AB Discovery Value Fund
ABSZX
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- AB Discovery Value Fund (ABSZX) is an open-end mutual fund that seeks long-term growth of capital by investing primarily in a diversified portfolio of equity securities of small- to mid-capitalization U.S. companies determined to be undervalued using AllianceBernstein L.P.'s fundamental value approach; it normally invests at least 80% of its net assets in such securities, where small- to mid-cap companies fall within the dynamic capitalization range of the Russell 2500 Value Index (approximately $8.3 million to $28.5 billion as of December 31, 2024); the strategy emphasizes companies with attractive valuations relative to normalized future earnings power, compelling catalysts such as momentum or return on equity, and projected performance over full economic cycles, with a portfolio turnover rate of 53% in the most recent fiscal year; the fund may also employ derivatives such as options, futures, forwards and swaps for income, exposure adjustment or hedging, invest modestly in non-U.S. securities or exchange-traded funds, and allocate significantly to sectors like industrials (20.98%), financial services (17.84%) and technology (14.11%). Managed by a team led by James W. MacGregor (since 2005) and Erik A. Turenchalk (since 2020), both Senior Vice Presidents of the adviser, the fund offers multiple share classes including Class A (ABASX), Class C (ABCSX), Advisor Class (ABYSX), Class I (ABSIX) and Class Z (ABSZX), with net expense ratios ranging from 0.81% (Class Z) to 1.84% (Class C); it targets institutional and high-net-worth investors, with Class Z requiring a $2 million minimum initial investment; as of the latest data, total net assets stand at approximately $2.39 billion, with the fund domiciled in the United States and available primarily to U.S. investors. AllianceBernstein L.P., the fund's investment adviser headquartered in Nashville, Tennessee (with legacy roots in New York), traces its origins to 1967 via Sanford C. Bernstein & Co. and 1971 via Alliance Capital, formally merging in 2000 to form the current entity managing diversified global investment strategies. In recent developments, effective July 24, 2024, the fund changed its primary broad-based benchmark from the Russell 2500 Value Index to the S&P 500 Index to comply with new regulations requiring reflection of the overall investable market, while retaining the Russell 2500 Value as its secondary benchmark that better matches its holdings; additionally, on August 5-6, 2025, the Board approved a 1-for-1.307 reverse share split for Class C shares (ABCSX), set to execute on or about October 17, 2025, to align NAVs across share classes, reduce marketplace confusion and uniformize capital gains ratios without impacting holdings, performance or triggering taxable events.