LBNOX | Bond Debenture Fund Class F3 | Lord Abbett
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Bond Debenture Fund

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 12/02/2020  

w/o sales charge 3.81%

30-Day Standardized Yield 2 as of 10/31/2020  

3.05%

Fund Basicsas of 10/30/2020

Total Net Assets
$18.52 B
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Expense Ratio
0.52%
Number of Holdings
882

Fund Expense Ratio :

0.52%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 5.91% 7.45% 5.32% 7.04% 6.84% -
Lipper Category Avg. Multi-Sector Income Funds - - - - - -
Bloomberg Barclays U.S. Aggregate Bond Index 7.36% 7.28% 5.45% 4.34% 3.71% -

Fund Expense Ratio :

0.52%

Fund Expense Ratio :

0.52%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 1.41% 3.46% 4.22% 6.37% 6.55% -
Lipper Category Avg. Multi-Sector Income Funds 1.60% 2.89% 3.35% 4.43% 4.35% -
Bloomberg Barclays U.S. Aggregate Bond Index 6.79% 6.98% 5.24% 4.18% 3.64% -

Fund Expense Ratio :

0.52%

RELATED CONTENT

Our Fixed Income Experts Assess Opportunities in Multi-Sector Bonds
May 8, 2020

A review of factors influencing the market in the wake of recent volatility—and the sectors that may potentially benefit from a gradual reopening of the U.S. economy

Three Reasons to Consider High Yield in Today’s Market
February 7, 2020

Even after a rally in U.S. high yield in 2019, we believe the case for an investment allocation to the asset class remains alive and well.

The Case for Adding Credit to a Core Bond Portfolio
January 21, 2020

In our view, 2020 remains a year when taking some exposure to risk assets, including credit-sensitive bonds, could potentially be rewarding for fixed-income investors.

Type Assets
U.S. Investment Grade Corporate
U.S. High Yield Corporate
Non-U.S. Investment Grade Corporate
Equity
Non-U.S. High Yield Corporate
Bank Loans
ABS
Sovereign
Municipals
CMBS
MBS
U.S. Government Related
Convertibles
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 10/30/2020 View Portfolio

Rating Assets
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

19 Years of Industry Experience

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

Partner & Portfolio Manager

22 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

26 Years of Industry Experience

Robert S. Clark
Robert S. Clark, CFA

Portfolio Manager

23 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Managing Director & Portfolio Manager

12 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

29 Years of Industry Experience

Supported By 60 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 12/02/2020  

w/o sales charge 3.81%

30-Day Standardized Yield 2 as of 10/31/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.05% 3.05%

Fund Expense Ratio :

0.52%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 5.91% 7.45% 5.32% 7.04% 6.84% -
Lipper Category Avg. Multi-Sector Income Funds - - - - - -
Bloomberg Barclays U.S. Aggregate Bond Index 7.36% 7.28% 5.45% 4.34% 3.71% -

Fund Expense Ratio :

0.52%

Fund Expense Ratio :

0.52%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 1.41% 3.46% 4.22% 6.37% 6.55% -
Lipper Category Avg. Multi-Sector Income Funds 1.60% 2.89% 3.35% 4.43% 4.35% -
Bloomberg Barclays U.S. Aggregate Bond Index 6.79% 6.98% 5.24% 4.18% 3.64% -

Fund Expense Ratio :

0.52%

Year Fund Returns Bloomberg Barclays U.S. Aggregate Bond Index
2019 13.86% 8.72%
2018 -3.57% 0.01%
2017 9.51% 3.54%
2016 12.56% 2.65%
2015 -1.40% 0.55%
2014 4.85% 5.97%
2013 8.26% -2.02%
2012 13.59% 4.22%
2011 4.45% 7.84%
2010 13.50% 6.54%
2009 35.99% -
2008 -20.07% -
2007 5.81% -
2006 - -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -11.89% 10.21% 4.43% - 6.06%
2019 6.92% 3.68% 0.68% 2.02% 13.86%
2018 -0.96% 0.03% 2.31% -4.87% -3.57%
2017 2.87% 2.02% 2.61% 1.69% 9.51%
2016 1.58% 4.54% 4.71% 1.24% 12.56%
2015 3.48% -0.37% -3.60% -0.79% -1.40%
2014 2.95% 2.62% -1.48% 0.73% 4.85%
2013 3.23% -1.26% 2.68% 3.44% 8.26%
2012 5.78% 0.22% 4.58% 2.45% 13.59%
2011 4.34% 0.97% -6.37% 5.90% 4.45%
2010 3.96% -1.09% 6.63% 3.53% 13.50%
2009 2.53% 12.96% 11.53% 5.26% 35.99%
2008 -2.81% 1.55% -7.73% -12.23% -20.07%
2007 2.63% 1.34% 2.02% -0.27% 5.81%
2006 - - - 3.98% -

