LBNDX | Bond Debenture Fund Class A | Lord Abbett

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Bond Debenture Fund

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Summary

Summary

What is the Bond Debenture Fund?

The Fund seeks to deliver high current income and long-term growth of capital by investing primarily in a variety of fixed income securities and select equity-related securities.

A PIONEER IN MULTI-SECTOR

Over four decades of multi-sector bond investing, emphasizing rigorous credit research.

A FLEXIBLE APPROACH

The flexibility to adjust allocations to take advantage of opportunities as market conditions change.

TIME-TESTED RESULTS

A long track record illustrates performance in many market environments.

 

Yield

Dividend Yield 1 as of 05/20/2022  

w/o sales charge 4.29%
w/ sales charge 4.19%

30-Day Standardized Yield 2 as of 04/30/2022  

4.29%

Expense Ratioas of 04/30/2022

Fund Basicsas of 03/31/2022

Total Net Assets
$26.19 B
Inception Date
04/01/1971
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
940
Minimum Initial Investment
$1,000+
 
Inflation Resource Center

Flexible Fixed-Income Solutions for a Number of Market Outcomes

In today's market environment, many are focused on the potential investment implications of rising inflation. While Lord Abbett's experts say they don't think now is the time to make drastic changes to a portfolio, this Reource Center provides thoughtful insights and potential solutions for a number of situation-based outcomes.

Learn More

 

 

Fund Expense Ratio :

0.76%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge -8.65% -7.48% 2.18% 3.10% 4.83% 8.02%
Lipper Category Avg. Multi-Sector Income Funds -6.74% -5.62% 1.52% 2.22% 3.13% -
Bloomberg U.S. Aggregate Bond Index -9.50% -8.51% 0.38% 1.20% 1.73% -
w/ sales charge -10.67% -9.61% 1.41% 2.62% 4.60% 7.98%

Fund Expense Ratio :

0.76%

Fund Expense Ratio :

0.76%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge -5.95% -3.69% 3.51% 3.93% 5.19% 8.10%
Lipper Category Avg. Multi-Sector Income Funds -4.30% -2.19% 2.67% 2.89% 3.51% -
Bloomberg U.S. Aggregate Bond Index -5.93% -4.15% 1.69% 2.14% 2.24% -
w/ sales charge -8.04% -5.82% 2.73% 3.44% 4.95% 8.05%

Fund Expense Ratio :

0.76%

RELATED CONTENT

Multisector Investing: Key Themes for Today’s Market
November 1, 2021

Lord Abbett experts discuss the current uncertainty around rates and inflation—and the potential appeal of a multisector fixed income strategy in such an environment

Type Assets
U.S. High Yield Corporate
U.S. Investment Grade Corporate
Non-U.S. Investment Grade Corporate
Equity
Bank Loans
CMBS
Non-U.S. High Yield Corporate
U.S. Government Related
CLO
Sovereign
MBS
Municipals
ABS
Cash
Maturity Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 03/31/2022 View Portfolio

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
BB
B
<B
Not Rated

INVESTMENT TEAM

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

20 Years of Industry Experience

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

Partner & Portfolio Manager

23 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

27 Years of Industry Experience

Robert S. Clark
Robert S. Clark, CFA

Portfolio Manager

24 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Managing Director, Deputy Director of Leveraged Credit

13 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

30 Years of Industry Experience

Supported By 68 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 05/20/2022  

w/o sales charge 4.29%
w/ sales charge 4.19%

30-Day Standardized Yield 2 as of 04/30/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.29% 4.29%

Fund Expense Ratio :

0.76%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge -8.65% -7.48% 2.18% 3.10% 4.83% 8.02%
Lipper Category Avg. Multi-Sector Income Funds -6.74% -5.62% 1.52% 2.22% 3.13% -
Bloomberg U.S. Aggregate Bond Index -9.50% -8.51% 0.38% 1.20% 1.73% -
w/ sales charge -10.67% -9.61% 1.41% 2.62% 4.60% 7.98%

Fund Expense Ratio :

0.76%

Fund Expense Ratio :

0.76%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge -5.95% -3.69% 3.51% 3.93% 5.19% 8.10%
Lipper Category Avg. Multi-Sector Income Funds -4.30% -2.19% 2.67% 2.89% 3.51% -
Bloomberg U.S. Aggregate Bond Index -5.93% -4.15% 1.69% 2.14% 2.24% -
w/ sales charge -8.04% -5.82% 2.73% 3.44% 4.95% 8.05%

Fund Expense Ratio :

