Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st March 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 6.9% | -5.16% | -5.16% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 6.9% | -5.16% | -5.16% |
American Century International Growth Fund declined 5.16% in Q1 2026, underperforming the MSCI EAFE Index which fell 1.24%. The quarter was marked by significant geopolitical disruption as war in Iran destabilized markets, spiking oil prices after the Strait of Hormuz was partially closed. Technology stocks faced pressure from AI competitive threats after new tools were released. Key contributors included Saipem, benefiting from strong order intake and pending merger upside, ASML on strong lithography demand, and Ryohin Keikaku from improved Japanese economic outlook. Major detractors were Adyen on disappointing results, SAP on AI competition concerns, and NEC on profit-taking. The managers made notable portfolio changes, exiting CRH and LVMH to redeploy into higher-conviction ideas, while adding Eni for its gas exposure benefits and BNP Paribas for rate environment advantages. Investment themes focus on AI enablement, factory automation, health care innovation, banking opportunities from loan growth inflection, and civil aircraft production recovery as supply chains normalize.
Long-term capital growth by investing primarily in large companies in developed countries outside the U.S., focusing on companies that are strong and improving but whose share price performance does not fully reflect these factors.
The portfolio continues to invest in companies believed to be strong and improving but whose share price performance does not fully reflect these factors. Broad themes include AI enablement, factory automation, health care innovation, banking opportunities, and supply chain normalization in civil aircraft.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 29 2026 | 2026 Q1 | 6201.T, ADYEN.AS, ASML, BNP.PA, CRH, ENI.MI, MC.PA, SAP | AI, Automation, Banking, energy, Geopolitical, growth, international |
ADYEN.AS ENI.MI BNP.PA |
International Growth Fund fell 5.16% in Q1 2026 as Iran war disrupted markets and spiked oil prices. AI competitive threats pressured tech stocks while geopolitical uncertainty weighed on industrials and financials. Managers exited CRH and LVMH for higher-conviction ideas, adding Eni and BNP Paribas. Investment themes include AI enablement, factory automation, and banking opportunities from loan growth inflection. |
| Jan 23 2026 | 2025 Q4 | 6758.T, 6954.T, 7532.T, AI.PA, AIR.PA, ASML, AZN, BABA, BVI.PA, GALDA.SW, GLE.PA, IBE.MC, RACE, REL.L, ROG.SW, SAP, SU.PA | AI, Automation, Europe, international, Japan, large cap, Pharmaceuticals | - | American Century's International Growth Fund returned 0.33% in Q4 2025, lagging the MSCI EAFE benchmark. The fund reduced data center exposure due to AI uncertainty while increasing focus on factory automation and healthcare innovation. Key contributors included European financials and pharmaceuticals, while luxury automaker Ferrari detracted on conservative guidance. The portfolio maintains conviction in companies with strong fundamentals trading below intrinsic value. |
| Oct 19 2025 | 2025 Q3 | 3064.T, 7011.T, AI.PA, AIR.PA, ASML, AZN.L, BABA, CRH, CSL.AX, GLE.PA, IBE.MC, LSEG.L, NVO, ONON, PNDORA.CO, PRX.AS, RACE, SAP.DE, SHOP.TO, SONY | AI, Asia, Europe, financials, growth, healthcare, international, large cap, technology | - | International Growth Fund returned 0.85% in Q3 2025, underperforming on financials weakness and consumer discretionary headwinds despite healthcare strength. Key contributors included Alibaba's AI-driven cloud acceleration and CRH's margin expansion. The portfolio maintains focus on undervalued quality companies across AI, digital transformation, healthcare innovation, and European recovery themes. |
| Jul 22 2025 | 2025 Q2 | 3064.T, 7011.T, AI.PA, AIR.PA, ASML, AZN.L, BABA, CRH, CSL.AX, GLE.PA, IBE.MC, LSEG.L, NVO, ONON, PNDORA.CO, PRX.AS, RACE, SAP.DE, SHOP.TO, SONY | AI, Asia, defense, E-Commerce, Europe, growth, international, large cap | - | International Growth Fund returned 0.85% in Q3 2025, underperforming on financials weakness and consumer discretionary headwinds. Healthcare stock selection and positions in Alibaba, CRH, and Shopify contributed positively. The portfolio targets undervalued strong companies across AI, digital transformation, healthcare innovation, and European recovery themes while navigating political uncertainties and currency headwinds. |
| Mar 31 2025 | 2025 Q1 | 6861.T, 8316.T, 8766.T, AI.PA, ASML, AZN, GLBE, GLE.PA, LSEG.L, NVO, ONON, RACE, RELX.L, SAP, SIE.DE, SONY, TM, TTI | AI, Europe, financials, growth, healthcare, international, Japan, technology | - | American Century's International Growth Fund returned 1.87% in Q1 2025, underperforming the MSCI EAFE benchmark amid U.S. policy uncertainty. The fund targets undervalued large-cap companies in developed markets outside the U.S., focusing on Europe recovery opportunities, technology digitalization trends, pharmaceutical innovation in obesity and cancer treatments, and ingredients makers benefiting from volume growth acceleration. |
