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Name

As of 04/19/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

American Beacon TwentyFour Sustainable Short Term Bond Fund

TFBYX | Fund

$8.68

$8.66 M

3.82%

$0.33

1.83%

Vitals

YTD Return

1.5%

1 yr return

6.5%

3 Yr Avg Return

1.4%

5 Yr Avg Return

N/A

Net Assets

$8.66 M

Holdings in Top 10

25.7%

52 WEEK LOW AND HIGH

$8.7
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.83%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 54.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$100,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 04/19/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

American Beacon TwentyFour Sustainable Short Term Bond Fund

TFBYX | Fund

$8.68

$8.66 M

3.82%

$0.33

1.83%

TFBYX - Profile

Distributions

  • YTD Total Return 1.5%
  • 3 Yr Annualized Total Return 1.4%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 1.37%
DIVIDENDS
  • Dividend Yield 3.8%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    American Beacon TwentyFour Sustainable Short Term Bond Fund
  • Fund Family Name
    American Beacon
  • Inception Date
    Feb 18, 2020
  • Shares Outstanding
    N/A
  • Share Class
    Y
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Chris Bowie

Fund Description

The Fund seeks to achieve its investment objectives by investing, under normal market conditions, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in fixed-income securities and derivatives that provide exposure to fixed-income securities. The Fund’s investments may be of any maturity or duration, although, under normal market conditions, the Fund’s dollar-weighted average maturity is expected to be under three years. The Fund’s dollar-weighted average maturity may, at times, exceed three years under certain circumstances, including, for example, in response to adverse market conditions or shareholder redemption requests.
The Fund seeks to achieve its investment objectives while integrating sustainable investing considerations throughout the portfolio management process based primarily on the sub-advisor’s view of appropriate ethical and sustainability principles. The sub-advisor’s approach to sustainable investing generally prohibits investments in companies, based on the sub-advisor’s judgment, involved more than minimally in certain carbon-intensive operations and animal testing for cosmetic purposes or the production of tobacco, alcohol, gambling, adult entertainment, and controversial weapons (e.g., anti-personnel landmines and cluster munitions). This list is not exhaustive and may change from time to time to reflect new developments. Additionally, all Fund investments will be screened in accordance with the sub-advisor’s view of appropriate sustainability parameters as measured by the sub-advisor’s proprietary Environmental, Social and/or Governance (“ESG”) scoring model. The sub-advisor’s ESG parameters include: (1) environmental parameters, such as emissions creation, resource use and use of renewable energy; (2) social parameters, such as workforce turnover and diversity, human rights, including child labor policies, community service and responsible products; and (3) governance parameters, such as management and board composition and independence, shareholder engagement and corporate social responsibility policies. The sub-advisor applies its proprietary scoring model, which synthesizes data received from a third-party data provider and the sub-advisor’s independent assessment of a company’s ESG capabilities, to calculate an issuer’s score. If issuers have a score below a minimum threshold they will not be considered for investment. The Fund also seeks to encourage responsible practices, as defined by the sub-advisor, by investing in issuers that the sub-advisor believes are striving to improve industries such as energy production and transportation. The sub-advisor believes that including issuers engaged in these practices is as important as excluding issuers that are not, as the Fund seeks to create a portfolio of sustainable issuers that can achieve its investment objectives.
In selecting investments, the Fund’s sub-advisor develops a top-down, macroeconomic view of the global economic environment as indicated by factors such as interest rates, equity markets, corporate profitability, international capital flows, government policy and other relevant inputs. The sub-advisor also considers sustainability themes such as the potential for bribery and corruption or environmental degradation and incorporates developments in areas such as social and health equality, among others.
The sub-advisor then performs bottom-up analysis on individual issuers that focuses on the issuer’s creditworthiness, considers historical trends and patterns in an instrument’s price and relative valuation, and examines specific sustainability issues, such as the issuer’s treatment of fixed-income investors, management integrity and management’s response to challenging events. The sub-advisor examines the risk and return characteristics of each investment and seeks to identify opportunities to establish long positions in income-generating instruments that, at times, may have the potential for price appreciation and that have acceptable or improving sustainability outlooks, according to the sub-advisor. The sub-advisor also seeks to reduce or hedge positions in instruments that may decline in value, experience unwanted volatility, have declining sustainability trends, or when better investment opportunities are identified. The sub-advisor may also seek to interact with an issuer’s management team on certain topics to influence their views, as active engagement can play an important role in the sub-advisor’s approach to sustainable investing.
