6 / 772
4
Morningstar Analyst Rating
12-24-14
ˇ
Morningstar Pillars
Process
Performance
People
Parent
Price
¶
¶
¶
¶
¶
Neutral
Neutral
Neutral
Neutral
Neutral
Morningstar Analyst Rating
Morningstar evaluates mutual funds based on five key pillars, which
its analysts believe lead to funds that are more likely to outperform
over the long term on a risk-adjusted basis.
Analyst Rating Spectrum
Œ „ ´ˇ ¨
Pillar Spectrum
Positive
§
Negative
¶
Neutral
NAV
8.87
8.51
7.74
9.01
7.31
5.37
7.57
9.74
9.64
10.17
9.18
6.79
Total Return %
4.40
34.91
16.70
-6.73
24.15
38.75
-27.63
-2.72
15.52
8.40
21.81
36.11
+/-S&P 500
-9.29
2.52
0.70
-8.84
9.09
12.29
9.37
-8.21
-0.27
3.49
10.93
7.43
+/-Russ 2000 Vl
0.18
0.39
-1.35
-1.23
-0.35
18.17
1.29
7.06
-7.96
3.69
-0.44
-9.92
Income Return %
0.60
1.11
1.54
0.76
0.84
2.18
1.42
0.99
0.63
0.65
0.31
0.75
Capital Return %
3.80
33.80
15.16
-7.49
23.31
36.57
-29.05
-3.71
14.89
7.75
21.50
35.36
Total Rtn % Rank Cat
45
61
41
75
72
20
24
27
58
28
47
77
Income $
0.05
0.12
0.07
0.06
0.12
0.11
0.09
0.06
0.06
0.03
0.05
0.00
Capital Gains $
1.21
0.39
0.60
0.00
0.00
0.02
1.83
1.33
1.34
0.95
0.00
0.32
Expense Ratio %
1.22
1.25
1.24
1.24
1.25
1.25
1.26
1.25
1.25
1.25
1.26
1.25
Income Ratio %
0.62
1.17
1.14
1.03
1.60
1.93
1.01
0.57
0.58
0.32
0.59
0.37
Turnover Rate %
111
126
120
99
104
192
123
121
111
108
.
104
Net Assets $mil
842
956
811
846
1,042
794
496
923
1,281
1,329
1,248
972
Performance
12-31-14
1st Qtr
2nd Qtr
3rd Qtr
4th Qtr
Total
2010
2011
2012
2013
2014
9.71 -9.98
9.52 14.78 -6.73
5.22 -3.24 -19.99 14.51 16.70
11.24 -3.90
4.94 4.03 34.91
11.13 2.40
7.17 10.63
4.40
1.54 2.13
-8.26
. .
Trailing
Total
+/-
+/- Russ %Rank Growth of
Return% S&P 500 2000 Vl
Cat
$10,000
3 Mo
6 Mo
1 Yr
3 Yr Avg
5 Yr Avg
10 Yr Avg
15 Yr Avg
9.74 4.81
0.34
15 10,974
0.67 -5.45
0.66
30 10,067
4.40 -9.29
0.18
45 10,440
18.01 -2.40
-0.28
53 16,434
13.73 -1.72
-0.53
64 19,027
8.82 1.15
1.93
14 23,286
12.96 8.72
2.73
6 62,211
Tax Analysis
Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat
3 Yr (estimated)
5 Yr (estimated)
10 Yr (estimated)
13.82
72
3.55
94
10.97
72
2.43
92
6.13
49
2.47
98
Potential Capital Gain Exposure: 12% of assets
Rating and Risk
Time Load-Adj
Morningstar
Morningstar
Morningstar
Period Return % Rtn vs Cat
Risk vs Cat
Risk-Adj Rating
1 Yr
4.40
3 Yr
18.01
Avg
-Avg
5 Yr
13.73
Avg
-Avg
10 Yr
8.82
+Avg
-Avg
Incept
11.94
Other Measures
Standard Index
Best Fit Index
S&P 500
Russ 2000 Vl
Alpha
-4.0
0.6
Beta
1.12
0.92
R-Squared
70
97
Standard Deviation
12.12
Mean
18.01
Sharpe Ratio
1.43
Morningstar’s Take
by Gretchen Rupp 12-24-14
American Century Small Cap Value is downgraded to a
Morningstar Analyst Rating of Neutral from Silver
following the departure of lead manager Ben Giele,
who built the fund’s strong long-term record. The
current comanagers, Jeff John and Miles Lewis, have a
minimal track record managing investments. And
although most of the team of analysts remains intact,
there’s no guarantee the new managers will be able to
replicate Giele’s success. Lewis joined American
Century in 2010 as an analyst and had never managed
a fund before being named a portfolio manager here in
November 2014. John has been on the fund since 2012
and had more overlap with Giele.
The duo has big shoes to fill. The fund achieved a
solid long-term record under Giele. It gave up some
gains in frothy, extended bull markets, but it delivered
good downside protection. Over Giele’s tenure from
July 1998 to November 2014, the fund’s returns topped
the benchmark’s in 60% of three-year rolling periods.
The team continues to use the same process. It first
screens the universe of small-cap firms on such value
measures as price/earnings ratio and dividend yield,
looking to uncover businesses selling at a discount to
its estimates of fair value with a path to close the
discount. It then employs bottom-up fundamentals to
make buy and sell decisions. The process favors firms
with solid foundations and strong market positions,
rather than riskier plays. The result has been
milder-than-average volatility compared with the
benchmark and category average over the three-, five-,
and 10-year periods, as measured by standard
deviation and Morningstar Risk ratings.
