30 June 2021 Global Concentrated Growth

Quarterly Review

Composite Performance Periods Ending 30 June 2021 At a Glance

45 40.9 Inception: 1 June 2005 39.3 40 Benchmark: MSCI ACWI 35 AUM: $1.73 billion USD 30 23.5 25 23.0 20

Return % Return 14.6 14.6 14.8 15 12.2 12.3 Management Team 9.9 10 8.0 7.4 Start Date 5 Name Industry Firm 0 Keith Creveling, CFA 1990 1999 QTR YTD 1 Year 3 Year 5 Year 10 Year Brent Puff 1992 2001

Global Concentrated Growth MSCI ACWI Ted Harlan, CFA 1998 2007 Gross of Fees

Source: FactSet Returns calculated in U.S. Dollars. The value of investments can fluctuate. Data assumes reinvestment of dividends and capital gains. Data reflects past performance. Past performance does not guarantee future results. Periods greater than one year have been annualized.

Quarterly Top Relative Contributors and Detractors

Contributor (%) Detractor (%) Avantor Inc 0.39 Ping An Insurance Group Co of China Ltd -0.63 Cheniere Energy Inc 0.38 Booking Holdings Inc -0.38 Adobe Inc 0.35 HDFC Bank Ltd -0.34 AstraZeneca PLC 0.29 Teleflex Inc -0.29 American Express Co 0.27 Zurich Insurance Group AG -0.28

Attribution Analysis One Year Ending 30 June 2021

3.00 2.60 2.17 2.00

1.07 1.00

0.00

-1.00 Cumulative Cumulative Return Excess %

-1.50 -2.00 Sector Allocation Security Selection Currency Effect Total Effect Source: FactSet

MARKETING MATERIAL/FOR PROFESSIONAL CLIENTS ONLY/NOT FOR PUBLIC USE Global Concentrated Growth

Investing With a Well-Defined Bottom-Up Growth Philosophy Goal We believe that accelerating, sustainable growth in revenues and earnings, driven by an Seeks to outperform the MSCI ACWI inflection in business fundamentals, results in stock price outperformance. by 3% to 4% annualized over a market cycle with expected tracking error of • 5% to 7% versus the benchmark. markets are inefficient at identifying such points.

• Our process is designed to uncover stocks that outperform as earnings growth Guidelines accelerates, market expectations rise and multiples expand. Maximum position size: 5% active weight We believe the direction of earnings growth is a more powerful predictor of stock price performance than the absolute level of growth.

10% 7% 15% 22% 20% 23% 21% 20%

Growth Over Time Growth Over Time

Investment Process Investment Universe • Market capitalization > $3B • Sufficient trading liquidity Idea Generation Identify companies exhibiting accelerating growth and improving fundamentals 1 • Fundamental information flow • Quantitative screens Fundamental Analysis 2 • Confirm acceleration is genuine and sustainable Portfolio Construction • Focus portfolio on best ideas 3 • Monitor risk controls and guidelines

Portfolio 30 50 Companies

There are no guarantees that objectives or targets will be achieved. Risk management does not imply low risk.

MARKETING MATERIAL/FOR PROFESSIONAL CLIENTS ONLY/NOT FOR PUBLIC USE 2 Global Concentrated Growth 30 June 2021

Portfolio Characteristics

Characteristics Portfolio Benchmark Weighted Average Market Capitalization $200.9 B $296.4 B Median Market Capitalization $71.7 B $6.8 B P/E Ratio, Forecasted 1-Year 24.1 x 19.0 x Earnings Growth, Trailing 1-Year -5.6% -2.1% EPS Growth, Forecasted 1-Year 31.2% 21.7% Return on Equity 15.0% 10.4% % in Cash and Cash Equivalents 1.0% 0.0% Turnover, 1-Year 45% 3% Number of Holdings 35 2975 Source: FactSet Forecasts are not a reliable indicator of future performance.

