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<b>SUMMARY INFORMATION </b><br/><br/><b>AB FlexFee</b><sup>TM</sup> <b>Large Cap Growth Portfolio</b>
<b>INVESTMENT OBJECTIVE </b>
The Fund’s investment objective is long-term growth of capital.
<b>FEES AND EXPENSES OF THE FUND </b>
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Advisor Class shares, which are not reflected in the tables or the examples below.
<b>Shareholder Fees </b> (fees paid directly from your investment)
<b>Annual Fund Operating Expenses </b> (expenses that you pay each year as a percentage of the value of your investment)
<b>Examples </b>
The Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Fund’s operating expenses stay the same (except for the exclusion of offering costs after the first year) and that any fee waiver and/or expense limitation is in effect through the date indicated above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
<b>Portfolio Turnover </b>
The Fund pays transaction costs, such as commissions, when it buys or sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples, affect the Fund’s performance. During the fiscal period from Fund inception on June 28, 2017 through December 31, 2017, the Fund’s portfolio turnover rate was 25% of the average value of its portfolio.
<b>PRINCIPAL STRATEGIES </b>
The Fund invests primarily in equity securities of a limited number of large, carefully selected, high-quality U.S. companies. The Fund invests primarily in the domestic equity securities of companies selected by the Fund’s Adviser for their growth potential within various market sectors. The Fund emphasizes investments in large, seasoned companies. Under normal circumstances, the Fund will invest at least 80% of its net assets in common stocks of large-capitalization companies.<br/><br/>For these purposes, “large-capitalization companies” are those that, at the time of investment, have market capitalizations within the range of market capitalizations of companies appearing in the Russell 1000<sup>®</sup> Growth Index. While the market capitalizations of companies in the Russell 1000<sup>®</sup> Growth Index ranged from approximately $1.28 billion to $851 billion as of March 31, 2018, the Fund normally will invest in common stocks of companies with market capitalizations of at least $5 billion at the time of purchase.<br/><br/>The Adviser expects that normally the Fund’s portfolio will tend to emphasize investments in securities issued by U.S. companies, although it may invest in foreign securities.<br/><br/> The investment team allocates the Fund’s investments among broad sector groups based on the fundamental company research conducted by the Adviser’s internal research staff, assessing the current and forecasted investment opportunities and conditions, as well as diversification and risk considerations. The investment team may vary the percentage allocations among market sectors and may change the market sectors in which the Fund invests as companies’ potential for growth within a sector matures and new trends for growth emerge.<br/><br/> The Adviser’s research focus is in companies with high sustainable growth prospects, high or improving return on invested capital, transparent business models, and strong and lasting competitive advantages.<br/><br/> The Fund may enter into derivatives transactions, such as options, futures contracts, forwards and swaps. The Fund may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Fund’s portfolio from a decline in value, sometimes within certain ranges.
<b>PRINCIPAL RISKS </b>
<ul type="square"><li><b>Market Risk:</b> The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing, such as the Fund’s growth approach, may underperform the market generally.</li></ul><ul type="square"><li><b>Foreign (Non-U.S.) Risk:</b> Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.</li></ul><ul type="square"><li><b>Derivatives Risk:</b> Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Fund, and may be subject to counterparty risk to a greater degree than more traditional investments.</li></ul><ul type="square"><li><b>Management Risk:</b> The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. </li></ul>As with all investments, you may lose money by investing in the Fund.
<b>BAR CHART AND PERFORMANCE INFORMATION </b>
No performance information is available for the Fund because it has not yet been in operation for a full calendar year.
Other Expenses have been restated to reflect current fees, which reflect only those initial offering costs being amortized during the current fiscal year.
April 30, 2019
As with all investments, you may lose money by investing in the Fund.
No performance information is available for the Fund because it has not yet been in operation for a full calendar year.
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<b>AB FlexFee</b><sup>TM</sup> <b>US Thematic Portfolio</b>
<b>INVESTMENT OBJECTIVE </b>
The Fund’s investment objective is long-term growth of capital.
<b>FEES AND EXPENSES OF THE FUND </b>
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Advisor Class shares, which are not reflected in the tables or the examples below.
<b>Shareholder Fees </b> (fees paid directly from your investment)
<b>Annual Fund Operating Expenses </b> (expenses that you pay each year as a percentage of the value of your investment)
<b>Examples </b>
The Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Fund’s operating expenses stay the same (except for the exclusion of offering costs after the first year) and that any fee waiver and/or expense limitation is in effect through the date indicated above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
<b>Portfolio Turnover </b>
The Fund pays transaction costs, such as commissions, when it buys or sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples, affect the Fund’s performance. During the fiscal period from Fund inception on June 28, 2017 through December 31, 2017, the Fund’s portfolio turnover rate was 22% of the average value of its portfolio.
