Image alt tag

Error!

X

There was a problem contacting the server. Please try after sometime.

Sorry, we are unable to process your request.

Error!

X

We're sorry, but the Insights and Intelligence Tool is temporarily unavailable

If this problem persists, or if you need immediate assistance, please contact Customer Service at 1-888-522-2388.

Error!

X

We're sorry, but the Literature Center checkout function is temporarily unavailable.

If this problem persists, or if you need immediate assistance, please contact Customer Service at 1-888-522-2388.

Tracked Funds

You have 0 funds on your mutual fund watch list.

Begin by selecting funds to create a personalized watch list.

(as of 12/05/2015)

Pending Orders

You have 0 items in your cart.

Subscribe and order forms, fact sheets, presentations, and other documents that can help advisers grow their business.

A verification Email Has Been Sent

Close

An email verification email has been sent to .
Follow the instructions to complete the email validation process.

I have not received my verification email

Check your SPAM mailbox and make sure that twelcome@lordabbett.com is allowed to send you mail.

I'm still having trouble

If you're still having trouble verifying your email address. feel free to contact us.

1-888-522-2388
clientservices@lordabbett.com


OK

We're sorry. We found no record of the email address you provided.

Close

Register For a LordAbbett.com Account
Using Your Email Address.

  • Registered Financial Advisors gain access to:
  • Our data mining tool, Insight & Intelligence
  • Best in-class practice management content
  • Educational events, videos and podcasts.
  • The Lord Abbett Review - Subscribe now!

Registered but Having Problems?

If you believe you are registered and are having problems verifying your email address, feel free to contact us.

1-888-522-2388 clientservices@lordabbett.com

Terms & Condition

X

These Terms of Use ("Terms of Use") are made between the undersigned user ("you") and Lord, Abbett & Co. ("we" or "us"). They become effective on the date that you electronically execute these Terms of Use ("Effective Date").

A. You are a successful financial consultant that markets securities, including the Lord Abbett Family of Funds;

B. We have developed the Lord Abbett Intelligence System (the "Intelligence System"), a state of the art information resource that we make available to a limited community of broker/dealers through the Internet at a secure Web site (the "LAIS Site"); and

C. We wish to provide access to the Intelligence System to you as an information tool responsive to the demands of your successful business pursuant to these Terms of Use. Accordingly, you and we, intending to be legally bound, hereby agree as follows:]

1. Overview. · Scope. These Terms of Use (which we may amend from time to time) govern your use of the Intelligence System. · Revisions; Changes. We may amend these Terms of Use at any time by posting amended Terms of Use ("Amended Terms of Use") on the LAIS Site. Any Amended Terms of Use will become effective immediately upon posting. Your use of the Intelligence System after any Amended Terms of Use become effective will be deemed to constitute your acceptance of those Amended Terms of Use.We may modify or discontinue the Intelligence System at any time, temporarily or permanently, with or without notice to you. Purpose of the Intelligence System. The Intelligence System is intended to be an information resource that you may use to contribute to your business research. The Intelligence System is for broker/dealer use only; it is not to be used with the public in oral, written or electronic form. The information on the Intelligence System and LAIS Site is for your information only and is neither the tax, legal or investment advice of Lord Abbett or its third-party sources nor their recommendation to purchase or sell any security.

2. Your Privileges. · Personal Use. Your use of the Intelligence System is a nontransferable privilege granted by us to you and that we may deny, suspend or revoke at any time, with or without cause or notice. · Access to and Use of the Intelligence System. The User ID and password (together, an "Access ID") issued by us to you (as subsequently changed by you from time to time) is for your exclusive access to and use of the Intelligence System. You will: (a) be responsible for the security and use of your Access ID, (b) not disclose your Access ID to anyone and (c) not permit anyone to use your Access ID. Any access or use of the Intelligence System through the use of your Access ID will be deemed to be your actions, for which you will be responsible. · Required Technology. You must provide, at your own cost and expense, the equipment and services necessary to access and use the Intelligence System. At any time, we may change the supporting technology and services necessary to use the Intelligence System. · Availability. We make no guarantee that you will be able to access the Intelligence System at any given time or that your access will be uninterrupted, error-free or free from unauthorized security breaches.

