LBNPX | Bond Debenture Fund Class P | 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 01/26/2022  

w/o sales charge 3.06%

30-Day Standardized Yield 2 as of 12/31/2021  

2.38%

Fund Basicsas of 12/31/2021

Total Net Assets
$28.42 B
Inception Date
08/21/1998
Dividend Frequency
Monthly
Fund Expense Ratio
1.03%
Number of Holdings
1017
 
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 :

1.03%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/21/1998
w/o sales charge 3.01% 3.01% 7.73% 5.55% 6.32% 5.99%
Lipper Category Avg. Multi-Sector Income Funds 1.92% 1.92% 5.65% 4.26% 4.41% -
Bloomberg U.S. Aggregate Bond Index -1.54% -1.54% 4.79% 3.57% 2.90% 4.65%

Fund Expense Ratio :

1.03%

Fund Expense Ratio :

1.03%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/21/1998
w/o sales charge 3.01% 3.01% 7.73% 5.55% 6.32% 5.99%
Lipper Category Avg. Multi-Sector Income Funds 1.92% 1.92% 5.65% 4.26% 4.41% -
Bloomberg U.S. Aggregate Bond Index -1.54% -1.54% 4.79% 3.57% 2.90% 4.65%

Fund Expense Ratio :

1.03%

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
Equity
Non-U.S. Investment Grade Corporate
CMBS
Bank Loans
Non-U.S. High Yield Corporate
CLO
Sovereign
Municipals
ABS
MBS
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 12/31/2021 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

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, Portfolio Manager

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 67 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 01/26/2022  

w/o sales charge 3.06%

30-Day Standardized Yield 2 as of 12/31/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.38% 2.38%

Fund Expense Ratio :

1.03%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/21/1998
w/o sales charge 3.01% 3.01% 7.73% 5.55% 6.32% 5.99%
Lipper Category Avg. Multi-Sector Income Funds 1.92% 1.92% 5.65% 4.26% 4.41% -
Bloomberg U.S. Aggregate Bond Index -1.54% -1.54% 4.79% 3.57% 2.90% 4.65%

Fund Expense Ratio :

1.03%

Fund Expense Ratio :

1.03%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/21/1998
w/o sales charge 3.01% 3.01% 7.73% 5.55% 6.32% 5.99%
Lipper Category Avg. Multi-Sector Income Funds 1.92% 1.92% 5.65% 4.26% 4.41% -
Bloomberg U.S. Aggregate Bond Index -1.54% -1.54% 4.79% 3.57% 2.90% 4.65%

Fund Expense Ratio :

1.03%

Year Fund Returns Bloomberg U.S. Aggregate Bond Index
2021 3.01% -1.54%
2020 7.25% 7.51%
2019 13.16% 8.72%
2018 -4.00% 0.01%
2017 9.18% 3.54%
2016 12.27% 2.65%
2015 -1.66% 0.55%
2014 4.39% 5.97%
2013 7.92% -2.02%
2012 13.21% 4.22%
2011 3.88% -
2010 12.73% -
2009 35.47% -
2008 -20.50% -
2007 5.27% -
2006 9.86% -
2005 1.45% -
2004 8.37% -
2003 20.10% -
2002 -1.19% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 - - - - -2.95%
2021 0.77% 2.09% 0.06% 0.06% 3.01%
2020 -12.02% 10.11% 4.34% 6.11% 7.25%
2019 6.76% 3.48% 0.56% 1.86% 13.16%
2018 -1.10% -0.03% 2.15% -4.95% -4.00%
2017 2.62% 2.06% 2.49% 1.71% 9.18%
2016 1.48% 4.50% 4.66% 1.15% 12.27%
2015 3.47% -0.41% -3.65% -0.95% -1.66%
2014 2.82% 2.62% -1.61% 0.54% 4.39%
2013 3.20% -1.53% 2.69% 3.43% 7.92%
2012 5.70% 0.27% 4.39% 2.32% 13.21%
2011 4.26% 0.85% -6.64% 5.82% 3.88%
2010 3.59% -1.20% 6.58% 3.34% 12.73%
2009 2.49% 12.82% 11.42% 5.14% 35.47%
2008 -2.89% 1.38% -7.82% -12.39% -20.50%
2007 2.57% 1.18% 1.84% -0.40% 5.27%
2006 2.78% -0.54% 3.58% 3.76% 9.86%
2005 -1.74% 1.50% 1.35% 0.37% 1.45%
2004 1.70% -0.74% 3.02% 4.21% 8.37%
2003 3.29% 7.85% 2.07% 5.64% 20.10%
2002 -0.03% -4.00% -1.91% 4.97% -1.19%
2001 3.66% -0.34% -3.55% 5.27% 4.90%
2000 0.73% 0.88% 1.31% -2.80% 0.07%
1999 1.63% -0.18% -1.26% 3.69% 3.86%
1998 - - - 4.77% 1.73%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
U.S. High Yield Corporate
U.S. Investment Grade Corporate
Equity
Non-U.S. Investment Grade Corporate
CMBS
Bank Loans
Non-U.S. High Yield Corporate
CLO
Sovereign
Municipals
ABS
MBS
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 12/31/2021

