American Century Investments®
Quarterly Portfolio Holdings
NT International Value Fund
February 29, 2020
NT International Value - Schedule of Investments | |
FEBRUARY 29, 2020 (UNAUDITED) |
Shares/ Principal Amount ($) | Value ($) | ||||
COMMON STOCKS — 94.8% | |||||
Australia — 3.5% | |||||
Aristocrat Leisure Ltd. | 168,872 | 3,624,708 | |||
Aurizon Holdings Ltd. | 864,901 | 2,682,759 | |||
Australia & New Zealand Banking Group Ltd. | 622,031 | 9,934,959 | |||
BlueScope Steel Ltd. | 133,570 | 1,023,022 | |||
Commonwealth Bank of Australia | 46,945 | 2,465,350 | |||
Fortescue Metals Group Ltd. | 619,567 | 4,041,725 | |||
Santos Ltd. | 158,756 | 695,686 | |||
Telstra Corp. Ltd. | 151,465 | 333,515 | |||
24,801,724 | |||||
Austria — 0.4% | |||||
ANDRITZ AG | 45,304 | 1,608,098 | |||
Raiffeisen Bank International AG | 40,737 | 847,717 | |||
2,455,815 | |||||
Belgium — 0.5% | |||||
KBC Group NV | 41,495 | 2,763,476 | |||
Telenet Group Holding NV | 21,745 | 837,086 | |||
3,600,562 | |||||
Denmark — 0.7% | |||||
Carlsberg A/S, B Shares | 15,673 | 2,078,106 | |||
Novo Nordisk A/S, B Shares | 44,450 | 2,641,818 | |||
4,719,924 | |||||
Finland — 1.8% | |||||
Fortum Oyj | 76,848 | 1,648,491 | |||
Kone Oyj, B Shares(1) | 117,784 | 6,647,917 | |||
Orion Oyj, Class B | 108,138 | 4,300,510 | |||
12,596,918 | |||||
France — 12.7% | |||||
AXA SA | 283,517 | 6,599,865 | |||
BNP Paribas SA | 260,107 | 12,709,265 | |||
CNP Assurances | 56,317 | 886,562 | |||
Dassault Systemes SE | 22,558 | 3,564,223 | |||
Hermes International | 7,583 | 5,365,650 | |||
Kering SA | 8,083 | 4,640,904 | |||
L'Oreal SA | 18,908 | 5,085,223 | |||
Legrand SA | 93,425 | 7,212,555 | |||
Peugeot SA(1) | 360,913 | 7,037,447 | |||
Safran SA | 32,736 | 4,547,851 | |||
Sanofi | 79,347 | 7,338,303 | |||
Schneider Electric SE | 34,198 | 3,485,570 | |||
Societe Generale SA | 83,284 | 2,375,296 | |||
TOTAL SA | 358,000 | 15,340,115 | |||
Vinci SA | 30,700 | 3,122,748 | |||
89,311,577 | |||||
Germany — 6.0% | |||||
adidas AG | 9,637 | 2,685,050 | |||
Allianz SE | 51,216 | 11,063,670 | |||
Bayer AG | 32,319 | 2,339,854 | |||
Brenntag AG | 75,397 | 3,367,096 | |||
Deutsche Post AG | 64,106 | 1,920,350 | |||
GEA Group AG | 102,543 | 2,714,669 | |||
Hannover Rueck SE | 11,372 | 2,026,024 | |||
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 22,902 | 5,839,850 | |||
RWE AG | 176,879 | 6,100,618 | |||
Siemens AG | 41,141 | 4,233,624 | |||
42,290,805 | |||||
Hong Kong — 2.7% | |||||
BOC Hong Kong Holdings Ltd. | 431,000 | 1,489,252 | |||
Galaxy Entertainment Group Ltd. | 482,000 | 3,218,840 | |||
Hang Seng Bank Ltd. | 267,100 | 5,529,682 | |||
Hong Kong Exchanges & Clearing Ltd. | 31,100 | 1,028,545 | |||
Sands China Ltd. | 1,613,200 | 7,576,743 | |||
18,843,062 | |||||
Israel — 0.5% | |||||
Check Point Software Technologies Ltd.(2) | 34,159 | 3,545,704 | |||
Italy — 2.3% | |||||
Enel SpA | 739,353 | 6,191,043 | |||
Ferrari NV | 46,597 | 7,363,480 | |||
Fiat Chrysler Automobiles NV | 193,701 | 2,421,506 | |||
15,976,029 | |||||
