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Overview

Emerging Markets Fund seeks to invest in all-cap, emerging markets companies exhibiting accelerating and sustainable growth characteristics while integrating ESG considerations.

  1. Distinct All-Cap Approach

    A growth strategy in emerging markets investing across the full capitalization range.

  2. Growth Philosophy

    Guided by a proprietary investment process that expands the investable universe, we look for companies with accelerating and sustainable growth characteristics while considering ESG factors.

  3. Emphasizing Stock Selection

    Our active, bottom-up process seeks to deliver performance above the benchmark while centering on company fundamentals rather than broad macro trends.

Emerging Markets Capabilities
Key Facts
Investment Objective
Seeks capital growth
Inception Date
09/30/1997
Morningstar Category
Diversified Emerging Mkts
Benchmark
MSCI Emerging Markets (Net) IndexA
Total Assets
$2,406,588,534
As of 05/31/2023
Total Holdings
78
As of 04/30/2023
Distribution Frequency
Annual
Morningstar Overall Rating
Based on risk-adjusted return
Out of 734 funds. Diversified Emerging Mkts category
As of 05/31/2023
Fees
Gross Expense Ratio
1.26%
Trading Information
Ticker
TWMIX
CUSIP
025086885

For 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, placing more emphasis on downward variations and rewarding consistent performance.

Performance

TWMIX
MSCI Emerging Markets (Net) IndexA

Data reflects past performance, 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. Returns less than one year are not annualized.

Average annual total returns illustrate the annual compounded returns that would have produced the cumulative total return if the fund's performance had remained constant throughout the period indicated. Returns for periods less than one year are not annualized. For periods prior to the inception of a class, performance is for the oldest class, restated with applicable fees, if any.

Emerging Markets Fund

MSCI Emerging Markets (Net) Index

Data reflects past performance, 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. Returns less than one year are not annualized.

Data is not available at this time

Past performance is no guarantee of future results. Investment returns will fluctuate and it is possible to lose money.

Total Paid
Ordinary Dividends
Reinvest Price
03/21/2023
--
--
$9.49
12/21/2022
$0.2144
$0.2144
$9.63

Historical Distribution (CSV)

Ratings and Risk

As of 05/31/2023
Overall
Out of 734 funds. Diversified Emerging Mkts category
3 Year
Out of 734 funds
5 Year
Out of 656 funds
10 Year
Out of 389 funds

Investment Style

Large
Medium
Small
Value
Blend
Growth

For 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, placing more emphasis on downward variations and rewarding consistent performance.

The Morningstar Rating™ for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product 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. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10- year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Morningstar Investment Style Box™: The Morningstar Investment Style Box™ reveals a fund's investment strategy. For the equity holdings in the fund's portfolio, the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth).

As of 04/30/2023
Risk Measures
Relative to the MSCI Emerging Markets (Net) Index.

Past performance is no guarantee of future results. Investment returns will fluctuate and it is possible to lose money.

Portfolio

As of 05/31/2023
% Portfolio
Due to rounding, these values may exceed 100%Negative weights may be due to open security or capital stock trades at period end and/or unrealized loss on derivative positions as a percent of net assets at period end.
As of 04/30/202378 Equity Issues
As of 05/31/2023
Sectors
% Portfolio
Information Technology
24%
Financials
20%
Consumer Discretionary
16%
Communication Services
10%
Consumer Staples
8%
Energy
6%
Health Care
5%
Industrials
5%
Materials
3%
Real Estate
3%
Utilities
1%
Due to rounding, these values may exceed 100%
As of 05/31/2023
Company
% Portfolio
Taiwan Semiconductor Manufacturing Co Ltd
10.50%
Tencent Holdings Ltd
6.26%
Samsung Electronics Co Ltd
6.04%
Alibaba Group Holding Ltd
2.98%
Reliance Industries Ltd
2.45%
Chailease Holding Co Ltd
2.31%
Samsung Biologics Co Ltd
2.30%
HDFC Bank Ltd
2.14%
Grupo Financiero Banorte SAB de CV
2.02%
China Construction Bank Corp
1.88%
% of Top Portfolio Holdings
38.88%
Due to rounding, these values may exceed 100%Negative weights may be due to open security or capital stock trades at period end and/or unrealized loss on derivative positions as a percent of net assets at period end.
As of 05/31/2023
Countries
Regions
Countries
% Portfolio
China
28%
Taiwan
17%
South Korea
12%
India
11%
Brazil
7%
Mexico
7%
Thailand
5%
Saudi Arabia
3%
South Africa
2%
Indonesia
2%
Due to rounding, these values may exceed 100%

Team

Patricia Ribeiro avatar
Patricia Ribeiro

Co-Chief Investment Officer – Global Growth Equity

Senior Vice President, Senior Portfolio Manager

Firm Start

2006


Industry Start

1984

Sherwin Soo, CFA avatar
Sherwin Soo, CFA

Portfolio Manager

Vice President

Firm Start

2011


Industry Start

1995

Resources

Fund Literature
Fact Sheet

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 semiannual report for the most current information.

International investing involves special risks, such as political instability and currency fluctuations. Investing in emerging markets may accentuate these risks.

Please see the prospectus for details about sales charges.

