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Growth Leaders Fund

Summary

Summary

What is the Growth Leaders Fund?

The Fund seeks to deliver long-term growth of capital by investing primarily in stocks of U.S. companies.

Fund Basicsas of 06/30/2016

Total Net Assets
$2.16 B
Inception Date
06/30/2011
Dividend Frequency
Annually
Number of Holdings
97
CUSIP
543915326
Minimum Initial Investment
$1,500+

Expense Ratioas of 06/30/2016

Fund Expense Ratio :

Gross 0.99%

Net 0.85%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2011
w/o sales charge -3.29% -2.64% 11.74% 10.94% - 10.94%
Lipper Category Avg. Multi-Cap Growth Funds -2.16% -4.43% 9.67% 9.16% - -
Russell 1000® Growth Index 1.36% 3.02% 13.07% 12.35% - 12.35%
w/ sales charge -8.84% -8.25% 9.55% 9.63% - 9.63%

Fund Expense Ratio :

Gross 0.99%

Net 0.85%

Fund Expense Ratio :

Gross 0.99%

Net 0.85%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2011
w/o sales charge -3.29% -2.64% 11.74% 10.94% - 10.94%
Lipper Category Avg. Multi-Cap Growth Funds -2.16% -4.43% 9.67% 9.16% - -
Russell 1000® Growth Index 1.36% 3.02% 13.07% 12.35% - 12.35%
w/ sales charge -8.84% -8.25% 9.55% 9.63% - 9.63%

Fund Expense Ratio :

Gross 0.99%

Net 0.85%

RELATED CONTENT

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Principles of Portfolio Construction: Growth Leaders Fund
June 17, 2015

Thomas O’Halloran discusses the Fund’s guiding philosophy and investment process.

TEN LARGEST HOLDINGS as of 06/30/2016View Portfolio

Holding Assets
Facebook, Inc. 5.7%
Amazon.com, Inc. 5.1%
Alphabet, Inc. 3.8%
Visa, Inc. 2.6%
Newmont Mining Corp. 2.1%
Bristol-Myers Squibb Co. 2.0%
PepsiCo, Inc. 2.0%
Intuitive Surgical, Inc. 1.9%
Apple, Inc. 1.7%
Salesforce.com, Inc. 1.7%

Investment Team

F. Thomas O'Halloran
F. Thomas O'Halloran, J.D., CFA

Partner & Portfolio Manager

29 Years of Industry Experience

Arthur K. Weise
Arthur K. Weise, CFA

Partner & Portfolio Manager

23 Years of Industry Experience

Vernon Bice
Vernon Bice

Portfolio Manager

15 Years of Industry Experience

Supported By 35 Investment Professionals and 17 Years Avg. Industry Experience

Your Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Fund Expense Ratio :

Gross 0.99%

Net 0.85%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2011
w/o sales charge -3.29% -2.64% 11.74% 10.94% - 10.94%
Lipper Category Avg. Multi-Cap Growth Funds -2.16% -4.43% 9.67% 9.16% - -
Russell 1000® Growth Index 1.36% 3.02% 13.07% 12.35% - 12.35%
w/ sales charge -8.84% -8.25% 9.55% 9.63% - 9.63%

Fund Expense Ratio :

Gross 0.99%

Net 0.85%

Fund Expense Ratio :

Gross 0.99%

Net 0.85%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2011
w/o sales charge -3.29% -2.64% 11.74% 10.94% - 10.94%
Lipper Category Avg. Multi-Cap Growth Funds -2.16% -4.43% 9.67% 9.16% - -
Russell 1000® Growth Index 1.36% 3.02% 13.07% 12.35% - 12.35%
w/ sales charge -8.84% -8.25% 9.55% 9.63% - 9.63%

Fund Expense Ratio :