3. Rights in Data. Our use of information collected from you will be in accordance with our Privacy Policy posted on the LAIS Site. Our compliance with our Privacy Policy will survive any termination of these Terms of Use or of your use of the Intelligence System.

4. Your Conduct in the Use of the Intelligence System. You may access, search, view and store a personal copy of the information contained on the LAIS Site for your use as a broker/dealer. Any other use by you of the Intelligence System and the information contained on the LAIS Site these Terms of Use is strictly prohibited. Without limiting the preceding sentence, you will not: · Engage in or permit any reproduction, copying, translation, modification, adaptation, creation of derivative works from, distribution, transmission, transfer, republication, compilation or decompilation, reverse engineering, display, removal or deletion of the Intelligence System, any portion thereof, or any data, content or information provided by us or any of our third-party sources in any form, media or technology now existing or hereafter developed, that is not specifically authorized under these Terms of Use.

· Remove, obscure or alter any notice, disclaimer or other disclosure affixed to or contained within the Intelligence System, including any copyright notice, trademark and other proprietary rights notices and any legal notices regarding the data, content or information provided through the Intelligence System.

· Create a hyperlink to, frame or use framing techniques to enclose any information found anywhere on the LAIS Site without our express prior written consent.

· Impersonate any person, or falsely state or otherwise misrepresent his or her affiliation with any person in connection with any use of the Intelligence System.

· Breach or attempt to breach the security of the Intelligence System or any network, servers, data, or computers or other hardware relating to or used in connection with the Intelligence System; nor (b) use or distribute through the Intelligence System software or other tools or devices designed to interfere with or compromise the privacy, security or use of the Intelligence System by others or the operations or assets of any person.

· Violate any applicable law, including, without limitation, any state federal securities laws. 5. Your Representations and Warranties. You hereby represent and warrant to us, for our benefit, as of the time of these Terms of Use and for so long as you continue to use the Intelligence System, that (a) you are, and will continue to be, in compliance with these Terms of Use and any applicable laws and (b) you are authorized to provide to us the information we collect, as described in our Privacy Policy.

6. Disclaimer of Warranties.

· General Disclaimers.

THE INTELLIGENCE SYSTEM, THE LAIS SITE AND ALL DATA, INFORMATION AND CONTENT ON THE LAIS SITE ARE PROVIDED "AS IS" AND “AS AVAILABLE” AND WITHOUT ANY REPRESENTATIONS OR WARRANTIES OF ANY KIND. WITHOUT LIMITING THE PRECEDING SENTENCE, LORD ABBETT, ITS AFFILIATES, AGENTS, THIRD-PARTY SUPPLIERS AND LICENSORS, AND THEIR RESPECTIVE EMPLOYEES, CONTRACTORS, DIRECTORS, OFFICERS AND SHAREHOLDERS (COLLECTIVELY, THE “LORD ABBETT GROUP”) EXPRESSLY DISCLAIM ALL WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE, AND NONINFRINGEMENT. YOU EXPRESSLY AGREE THAT YOUR USE OF THE LAIS SITE, THE INTELLIGENCE SYSTEM, AND THE DATA, INFORMATION AND CONTENT PRESENTED THERE ARE AT YOUR SOLE RISK AND THAT THE LORD ABBETT GROUP WILL NOT BE RESPONSIBLE FOR ANY (A) ERRORS OR INACCURACIES IN THE DATA, CONTENT AND INFORMATION ON THE LAIS SITE AND THE INTELLIGENCE SYSTEM OR (B) ANY TERMINATION, SUSPENSION, INTERRUPTION OF SERVICES, OR DELAYS IN THE OPERATION OF THE LAIS SITE OR THE INTELLIGENCE SYSTEM.

· Disclaimer Regarding Investment Research.

THE INTELLIGENCE SYSTEM INCORPORATES DATA, CONTENT AND INFORMATION FROM VARIOUS SOURCES THAT WE BELIEVE TO BE ACCURATE AND RELIABLE. HOWEVER, THE LORD ABBETT GROUP MAKES NO CLAIMS, REPRESENTATIONS OR WARRANTIES AS TO THE ACCURACY, TIMELINESS, COMPLETENESS OR TRUTHFULNESS OF SUCH DATA, CONTENT AND INFORMATION. YOU EXPRESSLY AGREE THAT YOU ARE RESPONSIBLE FOR INDEPENDENTLY VERIFYING YOUR INVESTMENT RESEARCH PRIOR TO FORMING YOUR INVESTMENT DECISIONS OR RENDERING INVESTMENT ADVICE. THE LORD ABBETT GROUP WILL NOT BE LIABLE FOR ANY INVESTMENT DECISION MADE BY YOU OR ANY OTHER PERSON BASED UPON THE DATA, CONTENT AND INFORMATION PROVIDED THROUGH THE INTELLIGENCE SYSTEM OR ON THE LAIS SITE.

