Greg Carlson: American Century Large Company Value's Morningstar Analyst Rating was recently upgraded from Neutral to Bronze. This fund has seen both manager and strategy changes in recent years, so you should disregard its prior record; its current team and investment process are both highly proven.
The team runs three other all-equity charges including American Century Value, which is more of an all-cap fund; all three of those receive Silver ratings. This one receives a Bronze because lead manager Brian Woglom has less of a track record on his own, but we have a lot of confidence in him and the team behind him.
The strategy is also appealing. The team invests in companies with strong returns on capital and low debt that are trading at modest valuations, such as Johnson & Johnson and Procter & Gamble. This strategy has worked well elsewhere, and we like the fund's prospects for the long term.