Japan — 25.5% | |||||
ABC-Mart, Inc. | 86,100 | 4,960,388 | |||
Amada Holdings Co. Ltd. | 666,300 | 6,182,150 | |||
Astellas Pharma, Inc. | 440,700 | 6,910,652 | |||
Bandai Namco Holdings, Inc. | 40,700 | 2,021,827 | |||
Brother Industries Ltd. | 407,600 | 7,327,011 | |||
Chugai Pharmaceutical Co. Ltd. | 13,400 | 1,449,577 | |||
Hitachi High-Tech Corp. | 64,100 | 4,764,887 | |||
Hitachi Ltd. | 51,100 | 1,714,046 | |||
Honda Motor Co. Ltd. | 129,400 | 3,307,533 | |||
Hoya Corp. | 14,800 | 1,311,691 | |||
ITOCHU Corp. | 360,000 | 8,184,250 | |||
KDDI Corp. | 289,900 | 8,192,687 | |||
Mitsubishi Chemical Holdings Corp. | 279,900 | 1,874,399 | |||
Mitsubishi UFJ Financial Group, Inc. | 1,293,500 | 6,345,568 | |||
Nexon Co. Ltd. | 169,000 | 2,677,977 | |||
Nintendo Co. Ltd. | 20,900 | 7,131,360 | |||
Nitori Holdings Co. Ltd. | 49,300 | 6,831,904 | |||
NTT DOCOMO, Inc. | 418,400 | 11,307,809 | |||
Recruit Holdings Co. Ltd. | 68,800 | 2,389,005 | |||
Santen Pharmaceutical Co. Ltd. | 165,200 | 2,651,434 | |||
Sekisui House Ltd. | 420,600 | 8,233,735 | |||
Shin-Etsu Chemical Co. Ltd. | 53,700 | 6,005,993 |
Shionogi & Co. Ltd. | 131,900 | 7,119,437 | |||
Showa Denko KK | 74,700 | 1,603,700 | |||
Softbank Corp. | 395,800 | 5,176,858 | |||
SoftBank Group Corp. | 89,900 | 4,141,740 | |||
Sony Corp. | 89,800 | 5,557,102 | |||
Sumitomo Mitsui Financial Group, Inc. | 152,800 | 4,911,418 | |||
Sundrug Co. Ltd. | 71,500 | 2,228,655 | |||
Takeda Pharmaceutical Co. Ltd. | 89,300 | 3,100,110 | |||
Tokyo Electron Ltd. | 34,400 | 7,070,884 | |||
Toyota Motor Corp. | 179,200 | 11,717,911 | |||
Trend Micro, Inc. | 49,300 | 2,444,863 | |||
Tsuruha Holdings, Inc. | 59,000 | 6,834,169 | |||
Welcia Holdings Co. Ltd. | 81,500 | 4,953,246 | |||
178,635,976 | |||||
Netherlands — 1.1% | |||||
Koninklijke DSM NV | 17,115 | 1,938,153 | |||
NN Group NV | 159,486 | 5,460,060 | |||
7,398,213 | |||||
New Zealand — 1.2% | |||||
a2 Milk Co. Ltd.(2) | 494,677 | 4,975,389 | |||
Meridian Energy Ltd. | 1,264,043 | 3,656,684 | |||
8,632,073 | |||||
Norway — 0.8% | |||||
Aker BP ASA | 233,338 | 5,537,489 | |||
Equinor ASA | 22,813 | 350,769 | |||
5,888,258 | |||||
Singapore — 3.0% | |||||
DBS Group Holdings Ltd. | 187,500 | 3,274,206 | |||
Oversea-Chinese Banking Corp. Ltd. | 881,500 | 6,767,234 | |||
Singapore Telecommunications Ltd. | 1,894,600 | 4,100,358 | |||
United Overseas Bank Ltd. | 398,300 | 7,066,449 | |||
21,208,247 | |||||
Spain — 4.6% | |||||
Banco Bilbao Vizcaya Argentaria SA | 2,177,383 | 10,520,487 | |||
Banco Santander SA | 181,447 | 673,801 | |||
Iberdrola SA | 1,306,933 | 14,958,698 | |||
Industria de Diseno Textil SA | 95,626 | 2,976,230 | |||
Mapfre SA | 607,847 | 1,368,978 | |||
Telefonica SA | 315,555 | 1,868,198 | |||
32,366,392 | |||||
Sweden — 3.5% | |||||
Hennes & Mauritz AB, B Shares(1) | 429,239 | 7,764,846 | |||
Investor AB, B Shares | 135,250 | 6,762,135 | |||
Kinnevik AB, B Shares | 340,393 | 6,954,075 | |||
Lundin Petroleum AB | 111,548 | 3,180,626 | |||
24,661,682 | |||||
