American Century's International Value Fund swaps index, strategies

By Toni Weeks

San Diego, Oct. 31 - The American Century Investments International Value Fund announced it has changed its benchmark index, management and investment strategies for the fund, according to a 497 filing with the Securities and Exchange Commission.

The fund will now be tied to the performance of the MSCI EAFE Value index. Previously it was tied to the MSCI EAFE index.

Portfolio managers will normally invest at least 80% of the value of the fund's net assets, plus any borrowings for investment purposes, in equity securities and at least 65% of net assets in securities of issuers from a minimum of three countries outside the United States that have characteristics similar to those of the companies that comprise the MSCI EAFE Value index. Previously 65% of net assets were invested in securities of issuers from a minimum of three countries outside the United States that management believed were undervalued based on measures such as company book or asset values, earnings, cash flows and business franchises.

Kansas City, Mo.-based American Century Investment Management, Inc. continues as investment adviser, but Templeton Investment counsel, LLC is no longer an adviser.

Portfolio managers are now Armando Lacayo and Elizabeth Xie.

Lacayo joined American Century in 2009 as a senior quantitative analyst and became a portfolio manager in 2010. Prior to that, he was director of quantitative analysis for Munder Capital management.

Xie joined American Century as a quantitative analyst in 2007 and became a portfolio manager in 2010. Prior to that, she was a consultant for ERS group.

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