American Beacon Ninety One Emerging Markets Equity Fund (ZEMIX)

The Fund’s investment objective is long-term capital growth.

Total Fund Assets ($M) 257.9 as of 12/31/2025
Inception Date 11/28/2018

Overview

FOCUS ON EMERGING MARKETS
Managed by an experienced emerging-markets team, the Fund invests in the equity securities of EM companies. In selecting investments to buy for the Fund, the sub-advisor combines a proprietary screening process with a fundamental research process to seek to identify high quality, attractively valued companies with improving operating performance that are receiving increasing investor attention.

Firm inception: 1991

Portfolio Managers:

  • Archie Hart; industry since 1986
  • Varun Laijawalla; industry since 2010

AN EMERGING-MARKETS EQUITY PORTFOLIO
The Fund invests in the strong growth opportunities of companies listed and/or operating in emerging markets. It offers a core solution for emerging market equity exposure. The Fund is style and size agnostic and is built from the bottom up. It typically invests in 70-90 stocks.

Fund Details as of 01/23/2026
Ticker ZEMIX
Inception Date 11/28/2018
Fund Share Class NAV $13.56
Total Fund Assets ($M)
as of 12/31/2025
257.9
Share Class Assets ($M)
as of 12/31/2025
250.9
Sub-Advisor % as of 9/30/2025
Ninety One North America, Inc.100.0%
Benchmark(s)
MSCI® Emerging Markets Index (USD)
CUSIP 02452A718
Gross Expense Ratio (%) 1.12%
Net Expense Ratio (%) 1 0.86%
1 The net expense ratio may reflect fees and expenses that American Beacon Advisors has contractually agreed to reduce and/or reimburse through February 21, 2028.

Net asset value (NAV) is the value of one share of the portfolio excluding any sales charges.

Performance

Total Return

Time Period
Name/Class QTR* YTD* 1 Year 3 Year 5 Year 10 Year Since Inception
Ninety One Emerging Markets Equity Fund (R5) 4.77% 36.51% 36.51% 19.36% 5.34% N/A 7.96%
MSCI® Emerging Markets Index (USD) 4.73% 33.57% 33.57% 16.40% 4.20% N/A 7.77%
Name/Class QTR* YTD* 1 Year 3 Year 5 Year 10 Year Since Inception
Ninety One Emerging Markets Equity Fund (R5) 4.77% 36.51% 36.51% 19.36% 5.34% N/A 7.96%
MSCI® Emerging Markets Index (USD) 4.73% 33.57% 33.57% 16.40% 4.20% N/A 7.77%

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 American Beacon Ninety One Global Franchise Fund has been waived since Fund inception. A portion of fees charged to the Y Class of American Beacon Ninety One Global Franchise Fund has been waived since Fund inception. A portion of fees charged to the R6 Class of Ninety One Emerging Markets Equity Fund has been waived since Fund inception. 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 MSCI® ACWI ex-USA Index is a market capitalization-weighted index designed to measure the investable equity market performance in developed and emerging markets, excluding the United States.

Certain information contained herein (the “Information”) is sourced from/copyright of MSCI Inc., MSCI ESG Research LLC, or their affiliates (“MSCI”), or information providers (together the “MSCI Parties”) and may have been used to calculate scores, signals, or other indicators. The Information is for internal use only and may not be reproduced or disseminated in whole or part without prior written permission. The Information may not be used for, nor does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security, financial instrument or product, trading strategy, or index, nor should it be taken as an indication or guarantee of any future performance. Some funds may be based on or linked to MSCI indexes, and MSCI may be compensated based on the fund’s assets under management or other measures. MSCI has established an information barrier between index research and certain Information. None of the Information in and of itself can be used to determine which securities to buy or sell or when to buy or sell them. The Information is provided “as is” and the user assumes the entire risk of any use it may make or permit to be made of the Information. No MSCI Party warrants or guarantees the originality, accuracy and/or completeness of the Information and each expressly disclaims all express or implied warranties. No MSCI Party shall have any liability for any errors or omissions in connection with any Information herein, or any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Portfolio

Equity Sector Weightings

as of 9/30/2025

Information Technology 28.7%
Financials 20.0%
Consumer Discretionary 12.5%
Communication Services 9.9%
Industrials 9.3%
Consumer Staples 4.6%
Materials 4.2%
Health Care 3.8%
Real Estate 2.8%
Utilities 2.2%
Energy 1.9%

Country Weightings

as of 9/30/2025

Hong Kong/China 27.6%
Taiwan 17.2%
India 13.5%
Korea 9.7%
United States 5.3%
Brazil 4.7%
South Africa 4.6%
United Arab Emirites 3.6%
Mexico 2.7%
Austria 1.6%

Portfolio Statistics

as of 9/30/2025

Forward Price-to-Earnings Ratio (P/E) 16.21
Price-to-Book Ratio (P/B) 2.03
1-Year ROE 20.52
Weighted Avg. Market Cap ($ bil) 254.69

3-Year Risk Summary

as of 9/30/2025

Alpha 2.16
Beta 1.01
R2 0.95
Sharpe Ratio 0.96
Standard Deviation 16.26

Top Ten Holdings

as of 9/30/2025

Holding
Taiwan Semiconductor Manufacturing Co., Ltd. 12.2%
Tencent Holdings Ltd 6.4%
Samsung Electronics Co., Ltd. 4.8%
Alibaba Group Holding Limited 4.0%
SK hynix Inc. 2.4%
Contemporary Amperex Technology Co., Limited Class A 2.0%
Delta Electronics, Inc. 1.9%
HDFC Bank Limited 1.9%
Xiaomi Corporation Class B 1.8%
Netease Inc 1.7%
Total Fund Holdings 84

Asset Allocation

as of 9/30/2025

Equity 99.5%
Cash 0.5%

Market Capitalization

as of 9/30/2025

$1.5 billion – $7.5 billion 7.3%
$7.5 billion – $15 billion 10.8%
$15 billion – $50 billion 26.5%
$50 billion – $100 billion 15.0%
$100 billion – $300 billion 17.0%
Greater than $300 billion 23.3%

Investing in foreign and emerging markets may involve heightened risk due to currency fluctuations and economic and political risks. 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. To the extent the Fund invests more heavily in a particular country or geographic region, its performance will be sensitive to factors affecting that country or region. To the extent the Fund invests more heavily in particular sectors, its performance will be sensitive to factors affecting those sectors. Information Technology sector companies may face intense competition and rapid product obsolescence; have limited product lines, markets, financial resources or personnel; and lose patent, copyright and trademark protections. 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. The Fund participates in a securities lending program. Please see the prospectus for a complete discussion of the Fund’s risks. There can be no assurances that the investment objectives of the Fund will be met.

The P/E Ratio of a stock is calculated by dividing the current price by forecasted 12-month earnings per share. The P/B Ratio of a stock is calculated by dividing the current price by book value per share. Return on Equity (ROE) is net income divided by net worth. R-squared (R2) is the percentage of the Fund’s three-year return that is explained by movements in its benchmark index. Alpha is a measure of the Fund’s expected performance versus the benchmark, adjusted for relative risk. Beta is a measure of the Fund’s volatility versus the benchmark. Sharpe Ratio is a measure of the Fund’s return per unit of total risk. Standard Deviation is a measure of the historical volatility of the Fund’s returns.

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