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Meet our Sub-Advisors

  • Location: Boston, Massachusetts

    Founded in 1986, Acadian Asset Management has been managing assets for more than 30 years. The firm pioneered the managed volatility strategy, which it uses to reduce risk in emerging markets funds while still targeting benchmark-beating returns. Acadian’s investment team builds diversified portfolios of low volatility stocks from the bottom up, where sector, country and market-cap allocations are largely by-products of stock selection.

    Acadian serves as a sub-advisor to:

  • Location: London, England

    AHL is a quantitative investment business at Man Group plc (“Man”), a global, independent asset manager dedicated to alternative and long-only investing. AHL’s trading strategy is quantitative and 100% systematic. The approach is primarily directional, with systems sampling thousands of pieces of market data daily to identify and profit from opportunities across a broad range of sectors, including currencies, bonds, stocks, energies, interest rates, metals and agriculturals.

    AHL has a global footprint with employees in New York, London, Oxford, Pfaeffikon and Hong Kong. Additionally, AHL continues to be an academically focused firm, employing more than 90 researchers on staff with approximately half holding Ph.D. degrees.

    AHL serves as a sub-advisor to:

  • Location: Irving, Texas

    American Beacon has more than 20 years of investment management experience. We offer a variety of products and investment advisory services to numerous institutional and retail clients, including mutual funds, corporate cash management and separate account management. Clients include defined benefit plans, defined contribution plans, foundations, endowments, corporations, financial planners and other institutional investors.

    In addition to managing and administrating the American Beacon Funds, American Beacon manages assets of the following fund:

  • Location: Cincinnati, Ohio

    Bahl & Gaynor is a 100% employee-owned registered investment advisor based in Cincinnati, Ohio. Since the firm’s founding in 1990, its singular focus has been the application of a time-tested, dividend-growth investment philosophy. The firm’s investment principals work diligently to identify high-quality companies possessing defensible competitive advantages and shareholder-friendly capital deployment methodologies. Through a variety of dividend-growth strategies, Bahl & Gaynor seeks to provide clients with the benefits of compounding dividend income, downside protection and favorable, risk-adjusted returns over a full market cycle.

    Bahl & Gaynor serves as a sub-advisor to:

  • Location: Dallas, Texas

    Barrow Hanley uses a value-oriented investment strategy to identify companies across all market capitalizations that they believe are undervalued and temporarily out of favor. Their portfolios consistently reflect these three traditional value characteristics: low price-to-earnings ratio, low price-to-book value ratio and high dividend yield. Barrow Hanley's approach to the equity markets is based on their underlying philosophy that the inefficiencies in the market can be exploited through adherence to a value-oriented process dedicated to the selection of securities on a bottom-up basis.

    In fixed income, Barrow Hanley defines value as temporarily mispriced securities with yield-to-maturity advantages over Treasury bonds of comparable maturity. They identify each opportunity from the bottom up, building a duration-neutral portfolio designed to “out-yield” the market. In this way, Barrow Hanley seeks to achieve higher total returns for their fixed-income clients with below-benchmark volatility.

    Barrow serves as a sub-advisor to the following funds:

  • Location: Philadelphia, Pennsylvania

    Brandywine Global believes in the power of value investing. Acting with conviction and discipline, the firm looks beyond short-term, conventional thinking to boldly pursue long-term value for clients. Where others see risk, they see potential.

    Since 1986, Brandywine Global has provided clients with investment insights and a range of differentiated fixed-income, equity and alternative solutions. The firm’s unique culture of debate encourages ideas, respects diverse viewpoints and invites candid discussion. By challenging one another and conventional thinking, they believe they make better investment decisions and create value for their clients. Applying its global experience, the firm uses macroeconomic, country and currency perspectives in many of its portfolios to determine sector allocation and issue selection, and to add alpha over the long run while minimizing downside surprises.

    Brandywine Global, as an independent affiliate of Legg Mason, offers the advantages of an investment boutique backed by the resources and infrastructure of one of the world’s leading asset managers. With headquarters in Philadelphia and offices in London, Singapore, San Francisco, Toronto and Montreal, the firm is committed to bringing value to all its relationships.