0.76%

Year Fund Returns Bloomberg U.S. Aggregate Bond Index
2021 3.26% -1.54%
2020 7.60% 7.51%
2019 13.37% 8.72%
2018 -3.79% 0.01%
2017 9.21% 3.54%
2016 12.35% 2.65%
2015 -1.74% 0.55%
2014 4.51% 5.97%
2013 7.78% -2.02%
2012 13.22% 4.22%
2011 3.88% -
2010 12.94% -
2009 35.37% -
2008 -20.26% -
2007 5.34% -
2006 9.87% -
2005 1.56% -
2004 8.56% -
2003 20.28% -
2002 -1.08% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -5.95% - - - -
2021 0.83% 2.18% 0.11% 0.11% 3.26%
2020 -11.90% 10.10% 4.48% 6.17% 7.60%
2019 6.82% 3.60% 0.62% 1.82% 13.37%
2018 -1.01% -0.15% 2.37% -4.91% -3.79%
2017 2.66% 2.09% 2.54% 1.62% 9.21%
2016 1.64% 4.31% 4.75% 1.16% 12.35%
2015 3.40% -0.43% -3.62% -0.98% -1.74%
2014 2.83% 2.53% -1.54% 0.67% 4.51%
2013 3.11% -1.48% 2.69% 3.32% 7.78%
2012 5.66% 0.25% 4.45% 2.34% 13.22%
2011 4.21% 0.86% -6.56% 5.77% 3.88%
2010 3.69% -1.20% 6.61% 3.40% 12.94%
2009 2.40% 12.76% 11.53% 5.13% 35.37%
2008 -2.79% 1.42% -7.80% -12.29% -20.26%
2007 2.64% 1.10% 2.03% -0.51% 5.34%
2006 2.71% -0.52% 3.54% 3.85% 9.87%
2005 -1.86% 1.54% 1.52% 0.40% 1.56%
2004 1.74% -0.61% 2.95% 4.29% 8.56%
2003 3.34% 7.96% 1.97% 5.73% 20.28%
2002 0.11% -4.06% -1.93% 5.03% -1.08%
2001 3.61% -0.33% -3.48% 5.22% 4.86%
2000 -0.25% 0.91% 1.35% -2.81% -0.86%
1999 1.69% -0.14% -1.35% 3.72% 3.90%
1998 4.40% 0.61% -4.95% 4.94% 4.76%
1997 0.95% 5.61% 4.15% 1.49% 12.69%
1996 2.49% 1.09% 3.92% 3.25% 11.16%
1995 4.30% 5.69% 3.08% 3.41% 17.50%
1994 -0.87% -1.68% 0.53% -1.90% -3.87%
1993 6.02% 3.45% 2.17% 3.49% 15.97%
1992 5.52% 3.30% 4.58% 1.76% 16.00%
1991 13.83% 6.14% 8.09% 5.94% 38.34%
1990 -1.14% 3.24% -8.24% -1.31% -7.57%
1989 3.16% 3.50% 0.42% -2.01% 5.06%
1988 6.72% 3.47% 1.36% 1.67% 13.80%
1987 7.62% -0.63% 0.06% -4.80% 1.88%
1986 7.90% 2.31% -2.60% 2.87% 10.61%
1985 6.20% 6.60% 1.93% 4.87% 21.01%
1984 0.96% -4.81% 7.16% 1.92% 4.96%
1983 10.78% 5.47% -0.62% 0.68% 16.90%
1982 0.04% 2.77% 10.54% 12.22% 27.54%
1981 3.78% 2.33% -8.09% 7.88% 5.30%
1980 -9.93% 19.56% -1.46% 2.61% 8.88%
1979 6.46% 3.42% 1.25% -4.02% 7.00%
1978 2.24% 0.92% 5.75% -5.81% 2.77%
1977 -0.02% 5.96% -1.31% 2.35% 7.00%
1976 14.52% 2.74% 4.99% 5.99% 30.93%
1975 16.50% 8.54% -2.33% 4.95% 29.62%
1974 6.42% -7.46% -6.91% 3.54% -5.08%
1973 -0.69% -6.28% 5.63% -8.30% -9.84%
1972 5.02% -0.45% -0.44% 2.08% 6.26%
1971 - - 4.77% 6.03% 7.65%

Growth of $10,000 as of 07/31/2021

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
U.S. High Yield Corporate
U.S. Investment Grade Corporate
Non-U.S. Investment Grade Corporate
Equity
Bank Loans
CMBS
Non-U.S. High Yield Corporate
U.S. Government Related
CLO
Sovereign
MBS
Municipals
ABS
Cash
Rating Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 03/31/2022

