. Relative performance was pressured by underweight exposure to financials and wireless telecommunication services, though stock selection within electric utilities provided offset. From a macroeconomic perspective, value styles outperformed growth as rising cost of capital compressed valuation multiples across broader developed markets. Concurrently, leadership rotated back toward beneficiaries of expanding artificial intelligence capital expenditure. The portfolio management team responded by broadening sector balance to mitigate volatility, focusing on select European and Japanese banks benefiting from monetary policy normalization, expanding net interest income, and inflection in regional loan growth. Portfolio activity reflected disciplined risk management and thesis re-evaluations. The fund fully exited its positions in SoftBank Group, citing mounting balance sheet risks tied to substantial AI capital commitments, and FANUC following a strong valuation rerating alongside moderating order momentum. Conversely, the team maintained constructive positioning in structural compounders and Japanese financials, including Mitsubishi UFJ Financial Group and MS&AD Insurance Group Holdings, alongside top portfolio weights in ASML Holding and Keyence.
Long-term capital growth achieved by investing in large-cap companies across developed international markets exhibiting strong business fundamentals, sustainable earnings inflections, and unappreciated growth potential.
The team expects broadening market leadership to uncover compelling opportunities in companies benefiting from structural earnings inflections, AI enablement, and higher interest rates across developed international markets.
Moderate Conviction Bullish
Market Conviction
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Forward Guidance
Language Signal
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Top Conviction Themes
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