    Brandywine serves as a sub-advisor to the following funds:

  • Location: Houston, Texas

    Bridgeway, a Houston-based investment management firm formed in 1993, offers expertly designed investment building blocks to select institutions and advisors. Statistically driven and grounded in academic theory, Bridgeway's disciplined investment process reflects a passion for evidence, data and logic. Putting investors' long-term interests first is the cornerstone of the firm's unique culture and core business values of integrity, performance, efficiency and service.

    Bridgeway is committed to making a positive impact within the community at large and donates 50% of its investment advisory profits to non-profit organizations.

    Bridgeway serves as a sub-advisor to:

  • Location: Los Angeles, California

    Causeway is an employee-owned, international and global equity investment management firm that began operations in June 2001. Causeway specializes in managing international and global value equities, using a bottom-up approach and value-oriented criteria backed by fundamental research of international stocks in developed markets. Their clients include corporate, public and Taft-Hartley pension plans, mutual funds, endowments, foundations, corporations and individuals.

    Causeway serves as a sub-advisor to:

  • Location: Los Angeles, California

    Founded in 1991, the investment professionals at Crescent Capital Group LP adhere to an investment discipline based on a comprehensive “bottom-up” analysis of credit worthiness. Crescent uses a team approach dedicated to each asset class and capitalizes on the expertise of the portfolio managers and research analysts. Through their credit research process, the team attempts to select those issuers exhibiting superior credit characteristics.

    Crescent’s philosophy emphasizes a strong credit culture, principal preservation and exercising sound investment judgment to limit downside risk and uphold a repeatable investment process. This philosophy exploits credit market inefficiencies with a strict lending discipline aimed to benefit investors throughout the entire credit cycle.

    Crescent serves as a sub-advisor to:

  • Location: Minneapolis, Minnesota

    Founded in 2013, Foundry Partners is an independent, boutique asset-management company that specializes in providing active management to the institutional investment community. With a collective focus and determination to build a world-class asset management company, the firm’s founders purchased growth and value assets from Clear Arc Capital (formerly Fifth Third Asset Management). Based on the success of this acquisition and complementary offerings, Foundry followed up by entering into similar deals with Dreman Value Management and Arbor Capital Management in 2016. As part of those acquisitions, the accompanying portfolio management teams transitioned to Foundry Partners. Through autonomous investment teams, Foundry Partners is able to offer diverse products while still maintaining the unique boutique and independent atmosphere in which they believe. The firm, headquartered in Minneapolis, Minnesota, also has an office in Cleveland, Ohio, which is where the small-cap value investment team is based.

    Foundry Partners serves as a sub-advisor to:

  • Location: Houston, Texas

    Garcia Hamilton & Associates, LP, based in Houston, Texas, manages high-quality, fixed-income assets for institutional investors. Founded in 1988, the firm’s diversified client base includes public funds, jointly trusteed plans, endowments and corporations. The firm is 100% employee-owned and is certified as an MBE. The firm has received performance awards from Institutional Investor Magazine, including Intermediate-Term Manager of the Year in 2016 and 2015 and Fixed Income Investment Grade Manager of the Year in 2014. In addition, the firm was named 2010 Core Fixed Income Manager of the Year by Emerging Manager Monthly.

    Garcia Hamilton serves as a sub-advisor to:

  • Location: New York, New York

    GLG LLC (“Man GLG”) is an investment advisory firm formed in April 2002. Man GLG is a limited liability company that is directly owned by Man Litchfield, Inc. Man Litchfield is a wholly owned subsidiary of Man Investments Holdings, Inc., which is a subsidiary of Man Group plc, the ultimate parent company of Man GLG.

    Man GLG serves as a sub-advisor to:

  • Location: New York, New York
    (with investment professionals located in Kolding, Denmark and Zurich, Switzerland)

    Founded in 2007, Global Evolution has distinguished itself with its singular focus on and long-standing expertise in the sovereign debt of emerging and frontier market countries. Global Evolution’s investment process involves both a top-down approach to assess macroeconomic factors affecting the relationships between developed, emerging and frontier countries, and a bottom-up process to determine the countries in which the portfolio will invest.