The sub-advisor receives sustainability data from a third-party data provider which the sub-advisor utilizes in its assessment of an issuer and for comparison purposes when it is available; however, the sub-advisor places significant emphasis on ensuring that its own experiences with and views of the issuer are reflected in its final sustainability assessment, and the sub-advisor’s assessment may differ materially from that of the third-party data provider. Additionally, many issuers held by the Fund, such as those in the securitized sectors and those without publicly traded equity, may not be covered by the third-party data provider. For such issuers, the sub-advisor’s sustainability assessment is based exclusively on its own analysis. As a result, the Fund’s holdings may not be comparable to those of other funds with sustainable investment mandates.
The Fund will invest primarily in investment-grade instruments, although up to one-third of its total assets may be invested in non-investment grade securities (also referred to as “high-yield” or “junk” bonds). The Fund may also invest in unrated securities. The Fund’s holdings may be denominated in U.S. and non-U.S. currencies, and all non-U.S. currency exposure will typically be hedged back to the U.S. dollar using currency forward contracts. The Fund may also have direct exposure to non-U.S. currencies for investment or hedging purposes.
The Fund’s fixed-income investments may include obligations issued or guaranteed by the U.S. government (such as U.S. Treasuries, among other instruments) and non-U.S. governments (also known as sovereign debt) and obligations issued by their agencies, instrumentalities or political subdivisions. The sub-advisor categorizes obligations issued by the U.S. government, U.S. government agencies, non-U.S. government and supranational issuers as consistent with the sub-advisor’s sustainable investment considerations.
The Fund’s investments may also include obligations issued by quasi-sovereign and supranational entities, corporate debt obligations, debentures, trust preferred securities, convertible preferred securities, convertible and non-convertible debt, contingent convertible bonds (“CoCos”), collateralized loan obligations (“CLOs”), mortgage-backed and other asset-backed securities, collateralized mortgage obligations (“CMOs”) and other mortgage-related products (including commercial and residential loans and mortgage pass-through securities). The Fund may invest in other investment companies, including exchange-traded funds (“ETFs”) and government money market funds, which may include government money market funds managed by the Manager, with respect to which the Manager also receives a management fee. The Fund’s investments may include fixed-rate, variable and floating-rate, inflation-indexed, and zero-coupon obligations.
The Fund’s holdings may include restricted securities, such as Rule 144A securities, and the Fund may have significant exposure to the Financials sector and to issuers located in, or with economic ties to, Europe and the United Kingdom. However, as the sector and geographic composition of the Fund’s portfolio changes over time, the Fund’s exposure to the Financials sector, Europe and/or the United Kingdom may decline, and the Fund’s exposure to other market sectors or geographic areas may increase. To a lesser extent, the Fund may also invest in equity securities, primarily including preferred stock of U.S. and non-U.S. companies.
The Fund may use derivative instruments primarily to hedge its exposure to investments denominated in foreign (non-U.S.) currencies; however, it may also use derivatives selectively to reduce or adjust its exposure to credit spreads, interest rates, to enhance total return or to substitute for the purchase or sale of the underlying securities or currencies. The Fund will generally invest in forward contracts (including deliverable and non-deliverable currency forwards). To a lesser extent, the Fund may also invest in futures (including bond index futures, interest rate futures and government bond futures such as U.S. treasury futures), swaps (including credit default, total return, interest rate and currency swaps), options (including puts, calls and non-deliverable options (“NDOs”)), warrants and structured notes. The Fund’s use of derivatives may be extensive. Derivative positions may also require the Fund to segregate liquid assets to cover its obligations.  
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TFBYX - Performance

Return Ranking - Trailing

Period TFBYX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.5% -4.7% 10.4% 6.72%
1 Yr 6.5% -3.1% 23.9% 4.91%
3 Yr 1.4%* -6.8% 4.0% 7.06%
5 Yr N/A* -4.4% 4.3% N/A
10 Yr N/A* -19.2% 169.6% N/A