· Survival.

THIS SECTION 6 SHALL SURVIVE ANY TERMINATION OF THESE TERMS OF USE OR YOUR USE OF THE INTELLIGENCE SYSTEM..

7. Limitations on Liability.

NONE OF THE MEMBERS OF THE LORD ABBETT GROUP WILL BE LIABLE TO YOU OR ANY OTHER PERSON FOR ANY DIRECT, INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE, SPECIAL OR EXEMPLARY DAMAGES (INCLUDING LOSS OF PROFITS, LOSS OF USE, TRANSACTION LOSSES, OPPORTUNITY COSTS, LOSS OF DATA, OR INTERRUPTION OF BUSINESS) RESULTING FROM, ARISING OUT OF OR IN ANY WAY RELATING TO THE INTELLIGENCE SYSTEM, THE LAIS SITE OR YOUR USE THEREOF, EVEN IF THE LORD ABBETT GROUP HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THIS SECTION 7 WILL SURVIVE ANY TERMINATION OF THESE TERMS OF USE OR YOUR USE OF THE INTELLIGENCE SYSTEM.

8. Miscellaneous Provisions.

· Governing Law. This Agreement will governed by and construed in accordance with the laws of the State of New York, without giving effect to applicable conflicts of law principles.

THE UNIFORM COMPUTER INFORMATION TRANSACTIONS ACT OR ANY VERSION THEREOF, ADOPTED BY ANY STATE, IN ANY FORM ("UCITA") WILL NOT APPLY TO THESE TERMS OF USE. TO THE EXTENT THAT UCITA IS APPLICABLE, THE PARTIES HEREBY AGREE TO OPT OUT OF THE APPLICABILITY OF UCITA PURSUANT TO THE OPT-OUT PROVISION(S) CONTAINED THEREIN.

The Intelligence System is not intended to be used by consumers, nor are the consumer protection laws of any jurisdiction intended to apply to the Intelligence System. You agree to initiate and maintain any action, suit or proceeding relating to these Terms of Use or arising out of the use of the Intelligence System exclusively in the courts, state and federal, located in or having jurisdiction over New York County, New York.

YOU HEREBY CONSENT TO THE PERSONAL JURISDICTION AND VENUE OF THE COURTS, STATE AND FEDERAL, LOCATED IN OR HAVING JURISDICTION OVER NEW YORK COUNTY, NEW YORK. YOU AGREE THAT YOU WILL NOT OBJECT TO A PROCEEDING BROUGHT IN YOUR LOCAL JURISDICTION TO ENFORCE AN ORDER OR JUDGMENT OBTAINED IN NEW YORK.

· Relationship of Parties. The parties to these Terms of Use are independent contractors and nothing in these Terms of Use will be construed as creating an employment relationship, joint venture, partnership, agency or fiduciary relationship between the parties.

· Notice. All notices provided under these Terms of Use will be in writing and will be deemed effective: (a) when delivered personally, (b) when received by electronic delivery, (c) one business day after deposit with a commercial overnight carrier specifying next day delivery, with written verification of receipt, or (d) three business days after having been sent by registered or certified mail, return receipt requested. We will only accept notices from you in English and by conventional mail addressed to: General Counsel Lord, Abbett & Co. 90 Hudson Street Jersey City, N.J. 07302-3973 We may give you notice by conventional mail or electronic mail addressed to the last mail or electronic mail address transmitted by you to us.

· Third-Party Beneficiaries. The members of the Lord Abbett Group are third-party beneficiaries of the rights and benefits provided to us under these Terms of Use. You understand and agree that any right or benefit available to us or any member of the Lord Abbett Group hereunder will also be deemed to accrue to the benefit of, and may be exercised directly by, any member of the Lord Abbett Group to the extent applicable.