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

Portfolio Positioning as of 12/31/2021

  • The Fund holds meaningful positions in the energy, retail, technology and basic industry sectors. We maintained conviction in the energy sector despite reducing the Fund’s overweight allocation primarily because of the sharp rise in Omicron cases in the U.S. This pivot was mostly due to the sector continuing to exhibit very high beta relative to rising COVID-19 cases since the start of the pandemic. The reduction was mainly in marginal and call constrained investments that offered minimal upside value. However, we maintained the Fund’s position in energy securities that had retained meaningful upside. Energy exposure had remained primarily concentrated in the exploration & production (E&P) subsector by a significant margin, which was the top overweight subsector in the Fund. E&P investments remained primarily concentrated in BB securities issued by larger, well-capitalized operators that we believe are best positioned to be rewarded as potential rising stars over the next year or two. Looking forward, we expect to continue building on the Fund’s position in the energy sector in the high yield space that remains supported by solid growth and a positive earnings outlook with low projected default rates.
  • We increased the allocation to the basic industry sector. Despite short-term headwinds caused by the rapid emergence of the new Omicron variant, we continued to favor the long-term picture for the sector as part of shifting the portfolio to a more cyclical positioning. Within the sector, we favored securities in the metals and mining subsector. We increased the Fund’s positioning here recently, particularly as Chinese property markets have slowly started to recover, although we remained selective in which securities we target. We also were constructive on securities associated with U.S. home building and home buying cycles. We added investments from several issuers that operate along the building products supply chain, which we believed should benefit from increased pricing power due to supply chain shortages.
  • We increased the Fund’s exposure to Emerging Markets (EM) this quarter. These additions were based on targeted, idiosyncratic opportunities, such as China property. China’s regulators loosened up pressure on the industry and changed to more of an easing tone. These are higher quality investments that we believe can weather a downturn due to tighter financial conditions. We do remain cautious about the asset class. 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.
  • We maintained the Fund’s floating rate exposure over the quarter. However, given our view that we may be at peak inflation expectations, this could be a negative technical for the floating rate asset classes, so we reduced the Fund’s exposure to bank loans over the period. We believe inflation is trending and will not reverse but we do feel it is currently priced into markets at current levels. The Fund’s overall floating coupon allocation remained flat as we added to collateralized loan obligations (CLOs) with attractive relative value, particularly moving into higher yielding CLOs.
  • The Fund is diversified across broad fixed income sectors. Beyond corporate bonds, the Fund maintained allocations to bank loans and equities, 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 12/31/2021

Total Net Assets
$28.42 B
Number of Issues
1017
Average Coupon
4.51%
Average Life
9.36 Years
Average Maturity
10.81 Years
Average Effective Duration
5.44 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 01/26/2022
$0
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 12/31/2021 $0.02115 $8.56
Daily Daily 11/30/2021 $0.02297 $8.62
Daily Daily 10/31/2021 $0.02159 $8.69
Daily Daily 09/30/2021 $0.02190 $8.65
Daily Daily 08/31/2021 $0.02190 $8.73
Daily Daily 07/31/2021 $0.02194 $8.71
Daily Daily 06/30/2021 $0.02302 $8.71
Daily Daily 05/31/2021 $0.02354 $8.67
Daily Daily 04/30/2021 $0.02240 $8.67
Daily Daily 03/31/2021 $0.02193 $8.60
Daily Daily 02/28/2021 $0.02316 $8.67
Daily Daily 01/31/2021 $0.02142 $8.61

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 01/31/2022
Daily Daily 02/28/2022
Daily Daily 03/31/2022
Daily Daily 04/30/2022
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 $8.53

Upcoming Capital Gain Distribution

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

Fees & Expenses

Fees & Expenses

Expense Ratioas of 12/31/2021

1.03%

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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