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Core Plus Total Return

The strategy seeks to deliver consistent, risk-adjusted excess returns relative to the Bloomberg Barclays U.S. Universal Bond Index.

Summary

Summary

HIGHLIGHTS

  • Managed by a deep and experienced team
  • Investment process combines top-down macro views with bottom-up security selection
  • Focused on identifying relative value through quantitative analysis and fundamental research
  • Collaborative portfolio construction leverages collective firm-wide insights
  • Rigorous, multi-dimensional risk management is an integral part of the process

KEY FACTS as of 06/29/2018

Strategy Inception Date
Jan 1999
Strategy AUM
$6.3 B
Benchmark
Bloomberg Barclays U.S. Universal Index
eVestment Universe
US Core Plus Fixed Income

PORTFOLIO PARAMETERS

  • Investment universe typically includes US Treasuries, Agencies, Agency MBS, ABS, CMBS, investment grade corporate debt, high yield corporate debt and US-dollar denominated bonds of non-US issuers.

  • Effective duration is typically maintained to within 0.1 year of the index.

  • Maximum 20% allocation to below investment grade securities.1Typically between 5% and 15%.

  • Maximum of 25% in any one industry2

Vehicles

  • This strategy is available as a:
  • Separate Account
  • ERISA CIT
  • Mutual Fund
  • Series Fund
  • UCITS

PORTFOLIO MANAGERS

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

24 Years of Industry Experience

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

Partner & Portfolio Manager

20 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

17 Years of Industry Experience

Supported By 60 Investment Professionals with 15 Years Avg. Industry Experience

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Bonds: Why You Might Regret That Interest-Rate Bet
August 7, 2017

Trying to forecast interest rates likely adds unnecessary volatility to a portfolio.

Portfolio

Portfolio

Portfolio Breakdownas of 06/29/2018

Type Portfolio
Type Portfolio
U.S. Government Related
ABS
Investment Grade Corporate
MBS
High Yield Corporate
CMBS
Sovereign
Other
Cash

Allocations are reported as of the date a security transaction is initiated; however, certain transactions may not settle until several days later. Accordingly, cash may appear as a negative allocation as a result of forward-settling instruments such as currency forwards, certain mortgage-backed securities, and U.S. treasury futures. "Other" may include municipal bonds and non-index holdings. 

 

Credit Quality Distributionas of 06/29/2018

Type Portfolio Index
U.S. Treasury 24.6% 31.4%
Agency 17.9% 25.3%
AAA 16.3% 4.3%
AA 6.0% 3.9%
A 12.5% 12.0%
BBB 13.3% 14.8%
<BBB 9.4% 8.1%

Ratings (other than U.S. Treasury securities or securities issued or backed by U.S. agencies) provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Lord Abbett uses the median, but if there are only two ratings, the lower rating is used. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio.

CHARACTERISTICS as of 06/29/2018

Portfolio Index
Portfolio Index
Average Coupon 3.78% 3.50%
Average Life 8.29 Years 8.07 Years
Average Effective Duration 5.74 Years 5.79 Years
Average Yield to Worst 3.82% 3.67%

Portfolio data is based on the Core Plus Total Return Representative Portfolio.

Performance

Performance

Core Plus Total Return Institutional Composite

Average Annual Returns as of 05/31/2018

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
Gross of Fees -1.39% 0.14% 2.10% 2.74% 5.25% 5.82%
Net of Fees -1.57% -0.30% 1.66% 2.29% 4.77% 5.35%
Bloomberg Barclays U.S. Universal Index -1.53% -0.22% 1.79% 2.29% 4.05% 4.89%

Inception Date: January 1, 1999

Returns for periods of less than one year are not annualized.

Calendar Year Returnsas of 05/31/2018

2017 2016 2015 2014 2013 2012 2011 2010 2009 2008
Gross of Fees 4.47% 4.80% 0.02% 6.89% -0.55% 8.54% 8.15% 8.59% 16.49% -0.45%
Net of Fees 4.00% 4.36% -0.39% 6.38% -1.03% 8.03% 7.61% 8.05% 16.02% -0.85%
Bloomberg Barclays U.S. Universal Index 4.09% 3.91% 0.43% 5.56% -1.35% 5.53% 7.40% 7.16% 8.60% 2.38%

1 Measured at time of purchase.
2 Does not apply to mortgage-backed securities or U.S. Government and Agency securities.

 

Performance data quoted reflect past performance and are no guarantee of future results. Current performance may be higher or lower than the performance quoted.

Net of fees performance reflects the deduction of the highest applicable management fee ("Model Net Fee") that would be charged based on the fee schedule appropriate to you for this mandate without the benefit of breakpoints. Please be advised that the composite may include other investment products that are subject to management fees that are inapplicable to you but are in excess of the Model Net Fee. Therefore, the actual performance of all the portfolios in the composite on a net-of-fees basis will be different, and may be lower, than the Model Net Fee performance. However, such Model Net Fee performance is intended to provide the most appropriate example of the impact management fees would have by applying management fees relevant to you to the gross performance of the composite. 

 

Source: Bloomberg Barclays

 

The information provided is supplemental to the strategy’s Institutional Composite presentation, which can be accessed via the below link, and is subject to change.


The information on this website is intended for analysts, institutional investors and their consultants, registered investment advisors, broker-dealers, and sponsors of plans with a minimum of 100 participants.  It is not intended for small plan sponsors, plan participants, or the public.

 

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