American Century Zero Coupon 2020 Fund Advisor Class
ACTEX
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- American Century Zero Coupon 2020 Fund Advisor Class (ACTEX) is a target-maturity mutual fund managed by American Century Investments that seeks the highest total return consistent with investment in U.S. Treasury securities maturing in 2020; it invests at least 80% of its net assets in zero-coupon U.S. Treasury securities and may include repurchase agreements collateralized by such securities. The fund offers capital preservation and appreciation through its laddered portfolio of zero-coupon Treasuries designed to mature and liquidate near the end of the target year, providing predictable returns for investors seeking low credit risk and defined maturity exposure. American Century Investments, the fund's manager and issuer, founded in 1958 and headquartered at 4500 Main Street in Kansas City, Missouri, provides a broad range of investment products including equity, fixed income, target-date, and ETF strategies to individual investors, financial professionals, institutions, and corporations. The firm operates globally with offices in New York, London, Hong Kong, Sydney, and other locations, managing approximately $59.7 billion in ETF assets as of early 2025 alongside its traditional mutual funds; more than 40% of its profits support the Stowers Institute for Medical Research. The ACTEX fund, part of American Century's Target Maturities Trust series, targeted institutional and advisor-class investors with a minimum investment threshold and focuses on the U.S. fixed income segment, particularly government securities for conservative, income-oriented portfolios nearing a specific maturity horizon. It historically maintained low turnover around 5-7%, an expense ratio of 0.80%, and net assets peaking near $137 million before approaching maturity. As designed, the fund liquidated near the end of 2020 following its target maturity, distributing remaining assets to shareholders after reverse share splits to maintain net asset value stability in prior years. American Century Investments has since undergone strategic expansions, including launching active semi-transparent ETFs in the 2020s where it ranks among the top 20 issuers by AUM and top 5 active ETF providers, entering private equity markets, and extending Avantis Investors internationally; recent actions include liquidating select underperforming ETFs such as LVOL in April 2025, AEMB in October 2024, and QPFF/QCON in September 2025. No specific acquisitions or partnerships directly impacted the ACTEX fund, but the parent's ongoing innovations reflect shifts toward ETF growth and product rationalization.