SOURCE: American Century Services LLC

American Century Services LLC

May 25, 2016 09:30 ET

AC Alternatives® Long Short Fund Now Available to Investors

KANSAS CITY, MO--(Marketwired - May 25, 2016) - Continuing the build out of its liquid alternatives capabilities, American Century Investments today announced the public availability of AC Alternatives® Long Short Fund, the second multi-manager fund to be launched under the firm's AC Alternatives® brand. The new fund uses an open architecture subadvisor approach to access experienced, specialized managers who employ differentiated approaches to long/short equity investing. Long/short equity strategies seek to take long positions (buys) in undervalued equities and short overvalued positions in equities issued by companies across all market cap and geographies.

"The addition of AC Alternatives Long Short to our suite of liquid alternatives solutions reflects our commitment to meeting the evolving needs of our clients," said Cleo Chang, senior vice president and head of alternative investments for American Century. "We believe long/short strategies can play an important role in a diversified portfolio by providing the potential for more consistent returns over a full market cycle, while striving to reduce volatility."

American Century has engaged Perella Weinberg Partners Capital Management LP (Perella Weinberg), a leading global institutional asset manager, to provide investment management advisory services and to identify and recommend other underlying subadvisors with expertise in specific strategies. Those subadvisors include Passport Capital, Sirios Capital Management, Three Bridges Capital and CMIA Seligman. Perella Weinberg will supplement those strategies with its own tactical and opportunistic adjustments to the portfolio or "overlay"1 in an attempt to either reduce risk or increase exposure to certain asset classes expected to benefit from certain market conditions. Perella Weinberg also serves as subadvisor on the AC Alternatives® Income fund, which launched last July.

AC Alternatives Long Short has been managing seed capital since October 15, 2015 and will have a performance track record that begins as of October 30, 2015, its official inception date. The fund is available in Investor (ALEVX), Institutional (ALEJX), A (ALEQX), C (ALEHX), R (ALEWX) and R6 (ALEDX) share classes. AC Alternatives Long Short joins a suite of liquid alternative funds that includes: AC Alternatives Income, AC Alternatives® Equity Market Neutral and AC Alternatives® Market Neutral Value.

The Perella Weinberg subadvisory team is led by veteran alternatives manager Chris Bittman, who joined the firm in 2009 to head Agility, the firm's outsourced chief investment officer investment solution. Previously, he was the CIO of the University of Colorado Foundation, the endowment supporting the university. Earlier in his career, he was the president and CEO of Jurika & Voyles, a California investment firm.

In addition to Bittman, the Perella Weinberg portfolio management team includes Darren Myers and Kent Muckel. Myers is a partner at Perella Weinberg and leads Agility's absolute return investment area. Prior to joining the firm in 2007, Myers served as a senior research analyst at Tejas Securities Group, Inc. He holds a bachelor's degree and an MBA from the University of Texas at Austin. He is a CFA charterholder.

A partner at Perella Weinberg, Muckel has been with the firm since 2010 and leads Agility's global public equity and fixed-income areas. Previously, he was the chief investment officer for Baylor University. He is a CFA charterholder.

Bittman, Myers and Muckel are based in Denver, Colo.

About Perella Weinberg Partners Capital Management LP
Perella Weinberg Partners Capital Management is a leading institutional asset manager. With approximately $8.8 billion in assets under management and over 350 investors globally, the firm seeks to deliver a diversified suite of alternative investment strategies, as well as comprehensive investment solutions based on the outsourced chief investment officer model. Perella Weinberg Partners Capital Management invests on behalf of pension funds, endowments, foundations, sovereign wealth funds, family offices, high net worth individuals, and fund of funds, and the Firm invests in most major asset classes, including equities, fixed income, asset-based securities, distress securities, private investments, and real estate. For more information on Perella Weinberg Partners Capital Management, please visit www.pwpartners.com.

About American Century Investments
American Century Investments is a leading privately held investment management firm, committed to delivering superior investment performance and building long-term client relationships since its founding in 1958. Serving investment professionals, institutions, corporations and individual investors, American Century Investments offers a variety of actively managed investment disciplines through an array of products including mutual funds, institutional separate accounts, commingled trusts and sub-advisory accounts. The company's 1,300 employees serve clients 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 profits to the Stowers Institute for Medical Research, a 500-person, non-profit basic biomedical research organization. The Institute is the controlling owner of American Century Investments and has received dividend payments totaling over $1.2 billion since 2000. For more information about American Century Investments, visit www.americancentury.com. For information about the AC Alternatives funds, visit www.ACAlternatives.com.

You should consider the fund's investment objectives, risks, charges and expenses carefully before you invest. The fund's prospectus or summary prospectus, which can be obtained by visiting ACAlternatives.com, contains this and other information about the fund, and should be read carefully before investing.

Investment return and principal value of security investments will fluctuate. The value at the time of redemption may be more or less than the original cost. Past performance is no guarantee of future results.

Diversification does not assure a profit nor does it protect against loss of principal.

Alternative mutual funds that hold a variety of non-traditional investments also often employ more complex trading strategies, than traditional mutual funds. Each of these different alternative asset classes and investment strategies have unique risks making them more suitable for investors with an above average tolerance risk.

Fund(s) shown may take short positions. A short position arises when the fund sells stock that it does not own but was borrowed in anticipation that the market price of the stock will decline. If the market price declines, the fund can replace the borrowed stock at a lower price and capture the value represented by the difference between the higher sale price and the lower replacement price. Conversely, if the price of the stock goes up after the fund borrows the stock, the fund will lose money because it will have to pay more to replace the borrowed stock than it received when it sold the stock short. Any loss will be increased by the amount of compensation, interest or dividends, and transaction costs the fund must pay to the lender of the borrowed security. In addition, because the fund's loss on a short sale stems from increases in the value of the stock sold short, the extent of such loss, like the price of the stock sold short, is theoretically unlimited. By contrast, a fund's loss on a long position arises from decreases in the value of the stock and therefore is limited by the fact that a stock's value cannot drop below zero. In addition, the fund may not be able to close out a short position at a particular time or price advantageous to the fund and there is some risk the lender of the stock sold short will terminate the loan at an inopportune time.

A long position is the opposite of a short position. A long position is the buying of a security such as a stock with the expectation that it rise in value.

1 Overlay is a process by which subadvisor PWP makes adjustments to the portfolio either through direct investment in individual security positions or by tactically adjusting exposure to a fund's underlying managers in an attempt to mitigate risk or to provide greater return potential.

International investing involves special risks, such as political instability and currency fluctuations.

American Century Investment Services, Inc., Distributor
©2016 American Century Proprietary Holdings, Inc.

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