American Beacon Developing World Income Fund (AGEIX)
The Fund’s investment objective is to seek income with capital appreciation as a secondary objective.
Overview
AN ALTERNATIVE TO TRADITIONAL GLOBAL INVESTING
The Fund is distinguished by a focus on, and longstanding expertise in, the debt of developing market countries and companies. The Fund’s investments in developing countries will generally include countries that are commonly referred to as “frontier market” countries. These least-developed countries have smaller, less mature markets. They are typically in an earlier stage of economic and financial sophistication than those commonly referred to as “emerging market” countries.
A TEAM OF MANAGERS
The Fund is sub-advised by two complementary fixed-income managers that invest as follows:
- abrdn: Bottom-up investment process that applies fundamental research to select countries and corporate issuers.
- Global Evolution: Top-down investment process that focuses on macroeconomic and political risk, as well as country-specific risk.
- Ninety One: Top-down and bottom-up investment processes that incorporate macroeconomic and fundamental considerations.
FUND HIGHLIGHTS
- Invests primarily in sovereign and corporate debt within developing markets, as well as developing market currencies.
- Over time, the Fund seeks to invest in 45 to 65 countries, in local and hard currency denominated debt.
- Managed by firms with expertise and long-term track records of investing in developing market debt.
- Access to a unique debt market, offering attractive yields with lower volatility and low correlations to broad market indexes.
| Fund Details as of 01/23/2026 | |
|---|---|
| Ticker | AGEIX |
| Inception Date | 2/25/2014 |
| Fund Share Class NAV | $7.74 |
|
Total Fund Assets ($M) as of 12/31/2025 |
1,557.3 |
|
Share Class Assets ($M) as of 12/31/2025 |
185.0 |
| Sub-Advisor % as of 9/30/2025 | |
|
Global Evolution52.9% Aberdeen47.1%
|
|
| Benchmark(s) | |
| JPMorgan® EMBI (JPM EMBI") Global Diversified Index" | |
| CUSIP | 024525719 |
| Gross Expense Ratio (%) | 1.11% |
| Net Expense Ratio (%) | 1.11% |
| Actual SEC 30-Day Yield (%) | 9.63 |
| Unsubsidized SEC 30-Day Yield (%) | 9.63 |
Net asset value (NAV) is the value of one share of the portfolio excluding any sales charges.
Performance
Total Return
- Month End (as of 12/31/2025)
- Quarter End (as of 12/31/2025)
| Name/Class | QTR* | YTD* | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception |
|---|---|---|---|---|---|---|---|
| Developing World Income Fund (R5) | 5.96% | 19.19% | 19.19% | 16.05% | 8.22% | 7.89% | 6.56% |
| JPMorgan® EMBI (JPM EMBI") Global Diversified Index" | 3.29% | 14.30% | 14.30% | 10.60% | 1.78% | 4.40% | 4.30% |
| Name/Class | QTR* | YTD* | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception |
|---|---|---|---|---|---|---|---|
| Developing World Income Fund (R5) | 5.96% | 19.19% | 19.19% | 16.05% | 8.22% | 7.89% | 6.56% |
| JPMorgan® EMBI (JPM EMBI") Global Diversified Index" | 3.29% | 14.30% | 14.30% | 10.60% | 1.78% | 4.40% | 4.30% |
Performance shown is historical and is not indicative of future returns. Investment returns and principal value will vary, and shares may be worth more or less at redemption than at original purchase. Performance shown is as of date indicated, and current performance may be lower or higher than the performance data quoted. To obtain performance as of the most recent month end, click here.
*Not Annualized.
Important Information: All investing involves risk, including possible loss of principal. Indexes are unmanaged and one cannot invest directly in an index. Please note that the recent performance of the securities market has helped produce short-term returns that are not typical and may not continue in the future.
For any Class of the Fund that began operating within the 10-year/since inception period shown, the performance shown prior to the inception date of the Class is that of a class (or series of classes) previously in operation. The combined returns have not been adjusted for any difference between the fees and expenses of the Class and the historical fees and expenses of the included previous class (or classes). If the previous class(es) had lower expenses, the resulting performance would be better than the Class would have realized during the same period. If the previous class(es) had higher expenses, the resulting performance would be lower than the Class would have realized during the same period. A portion of fees charged to the R5 Class of Developing World Income Fund was waived from Fund inception through 2015, partially recovered in 2016, waived in 2017 and 2018, and recovered in 2019 and 2020. A portion of fees charged to the Investor Class of Developing World Income Fund was waived from Fund inception through 2015, partially recovered in 2016, waived in 2017, and recovered in 2018. A portion of fees charged to the Y Class of Developing World Income Fund was waived from Fund inception through 2015, partially recovered in 2016, waived in 2017, and partially recovered in 2019. A portion of fees charged to the A Class of Developing World Income Fund was waived from Fund inception through 2015, partially recovered in 2016, waived in 2017, and recovered from 2018 through 2020. A portion of fees charged to the C Class of Developing World Income Fund was waived from Fund inception through 2017 and was partially recovered in 2018, and 2019. Performance prior to waiving fees was lower than actual returns shown for periods when fees were waived. Specific information about any Fund may be found in Performance Disclaimers or in the prospectus.
The JPMorgan® EMBI (“JPM EMBI”) Global Diversified Index is an emerging market debt benchmark that tracks dollar-denominated bonds issued by frontier and emerging market governments.
Information has been obtained from the sources believed to be reliable, but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan’s prior written approval. ©2026 JPMorgan Chase & Co. All rights reserved.
