Periods Ending September 30, MSCI EAFE Growth
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1 Cumulative Excess Return % Return % Non-U.S. Growth Quarterly Review Composite Performance Periods Ending September 30, Qtr 3 1 Year 3 Year 5 Year 10 Year At A Glance Inception: June 1, 1991 : MSCI EAFE AUM: $6.46 billion Non-U.S. Growth Gross of Fees Non-U.S. Growth Net of Fees MSCI EAFE MSCI EAFE Growth. The value of investments can fluctuate. Data assumes reinvestment of dividends and capital gains. Data reflects past performance. Past performance does not guarantee future results. Periods greater than one year have been annualized. Quarterly Top Relative Contributors and Detractors Contributor Detractor Lonza Group AG 0.55 Zalando SE Wirecard AG 0.24 Tencent Holdings Ltd MonotaRO Co Ltd 0.21 First Quantum Minerals Ltd Recruit Holdings Co Ltd 0.18 Intertek Group PLC Lundin Petroleum AB 0.18 Dollarama Inc Attribution Analysis One Year Ending September 30, Sector Allocation Security Selection Currency Effect Total Effect
2 Investing With a Time-Tested Growth Philosophy We believe that accelerating growth in revenues and earnings results in significant potential for stock price appreciation. markets are inefficient at identifying such points. Our process is designed to uncover stocks that outperform as earnings growth accelerates, market expectations rise and multiples expand. Goal Seeks to outperform the MSCI EAFE Index by 2% to 3% annualized over a market cycle. Risk Guidelines Maximum position size: 2.5% active weight Regional exposure: +/- 10% of benchmark weight Sector exposure: +/- 5% of benchmark weight Emerging markets exposure: < 15% Expected tracking error: 4% to 6% versus benchmark Investment Process Investment Universe Market capitalization > $3B Sufficient trading liquidity 1 2 Fundamental 3 Idea Generation Identify companies exhibiting accelerating growth and improving fundamentals Fundamental information flow Quantitative screens Analysis Confirm acceleration is genuine and sustainable Construction Focus portfolio on best ideas Monitor risk controls and guidelines Companies 2
3 Characteristics Characteristics Weighted Average Market Capitalization $39.1 B $50.4 B Median Market Capitalization $15.5 B $7.7 B Price To Earnings Ratio, Historical 1 Year 23.5x 14.3x Price To Earnings Ratio, Forecasted 1 Year 22.5x 14.3x EPS Growth, Historical 1 Year 31.2% 28.8% EPS Growth, Forecasted 1 Year 19.8% 10.1% Number of Holdings Number of Countries Turnover, Trailing 1 Year 61% N/A % Cash 2.0% 0.0% Forecasts are not a reliable indicator of future performance. Investment Team Managers - Rajesh Gandhi, CFA - Jim Zhao, CFA Client Managers - Nathan Chaudoin - Bernard Chua, CFA - Laura Granger, CFA - Jim Shore, CFA 8 Investment Analysts Located in New York Top 10 Holdings Holding Country Industry Assets Lonza Group AG Switzerland Life Sciences Tools & Services 2.82 CSL Ltd Australia Biotechnology 2.43 AIA Group Ltd Hong Kong Insurance 2.32 AstraZeneca PLC UK Pharmaceuticals 2.10 Diageo PLC UK Beverages 2.02 Royal Dutch Shell PLC UK Oil, Gas & Consumable Fuels 2.02 London Stock Exchange Group PLC UK Capital Markets 1.90 Shiseido Co Ltd Japan Personal Products 1.79 Danone SA France Food Products 1.78 Ferguson PLC UK Trading Companies & Distributors 1.53 Total 20.72% Top 10 Overweights Holding Weight Weight Overweight Lonza Group AG CSL Ltd London Stock Exchange Group PLC Shiseido Co Ltd AIA Group Ltd Danone SA Bombardier Inc AstraZeneca PLC Symrise AG Diageo PLC Equity holdings are grouped to include common shares, depository receipts, rights and warrants issued by the same company. holdings subject to change without notice. 3
4 Sector Allocation Weight vs. Sector Information Technology Consumer Discretionary Consumer Staples Health Care Industrials Materials Energy Telecommunication Services Utilities Real Estate Financials % Quarterly Sector Performance Contribution to Return vs Sector Contribution to Return Contribution to Return Health Care Real Estate Energy Information Technology Utilities Industrials Telecommunication Services Consumer Staples Materials Financials Consumer Discretionary When shown, "Diversified" includes portfolio holdings that cannot be attributed to a specific GICS sector. % 4
5 Country Allocation: Top 10 Over/Underweights Weight vs. Country % China Sweden United Kingdom Canada Netherlands Ireland Belgium Brazil Austria Taiwan Israel Norway Hong Kong Singapore Italy Australia France Germany Switzerland Japan Quarterly Top Relative Contributors and Detractors by Country Contributor Spain 0.32 Sweden 0.26 Germany 0.20 Denmark 0.16 Taiwan 0.12 Detractor China Canada Japan France Ireland
