2026-Q1 AMERICAN CENTURY COMPANIES INC 13F Filing: American Century slashes mega-cap tech weightings in 2026-Q1

American Century's 2026-Q1 13F reveals a sharp pivot away from mega-cap tech exposure, trimmed aggressively across the board while selectively adding to energy, industrials, and a handful of laggards. The fund's turnover ratio jumped to 0.244, signaling a more active rebalancing posture after a period of relative stasis.

• MSFT added (active buying) but dollar value fell by -$1.34B—shares were added, but the stock price dropped more than the added shares were worth. Weight moved from 3.68% to 3.08%.
• NVDA trimmed, value fell by -$1.16B, weight from 5.93% to 5.48%.
• AMZN trimmed, value fell by -$1.09B, weight from 3.09% to 2.60%.
• AAPL trimmed, value fell by -$678.4M, weight from 3.56% to 3.29%.
• TSLA trimmed, value fell by -$570.0M, weight from 1.55% to 1.29%.
• META trimmed, value fell by -$465.9M, weight from 1.67% to 1.47%.
• GOOGL trimmed, value fell by -$883.6M, weight from 2.97% to 2.59%.
• GOOG trimmed, value fell by -$387.2M, weight from 1.55% to 1.39%.
• VRT added, value rose by +$315.8M, weight from 0.26% to 0.43%.
• COST added, value rose by +$298.2M, weight from 0.75% to 0.93%.
• AVGO added but dollar value fell by -$284.0M—shares were added, but the stock price dropped more than the added shares were worth. Weight from 1.63% to 1.52%.
• AZN new buy, value $356.4M, weight 0.18%.
• MRSH added, value rose by +$302.1M, weight from 0.22% to 0.38%.
• LRCX added, value rose by +$265.7M, weight from 0.22% to 0.36%.
• ORCL trimmed, value fell by -$356.8M, weight from 0.42% to 0.25%.
• AMAT trimmed but dollar value rose by +$278.7M—shares were trimmed, but the stock price gained more than the trimmed shares were worth. Weight from 0.47% to 0.62%.
• XOM trimmed but dollar value rose by +$255.7M—shares were trimmed, but the stock price gained more than the trimmed shares were worth. Weight from 0.32% to 0.46%.

The pattern of trimming across the MAG7+ names while adding to names like VRT, COST, and MRSH suggests the firm is rotating out of momentum-driven tech into more defensive or value-oriented sectors. The concentration in Information Technology dropped from 30.03% to 28.44%, while Energy rose from 4.99% to 7.14% and Industrials from 9.64% to 10.79%. This is a clear risk-off tilt.

The simultaneous new buy in AZN and sold-out of AZNN and ICLR indicates a targeted swap in the pharmaceutical space, likely reflecting a preference for AstraZeneca's ADR over its local listing. Meanwhile, the full exit from NGDN (a gold miner) suggests that even the precious metals hedge is being reduced. The fund's coefficient of variation fell from 5.32 to 4.85, implying a reduction in portfolio dispersion.

• Key Takeaways:
• Mega-cap tech trimming is broad and deliberate, affecting all major names.
• Sector rotation into Energy and Industrials is confirmed by weight shifts.
• Active rebalancing accelerated sharply, as turnover ratio increased from 0.199 to 0.244.