· Survival. This Section 8 will survive any termination of these Terms of Use or your use of the Intelligence System. The undersigned hereby signs these Terms of Use. By electronically signing and clicking "Accept" below, these Terms of Use will be legally binding on me. To sign these Terms of Use, confirm your full name and enter your User ID and Password (as your electronic signature) in the fields indicated below and click the “I Accept” button.

Reset Your Password

Financial Professionals*

Your password must be a minimum of characters.

Confirmation Message

Your LordAbbett.com password was successully updated. This page will be refreshed after 3 seconds.

OK

 

Market View

If history is any guide, certain segments of the bond market may generate positive returns even in the face of rising rates. 

We have often made the case that it is very difficult to correctly predict the direction of interest rates with any consistency. History shows that the “experts” often get this call wrong, and market indicators are not always great predictors. Still, the most common question we get from clients is, “What will happen to my bonds when interest rates go up?”

Over the past several years, we have pointed out those asset classes that historically have done well during periods of rising interest rates. Namely, as rates rise, longer-duration government-related securities tend to suffer the most, while lower-duration and more credit-sensitive bonds historically have done well.  The recent market environment has provided another data point. 

The jump in yield in the 10-year U.S. Treasury bond since the election has garnered much attention, but the adjustment to higher rates started much earlier. According to Bloomberg, the recent low point in the 10-year bond yield occurred in early July, just after the surprise “Brexit” vote. From a historical low point of 1.36% on July 8, 2016, through the week ended November 21, 2016, the yield on a 10-year Treasury rose by approximately 100 basis points (bps). How did various asset classes react?

 

Chart 1. Lower-Duration and Credit-Sensitive Bonds Historically Have Outperformed During Rising Rates
Index performance during the most recent period of rising rates (07/09/2016 – 11/21/2016)

Source: Morningstar. 1As represented by the Citigroup Treasury Bond 10-Year Index. 2As represented by the Bloomberg Barclays Aggregate U.S. Bond Index. 3As represented by the Bloomberg Barclays U.S. TIPS Index. 4As represented by the BofA Merrill Lynch U.S. Corporate BBB-Rated 1-3 Year Index. 5As represented by the BofA Merrill Lynch U.S. High Yield Master II Constrained Index. 6As represented by the Credit Suisse Leveraged Loan Index. 7As represented by the BofA Merrill Lynch All Convertibles All Qualities Index. 8As represented by the S&P 500® Index.
Past performance is no guarantee of future results. Performance during other time periods may have been different or negative. Other indexes may not have performed in the same manner under similar conditions. Indexes are unmanaged, do not reflect the deduction of fees and expenses, and are not available for direct investment. For illustrative purposes only and does not represent the performance of any specific portfolio managed by Lord Abbett or any particular investment. Cumulative return is the total amount that an investment has gained or lost over a time period.

 

It should come as no surprise that rising Treasury yields have led to negative returns on the Bloomberg Barclays Aggregate Bond Index, which now has a duration of 5.7 years and is largely comprised of U.S. government and government-related securities. Lower-duration bonds such as short-term corporates remained relatively stable, while credit-sensitive securities such as high-yield bonds (see box, “High Yield: A Closer Look”) and floating-rate loans generated positive returns in the face of rising interest rates. As is typically the case during periods of increasing yields, credit spreads on high-yield and investment-grade corporate bonds compressed during this period to help offset the detrimental impact of higher Treasury rates.

It may be a surprise to some that Treasury inflation-protected securities (TIPS) suffered during this period. But as we pointed out in last week’s Market View, TIPS have long-duration exposure and historically positive correlation with nominal U.S. Treasury bonds, which has led to the typical TIPS mutual fund generating negative returns in certain previous periods of rising Treasury yields.

This recent performance experience is in line with past episodes of rising interest rates. In previous articles, we highlighted seven periods when the yield on the 10-year U.S. Treasury bond rose by more than 100 bps. In each of those past periods, short-term investment-grade corporate bonds, high-yield bonds, and floating-rate loans generated positive returns in the face of negative returns on Treasury bonds.

