Special Situations Income Fund | Lord Abbett

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Special Situations Income Fund

fund alert

October 23 is the quarterly deadline to redeem Special Situations Income Fund.

Daily price w/o sales charge as of 09/13/2024

$9.28

arrowUp$0.01

YTD Returns w/o sales charge as of 09/13/2024

7.51%

Please click here for performance current to the most recent quarter-end and month-end.

Click here to view all legal text including risk information

Summary

Summary

What is the Special Situations Income Fund?

The fund seeks to deliver high current income and potential total return over a full market cycle by investing in stressed corporate debt and complex business structures with a focus on downside mitigation.

A LEADER IN CREDIT

Managed by an experienced team with deep credit research capabilities and over five decades of leveraged credit investing.

A FOCUS ON A MARGIN OF SAFETY

Seeks to identify mispriced assets with a positive catalyst, with a focus on obligations that are secured, senior in the capital structure, or those we believe are well covered by underlying asset values.

INTERVAL FUND STRUCTURE

Provides flexibility in seeking to take advantage of high conviction opportunities and market inefficiencies.

Yield

Average Yield to Maturity as of 08/30/2024

9.99%

30-Day Standardized Yield 1 as of 08/31/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 9.72% 8.36%

Yield to maturity (YTM) represents the expected total return on a bond (expressed as an annualized rate) based on the bond’s expected future cash flows, including coupon payments over the life of the bond and the bond’s principal value received at maturity.

Fund Basicsas of 08/30/2024

Total Net Assets
$128.56 M
Inception Date
09/13/2021
Dividend Frequency
Monthly
Fund Gross Expense Ratio
1.64%
Fund Net Expense Ratio
0.25%
Number of Holdings
57

+Minimum Exceptions, View Full Disclosure

The minimum initial investment for  Institutional Class Shares is $1 million per account, except that the minimum investment may be modified for certain financial firms that submit orders on behalf of their customers, the Trustees and certain employees (and their extended family members) of Lord Abbett and its affiliates. There is no minimum subsequent investment amount.

Fund Expense Ratio :

Gross 1.64%

Net 0.25%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/13/2021
w/o sales charge 7.28% 12.13% - - - 6.26%
Lipper Category Avg. - - - - - -
CS Leveraged Loan Index 5.83% 9.81% - - - -

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 1.64%

Net 0.25%

Fund Expense Ratio :

Gross 1.64%

Net 0.25%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/13/2021
w/o sales charge 5.93% 13.95% - - - 6.17%
Lipper Category Avg. - - - - - -
CS Leveraged Loan Index 4.44% 11.04% - - - -

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 1.64%

Net 0.25%

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect sales charges, which are not applicable to Class I Shares. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance of future results.

RELATED CONTENT

Interval Funds Explained

Interval funds can allocate to asset classes that are less liquid than those typically found in mutual funds but may offer the potential to generate higher long-term returns.

 

LEAD PORTFOLIO MANAGERS

Solomon-Todd_headshot

Todd Solomon
Portfolio Manager
28 Years of Industry Experience

Kang-Eric_headshot

Eric Kang
Partner, Portfolio Manager
25 Years of Industry Experience

Posner-Kearney_headshot

Kearney Posner, CFA
Partner, Portfolio Manager
25 Years of Industry Experience

Supported By 61 Investment Professionals with 16 Years Avg. Industry Experience

Performance

Performance

Average Yield to Maturity as of 08/30/2024

9.99%

30-Day Standardized Yield 1 as of 08/31/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 9.72% 8.36%

Fund Expense Ratio :

Gross 1.64%

Net 0.25%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/13/2021
w/o sales charge 7.28% 12.13% - - - 6.26%
Lipper Category Avg. - - - - - -
CS Leveraged Loan Index 5.83% 9.81% - - - -
w/ sales charge 7.28% 12.13% - - - 6.26%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 1.64%

Net 0.25%

Fund Expense Ratio :

Gross 1.64%

Net 0.25%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/13/2021
w/o sales charge 5.93% 13.95% - - - 6.17%
Lipper Category Avg. - - - - - -
CS Leveraged Loan Index 4.44% 11.04% - - - -

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 1.64%

Net 0.25%

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect sales charges, which are not applicable to Class I Shares. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance of future results.

Year Fund Returns CS Leveraged Loan Index
2023 16.33% 13.04%
2022 -4.54% -1.06%
Year Q1 Q2 Q3 Q4
2024 3.65% 2.19% - -
2023 3.94% 4.04% 3.12% 4.32%
2022 1.06% -5.55% -0.06% 0.06%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
Bank Loans
U.S. High Yield Corporate
Emerging Market
Non-U.S. High Yield Corporate
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Rating Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 08/30/2024

Rating Assets
BB
B
CCC
Not Rated

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 average rating based on numeric values assigned to each rating. 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 principal on these securities. A portion of the portfolio's securities may not be rated. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

Portfolio Details as of 08/30/2024

Total Net Assets
$128.56 M
Average Effective Duration
0.99 Years
Average Life
3.05 Years
Average Maturity
4.41 Years
Number of Issues
57
Average Yield to Maturity
9.99%

To view definitions for the above Portfolio Details, Click here.