<b>PRINCIPAL STRATEGIES </b>
The Fund pursues opportunistic growth by investing primarily in a portfolio of U.S. companies. Under normal conditions, the Fund invests at least 80% of its net assets in equity securities of U.S. companies and related derivatives.<br/><br/> The Adviser employs a combination of “top-down” and “bottom-up” investment processes with the goal of identifying the most attractive U.S. securities, fitting into broader themes, which are developments that have broad effects across industries and companies. Drawing on its fundamental research capabilities, the Adviser seeks to identify long-term secular growth trends (often resulting from innovation) that will affect multiple industries. The Adviser will assess the effects of these trends on entire industries and on individual companies. Through this process, the Adviser intends to identify key investment themes, which will be the focus of the Fund's investments and which are expected to change over time based on the Adviser's research.<br/><br/> In addition to this “top-down” thematic approach, the Adviser will also use a “bottom-up” analysis of individual companies that focuses on prospective earnings growth, valuation and quality of company management. The Adviser normally considers a universe of primarily U.S. mid- to large-capitalization companies for investment.<br/><br/> The Adviser expects that normally the Fund’s portfolio will emphasize investments in securities issued by U.S. companies, although it may invest in foreign securities.
<b>PRINCIPAL RISKS </b>
<ul type="square"><li><b>Market Risk:</b> The value of the Fund’s assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing, such as the Fund’s growth approach, may underperform the market generally.</li></ul><ul type="square"><li><b>Foreign (Non-U.S.) Risk:</b> Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.</li></ul><ul type="square"><li><b>Capitalization Risk:</b> Investments in mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in mid-capitalization companies may have additional risks because these companies may have limited product lines, markets or financial resources.</li></ul><ul type="square"><li><b>Management Risk:</b> The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. </li></ul>As with all investments, you may lose money by investing in the Fund.
<b>BAR CHART AND PERFORMANCE INFORMATION </b>
No performance information is available for the Fund because it has not yet been in operation for a full calendar year.
Other Expenses have been restated to reflect current fees, which reflect only those initial offering costs being amortized during the current fiscal year.
April 30, 2019
As with all investments, you may lose money by investing in the Fund.
No performance information is available for the Fund because it has not yet been in operation for a full calendar year.
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<b>SUMMARY INFORMATION <br/><br/>AB FlexFee</b><sup>TM</sup> <b>Core Opportunities Portfolio</b>
<b>INVESTMENT OBJECTIVE </b>
The Fund’s investment objective is long-term growth of capital.
<b>FEES AND EXPENSES OF THE FUND </b>
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Advisor Class shares, which are not reflected in the tables or the examples below.
<b>Shareholder Fees </b> (fees paid directly from your investment)
<b>Annual Fund Operating Expenses </b> (expenses that you pay each year as a percentage of the value of your investment)
<b>Examples </b>
The Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Fund’s operating expenses stay the same (except for the exclusion of offering costs after the first year) and that any fee waiver and/or expense limitation is in effect through the date indicated above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
<b>Portfolio Turnover </b>
The Fund pays transaction costs, such as commissions, when it buys or sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples, affect the Fund’s performance. During the fiscal period from Fund inception on June 28, 2017 through December 31, 2017, the Fund’s portfolio turnover rate was 53% of the average value of its portfolio.
