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Trending ETFs

Name

As of 07/07/2023

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

$9.11

$9.47 M

0.00%

4.91%

Vitals

YTD Return

16.1%

1 yr return

9.2%

3 Yr Avg Return

N/A

5 Yr Avg Return

N/A

Net Assets

$9.47 M

Holdings in Top 10

98.6%

52 WEEK LOW AND HIGH

$9.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 4.91%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 0.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$100,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 07/07/2023

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

$9.11

$9.47 M

0.00%

4.91%

AABYX - Profile

Distributions

  • YTD Total Return 16.1%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio -1.07%
DIVIDENDS
  • Dividend Yield 0.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    American Beacon AHL TargetRisk Core Fund
  • Fund Family Name
    American Beacon
  • Inception Date
    Dec 16, 2020
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Russell Korgaonkar

Fund Description

The Fund seeks to achieve its investment objective by allocating all or substantially all of its assets across equities and bonds primarily through derivative instruments. The Fund implements its strategy by utilizing a proprietary quantitative model, which is designed to provide a stable level of volatility regardless of market conditions.
The Fund invests primarily in futures (including interest rate futures, equity index futures, non-U.S. currency futures, and government bond futures, such as treasury futures), but also may invest in other types of derivative instruments based on securities, indices, and currencies. These may include foreign currency forward contracts, including non-deliverable forwards (“NDFs”). The Fund uses derivative instruments to enhance total return, to manage certain investment risks or to substitute for the purchase or sale of the underlying securities, including forward contracts to hedge against currency exchange rates. The Fund expects that, under normal market conditions, the notional value of its derivatives exposure generally will exceed that of its net assets. In connection with the Fund’s use of derivatives, the Fund also may hold significant amounts of U.S. Treasury securities and other foreign developed market sovereign and quasi-sovereign short-term bonds issued by countries such as France, Germany, Japan and other developed countries, or high-quality short-term investments, including government money market funds, cash and time deposits in order to meet collateral and applicable asset coverage requirements under the Investment Company Act of 1940, as amended (the “Investment Company Act”), and for cash management purposes. The Fund’s use of derivatives may have the economic effect of financial leverage. The Fund’s investments are generally made without restriction as to issuer market capitalization, country, currency, or maturity. The Fund may invest in derivatives instruments that provide exposure to issuers in the U.S. and foreign developed and emerging markets and may invest directly in non-U.S. currencies and securities denominated in non-U.S. currencies. The Fund may invest directly in government obligations. The Fund may also invest in U.S. government securities, and zero coupon securities.
The sub-advisor’s strategy is designed to provide a return that exceeds that of the Fund’s benchmark index with a stable level of volatility regardless of market conditions. The Fund’s current benchmark is a composite index comprised 60% of the MSCI World Index and 40% of the Bloomberg Global-Aggregate Total Return Index, both hedged to U.S. Dollars. The sub-advisor seeks to do this by using systematic algorithms (a mathematical model) to scale positions based on the net asset value (“NAV”) of the Fund. The algorithm measures the degree of volatility in a particular market. If the market is turbulent, and returns are volatile, the algorithm will reduce exposure. Conversely, it will increase exposure if the market is calm. This technique is called ‘volatility scaling’ and can be applied at various levels to achieve a balanced risk exposure through time, and across different asset classes. Volatility scaling attempts to create a more stable return stream through time. The resulting portfolio aims to achieve a certain target level of volatility which is stable through time. The Fund has set an annualized volatility target of 10% of its NAV. Volatility is defined for this purpose as the annualized standard deviation of returns. It is important to note that both the short and long term realized volatility of the Fund can and will differ from the targeted volatility and can be dependent on prevailing market conditions.
In addition to the volatility scaling described above, the strategy utilizes additional systematic overlays to control downside risk. The first of these is a momentum overlay, which uses past price behavior to identify periods when a market is in a downtrend. The strategy uses this information to scale down positions depending upon the strength of that trend, thereby reducing risk in falling markets. The second is a volatility switching mechanism, which reacts quickly to spikes in volatility by using a formula that is designed to minimize market transactions during periods of low volatility and increase market transactions during periods of heightened market volatility in order to maintain the Fund’s target level of volatility. Volatility switching is used to react more dynamically to market events. The third, a correlation overlay, uses intraday data to identify dangerous environments in which fixed income assets no longer act as a hedge to equities and other assets. The combination of these overlays aims to reduce losses and improve risk-adjusted returns.
The Fund’s holdings may be frequently adjusted to reflect the sub-advisor’s assessment of changing risks, which could result in high portfolio turnover.
The Fund is non-diversified, which means that it is not limited to a percentage of assets that it may invest in any one issuer.
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AABYX - Performance

Return Ranking - Trailing

Period AABYX Return Category Return Low Category Return High Rank in Category (%)
YTD 16.1% -12.3% 54.0% 5.69%
1 Yr 9.2% -18.1% 40.4% 13.41%
3 Yr N/A* -18.3% 16.3% N/A
5 Yr N/A* -13.2% 10.3% N/A
10 Yr N/A* -9.5% 4.1% N/A

* Annualized

Return Ranking - Calendar

Period AABYX Return Category Return Low Category Return High Rank in Category (%)
2023 -22.6% -48.5% 15.7% 83.20%
2022 N/A -10.0% 21.8% N/A
2021 N/A -5.8% 15.2% N/A
2020 N/A -2.2% 6.5% N/A
2019 N/A -6.8% 0.3% N/A