Yield to maturity (YTM) represents the expected total return on a bond (expressed as an annualized rate) based on the bond’s expected future cash flows, including coupon payments over the life of the bond and the bond’s principal value received at maturity.

Average Maturity - The length of time until the average security in a portfolio will mature or be redeemed by its issuer in proportion to its dollar value. Indicating a portfolio’s sensitivity to general market interest rate changes, a longer average maturity implies greater relative portfolio volatility.

Average Effective Duration - The change in the value of a fixed income security that will result from a 1% change in interest rates, taking into account anticipated cash flow fluctuations from mortgage prepayments, puts, adjustable coupons, and potential call dates. Duration is expressed as a number of years, and generally, the larger a duration, the greater the interest-rate risk or reward for a portfolio’s underlying bond prices. Where applicable, certain investments, such as common or preferred stock, convertible bonds and convertible preferred stock, ETFs, ADRs, and CPI swaps and related futures, are excluded from these calculations.

All Holdings as of07/31/2024

Holding Coupon Maturity Assets
BARCLAYS CAPITAL0.010% 08/01/202413.9%
EPIC Y-Grade Services LP11.068% 06/29/20294.7%
DONCASTERS FINANCE US LLC11.776% 04/23/20303.7%
Full House Resorts Inc8.250% 02/15/20283.0%
Park-Ohio Industries Inc6.625% 04/15/20273.0%
Cornerstone Building Brands Inc10.954% 08/01/20282.9%
Nabors Industries Ltd7.500% 01/15/20282.9%
WaterBridge Midstream Operating LLC10.085% 06/27/20292.9%
Transocean Inc7.500% 04/15/20312.7%
LSF12 BADGER BIDCO LLC11.344% 08/30/20302.7%
FOGO DE CHAO INC10.002% 09/30/20302.7%
Arcline FM Holdings LLC10.346% 06/23/20282.5%
JFL-Tiger Acquisition Co Inc9.829% 10/17/20302.5%
Engineered Machinery Holdings Inc12.096% 05/21/20292.4%
USIC Holdings Inc12.096% 05/14/20292.4%
HRNI Holdings LLC9.735% 12/11/20282.4%
Azul Investments LLP5.875% 10/26/20242.4%
Mitchell International Inc10.599% 06/17/20322.3%
Global Aircraft Leasing Co Ltd6.500% 09/15/20242.2%
Tank Holding Corp11.194% 03/31/20282.2%
Shelf Drilling Holdings Ltd9.625% 04/15/20292.2%
LBM Acquisition LLC6.250% 01/15/20292.2%
Lightstone Holdco LLC0.000% 01/29/20272.2%
ACProducts Holdings Inc9.846% 05/17/20282.1%
WaterBridge NDB Operating LLC9.826% 05/10/20291.9%
CEC Entertainment LLC6.750% 05/01/20261.9%
DARKTRACE PLC0.000% 07/02/20321.9%
BANGL LLC0.000% 02/01/20291.8%
Azul Secured Finance LLP11.930% 08/28/20281.8%
ECL Entertainment LLC9.344% 08/31/20301.8%
Osaic Holdings Inc9.344% 08/17/20281.7%
Brock Holdings III LLC11.335% 05/02/20301.7%
New Gold Inc7.500% 07/15/20271.7%
NGL Energy Operating LLC9.844% 02/02/20311.6%
Mauser Packaging Solutions Holding Co9.250% 04/15/20271.6%
Foundation Building Materials Inc6.000% 03/01/20291.5%
EquipmentShare.com Inc9.000% 05/15/20281.4%
JW Aluminum Continuous Cast Co10.250% 06/01/20261.2%
OneDigital Borrower LLC10.529% 07/02/20311.2%
GPS Hospitality Holding Co LLC / GPS Finco Inc7.000% 08/15/20281.2%
Samarco Mineracao SA9.000% 06/30/20311.1%
CPM Holdings Inc9.843% 09/28/20280.9%
BARENTZ INTERNATIONAL B V9.435% 03/01/20310.8%
Delta Topco Inc10.596% 11/30/20290.8%
Arcline FM Holdings LLC0.000% 06/23/20280.5%
Project Boost Purchaser LLC10.533% 07/02/20320.5%
Tank Holding Corp11.444% 03/31/20280.4%
Alloy Finco Ltd0.500% 03/06/20250.3%
Lightstone Holdco LLC0.000% 01/29/20270.1%
Tank Holding Corp0.010% 03/31/20280.1%
Total Return Swap5.351% 09/20/20240.1%
Total Return Swap5.351% 12/20/20240.0%
Total Return Swap5.351% 09/20/20240.0%
Total Return Swap5.351% 12/20/20240.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
FX USD/EUR 08/240.000% 08/20/20240.0%
DONCASTERS FINANCE US LLC0.000% 04/23/20300.0%
Holding Coupon Maturity Assets
EPIC Y-Grade Services LP 11.068% 06/29/2029 5.4%
DONCASTERS FINANCE US LLC 11.776% 04/23/2030 4.3%
Full House Resorts Inc 8.250% 02/15/2028 3.5%
Park-Ohio Industries Inc 6.625% 04/15/2027 3.5%
Cornerstone Building Brands Inc 10.954% 08/01/2028 3.4%
Nabors Industries Ltd 7.500% 01/15/2028 3.3%
WaterBridge Midstream Operating LLC 10.085% 06/27/2029 3.3%
Transocean Inc 7.500% 04/15/2031 3.2%
LSF12 BADGER BIDCO LLC 11.344% 08/30/2030 3.1%
FOGO DE CHAO INC 10.002% 09/30/2030 3.1%
% of Total Assets 36.1%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 09/13/2024
$0.60623
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 08/31/2024 $0.08199 $9.29
Daily Daily 07/31/2024 $0.07681 $9.33
Daily Daily 06/30/2024 $0.07411 $9.33
Daily Daily 05/31/2024 $0.07709 $9.36
Daily Daily 04/30/2024 $0.07234 $9.32
Daily Daily 03/31/2024 $0.07764 $9.35
Daily Daily 02/29/2024 $0.07277 $9.25
Daily Daily 01/31/2024 $0.07347 $9.23

