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Name

As of 11/22/2024

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 Developing World Income Fund

AGECX | Fund

$7.05

$516 M

12.24%

$0.86

2.18%

Vitals

YTD Return

14.2%

1 yr return

17.0%

3 Yr Avg Return

4.2%

5 Yr Avg Return

4.3%

Net Assets

$516 M

Holdings in Top 10

19.9%

52 WEEK LOW AND HIGH

$7.1
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 2.18%

SALES FEES

Front Load N/A

Deferred Load 1.00%

TRADING FEES

Turnover 39.00%

Redemption Fee 2.00%

Min Investment

Standard (Taxable)

$1,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 11/22/2024

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 Developing World Income Fund

AGECX | Fund

$7.05

$516 M

12.24%

$0.86

2.18%

AGECX - Profile

Distributions

  • YTD Total Return 14.2%
  • 3 Yr Annualized Total Return 4.2%
  • 5 Yr Annualized Total Return 4.3%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 6.75%
DIVIDENDS
  • Dividend Yield 12.2%
  • Dividend Distribution Frequency None

Fund Details

  • Legal Name
    American Beacon Developing World Income Fund
  • Fund Family Name
    American Beacon
  • Inception Date
    Feb 25, 2014
  • Shares Outstanding
    N/A
  • Share Class
    C
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Lars Nielsen

