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Value Strategy Video Opens in New Window
Senior Portfolio Manager Michael Liss discusses Value's investment process, current opportunities, and why the team has been successful.

The Value of Balancing Risk and Return PDF
Value is a foundational large-cap value fund designed to deliver higher returns with lower volatility over time through investments in high-quality companies temporarily selling at a discount.

Daily Price (04/24/14) $ 8.49 Daily Change: $+0.01 (+0.12%)  
Investment Objective: Growth & Income Ticker Symbol: TWVLX
Fund Type: Value Stock Funds Fund Code: 039
Share Class: Investor Inception Date: 09/01/93
Total Assets: $2,430,479,717.76 Newspaper Symbol: Value

Data reflects past performance for Investor Class shares, assumes reinvestment of dividends and capital gains and is no guarantee of future results. Current performance may be higher or lower than data shown. Investment return and principal value fluctuates. Redemption value may be more or less than original cost. Obtain performance data current to the most recent month end. For additional share class information, consult the prospectus.

  Total Return Average Annual Total Return as of 03/31/2014 Expense
as of
as of
1 yr
3 yr 5 yr 10 yr 20 yr Life
  +3.41% +20.82% +14.20% +19.47% +7.30% +10.38% +10.12% 1.00% 09/01/93
(as of 03/31/2014)
-- --
4 out of 5 Stars

3 out of 5 Stars

4 out of 5 Stars
4 out of 5 Stars Overall
Funds rated in category:----1068 951 626 --1068
Morningstar Category: Large Value
Lipper Quartiles & Rankings:L1--Quartile Ranking
Quartile Ranking
Quartile Ranking
Quartile Ranking
Ranking for Large-Cap Value Funds as of 03/31/2014, based on total returns.

M1For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that account for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating™ for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating™ metrics. Past performance is no guarantee of future results. Morningstar Rating™ is for Investor share class only; other classes may have difference performance characteristics.

More Information

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Yields  as of 03/31/2014
30 Day SEC YieldQ3: 1.47%
7-Day CurrentQ1: --%
7-Day Effective CompoundQ2: --%
Fund Management

Phillip N. Davidson, CFA
Phillip N. Davidson, CFA
Senior Vice President
Chief Investment Officer, U.S. Value Equity

Michael Liss, CFA, CPA
Michael Liss, CFA, CPA
Vice President, Senior Portfolio Manager

Kevin Toney, CFA
Kevin Toney, CFA
Vice President, Senior Portfolio Manager

Brian Woglom, CFA
Brian Woglom, CFA
Vice President, Portfolio Manager

Chad Baumler, CFA
Chad Baumler, CFA
Portfolio Manager

Fund Composition
Portfolio Composition

Top Ten HoldingsA (02/28/2014)
Exxon Mobil Corp3.90%
Chevron Corp2.99%
Wells Fargo & Co2.94%
General Electric Co2.90%
Pfizer Inc2.76%
Procter & Gamble Co2.71%
Republic Services Inc2.34%
Total SA2.26%
Northern Trust Corp2.19%
JPMorgan Chase & Co2.19%
Sector WeightingsB (02/28/2014)
Health Care14.40%
Information Technology9.98%
Consumer Staples7.91%
Consumer Discretionary5.55%
Telecommunication Services2.92%
Regional ExposuresJ (02/28/2014)
Country WeightingsI (02/28/2014)
FundamentalsE (02/28/2014)
Median Market Cap$22.2B
Total Countries7
Weighted Average Market Cap$107.9B
Price/Earnings Ratio15.3x
Price/Book Ratio1.9x
Price/Sales Ratio1.5x
1 Yr EPS Growth7.97%
1 Yr P/E Forecast13.9x
1 Yr EPS Forecast6.89%
Positive Earnings Surprise64.00%
Negative Earnings Surprise30.00%
Dividend Yield2.59%
Number of Equity Issues127
5 Yr EPS Growth5.13%
1 Yr ROE13.08%
Price Cash Flow Ratio8.09%
Weighted Median Market Cap$51.5B
MPT Statistics(2),F (02/28/2014)
Alpha/3 Yr(0.41)
Beta/3 Yr0.94
Rsquared/3 Yr0.96
Std. Deviation/3 Yr11.82
Sharpe Ratio/3 Yr1.09
Portfolio Investment BlendG (02/28/2014)
Domestic Stock90.17%
Foreign Stock7.41%
Cash and Cash Equivalents2.43%
      Capital Gains Per Share
Date Reinvestment Price Dividends Per Share Short-Term Long-Term Unrecaptured Section 1250v3
03/11/14 $8.27 $0.0102 -- -- --
12/23/13 $8.14 $0.0428 -- -- --
12/06/13 -- -- -- -- --
09/10/13 $7.62 $0.0284 -- -- --
06/11/13 $7.40 $0.0378 -- -- --
Individual Automatic   Retirement UGMA/UTMA
$2,500.00 $50.00   $2,500.00 $2,500.00
Eligible for:     Online Account Access: Yes
Retirement Investment: Yes   Telephone Transactions: Yes
Check Writing: No   Automated Info Line Transactions: Yes
Direct Deposit: Yes   Wire and ACH Transactions: Yes
Direct Deposit Minimum: $50.00      
Fees and Expenses
  Annual Fund Operating Expenses (expenses that are deducted from fund assets)
  Total Annual Fund Operating Expenses 1.00%