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 09/30/2024
Daily Daily 10/31/2024
Daily Daily 11/30/2024
Daily Daily 12/31/2024

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
07/27/2022 07/28/2022 $0.0048 - $0.0048 $9.18
*

Taxed as ordinary income

Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor. 

Fees & Expenses

Fees & Expenses

Expense Ratio

Fund Gross Expense Ratio 1.64%
Fund Net Expense Ratio 0.25%
Adjusted Expense Ratio -

Expense ratio details, Click here.

Fund Documents

Fund Documents

0Documents selected
Portfolio Holdings 1Q
Publish Date:11/03/2015
Portfolio Holdings 3Q
Publish Date:11/03/2015
Statutory Prospectus
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Financial Statements and Other Information *
Publish Date:11/03/2015
Semi-Annual Financial Statements and Other Information *
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015
Repurchase Calendar
Publish Date:11/03/2015
* includes items 7-11 of form N-CSR as required, if any.

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IMPORTANT INFORMATION

 

The Fund is structured as an unlisted closed-end interval fund.  Limited liquidity is provided to shareholders only through the Fund’s quarterly offers to repurchase between 5% and 25% of its outstanding shares at net asset value, subject to applicable law and approval of the Board of Trustees. The Fund currently expects to offer to repurchase 5% of outstanding shares per quarter.  There is no secondary market for the Fund’s shares and none is expected to develop.  There is no guarantee that an investor will be able to tender all or any of their requested Fund shares in a periodic repurchase offer.  Investors should consider shares of the Fund to be an illiquid investment.

Although the Fund may impose a repurchase fee of up to 2.00% on shares accepted for repurchase by the Fund that have been held for less than one year, the Fund does not currently intend to impose such a fee.  Please refer to the Fund's prospectus for additional information.

The Fund’s ability to be fully invested and achieve its investment objective may be affected by the need to fund repurchase obligations. In addition, the fees and costs associated with investing in an interval fund may be significantly greater than those of other fund structures.

New Fund Risk: The Fund is newly organized. There can be no assurance that the Fund will reach or maintain a sufficient asset size to effectively implement its investment strategy.
 

A Note about Risk: The Fund is subject to the general risks associated with investing in debt securities, including market, credit, liquidity, and interest rate risk. The Fund may invest in high-yield, lower-rated securities, sometimes called junk bonds. These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal. The Fund may invest in debt securities of stressed and distressed issuers as well as in defaulted securities and debtor-in-possession financings, all of which may be considered Special Situations. Distressed and defaulted instruments generally present the same risks as investment in below investment grade instruments. However, in most cases, these risks are of a greater magnitude because of the uncertainties of investing in an issuer undergoing financial distress. The Fund may invest in foreign or emerging market securities, which may be adversely affected by economic, political, or regulatory factors and subject to currency volatility and greater liquidity risk. The Fund may invest in derivatives, which are subject to greater liquidity, leverage, and counterparty risk. These factors can affect Fund performance.

Because of the risks associated with the Fund’s ability to invest in high yield securities, loans and related instruments and mortgage-related and other asset-backed instruments, foreign (including emerging market) securities (and related exposure to foreign currencies), and the Fund’s ability to use leverage, an investment in the Fund should be considered speculative and involving a high degree of risk, including the risk of a substantial loss of investment. 

 

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

 

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

 

Returns shown at less than a year reflect aggregate total returns.

 

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.   

 

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment. 

The Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the U.S. dollar-denominated leveraged loan market. The CS Leveraged Loan Index is an unmanaged, trader-priced index that tracks leveraged loans. The CS Leveraged Loan Index, which includes reinvested dividends, has been taken from published sources.

 

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

 

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

 

1

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

 

2

The 30-day Standardized Subsidized yields reflect fee waivers in effect. Without such fee waivers, yields would be reduced.  

 

3

The 30-day Standardized Unsubsidized yield does not reflect fee waivers.

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