<b>PRINCIPAL STRATEGIES </b>
The Fund invests primarily in the equity securities of U.S. companies that the Adviser believes are undervalued. The Adviser believes that, over time, a company’s stock price will come to reflect its intrinsic economic value. The Fund may invest in companies of any size and in any industry.<br/><br/> The Adviser depends heavily upon the fundamental analysis and research of its large internal research staff in making investment decisions for the Fund. The research staff follows a primary research universe of approximately 500, largely U.S., companies. In determining a company’s intrinsic economic value, the Adviser takes into account many fundamental and financial factors that it believes bear on the company’s ability to perform in the future, including earnings growth, prospective cash flows, dividend growth and growth in book value. The Adviser then ranks each of the companies in its research universe in the relative order of disparity between their intrinsic economic values and their current stock prices, with companies with the greatest disparities receiving the highest rankings (i.e., being considered the most undervalued). The Adviser anticipates that the Fund’s portfolio normally will include companies ranking in the top three deciles of the Adviser’s valuation model.<br/><br/> The Adviser recognizes that the perception of what is a “value” stock is relative and the factors considered in determining whether a stock is a “value” stock may, and often will, have differing relative significance in different phases of an economic cycle. Also, at different times, and as a result of how individual companies are valued in the market, the Fund may be attracted to investments in companies with different market capitalizations (i.e., large-, mid- or small-capitalization) or companies engaged in particular types of business (e.g., banks and other financial institutions), although the Fund does not intend to concentrate in any particular industries or businesses. The Fund’s portfolio emphasis upon particular industries or sectors will be a by-product of the stock selection process rather than the result of assigned targets or ranges.<br/><br/> The Fund may enter into derivatives transactions, such as options, futures contracts, forwards, and swaps. The Fund may use options strategies involving the purchase and/or writing of various combinations of call and/or put options, including on individual securities and stock indices, futures contracts (including futures contracts on individual securities and stock indices) or shares of exchange-traded funds. These transactions may be used, for example, in an effort to earn extra income, to adjust exposure to individual securities or markets, or to protect all or a portion of the Fund’s portfolio from a decline in value, sometimes within certain ranges.
<b>PRINCIPAL RISKS </b>
<ul type="square"><li><b>Market Risk:</b> The value of the Fund's investments will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing, such as the Fund's value approach, may be underperforming the market generally.</li></ul><ul type="square"><li><b>Capitalization Risk:</b> Investments in small- and mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in small- and mid-capitalization companies may have additional risks because these companies may have limited product lines, markets or financial resources.</li></ul><ul type="square"><li><b>Derivatives Risk:</b> Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Fund, and may be subject to counterparty risk to a greater degree than more traditional investments.</li></ul><ul type="square"><li><b>Management Risk:</b> The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results. </li></ul>As with all investments, you may lose money by investing in the Fund.
<b>BAR CHART AND PERFORMANCE INFORMATION </b>
No performance information is available for the Fund because it has not yet been in operation for a full calendar year.
Other Expenses have been restated to reflect current fees, which reflect only those initial offering costs being amortized during the current fiscal year.
April 30, 2019
As with all investments, you may lose money by investing in the Fund.
No performance information is available for the Fund because it has not yet been in operation for a full calendar year.
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<b>AB FlexFee</b><sup>TM</sup> <b>International Strategic Core Portfolio</b>
<b>INVESTMENT OBJECTIVE </b>
The Fund’s investment objective is to seek long-term growth of capital.
<b>FEES AND EXPENSES OF THE FUND </b>
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Advisor Class shares, which are not reflected in the tables or the examples below.
<b>Shareholder Fees </b> (fees paid directly from your investment)
<b>Annual Fund Operating Expenses </b> (expenses that you pay each year as a percentage of the value of your investment)
<b>Examples </b>
The Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of these periods. The Examples also assume that your investment has a 5% return each year, that the Fund’s operating expenses stay the same (except for the exclusion of offering costs after the first year) and that any fee waiver and/or expense limitation is in effect through the date indicated above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
<b>Portfolio Turnover </b>
The Fund pays transaction costs, such as commissions, when it buys or sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples, affect the Fund’s performance. During the fiscal period from Fund inception on June 28, 2017 through December 31, 2017, the Fund’s portfolio turnover rate was 29% of the average value of its portfolio.
<b>PRINCIPAL STRATEGIES </b>
The Adviser seeks to achieve the Fund’s investment objective by investing, under normal circumstances, primarily in common stocks of non-U.S. companies, and in companies in at least three countries other than the United States.<br/><br/> The Fund will invest in companies that are determined by the Adviser to offer favorable long-term sustainable profitability, price stability, and attractive valuations. The Adviser will employ an integrated approach that combines both fundamental and quantitative research to identify attractive investment opportunities. Factors that the Adviser will consider in this regard will include: a company’s record and projections of profitability, accuracy and availability of information with respect to the company, success and experience of management, competitive advantage, low stock price volatility, and liquidity of the company’s securities. The Adviser will compare these results to the characteristics of the general stock markets to determine the relative attractiveness of each company at a given time. The Adviser will weigh economic, political and market factors in making investment decisions. The Adviser will seek to manage the Fund so that it is subject to less share price volatility than many other international mutual funds, although there can be no guarantee that the Adviser will be successful in this regard.<br/><br/> The Fund will primarily invest in mid- and large-capitalization companies, which are currently defined for the Fund as companies that have market capitalizations of $1.5 billion or more. The Fund’s holdings of non-U.S. companies will generally include some companies located in emerging markets.<br/><br/> Fluctuations in currency exchange rates can have a dramatic impact on the returns of equity securities. The Adviser may adjust the foreign currency exposure resulting from the Fund’s security positions through the use of currency-related derivatives, primarily in an effort to minimize the currency risk to which the Fund is subject. However, the Adviser is not required to use such derivatives.