(*) The annual expense ratio is based on expenses incurred by the fund, as stated in the most recent prospectus.

(2) Relative to S&P 500® Index.

© 2012 Standard & Poor's Financial Services LLC. All rights reserved. For intended recipient only. No further distribution and/or reproduction permitted. Standard & Poor's Financial Services LLC ("S&P") does not guarantee the accuracy, adequacy, completeness or availability of any data or information contained herein and is not responsible for any errors or omissions or for the results obtained from the use of such data or information. S&P GIVES NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE IN CONNECTION TO THE DATA OR INFORMATION INCLUDED HEREIN. In no event shall S&P be liable for any direct, indirect, special or consequential damages in connection with recipients' use of such data or information.

For a detailed description of any index referenced above, refer to our Glossary.

L1Lipper rankings are based on average annual total returns. Portions of the mutual fund performance information contained on this page were supplied by Lipper, a Reuters Company, subject to the following: Copyright © Reuters. All rights reserved. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Performance data is preliminary and subject to revision. Rankings are based on all classes available within the classification as of the date shown. Rankings are based only on the universe shown.

Q1The 7-day Current Yield is calculated based on the income generated by an investment in the fund over a seven-day period and is expressed as an annual percentage rate.

Q2The 7-day Effective Yield is calculated similarly, although this figure is slightly higher than the fund's 7-day Current Yield because of the effects of compounding. The 7-day Effective Yield assumes that income earned from the fund's investments is reinvested and generating additional income.

Q330-day SEC Yield represents net investment income earned by a fund over a 30-day period, expressed as an annual percentage rate based on the fund's share price at the end of the 30-day period. The SEC Yield should be regarded as an estimate of the fund's rate of investment income, and it may not equal the fund's actual income distribution rate, the income paid to a shareholder's account, or the income reported in the fund's financial statements.

V1Gains on assets held less than 12 months that are taxed as ordinary income

V2Gains for assets held more than 12 months; taxed at 5% or 15% depending on your tax bracket.

V3Unrecaptured Section 1250 gains from certain depreciable real property, taxed at 25%.

W1If your account falls below the minimum balance, you will be notified and given 90 days to meet the minimum. If the deadline is not met, American Century Investments may redeem the shares in the account and send the proceeds to the address of record.


(A) Top Ten Holdings - This value represents the top ten holdings included in the portfolio on a percent of assets basis.
(B) Sector Weightings - This value represents the sectors included in the portfolio on a percent of assets basis.
(E) All Fundamentals terms and definitions are provided for informational purposes below and are not specific to each fund.

Fundamentals - A method of analyzing the strength of a company based on traditional business factors such as profits and management, among several others.

Median Market Cap - Market capitalization (market cap) is the total value of a company's stock, calculated by multiplying the number of outstanding common shares by the current share price. The company whose market cap is in the middle of the portfolio is the median market cap. Half the companies in the portfolio have values greater than the median, and half have values that are less. If there is an even number of companies, then the median is the average of the two companies in the middle.

Weighted Average Market Cap - The average market capitalization represents the average value of the companies held in a portfolio. When that figure is weighted, the impact of each company's capitalization on the overall average is proportional to the total market value of its shares.