6 Percentile Rank Non-U.S. Growth Risk-Adjusted Performance Three-Year Risk-Adjusted Performance vs. ea EAFE Large Cap Equity Universe vs. MSCI EAFE-ND, Citigroup 3-Month T-Bill 0 Excess Returns Tracking Error Information Ratio Sharpe Ratio 25 Median American Century Investments Non-U.S. Growth Excess Returns Tracking Error Information Ratio Sharpe Ratio Manager Percentile Rank Median Source: evestment Analytics Excess returns are gross of fees. Number of products in the universe was 194. Available Vehicles Separate Account Collective Investment Trust International Growth Fund I Share Class - TGRIX R5 Share Class - ATGGX R6 Share Class - ATGDX Investor Share Class - TWIEX Available in U.S. and certain non-u.s. countries 6
7 Quarterly Commentary Review Non-U.S. stocks trailed U.S. stocks. U.S. companies continued to benefit from fiscal stimulus in the form of recent tax cuts, which have helped boost capital spending and hiring. Additionally, strong consumer and technology trends in the U.S. (the S&P 500 Index is more skewed toward information technology than the MSCI EAFE Index or the MSCI ACWI ex-u.s.) supported this outperformance. Exposure to global macroeconomic trends weighed on non-u.s. stocks. Non-U.S. stocks were pressured by several factors, including greater exposure to the more volatile emerging markets and China, more exposure to the effects of potential trade war escalation, and questions around political stability, particularly regarding upcoming elections in Italy, due to the rise in populism. The risk premium for non-u.s. stocks continued to rise. Market multiples for non-u.s. markets declined, and growth stocks were pressured amid a rotation to more defensive and lower-volatility sectors, such as health care, telecommunications, and energy, as investors looked for stronger visibility into earnings growth. China exposure weighed on portfolio performance. Concerns equity market. In this environment, performance was pressured by both direct exposure to China-based companies such as Tencent Holdings, Huazhu Group, and Alibaba Group Holding, as well as names with exposure to China, such as Japan-based cosmetics firm Shiseido, which is exposed to both Chinese domestic consumers and overseas travelers. Abnormally warm weather across Europe affected retail sales. Germany-based online retailer Zalando declined as prolonged hot weather across Europe led to weak sales data for fall apparel and merchandise. Outsourcing in pharmaceuticals benefited pharmaceutical integrated solutions provider. Increasing industry outsourcing and synergies from its Capsugel acquisition helped continue Lonza Positioning in Japan detracted. News that the Bank of Japan would be curtailing its quantitative easing program benefited Japanese financials. However, our lack of exposure to this sector of the Japanese market hurt portfolio performance. Key Contributors Lonza Group. -ofexpectations results, beating both revenue and earnings estimates. More pharmaceutical companies are outsourcing, and Lonza is beginning to realize strong synergies from its Capsugel acquisition. Management raised full-year revenue guidance and margin targets. out to Organic growth is accelerating from an already high level, driven by demand for digital payment services and omnichannelbased services, which leverage integrated solutions. MonotaRO. the company reported better-than-expected second-quarter results followed by better-than-expected monthly sales reports in both July and August. The company also reported strong growth in new customer acquisition as the industry continues to transition to online. Key Detractors Zalando. The stock declined after the company gave an intra-quarter update on sales. Abnormally warm weather in Europe led to weak sales of new fall merchandise. The company has not yet reported full results, but all of the European-based retailers have been weak on similar news of sales negatively affected by weather. Tencent Holdings. After two years of strong performance, the stock weakened as the market shifted to more defensive names. Temporary delays in new game launches due to government agency personnel issues further hurt the stock as did overall weakness in China due to concerns over tariffs, trade, and the potential impact on growth. First Quantum Minerals. The stock declined on falling copper prices and concerns over a potential slowdown in growth in China, one of the trade war fears weighed on investor sentiment. We remain confident in the longmines. Notable Trades Terumo. This medical device company has a large portfolio of products, which we believe supports long-term sustainable growth. The company is a leading provider of cardiac and vascular interventional systems. Terumo is gaining market share both from improvements to existing devices as well as new product approvals. Unicharm. The consumer products company is experiencing improvement in its China baby care business as it finishes transitioning its product mix to premium brands. The company is upgrade trend in China, and a strong brand premiumization trend. Ryohin Keikaku. We sold the stock due to concern over potential for earnings downgrades. Recent changes to merchandising, pricing, and store format have not resulted in the expected improvement in sales growth in China. Below-market growth rates suggest that they may be losing market share. Rohm. We exited our position in the Japan-based semiconductors and components manufacturer. We are concerned about the potential for deceleration in earnings growth given evidence of double ordering and growing weakness in both the nonautomotive and game console end markets. Wirecard. Stock of the payment processing company rallied after the company reported better-than-expected results and raised guidance 7
