American Beacon Advisors is to launch two new equity funds in September, the American Beacon Shapiro Equity Opportunities fund and the American Beacon Shapiro SMID Cap Equity fund, according to a Securities and Exchange Commission filing.
The two funds will be sub-advised by Atlanta-based value boutique Shapiro Capital Management, in which American Beacon acquired a majority stake in February.
The boutique’s chairman and chief investment officer Samuel R. Shapiro, president and chief financial officer Louis S. Shapiro, research analyst Harry B. Shapiro and director of research Michael A. McCarthy will be the portfolio managers on both funds.
The Equity Opportunities fund is benchmarked against the Russell 3000 index and will charge a management fee of 0.70%. The SMID Cap Equity fund tracks the Russell 2500 index and charges a management fee of 0.75%.
A spokesperson for American Beacon confirmed the contents of the filing but declined to comment further.
American Beacon had just filed in June for two value funds sub-advised by Shapiro, the American Beacon Shapiro Mid Cap Value fund and the American Beacon Shapiro Value Opportunities fund.
Shapiro had assets under management totaling approximately $4.3 billion as of April 30 2017.
To find out more about how American Beacon picks portfolio managers, read our profile with chief executive Gene Needles (pictured above).