The gross expense ratio is the fund's total annual operating costs, expressed as a percentage of the fund's average net assets for a given time period. It is gross of any fee waivers or expense reimbursement. The net expense ratio is the expense ratio after the application of any waivers or reimbursement. This is the actual ratio that investors paid during the fund's most recent fiscal year. Please see the prospectus for more information.

Investor Class Shares: Minimum initial investment is $1,000 for IRA and CESA accounts, and $2,500 for non-retirement accounts, but these minimums are waived with an initial investment of at least $500 per account and automatic investments of at least $100 per month. Non-Retirement Accounts: If your account balance falls below the minimum, or if you cancel your automatic monthly investment plan prior to reaching the minimum, American Century Investments may redeem the account and send the proceeds to you. Prior to doing so, we will notify you and give you 90 days to meet the minimum or reinstate your automatic monthly investment plan.

Only Investor Class shares are made available to investors directly. Advisor, A, C, I, and Y Classes of shares are only available for purchase by institutions or other financial intermediaries. R, R5, and R6 Classes of shares are only available for purchase by group employer-sponsored retirement plans. Review definitions and minimums for all share classes.

Many of American Century's investment strategies incorporate the consideration of environmental, social, and/or governance (ESG) factors into their investment processes in addition to traditional financial analysis. However, when doing so, the portfolio managers may not consider ESG factors with respect to every investment decision and, even when such factors are considered, they may conclude that other attributes of an investment outweigh ESG considerations when making decisions for the portfolio. The consideration of ESG factors may limit the investment opportunities available to a portfolio, and the portfolio may perform differently than those that do not incorporate ESG considerations. ESG data used by the portfolio managers often lacks standardization, consistency, and transparency, and for certain companies such data may not be available, complete, or accurate.

Environmental, Social, Governance (ESG) Criteria

The risk and/or opportunity to a company's market valuation resulting from environmental, social and governance (ESG) factors. Depending on the sector, environmental and social factors include, but are not limited to, 1) climate change, 2) water stress, 3) product safety and quality (supply chain and manufacturing), 4) cybersecurity and data privacy, and 5) human capital management. Regardless of the sector, governance factors include: 1) business (mis)conduct, 2) board composition, independence and entrenchment, 3) accounting practices, 4) ownership structure, and 5) executive pay-for-sustainability performance alignment.

Environmental, Social, Governance (ESG) Integration

The structural incorporation of financially-relevant information on Environmental, Social and Governance (ESG) factors into the investment decision-making process.

MSCI Emerging Markets Index

A free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.

Alpha: Typically used to represent the value added or subtracted by active investment management strategies. It shows how an actively managed investment portfolio performed compared with the expected portfolio returns produced simply by benchmark volatility (beta) and market changes. A positive alpha shows that an investment manager has been able to capture more of the upside movement in the benchmark while softening the downswings. A negative alpha means that the manager's strategies have caught more benchmark downside than upside.

Beta: Standard measurement of potential investment risk and return. It shows how volatile a security's or an investment portfolio's returns have been compared with their respective benchmark indices. A benchmark index's beta always equals 1. A security or portfolio with a beta greater than 1 had returns that fluctuated more, both up and down, than those of its benchmark, while a beta of less than 1 indicates less fluctuation than the benchmark.

R-Squared: Portfolio performance and risk measure that indicates how much of a portfolio's performance fluctuations were attributable to movements in the portfolio's benchmark index. R-squared can range from 0-100%. An r-squared of 100% indicates that all portfolio performance movements were attributable to movements in the benchmark index-they correlate perfectly to the benchmark. Conversely, an r-squared of 0% indicates that there is no correlation between the performance movements of the portfolio and the benchmark.

Standard Deviation: Statistical measurement of variations from the average. In financial literature, it's often used to measure risk, when risk is measured or defined in terms of volatility. In general, more risk means more volatility, and more volatility means a higher standard deviation-there's more variation from the average of the data being measured. In this context, reducing risk means seeking lower standard deviation.

Sharpe Ratio: Simple but useful risk-adjusted measure of returns, showing the amount of return (reward) earned per unit of risk from any asset with a risk component. The higher the Sharpe Ratio, the better, theoretically, the portfolio's risk-adjusted performance-portfolios with higher Sharpe Ratios tend to provide more return for the same amount of risk. The Sharpe Ratio is useful, but not perfect. It can be skewed by irregular return factors that can upset the standard deviation calculation, and it doesn't take into account the market risk (beta) exposure of the 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 U.S./Foreign Convertibles grouping includes Convertible Bonds, Equity Linked Securities and Convertible Preferred securities.

Sector Weights: This value represents the sectors included in the portfolio on a percent of assets basis.

Top Holdings: This value represents the top holdings included in the portfolio on a percent of assets basis. Equity holdings are grouped to include common shares, depository receipts, rights and warrants issued by the same company. Holdings are rounded to the nearest whole number, which may result in the display of less than ten holdings.

Countries: This value represents the countries included in the portfolio on a percent of assets basis.

Regions: This value represents the regions of the country represented by the securities included in the portfolio on a percent of assets basis.

For detailed descriptions of indices or investing terms referenced above, refer to our glossary.

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Source: MSCI. Morgan Stanley Capital International (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.