Fund Description

Under normal circumstances, the Fund will invest at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investments that are economically tied to developing countries. Developing countries include all countries in the world except the countries that are classified by MSCI Inc. as “developed markets.” Developing countries typically have lower incomes, less integrated financial markets, smaller economies, and less mature political systems compared to developed countries. Developing countries are commonly located in Africa, the Asia-Pacific region, Central or Eastern Europe, the Middle East, Central America or the Caribbean, and South America.
The Fund’s investments in developing countries will generally include countries that are commonly referred to as “frontier market” countries, which are among the least developed countries. To a lesser extent, the Fund’s investments in developing countries may include countries that are commonly referred to as “emerging market” countries, which are relatively more developed than frontier market countries. Countries considered to be developing change from time to time, and the Fund’s sub-advisors may reasonably determine any country to be a developing country, other than countries that are classified by MSCI Inc. as “developed markets.”
An investment is generally regarded as being economically tied to a developing country if:
■
the issuer is a government agency or is guaranteed by a sovereign government agency, including a regional or municipal government within the country, or quasi-governmental agency of a developing country;
■
the issuer is organized under the laws of, or maintains its principal place of business in, a developing country;
■
the issuer derives at least 50% of its revenues from, or has at least 50% of its assets in, a developing country;
■
it is a currency of a developing country;
■
it is principally traded in a developing country;
■
the value of the investment is linked to one of the above categories; or
■
it is a derivative instrument whose value is linked to one of the above categories.
Investments economically tied to developing countries may include debentures, currencies, and derivative investments. The Fund’s investments are expected to include primarily sovereign and quasi-sovereign debt instruments, such as obligations issued or guaranteed by foreign (non-U.S.) governments, their agencies or instrumentalities and political subdivisions, and investments that provide exposure to sovereign and quasi-sovereign debt instruments. The Fund also may invest in callable securities, municipal securities, including but not limited to general obligation bonds, inflation index-linked securities, illiquid securities, restricted securities, and variable and floating-rate securities. The Fund may also invest in debt instruments issued by corporations that are economically tied to developing countries and in obligations of supranational entities. Investments may be denominated in foreign (non-U.S.) currencies.
In making investment decisions for the Fund, one of the Fund’s sub-advisors, Global Evolution USA, LLC (“Global Evolution”), employs a top-down investment process that focuses on macroeconomic and political risk, as well as country risk, while the Fund’s other sub-advisor, abrdn Investments Limited, formerly known as Aberdeen Asset Managers Limited (“aIL”), employs a bottom-up investment process that applies fundamental research to countries and companies in selecting investments. The Fund may, at times, invest significantly in issuers located in or economically tied to African countries. However, as the country and geographic allocation of the Fund’s portfolio changes over time, the Fund’s exposure to African countries may be lower at a future date, and the Fund’s exposure to other countries and geographic regions may be higher.
Each sub-advisor’s investment processes generally incorporate the sub-advisor’s environmental, social and/or governance (“ESG” and separately, “E,” “S,” and “G”) analysis as a consideration in the assessment of potential portfolio investments. As ESG information is just one investment consideration, ESG considerations generally are not solely determinative in any investment decision made by a sub-advisor. However, as described below, in certain cases, ESG information may result in an investment being excluded from consideration for the Fund’s portfolio.
■
Global Evolution may exclude certain countries from its portion of the Fund’s investment universe based on ESG considerations, such as political rights and corruption. Environmental considerations, for example, include renewable energy, management of natural resources, risk of natural disasters, and institutional capacity to manage and regulate environmental standards. In situations where Global Evolution believes that E, S, and G factors, such as the management of natural resource wealth, corruption, human capital accumulation, and freedom of speech are either improving or deteriorating, Global Evolution will take such developments into consideration along with macro-economic, financial, political and other credit-related factors in its assessment of the creditworthiness of sovereign debt investments.
■
aIL considers and assesses how ESG issues are managed and mitigated, and may avoid investing in countries where ESG factors may erode the willingness and ability of the issuer to service its debt. ESG factors considered by aIL may include, among others, environmental factors, such as greenhouse gas emissions and air quality and an issuer’s energy management; social factors, such as human rights, community relations and customer welfare, privacy and data management; and governance factors, such as financial transparency and complexity of group structure/ownership. aIL also considers political factors (referred to as “P”), such as political corruption perception, political stability, state fragility and press freedom, as such factors relate to sovereign debt issuers.
The ESG and P factors listed above are not comprehensive; not all of the factors will be material for all investments. A sub-advisor may invest in countries that are deemed to have poor ESG and/or P factors but have favorable non-ESG and/or P factors. A sub-advisor may use ESG research and/or ratings information provided by one or more third parties in performing an ESG and P analysis and considering the related risks.
The Fund’s investments in derivatives may include structured products (including credit-linked and structured notes which may be issued by special purpose vehicles), options (including non-deliverable options (“NDOs”), and options on non-U.S. currency futures), warrants (including sovereign warrants), futures contracts (including interest rate, currency and Treasury futures contracts), forward contracts (including non-deliverable forwards (“NDFs”)), swaps, contracts for difference (“CFDs”) and similar instruments. The types of swaps that the Fund may enter into include credit default swaps, currency swaps, interest rate swaps, total return swaps, and similar instruments. The Fund uses derivative instruments to enhance total return, to hedge against fluctuations in securities prices, interest rates or currency exchange rates, to change the effective duration of its portfolio, to manage certain investment risks or as a substitute for the purchase or sale of the underlying currencies or securities. Derivative instruments allow the Fund to obtain economic exposure to developing countries without directly holding their securities. For example, derivatives may be used where regulatory or other restrictions make it difficult or undesirable for the Fund to invest directly in developing countries. Subject to applicable regulatory restrictions, there is no limit on the amount of the Fund’s exposure to a single counterparty.
The Fund also may have significant exposure to foreign currencies for investment or hedging purposes by purchasing or selling foreign currency forward contracts (including NDFs), non-U.S. currency futures contracts, options on non-U.S. currencies, and currency swaps. The Fund may also make direct investments in non-U.S. currencies, including on a spot (cash) basis at the rate prevailing in the currency exchange market, and in securities denominated in non-U.S. currencies. Investments in currencies and currency derivatives are established to add value or reduce risk.
The Fund does not have specific requirements for investment yield, duration, maturity, market capitalization, or credit quality rating, and may invest without limitation in securities, and trade with counterparties, which are rated below investment grade (commonly known as “high-yield” securities or “junk bonds”). Such instruments or counterparties are rated BB or lower by S&P Global Ratings or Fitch, Inc. and/or Ba or lower by Moody’s Investors Service, Inc., or the unrated equivalent. The Fund may achieve capital appreciation when a stronger macro-economic and political situation for developing countries leads to lower yields, lower credit spreads and potentially stronger currencies.
To reduce market exposure or in anticipation of liquidity needs, the Fund may invest cash balances in other investment companies, including a government money market fund advised by the Manager, with respect to which the Manager receives a management fee.
Read More

AGECX - Performance

Return Ranking - Trailing

Period AGECX Return Category Return Low Category Return High Rank in Category (%)
YTD 14.2% -6.2% 459.7% 2.04%
1 Yr 17.0% -3.6% 484.2% 5.10%
3 Yr 4.2%* -7.8% 59.0% 3.52%
5 Yr 4.3%* -7.3% 29.1% 4.43%
10 Yr 4.1%* -5.6% 14.3% 5.95%

* Annualized

Return Ranking - Calendar

Period AGECX Return Category Return Low Category Return High Rank in Category (%)
2023 1.8% -10.6% 17.8% 91.16%
2022 -18.1% -29.1% -2.4% 44.72%
2021 -1.1% -24.0% 2.7% 2.86%
2020 -4.9% -14.0% 9.7% 95.20%
2019 3.9% -6.4% 13.0% 89.51%

Total Return Ranking - Trailing

Period AGECX Return Category Return Low Category Return High Rank in Category (%)
YTD 14.2% -6.2% 459.7% 2.04%
1 Yr 17.0% -3.6% 484.2% 5.10%
3 Yr 4.2%* -7.8% 59.0% 3.52%
5 Yr 4.3%* -7.3% 29.1% 4.43%
10 Yr 4.1%* -5.6% 14.3% 5.95%

