American Century Companies 13F Portfolio

The biggest buys are almost a checklist of the AI stack beneath the household names. The fund’s largest add was Advanced Micro Devices, up 496.0% in shares to $1.09B (0.48%), a decisive call that AMD’s accelerator roadmap can translate AI enthusiasm into actual share gains against Nvidia.

They followed that by leaning into memory and bandwidth: Micron is up 29.4% in shares to $2.45B, signaling a view that HBM and DRAM remain under-appreciated chokepoints in AI infrastructure. Corning’s position exploded by 473.2% to $661.2M, and Ciena by 245.6% to $908.4M, a very explicit bet that optical glass, fiber and transport gear are the real rate limiters for hyperscale buildouts.

On the design side, they doubled down on the software brains of chipmaking. Cadence is up 86.2% to $858.9M and Synopsys up 99.5% to $558.1M, while Amphenol rises 29.6% to $1.21B as a way to own high‑reliability interconnects across data centers and devices. This isn’t scattershot growth buying; it’s a cohesive attempt to own the full AI enablement chain, from chips and memory through packaging, optics and design tools.

Outside tech, Eli Lilly’s 27.6% add to $2.82B and a 42.2% increase in UnitedHealth to $566.6M show rising conviction in GLP‑1 and procedural growth as a parallel secular theme. These health-care adds give the portfolio a second structural growth engine that rhymes with, but does not depend on, the AI cycle.

The trims read like a funding list for the AI plumbing trade. Apple is the single biggest source of cash: shares are down 24.2%, cutting the stake by an estimated $1.76B while the position still sits at $5.53B. Microsoft and Alphabet (both GOOGL and GOOG) see smaller but meaningful reductions, despite enormous gains versus cost, indicating a willingness to sacrifice some megacap ballast.

Within semis, they are rotating from incumbents into perceived up‑and‑comers and more cyclical torque. Analog Devices is slashed by 55.6% (about $699.7M), Broadcom by 17.7% ($639.7M) and Applied Materials by 15.2% ($390.2M), even as AMD, Micron, Cadence, Synopsys and Lam Research all grow. The message: less comfort in mature, fully rerated analog and RF names; more appetite for memory, compute and tools that are tightly levered to AI capex cycles.

Beyond tech, they’re trimming quality compounders that have run hard. Costco is cut 19.8% ($335.1M) and Mastercard 12.1% ($332.7M), both still big winners versus cost but now partially harvested. Several health-care stalwarts like Merck (-12.3%) and Intuitive Surgical (-4.5%) were modestly reduced, likely as tactical funding for higher‑conviction adds in Eli Lilly, UnitedHealth and Becton Dickinson.

Technology remains the spine of this book at 65.34% of the disclosed portfolio, down only slightly from 67.52%. But inside that bucket, the risk profile has changed: less in megacap platforms and analog incumbents, more in semis, design software, optics and data‑center hardware that amplify AI demand rather than just monetizing it.

Consumer exposure is steady in aggregate, with Consumer Discretionary nudging from 11.18% to 11.29%. Underneath, they trimmed Costco but added to Amazon, Netflix, TJX and Kimberly‑Clark, effectively barbelled between digital scale players and defensive staples within the same label.

Health Care climbs from 6.73% to 7.54% as Lilly, UnitedHealth, Johnson & Johnson, Alnylam and Becton Dickinson all grow. Industrials rise from 5.23% to 5.67% on the back of Corning’s big move and continued Tesla exposure, even as Caterpillar and Howmet are trimmed, shifting that sleeve from classic cyclicals toward electrification and communications infrastructure.

Smaller but telling shifts show an eye on downside protection and yield. Utilities nearly double from 0.84% to 1.63% via Ciena and Williams, Energy inches up with more Exxon, and Telecom creeps higher with Verizon. The “Unclassified” bucket — largely their own AVUS and AVDE ETFs plus GE Vernova — also grows, hinting at a modest internal tilt toward diversified factor exposure alongside the concentrated AI calls.

Pulled together, this quarter says American Century believes the market has only half‑priced the real bottlenecks in AI. They are consciously swapping some of the cleanest, lowest‑vol megacap exposures for more operationally levered names in semis, EDA, optics and data‑center gear, betting that capex intensity stays high even if headline multiples compress.

The health‑care adds suggest they also want a second engine of idiosyncratic growth, anchored in GLP‑1 obesity therapies, devices and high‑end procedures. That gives them room for AI‑cycle volatility without abandoning a structurally high earnings‑growth profile for the book as a whole.

At the margin, rising Utilities, Energy, Telecom and their own factor ETFs indicate a quiet recognition that the past three years’ 25.46% annualized run will not repeat in a straight line. Expect them to keep tech above 60% but continue rotating within it — away from fully rerated platform names and into whatever part of the AI and communications stack looks most underappreciated on the next leg of cloud and edge deployment.