 

Table 1. Short-Duration, Credit-Sensitive, and Equity-Related Securities Historically Have Performed Well in Periods of Rising Long-Term U.S. Treasury Yields
Index returns during periods of greater than 100 basis-point increases in the 10-year U.S. Treasury yield (month-end returns)

Source: Morningstar.
1As represented by the Citigroup 10-year Treasury Bond Index. 2As represented by the Bloomberg Barclays U.S. Aggregate Bond Index. 3As represented by the BofA Merrill Lynch U.S. Corporate BBB-Rated 1-3 Year Index. 4As represented by the BofA Merrill Lynch High Yield Master II Constrained Index. 5As represented by the Credit Suisse Leveraged Loan Index. 6As represented by the BofA Merrill Lynch All Convertibles All Qualities Index. 7As represented by the S&P 500® Index.
Past performance is no guarantee of future results. Performance during other time periods may have been different or negative. Other indexes may not have performed in the same manner under similar conditions. Indexes are unmanaged, do not reflect the deduction of fees and expenses, and are not available for direct investment. For illustrative purposes only and does not represent the performance of any specific portfolio managed by Lord Abbett or any particular investment.

 

These are examples of periods with rising long-term interest rates. But what about performance during periods when the U.S. Federal Reserve (Fed) was lifting short-term interest rates? Table 2 summarizes the performance of various asset classes during the last five cycles of Fed tightening.

The common fear is that Fed tightening will lead to a flattening of the yield curve, and short-maturity bonds will suffer negative returns. History, however, would suggest that is not the case. It is true that short-term yields do tend to rise more than long-term yields during Fed tightening cycles.  However, you have to look at what the impact is on performance: since they are shorter in duration, the move in yield has a more muted impact on bond prices. The income generated, therefore, is a large component of total return.

As a result, two-year U.S. Treasury bonds have generated positive returns in each of these five periods. But short-duration U.S. corporate bonds have outperformed short Treasuries in each period, and outperformed 10-year Treasuries by a wide margin (more than 500 bps, on average).

As would be expected, floating-rate loans, which have coupons that adjust with short-term rates, historically have generated positive returns, and high-yield bonds generally have outperformed longer-duration Treasuries and the Barclays Aggregate Bond Index.

 

Table 2. Certain Asset Classes Historically Have Performed Well in Periods of Rising Fed Funds Rates
Index returns during periods of rising fed funds rates (month-end returns)

Source: Morningstar.
1As represented by the Citigroup Two-Year Treasury Benchmark (On-the-Run) Index. 2As represented by the Citigroup Ten-Year Treasury Bond Index 3As represented by the Bloomberg Barclays U.S. Aggregate Bond Index. 4As represented by the BofA Merrill Lynch U.S. Corporate BBB-Rated1-3 Year Index. 5As represented by the BofA Merrill Lynch High Yield Master II Constrained Index. 6As represented by the Credit Suisse Leveraged Loan Index. 7As represented by the S&P 500® Index.
Past performance is no guarantee of future results. Performance during other time periods may have been different or negative. Other indexes may not have performed in the same manner under similar conditions. Indexes are unmanaged, do not reflect the deduction of fees and expenses, and are not available for direct investment. For illustrative purposes only and does not represent the performance of any specific portfolio managed by Lord Abbett or any particular investment.

 

Why Does Credit Tend to Outperform during Periods of Rising Rates?
Each market environment may have its own unique aspects. As the Fed is raising rates, does the market perceive it to be “ahead of the curve” or “behind the curve” in its attempt to slow down inflationary pressures? Will the Fed take a slow and gradual approach or be overly aggressive in hiking rates to slow the economy and risk triggering a recession? Are rate hikes a surprise to the market or are they telegraphed well ahead of time and anticipated by the market?

But generally speaking, higher rates usually come as a result of an improving economy, which should bring improved corporate earnings, better credit fundamentals, and increasing investor appetite to take on risk, leading to declining credit spreads. Let’s look at specific asset classes:

  • Short-term corporates: Low duration leads to limited price movements in the face of rising rates. Additional yield spread over government-related securities provides higher income, while potential spread tightening can partially offset higher Treasury rates.
  • High-yield corporates: Although high-yield corporates may have an intermediate stated duration, they historically have had negative correlation with U.S. Treasury securities. Rising Treasury yields typically are offset by spread compression and high coupon income, leading to positive returns in periods of rising rates.
  • Floating-rate loans: Loans also benefit from an improvement in corporate credit associated with an improving economy. Since loans have coupons that adjust with short-term rates, typically every 90 days, they can benefit from a rise in LIBOR (which typically moves with the fed funds rate). In addition, since loans do not have the duration exposure of typical fixed-rate bonds, prices are not affected by moves in long-term rates.  

