American Century Small Cap Growth Fund - I Class (ANONX) is an open-end mutual fund managed by American Century Investments that seeks long-term capital growth through investments primarily in small-cap growth stocks. Under normal market conditions, the fund invests at least 80% of its net assets in equity securities of small-cap companies, defined as those similar in market capitalization to companies in the Russell 2000 Growth Index; it employs a bottom-up investment strategy focusing on smaller companies exhibiting sustainable accelerating earnings growth, positive price momentum, and improving business fundamentals, with a portfolio turnover rate of approximately 69% and sector allocations emphasizing healthcare (22.88%), technology (22.49%), and industrials (20.24%). The I Class shares, designed for institutional investors, carry a net expense ratio of 0.97%, a minimum initial investment of $5.0 million, and are available through financial advisors.
The fund offers multiple share classes including Investor (ANOIX), R (ANORX), A (ANOAX), and Y (ANOYX), with assets under management for the overall fund exceeding $4.8 billion as of recent reports; it benchmarks performance against the Russell 2000 Growth Index and maintains geographic focus on U.S. stocks (92.04%), supplemented by non-U.S. stocks (5.99%) and cash equivalents (1.97%). American Century Investments, founded in 1958 and headquartered in Kansas City, Missouri, operates globally with approximately $300 billion in assets under management, providing a range of equity, fixed income, and alternative investment products to institutional, advisor, and individual clients.
In recent developments, American Century Investments launched the American Century Small Cap Growth Insights ETF (ACSG) in October 2025, an actively managed ETF co-managed by the fund's portfolio managers Jackie Wagner and Jeff Hoernemann alongside Stephen Quance, leveraging the same small-cap growth stock selection process for benchmark-consistent, tax-efficient exposure to U.S. small-cap companies with accelerating growth; this expands the firm's ETF platform, now the fourth-largest issuer of active ETFs in the U.S., amid projected global small-cap earnings acceleration into 2025.