| Sep 30 2024 | 2024 Q3 | 0669.HK, 6501.T, 6861.T, 6981.T, 7011.T, 9983.T, AI.PA, ASML, AZN, BVI.PA, CLNX.MC, ICLR, LSEG.L, NESN.SW, NVO, ONON, RACE, REL.L, SAP, SU.PA | Energy Transition, growth, healthcare, infrastructure, international, Pharmaceuticals, semiconductors, technology | - | International growth fund targeting undervalued companies in developed markets outside the U.S. with exposure to infrastructure spending, energy transition, AI digitalization, and pharmaceutical innovation. Q3 performance hurt by healthcare disappointments and semiconductor headwinds, but consumer discretionary contributed positively. Managers see improving earnings momentum carrying into 2025 as economies navigate soft landing. |
| Jun 30 2024 | 2024 Q2 | 1299.HK, 4063.T, 6861.T, ADYEN.AS, AI.PA, AIR.PA, AKE.PA, ASML, AZN, CRH, EDEN.PA, IFX.DE, JHX, LSEG.L, MC.PA, NESN.SW, NVO, RELX.L, SAP, SRT3.DE, SU.PA, TM, TSM, UBS, UL | Asia, Energy Transition, Europe, healthcare, infrastructure, international, semiconductors, technology | - | International Growth Fund underperformed in Q2 as financials and materials holdings weighed on returns while technology positions helped. The fund added consumer staples positions and reduced cyclical exposure. Despite some manufacturing weakness emerging, managers maintain focus on structural growth themes including energy transition, AI-driven demand, healthcare innovation, and infrastructure investment across developed international markets. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI enablement has become a granular theme as cloud hyperscalers revise capital expenditure plans upward, expanding participation across industries including copper producers. However, AI also poses competitive threats to data and software companies, with stocks selling off after new AI tools were released. |
Artificial Intelligence Cloud Hyperscalers Automation |
Factory AutomationFactory automation presents a tailwind for industrials as demand for AI-integrated processes and robotics increases. Companies are positioned to benefit from new applications across industries like agriculture. |
Automation Robotics Industrial Agriculture | |
OilWar in Iran has destabilized markets as oil prices spiked after the Strait of Hormuz was partially closed. Energy stability is a key concern as nearly 20% of the world's oil and gas supply moves through this strait. |
Oil Energy Geopolitical Iran | |
CopperCopper producers are positioned to benefit as AI enablement expands, with massive amounts of raw materials required for the expanding AI infrastructure buildout. |
Copper Raw Materials AI Infrastructure | |
| 2025 Q4 |
AILarge-cap technology stocks, which led for much of the year, weakened into year-end, with more speculative names under pressure. Macro-thematic measures helped motivate successful overweight positions in U.S. and Taiwanese technology stocks. |
Technology Semiconductors Taiwan Nvidia TSMC |
FinancialsThe financials sector benefited as yield curves steepened and credit conditions eased following dovish Federal Reserve rate cuts. The fund maintained slight overweight holdings in the financials sector. |
Banks Interest Rates Credit JPMorgan Morgan Stanley | |
ValueGlobal market leadership broadened after Federal Reserve rate cuts, resulting in a rotation of style leadership as value fared well and momentum moderated after strong year-to-date returns. |
Style Rotation Leadership Broadening | |
| 2025 Q3 |
AIArtificial intelligence exposure has become a broad spectrum theme with investment in data center capacity reaching across sectors and industries. AI-related demand is accelerating cloud computing segments and enabling new AI-enabled products with complex analysis and efficient deep learning models. |
Data Centers Cloud Machine Learning Analytics Computing |
E-commerceLeading e-commerce platforms in China continue to experience strong growth in core segments. E-commerce platform providers are expanding into new markets with diverse product offerings, supporting better-than-expected sales outlooks. |
Digital Commerce Platforms Online Retail Market Expansion Growth | |
Defense SpendingNATO-driven increases to European defense budgets create opportunities in traditional defense and cybersecurity sectors as countries invest in military capabilities and security infrastructure. |
NATO Military Cybersecurity European Defense Security | |
Infrastructure SpendingIncreasing utilities capital expenditure continues to act as a tailwind for industrials, including electrical components manufacturers. The pace of interest rate cuts in European economies may stimulate accelerated growth in rate-sensitive areas including infrastructure. |
Utilities Electrical Equipment Rate Sensitive Capital Expenditure Growth | |
| 2025 Q2 |