Summing up
We are not suggesting that rates are destined to go only higher from here or that high-quality intermediate bonds should be abandoned in client portfolios. As we stated at the beginning, history has proven that interest rates are very difficult to predict with any consistency. However, if history is any guide, if we continue to see a move to higher U.S. Treasury yields, we would expect to see short-duration bonds, high-yield bonds, and floating-rate loans to outperform core bonds.

On the other hand, if we start to see disappointing economic data, get indications that proposals of the president-elect are not likely to be passed, or we encounter some other “risk-off” market event, high-quality core bonds likely will outperform.

What is the best approach? A diversified portfolio that includes allocations to high-quality core bonds, short-duration bonds, high-yield bonds, and bank loans may be the best way to position for this environment. Alternatively, instead of buying the individual components, one may want to consider adding a multi-sector strategy that gives the manager the flexibility to invest across investment-grade, high-yield, and equity-related securities in order to position the portfolio most appropriately for the given economic environment.

But it should be clear that not all bonds are created equal. Investors need to take a closer look at their current bond allocation to make sure that they are well prepared for the current market environment.

High Yield: A Closer Look

We have illustrated that high yield has tended to outperform investment-grade bonds during periods of rising rates. But taking a closer look within the high-yield index will show that lower-quality high-yield bonds tend to outperform the higher end of high yield during rising rates, as 'BB' rated securities are more correlated with interest-rate moves than lower-quality credits.

In Chart 1 in the accompanying text, we showed that U.S. high-yield bonds have returned 3.3% since the market low in yields in July 2016, as compared to a -3.4% return for the Barclays Aggregate. However, there was a stark difference in performance by credit quality within the high-yield index, with the 'CCC' portion of the market outperforming the 'BB' segment by 680 basis points. This divergence also occurred in the most recent, post-election jump in rates. While the broad high-yield index outperformed the Barclays Aggregate Index, the 'CCC' portion has been the best performing segment, generating positive returns. Those managers who wanted to “be defensive” by having a higher quality bias had put themselves at greater risk of rising rates.

This is another example where it may benefit investors not to be biased to one particular style of investing within high yield. Instead, an active, opportunistic approach that can adjust portfolio positioning to the market environment may be a better approach to generate returns while managing risk.

Table 3: Lower-Quality Credits Tend to Be Less Correlated with Government-Related Bonds
Index performance in selected periods

Source: Bloomberg.
Past performance is no guarantee of future results. Performance during other time periods may have been different or negative. Other indexes may not have performed in the same manner under similar conditions. Indexes are unmanaged, do not reflect the deduction of fees and expenses, and are not available for direct investment. The credit quality of the securities in a portfolio is assigned by a nationally recognized statistical rating organization (NRSRO), such as Standard & Poor’s, Moody’s, or Fitch, as an indication of an issuer’s creditworthiness. Ratings range from ‘AAA’ (highest) to ‘D’ (lowest). Bonds rated ‘BBB’ or above are considered investment grade. Credit ratings ‘BB’ and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer’s ability to pay interest and principle on these securities.  For illustrative purposes only and does not represent the performance of any specific portfolio managed by Lord Abbett or any particular investment. 

MARKET VIEW PDFs


  Market View
  U.S. Market Monitor

RELATED FUND
The Lord Abbett Series Fund Bond Debenture Fund seeks to deliver high current income and long-term growth of capital. View prospectus and more.
RELATED FUND
The Lord Abbett Short Duration Income Fund seeks to deliver a high level of current income consistent with the preservation of capital. Learn more.
RELATED FUND
The Lord Abbett Floating Rate mutual fund seeks to deliver a high level of current income by investing primarily in a variety of below investment grade loans.
RELATED FUND
The Lord Abbett High Yield Fund has offered a track record of strong performance versus peers in up and down markets. Learn more.

FEATURED STRATEGIST

Please confirm your literature shipping address

Please review the address information below and make any necessary changes.

All literature orders will be shipped to the address that you enter below. This information can be edited at any time.

Current Literature Shipping Address

* Required field