Top 10 Holdings

Assets Holding Country Industry (%) Amazon.com Inc United States Internet & Direct Marketing Retail 4.90 Alphabet Inc United States Interactive Media & Services 4.25 ServiceNow Inc United States Software 3.30 Adobe Inc United States Software 3.16 AstraZeneca PLC United Kingdom Pharmaceuticals 2.99 Avantor Inc United States Life Sciences Tools & Services 2.99 B3 SA - Brasil Bolsa Balcao Brazil Capital Markets 2.90 NXP Semiconductors NV United States Semiconductors & Semiconductor Equipment 2.90 Texas Instruments Inc United States Semiconductors & Semiconductor Equipment 2.86 Teleflex Inc United States Health Care Equipment & Supplies 2.85 Total 33.10% Source: FactSet

Top 10 Overweights

Portfolio Benchmark Overweight Holding Weight (%) Weight (%) (%) ServiceNow Inc 3.30 0.16 3.14 Avantor Inc 2.99 0.03 2.96 B3 SA - Brasil Bolsa Balcao 2.90 0.03 2.87 Teleflex Inc 2.85 0.03 2.82 NXP Semiconductors NV 2.90 0.09 2.81 Shiseido Co Ltd 2.80 0.04 2.76 AstraZeneca PLC 2.99 0.24 2.75 Adobe Inc 3.16 0.42 2.74 HEICO Corp 2.73 0.02 2.71 Pernod Ricard SA 2.77 0.07 2.70

Source: FactSet The holdings listed should not be considered recommendations to purchase or sell a particular security. Equity holdings are grouped to include common shares, depository receipts, rights and warrants issued by the same company. Portfolio holdings subject to change without notice.

MARKETING MATERIAL/FOR PROFESSIONAL CLIENTS ONLY/NOT FOR PUBLIC USE 3 GlobalGlobal ConcentratedConcentrated GrowthGrowth 3030 JuneJune June 30,2021 2021 2021

Sector Allocation

Portfolio Benchmark Portfolio Weight vs. Benchmark (%) Sector (%) (%) 9.43 Financials 23.53 14.10 5.10 Consumer Discretionary 17.85 12.75 2.03 Energy 5.43 3.40 0.17 Real Estate 2.79 2.62 0.00 Health Care 11.57 11.57 -1.17 Information Technology 20.72 21.89 -1.23 Consumer Staples 5.63 6.86 -2.19 Materials 2.73 4.92 -2.63 Utilities 0.00 2.63 -4.40 Industrials 5.46 9.86 -5.10 Communication Services 4.30 9.40 -6.00 -4.00 -2.00 0.00 2.00 4.00 6.00 8.00 10.00 12.00

Source: FactSet

Quarterly Sector Performance Contribution to Contribution to Portfolio Benchmark Contribution to Return vs. Benchmark (%) Sector Return (%) Return (%) 0.50 Consumer Discretionary 1.26 0.75 0.36 Energy 0.66 0.31 0.33 Consumer Staples 0.73 0.40 0.26 Health Care 1.30 1.05 0.23 Real Estate 0.45 0.22 0.01 Utilities 0.00 -0.01 -0.07 Industrials 0.41 0.48 -0.11 Financials 0.80 0.91 -0.21 Communication Services 0.54 0.76 -0.35 Materials -0.05 0.31 -0.73 Information Technology 1.49 2.22 -0.80 -0.60 -0.40 -0.20 0.00 0.20 0.40 0.60

Source: FactSet When shown, "Diversified" includes portfolio holdings that cannot be attributed to a specific GICS sector.

MARKETING MATERIAL/FOR PROFESSIONAL CLIENTS ONLY/NOT FOR PUBLIC USE 4 Global Concentrated Growth 30 June 2021

Country Allocation: Top 10 Over/Underweights

Portfolio Benchmark Portfolio Weight vs. Benchmark (%) Country (%) (%)

5.20 Ireland 5.38 0.18 4.79 United States 63.44 58.65 4.77 Hong Kong 5.60 0.83 2.26 Brazil 2.93 0.67 2.00 Italy 2.63 0.63 1.38 Hungary 1.41 0.03 1.38 India 2.66 1.28 0.23 Switzerland 2.73 2.50 ------0.66 Denmark 0.00 0.66 -0.67 United Kingdom 3.02 3.69 -0.96 Sweden 0.00 0.96 -1.11 Netherlands 0.00 1.11 -1.71 South Korea 0.00 1.71 -1.80 Taiwan 0.00 1.80 -1.83 Australia 0.00 1.83 -2.40 Germany 0.00 2.40 -2.91 Canada 0.00 2.91 -3.08 Japan 2.83 5.91 -4.00 -2.00 0.00 2.00 4.00 6.00 Source: FactSet

