American Beacon GLG Total Return Fund
Data updated: 2020-06-29
C000168934 — American Beacon GLG Total Return Fund. Money Market · $20.40M AUM · 1.24% expense ratio. Holdings, fees, performance and SEC filings.
C000168934 Fund Overview
American Beacon GLG Total Return 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: $20.40M
- SEC CIK: 0000809593
- SEC series ID: S000053744
- Share class ID: C000168934
C000168934 Investment Objective and Strategy
American Beacon GLG Total Return 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 to seek high current income and capital appreciation.
Principal investment strategy
"The Fund seeks to achieve high current income and capital appreciation by investing primarily in securities (excluding U.S. Dollar denominated cash and cash equivalents) of issuers that are economically tied to emerging market countries. The Fund's strategy is managed in an absolute-return style and is not managed with reference to a benchmark. The Fund also may achieve its objective when stronger macroeconomic and political circumstances in emerging market countries lead to lower interest rates, lower credit spreads, or stronger currencies. The securities in which the Fund primarily invests include debentures, sovereign and quasi-sovereign debt, corporate obligations, high-yield securities (commonly referred to as ""junk bonds""), unrated securities, and, to a lesser extent, equities, equity equivalents and exchange-traded funds (""ETFs"") that provide exposure to these types of investments.
The Fund may also invest in investment-grade securities, callable securities, restricted securities, variable and floating-rate securities, separate trading of registered interest and principal of securities (""STRIPS"") and zero-coupon securities. The Fund's investments may include fixed-income securities of various maturities and durations. The Fund may invest in derivatives, including futures (such as interest-rate futures), forwards (such as currency and non-deliverable forwards (""NDFs"")), options (such as interest-rate options) and swaps (such as interest-rate, total-return, cross-currency and credit-default swaps). The Fund may engage in short sales (primarily by taking short positions with derivatives). The Fund may use derivative instruments to enhance total return, manage certain investment risks, serve as a substitute for the purchase or sale of the underlying security or currency, or to seek tax-advantaged access to the underlying instruments.
Derivatives allow the Fund to obtain economic exposure without directly holding the underlying security in the event that regulatory, transaction cost, or other factors increase the difficultly or reduce the desirability of holding the underlying security. The Fund may make direct investments in non-U.S. currencies and in securities denominated in non-U.S. currencies, and the Fund may invest in derivative instruments tied to non-U.S. currencies (including indexes or baskets of such currencies). These investments are intended to enhance the Fund's returns or to reduce its risk. Derivatives are generally treated as economically tied to emerging market countries if the underlying assets are, or if the performance of the instrument is otherwise determined with reference to, interest rates of emerging market countries or securities issued by governments or other issuers organized under the laws of emerging market countries.
A significant portion of the portfolio may be retained in cash and cash equivalents at times when the sub-advisor determines that suitable investment opportunities are not available and, as necessary, to provide asset coverage for the Fund's derivative investments. Cash instruments typically may include liquid government debt instruments and money market mutual fund investments, but they also may include time deposits, certificates of deposit, commercial paper and other money market instruments. For purposes of the Fund's investment strategy, an ""emerging markets"" country is any country: (i) having an ""emerging stock market"" as defined by the International Finance Corporation; (ii) with low- to middle-income economies according to the International Bank for Reconstruction and Development (the ""World Bank""); (iii) listed in World Bank publications as developing; or (iv) determined by the sub-advisor to be an emerging market.
Currently, these countries generally include every country in the world except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States. An instrument is economically tied to an emerging market country if: (i) the issuer is the government (or any political subdivision, agency, authority or instrumentality of such government) of an emerging market country; (ii) the instrument is principally traded on an emerging market country's securities markets; or (iii) the issuer is organized or principally operates in an emerging market country, derives 50% or more of its income from its operation within the country, or has 50% or more of its assets in the country.
In making investment decisions for the Fund, the sub-advisor employs an investment process in which country issuers, currencies, and interest-rate curves are analyzed based on information obtained from dedicated in-house market research, local resources, travel to the region, and a variety of other sources, including third-party data providers. The analysis intends to capture most of the upside of an investment and reduce the potential for downside exposure relative to traditional investment strategies. The Fund generally will engage in active and frequent trading of portfolio securities to achieve its investment objective. The Fund is non-diversified, which means that it may invest a high percentage of its assets in a limited number of issuers."
C000168934 Costs and Fees
C000168934 costs about $124 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.24%
- Gross expense ratio: 1.48%
- Portfolio turnover: 19%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000168934 Cashflows
Over the 12 months to 2020-04, American Beacon GLG Total Return Fund had net outflows of $197.04M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2020-04 | −$1.36M |
| 2020-03 | $1.27M |
| 2020-02 | −$381.80K |
| 2020-01 | −$3.76M |
| 2019-12 | −$304.96K |
| 2019-11 | −$816.24K |
C000168934 Debt Constituents
No individual debt constituents are reported in American Beacon GLG Total Return Fund's latest SEC N-PORT filing.
C000168934 Prospectus and SEC Filings
Official American Beacon GLG Total Return Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2020-06-12
- Prospectus (485BPOS) — filed 2019-06-07
- Prospectus (485BPOS) — filed 2018-06-12
- Portfolio holdings (N-PORT) — filed 2020-06-29
- Portfolio holdings (N-PORT) — filed 2020-03-17
- Portfolio holdings (N-PORT) — filed 2019-12-24
- Annual census (N-CEN) — filed 2020-04-14
- Annual census (N-CEN) — filed 2019-04-12
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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.