Gross 0.99%

Net 0.85%

Best returns

Durations Fund Returns Blended Index
3-Mo 15.41 14.69
1-Yr 46.73 33.48

Worst returns

Durations Fund Returns Blended Index
3-Mo -14.97 -13.14
1-Yr -0.39 5.76
Year Fund Returns Russell 1000® Growth Index
2015 6.68% 5.67%
2014 10.12% 13.05%
2013 46.73% 33.48%
2012 9.98% 15.26%
2011 -8.33% 2.64%
Year Q1 Q2 Q3 Q4 Yearly Returns
2016 -3.91% 0.65% - - 1.47%
2015 4.71% 1.21% -6.15% 7.26% 6.68%
2014 2.07% 3.60% -0.02% 4.16% 10.12%
2013 11.46% 7.21% 13.12% 8.55% 46.73%
2012 15.41% -5.85% 3.79% -2.49% 9.98%
2011 - - -14.97% 7.81% -8.33%

Growth of $10,000 as of 04/30/2016

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 06/30/2016

  • U.S. equities (as represented by the S&P 500® Index[1]) withstood a bout of volatility following the United Kingdom’s decision to leave the European Union (“Brexit”), to finish positive for the period. We believe this development further dampens global economic growth, and, as such, we are focused on companies that can significantly grow their earnings and revenues in this persistently low-growth environment.    
  • We cut the portfolio’s exposure to the industrials sector, as this generally cyclical sector is likely to be adversely affected by slowing global growth in the wake of the Brexit decision.
  • We also trimmed the portfolio’s exposure to the information technology sector due to a few stock-specific fundamental shifts. However, we remain overweight this sector, relative to the portfolio’s benchmark, the Russell 1000® Growth Index.
  • We increased the portfolio’s exposure to the health care sector, and in particular to the medical devices and services industries, which were exhibiting technical and fundamental strength.

 

[1] The S&P 500® Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.

PORTFOLIO DETAILS as of 06/30/2016

Weighted Average Market Cap.
120.0 B
P/E Ratio
32.5x
P/B Ratio
5.8x
Portfolio Turnover Ratio as of 10/30/2015
270.7%
Number of Holdings
97
Total Net Assets
$2.16 B

Contributors & Detractors as of  06/30/2016

Contributors

Holding Contribution
Amazon.com, Inc. 0.6%
NVIDIA Corp. 0.4%
Newmont Mining Corp. 0.4%
Ulta Salon, Cosmetics & Fragrances, Inc. 0.3%
Edwards Lifesciences Corp. 0.3%

Detractors

Holding Contribution
Alphabet, Inc. -0.4%
Apple, Inc. -0.3%
First Solar, Inc. -0.3%
Delta Air Lines, Inc. -0.2%
Microsoft Corp. -0.2%

Attribution Analysis 

Growth Leaders Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 07/29/2016
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/27/2012 12/28/2012 12/28/2012 $0.03120 $15.16
11/19/2012 11/20/2012 11/20/2012 $0.01310 $14.96

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date Reinvest & Payable Date
11/21/2016 11/22/2016 11/22/2016

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
11/23/2015 11/24/2015 $0.1145 $0.9853 $1.0998 $22.76

Upcoming Capital Gain Distribution

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date
11/21/2016 11/22/2016

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 07/29/2016

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $50,000 5.75% 5.00% $24.21
$50,000 to $99,999 4.75% 4.00% $23.96
$100,000 to $249,999 3.95% 3.25% $23.76
$250,000 to $499,999 2.75% 2.25% $23.47
$500,000 to $999,999 1.95% 1.75% $23.27
$1,000,000 to $5,000,000 0.00% 1.00% $22.82