* Annualized

Total Return Ranking - Calendar

Period AGECX Return Category Return Low Category Return High Rank in Category (%)
2023 12.0% -0.6% 20.0% 55.10%
2022 -11.0% -27.6% -1.7% 27.82%
2021 6.2% -18.5% 7.4% 1.79%
2020 2.1% -7.8% 18.0% 91.88%
2019 13.0% -3.0% 23.0% 52.81%

NAV & Total Return History

AGECX - Holdings

Concentration Analysis

AGECX Category Low Category High AGECX % Rank
Net Assets 516 M 565 K 14.8 B 39.12%
Number of Holdings 262 4 1860 49.32%
Net Assets in Top 10 117 M -134 M 1.25 B 36.39%
Weighting of Top 10 19.86% 5.8% 102.2% 47.42%

Top 10 Holdings

  1. American Beacon U.S. Government Money Market 6.37%
  2. Mozambique International Bonds 2.32%
  3. Uruguay Government International Bonds 1.84%
  4. Argentina Republic Government International Bonds 1.62%
  5. Development Bank of Mongolia (Issuer Zambezi BV) 1.41%
  6. Iraq International Bonds 1.38%
  7. Ghana Government International Bonds 1.24%
  8. Republic of Kenya Infrastructure Bonds 1.23%
  9. Angola Government International Bonds 1.23%
  10. Tunisian Republic 1.21%

Asset Allocation

Weighting Return Low Return High AGECX % Rank
Bonds 		90.37% 0.00% 105.61% 85.37%
Cash 		9.65% 0.00% 29.76% 19.39%
Convertible Bonds 		0.68% 0.00% 8.47% 27.84%
Stocks 		0.00% -0.01% 96.78% 62.93%
Preferred Stocks 		0.00% 0.00% 2.24% 48.98%
Other 		-0.02% -13.89% 86.73% 70.75%

Bond Sector Breakdown

Weighting Return Low Return High AGECX % Rank
Government 		77.95% 0.00% 99.79% 24.40%
Corporate 		14.10% 0.00% 91.26% 59.11%
Cash & Equivalents 		6.38% 0.00% 23.23% 21.43%
Securitized 		0.00% 0.00% 2.41% 52.92%
Municipal 		0.00% 0.00% 0.00% 45.70%
Derivative 		-0.02% -3.00% 13.76% 60.20%

Bond Geographic Breakdown

Weighting Return Low Return High AGECX % Rank
Non US 		50.08% 0.00% 132.49% 32.99%
US 		40.29% -42.31% 99.15% 67.01%

AGECX - Expenses

Operational Fees

AGECX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 2.18% 0.02% 32.92% 14.33%
Management Fee 0.85% 0.00% 1.10% 89.12%
12b-1 Fee 1.00% 0.00% 1.00% 87.50%
Administrative Fee N/A 0.02% 0.65% 88.25%

Sales Fees

AGECX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 0.75% 5.75% N/A
Deferred Load 1.00% 1.00% 4.00% 48.65%

Trading Fees

AGECX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 2.00% 0.75% 2.00% 21.43%

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.

AGECX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 39.00% 0.00% 218.00% 27.24%

AGECX - Distributions

Dividend Yield Analysis

AGECX Category Low Category High AGECX % Rank
Dividend Yield 12.24% 0.00% 22.22% 6.46%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

AGECX Category Low Category High AGECX % Rank
Net Income Ratio 6.75% -2.28% 8.00% 3.14%

Capital Gain Distribution Analysis

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

Distributions History

View More +

AGECX - Fund Manager Analysis

Managers

Lars Nielsen

Start Date

Tenure

Tenure Rank

Feb 25, 2014

8.27

8.3%

Lars Peter Nielsen is a Senior Portfolio Manager responsible for formulating Global Evolution’s local currency strategies. Prior to joining Global Evolution in 2007, Mr. Nielsen held a similar position in Sydbank Emerging Markets & Structured Credit where he was part of the investment management team responsible for emerging markets fixed income and FX mutual funds. Mr. Nielsen joined Sydbank in 2004, prior to which he spent four years trading and advising institutional investors on emerging markets fixed income at Jyske Bank.

Christian Mejrup

Start Date

Tenure

Tenure Rank

Feb 25, 2014

8.27

8.3%

Christian Mejrup is Deputy Chief Investment Officer of EM Sovereign Debt and Senior Portfolio Manager responsible for formulating Global Evolution’s hard currency and local currency strategies with special focus on frontier countrstrategies. Prior to joining Global Evolution in 2007, Mr. Mejrup held a position as Portfolio Managersimilar position since 2005 in Sydbank Emerging Markets & Structured Credit where he was part of the investment management team responsible for emerging markets fixed income and FX mutual funds.

