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One Choice Target Risk Retail Commentary SECOND QUARTER 2021 One Choice ® Target Risk Portfolios Quarterly Commentary One Choice Target Risk Portfolios advanced for the quarter ended June 30, 2021, amid Portfolio Management Team buoyant equity markets and gains for bonds. Start Date Market Environment for the Quarter Name Industry Company Rich Weiss 1984 2010 Economic recovery remained uneven. Global equity markets advanced but faced a number of Radu Gabudean, PHD 2001 2013 headwinds as investors questioned the strength of the global economic recovery. Elevated Scott Wilson, CFA 1992 1992 COVID-19 rates and vaccine rollout delays posed challenges, especially for emerging Vidya Rajappa, CFA 1994 2018 markets. U.S. stocks outperformed non-U.S. equities, and large-cap equities outperformed mid- and small-cap stocks. Growth led value in all capitalization ranges aside from small cap. John Donner 2012 2012 Non-U.S. bonds trailed U.S. bonds, and investment-grade corporates outperformed high-yield securities. Neutral Asset Mix Short-Term U.S. stocks led all regions. U.S. equities continued to rally amid generally positive economic Stocks Bonds Investments and earnings news, expanding vaccine availability and easing COVID-19 restrictions. ® Economic data remained mixed, with strong manufacturing orders contrasting with lower One Choice retail spending and residential home sales and sharply higher inflation. Non-U.S. developed Portfolio: Very 25.00% 62.00% 13.00% markets stocks rose as progress on vaccine distribution raised hopes for an end to the Conservative pandemic and an economic rebound. Emerging markets stocks underperformed developed One Choice ® markets equities. Portfolio: 45.00% 49.00% 6.00% Conservative Global bonds rose despite higher inflation. Global bonds recovered after posting largely One Choice ® negative first-quarter returns. Longer-maturity U.S. Treasury yields declined, and the yield Portfolio: 64.00% 32.00% 4.00% curve flattened as commodity prices retreated from recent highs. The Federal Reserve held Moderate interest rates and its bond buying program steady but signaled it may raise rates in 2023. One Choice ® Eurozone bond yields rose on expectations of less accommodative monetary policy, while Portfolio: 79.00% 20.00% 1.00% yields in the U.K. and Japan edged lower. Aggressive One Choice ® Key Contributors Portfolio: Very 100.00% 0.00% 0.00% Aggressive U.S. equities drove absolute returns. All equity segments advanced, but U.S. stocks, particularly large-cap growth and blend allocations, outperformed non-U.S., value and small- Allocations are as of the most recent prospectus and are and mid-cap stocks and drove absolute performance. An overweight position relative to the subject to change. benchmark in U.S. stocks over non-U.S. developed and emerging markets stocks was beneficial in portfolios with non-U.S. equity exposure. All fixed-income components contributed. All fixed-income allocations advanced and contributed to absolute performance. High-quality and inflation-linked bonds were main contributors in all portfolios that held them. High-yield bonds contributed notably in One Choice Portfolio: Aggressive. The bond segments also benefited from positive manager selection results. One Choice ® Target Risk Portfolios Key Detractors Tactical positioning weighed on results. An underweight to U.S. large-cap equities and subsequent overweight to small-cap stocks was detrimental as large caps outperformed. In addition, an underweight to U.S. growth equities, funded by an overweight in U.S. value equities, weighed on returns. Manager selection largely negative. Manager selection results hurt performance in most portfolios due to stock selection results in the equity segments, particularly in U.S. mid-cap and large-cap value stocks. In contrast, manager selection contributed to results in One Choice Portfolio: Very Conservative due to strong security selection among bonds, which represent a larger portion of the portfolio. Positioning for the Future Economic recovery underway but expect volatility. The global economy is healthy and corporate profits are rebounding, but market risks remain. Volatility could spike if investors’ assumptions about inflation, interest rates and corporate earnings disappoint. And while the U.S. is leading the recovery in developed markets as easing coronavirus restrictions unleash pent-up consumer demand, the outlook for emerging markets is improving as vaccination rates climb. Therefore, we remain neutral in our stock allocations relative to bonds and cash. Favoring value and small-cap stocks. Economically sensitive value stocks look appealing relative to growth stocks. We believe the economic recovery that’s driving the rotation from growth to value still has plenty of room to run. We also favor small-cap stocks based on several favorable conditions, including stronger U.S. growth relative to non-U.S. economies, low interest rates, tight corporate bond spreads, rising commodity prices and relatively attractive valuations. Stay the course. Our outlook for emerging markets sovereign debt and U.S. securitized bonds is positive. We’re more selective around U.S. credit, U.S. government debt and European debt. We continue to believe in the efficacy and desirability of broad portfolio diversification by asset class and geography. One Choice ® Target Risk Portfolios Data presented reflects past performance. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance shown. To obtain performance data current to the most recent month end, please visit www.americancentury.com/performance. Investment return and share value will fluctuate, and redemption value may be more or less than original cost. Data assumes reinvestment of dividends and capital gains. Returns for periods less than one year are not annualized. For information about other share classes available, please consult the prospectus. There is no guarantee that the investment objectives will be met. Dividends and yields represent past performance and there is no guarantee that they will continue to be paid. Average Annual Total Returns for Period Ended 6/30/2021 Inception Qtr % 1 Yr % 3 Yr % 5 Yr % 10 Yr % Date Ticker Expense Ratio % One Choice ® Portfolio: Very Conservative 2.95 12.61 7.51 5.87 5.08 9/30/04 AONIX 0.71 One Choice ® Portfolio: Conservative 3.94 18.97 9.50 8.30 6.94 9/30/04 AOCIX 0.81 One Choice ® Portfolio: Moderate 4.98 26.91 11.84 10.98 8.66 9/30/04 AOMIX 0.89 One Choice ® Portfolio: Aggressive 5.73 33.45 13.50 13.02 9.96 9/30/04 AOGIX 0.94 One Choice ® Portfolio: Very Aggressive 6.62 41.20 15.21 15.23 11.30 9/30/04 AOVIX 1.05 Extraordinary performance is attributable in part to unusually favorable market conditions and may not be repeated or consistently achieved in the future. Performance and expenses reflect Investor Class shares. Expense ratio is as of the fund's current prospectus. You should consider the fund’s investment objectives, risks, and charges and expenses carefully before you invest. The fund’s prospectus or summary prospectus, which can be obtained at americancentury.com, contains this and other information about the fund, and should be read carefully before investing. The opinions expressed are those of the portfolio investment team and are no guarantee of the future performance of any American Century Investments portfolio. Statements regarding specific holdings represent personal views and compensation has not been received in connection with such views. This information is for an educational purpose only and is not intended to serve as investment advice. The information is not intended as a personalized recommendation or fiduciary advice and should not be relied upon for investment, accounting, legal or tax advice. The performance of the portfolios is dependent on the performance of their underlying American Century funds and will assume the risks associated with these funds. The risks will vary according to each portfolio's asset allocation, and the risk level assigned to each portfolio is intended to reflect the relative short-term price volatility among the funds in each. Based on the composition, the fund selected may be subject to interest rate risk, small-and mid-cap stock risks, and international investing risks. IN-FLY-92070 American Century Investments Services, Inc., Distributor ©2021 American Century Proprietary Holdings, Inc. All rights reserved. Non-FDIC Insured ● May Lose Value ● No Bank Guarantee Commentary Glossary Adjustable-Rate Mortgages (ARMs): Mortgages in which the interest rate Debt Service: The amount of money required within a given period to is adjusted periodically according to a specific index. keep current on required/scheduled repayments of outstanding debt, including interest and principal. Agency Securities (Agencies): Debt securities issued by U.S. government agencies. Deflation: A decline in prices for goods, assets and services. Agency MBS: Mortgage-backed securities issued by U.S. government Derivatives: Securities whose performance and/or structure is derived agencies. from the performance and/or structure of other assets, interest rates or indexes. Alternative Minimum Tax (AMT): A parallel tax system that was created to keep high income individuals from avoiding taxes through various Duration: A measure of the price sensitivity of a fixed income investment deductions and exemptions. to changes in interest rates. The longer the duration, expressed in years, the more a fixed income investment’s price will change when interest Asset-Backed Securities (ABS): A form of securitized debt backed by rates change. loan assets such as auto loans, student loans, and credit card debt. Emerging Markets (EM) Debt: Debt issued by countries whose Basis Points: Used to express percentage values that are carried out to economies are considered to be developing or emerging from two decimal places. One basis point equals 0.01%. underdevelopment. Breakeven Rate: Yield difference between nominal Treasury notes and Excess Return: The return of an investment portfolio minus the return of TIPS; indicates the market’s expectations for inflation. what is considered to be a relatively risk-free asset, such as a U.S.
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