<b>PRINCIPAL RISKS </b>
<ul type="square"><li><b>Market Risk:</b> The value of the Fund's assets will fluctuate as the stock or bond markets fluctuate. The value of the Fund's investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market.</li></ul><ul type="square"><li><b>Foreign (Non-U.S.) Risk:</b> Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors. These risks may be heightened with respect to investments in emerging market countries, where there may be an increased amount of economic, political and social instability.</li></ul><ul type="square"><li><b>Currency Risk:</b> Fluctuations in currency exchange rates may negatively affect the value of the Fund's investments or reduce its returns.</li></ul><ul type="square"><li><b>Capitalization Risk:</b> Investments in mid-capitalization companies may be more volatile than investments in large-capitalization companies. Investments in mid-capitalization companies may have additional risks because these companies have limited product lines, markets or financial resources.</li></ul><ul type="square"><li><b>Derivatives Risk:</b> Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Fund, and may be subject to counterparty risk to a greater degree than more traditional investments.</li></ul><ul type="square"><li><b>Management Risk:</b> The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results.</li></ul>As with all investments, you may lose money by investing in the Fund.
<b>BAR CHART AND PERFORMANCE INFORMATION </b>
No performance information is available for the Fund because it has not yet been in operation for a full calendar year.
Other Expenses have been restated to reflect current fees, which reflect only those initial offering costs being amortized during the current fiscal year.
April 30, 2019
As with all investments, you may lose money by investing in the Fund.
No performance information is available for the Fund because it has not yet been in operation for a full calendar year.
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<b>AB FlexFee</b><sup>TM </sup><b>Emerging Markets Growth Portfolio <br/>(formerly, AB Emerging Markets Growth Portfolio)</b>
<b>INVESTMENT OBJECTIVE </b>
The Fund’s investment objective is to seek long-term growth of capital.
<b>FEES AND EXPENSES OF THE FUND </b>
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
You may be required to pay commissions and/or other forms of compensation to a broker for transactions in Advisor Class shares, which are not reflected in the tables or the examples below.
<b>Shareholder Fees </b> (fees paid directly from your investment)
<b>Annual Fund Operating Expenses </b> (expenses that you pay each year as a percentage of the value of your investment)
<b>Examples </b>
The Examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Examples also assume that your investment has a 5% return each year, that the Fund’s operating expenses stay the same and that any fee waiver and/or expense limitation is in effect through the date indicated above. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
<b>Portfolio Turnover </b>
The Fund pays transaction costs, such as commissions, when it buys or sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These transaction costs, which are not reflected in the Annual Fund Operating Expenses or in the Examples, affect the Fund’s performance. During the fiscal year ended June 30, 2017, the Fund’s portfolio turnover rate was 79% of the average value of its portfolio. During the fiscal period from July 1, 2017 through December 31, 2017, the Fund’s portfolio turnover rate was 30% of the average value of its portfolio.
<b>PRINCIPAL STRATEGIES </b>
At least 80% of the Fund’s net assets will under normal circumstances be invested in securities of emerging market companies and related derivatives. An emerging market country is a country whose per capita gross national income is not classified as “High Income” by the World Bank, that is not a member of the Organization for Economic Co-Operation and Development, or that is represented in a MSCI emerging market equity index. Examples of emerging market countries include Argentina, Brazil, Chile, Croatia, Egypt, Hong Kong, India, Indonesia, Kazakhstan, Malaysia, Mexico, the People’s Republic of China, Peru, the Philippines, Poland, Russia, South Africa, Taiwan, Thailand, Turkey and Venezuela. Emerging market countries may include countries referred to as “frontier” markets, such as Egypt, Nigeria and Vietnam.<br/><br/> In managing the Fund, the Adviser will employ a “bottom up” investment process that focuses on a company’s prospective earnings growth, valuation and business quality. The Adviser will typically look for companies that have strong, experienced management teams and the potential to support greater than expected earnings growth rates, and will combine fundamental and quantitative analyses in its stock selection process. The Adviser will not target any particular country, sector or market capitalization weightings for the Fund.<br/><br/> Fluctuations in currency exchange rates can have a dramatic impact on the returns of equity securities. While the Adviser may hedge the foreign currency exposure resulting from the Fund’s security positions through the use of currency-related derivatives, it is not required to do so. The Fund may also take long and short positions in currencies (or related derivatives) independent of any such security positions, including taking a position in a currency when it does not hold any securities traded in that currency.