AIArtificial intelligence exposure has become a broad spectrum theme with investment in data center capacity reaching across sectors and industries. Alibaba's cloud computing segment has accelerated meaningfully aided by artificial intelligence-related demand. The company is well positioned to benefit from new AI-enabled products featuring complex analysis and efficient deep learning models. |
Data Centers Cloud Machine Learning Analytics Computing |
E-commerceLeading e-commerce platforms continue to experience strong growth in core segments. Alibaba operates the leading e-commerce platform in China and continues strong growth in its core e-commerce segment. Shopify reported better-than-expected quarterly results with sales outlook beating estimates due to expansion into new markets and diverse product offerings. |
Digital Commerce Online Retail Platforms Growth Markets | |
Defense SpendingNATO-driven increases to European defense budgets create opportunities in traditional defense and cybersecurity. This represents a structural tailwind for defense-related investments as European countries increase military expenditures. |
NATO Military Cybersecurity Budget Europe | |
Infrastructure SpendingIncreasing utilities capital expenditure continues to act as a tailwind for industrials, including electrical components manufacturers. German markets await pledged infrastructure and defense spending to materialize, while supply chain normalization has accelerated civil aircraft production. |
Utilities Electrical Aviation Capital Expenditure Manufacturing | |
Energy TransitionThe acceleration of digitalization and energy transition themes are benefiting technology holdings and creating opportunities across sectors. Rate-sensitive areas including infrastructure are positioned to benefit from European economic recovery. |
Digitalization Clean Energy Infrastructure Technology Recovery | |
| 2025 Q1 |
EuropeEurope-focused companies are positioned for near-term improvement after a period of slow economic activity with expectations set very low. Signs of moderately improving economic activity and announcement of supportive government spending present companies with near-term opportunities to accelerate from a low baseline. |
Economic Recovery Government Spending Infrastructure Germany Military |
AIData-centric companies across sectors are integrating AI tools to drive incremental growth in their businesses by offering new and improved data product packages and software services. |
Data Centers Software Services Digital Transformation Automation Growth | |
PharmaceuticalsInnovative companies in the pharmaceuticals industry focused on very specific therapeutic areas with unmet needs are positioned to benefit from an inflection in growth. Obesity, cancer and skin conditions are areas that continue to generate a tremendous amount of investment opportunity. |
Obesity Cancer Therapeutic Areas Innovation GLP1 | |
CloudThe acceleration of digitalization is benefiting technology holdings exposed to cloud computing, automation, digital payments and information technology services growth. Japanese companies, in particular, are investing heavily to increase efficiency and profits as they seek to catch up with their international competitors. |
Digital Transformation Automation IT Services Japan Efficiency | |
| 2024 Q3 |
Infrastructure SpendingGovernments have committed to major infrastructure investment with fiscal stimulus programs enabling large-scale infrastructure projects to begin. There are now a large number of megaprojects underway around the world offering long-term growth opportunities to companies involved in building and adjacent products and services. |
Infrastructure Megaprojects Government Fiscal Construction |
Energy TransitionAs the world moves to rely less on fossil fuels, opportunities are emerging across sectors related to the transition. Increased demand for electric vehicles and large-scale renewable energy infrastructure projects creates inflection points for well-positioned businesses. |
Renewable Electric Vehicles Fossil Fuels Clean Energy | |
AIArtificial intelligence investment is leading to a significant increase in demand for electricity to power data centers. The acceleration of digitalization and growth of AI are benefiting the semiconductors industry and technology holdings exposed to cloud computing and automation. |
Data Centers Semiconductors Cloud Computing Automation Digitalization | |
SemiconductorsThe semiconductors industry is benefiting from AI growth and digital transformation. However, positions in semiconductors and semiconductor equipment had negative impact during the quarter, including ASML Holding which faced uncertain demand outlooks. |
Chip Equipment Digital Transformation Technology | |
PharmaceuticalsObesity and cancer are areas that continue to generate tremendous growth and investment in the pharmaceuticals industry. Successful new drugs have broadly encouraged increased funding for research and development, which also benefits supporting product and service providers. |
Obesity Cancer Drug Development Research | |
| 2024 Q2 |