    Global Evolution serves as a sub-advisor to:

  • Location: Chicago, Illinois

    GCM Grosvenor, headquartered in Chicago, is one of the world's largest independent alternative asset management firms. The firm's investment management and advisory services span public and private markets, focusing on hedge funds, private equity, infrastructure and real estate. The firm launched its first investment portfolio, a multimanager portfolio of hedge funds, in 1971. Its global client base includes public and private pensions, sovereign wealth entities, banks, corporations, insurance companies, charitable organizations, endowments and high net worth individuals.

    Grosvenor serves as a sub-advisor to:

  • Location: Plano, Texas

    Hillcrest is a registered investment advisor established in 2007. The strengths of the firm lie in the combination of philosophy, people, process and the resulting performance. Hillcrest believes that a consistent and repeatable pattern of outperformance is achieved by combining the techniques and insights of traditional analysis with concepts related to Behavioral Finance. At the center of the Hillcrest investment philosophy is the belief that company information alone is not the only factor that affects the price of a stock. Instead, investors have behavioral biases that cause irrational price fluctuations, a human element that is often ignored. Hillcrest uses Behavioral Finance in its investment process to take advantage of mispricing opportunities derived from the human element.

    Hillcrest serves as a sub-advisor to:

  • Location: Chicago, Illinois

    Established in 1991, Holland Capital is an investment-led firm with a history of focusing exclusively on U.S. growth strategies. The registered investment advisor is employee-owned and both minority- and women-owned.

    Holland Capital employs a high-quality, growth-equity investment style that seeks to deliver attractive long-term risk-adjusted returns through a “protect-and-participate” approach. The approach provides participation in rising markets and protection in declining markets. Holland's philosophy is grounded in bottom up, fundamental research and its strength lies in individual stock analysis. Focusing on a three- to five-year investment horizon, the team seeks high-quality companies with factors such as earnings that are growing faster than the general market; are at attractive valuations; have strong balance sheets; superior managements; niche products or services with dominant competitive positioning; and insiders who are owners of the stock.

    Holland serves as a sub-advisor to:

  • Location: Los Angeles, California

    H&W believes that a value approach to portfolio management can provide superior long-term performance with below average volatility. Investor psychology can lead to irrational decisions resulting in the mispricing of stocks. H&W strives to exploit these opportunities by employing disciplined purchase and sell criteria, rigorous in-house fundamental research and a bottom-up stock selection process with emphasis on tangible valuation support. H&W has four major attributes: they’re experienced (track record of more than 30 years), dedicated (committed to independent, in-depth research), disciplined (consistent, time-proven value-oriented investment process) and independent (majority employee-owned).

    Hotchkis serves as a sub-advisor to the following funds:

  • Location: New York, New York

    Ionic is an alternative asset management firm that focuses on relative-value arbitrage and event-driven investment strategies. Within the relative-value arbitrage strategies, Ionic strives to generate negatively correlated returns and outperformance in uncertain markets using a variety of asset classes. Headquartered in New York, the firm also has an office in San Francisco.

    Ionic serves as a sub-advisor to:

  • Location: New York, New York

    Lazard Asset Management LLC, an indirect, wholly owned subsidiary of Lazard Ltd., offers investors an array of traditional and alternative investment solutions. Lazard’s team-based approach to portfolio management seeks to deliver robust and consistent performance over time, and their strong client relationships enhance their ability to employ their capabilities to their clients' advantage.

    Lazard’s bottom-up fundamental investment process seeks to generate strong relative returns over a market cycle by investing in companies with strong and/or improving financial productivity at attractive valuations. Lazard’s distinguishing features include a global footprint, a broad-based team of more than 300 investment personnel worldwide, dedicated in-house research, a focus on security selection in the investment process, distribution across multiple channels and a strong commitment to excellence.

    Lazard serves as a sub-advisor to:

  • Location: Boston, Massachusetts

    Founded in 1924, MFS is one of the oldest investment management firms in the U.S. Today, MFS is a global investment manager with investment personnel in key financial centers worldwide, serving individuals and institutions in more than 70 countries. MFS leverages its global research platform to identify undervalued, high-quality companies that have sustainable, durable franchises, generate significant free cash flow, maintain strong balance sheets and have strong management teams who are good stewards of capital. Their valuation approach is flexible and they place a strong emphasis on cash flow and returns-based methodologies. MFS focuses on downside risk management at the individual security level.

