Market Neutral Value

as of 04/22/14
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Daily Price (04/22/14) $10.19 Daily Change: $-0.01 (-0.10%)  
Investment Objective: Growth Ticker Symbol: ACVVX
Fund Type: Specialty Stock Funds Fund Code: 893
Share Class: Investor Inception Date: 10/31/11
Total Assets: $49,462,543.16 Newspaper Symbol: MktNtrl  
PerformanceG1

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
Ratio*
Inception
Date
as of
04/22/2014
YTD
as of
03/31/2014
1 yr
3 yr 5 yr 10 yr 20 yr Life
  -0.78% +1.69% --% --% --% --% +3.11% 5.06% 10/31/11
Morningstar
Ratings
M1:(as of 03/31/2014)
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Funds rated in category:--------------
Morningstar Category:
Lipper Quartiles & Rankings:L1 --Quartile Ranking
47/91
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Ranking for Alternative Equity Market Neutral 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 accounts 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.

Morningstar Info

Overall Rating
Stars
(as of 03/31/2014 )

The fund's current expense ratio is 5.06%

Investment Strategy:
  • Equity Market Neutral: The fund employs an equity market neutral strategy designed to negate the impact of general equity market movements. The portfolio maintains approximately equal dollar amounts in long and short equity positions.
  • Value Focused: The fund's portfolio managers will buy, or take long positions in, equity securities identified as undervalued. They will take short positions in equity securities identified as overvalued.
  • Fundamental Approach: Since 1993, American Century's U.S. Value Equity team has been actively managing funds that seek to deliver consistent, risk-adjusted performance.
For Investors who:
  • Seek performance independent of equity market conditions
  • Seek additional return potential through short-selling
  • Seek a diversification opportunity beyond typical asset classes like stocks, bonds and cash
Risk Factors:
  • There are risks associated with selling short, including the risk that the fund may have to cover its short positions at a higher price than the short price, resulting in a loss. The fund's loss on a short sale is potentially unlimited, as a loss occurs when the value of a security sold short increases.
  • The fund may invest in medium-sized and smaller companies, which may be more volatile and subject to greater short-term risk than larger companies.
  • Although the fund will primarily invest in U.S. securities, it may invest in securities of foreign companies. International investing involves special risk considerations, including economic and political conditions, inflation rates and currency fluctuations.

 

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

Objective

Market Neutral Value seeks long-term capital growth, independent of equity market conditions



Footnotes

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

Returns or yields for the fund would have been lower if a portion of the management fee had not been waived. Review the annual or semi-annual report for the most current information.

Fund(s) shown may take short positions. A short position arises when the fund sells stock that it does not own but was borrowed in anticipation that the market price of the stock will decline. If the market price declines, the fund can replace the borrowed stock at a lower price and capture the value represented by the difference between the higher sale price and the lower replacement price. Conversely, if the price of the stock goes up after the fund borrows the stock, the fund will lose money because it will have to pay more to replace the borrowed stock than it received when it sold the stock short. Any loss will be increased by the amount of compensation, interest or dividends, and transaction costs the fund must pay to the lender of the borrowed security. In addition, because the fund's loss on a short sale stems from increases in the value of the stock sold short, the extent of such loss, like the price of the stock sold short, is theoretically unlimited. By contrast, a fund's loss on a long position arises from decreases in the value of the stock and therefore is limited by the fact that a stock's value cannot drop below zero. In addition, the fund may not be able to close out a short position at a particular time or price advantageous to the fund and there is some risk the lender of the stock sold short will terminate the loan at an inopportune time.

G1Fund performance may be subject to substantial short-term changes due to market volatility or other factors.

Historically, small- and mid-cap stocks have been more volatile than the stock of larger, more-established companies. Smaller companies may have limited resources, product lines and markets, and their securities may trade less frequently and in more limited volumes than the securities of larger companies.

International investing involves special risks, such as political instability and currency fluctuations.

Diversification does not assure a profit nor does it protect against loss of principal.

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.

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