8 Positioning for the Future The portfolio continues to invest in companies where we believe fundamentals are strong and improving but share price performance does not fully reflect these factors. Our process is based on individual security selection, but broad themes have emerged. Corporate earnings drive stock performance. We remain focused on our disciplined, bottom-up fundamental process of identifying opportunities with accelerating, sustainable growth, where we see upside to consensus estimates. We expect earnings growth to remain the key driver of stock price performance. The outlook for earnings growth in developed markets appears favorable and sustainable, with strong consumer data supporting companies with consumer exposure across numerous sectors in Europe and Japan. Technology disruption and the shift to digital benefiting firms across multiple sectors. We remain invested in opportunities in beneficiaries of the shift to digital advertising, such as Tencent Holdings and Yandex, retailers such as ASOS and ZOZO (formerly Start Today), companies expected to benefit from the rollout of 5G networks, such as Telefonaktiebolaget L.M. Ericsson and Anritsu, online employment agency Recruit Holdings, and building products distributor Ferguson, whose online portal for contractors continues to grow in popularity. The desire for lifestyle improvement and wellness led to consumer discretionary overweight and select investments in materials. We see athletic wear retailers such as adidas and ANTA Sports Products gaining share with an increasing desire for healthier lifestyles. Symrise and Chr. Hansen Holding are examples of firms -quality ingredients and higher-quality goods. Capital investment benefiting industrials and materials. Capital spending trends are supporting late-cycle industrials with exposure to multiple end markets. Epiroc is benefiting from improvement in capital spending in the mining industry. Residential and commercial construction strength is driving demand at cement aggregates firm CRH and building products distributor Ferguson. Exposure to Chinese consumers presents cross-sector opportunities. The portfolio is invested in companies exposed to increasing demand from Chinese consumers for premium goods (Diageo, Treasury Wine Estates, Kering, and Shiseido) and travel (Huazhu Group). 8
9 Composite returns are gross of investment management fees. Sector weights, portfolio characteristics and holdings are of a representative account in the composite. Holdings are current as of the date indicated, are subject to change and may not reflect the portfolio's current holdings. construction guidelines document operational policies and not necessarily investment restrictions imposed on management of the strategy. Material presented has been derived from industry sources considered to be reliable, but their accuracy and completeness cannot be guaranteed. Opinions expressed are those of the portfolio investment team and are no guarantee of the future performance of any American Century Investments portfolio. Nothing in this document should be construed as offering investment advice. Please note that this is for informational purposes only and does not take into account whether an investment is suitable or appropriate for a specific investor. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI. For purposes of compliance with the Global Investment Performance Standards (GIPS tment Performance Standards (GIPS ). Non-U.S. Growth composite includes portfolios that invest in the equity of large capitalization companies in non-u.s. developed markets that are demonstrating improving growth rates. Index futures (and currency forwards and futures, where applicable or appropriate) are occasionally used to equitize cash and manage portfolio risk. Other derivative instruments may be used, as allowed, as part of the investment strategy. Returns are calculated and stated in U.S. dollars. The return may increase or decrease as a result of currency fluctuations. Returns for periods less than one year are not annualized. To receive a complete list of composites and/or a GIPS compliant presentation, contact: American Century Investments 4500 Main Street Kansas City, MO Henrietta Street, 4th Floor London, WC2E 8LH United Kingdom Madison Avenue, 9th Floor New York, NY Suite 3201 Champion Tower 3 Garden Road, Central Hong Kong Charleston Road Mountain View, CA Macquarie Street Suite 1324 Sydney, NSW 2000, Australia Rosecrans Avenue Suite 4345 El Segundo, CA American Century Proprietary Holdings, Inc. All rights reserved. IM-FLY
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