American Beacon Shapiro SMID Cap Equity Fund - Investor Class
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- American Beacon Shapiro SMID Cap Equity Fund - Investor Class (SHDPX) is an open-end mutual fund that seeks long-term capital appreciation and current income through investments primarily in equity securities of small- and mid-capitalization U.S. companies, with at least 80% of net assets plus borrowings allocated to such holdings under normal circumstances; the fund employs a value-oriented strategy focused on institutional-quality investments, deep fundamental research, team-oriented processes, and concentrated portfolios featuring 30-33 holdings across sectors including information technology (approximately 22%), consumer discretionary (18%), materials (16%), financials (12%), and communication services (11%). It offers multiple share classes, including Investor Class (SHDPX, CUSIP 24526469, net expense ratio 1.18%), R5 Class (SHDIX, net expense ratio 0.90%), and others such as Y Class (SHDYX) and A Class; the portfolio emphasizes companies with weighted average market capitalizations around $5-6 billion, forward P/E ratios of 15-18, price-to-book ratios of 1.7-1.8, and top holdings like Madison Square Garden Sports Corp., Topgolf Callaway Brands Corp., PENN Entertainment Inc., Elanco Animal Health Inc., and Ultra Clean Holdings Inc. Sub-advised entirely (100%) by Shapiro Capital Management LLC, an Atlanta-based firm founded in 1990 by Samuel Shapiro and Michael McCarthy, with portfolio management led by Michael McCarthy, Louis Shapiro, and Harry Shapiro since inception. The fund, which commenced operations on September 12, 2017, is part of the American Beacon Funds family, domiciled in the United States and available primarily to U.S. investors with a minimum initial investment of $2,500 for Investor Class shares; it benchmarks performance against the Russell 2500 Value Index, showing since-inception annualized returns of approximately 5.5% for Investor Class as of late 2025, amid total fund assets of about $29 million and Investor Class assets around $6.7 million. Recent portfolio adjustments reflect ongoing value strategy implementation, including shifts in top holdings and sector weights—for instance, as of September 30, 2025, compared to June 30, 2025, increased allocations to consumer discretionary (from 13.7% to 17.9%) and communication services (from 10.6% to 10.8%), alongside reductions in industrials (from 11.7% to 5.0%) and materials (from 17.3% to 16.2%), with new emphases on names like Lionsgate Studios Corp. and Axalta Coating Systems Ltd.; the fund maintained its concentrated approach with 33 total holdings as of Q3 2025. No major acquisitions, funding rounds, partnerships, name changes, or structural reorganizations have been reported in the last 1-2 years, underscoring continuity in its sub-advisory relationship with Shapiro Capital Management and focus on small/mid-cap value equities amid market volatility.