American Century Q1 2026 Preview: Netflix, CEG and New Adds Changed the Shape of a $199B Book
American Century’s Q4 2025 filing kept Nvidia and Microsoft on top, but the more revealing changes were the big Netflix increase, fresh utility and industrial additions, and a continued AI-heavy core. The next filing will show whether those side bets keep scaling.
AMERICAN CENTURY COMPANIES INC did not need to reinvent itself in Q4 2025. NVDA, MSFT, AAPL, AMZN, and GOOGL already gave it a high-quality large-cap core. What made the filing interesting was the activity around that core, especially the sharp rise in NFLX and a broader set of fresh and returning positions. That makes the next update on May 15, 2026 more about expansion around the edges than about replacing the center.
TL;DR
- The core stayed familiar: NVDA and MSFT remained the top anchors.
- The standout increase was Netflix: NFLX jumped sharply in share count.
- Energy infrastructure still mattered: CEG showed up as a notable new expression around the AI buildout theme.
- The semi chain stayed relevant: AMAT helped keep the portfolio tied to capital spending as well as platform demand.
- Q1 watch: do the edge positions keep building around the mega-cap center?
AMERICAN CENTURY COMPANIES INC Top Holdings — 2025Q4 ($M)
Why This Filing Matters
American Century matters because it often looks like a clean institutional version of what a large diversified growth allocator actually wants to own: leadership tech at the center, with enough room for targeted follow-on bets elsewhere. Q4 2025 fit that pattern closely.
Visible Signals In The Latest Filing
| Position | Value | Weight | Why it matters |
|---|---|---|---|
| NVDA | $11.81B | 7.28% | Nvidia remained the largest disclosed position, so the filing still leaned into the market’s strongest winner. |
| MSFT | $7.31B | 4.51% | Microsoft stayed part of the durable software-and-cloud core. |
| NFLX | $1.64B | 1.01% | Netflix was one of the most dramatic share increases quarter over quarter. |
| CEG | $168.8M | 0.10% | Constellation Energy showed American Century was still leaning into AI-adjacent infrastructure, not just software beneficiaries. |
| AMAT | $932.5M | 0.58% | Applied Materials kept the semiconductor equipment sleeve relevant inside the top end of the filing. |
AMERICAN CENTURY COMPANIES INC Top 5 vs Rest Concentration — 2025Q4
What Q4 2025 Set Up
That is why the next filing matters. If the book only keeps the same big-cap weights, it will still look strong but predictable. If names like NFLX and CEG keep gaining relevance, the portfolio will start to look more deliberate about broadening its growth map under the hood.
AMERICAN CENTURY COMPANIES INC AUM History
Questions For Q1 2026
Does Netflix stay important?
If NFLX holds or grows again, Q4 will look like the beginning of a real allocation change.
Was Constellation an isolated trade?
If CEG persists, the filing will keep reading as a broader AI infrastructure book, not just an app-layer one.
Can the core remain untouched while the edges change?
That is the key question. The next filing can show whether American Century wants change around the center without giving up the center itself.
Bottom Line
American Century’s next filing should be read as a test of controlled broadening. If the large-cap core remains intact while NFLX, CEG, and other side bets gain more weight, the manager will look like it is widening conviction instead of replacing it.
Q&A
When is American Century’s next 13F due?
American Century’s next 13F is due on May 15, 2026.
What was the biggest relative move?
Netflix was one of the biggest relative increases in the Q4 2025 filing.
Why does Constellation matter?
Because it links the portfolio to the power-and-infrastructure side of the AI buildout, not just software and semis.
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