American Century Focused Dynamic Growth Fund Q1 2026 Portfolio Review

American Century's Q1 2026 fund commentary says underweighting Microsoft (MSFT.OQ) helped performance as the market focused on Azure and AI competition concerns. The fund added Lam Research (LRCX.OQ) to capture AI-driven demand for wafer fabrication equipment and a favorable memory supply/demand backdrop, and exited its position in payroll software provider Paylocity (PCTY.OQ) amid weakness in enterprise software, reallocating proceeds to Reddit. Adyen was noted as having slower-than-expected revenue growth and saw shares fall. Overall, the portfolio actions reflect a tactical shift away from large-cap software exposure perceived as vulnerable to AI competition and toward semiconductor equipment and select digital-platform opportunities, with implications for sector allocation and relative performance within tech exposure.