* Annualized

Return Ranking - Calendar

Period TFBYX Return Category Return Low Category Return High Rank in Category (%)
2023 3.2% -5.4% 7.6% 8.01%
2022 -14.6% -17.7% -2.6% 99.26%
2021 -2.3% -4.0% 4.4% 81.45%
2020 N/A -8.3% 7.6% N/A
2019 N/A -2.3% 9.3% N/A

Total Return Ranking - Trailing

Period TFBYX Return Category Return Low Category Return High Rank in Category (%)
YTD 1.5% -4.7% 10.4% 6.72%
1 Yr 6.5% -3.1% 23.9% 4.91%
3 Yr 1.4%* -6.8% 4.0% 7.06%
5 Yr N/A* -4.4% 4.3% N/A
10 Yr N/A* -19.2% 169.6% N/A

* Annualized

Total Return Ranking - Calendar

Period TFBYX Return Category Return Low Category Return High Rank in Category (%)
2023 7.6% -1.1% 15.2% 6.74%
2022 -3.7% -17.3% -1.3% 19.63%
2021 0.9% -2.7% 7.7% 22.75%
2020 N/A -4.4% 14.5% N/A
2019 N/A 0.6% 12.6% N/A

NAV & Total Return History

TFBYX - Holdings

Concentration Analysis

TFBYX Category Low Category High TFBYX % Rank
Net Assets 8.66 M 14.5 K 57.3 B 99.46%
Number of Holdings 59 2 9251 90.09%
Net Assets in Top 10 2.22 M 1.16 M 6.6 B 99.64%
Weighting of Top 10 25.67% 1.8% 108.7% 51.35%

Top 10 Holdings

  1. U.K. Gilts 4.38%
  2. Nationwide Building Society 2.89%
  3. Rothesay Life PLC 2.88%
  4. U.S. Treasury Notes 2.87%
  5. Tower Bridge Funding PLC 2.42%
  6. AXA SA 2.18%
  7. Tesco Corporate Treasury Services PLC 2.13%
  8. Bunzl Finance PLC 1.98%
  9. U.S. Treasury Notes 1.97%
  10. MG PLC 1.96%

Asset Allocation

Weighting Return Low Return High TFBYX % Rank
Bonds 		91.97% 0.00% 130.68% 40.90%
Cash 		8.39% -20.59% 62.18% 14.41%
Convertible Bonds 		7.17% 0.00% 27.71% 3.61%
Stocks 		0.00% 0.00% 103.64% 49.01%
Preferred Stocks 		0.00% 0.00% 22.27% 41.62%
Other 		-0.36% -0.97% 72.36% 99.64%

Bond Sector Breakdown

Weighting Return Low Return High TFBYX % Rank
Corporate 		61.86% 0.00% 100.00% 14.98%
Securitized 		10.31% 0.00% 97.27% 85.92%
Government 		5.55% 0.00% 73.63% 81.41%
Cash & Equivalents 		0.00% 0.00% 62.18% 90.99%
Municipal 		0.00% 0.00% 17.46% 69.31%
Derivative 		-0.36% -0.55% 28.01% 99.46%

Bond Geographic Breakdown

Weighting Return Low Return High TFBYX % Rank
Non US 		83.16% 0.00% 83.16% 0.54%
US 		8.81% 0.00% 130.68% 92.79%

TFBYX - Expenses

Operational Fees

TFBYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.83% 0.01% 3.24% 2.18%
Management Fee 0.55% 0.00% 1.19% 91.17%
12b-1 Fee 0.00% 0.00% 1.00% 4.86%
Administrative Fee N/A 0.01% 0.50% N/A

Sales Fees

TFBYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.50% 5.75% N/A
Deferred Load N/A 0.50% 4.00% N/A

Trading Fees

TFBYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

TFBYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 54.00% 2.00% 500.00% 33.95%

TFBYX - Distributions

Dividend Yield Analysis

TFBYX Category Low Category High TFBYX % Rank
Dividend Yield 3.82% 0.00% 10.75% 42.34%

Dividend Distribution Analysis

TFBYX Category Low Category High Category Mod
Dividend Distribution Frequency None Monthly Monthly Monthly

Net Income Ratio Analysis

TFBYX Category Low Category High TFBYX % Rank
Net Income Ratio 1.37% -1.27% 4.98% 38.12%

