AZSCX — American Beacon Zebra Small Cap Equity Fund
Data updated: 2023-07-27
AZSCX — American Beacon Zebra Small Cap Equity Fund. Money Market · $24.24M AUM · 2.01% expense ratio. Holdings, fees, performance and SEC filings.
AZSCX Fund Overview
AZSCX — American Beacon Zebra Small Cap Equity Fund is a US mutual fund managed by American Beacon Funds, categorised as Money Market. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: American Beacon Funds
- Category: Money Market
- Assets under management: $24.24M
- 1-year return: -10.2%
- Ticker: AZSCX
- SEC CIK: 0000809593
- SEC series ID: S000029125
- Share class ID: C000092354
AZSCX Investment Objective and Strategy
American Beacon Zebra Small Cap Equity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by American Beacon Funds.
Investment objective
The Fund's investment objective is long-term capital appreciation.
Principal investment strategy
"Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in equity securities of small market capitalization U.S. companies. These companies have market capitalizations similar to the market capitalizations of the companies in the Russell 2000 Index at the time of investment. The Russell 2000 Index is comprised of the 2000 smallest companies in the Russell 3000 Index based on total market capitalization. As of October 31, 2017, the market capitalizations of the companies in the Russell 2000 Index ranged from $32 million to $6.55 billion. In addition to common stocks, preferred stocks, American Depositary Receipts (""ADRs""), and securities convertible into or exchangeable for common stocks, the Fund may also invest in real estate investment trusts (""REITs"") and master limited partnerships (""MLPs"").
The Fund's sub-advisor, Zebra Capital Management, LLC (""Zebra""), seeks to capture a liquidity premium among fundamentally strong, publicly-traded equities. A liquidity premium is the additional return that may be realized on the sales of securities that are less liquid at the time of purchase. A liquidity premium may exist in public equity markets, as more liquid stocks tend to be priced at a premium, while less liquid stocks tend to be priced at a discount, thus having higher expected appreciation. Despite producing similar levels of earnings and cash flows, less liquid stocks can typically be purchased at lower prices, offering higher expected appreciation. Frequently, a fundamentally-sound stock is less traded because it has temporarily fallen out of favor. Over time, the market may recognize the inherent value of the stock again, where the Fund would stand to benefit from the liquidity premium as the stock's trading activity and price rise.
Zebra chooses the securities that comprise the Fund's portfolio first by identifying stocks with strong fundamentals (i.e., earnings, book value, cash flows) that Zebra believes are undervalued in the market relative to their long-term appreciation potential. Zebra then applies the liquidity premium analysis to identify the stocks that trade less frequently than stocks with comparable fundamentals. Stocks are typically sold when fundamentals deteriorate, trading activity increases relative to changes in a stock's fundamentals, or Zebra believes there are greater opportunities to capture liquidity premium in other stocks. On a short-term basis, the Fund may invest cash balances in other investment companies, including money market funds and may purchase and sell futures contracts to gain market exposure on cash balances or reduce market exposure in anticipation of liquidity needs.
The Fund may lend its securities to broker-dealers and other institutions to earn additional income."
AZSCX Performance
Total returns for AZSCX (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | -10.2% |
| 3 years (annualised) | 10.2% |
AZSCX Risk Information
Risk metrics for AZSCX, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 24.8%
AZSCX Costs and Fees
AZSCX costs about $201 per $10,000 invested per year in fund expenses.
- Net expense ratio: 2.01%
- Gross expense ratio: 2.35%
- Portfolio turnover: 108%
- Brokerage commissions: 16.73 bps of average net assets (SEC N-CEN)
AZSCX Cashflows
Over the 12 months to 2023-05, American Beacon Zebra Small Cap Equity Fund had net outflows of $16.67M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2023-05 | −$6.45M |
| 2023-04 | −$710.04K |
| 2023-03 | −$697.87K |
| 2023-02 | −$588.49K |
| 2023-01 | −$4.37M |
| 2022-12 | $1.24M |
AZSCX Debt Constituents
No individual debt constituents are reported in American Beacon Zebra Small Cap Equity Fund's latest SEC N-PORT filing.
AZSCX Prospectus and SEC Filings
Official American Beacon Zebra Small Cap Equity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2022-12-23
- Prospectus (485BPOS) — filed 2021-12-27
- Prospectus (485BPOS) — filed 2020-12-29
- Portfolio holdings (N-PORT) — filed 2023-07-27
- Portfolio holdings (N-PORT) — filed 2023-04-06
- Portfolio holdings (N-PORT) — filed 2023-01-25
- Annual census (N-CEN) — filed 2022-11-10
- Annual census (N-CEN) — filed 2021-11-10
Related Funds
Other Money Market 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.