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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"American Century Small Cap Value underperformed in Q2 2026, returning 15.58% versus the benchmark's 17.19%, primarily due to missing AI-driven technology rallies and energy sector weakness from lower oil prices. Semiconductor equipment providers and AI-enabled advertising technology were bright spots."
American Century Small Cap Value Fund returned 15.58% in Q2 2026, underperforming the Russell 2000 Value Index which returned 17.19%. The quarter saw strong equity market performance despite volatility from geopolitical tensions and AI uncertainties. The Federal Reserve kept rates unchanged under new Chair Kevin Warsh, though hawkish tones increased expectations for future hikes. Performance was dampened by an underweight to information technology, particularly missing exposure to AI beneficiaries TTM Technologies and Hut 8. Energy sector positioning detracted as lower oil prices pressured exploration and production names like Northern Oil & Gas and Crescent Energy. Communication services selection contributed positively, led by Entravision Communications whose AI-driven advertising technology revenue surged over 200% year-over-year. Semiconductor equipment providers Axcelis Technologies and Kulicke & Soffa benefited from AI-related capital expenditures. The portfolio maintains overweight positions in financials and industrials based on attractive valuations and strong cash flow characteristics, while remaining significantly underweight health care. Notable trades included initiating Cardinal Infrastructure Group and Vontier while exiting Timken and Taylor Morrison Home.
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