BDLAX | Bond Debenture Fund Class C | 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 12/06/2022  

w/o sales charge 4.00%

30-Day Standardized Yield 2 as of 11/30/2022  

4.73%

Fund Basicsas of 10/31/2022

Total Net Assets
$21.17 B
Inception Date
07/15/1996
Dividend Frequency
Monthly
Fund Expense Ratio
1.40%
Number of Holdings
807
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 :

1.40%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/15/1996
w/o sales charge -12.26% -12.39% -0.83% 0.82% 3.28% 5.06%
Lipper Category Avg. Multi-Sector Income Funds -10.37% -9.75% -1.02% 0.85% 2.34% -
Bloomberg U.S. Aggregate Bond Index -12.62% -12.84% -2.59% 0.21% 1.09% 4.35%
w/ sales charge -13.11% -12.39% -0.83% 0.82% 3.28% 5.06%

Fund Expense Ratio :

1.40%

Fund Expense Ratio :

1.40%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/15/1996
w/o sales charge -15.27% -15.31% -1.88% 0.31% 3.01% 4.96%
Lipper Category Avg. Multi-Sector Income Funds -12.54% -12.64% -1.64% 0.43% 2.16% -
Bloomberg U.S. Aggregate Bond Index -14.61% -14.60% -3.26% -0.27% 0.89% 4.29%
w/ sales charge -16.09% -15.31% -1.88% 0.31% 3.01% 4.96%

Fund Expense Ratio :

1.40%

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. Investment Grade Corporate
U.S. High Yield Corporate
Non-U.S. Investment Grade Corporate
MBS
Non-U.S. High Yield Corporate
CMBS
Equity
U.S. Government Related
CLO
Sovereign
Municipals
Bank Loans
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 10/31/2022 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

21 Years of Industry Experience

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

Partner & Portfolio Manager

24 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

28 Years of Industry Experience

Robert S. Clark
Robert S. Clark, CFA

Portfolio Manager

25 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Partner, Deputy Director of Leveraged Credit

14 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

31 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 12/06/2022  

w/o sales charge 4.00%

30-Day Standardized Yield 2 as of 11/30/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.73% 4.73%

Fund Expense Ratio :

1.40%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/15/1996
w/o sales charge -12.26% -12.39% -0.83% 0.82% 3.28% 5.06%
Lipper Category Avg. Multi-Sector Income Funds -10.37% -9.75% -1.02% 0.85% 2.34% -
Bloomberg U.S. Aggregate Bond Index -12.62% -12.84% -2.59% 0.21% 1.09% 4.35%
w/ sales charge -13.11% -12.39% -0.83% 0.82% 3.28% 5.06%

Fund Expense Ratio :

1.40%

Fund Expense Ratio :

1.40%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 07/15/1996
w/o sales charge -15.27% -15.31% -1.88% 0.31% 3.01% 4.96%
Lipper Category Avg. Multi-Sector Income Funds -12.54% -12.64% -1.64% 0.43% 2.16% -
Bloomberg U.S. Aggregate Bond Index -14.61% -14.60% -3.26% -0.27% 0.89% 4.29%
w/ sales charge -16.09% -15.31% -1.88% 0.31% 3.01% 4.96%

Fund Expense Ratio :

1.40%

Year Fund Returns Bloomberg U.S. Aggregate Bond Index
2021 2.60% -1.54%
2020 6.77% 7.51%
2019 12.77% 8.72%
2018 -4.38% 0.01%
2017 8.52% 3.54%
2016 11.63% 2.65%
2015 -2.35% 0.55%
2014 3.85% 5.97%
2013 7.08% -2.02%
2012 12.47% 4.22%
2011 3.22% -
2010 12.34% -
2009 34.44% -
2008 -20.90% -
2007 4.77% -
2006 9.13% -
2005 0.89% -
2004 7.86% -
2003 19.43% -
2002 -1.58% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -6.08% -8.04% -1.90% - -12.08%
2021 0.67% 2.01% -0.05% -0.05% 2.60%
2020 -12.12% 9.90% 4.30% 5.98% 6.77%
2019 6.64% 3.43% 0.46% 1.78% 12.77%
2018 -1.16% -0.18% 2.07% -5.05% -4.38%
2017 2.50% 1.94% 2.37% 1.46% 8.52%
2016 1.48% 4.14% 4.58% 1.00% 11.63%
2015 3.24% -0.58% -3.76% -1.14% -2.35%
2014 2.66% 2.49% -1.81% 0.51% 3.85%
2013 2.94% -1.63% 2.52% 3.15% 7.08%
2012 5.48% 0.09% 4.28% 2.17% 12.47%
2011 4.04% 0.70% -6.69% 5.59% 3.22%
2010 3.67% -1.35% 6.28% 3.37% 12.34%
2009 2.37% 12.51% 11.19% 4.97% 34.44%
2008 -3.07% 1.26% -7.94% -12.45% -20.90%
2007 2.47% 1.06% 1.73% -0.54% 4.77%
2006 2.54% -0.56% 3.23% 3.68% 9.13%
2005 -2.01% 1.37% 1.35% 0.22% 0.89%
2004 1.58% -0.90% 2.91% 4.11% 7.86%
2003 3.18% 7.67% 1.83% 5.57% 19.43%
2002 -0.04% -4.17% -2.06% 4.90% -1.58%
2001 3.54% -0.51% -3.74% 5.18% 4.29%
2000 -0.42% 0.85% 1.06% -2.97% -1.52%
1999 1.38% -0.22% -1.62% 3.66% 3.17%
1998 4.21% 0.42% -5.13% 4.73% 3.98%
1997 0.86% 5.41% 3.95% 1.30% 11.96%
1996 - - - 3.05% 7.86%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
U.S. Investment Grade Corporate
U.S. High Yield Corporate
Non-U.S. Investment Grade Corporate
MBS
Non-U.S. High Yield Corporate
CMBS
Equity
U.S. Government Related
CLO
Sovereign
Municipals
Bank Loans
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 10/31/2022