Energy TransitionThe world's move away from fossil fuels creates opportunities across sectors. Increased demand for electric vehicles and large-scale renewable energy infrastructure projects creates inflection points for well-positioned businesses. AI investment is leading to significant increases in electricity demand to power data centers. |
Electric Vehicles Renewable Energy Data Centers Power Demand Decarbonization |
AIArtificial intelligence investment is driving significant increases in electricity demand to power data centers. The acceleration of digitalization and AI growth benefits semiconductor industry and technology holdings exposed to cloud computing and automation. |
Data Centers Semiconductors Cloud Computing Automation Power Demand | |
GLP1Obesity continues to generate tremendous growth and investment in the pharmaceutical industry. Novo Nordisk made announcements including a $4.1 billion investment in a new manufacturing facility and approval to launch its weight management injection Wegovy in China. |
Obesity Weight Management Pharmaceuticals Manufacturing China | |
Infrastructure SpendingGovernments have committed to major infrastructure investment. Fiscal stimulus programs enacted by governments in recent years have enabled large-scale infrastructure projects to begin, offering long-term growth opportunities to companies involved in building and adjacent products and services. |
Fiscal Stimulus Construction Government Investment Long-term Growth Building Materials | |
SemiconductorsSemiconductor industry positioning was the key driver of outperformance. Taiwan Semiconductor showed strong revenue growth and announced a share buyback. ASML Holding benefited from strong demand for lithography machines due to increased AI investment. Infineon Technologies also contributed positively. |
TSMC ASML Lithography AI Investment Revenue Growth |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 29, 2026 | Fund Letters | American Century International Growth Fund | ADYEN.AS | Adyen NV | Software - Infrastructure | Data Processing & Outsourced Services | Bear | Euronext Stock Exchange | Asia-Pacific, Cross-Border, earnings, financial services, Netherlands, Payments, Revenue Growth, technology platform | Login |
| Apr 29, 2026 | Fund Letters | American Century International Growth Fund | ENI.MI | Eni SpA | Oil & Gas Integrated | Integrated Oil & Gas | Bull | Borsa Istanbul | Capital-light, Downstream Integration, energy, European Gas, Free Cash Flow, geopolitical, Oil & Gas, Upstream | Login |
| Apr 29, 2026 | Fund Letters | American Century International Growth Fund | BNP.PA | BNP Paribas SA | Banks - Regional | Diversified Banks | Bull | Euronext Stock Exchange | banking, Capital Base, European banks, france, Interest rates, net interest income, profitability, valuation | Login |
| TICKER | COMMENTARY |
|---|---|
| ASML | Shares of the high-end lithography equipment maker advanced after the company reported fourth-quarter results, which showed strong demand. Management also provided an optimistic outlook for the coming quarter and reinforced guidance over the near term. |
| ADYEN.AS | The Netherlands-based payment company's stock traded lower after it reported disappointing results and guidance. Expectations were for revenue and earnings to accelerate into 2026 based on new contract wins as the company moved past cross-border customer disruptions in the Asia-Pacific region. However, the results proved otherwise. |
| SAP | Shares of this enterprise software solutions company declined due to profit-taking and investors' growing concerns over the competitive threat posed by artificial intelligence (AI). |
| ENI.MI | This company's growth is supported by higher European gas exposure, disciplined upstream execution and a reshaped, capital-light portfolio. Recent geopolitical shocks have reinforced the value of Eni's gas-weighted production mix and downstream integration, supporting its earnings resilience and free cash flow visibility. |
| BNP.PA | We believe this France-based bank's earnings will benefit from management's various initiatives to improve profitability while building the firm's capital base. Top-line growth should continue to benefit from a better rate environment. We think its valuation compares favorably to peers. |
| CRH | We decided to exit our holding in this global leader in building materials on concerns around slowing demand, rising energy costs and uncertainty around the ability to sustain pricing growth. We have redeployed proceeds to other higher-conviction ideas. |
| MC.PA | We decided to completely exit our position as the company's earnings growth remains uneven with low visibility. Choppy economic improvement in Chinese markets and general weakness in revenue metrics continue to pressure shares. We will use proceeds to invest in higher-conviction ideas. |
| 6201.T | Company shares underperformed primarily due to investors' profit-taking as multiples rerated. Further, shares were under pressure as investors worried about the impact of AI on the future direction of growth. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||