American Beacon DoubleLine Floating Rate Income Fund (SPFLX)
The Fund’s investment objective is to provide a high level of current income consistent with strong, risk-adjusted returns.
Overview
EXPERTISE IN CORPORATE CREDIT STRATEGIES
DoubleLine is a privately owned, employee-controlled asset management business founded by Jeffrey Gundlach and 45 colleagues in 2009 to offer investment management services with a cardinal mandate: to help deliver attractive risk-adjusted returns to clients. The DoubleLine Floating Rate Income team’s investment philosophy is centered on a value-driven approach that analyzes credits individually for attractive return characteristics and strong downside protection. As each credit is underwritten, the team also considers it within the broader context of the industry in which it operates, the state of the loan market generally, and the condition of the macro economy. By pairing an in-depth credit underwriting process with DoubleLine’s broader thought leadership, the team can optimize the construction of its portfolios.
Firm inception: 2009
Portfolio Managers:
- Robert Cohen; industry since 1996
- Philip Kenney; industry since 2005
STRATEGY AND OBJECTIVES
- The Fund invests primarily in floating-rate instruments of U.S. corporate issuers, broadly diversified across industry and sector.
- The sub-advisor uses a value-oriented, research-intensive approach to credit investing that is both bottom-up and top-down with the goal of minimizing credit and default risks.
- The sub-advisor believes alpha generation is driven by active management and being highly selective and nimble in how it invests.
| Fund Details as of 02/12/2026 | |
|---|---|
| Ticker | SPFLX |
| Inception Date | 12/3/2012 |
| Fund Share Class NAV | $7.22 |
|
Total Fund Assets ($M) as of 1/31/2026 |
52.7 |
|
Share Class Assets ($M) as of 1/31/2026 |
11.9 |
| Sub-Advisor % as of 12/31/2025 | |
|
DoubleLine Capital LP100.0%
|
|
| Benchmark(s) | |
| S&P UBS Leveraged Loan Index | |
| CUSIP | 024525313 |
| Gross Expense Ratio (%) | 1.36% |
| Net Expense Ratio (%) 1 | 0.94% |
| Actual SEC 30-Day Yield (%) | 6.08 |
| Unsubsidized SEC 30-Day Yield (%) 2 | 5.16 |
Net asset value (NAV) is the value of one share of the portfolio excluding any sales charges.
Performance
Total Return
- Month End (as of 1/31/2026)
- Quarter End (as of 12/31/2025)
| Name/Class | QTR* | YTD* | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception |
|---|---|---|---|---|---|---|---|
| DoubleLine Floating Rate Income Fund (R5) | 0.88% | 0.00% | -0.17% | 4.89% | 3.15% | 3.55% | 4.08% |
| S&P UBS Leveraged Loan Index | 0.62% | -0.26% | 4.91% | 8.29% | 6.05% | 5.83% | 5.00% |
| Name/Class | QTR* | YTD* | 1 Year | 3 Year | 5 Year | 10 Year | Since Inception |
|---|---|---|---|---|---|---|---|
| DoubleLine Floating Rate Income Fund (R5) | 0.61% | -0.42% | -0.42% | 5.58% | 3.37% | 3.53% | 4.11% |
| S&P UBS Leveraged Loan Index | 1.19% | 5.94% | 5.94% | 9.30% | 6.37% | 5.78% | 5.05% |
Prior to June 21, 2025, the Fund was named the American Beacon FEAC Floating Rate Income Fund. Effective after June 20, 2025, DoubleLine Capital LP began serving as sub-advisor to the Fund. Performance through June 20, 2025 reflects the Fund’s performance under the management of its prior sub-advisor.
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.
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 DoubleLine Floating Rate Income Fund was waived from Fund inception through 2017, partially recovered in 2018 and 2019 and waived since 2021. A portion of fees charged to the Investor Class of DoubleLine Floating Rate Income Fund was waived from Fund inception through 2016 and fully recovered in 2017 and waived since 2021. A portion of fees charged to the Y Class of DoubleLine Floating Rate Income Fund was waived from Fund inception through 2016 and fully recovered in 2017 and waived since 2021. A portion of fees charged to the A Class of DoubleLine Floating Rate Income Fund was waived from Fund inception through 2016, and partially recovered in 2017 and 2018 and waived since 2021. A portion of fees charged to the C Class of DoubleLine Floating Rate Income Fund was waived from Fund inception through 2016, and partially recovered in 2017 and 2018 and waived since 2021. 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 S&P UBS Leveraged Loan Index is an index designed to mirror the investable universe of the U.S. dollar-denominated leveraged loan market. The S&P UBS Leveraged Loan Index is a product of S&P Dow Jones Indices LLC or its affiliates (“SPDJI”) and has been licensed for use by American Beacon Advisors. S&P® is a trademark of S&P Global, Inc. or its affiliates (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); S&P Dow Jones Indices LLC are trademarks of the S&P Dow Jones Indices LLC and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by American Beacon Advisors. American Beacon Funds is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, or their respective affiliates and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P UBS Leveraged Loan Index.