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 3/31/2022

  • The Fund came into the year reducing credit risk and moving down in credit quality as inflation and rate risks were rising. The Fund shifted down into less rate sensitive areas and spread duration came down overall. We also reduced equity risk, specifically cutting growthier names. Despite a lower risk profile going into the start of the Russian-Ukrainian war, the Fund was still overweight spread duration, and this dragged on performance for the Fund relative to its peers as spreads widened. We pivoted in response, moving back up in quality, using CCCs as a source of funds for BBs and BBBs which became attractive as investors used the higher quality, larger issues as a source of liquidity which drove spreads wider. We also reduced high yield corporate bond exposure, adding instead to floating rate securities which generally outperform in a rising rate environment, but also serve to reduce the duration profile of the Fund. We are looking to add incrementally to floating rate securities in the near-term given our view on rates. Additionally, with the risk of recession rising, we have been adding to investment grade loans as well.
  • The Fund holds meaningful positions in the Energy sector. Energy exposure remained primarily in the Exploration & Production (E&P) subsector, which had been a direct beneficiary of increased U.S. energy demand as the U.S. reopened from initial COVID-19-related restrictions. Separately, these securities benefited from a favorable technical relationship in oil prices given elevated demand and constrained supply. While we remain constructive on the E&P space, we began to explore other subsectors within the sector, including Gas Distribution, where there may be more attractive relative value. However, we remain constructive on the sector as a whole which should be supported by higher oil prices, especially given an expected supply shortage as a result of Western sanctions on Russian produced crude oil.
  • We increased the allocation to the Basic Industry sector. We continued to favor the long-term picture for the sector as the Fund remained tilted towards more cyclical positioning. Within the sector, we continued to favor securities in the Metals and Mining subsector, and increased exposure to Steel Products. Both of these segments have been mostly supported by higher inflation and rising commodity prices and should continue to be boosted particularly given commodity supply constraints as a result of the Russia-Ukrainian conflict. However, we trimmed several positions associated with Building & Construction and Building Material throughout the quarter. Issuers in these subsectors faced increased headwinds given higher input costs from supply chain shortages as well as a shortage in labor supply. Additionally, housing affordability dampened in the latter half of the quarter due to rising mortgage rates, leading to a weaker consumer demand outlook.
  • We selectively increased the Fund’s exposure to Emerging Markets (EM) this quarter. Regionally, the quarter started with the Fund adding to EM, some of which was in Asia, given the growth outlook as Omicron risks subsided. The invasion of Ukraine changed that position drastically, as the risk of a sizeable economic deceleration because of a prolonged period of high energy and food prices, could materialize in EM, as well as in Europe. The environment became much more favorable for domestic credit. Generally speaking, EM securities are typically sensitive to rising U.S. rates and a stronger U.S. dollar as investors shift capital towards a more attractive U.S. relative yield.
  • The Fund is diversified across broad fixed income sectors. Beyond corporate bonds, the Fund maintained allocations to bank loans and convertibles bonds, and more modest allocations to asset-backed securities (ABS), commercial mortgage-backed security (CMBS), residential mortgage-backed security (RMBS), sovereign debt, and municipals. We believe select exposures to these sectors offer attractive risk-reward opportunities, potential portfolio diversification benefits and avenues for liquidity..

Portfolio Details as of 03/31/2022

Total Net Assets
$26.19 B
Number of Issues
940
Average Coupon
4.12%
Average Life
9.66 Years
Average Maturity
10.99 Years
Average Effective Duration
3.81 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 05/20/2022
$0.099
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 04/30/2022 $0.02630 $7.55
Daily Daily 03/31/2022 $0.02729 $7.80
Daily Daily 02/28/2022 $0.02358 $7.95
Daily Daily 01/31/2022 $0.02223 $8.07

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 05/31/2022
Daily Daily 06/30/2022
Daily Daily 07/31/2022
Daily Daily 08/31/2022
Daily Daily 09/30/2022
Daily Daily 10/31/2022
Daily Daily 11/30/2022
Daily Daily 12/31/2022

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/16/2021 12/17/2021 - $0.0298 $0.0298 $8.34

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
07/27/2022 07/28/2022

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 05/20/2022

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $7.53
$100,000 to $249,999 1.75% 1.50% $7.49
$250,000 to $499,999 1.25% 1.00% $7.45
$500,000 to $999,999 0.00% 1.00% $7.36
$1,000,000 to $5,000,000 0.00% 1.00% $7.36

Expense Ratioas of 04/30/2022

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
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The Bloomberg U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. 

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