AIBYX — International Bond Fund
Data updated: 2024-03-27
AIBYX — International Bond Fund. Alternative · $63.15M AUM · 0.60% expense ratio · -2.9% 1-yr return. Holdings, fees, performance and SEC filings.
AIBYX Fund Overview
AIBYX — International Bond Fund is a US mutual fund managed by American Century International Bond Funds, categorised as Alternative. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: American Century International Bond Funds
- Category: Alternative
- Assets under management: $63.15M
- 1-year return: -2.9%
- Ticker: AIBYX
- SEC CIK: 0000880268
- SEC series ID: S000005795
- Share class ID: C000189709
AIBYX Investment Objective and Strategy
International Bond Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by American Century International Bond Funds.
Investment objective
The fund seeks total return.
Principal investment strategy
Under normal market conditions, the fund invests at least 80% of its net assets in bonds. For purposes of this fund, the advisor defines bonds as non-money market debt securities, such as corporate bonds and notes, debt securities issued by governments, commercial paper and securities backed by mortgages or other assets. The fund will invest primarily in non-dollar denominated debt securities issued by foreign governments and foreign companies. The fund will allocate its assets among at least three different countries (one of which may be the United States). The advisor expects the funds dollar-weighted average maturity to range from two to 12 years. The fund will invest in investment grade debt securities. An investment grade security is one that has been rated in one of the four highest categories used by a nationally recognized statistical rating organization or determined by the advisor to be of comparable credit quality.
The fund will also invest in high-yield debt securities (junk bonds). A high-yield security is one that has been rated below the four highest categories used by a nationally recognized statistical rating organization, or determined by the investment advisor to be of similar quality. The fund may invest in emerging market debt securities. The fund considers a security to be an emerging markets security if its issuer is located outside the following developed countries list, which is subject to change: Australia, Austria, Belgium, Bermuda, Canada, Denmark, Finland, France, Germany, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, the United Kingdom and the United States. The portfolio managers use a combination of fundamental research and bond and currency valuation models, and evaluate each countrys economic climate and political discipline for controlling deficits and inflation.
Using economic forecasts, the portfolio managers project the expected return for each country. By contrasting expected risks and returns for investments in each country, the portfolio managers select those countries expected to produce the best return at reasonable risk. The portfolio managers limit the use of hedging strategies that minimize the risk of currency fluctuations, but may hedge up to 25% of the funds total assets into U.S. dollars when the portfolio manager considers the dollar to be attractive relative to foreign currencies. In addition to the debt securities described above, the fund may also invest in bank loans. The fund also invests in derivative instruments. The fund invests in foreign currency exchange contracts to shift its investment exposure from one currency into another for hedging purposes or to enhance returns.
The fund may also invest in futures contracts, options and swap agreements to manage duration, credit exposure and country exposure. In certain foreign markets, swaps can also act as substitutes for other less liquid fixed-income instruments. The fund may also invest in collateralized debt obligations, including collateralized loan obligations, mortgage- or asset-backed securities and other similarly structured investments. The portfolio managers may engage in hedging of portfolio positions, which usually involves entering into a transaction that has the opposite characteristics of the position being hedged. The net effect of these two positions is to reduce or eliminate the exposure created by the first position. The fund sells holdings for a variety of reasons, such as to adjust its average maturity or credit quality, to shift assets into and out of higher-yielding securities, or to alter geographic or currency exposure.
AIBYX Holdings
Top 10 holdings of International Bond Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Fixed Income Clearing Corp 5.29 02/01/2024 | 55.16% |
| Canadian Government Bond | 7.01% |
| Toronto-Dominion Bank/The 5.28 02/01/2024 | 6.13% |
| Bank of Montreal/Chicago IL 5.26 02/01/2024 | 6.03% |
| Credit Agricole Corporate and Investment Bank/New York | 3.96% |
| Landesbank Baden-Wuerttemberg | 3.96% |
| Australia Government Bond | 3.84% |
| French Republic Government Bond OAT | 3.52% |
| U.s. Treasury | 3.49% |
| New Zealand Government Bond | 2.68% |
AIBYX Portfolio Allocation
Asset-class allocation of International Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Cash & Equivalents | 75.4% |
| Fixed Income | 24.0% |
| Real Estate | 0.1% |
AIBYX Performance
Total returns for AIBYX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -2.9% |
| 3 years (annualised) | -8.8% |
AIBYX Risk Information
Risk metrics for AIBYX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 10.5%
AIBYX Costs and Fees
AIBYX costs about $60 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.60%
- Gross expense ratio: 0.60%
- Portfolio turnover: 63%
- Brokerage commissions: 0.67 bps of average net assets (SEC N-CEN)
AIBYX Cashflows
Over the 12 months to 2024-01, International Bond Fund had net outflows of $612.18M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2024-01 | −$2.23M |
| 2023-12 | −$461.07M |
| 2023-11 | −$8.10M |
| 2023-10 | $209.50K |
| 2023-09 | $2.14M |
| 2023-08 | −$166.13M |
AIBYX Debt Constituents
Largest debt holdings of International Bond Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Canadian Government Bond | 7.01% |
| Australia Government Bond | 3.84% |
| French Republic Government Bond OAT | 3.52% |
| U.s. Treasury | 3.49% |
| New Zealand Government Bond | 2.68% |
| Spain Government Bond | 1.72% |
| Netherlands Government Bond | 1.72% |
AIBYX Prospectus and SEC Filings
Official International Bond Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2023-02-28
- Prospectus (485BPOS) — filed 2022-02-28
- Prospectus (485BPOS) — filed 2021-02-26
- Portfolio holdings (N-PORT) — filed 2024-03-27
- Portfolio holdings (N-PORT) — filed 2023-12-22
- Portfolio holdings (N-PORT) — filed 2023-09-21
- Annual census (N-CEN) — filed 2024-01-11
- Annual census (N-CEN) — filed 2023-01-11
Related Funds
Other Alternative funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.