Total Return Ranking - Trailing

Period AABYX Return Category Return Low Category Return High Rank in Category (%)
YTD 16.1% -23.0% 54.0% 5.69%
1 Yr 9.2% -18.1% 40.4% 13.01%
3 Yr N/A* -18.3% 16.3% N/A
5 Yr N/A* -13.2% 10.3% N/A
10 Yr N/A* -9.5% 6.1% N/A

* Annualized

Total Return Ranking - Calendar

Period AABYX Return Category Return Low Category Return High Rank in Category (%)
2023 -22.6% -48.5% 15.7% 83.61%
2022 N/A -10.0% 21.8% N/A
2021 N/A -5.8% 15.2% N/A
2020 N/A -2.2% 6.5% N/A
2019 N/A -6.8% 0.3% N/A

NAV & Total Return History


AABYX - Holdings

Concentration Analysis

AABYX Category Low Category High AABYX % Rank
Net Assets 9.47 M 1.96 M 15.7 B 96.75%
Number of Holdings 11 2 3255 86.59%
Net Assets in Top 10 699 M 349 K 12.1 B 24.80%
Weighting of Top 10 98.59% 22.9% 100.0% 11.06%

Top 10 Holdings

  1. United States Treasury Bills 0.01% 21.21%
  2. United Kingdom of Great Britain and Northern Ireland 0.12% 17.26%
  3. Germany (Federal Republic Of) 0.5% 13.67%
  4. United States Treasury Bills 0.01% 13.19%
  5. United States Treasury Notes 0.12% 13.13%
  6. France (Republic Of) 0.7% 12.29%
  7. United States Treasury Bills 12.12%
  8. United States Treasury Bills 12.12%
  9. United States Treasury Bills 12.12%
  10. United States Treasury Notes 0.12% 10.90%

Asset Allocation

Weighting Return Low Return High AABYX % Rank
Bonds
96.72% 0.00% 106.59% 2.03%
Cash
3.29% -65.52% 88.88% 70.73%
Stocks
0.00% 0.00% 238.38% 98.37%
Preferred Stocks
0.00% 0.00% 6.21% 86.99%
Other
0.00% -72.87% 73.78% 91.87%
Convertible Bonds
0.00% 0.00% 8.92% 91.06%

Bond Sector Breakdown

Weighting Return Low Return High AABYX % Rank
Government
96.71% 0.00% 99.78% 2.85%
Cash & Equivalents
3.29% -72.56% 100.00% 93.50%
Derivative
0.00% 0.00% 71.81% 89.84%
Securitized
0.00% 0.00% 52.99% 89.02%
Corporate
0.00% 0.00% 98.28% 93.09%
Municipal
0.00% 0.00% 19.13% 86.99%

Bond Geographic Breakdown

Weighting Return Low Return High AABYX % Rank
US
53.50% -17.22% 99.80% 13.01%
Non US
43.22% -2.67% 63.37% 4.47%

AABYX - Expenses

Operational Fees

AABYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 4.91% 0.21% 5.96% 1.24%
Management Fee 0.88% 0.00% 1.50% 48.37%
12b-1 Fee 0.00% 0.00% 1.00% 26.99%
Administrative Fee N/A 0.05% 0.70% N/A

Sales Fees

AABYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.50% 5.75% N/A
Deferred Load N/A 1.00% 1.00% N/A

Trading Fees

AABYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.50% 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.

AABYX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 0.00% 0.00% 441.00% 1.00%

AABYX - Distributions

Dividend Yield Analysis

AABYX Category Low Category High AABYX % Rank
Dividend Yield 0.00% 0.00% 49.86% 89.26%

Dividend Distribution Analysis

AABYX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Quarterly Annually

Net Income Ratio Analysis

AABYX Category Low Category High AABYX % Rank
Net Income Ratio -1.07% -2.12% 13.72% 90.24%

Capital Gain Distribution Analysis

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

Distributions History

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AABYX - Fund Manager Analysis

Managers

Russell Korgaonkar


Start Date

Tenure

Tenure Rank

Dec 16, 2020

1.45

1.5%

Russell Korgaonkar is Head of Portfolio Management at AHL. Mr. Korgaonkar joined the company in February 2001, and spent several years researching and building single-stock trading systems, including statistical arbitrage and fundamental factor models. He managed the equity neutral fund Man MAC Daylami from inception in 2005 until 2009, before concentrating on directional systems including a sector based equities model. He moved to his current role in March 2011, and has brought practical experience to the managed futures programs, where his team is responsible for high-level portfolio construction, investment management, and research.

Otto van Hemert


Start Date

Tenure

Tenure Rank

Feb 01, 2021

1.33

1.3%

Otto van Hemert is Director of Core Strategies and a member of AHL’s management and investment committees. He was previously Head of Macro Research at AHL. Prior to joining AHL in 2015, Mr. Van Hemert ran a systematic global macro fund at IMC for more than three years. Before that, he headed Fixed Income Arbitrage, Credit, and Volatility strategies at AQR, and was on the Finance Faculty at the New York University Stern School of Business, where he published papers in leading academic finance journals. Mr. Van Hemert holds a PhD in Finance from the University of Amsterdam, Master’s Degrees in Economics from Tinbergen Institute and the University of Amsterdam, and a Master’s Degree in Mathematics from Utrecht University.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 33.83 6.63 13.0