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
Equity
Non-U.S. High Yield Corporate
Bank Loans
ABS
Sovereign
Municipals
CMBS
MBS
U.S. Government Related
Convertibles
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 10/30/2020

Rating Assets
AAA
AA
A
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 09/30/2020

  • Over the third quarter as spreads tightened, we reduced the Fund’s allocation to high yield corporate bonds and reallocated to safer spread products. We also decreased the Fund’s allocation to commercial mortgage back securities (CMBS) as we believe COVID-19 related headwinds will pose a challenge to commercial real estate in the near term.
  • We have selectively increased the Fund’s exposure to emerging markets as relative USD weakness and related fundamental tailwinds to commodity-driven economies serve as a buffer. From a valuation perspective, we are seeing select opportunities in single-B African sovereigns.
  • We continue to have a broadly constructive view on credit, and are positioning the portfolio based on relative value, underlying fundamentals, and our top-down view. We are investing in the essential and nonessential industries that are benefitting from a continued reopening of the economy. The magnitude and scale of this global pandemic is causing some secular shifts even with the ultimate arrival of therapeutics and a vaccine. The Fund’s positioning currently reflects this view as we are investing in companies and industries that we believe are better poised to adapt to and benefit from these structural economic changes. We are still waiting for better data on the health, economic and consumer behavioral fronts before we get more constructive in unsecured risk of directly affected sectors such as airlines and crowd-oriented leisure. However, we have begun to selectively add higher quality paper in these industries primarily, but not exclusively, in secured bonds where we believe our commitments are well collateralized.

Portfolio Details as of 10/30/2020

Total Net Assets
$18.52 B
Number of Issues
882
Average Coupon
4.88%
Average Life
8.9 Years
Average Maturity
9.85 Years
Average Effective Duration
4.84 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 12/02/2020
$0.305
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2020 $0.02624 $8.25
Daily Daily 10/31/2020 $0.02560 $7.97
Daily Daily 09/30/2020 $0.02638 $7.95
Daily Daily 08/31/2020 $0.02729 $8.06
Daily Daily 07/31/2020 $0.02730 $7.96
Daily Daily 06/30/2020 $0.02849 $7.69
Daily Daily 05/31/2020 $0.02968 $7.59
Daily Daily 04/30/2020 $0.03019 $7.32
Daily Daily 03/31/2020 $0.02934 $7.06
Daily Daily 02/29/2020 $0.02698 $8.08
Daily Daily 01/31/2020 $0.02763 $8.15

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 12/31/2020

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/17/2018 12/18/2018 $0.0841 - $0.0841 $7.50
07/30/2018 07/31/2018 - $0.0398 $0.0398 $7.94

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/17/2020 12/18/2020

Fees & Expenses

Fees & Expenses

Expense Ratioas of 10/31/2020

0.52%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
n/a
Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015
Fund Story
Publish Date:11/03/2015
Publish Date:11/03/2015
n/a
Publish Date:11/03/2015

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Class F3 - The inception date for Class F3 shares is April 4, 2017. The performance quotations for Class F3 are based on the following methods of calculation: (a) for periods prior to June 30, 2015,  a figure is used based on the historical performance of the Fund’s Class I Shares, since inception, restated to reflect all charges and fees applicable to Class F3 shares; (b) for periods prior to April 4, 2017 but after June 30, 2015, performance is based on the historical performance of the Fund’s Class R6 shares, which have an equivalent expense ratio to the Fund’s F3 shares; and (c) for periods after April 4, 2017, actual Class F3 performance is used, which reflects all charges and fees applicable to Class F3 shares.

Class F3 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

The Barclays 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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