Investment objective & strategy
As of Nov. 3, 2025 · prospectusObjective. The Funds investment objective is long-term capital appreciation.
Strategy. Under normal circumstances, the Fund invests at least 80% of its net assets , plus the amount of any borrowings for investment purposes , in equity securities. ? The Fund will invest primarily in ? U.S. common stocks. The Fund seeks to achieve its investment objective by investing primarily ?in the common stock of ?companies that the Funds investment sub-advisor, Shapiro Capital Management LLC (Shapiro), believes are ?priced below intrinsic value. ?Shapiro defines intrinsic value as the price at which a strategic or financial buyer would be willing to buy the entire company. ?Shapiro uses several different metrics to arrive at intrinsic value including, but not limited to, price to ?cash flow, price to sales and free cash flow yield. … Under normal circumstances, the Fund invests at least 80% of its net assets , plus the amount of any borrowings for investment purposes , in equity securities. ? The Fund will invest primarily in ? U.S. common stocks. The Fund seeks to achieve its investment objective by investing primarily ?in the common stock of ?companies that the Funds investment sub-advisor, Shapiro Capital Management LLC (Shapiro), believes are ?priced below intrinsic value. ?Shapiro defines intrinsic value as the price at which a strategic or financial buyer would be willing to buy the entire company. ?Shapiro uses several different metrics to arrive at intrinsic value including, but not limited to, price to ?cash flow, price to sales and free cash flow yield. The Fund may invest in companies of all market capitalizations. Shapiro seeks to achieve the Funds investment objective by implementing a research intensive fundamental process to select a focused portfolio of approximately 20 35 common stocks. Shapiro uses this investment approach to identify companies with substantial operations, a high return on invested assets, products or services with a minimized chance of obsolescence and franchise-like characteristics with significant barriers to entry, and sound management with equity interest in the company. The Fund may also 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. The Fund may seek to earn additional income by lending its securities to certain qualified broker-dealers and institutions. 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 and may focus its investments in fewer issuers than a fund with a diversified portfolio. In certain cases, when the Fund holds a large percentage of a companys outstanding shares, it may be difficult, or take time, for the Fund to dispose of its position.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| LIONSGATE STUDIOS CORP | — | $3.56M | 6.57% |
| BERKSHIRE HATH-B | — | $3.07M | 5.66% |
| FACTSET RESEARCH SYSTEMS INC | — | $2.86M | 5.27% |
| PINTEREST INC CL A | — | $2.84M | 5.23% |
| ZIMMER BIOMET HO | — | $2.66M | 4.91% |
| TRUIST FINL CORP | — | $2.55M | 4.70% |
| WALT DISNEY CO/T | — | $2.53M | 4.67% |
| DECKERS OUTDOOR CORP | — | $2.45M | 4.51% |
| AMRIZE LTD | — | $2.44M | 4.50% |
| ELANCO ANIMAL HEALTH INC | — | $2.30M | 4.24% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| American Beacon Shapiro SMID Cap Equity Fund · SHDIX, SHDPX, SHDYX, SHDRX, SHDCX, SHEAX | 41% | 0.90% |
| GoodHaven Fund · GOODX | 17% | 1.10% |
| SOUND SHORE FUND · SSHFX, SSHVX | 15% | 0.75% |
Advisers
| Firm | Role |
|---|---|
| American Beacon Advisors, Inc. | Adviser |
| Shapiro Capital Management LLC | Sub-adviser |
Footnotes
- Expense ratio as of November 3, 2025, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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