Switzerland — 7.5% | |||||
Geberit AG | 14,436 | 7,238,812 | |||
Kuehne + Nagel International AG | 51,262 | 7,512,635 |
Nestle SA | 38,139 | 3,951,466 | |||
Novartis AG | 85,745 | 7,198,227 | |||
Partners Group Holding AG | 5,383 | 4,705,653 | |||
Roche Holding AG | 24,470 | 7,975,862 | |||
UBS Group AG(2) | 145,344 | 1,609,854 | |||
Zurich Insurance Group AG | 31,472 | 12,247,914 | |||
52,440,423 | |||||
United Kingdom — 16.5% | |||||
3i Group plc | 361,525 | 4,713,141 | |||
BHP Group plc | 532,172 | 9,635,281 | |||
BP plc | 1,275,247 | 6,605,531 | |||
Burberry Group plc | 98,612 | 2,154,286 | |||
Evraz plc | 1,413,325 | 6,130,888 | |||
Ferguson plc | 81,413 | 7,111,295 | |||
GlaxoSmithKline plc | 897,205 | 18,079,996 | |||
HSBC Holdings plc(1) | 2,274,597 | 15,273,032 | |||
Legal & General Group plc | 2,555,971 | 8,620,239 | |||
London Stock Exchange Group plc | 6,754 | 660,642 | |||
Rio Tinto plc | 142,753 | 6,690,727 | |||
Royal Dutch Shell plc, B Shares | 997,659 | 21,664,994 | |||
Sage Group plc (The) | 329,123 | 2,931,586 | |||
Vodafone Group plc | 3,224,386 | 5,631,129 | |||
115,902,767 | |||||
TOTAL COMMON STOCKS (Cost $683,896,387) | 665,276,151 | ||||
EXCHANGE-TRADED FUNDS — 3.2% | |||||
iShares MSCI EAFE ETF | 236,000 | 14,688,640 | |||
iShares MSCI EAFE Value ETF(1) | 97,000 | 4,261,210 | |||
iShares MSCI Japan ETF | 59,000 | 3,124,640 | |||
TOTAL EXCHANGE-TRADED FUNDS (Cost $23,533,889) | 22,074,490 | ||||
TEMPORARY CASH INVESTMENTS — 1.4% | |||||
Repurchase Agreement, BMO Capital Markets Corp., (collateralized by various U.S. Treasury obligations, 1.625% - 7.875%, 2/15/21 - 5/15/45, valued at $9,408,809), in a joint trading account at 1.35%, dated 2/28/20, due 3/2/20 (Delivery value $9,185,765) | 9,184,732 | ||||
Repurchase Agreement, Fixed Income Clearing Corp., (collateralized by various U.S. Treasury obligations, 1.875%, 9/30/22, valued at $529,185), at 0.65%, dated 2/28/20, due 3/2/20 (Delivery value $515,028) | 515,000 | ||||
State Street Institutional U.S. Government Money Market Fund, Premier Class | 3,709 | 3,709 | |||
TOTAL TEMPORARY CASH INVESTMENTS (Cost $9,703,441) | 9,703,441 | ||||
TEMPORARY CASH INVESTMENTS - SECURITIES LENDING COLLATERAL(3) — 3.4% | |||||
State Street Navigator Securities Lending Government Money Market Portfolio (Cost $24,029,395) | 24,029,395 | 24,029,395 | |||
TOTAL INVESTMENT SECURITIES — 102.8% (Cost $741,163,112) | 721,083,477 | ||||
OTHER ASSETS AND LIABILITIES — (2.8)% | (19,546,732 | ) | |||
TOTAL NET ASSETS — 100.0% | $ | 701,536,745 |
MARKET SECTOR DIVERSIFICATION | |
(as a % of net assets) | |
Financials | 24.7% |
Consumer Discretionary | 14.4% |
Industrials | 11.6% |
Health Care | 10.3% |
Energy | 7.5% |
Communication Services | 7.3% |
Materials | 5.6% |
Information Technology | 4.6% |
Utilities | 4.5% |
Consumer Staples | 4.3% |
Exchange-Traded Funds | 3.2% |
Cash and Equivalents* | 2.0% |
*Includes temporary cash investments, temporary cash investments - securities lending collateral and other assets and liabilities.
