Investment Management Changes Announced

February 20, 2018 - Kansas City, Mo.

American Century Investments® announces a leadership change within its Global Value Equity discipline. Senior Vice President and Senior Portfolio Manager Phil Davidson, CFA, is stepping down as Global Value Equity chief investment officer (CIO), effective Jun. 30, and will focus solely on portfolio management. He remains with the firm, retains all his portfolio management responsibilities and will be added to the company's senior leadership group. Kevin Toney, CFA, senior vice president and senior portfolio manager, has been promoted to Co-CIO Global Value Equity. He will serve alongside Davidson until June, when Davidson relinquishes the CIO role and Toney becomes CIO Global Value Equity.

"Phil has expressed the desire to step back from his duties as CIO and focus on his true passion: managing assets for clients," Co-CIO Victor Zhang said. "He's one of the most respected investment professionals in the industry and has made a tremendous impact in his leadership role, as well. Kevin, who has worked alongside Phil for 15 years, is a bright, talented leader within the Global Value Equity group who has been preparing for this role of increased responsibility," he said. "Of course, the real winners are our clients, who enjoy the expertise of both these talented money managers, as well as the entire Global Value team."

During Davidson's 15 years of leadership as Global Value CIO, the discipline experienced tremendous growth in assets, increasing from $6.3 billion in 2002 to $44.8 billion as of Jan. 31, 2018.

Mentoring talent is also an important contribution Davidson has made to the firm, according to Zhang.

"As Global Value Equity CIO, Phil has developed a talented team of investment professionals who have delivered notable performance for our clients. Consequently, the Global Value discipline is well positioned for continued success," he said. "The group is fully staffed with 31 investment professionals who average 16 years of industry experience and nine years at the firm, and they manage a total of 13 distinct investment strategies. Our value franchise is well respected in the industry, thanks to Phil."

Along with Davidson, Toney is a co-portfolio manager of the firm's U.S. Value Yield, U.S. Value, U.S. Mid Cap Value and U.S. Market Neutral Value strategies, including the American Century® Equity Income, Value, Mid Cap Value and Market Neutral Value funds. Previously, he provided analytical support for those strategies. Prior to joining the company in 1999, he was an associate in the M&A group of Toronto Dominion Securities and a financial analyst with Bear Stearns. He has worked in the financial industry since 1993.

Toney received his bachelor's degree in commerce from the University of Virginia and his master's degree in business administration from The Wharton School at the University of Pennsylvania. He is a CFA® charterholder and a member of the CFA Institute.

Additionally, Robert Brookby returns to American Century Investments as vice president and senior portfolio manager within the firm's Global Growth Equity discipline. He will co-manage the U.S. Opportunistic Mid Cap Growth strategy, which includes the Heritage and VP Capital Appreciation funds.

Brookby previously was with American Century Investments from 2000 to 2008. During his tenure, he served as a portfolio manager on Fundamental Equity and as an analyst on the U.S. Opportunistic Mid Cap Growth, U.S. All Cap Growth and U.S. Premier Large Cap Growth strategies. He left American Century Investments to join Putnam Investments, where he served as a senior vice president and portfolio manager.

Brookby received his bachelor's degree in economics from Northwestern University and his master's degree in business administration from Harvard Business School.

American Century Investments is a leading global asset manager focused on delivering investment results and building long-term client relationships while supporting research that can improve human health and save lives. Founded in 1958, American Century Investments' 1,300 employees serve investment professionals, institutions, corporations and individual investors from offices in New York; London; Hong Kong; Mountain View, Calif.; and Kansas City, Mo. Jonathan S. Thomas is president and chief executive officer, and Victor Zhang and David MacEwen serve as co-chief investment officers. Delivering investment results to clients enables American Century Investments to distribute over 40 percent of its dividends to the Stowers Institute for Medical Research, a 500-person, non-profit basic biomedical research organization. The Institute owns more than 40 percent of American Century Investments and has received dividend payments of nearly $1.4 billion since 2000. For more information about American Century Investments, visit www.americancentury.com.

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.

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