Disciplined Core Equity Fund - I Class · NASDAQ:AMEIX
Disciplined Core Equity Fund - I Class — American Century Investments — Q4 2023 Earnings Presentation
16 slides from Disciplined Core Equity Fund - I Class's earnings presentation, October 2023
Slide 1: Investment Outlook Q4 2023
Investment Outlook Q4 2023 ACI – 3172134 Non-FDIC Insured ● May Lose Value ● No Bank Guarantee
Slide 2: Contents
Contents Review Quarterly Market Recap 3 Snapshot 5 Global Economy 6 Global Macroeconomic Inflation 7 Outlook Monetary Policy 8 Interest Rates 9 Global Equity 10 U.S. Fixed Income 11 Investment Outlook Global Fixed Income 12 Multi-Asset Strategies 13 Glossary 14 2
Slide 3: Quarterly Market Recap | Global Equity
Quarterly Market Recap | Global Equity As of 9/30/2023 Indexes Current and 52-Week Range Returns (%) Summary Equity Current Low Range High Quarter YTD 1 Year Stocks fell during the quarter, trimming year-to-date gains amid uneven economic growth. Stronger-than-expected growth in the U.S. S&P 500 4,4
Slide 4: Quarterly Market Recap | Global Fixed Income
Quarterly Market Recap | Global Fixed Income As of 9/30/2023 Indexes Current and 52-Week Range Returns (%) Summary U.S. Fixed Income Current Low Range High Quarter YTD 1 Year Global bonds declined in U.S. dollar terms. The U.S. dollar increased relative to other global currencies, reducing U.S.-doll
Slide 5: Global Macroeconomic Outlook Snapshot
Global Macroeconomic Outlook Snapshot § Growth Slowdown Is in Store Global Economy § European, U.K. Economies Remain Fragile § China’s Recovery Is Losing Steam § Fed’s Inflation Target Remains Elusive Inflation § Inflation Stays High in Europe § China Inflation Rate Sinks § Fed Is on the Fence Monet
Slide 6: Global Economy
Global Economy Recession remains on the radar. Global GDP Growth Slowdown Is in Store 20 Despite tighter financial conditions, gross domestic product and corporate United States Eurozone earnings have exceeded expectations, the labor market has remained Japan China strong, and consumers have continu
Slide 7: Inflation
Inflation Prices ease, but not enough. Global Consumer Price Indices Fed’s Inflation Target Remains Elusive 12 While inflation has slowed considerably from last year’s multidecade highs, it remains well above the Fed’s target. Persistent wage 10 8.7 pressures suggest services inflation may remain re
Slide 8: Monetary Policy
Monetary Policy Central banks are still in play. Fed Is on the Fence Central Bank Policy Rates In the fastest series of rate hikes in four decades, the Fed has pushed interest rates to a 22-year high. Yet the central bank hasn’t yet officially 6% 5.50% U.S. Federal ended its rate-hike campaign. Infl
Slide 9: Interest Rates
Interest Rates Yields reach multiyear highs. U.S. Treasury Yield Curve (%) Rate Outlook Highlights Duration 6.0 Fed policy, high inflation and better-than-expected economic data have driven U.S. bond yields to multiyear highs. Additionally, the Treasury 5.0 Department’s much larger-than-expected bor
Slide 10: Investment Outlook: Global Equity
Investment Outlook: Global Equity We still think a modest recession is likely given the inverted yield curve, weakening housing market, declining manufacturing activity and the delayed impact of aggressive interest rate hikes. Developed Non-U.S. Markets | Share buybacks on the rise in Japan. A push
Slide 11: Investment Outlook: U.S. Fixed Income
Investment Outlook: U.S. Fixed Income Spreads U.S. Credit We remain defensively positioned as the credit cycle shifts to lower growth. Spreads vs. 10-Year U.S. Treasury (in bps) We don’t think the risk of tighter lending conditions is reflected in valuations. Trailing 5-Year Range We remain neutral
Slide 12: Investment Outlook: Global Fixed Income
Investment Outlook: Global Fixed Income Yields and Spreads Non-U.S. Developed Markets Latest Mo. Change Average Treasury Yields (bps) End 1 Mo. 3 Mos. 1 Yr 5 Yr 10 Yr We believe European inflation is peaking and therefore see value in U.S. 505 17 15 85 194 150 long-maturity euro-denominated yields i
Slide 13: Investment Outlook: Multi-Asset Strategies
Investment Outlook: Multi-Asset Strategies Asset Class We maintain a strong preference for cash relative to bonds and some stocks. An inverted yield curve necessarily means that cash and shorter-term investments offer attractive yields relative to longer-term bonds. Cash yields also look compelling
Slide 14: Glossary
Glossary Asset-backed securities (ABS) are a form of securitized debt, ABS are structured like mortgage-backed securities (MBS). But instead of mortgage loans or interest in mortgage loans, the underlying assets may include such items as auto loans, home equity loans, student loans, small business l
Slide 15: Glossary
Glossary Investment-grade is typically used in reference to fixed income securities that possess relatively high credit quality and have credit ratings in the upper ranges of those provided by credit rating services. Using Standard & Poor's ratings as the benchmark, investment-grade securities are t
Slide 16: American Century Investments
American Century Investments Glossary Sources: Standard & Poor’s, MSCI, FTSE International Limited, Bloomberg Index Services, Inc. and J.P. Morgan. ©2023 Standard & Poor’s Financial Services LLC. All rights reserved. For intended recipient only. No further distribution and/or reproduction permitted.
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