Core Plus Bond Fund Class R2 | Lord Abbett

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Core Plus Bond Fund

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Summary

Summary

What is the Core Plus Bond Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing in a wide range of fixed income securities, including U.S. investment grade and high yield corporate bonds, mortgage-backed, asset-backed, and government-related securities, with select allocations to non-U.S. (including emerging market) debt securities.

Fund Basicsas of 02/29/2024

Total Net Assets
$1.86 B
Inception Date
Dividend Frequency
-
Number of Holdings
639
Type Assets
Investment Grade Corporate
MBS
High Yield Corporate
U.S. Government Related
ABS
CLO
CMBS
Bank Loans
Sovereign
Other
Cash
Maturity Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 02/29/2024 View Portfolio

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB
Not Rated

Investment Team

Kewjin Yuoh
Kewjin Yuoh

Partner, Portfolio Manager

29 Years of Industry Experience

Andrew H. O'Brien
Andrew H. O'Brien, CFA

Partner, Portfolio Manager

25 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

22 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

32 Years of Industry Experience

Adam C. Castle
Adam C. Castle, CFA

Partner, Portfolio Manager

15 Years of Industry Experience

Leah G. Traub
Leah G. Traub, Ph.D.

Partner & Portfolio Manager

22 Years of Industry Experience

Harris Trifon
Harris Trifon

Partner, Portfolio Manager

23 Years of Industry Experience

Supported By 80 Investment Professionals with 17 Years Avg. Industry Experience

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Performance

Performance

Portfolio

Portfolio

Rating Assets
Investment Grade Corporate
MBS
High Yield Corporate
U.S. Government Related
ABS
CLO
CMBS
Bank Loans
Sovereign
Other
Cash
Rating Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 02/29/2024

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB
Not Rated

Portfolio Positioningas of 12/31/2023

  • During the quarter we maintained the Fund’s overall up-in-quality and up-in-liquidity positioning.
  • Duration positioning was the largest detractor from performance over the quarter. Being underweight duration versus the benchmark detracted as U.S. Treasury rates rallied during the period.
  • An allocation to ABS, CMBS, and collateralized loan obligations (CLO) modestly detracted from relative returns. ABS, CMBS and CLO spreads were flat to tighter over the period, but underperformed corporate credit. Within ABS, we reduced our overall exposure and moved up in quality, adding to AAA-rated ABS. Within CLO, we modestly reduced our exposure. Within CMBS, we continued to reduce the portfolio’s exposure to CMBS over the quarter as we have been over the last year. Sales were focused on floating rate single asset / single borrower (“SASB”) deals and commercial real estate collateralized loan obligations (CRE CLO). We’ve maintained a very high bar to add with a preference for high quality, liquid names.
  • Security selection within investment grade corporate bonds contributed to relative performance, specifically the portfolio’s allocation to the Financials and Utilities sectors. We believe many companies in the Utility sector are trading at compelling valuations, given elevated supply to finance environmental initiatives, and we have been buying in at attractive spreads in this non-cyclical, highly regulated industry. We remain conservatively positioned in Financials, overweight U.S. money center and European national champions. The bank debt owned within the portfolio is focused on diversified financial institutions with strong management teams and business models less dependent on deposits. The portfolio remains overweight the Energy, Utilities, and Financials sectors.
  • The portfolio’s modest allocation to high yield corporate bonds also contributed to relative performance as high yield bond spreads tightened and provided superior carry versus the broader index.

Portfolio Details as of 02/29/2024

Total Net Assets
$1.86 B
Average Effective Duration
5.6 Years
Average Life
6.46 Years
Average Maturity
6.45 Years
Average Modified Duration
6.42 Years
Number of Issues
639
Average Yield to Maturity
6.08%

Dividends & Cap Gains

Dividends & Cap Gains

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
03/30/2024 03/31/2024 03/31/2024
04/29/2024 04/30/2024 04/30/2024
05/30/2024 05/31/2024 05/31/2024
06/29/2024 06/30/2024 06/30/2024
07/30/2024 07/31/2024 07/31/2024
08/30/2024 08/31/2024 08/31/2024
09/29/2024 09/30/2024 09/30/2024
10/30/2024 10/31/2024 10/31/2024
11/29/2024 11/30/2024 11/30/2024
12/30/2024 12/31/2024 12/31/2024

Yield

Yield

Fees & Expenses

Fees & Expenses

Fund Documents

Fund Documents

0Documents selected
Portfolio Holdings 1Q
Publish Date:11/03/2015
Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
Publish Date:11/03/2015
Statutory Prospectus
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015

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Class R2 - The performance quotations for Class R2 reflect the following methods of calculation: (a) for periods prior to the inception date for Class R2, a restated figure is used based on the Fund's Class A performance, excluding the effect of Class A's maximum sales charge (which does not apply to Class R2) adjusted to reflect the Rule 12b-1 rate differential between Class A and Class R2, which has a higher 12b-1 fee than Class A; and (b) for periods after the inception date for Class R2, actual Class R2 performance is used reflecting all charges and fees applicable to Class R2 shares. Hypothetical performance data for Class R2, as measured from since inception of the Fund using the methodology described above, is not available if the Class A inception date is equal or greater than ten years old. Please refer to the Class R2 performance information for the inception date for Class R2. Please refer to the Class A performance information for the inception date for Class A.

Class R2 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

The Bloomberg U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. 

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