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

Portfolio Positioning as of 9/30/2022

  • The Fund remained diversified across broad fixed income sectors. Beyond investment grade and high yield corporate bonds, the Fund maintained allocations to mortgage-backed securities (MBS), equities, sovereign debt, and municipal bonds. The Fund also held more modest allocations to asset classes such as bank loans and structured products such as commercial mortgage-backed security (CMBS) and asset-backed securities (ABS). We believe select exposures to these sectors offer attractive risk-reward opportunities, potential portfolio diversification benefits and avenues for liquidity.
  • We continued to reduce the Fund’s credit risk while increasing its quality profile. In particular, we increased the Fund’s position in investment grade credit, primarily in A and BBB rated securities throughout the quarter. This deliberate move up-in-quality was in response to increased sentiment on rising recessionary risks in the U.S. and global economies. Separately, these securities yielded more attractive relative valuations and were less susceptible to further spread widening compared to below investment grade credits.
  • Energy remained the largest sector position. Exposure within the sector remained primarily in the Exploration & Production subsector. Although WTI crude prices softened throughout the quarter, we believe that issuers should still be supported by oil prices given the ongoing favorable supply and demand technical, which has been stressed by the European Union ban on Russian oil imports. We also expect the sector to remain supported by ongoing fiscal discipline practiced by management teams. While the Fund remains overweight and constructive on the Energy sector, it is important to note that the high yield energy index continues to trade at tighter spreads than the overall high yield market. As a result, the return profile of that sector should be less of a positive outlier than it has been in the post-COVID-19 period to date. Additionally, we are aware of the potential for moderating energy demand as global growth slows. As such, we modestly reduced exposure specifically to oil field service issuers that generally exhibit higher betas. That being said, we continue to view Energy as a much more defensive sector than in the recent past given the fundamental behavioral changes of companies within the sector.
  • We reduced the Fund’s cyclical exposure in favor of more defensive sectors. Given the rising recession probabilities, we have reduced the Fund’s overall position in the Basic Industry sector given its more cyclical nature. Reductions were across the board in Metals and Mining, Chemicals and Building Materials subsectors from concerns around global demand and softening commodity prices. We instead had migrated the Fund to a more defensive posture over the quarter, targeting Healthcare and Utilities sectors given their less volatile nature. Within Healthcare, we were particularly constructive in Pharmaceuticals and Health Services companies that exhibit less sensitivity to high wage costs. For Utilities, we added to Electric-Generation and Integrated issuers.
  • The Fund continued to be underweight sectors with excess exposure to consumer spending. We believe that sectors such as Retail and Leisure should continue to face headwinds as inflation continued to rise and weigh on consumer sentiment and potential spending patterns. With respect to retailers, issuers have experienced higher input costs and ongoing supply chain issues, putting pressure on margins as they manage through bloated inventories. Select U.S. consumers have shown signs of curbing consumption on goods given the rising prices, particularly low-end consumers which may experience the effects of inflation more substantially as they have less flexibility to absorb these prices. As for Leisure, the Gaming and Recreation & Travel subsectors have also exhibited sensitivity to rising labor costs. We remained significantly underweight cruise line issuers in this space given their ongoing, repetitive financing needs.
  • We further decreased the Fund’s exposure to EM and Europe in favor of U.S. credits. 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. Additionally, the ongoing war in Ukraine led to material economic deceleration from a prolonged period of high energy and food prices. That being said, we view the credit environment more favorably for U.S. domestic assets. We also reduced Fund exposure to European credit as we expect the region to face headwinds from a potential energy shortage heading into the winter season.

 

Portfolio Details as of 10/31/2022

Total Net Assets
$21.17 B
Number of Issues
807
Average Coupon
4.44%
Average Life
9.34 Years
Average Maturity
10.66 Years
Average Effective Duration
2.76 Years
Average Yield to Worst
6.67%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 12/06/2022
$0.253
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2022 $0.02372 $7.10
Daily Daily 10/31/2022 $0.02054 $6.99
Daily Daily 09/30/2022 $0.02201 $6.90
Daily Daily 08/31/2022 $0.02713 $7.19
Daily Daily 07/31/2022 $0.02584 $7.34
Daily Daily 06/30/2022 $0.02401 $7.12
Daily Daily 05/31/2022 $0.02791 $7.52
Daily Daily 04/30/2022 $0.02225 $7.57
Daily Daily 03/31/2022 $0.02302 $7.82
Daily Daily 02/28/2022 $0.01965 $7.97
Daily Daily 01/31/2022 $0.01774 $8.10

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 12/31/2022

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
07/27/2022 07/28/2022 - $0.0131 $0.0131 $7.30

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/19/2022 12/20/2022

Fees & Expenses

Fees & Expenses

Expense Ratioas of 11/30/2022

1.40%

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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