Price/Earnings Ratio - A stock value measurement calculated by dividing a company's stock price by its earnings per share, with the result expressed as a multiple instead of as a percentage. (Earnings per share is calculated by dividing the after-tax earnings of a corporation by its outstanding shares.) When this figure is weighted, the impact of each company's P/E ratio is in proportion to the percentage of the fund that the company represents.

Price/Book Ratio - A stock value measurement calculated by dividing a company's stock price by its book value per share, with the result expressed as a multiple instead of as a percentage. (Book value per share is calculated by subtracting a company's liabilities from its assets, then dividing that value by the number of outstanding shares.

1 Yr. EPS Growth - Measures the percent increase or decrease in the earnings of a company over the prior year.

1 Yr. P/E Forecast - Represents the price/earnings (P/E) ratio calculated on the basis of expected earnings for the coming year.

1 Yr. EPS Forecast - Represents the consensus earnings per share estimate for a security one year in the future.

Positive Earning Surprise - Occurs when a company reports earnings greater than consensus estimates.

Negative Earnings Surprise - Occurs when a company reports earnings lower than consensus estimates.

Number of Equity Issues - The number of equity securities, excluding temporary investments, held by a fund on a given date.

Duration - Duration is a weighted average of all bond durations in a fund's portfolio. Duration measures the price sensitivity of a bond or bond fund to changes in interest rates. Specifically, duration represents the approximate percentage change in the price of a bond or bond fund if interest rates move up or down 100 basis points. The duration presented is different depending on the fund type. Please refer to the table below to determine which duration measurement is presented for each fund type:

Fund Type:

Duration Measurement and Definition

Municipal (tax-free)

Modified Duration:
Approximate percentage change in a bond's price assuming a 100 basis point change in yield and that the bond's expected cash flow does not change when the yield changes.


Effective Duration:
Approximate percentage change in a bond's price assuming a 100 basis point change in yield and that the bond's expected cash flow changes when yields change.

Average Coupon - Coupon refers to the rate of interest paid on a bond, usually expressed as a percent of its par value. Since bond funds generally own many different bonds with different coupons, a fund's average coupon is the average of all the individual bonds it holds.

(F) MPT Statistics - Modern Portfolio Theory uses statistics such as Alpha, Beta, and R-Squared as part of a strategy to quantify the relationship between the risk and return of a security.

Alpha/3yr (annualized) - Shows how a fund did relative to what would have been expected given the fund's Beta and the performance of the benchmark index. For example, an alpha of 1.4 means that the fund outperformed its estimated return (based on market activity alone) by 1.4%.

Beta/3yr - A measure of how volatile a fund's returns have been compared to its benchmark index. The benchmark's beta always equals 1. A fund with a beta greater than 1 had returns that fluctuated more than those of its benchmark. A fund with a beta of less than 1 had returns that fluctuated less.

Rsquared/3yr - Measures what percentage of a fund's returns may be attributed to the returns of a benchmark index. R-Squared ranges from 0 (no correlation between a fund and its benchmark) to 1 (perfect correlation).

Std. Deviation/3yr (annualized) - Defines how widely returns varied from an average over a given period of time. A higher standard deviation means a more volatile fund. For example, a fund with a standard deviation of 6 and an average annual return of 10% saw annualized monthly returns fall within 6 percentage points of that average (or between 4% and 16%) two-thirds of the time.

Sharpe Ratio/3yr - Measures the potential reward offered by a mutual fund relative to its risk level. Developed by William Sharpe, the ratio uses a fund's standard deviation and its excess return to determine reward per unit of risk. The higher the sharpe ratio, the better the fund's historical risk-adjusted performance.

(G) Portfolio Investment Blend - Reflects the blend of securities owned by a fund. For example, the percentage of foreign or domestic stocks held by an equity fund or the percentage of corporate and government securities owned by a bond fund. The US/Foreign Convertibles grouping includes Convertible Bonds, Equity Linked Securities and Convertible Preferred securities.
(I) Country Weightings - Represents the country of origin of the securities included in the portfolio on a percent of assets basis.
(J) Regional Exposure - Represents the regions of the country represented by the securities included in the portfolio on a percent of assets basis.

© 2013 Morningstar, Inc. All Rights Reserved. Certain information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.