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Quarterly Performance Update

Growth Outlook Aided Stocks, Hindered Bonds

First Quarter 2021

We argued the REIT selloff was overdone for much of 2020. Several months later, our overweight has paid off, so the relative valuation argument for REITs is less compelling. Higher interest rates also reduce the appeal of REITs relative to bonds.

Q1 2021 Performance Update

The opinions expressed are those of American Century Investments (or the portfolio manager) and are no guarantee of the future performance of any American Century Investments' portfolio. This material has been prepared for educational purposes only. It is not intended to provide, and should not be relied upon for, investment, accounting, legal or tax advice.

For detailed descriptions of indices or investing terms referenced above, refer to our glossary.