NOTES TO SCHEDULE OF INVESTMENTS |
(1) | Security, or a portion thereof, is on loan. At the period end, the aggregate value of securities on loan was $29,824,294. The amount of securities on loan indicated may not correspond with the securities on loan identified because securities with pending sales are in the process of recall from the brokers. |
(2) | Non-income producing. |
(3) | Investment of cash collateral from securities on loan. At the period end, the aggregate market value of the collateral held by the fund was $31,516,257, which includes securities collateral of $7,486,862. |
SUPPLEMENTARY NOTES TO SCHEDULE OF INVESTMENTS
1. Investment Valuations
The fund determines the fair value of its investments and computes its net asset value per share at the close of regular trading (usually 4 p.m. Eastern time) on the New York Stock Exchange (NYSE) on each day the NYSE is open. The Board of Directors has adopted valuation policies and procedures to guide the investment advisor in the fund’s investment valuation process and to provide methodologies for the oversight of the fund’s pricing function.
Equity securities that are listed or traded on a domestic securities exchange are valued at the last reported sales price or at the official closing price as provided by the exchange. Equity securities traded on foreign securities exchanges are generally valued at the closing price of such securities on the exchange where primarily traded or at the close of the NYSE, if that is earlier. If no last sales price is reported, or if local convention or regulation so provides, the mean of the latest bid and asked prices may be used. Securities traded over-the-counter are valued at the mean of the latest bid and asked prices, the last sales price, or the official closing price. Equity securities initially expressed in local currencies are translated into U.S. dollars at the mean of the appropriate currency exchange rate at the close of the NYSE as provided by an independent pricing service.
Open-end management investment companies are valued at the reported net asset value per share. Repurchase agreements are valued at cost, which approximates fair value.
If the fund determines that the market price for an investment is not readily available or the valuation methods mentioned above do not reflect an investment’s fair value, such investment is valued as determined in good faith by the Board of Directors or its delegate, in accordance with policies and procedures adopted by the Board of Directors. In its determination of fair value, the fund may review several factors including, but not limited to, market information regarding the specific investment or comparable investments and correlation with other investment types, futures indices or general market indicators. Circumstances that may cause the fund to use these procedures to value an investment include, but are not limited to: an investment has been declared in default or is distressed; trading in a security has been suspended during the trading day or a security is not actively trading on its principal exchange; prices received from a regular pricing source are deemed unreliable; or there is a foreign market holiday and no trading occurred.
The fund monitors for significant events occurring after the close of an investment’s primary exchange but before the fund’s net asset value per share is determined. Significant events may include, but are not limited to: corporate announcements and transactions; governmental action and political unrest that could impact a specific investment or an investment sector; or armed conflicts, natural disasters and similar events that could affect investments in a specific country or region. The fund also monitors for significant fluctuations between domestic and foreign markets, as evidenced by the U.S. market or such other indicators that the Board of Directors, or its delegate, deems appropriate. The fund may apply a model-derived factor to the closing price of equity securities traded on foreign securities exchanges. The factor is based on observable market data as provided by an independent pricing service.
2. Fair Value Measurements
The fund’s investments valuation process is based on several considerations and may use multiple inputs to determine the fair value of the investments held by the fund. In conformity with accounting principles generally accepted in the United States of America, the inputs used to determine a valuation are classified into three broad levels.
• | Level 1 valuation inputs consist of unadjusted quoted prices in an active market for identical investments. |
• | Level 2 valuation inputs consist of direct or indirect observable market data (including quoted prices for comparable investments, evaluations of subsequent market events, interest rates, prepayment speeds, credit risk, etc.). These inputs also consist of quoted prices for identical investments initially expressed in local currencies that are adjusted through translation into U.S. dollars. |
• | Level 3 valuation inputs consist of unobservable data (including a fund’s own assumptions). |
The level classification is based on the lowest level input that is significant to the fair valuation measurement. The valuation inputs are not necessarily an indication of the risks associated with investing in these securities or other financial instruments.
The following is a summary of the level classifications as of period end. The Schedule of Investments provides additional information on the fund’s portfolio holdings.
Level 1 ($) | Level 2 ($) | Level 3 ($) | ||||
Assets | ||||||
Investment Securities | ||||||
Common Stocks | 3,545,704 | 661,730,447 | — | |||
Exchange-Traded Funds | 22,074,490 | — | — | |||
Temporary Cash Investments | 3,709 | 9,699,732 | — | |||
Temporary Cash Investments - Securities Lending Collateral | 24,029,395 | — | — | |||
49,653,298 | 671,430,179 | — |
This schedule of investments provides information about the fund’s portfolio holdings as of the date on the schedule. It is unaudited, and American Century Investments assumes no obligation to update or supplement the schedule to reflect subsequent changes. More information is available in the fund’s most recent annual or semiannual shareholder report.