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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"American Century International Growth returned 8.44% in Q2 2026, lagging the benchmark's 10.82% as AI-driven concentration dominated markets. Financials and health care detracted on capital markets weakness and cost inflation concerns."
American Century International Growth Fund returned 8.44% in Q2 2026, underperforming the MSCI EAFE Index which returned 10.82%. Non-U.S. developed markets rallied with strong but narrow performance concentrated in AI-related themes. Large-cap growth stocks outperformed. Geopolitical risks eased as Iran conflict concerns subsided, though global growth remained slower but resilient. Financials holdings, particularly capital markets names like Deutsche Boerse and London Stock Exchange Group, weighed on relative performance, as did insurers like AIA Group. Health care detracted due to cost inflation concerns affecting equipment suppliers Terumo and EssilorLuxottica, plus pharmaceuticals like AstraZeneca. Industrials added strength through machinery holdings, notably FANUC. Key contributors included ARM Holdings on AI adoption, Infineon Technologies on semiconductor demand, and ASML Holding on strong equipment orders. The portfolio maintains a balanced posture with controlled factor exposures, focusing on AI enablement, factory automation, selective banking opportunities, and increased consumer exposure through premium travel and beverages. Notable trades included initiating Orsted on renewable energy inflection and exiting Sumitomo Realty and Hitachi after thesis realization.
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