Capital Gain Distribution Analysis

TFBYX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually

Distributions History

View More +

TFBYX - Fund Manager Analysis

Managers

Chris Bowie

Start Date

Tenure

Tenure Rank

Feb 18, 2020

2.28

2.3%

Chris is one of the partners at TwentyFour, joining in September 2014 to create and manage the Outcome and Index Driven business line. This business line sits between the ABS and Unconstrained strategies and tends to have greater exposure to interest rate sensitive bonds, where the active management of duration risk is a key determinant of absolute and relative performance. Day to day, Chris is the lead manager for the Corporate Bond Fund and Absolute Return Credit Fund.  He also is a member of the firm’s Investment Committee and a member of the firms ESG steering group. Chris has 26 years of experience across fixed income markets, having been Head of Credit at Ignis for 10 years, and Head of Rates at AEGON (now Kames). Before AEGON, Chris was a senior portfolio manager at Murray Johnstone Ltd (which was acquired by Aberdeen Asset management).

Gordon Shannon

Start Date

Tenure

Tenure Rank

Feb 18, 2020

2.28

2.3%

Gordon joined TwentyFour in 2015 as a Portfolio Manager in the Outcome Driven team. He has over 10 years of experience in fixed income. Gordon’s main responsibility is management of the firm’s Corporate Bond and Absolute Return Credit Funds. Before joining TwentyFour, Gordon was a Portfolio Manager at Ignis Asset Management, helping to run £14bn of retail, institutional and insurance portfolios on the firm’s credit desk. Gordon worked at Ignis for 8 years, initially as an investment analyst where he covered the utilities, telecoms and insurance sectors before joining the portfolio management team to run several euro and sterling corporate bond mandates. While at Ignis Gordon became a CFA Charterholder. Prior to this, Gordon worked as a Pensions Consultant at Watson Wyatt for two years, after graduating from Cambridge University in 2005 with a degree in Economics.

Graeme Anderson

Start Date

Tenure

Tenure Rank

Feb 18, 2020

2.28

2.3%

Graeme is one of the founding partners of TwentyFour Asset Management, and serves as the firm’s Executive Committee Chairman. He is also Chairman of the Asset Allocation Committee and a member of the firms Risk and Compliance Committee. During his 33 years in fixed income markets, Graeme has held a variety of leadership roles in both asset management (Britannia Asset Management) and investment banking (Barclays Capital, Greenwich NatWest and Merrill Lynch).

William Daley

Start Date

Tenure

Tenure Rank

Oct 28, 2021

0.59

0.6%

Bill Daley is Head of Credit Research and brings over 21 years of investment experience. He manages the research activities in all credit sectors. His previous experience includes positions as head of investment-grade research at Zurich Scudder Investments and head of credit research at Allstate Insurance Corporation. Most recently he was with Deerfield Capital Management where he was director of corporate bond research. Early in his investment career, Bill held analyst positions at The Bank of New York and Moody’s Investors Services. He earned a B.S. in accounting and an M.B.A. in finance from Rutgers University.

Johnathan Barrett

Start Date

Tenure

Tenure Rank

Oct 28, 2021

0.59

0.6%

Jonathan Barrett joined Luminus Management, LLC (“Luminus”) in 2003 and has been the President and Portfolio Manager since 2011. From 2005 to 2007, Jonathan served as Managing Director and a member of the Investment Committee of of LS Power Equity Advisors, the private equity arm of LS Power. LS Power is an integrated investment, development and management company focused on the North American power and energy infrastructure industries and an affiliate of Luminus. Prior to joining Luminus in 2003, Jonathan was a Director in Salomon Smith Barney’s Merger and Acquisition Group. Before joining Salomon, he spent four years in real estate investment and restructuring. Jonathan graduated with honors in Accounting from the University of Witwatersrand in Johannesburg, South Africa and completed two years with PriceWaterhouse.

Diana Gordon

Start Date

Tenure

Tenure Rank

Oct 28, 2021

0.59

0.6%

Gordon, vice president, joined Goldman Sachs Asset Management LP in 1999 covering the high yield technology and communications sectors in addition to trading. Before 1999, she was a high yield portfolio manager at Saudi International Bank.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.07 28.77 6.14 2.41

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