Quarterly Top Relative Contributors and Detractors by Country

Contributor (%) Detractor (%) Japan 0.54 China -0.58 United States 0.47 India -0.33 United Kingdom 0.36 Ireland -0.29 Italy 0.22 Switzerland -0.25 Hungary 0.22 Hong Kong -0.21

Source: FactSet

MARKETING MATERIAL/FOR PROFESSIONAL CLIENTS ONLY/NOT FOR PUBLIC USE 5 Global Concentrated Growth 30 June 2021

Risk-Adjusted Performance Three-Year Risk-Adjusted Performance vs. eVestment Global Large Cap Equity vs. MSCI ACWI, Citigroup 3-Month T-Bill

Excess Returns Tracking Error

0

25 Rank

Median Percentile

75

100

●American Century Investments Global Concentrated Growth Excess Returns Tracking Error InformationRatio Sharpe Ratio Manager 8.97 5.40 1.66 1.22 Percentile Rank 4 46 3 6 Median 0.36 5.21 0.08 0.79 Source: eVestment Analytics Excess returns are gross of fees. Number of products in the universe was 469.

6 MARKETING MATERIAL/FOR PROFESSIONAL CLIENTS ONLY/NOT FOR PUBLIC USE GlobalGlobal Concentrated Concentrated Growth Growth 30 June 2021

Quarterly Commentary

Portfolio Review The value rally retraced in the quarter. We saw the pullback of many factors supporting the value rally. The strong rally in cyclicals, commodities and rate-sensitive sectors moderated during the period. Growth stocks outperformed value stocks during the quarter, but value continued to hold an edge on a year-to-date basis. Inflation expectations worried markets. Several factors combined to concern investors about inflation. Ongoing accommodation, infrastructure spending in the U.S. and changes in Fed language that signaled the central bank may taper asset purchases and/or raise rates sooner than anticipated raised inflation expectations. While we think goods-based inflation will prove transitory, we continue to watch rising labor costs. Consumer holdings contributed. As consumers began spending some of the cash accumulated during lockdown periods, consumer discretionary names gained. Beneficiaries included premium spirits makers such as Pernod Ricard. Scientific instruments maker contributed. Avantor advanced with health care names in general. A planned acquisition of a maker of single-use bioprocess bags, which will help it build out it single-use manufacturing network, also helped. Insurance holdings pulled back on lower rates. Insurers weighed on our financials holdings. Shares were weaker in conjunction with lower interest rates as the period progressed. We believe market leaders will continue to find value. The portfolio remained balanced. We maintained our balance between exposure to companies benefiting from secular drivers and more cyclically oriented names we believe are reasonably valued with high-quality growth potential. We continue to find names exhibiting strong improvement from idiosyncratic opportunities and reasonable risk/reward dynamics. Key Contributors Avantor. Strong quarterly earnings growth lifted the stock of Avantor, a developer of scientific and technical instruments. Avantor has announced plans to purchase RIM Bio, a China-based maker of single-use bioprocess bags, allowing Avantor to build its presence in the single-use manufacturing network in the Americas and Europe. Cheniere Energy. A recovering economy and higher crude oil prices buoyed the energy sector, where liquefied natural gas company Cheniere was a standout performer. We expect an acceleration in earnings growth as new liquefaction facilities increase production volumes and capacity beyond consensus estimates. Adobe. Consensus-beating quarterly earnings, better-than-expected third-quarter revenue guidance and news that several analysts had as up 30% in the quarter, and digital media revenue was up 25%. Key Detractors Ping An Insurance Group. The value of new business is recovering from the pandemic but at a very inconsistent pace, pressuring the stock of insurer Ping An. A reform of motor insurance pricing in China and uncertainty around the acquisition of a fintech firm that recently emerged from bankruptcy also detracted. Booking Holdings. The travel company fell mid-month on the news that its CEO had been hired elsewhere. Booking fell further along with other travel and leisure companies later in the month on concerns that earnings do not support recent share price inflation. HDFC Bank. Stock of the India-based bank fell as investors digested cautionary comments by management around asset quality. Despite the short-term uncertainties, we think HDFC remains poised to benefit from expanding middle-class demand for banking services and

