An Update on Innovation Equities | Lord Abbett
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Equity Perspectives

Lord Abbett Portfolio Manager Thomas O’Halloran examines key trends for the asset class in the current market. 

Transcript

Air Date: July 12, 2021

I’m Tom O’Halloran and I’m the lead portfolio manager of the innovation Growth funds at Lord Abbett.

Title: Equities: The Current Environment

I started managing the [Lord Abbett] Developing Growth Fund back in 2003 and the [Lord Abbett] Growth Leaders Fund in 2011, so we're at the 10-year anniversary mark for the Growth Leaders fund today, which is exciting. I really like this stock market--we're at all-time highs There's been for the past 18 months or so a very healthy rotation of different leaders in the market.

The innovation companies were quite dominant in the first part of this year. The value stocks have done very well, as well as some of the cyclical growth stocks. And now we're starting to see the innovation growth stocks do better, again, meaning that they have stopped going down their corrections appear to be ending. And they are moving up the right side of new base [price levels], and some are even breaking out to new highs.

Interest rates, notwithstanding some bad inflation information, are still very low, the 10-year [U.S.] Treasury is at about 1.4 or 5% today as we speak, and that's just providing such a compelling opportunity for equities and for innovation, growth companies, especially.

Title: Thoughts on Inflation

On equities, there are many things to be concerned about, as always. It does appear that COVID is in the rearview mirror now. [B-ROLL: It does appear that the inflation threat at the moment has calmed down, but we do take the inflation threat very seriously, because if you go back to the 1970s it resulted in a flat market for the entire decade and a couple of very bad bear markets. I don't believe that we went into the pandemic with the [U.S.] Federal Reserve trying to get inflation to increase to a reasonable level and that we [will] come out of the pandemic with a new inflation problem. I don't think we'll have much inflation on a on a long term basis now, there will be this this interim data that will suggest that inflation is roaring and that's what happens when you open up an economy that's been shut down.

But I believe that, you know, as we start to move into the end of this year and into next year the inflation comparisons will result in much lower readings.

Outro

00:07:04.050 --> 00:07:08.700

Thank you for listening and thank you for your continued interest in Lord Abbett.

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Disclosure

Unless otherwise noted, all discussions are based on U.S. markets and U.S. monetary and fiscal policies.

Asset allocation or diversification does not guarantee a profit or protect against loss in declining markets.

No investing strategy can overcome all market volatility or guarantee future results.

Market forecasts and projections are based on current market conditions and are subject to change without notice. Projections should not be considered a guarantee.

The value of investments in equity securities will fluctuate in response to general economic conditions and to changes in the prospects of particular companies and/or sectors in the economy. While growth stocks are subject to the daily ups and downs of the stock market, their long-term potential as well as their volatility can be substantial. Value investing involves the risk that the market may not recognize that securities are undervalued, and they may not appreciate as anticipated.

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