High Yield Core | Institutional Strategies | Lord Abbett
Image alt tag


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

Sorry, we are unable to process your request.


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.


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.

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.



High Yield Core




  • Managed by a firm with more than 45 years of experience in high yield

  • Collaborative team structure leverages collective firm-wide insights

  • Investment process combines top down macro views with bottom up security selection

  • Employs both fundamental credit research and quantitative valuation analysis

  • Multi-dimensional risk management system limits industry and issuer concentration

KEY FACTS as of 12/31/2020

Strategy Inception Date
Jul 2004
Strategy AUM
$4.6 B
ICE BofA U.S. High Yield Constrained Index
eVestment Universe
US High Yield Fixed Income


  • Invests primarily in high yield bonds
  • Invests primarily in U.S. dollar-denominated securities; non-U.S. dollar investments are typically hedged back to the U.S. dollar
  • Quantitative risk management system monitors interest rate exposures, and portfolio duration is closely managed relative to the index
  • Maximum of 25% in any one industry
  • Maximum of 5% in any one issuer


  • This strategy is available as a:
  • Separate Account


Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

19 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Managing Director & Portfolio Manager

12 Years of Industry Experience

Collaborating with 25 Additional Portfolio Managers 25 Credit Research Analysts & 9 Fixed Income Traders

Related Content

Uncovering Opportunity in a Rebounding U.S. High Yield Market
June 11, 2020

With the broad financial market recovery since late March, U.S. high yield is no longer as dislocated, but the rationale for a strategic allocation to the asset class remains intact in our view.

“Fallen Angels” Gain a Rising Profile in High Yield
June 1, 2020

Bonds downgraded from investment grade to speculative grade historically have outperformed other areas of high yield—but we believe a selective approach to these securities is crucial.


Taking the Bias Out of Your High-Yield Portfolio

"Upper-quality" high-yield mandates do not always produce high-quality returns.



Portfolio Breakdownas of 12/31/2020

Type Portfolio Index
High Yield Bonds 91.9% 100.0%
Convertibles 4.6% -
Investment Grade Bonds 2.6% -
Equity 0.1% -
Cash 0.9% -

Credit Quality Distributionas of 12/31/2020

Type Portfolio Index
BBB 2.7% -
BB 45.3% 54.8%
B 33.8% 33.0%
<B 13.6% 12.3%
Not Rated 4.6% -

CHARACTERISTICS as of 12/31/2020

Portfolio Index
Portfolio Index
Average Coupon 5.92% 6%
Average Maturity 6.97 Years 6.57 Years
Average Effective Duration 4.24 Years 3.66 Years
Average Yield to Worst 4.32% 4.26%



High Yield Core Institutional Composite

Average Annual Returns as of 12/31/2020

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
Gross of Fees 7.48% 7.48% 6.52% 8.73% 7.59% 7.85%
Net of Fees 6.94% 6.94% 5.98% 8.19% 7.05% 7.32%
ICE BofA U.S. High Yield Constrained Index 6.07% 6.07% 5.85% 8.42% 6.61% 7.28%

Calendar Year Returnsas of 12/31/2020

2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
Gross of Fees 7.48% 16.63% -3.59% 8.32% 16.12% -1.10% 3.99% 9.03% 15.81% 5.26%
Net of Fees 6.94% 16.05% -4.07% 7.78% 15.54% -1.59% 3.47% 8.49% 15.24% 4.72%
ICE BofA U.S. High Yield Constrained Index 6.07% 14.41% -2.27% 7.48% 17.49% -4.61% 2.51% 7.41% 15.55% 4.37%

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