Notable Trades CRH. We added CRH as we believe earnings will be supported by volume growth and rising prices for cement. Demand across its core markets, including the U.S. and Europe, is highly supportive of our fundamental outlook. ICON. ICON provides outsourced clinical trial and commercialization services to the pharmaceuticals industry. We expect profit trends to ds to bring new products to market faster and at a lower cost.

7 MARKETING MATERIAL/FOR PROFESSIONAL CLIENTS ONLY/NOT FOR PUBLIC USE GlobalGlobal Concentrated Concentrated Growth Growth 30 June 2021

Danaher. We sold Danaher on expectation that fundamentals will slow as the demand tailwind from the COVID-19 pandemic starts to moderate. Lonza Group. We sold Lonza to fund our investment in CRH. We believe that the positive trends at Lonza have been fully priced in and valuation is less supportive of our investment thesis. Top Holdings The portfolio continues to invest in companies where we believe business fundamentals are improving and where we have high conviction are highlighted below. Amazon. We believe margins for e-commerce company Amazon will be boosted by the growing impact of advertising on its bottom line, its cloud computing services and rising sales derived from third-party sellers. Revenue growth remains sustainable, and the company remains a dominant global e-commerce player. Alphabet. The parent company of Google is a beneficiary of the reallocation of advertising budgets from traditional areas to the digital space. Its dominant search business and large user base support this trend. Its video website YouTube is in the early stages of monetization and is expected to enhance long-term growth potential. ServiceNow. This firm provides cloud computing solutions that automate and integrate IT services and applications within an enterprise, products and its ability to displace costlier legacy service offerings. Adobe. We believe Adobe can maintain its growth trajectory based on the continued shift away from license-based software sales to subscription-based, cloud- ent, also drives growth. AstraZeneca. This biopharmaceutical firm focuses on the discovery and development of therapies in the autoimmunity, infection and e its acquisition of Alexion Pharmaceuticals will provide financial synergies. Avantor. This scientific and technical instruments company enjoys revenue driven by building sales in the Asia, Middle East and Africa

generation. B3. This company benefits from being the largest financial exchange operator in Brazil, where volatility continues to drive trading volumes. Longer-term fundamentals are driven by the rising penetration of stock investing and fixed-income issuance. NXP Semiconductors. We believe end- drivers. Our research leads us to believe NXP is positioned to benefit from the rising penetration of vehicle electrification and accelerating demand from the industrials sector as cyclical growth recovers from the pandemic. Texas Instruments. Texas Instruments is an integrated technology company that makes semiconductors and circuits. We believe the semiconductor cycle is near an inflection point, and we expect the firm to materially benefit as the end markets it serves, such as industrial and automotive, begin to stabilize and improve. Teleflex. The company is a leading provider of single-use medical products used in critical care and surgical settings. We believe revenue growth will accelerate due to the growth of its core end markets, the contribution and cost savings from several recent acquisitions and the successful commercialization of new products.

8 MARKETING MATERIAL/FOR PROFESSIONAL CLIENTS ONLY/NOT FOR PUBLIC USE GlobalGlobal Concentrated Concentrated Growth Growth 30 June 2021

Available Vehicles Separate Account Available in U.S. and certain non-U.S. countries SMA Available in U.S. and certain non-U.S. countries UCITS Available only in certain non-U.S. countries Focused Global Growth Fund I Share Class - AGGIX Available only in U.S. Investor Share Class - TWGGX Available only in U.S. A Share Class - AGGRX Available only in U.S. C Share Class - AGLCX Available only in U.S. R Share Class - AGORX Available only in U.S. R5 Share Class - AGFGX Available only in U.S. R6 Share Class - AGGDX Available only in U.S. Y Share Class - AGYGX Available only in U.S.

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