    MFS serves as a sub-advisor to:

  • Location: Boston, Massachusetts

    Man Numeric is an institutional investment manager based in Boston, Massachusetts. The firm manages assets for global clients, including corporate and public pension plans, foundations, endowments and sovereign funds. Founded in 1989 and acquired by Man in 2014, the firm has remained committed and focused on its efforts to consistently outperform benchmarks to deliver excess returns over the long term for clients. Strategies range from long-only, active-extension and market-neutral equities across geographic regions, investment styles and capitalization strata. The firm’s long-standing commitment to carefully managing capacity has enabled it to focus on seeking to maximize alpha for clients.

    Man Numeric serves as a sub-advisor to:

  • Location: Newport Beach, California

    Founded in 1971, PIMCO – a company of Allianz SE – is a global investment management firm with a singular focus on preserving and enhancing investors’ assets. For more than four decades, the firm’s mission has been grounded in a holistic investment process designed to apply rigorous top-down and bottom-up analysis of inputs to identify investment opportunities and risks.

    Supported by the firm’s global fixed-income team, which consists of 250-plus portfolio managers and research analysts, PIMCO’s absolute return-oriented strategy invests in those ideas in which the firm has the strongest conviction without the constraints of a benchmark. The strategy’s portfolio positions are rigorously selected based on PIMCO’s disciplined secular investment process, which focuses on long-term economic, social and political trends, combined with bottom-up strategies, including credit analysis, quantitative research and individual issue selection with a focus on providing attractive risk-adjusted returns and mitigating the risk of capital losses over the long term.

    PIMCO serves as a sub-advisor to:

  • Location: Los Angeles, California

    Payden & Rygel is one of the largest privately owned global investment advisers. Founded in 1983, the firm is a leader in the active management of fixed-income and equity portfolios, through domestic and international solutions. Advising the world's leading institutions and individual investors, the firm provides strong performance and real-world strategy on the global economy and capital markets. For more than three decades, Payden & Rygel’s independence has enabled the firm to manage portfolios focused on their clients’ objectives. They build lasting relationships by providing an unparalleled level of service and problem solving.

    Payden & Rygel serves as a sub-advisor to:

  • Location: New York, New York

    Pzena is a classic value investor that seeks to buy good businesses at low prices. They focus exclusively on companies whose stocks are selling in the cheapest 20% of the investable universe based on price to normal earnings and are typically underperforming their historically demonstrated earnings power. They apply intensive fundamental research to these companies. Companies are included in the portfolio when the following five criteria are met: (1) the current valuation is low compared to the company’s normalized earnings power, (2) current earnings are below historic norms, (3) the problems are judged to be temporary, (4) management has a viable strategy to generate earnings recovery and (5) there is meaningful downside protection in case the earnings recovery does not materialize. A concentrated portfolio exclusively focused on companies such as these should generate meaningful excess returns for long-term investors.

    Pzena serves as a sub-advisor to:

  • Location: New York, New York

    Sound Point Capital Management, LP, is a credit-oriented alternative asset manager established by Stephen Ketchum in 2008. Mr. Ketchum has more than 24 years’ experience in credit structuring, advisory and investment management, and a successful track record of building and managing teams. Sound Point is the investment advisor for numerous limited partnerships, collateralized loan obligations, and separate accounts managed on behalf of institutions, pensions, foundations, insurance companies, wealth management firms, family offices and high net worth individuals. Sound Point’s primary investment objective is to preserve capital in all market conditions and to generate attractive rates of return with low volatility.

    Sound Point serves as a sub-advisor to:

  • Location: Houston, Texas

    Stephens Investment Management Group, LLC (“SIMG”) was established in 2005 and specializes in equity investment management focused on small and mid-capitalization growth companies. SIMG is a subsidiary of Stephens Investments Holdings LLC, a privately held and family-owned company.

    SIMG serves as a sub-advisor to:

  • Location: Seattle, Washington

    SiM is an independent and 100% employee-owned company dedicated to providing superior investment management for institutional and individual clients. The Senior High Yield Team members have worked together for almost twenty years and previously managed the Principal High Yield Fund from its inception in 1998 until 2009.