The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market.
“BLOOMBERG®” and the Bloomberg indices listed herein (the “Indices”) are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the Indices (collectively, “Bloomberg”) and have been licensed for use for certain purposes by the distributor hereof (the “Licensee”). Bloomberg is not affiliated with Licensee, and Bloomberg does not approve, endorse, review, or recommend the financial products named herein (the “Products”). Bloomberg does not guarantee the timeliness, accuracy, or completeness of any data or information relating to the Products.
DoubleLine® is a registered trademark of DoubleLine Capital LP.
Portfolio
Country Weightings
as of 12/31/2025
| United States | 86.7% |
| Canada | 5.9% |
| United Kingdom | 4.4% |
| Germany | 1.3% |
| Luxembourg | 0.7% |
| Switzerland | 0.4% |
| Denmark | 0.3% |
| Netherlands | 0.3% |
| Eurozone | 0.1% |
| South Korea | 0.0% |
Top Ten Industry Weightings
as of 12/31/2025
| Packaged Software | 13.2% |
| Exchange Traded Fund | 7.4% |
| Financial Conglomerates | 6.5% |
| Miscellaneous Commercial Services | 5.3% |
| Investment Managers | 4.4% |
| Miscellaneous | 4.3% |
| Finance/Rental/Leasing | 4.1% |
| Aerospace & Defense | 3.2% |
| Medical/Nursing Services | 3.0% |
| Engineering & Construction | 3.0% |
Portfolio Statistics
as of 12/31/2025
| Effective Maturity (years) | 4.84 |
| Effective Duration (years) | 0.3 |
3-Year Risk Summary
as of 12/31/2025
| Standard Deviation | 3.16 |
Top Ten Holdings
as of 12/31/2025
| Holding | ||
|---|---|---|
| State Street Blackstone Senior Loan ETF | 3.8% | |
| Invesco Senior Loan ETF | 3.6% | |
| CommScope, LLC, 5.70%, Due 12/17/29 | 2.0% | |
| TransDigm Inc., 6.65%, Due 08/19/32 | 1.8% | |
| OneDigital Borrower LLC, 6.85%, Due 07/02/31 | 1.6% | |
| X Corp., 10.39%, Due 10/27/29 | 1.5% | |
| Ascend Learning, LLC, 6.86%, Due 12/11/28 | 1.4% | |
| Hightower Holding, LLC, 6.59%, Due 02/03/32 | 1.3% | |
| Froneri US, Inc., 6.44%, Due 09/15/32 | 1.2% | |
| UKG, Inc., 6.43%, Due 02/10/31 | 1.2% | |
| Total Fund Holdings | 272 | |
Duration Distribution
as of 12/31/2025
| 0 to 2 Years | 96.0% |
| 2 to 4 Years | 1.8% |
| 4 to 6 Years | 1.7% |
| 6 to 8 Years | 0.5% |
| 8 to 10 Years | 0.0% |
Asset Allocation
as of 12/31/2025
| Fixed Income | 91.4% |
| Cash | 8.6% |
| Equity | 0.1% |
Maturity Distribution
as of 12/31/2025
| 0 to 3 Years | 15.5% |
| 3 to 5 Years | 27.5% |
| 5 to 10 Years | 57% |
| 15+ Years | 0% |
Currency Weightings
as of 12/31/2025
| U.S. Dollar | 99.9% |
| Non-U.S. Dollar | 0.1% |
Credit Quality
as of 12/31/2025
| A | 0.2% |
| BBB | 3.1% |
| BB | 21.9% |
| B | 69.5% |
| CCC | 2.3% |
| Not Rated | 3% |
Reflects the rating assessed by Standard & Poor’s (S&P). Excludes cash.
Investments in high-yield securities (commonly referred to as “junk bonds”), including loans, CLOs, restricted securities and floating-rate securities, are subject to greater levels of credit, interest rate, market and liquidity risks than investment-grade securities. 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; if the credit rating of an issuer declines, then the price of its debt securities may also decline. In addition, loans are subject to the risk that the Fund may not be able to obtain the collateral securing the loan in a timely manner, and the value of the collateral may not cover the amount owed on the loan. 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. 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. Thirdparty 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.
DoubleLine® is a registered trademark of DoubleLine Capital LP.
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