EXPENSE RATIOas of 06/30/2016

Fund Review

Fund Review

Market Review as of 06/30/2016

The U.S. equity market (as represented by the S&P 500® Index1) withstood a bout of volatility in the final weeks of the second quarter, to finish positive for the period. The U.S. Federal Reserve (Fed) held its benchmark interest rate unchanged for the second consecutive quarter, citing diminishing gains in employment as a concern. While the unemployment rate fell to 4.7% in May, the U.S. economy added just 38,000 jobs against an expected increase of 162,000. A mixed corporate earnings season contributed to investor uncertainty during the quarter. According to research from FactSet, 72% of companies in the S&P 500 Index reported first quarter earnings above their mean estimates, more than the five-year historical average of 67%, but just 53% of companies in the S&P 500 Index reported first quarter sales above their mean estimates, less than the five-year historical average of 56%. According to the third estimate from the Bureau of Economic Analysis, U.S. real gross domestic product (GDP) in the first quarter expanded by 1.1%,2 an upward revision from previous estimates, with a rise in personal consumption expenditures and residential fixed investment among the primary contributors. The Fed noted that between April and May 2016, U.S. economic activity, as a whole, continued to expand in most districts around the country. The majority of districts reported increased consumer spending and positive developments in their nonfinancial services sectors. Manufacturing activity during the period was described as “mixed,” due in large part to further weakness in the energy sector.3

International equities (as represented by the MSCI EAFE Index4) also experienced an uneven second quarter. The key market event of the quarter was the United Kingdom’s vote, on June 23, to leave the European Union (“Brexit”). This decision rattled global financial markets, which had largely expected a “remain” vote, and sent the British pound to a 30-year low. Central banks across the globe continued on monetary-easing paths during the period. In June, for example, the European Central Bank formally began its corporate sector-purchase program, which targets euro-denominated investment-grade bonds in the eurozone, while the Bank of Japan continued to increase its monetary base by ¥80 trillion annually, and maintained its negative interest rate on excess reserves.

The S&P 500 Index returned 2.46% during the second quarter. Of the 10 major sectors, the energy, consumer staples, health care, materials, and utilities sectors outperformed the broader market. Value stocks5 outperformed growth stocks,6 while large-cap stocks7 lagged small-cap stocks.8

Fund Review as of 06/30/2016

The Fund* modestly outperformed its benchmark, the Russell 1000® Growth Index,9 during the second quarter.

Security selection in the health care sector was the largest contributor to relative performance during the period. Within this sector, the Fund’s position in Medivation, Inc., a biopharmaceutical company, contributed most. Shares of Medivation rose throughout the period, as a larger competitor made several offers to acquire the company and its prostate cancer drug.

Security selection in the materials sector also contributed to relative performance during the quarter. Within this sector, the Fund’s holdings of Newmont Mining Corp., a global mining company that specializes in gold and copper, contributed most. As Newmont is primarily leveraged to the price of gold, its shares rose alongside a strong quarter for the precious metal, and outperformed the shares of its peers during this period due to the company’s relatively strong balance sheet that was improved by a strategic asset sale late in the quarter.

Security selection in the consumer staples sector was the largest detractor from relative performance during the period. Within this sector, the Fund’s position in Campbell’s Soup Co., a manufacturer and marketer of food products, detracted most. Shares of Campbell’s soup fell in late May after the company reported a mixed quarter that saw a year-over-year decline in organic sales against an expected slight year-over-year increase.

Security selection in the industrials sector also detracted from relative performance during the quarter. Within this sector, the Fund’s holdings of Delta Air Lines, Inc. detracted most. Shares of Delta fell as passenger traffic declined more than expected during the period, while jet fuel costs continued to increase. 

Please refer to www.lordabbett.com under the “Portfolio” tab for a complete list of holdings of the Fund, including the securities discussed above.

Outlook

We believe the surprise “Brexit” decision further dampens global economic growth, and likely will lead to further monetary easing by central banks across the globe. We view the United States as relatively attractive in this environment, and we are beginning to see “high-growth” fundamental strength rewarded after a period of indiscriminant selling. However, we believe political uncertainty ahead of the presidential election remains an overhang. As such, we are focused on U.S.-oriented companies that can significantly grow their earnings in this persistently low-growth environment, and are balancing these dynamic “high-growth” stocks with names that offer relatively stable earnings models, given global market volatility.   

*Class A Share at net asset value (NAV). For the latest NAV, including maximum sales charges (MOP) performance information, visit us at lordabbett.com. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted.  

Fund Documents

Fund Documents

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Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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