    SiM analyzes industry fundamentals and company cash flows to take advantage of secular trends and to opportunistically invest in out-of-favor sectors. SiM also invests in alternative investments and instruments across the capital structure. Combined with a long investment horizon, this proven investment approach provides the foundation for achieving long-term client objectives. 

    SiM serves as a sub-advisor to:

  • Location: Stamford, Connecticut

    SGA is an employee-owned, institutional investment management firm specializing in large-cap growth equity investing. Founded in 2003, the firm believes that cash flow is the ultimate arbiter of value. SGA focuses only on those differentiated global businesses that offer predictable earnings and cash-flow growth over the long-term, defined by their three- to five-year investment horizon.

    SGA serves as a sub-advisor to:

  • Location: Fort Lauderdale, Florida

    Templeton, an investment manager based in Florida, believes in a disciplined, yet flexible, long-term approach to uncovering value-oriented investments despite current global market trends. The Templeton organization has been investing globally since 1940.

    Templeton is an indirect, wholly owned subsidiary of Franklin Resources, Inc., a global investment organization operating as Franklin Templeton Investments, which has more than 65 years of investment experience.

    Templeton serves as a sub-advisor to:

  • Location: Boston, Massachusetts

    The Boston Company traces its roots to one of America's oldest financial institutions, the Boston Safe Deposit Company, which dates back to the 1800s. In 1970, firm registered with the U.S. Securities and Exchange Commission. Today, it is an independently operated equity investment boutique, anchored by BNY Mellon, offering long-only and alternative strategies across the capitalization and geographic spectrum.

    All of the firm’s strategies are implemented with consistency and discipline, leveraging more than 40 years of history in equity investing. The firm’s investment performance is based on a time-tested approach, coupled with the deep, broad-based experience of its investment professionals.

    TBC serves as a sub-advisor to the following funds:

  • Location: Richmond, Virginia

    Founded in 1994 by Stephen M. Goddard as the dedicated equity advisor to a publicly traded insurance company, The London Company now provides portfolio management services to a mix of institutional investors. The majority employee-owned firm is headquartered in Richmond, Virginia, and is dedicated to delivering superior, consistent returns with lower downside risk.

    The London Company serves as a sub-advisor to the following fund:

  • Location: Charlotte, North Carolina

    WEDGE believes that a fundamentally sound, value-oriented discipline, employing independent fundamental analysis, and enhanced by rigorous quantitative research will produce superior long-term returns. Furthermore, WEDGE believes that strong buy and sell disciplines are required to ensure consistency and style integrity over time. WEDGE is primarily focused on identifying pricing discrepancies or unrecognized value among high quality, market-leading companies, with a defendable competitive advantage. Secondarily, the firm seeks to add incremental value by overweighting or underweighting specific sectors of the market, based on the firm’s perception of broader industry and economic factors, as well as company specific fundamentals.

    WEDGE serves as a sub-advisor to:

  • Location: Milford, Connecticut

    Zebra Capital Management, LLC is an SEC registered, global, independent investment management firm managing equity-focused investment strategies. Founded in 2001 by Roger Ibbotson, Professor Emeritus of Finance at Yale University, Zebra has successfully combined Professor Ibbotson’s leading-edge research and scientific methods with decades of direct trading, risk management, and operational experience. Zebra's strategies seek to generate superior performance without incurring additional volatility and have demonstrated attractive risk/return characteristics.

    The Zebra investment and research teams focus on harnessing the popularity premium in global equity markets, using Professor Ibbotson’s original research as the springboard. Using liquidity, valuation and growth to identify manifestations of “popularity,” Zebra’s strategies seek to systematically invest in stocks that are less popular but nonetheless have strong fundamental characteristics. Zebra’s investment strategies seek to methodically capture these rewards in the public equity markets. Zebra believes positive, long-term excess returns are driven by systematically exploiting market characteristics supported by basic economic principles. By seeking out fundamentally strong, but overlooked, less demanded securities, Zebra believes it can generate consistent attractive returns without taking on significant levels of risk. Zebra manages these strategies in both long and long-short products.

    Zebra serves as a sub-advisor to the following funds:

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