Portfolio
Country Weightings
as of 9/30/2025
| Egypt | 7.5% |
| Nigeria | 7.2% |
| Kenya | 6.2% |
| Zambia | 5.4% |
| Angola | 4.7% |
| Uzbekistan | 4.0% |
| Uganda | 3.8% |
| Kazakhstan | 3.7% |
| Ghana | 3.6% |
| Ivory Coast | 3.6% |
Excludes cash.
Top Ten Industry Weightings
as of 9/30/2025
| Non-U.S. Government | 96.3% |
| Financial Conglomerates | 0.7% |
| Communications | 0.5% |
| Energy Minerals | 0.5% |
| Multi-Line Insurance | 0.4% |
| Regional Banks | 0.4% |
| Non-Energy Minerals | 0.3% |
| Corporate-Other | 0.3% |
| Investment Banks/Brokers | 0.2% |
| Major Banks | 0.2% |
Excludes cash.
Portfolio Statistics
as of 9/30/2025
| Effective Maturity (years) | 6.79 |
| Effective Duration (years) | 3.66 |
3-Year Risk Summary
as of 9/30/2025
| Standard Deviation | 6.02 |
Top Ten Holdings
as of 9/30/2025
| Holding | ||
|---|---|---|
| Government of Kenya, 18.46%, Due 08/09/32 | 2.3% | |
| Government of Kyrgyzstan, 7.75%, Due 06/03/30 | 1.7% | |
| Government of Suriname, 7.95%, Due 07/15/33 | 1.6% | |
| Government of Mozambique, 9.00%, Due 09/15/31 | 1.5% | |
| Government of The Republic of Angola, 9.38%, Due 05/08/48 | 1.4% | |
| Government of Egypt, 8.88%, Due 05/29/50 | 1.3% | |
| Government of Kenya, 9.50%, Due 03/05/36 | 1.3% | |
| Government of The Republic of Angola, 9.13%, Due 11/26/49 | 1.3% | |
| Government of Uganda, 14.25%, Due 06/22/34 | 1.2% | |
| Government of Argentina, 4.13%, Due 07/09/35 | 1.2% | |
| Total Fund Holdings | 333 | |
Duration Distribution
as of 9/30/2025
| 0 to 2 Years | 36.3% |
| 2 to 4 Years | 26.9% |
| 4 to 6 Years | 15.4% |
| 6 to 8 Years | 9.9% |
| 8 to 10 Years | 8.0% |
| 10+ Years | 3.6% |
Asset Allocation
as of 9/30/2025
| Fixed Income | 90.3% |
| Cash | 9.7% |
Maturity Distribution
as of 9/30/2025
| 0 to 3 Years | 40.6% |
| 3 to 5 Years | 15.4% |
| 5 to 10 Years | 23% |
| 10 to 15 Years | 9% |
| 15+ Years | 12.1% |
Excludes cash.
Currency Weightings
as of 9/30/2025
| U.S. Dollar | 54.2% |
| Non-U.S. Dollar | 45.9% |
Excludes cash.
Credit Quality
as of 9/30/2025
| A | 0.3% |
| BBB | 6% |
| BB | 13.3% |
| B | 28.3% |
| CCC | 26.9% |
| Below CCC | 1.4% |
| Not Rated | 23.8% |
Reflects the rating assessed by Standard & Poor’s (S&P). If a security is not rated by S&P, the rating represents the rating assessed by Moody’s as converted to the equivalent S&P major rating category. Excludes cash.
Investing in foreign developing countries, including emerging and frontier markets, may involve heightened risk due to currency fluctuations and economic and political risks, such as lower incomes, less integrated financial markets, smaller economies, and less mature political systems compared to developed countries. Geopolitical and other events have led to market disruptions causing adverse changes in the value of investments broadly. Changes in value may be temporary or may last for extended periods. Derivative instruments may be highly sensitive to market factors, have less liquidity than other investments and involve the potential for losses to exceed the amount invested. The use of fixed-income securities entails interest rate and credit risks. Interest rate risk is the risk that debt securities will decrease in value with increases in market interest rates. Credit risk is the risk that a debt issuer will fail to make timely payment of interest or principal; the credit rating of an issuer declines, then the price of its debt securities may also decline. Investments in high-yield securities (commonly referred to as “junk bonds”), including restricted securities, are subject to greater levels of credit, interest rate, market and liquidity risks than investment-grade securities. The Fund’s incorporation of environmental, social and/or governance (ESG) considerations in its investment strategy may cause it to underperform funds that do not incorporate these considerations. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of this Fund will be met.
Duration is a measure of price sensitivity relative to changes in interest rates. Standard Deviation is a measure of the historical volatility of the Fund’s returns.
S&P credit ratings for long-term obligations (or issuers thereof) are AAA, AA, A, BBB, BB, B, CCC, CC, C and D in decreasing order. For example, obligations rated AAA are judged to be of the highest quality, BBB to be of medium grade, CCC are judged to be speculative and obligations rated D are in default. Obligations rated in one of the four highest categories are considered to be investment grade while all other ratings are considered non-investment grade.
This may contain information obtained from third parties, including ratings from credit ratings agencies such as Standard & Poor’s. Reproduction and distribution of third-party content in any form is prohibited except with the prior written permission of the related third party. Third-party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the results obtained from the use of such content. THIRD-PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD-PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FEES OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit ratings are statements of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes and should not be relied on as investment advice.
Resources
Contact Us
For general inquiries, contact us during business hours and we’ll get back to you quickly. Reach out today!