Michael Hansen

Start Date

Tenure

Tenure Rank

Feb 25, 2014

8.27

8.3%

Michael Hansen is Senior Strategist responsible for formulating the overall trading and hedging strategies at Global Evolution, and is in charge of ongoing emerging market commentary and strategy research. Prior to joining Global Evolution in 2007, Mr. Hansen worked as a strategist for Sydbank Emerging Markets & Structured Credit. Mr. Hansen joined Sydbank in 1994

Kristian Wigh

Start Date

Tenure

Tenure Rank

May 29, 2015

7.01

7.0%

Kristian Wigh is a Senior Portfolio Manager responsible for formulating hard currency strategies with main focus on traditional emerging market countries and ESG analysis across all strategies. Prior to joining Global Evolution in 2012, Mr. Wigh worked as a Research Analyst for Mergermarket (FT Group) from March 2012 to August 2012 and has previously worked for Danske Capital from July 2008 to December 2010.

Sofus Asboe

Start Date

Tenure

Tenure Rank

May 30, 2017

5.01

5.0%

Sofus Asboe is a Portfolio Manager responsible for formulating hard currency strategies with main focus on traditional emerging market countries. Furthermore, he provides general support within the investment management team. Prior to joining Global Evolution in 2016, Mr. Asboe was employed as an Assistant Portfolio Manager at Markedskraft ASA in 2015. Mr. Asboe studied at Aarhaus University prior to joining Markedskraft ASA where he received his graduate degree in 2016. Mr. Asboe holds an MSc in Finance from Aarhaus, supplemented with courses from Harvard.

Kevin Daly

Start Date

Tenure

Tenure Rank

Jun 15, 2018

3.96

4.0%

Mr. Daly is an Investment Director on the EMD team at Aberdeen Standard Investments. Kevin joined Aberdeen Asset Management in 2007 having spent the previous ten years at Standard & Poor’s in London and Singapore. During that time Kevin worked as a Credit Market Analyst covering global emerging debt and was Head of Origination for Global Sovereign Ratings. Kevin was a regular participant on the Global Sovereign Ratings Committee and was one of the initial members of the Emerging Market Council, formed in 2006 to advise senior management on business and market developments in emerging markets.

Siddharth Dahiya

Start Date

Tenure

Tenure Rank

Jun 15, 2018

3.96

4.0%

Siddharth is the Head of Emerging Market Corporate Debt. Sid joined Aberdeen in 2010 and initially worked as a Credit Risk Analyst for the Counterparty Risk team. Previously, Sid worked for four years at ICICI Bank UK PLC in London. He was part of the Treasury Investment team focusing on Indian bond investments. He started his career at ICICI with the Corporate Finance team focusing on cross-border M&A. Sid completed a post-graduate degree in Business Management from the Indian Institute of Management, Lucknow in 2006. Prior to that he completed a Bachelors degree (Hons) in Electronics and Electrical Communication Engineering from Punjab Engineering College, India. Sid is a CFA Charterholder.Bachelor's degree (Hons) in Electronics and Electrical Communication Engineering from Punjab Engineering College, India. Post-graduate degree in Business Management from the Indian Institute of Management, Lucknow.

Patrick Sporl

Start Date

Tenure

Tenure Rank

Dec 31, 2019

2.42

2.4%

Patrick Sporl, is a Senior Portfolio Manager and has served on the Manager’s portfolio management team since 2016. He was previously a Senior Portfolio Manager in the Fixed Income group at the Manager, where he worked since 1996. Prior to American Beacon, Mr. Sporl worked in the Controller’s Department of American Airlines and as a Staff Auditor for Deloitte & Touche in San Francisco. He has a BS in Business Administration from the University of the Pacific and received his MBA in Finance from the University of Texas at Arlington in 1997. Mr. Sporl is an inactive CPA and is a CFA charterholder.

Paul Cavazos

Start Date

Tenure

Tenure Rank

Dec 31, 2019

2.42

2.4%

Paul B Cavazos is Chief Investment Officer and joined American Beacon Advisors and has served on the portfolio management team since 2016. Prior to joining American Beacon Advisors, Mr. Cavazos was Chief Investment Officer and Assistant Treasurer of DTE Energy from 2007 to 2016.

Colin Hamer

Start Date

Tenure

Tenure Rank

Dec 31, 2019

2.42

2.4%

Colin J. Hamer is Associate Portfolio Manager, and has served on the Manager’s portfolio management team since 2018. Mr. Hamer has served on the asset management team since January 2015, is a CFA® charterholder, and has earned the CAIA designation. Prior to joining the Manager, Mr. Hamer worked at Fidelity Investments in various investment-related roles from 2008 to 2014.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.15 23.87 6.5 6.11

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