Summary

• American Century Value Fund portfolio seeks to invest in companies where we believe the valuation does not reflect the quality and normal earnings power of the company.
• Crude oil prices soared in response to the closure of the Strait of Hormuz, igniting fears of slower economic growth, rising unemployment and high prices and lowering expectations for a Federal Reserve (Fed) interest rate cut.
• The recent market rotation continued before and during the war, as value stocks posted gains across the market-capitalization spectrum while growth stocks declined.

Portfolio Review

Equity markets declined during the first quarter. The war in Iran weighed heavily on markets. Crude oil prices soared in response to the closure of the Strait of Hormuz, igniting fears of slower economic

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