<b>PRINCIPAL RISKS </b>
<ul type="square"><li><b>Emerging Market Risk: </b>Investments in emerging market countries may have more risk because the markets are less developed and less liquid, and because these investments may be subject to increased economic, political, regulatory or other uncertainties.</li></ul><ul type="square"><li><b>Market Risk:</b> The value of the Fund's assets will fluctuate as the stock or bond market fluctuates. The value of its investments may decline, sometimes rapidly and unpredictably, simply because of economic changes or other events that affect large portions of the market. It includes the risk that a particular style of investing, such as the Fund's growth approach, may underperform the market generally.</li></ul><ul type="square"><li><b>Foreign (Non-U.S.) Risk:</b> Investments in securities of non-U.S. issuers may involve more risk than those of U.S. issuers. These securities may fluctuate more widely in price and may be less liquid due to adverse market, economic, political, regulatory or other factors.</li></ul><ul type="square"><li><b>Currency Risk:</b> Fluctuations in currency exchange rates may negatively affect the value of the Fund's investments or reduce its returns.</li></ul><ul type="square"><li><b>Derivatives Risk: </b>Derivatives may be illiquid, difficult to price, and leveraged so that small changes may produce disproportionate losses for the Fund, and may be subject to counterparty risk to a greater degree than more traditional investments.</li></ul><ul type="square"><li><b>Sector Risk: </b>The Fund may have more risk because of concentrated investments in a particular market sector, such as the technology or financial services sector. Market or economic factors affecting that sector could have a major effect on the value of the Fund's investments.</li></ul><ul type="square"><li><b>Management Risk:</b> The Fund is subject to management risk because it is an actively-managed investment fund. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its techniques will produce the intended results.</li></ul>As with all investments, you may lose money by investing in the Fund.
<b>BAR CHART AND PERFORMANCE INFORMATION </b>
The bar chart and performance information provide an indication of the historical risk of an investment in the Fund by showing:<ul type="square"><li>how the Fund's performance changed from year to year over the life of the Fund; and</li></ul><ul type="square"><li>how the Fund's average annual returns for one year and since inception compare to those of a broad-based securities market index.</li></ul>You may obtain updated performance information on the website at www.abfunds.com (click on "Investments—Mutual Funds").<br/><br/>The Fund's past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future.
<b>Bar Chart </b>
Calendar Year (%)<br/><br/>During the period shown in the bar chart, the Fund’s:<br/><br/><b>Best Quarter was up 11.35%, 1st quarter, 2017; and Worst Quarter was down -15.35%, 3rd quarter, 2015.</b>
The annual returns in the bar chart are for the Fund’s Advisor Class shares. In addition, performance information prior to July 1, 2017 does not reflect performance fee adjustments and would have been different if the Fund had been managed under the performance (fulcrum) fee arrangement. Through March 31, 2018, the year-to-date unannualized return for the Fund’s shares was 3.40%.
<b>Performance Table<br/>Average Annual Total Returns </b><br/>(For the periods ended December 31, 2017)
April 30, 2019
As with all investments, you may lose money by investing in the Fund.
<ul type="square"><li>how the Fund's performance changed from year to year over the life of the Fund; and</li></ul><ul type="square"><li>how the Fund's average annual returns for one year and since inception compare to those of a broad-based securities market index.</li></ul>
www.abfunds.com
The Fund’s past performance before and after taxes, of course, does not necessarily indicate how it will perform in the future.
After-tax returns: – Are an estimate, which is based on the highest historical individual federal marginal income tax rates, and do not reflect the impact of state and local taxes;
actual after-tax returns depend on an individual investor’s tax situation and are likely to differ from those shown; and – Are not relevant to investors who hold fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.
2014-11-13
2014-11-13
2014-11-13
<b>Best Quarter</b>
2017-03-31
<b>Worst Quarter</b>
2015-09-30
2018-03-31
year-to-date
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15
1469
2863
6103
0
10
4927
7624
10170
35
4977
7661
10159
45
5094
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10116
15
2348
4369
8314
0
0
0
0.0005
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0.0011
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