The current team has demonstrated stock-picking
skills in the past under Giele. It made a killing on an
overweighting to financials in 2009, taking on a timely
stake following the collapse of the sector. And the
team has done well with its basic-materials picks in
2014, despite that sector’s struggles. Its picks here
have returned an average of 6% for the year to date
through Nov. 30, 2014, while the sector has lost 6.9%.
Those are solid numbers, but the managers still need
to prove they can consistently deliver over time.
Address:
American Century Capital Portfolios Inc
Kansas City, MO 64111
800-345-2021
Web Address:
www.americancentury.comInception:
07-31-98
Advisor:
American Century Inv Mgt, Inc.
Subadvisor:
None
NTF Plans:
Fidelity Retail-NTF, Schwab OneSource
Minimum Purchase:
Closed
Add:
.
IRA:
.
Min Auto Inv Plan:
Closed
Add:
.
Sales Fees:
No-load
Management Fee:
1.25% mx./1.00% mn.
Actual Fees:
Mgt:1.22% Dist:
.
Expense Projections:
3Yr:$413
5Yr:$714 10Yr:$1567
Income Distribution:
Quarterly
Data through December 31, 2014
American Century Small Cap Value Inv
Ticker
Status Yield Total Assets
Mstar Category
ASVIX Closed 0.5% $1,890 mil
Small Value
96% 96% 94% 94% 97% 96% 97% 98% 98%
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 12-14
Historical Profile
Return
Risk
Rating
Above Avg
Below Avg
Above Avg
Investment Style
Equity
Stock %
Manager Change
Partial Manager Change
Growth of $10,000
Investment Values of
Fund
Investment Values of
S&P 500
Performance Quartile
(within Category)
History
10.0
15.0
20.0
26.0
33.0
Portfolio Analysis
09-30-14
Share change since 06-14 Total Stocks:232 Sector
PE Tot Ret% % Assets
BankUnited Inc
Finan Svs 13.9 -8.81 1.64
Berry Plastics Group Inc
Cnsmr Cyc 61.7 32.62 1.54
Multi-Color Corp
Industrl
25.4 47.38 1.44
Evertec Inc
Technology 23.5 -8.64 1.29
Entravision Communicatio
Cnsmr Cyc 3.5 8.05 1.25
Mentor Graphics Corp
Technology 18.6 -8.31 1.22
Haemonetics Corp
Hlth care 64.5 -11.18 1.20
American Science & Engin
Technology 133.3 -25.05 1.12
Valley National Bancorp
Finan Svs 14.9 0.30 1.12
Global Brass & Copper Ho
Industrl
8.0 -19.58 1.07
Texas Capital Bancshares
Finan Svs 19.7 -12.65 1.07
Home BancShares Inc
Finan Svs 21.8 -12.96 1.03
Albany International Cor
Cnsmr Cyc 29.0 7.49 0.99
Innophos Holdings Inc
Basic Mat 19.2 23.89 0.88
Laclede Group Inc
Utilities
22.6 20.73 0.86
Movado Group Inc
Cnsmr Cyc 14.9 -34.63 0.82
Riverbed Technology Inc
Technology 111.1 12.89 0.80
NorthWestern Corp
Utilities
20.1 34.30 0.79
LSB Industries Inc
Basic Mat 13.3 -23.35 0.79
Cumulus Media Inc Class
Cnsmr Cyc 17.7 -45.28 0.78
Current Investment Style
Market Cap %
Giant
0.0
Large
0.0
Mid
5.9
Small
49.7
Micro 44.4
Avg $mil:
1,165
Value Blnd Growth
Large Mid Small
Value Measures
Rel Category
Price/Earnings
Price/Book
Price/Sales
Price/Cash Flow
Dividend Yield %
16.31
1.35
0.96
4.76
2.55
1.10
1.02
1.30
0.88
1.42
Growth Measures
% Rel Category
Long-Term Erngs
Book Value
Sales
Cash Flow
Historical Erngs
11.12
4.53
-2.14
0.67
0.49
0.97
2.98
NMF
0.10
0.16
Profitability
% Rel Category
Return on Equity
Return on Assets
Net Margin
9.36
2.98
11.07
0.97
0.80
1.30
Sector
Weightings
% of
Stocks
Rel
S&P 500 High
3 Year
Low
Cyclical 58.62
.
BasicMat 7.23
.
8 5
CnsmrCyc16.90
.
20 11
FinanSvs 21.53
.
25 20
Real Est 12.96
.
13 8
Sensitive 30.37
.
CommSrvs 0.22
.
0 0
Energy 5.73
.
7 4
Industrl 12.12
.
19 12
Technlgy 12.30
.
13 9
Defensive11.01
.
CnsmrDef 1.12
.
4 1
Hlthcare 4.28
.
8 2
Utilities 5.61
.
6 3
h
r
t
y
u
j
i
o
p
a
k
s
d
f
Composition - Net
(% of Stock)
Cash
2.4
Stocks 97.6
Bonds 0.0
Other
0.0
Foreign 4.0
©
2015Morningstar, Inc.All rights reserved.The informationherein is not represented orwarranted tobeaccurate, correct, completeor
timely. Pastperformance is no guarantee of future results.Access updated reportsat
Toorder reprints, call312-696-6100.
mfb.morningstar.com.
Mutual Funds
ß
®
EQ
∞