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Mid Cap Stock Fund

Summary

Summary

What is the Mid Cap Stock Fund?

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

Fund Basicsas of 10/31/2019

Total Net Assets
$1.69 B
Inception Date
04/05/2017
Dividend Frequency
Semi-Annually
Fund Expense Ratio
0.64%
Number of Holdings
82

Fund Expense Ratio :

0.64%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 19.77% 7.24% 3.81% 4.66% 10.51% -
Lipper Category Avg. Mid-Cap Value Funds 21.40% 7.90% 6.02% 5.53% 10.95% -
Russell Midcap® Value Index 23.31% 10.37% 7.65% 7.13% 12.65% -

Fund Expense Ratio :

0.64%

Fund Expense Ratio :

0.64%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 16.97% -3.13% 4.49% 5.40% 10.25% -
Lipper Category Avg. Mid-Cap Value Funds 16.84% -2.91% 6.18% 5.67% 10.53% -
Russell Midcap® Value Index 19.47% 1.60% 7.82% 7.55% 12.29% -

Fund Expense Ratio :

0.64%

TEN LARGEST HOLDINGS as of 10/31/2019View Portfolio

Holding Assets
FirstEnergy Corp. 2.3%
Hartford Financial Services Group, Inc. 2.1%
Axis Capital Holdings Ltd. 2.0%
CMS Energy Corp. 1.9%
Alexandria Real Estate Equities, Inc. 1.9%
Masco Corp. 1.9%
Evergy Inc 1.8%
Landstar System, Inc. 1.8%
Duke Realty Corp. 1.8%
Stanley Black & Decker, Inc. 1.8%

INVESTMENT TEAM

Eli Rabinowich
Eli Rabinowich

Portfolio Manager

15 Years of Industry Experience

Jeff Diamond
Jeff Diamond, CFA

Portfolio Manager

32 Years of Industry Experience

Supported By 39 Investment Professionals with 18 Years Avg. Industry Experience

Your Representative

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Performance

Performance

Fund Expense Ratio :

0.64%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 19.77% 7.24% 3.81% 4.66% 10.51% -
Lipper Category Avg. Mid-Cap Value Funds 21.40% 7.90% 6.02% 5.53% 10.95% -
Russell Midcap® Value Index 23.31% 10.37% 7.65% 7.13% 12.65% -

Fund Expense Ratio :

0.64%

Fund Expense Ratio :

0.64%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 16.97% -3.13% 4.49% 5.40% 10.25% -
Lipper Category Avg. Mid-Cap Value Funds 16.84% -2.91% 6.18% 5.67% 10.53% -
Russell Midcap® Value Index 19.47% 1.60% 7.82% 7.55% 12.29% -

Fund Expense Ratio :

0.64%

Year Fund Returns Russell Midcap® Value Index
2018 -14.25% -12.29%
2017 7.40% 13.34%
2016 17.03% 20.00%
2015 -3.17% -4.78%
2014 12.08% 14.75%
2013 30.89% 33.46%
2012 14.99% 18.51%
2011 -3.55% -1.38%
2010 26.11% 24.75%
2009 27.34% 34.21%
2008 -39.21% -
2007 1.00% -
2006 - -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 13.53% 1.51% 1.50% - 19.98%
2018 -1.68% 1.09% 4.17% -17.18% -14.25%
2017 2.63% 1.64% 0.20% 2.76% 7.40%
2016 1.99% 3.83% 4.35% 5.91% 17.03%
2015 3.65% -1.22% -8.20% 3.03% -3.17%
2014 3.27% 5.18% -3.16% 6.56% 12.08%
2013 12.38% 1.92% 4.88% 8.95% 30.89%
2012 11.59% -7.02% 5.69% 4.86% 14.99%
2011 8.10% 0.19% -22.25% 14.54% -3.55%
2010 7.38% -9.18% 12.68% 14.77% 26.11%
2009 -12.14% 14.42% 19.63% 5.88% 27.34%
2008 -13.22% 0.16% -11.40% -21.05% -39.21%
2007 5.12% 6.10% -3.66% -6.01% 1.00%
2006 - - - 9.03% -

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 09/30/2019

  • The portfolio employs a fundamental, bottom-up individual stock selection strategy that focuses on quality companies with compelling valuations over a long term horizon.
  • We initiated a position in shares of General Mills, Inc., a branded consumer foods manufacturer. Management has been reinvesting in the company’s yogurt and cereal businesses to restore growth following a period of weak results. Additionally, the company has continued to benefit from the integration and expansion of the Blue Buffalo premium pet food acquisition. We believe this will lead to improvements in growth and profitability.
  • We also initiated a position in shares of Wabtec Corp., a leading manufacturer of equipment and supplies for the global railroad industry. The company has been facing headwinds from the completion of the railroad industry’s multi-year equipment safety initiative as well as temporarily reduced equipment demand due to freight railroads taking steps to increase the efficiency of existing locomotives and rolling stock. We believe the long term drivers of demand for railroad equipment and supplies are intact and that the issues currently facing the company have created an attractive opportunity for long term investment.
  • We eliminated the portfolio’s position in Coca Cola European Partners, a beverage distributor, and AMETEK, Inc., an electronic instruments manufacturer. The sales were consistent with our normalized free cash flow framework.

PORTFOLIO DETAILS as of 10/31/2019

Total Net Assets
$1.69 B
Number of Holdings
82
Weighted Average Market Cap.
14.1 B
P/B Ratio
2.0x
P/E Ratio
17.6x

Contributors & Detractors as of  09/30/2019

Contributors

Holding Contribution
Urban Outfitters, Inc. 0.3%
ARAMARK Holdings Corp. 0.3%
FirstEnergy Corp. 0.3%
Western Union Co. 0.3%
Axis Capital Holdings Ltd. 0.2%

Detractors

Holding Contribution
Concho Resources, Inc. -0.4%
Pacific Gas & Electric Co. -0.4%
Conduent, Inc. -0.4%
Lear Corp. -0.2%
Lundin Mining Corp. -0.2%

Attribution Analysis 

Mid Cap Stock 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 12/10/2019
$0.002
Dividend Frequency
Semi-Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
07/30/2019 07/31/2019 07/31/2019 $0.00210 $27.94

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
12/17/2019 12/18/2019 12/18/2019

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/17/2018 12/18/2018 $1.3167 - $1.3167 $24.34

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
12/17/2019 12/18/2019

Fees & Expenses

Fees & Expenses

EXPENSE RATIOas of 11/30/2019

0.64%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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Prospectus (XBRL)
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 F3 - The inception date for Class F3 shares is April 4, 2017. The performance quotations for Class F3 are based on the following methods of calculation: (a) for periods prior to June 30, 2015,  a figure is used based on the historical performance of the Fund’s Class I Shares, since inception, restated to reflect all charges and fees applicable to Class F3 shares; (b) for periods prior to April 4, 2017 but after June 30, 2015, performance is based on the historical performance of the Fund’s Class R6 shares, which have an equivalent expense ratio to the Fund’s F3 shares; and (c) for periods after April 4, 2017, actual Class F3 performance is used, which reflects all charges and fees applicable to Class F3 shares.

Class F3 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

The Russell Midcap® Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000 Value index.

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