LBNTX | Bond Debenture Fund Class R5 | 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 07/28/2021  

w/o sales charge 3.61%

30-Day Standardized Yield 2 as of 06/30/2021  

2.64%

Fund Basicsas of 06/30/2021

Total Net Assets
$24.92 B
Inception Date
06/30/2015
Dividend Frequency
Monthly
Fund Expense Ratio
0.58%
Number of Holdings
1029

Fund Expense Ratio :

0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 3.14% 14.42% 7.14% 7.16% 6.53% -
Lipper Category Avg. Multi-Sector Income Funds 1.64% 8.89% 5.42% 4.70% 4.42% -
Bloomberg Barclays U.S. Aggregate Bond Index -1.60% -0.33% 5.34% 3.03% 3.39% -

Fund Expense Ratio :

0.58%

Fund Expense Ratio :

0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 3.14% 14.42% 7.14% 7.16% 6.53% -
Lipper Category Avg. Multi-Sector Income Funds 1.64% 8.89% 5.42% 4.70% 4.42% -
Bloomberg Barclays U.S. Aggregate Bond Index -1.60% -0.33% 5.34% 3.03% 3.39% -

Fund Expense Ratio :

0.58%

RELATED CONTENT

Celebrating 50 Years for the Lord Abbett Bond Debenture Fund
April 8, 2021

April 1, 2021 marked the 50th anniversary of the Bond Debenture Fund, a significant achievement for Lord Abbett and a pioneering investment strategy in our industry.

Multi-Sector Fixed Income at Lord Abbett: A Brief History
March 18, 2021

Learn more about our Bond Debenture Fund's 50-Year track record.

U.S. Fixed Income: Big Changes in a Big Benchmark
February 16, 2021

Over time, the proportion of U.S. government debt in the Bloomberg Barclays U.S. Aggregate Bond Index has greatly increased. What might that mean for investors?

Type Assets
U.S. High Yield Corporate
U.S. Investment Grade Corporate
Equity
Bank Loans
Non-U.S. Investment Grade Corporate
Non-U.S. High Yield Corporate
CMBS
CLO
Municipals
Sovereign
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 06/30/2021 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

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 61 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 07/28/2021  

w/o sales charge 3.61%

30-Day Standardized Yield 2 as of 06/30/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.64% 2.64%

Fund Expense Ratio :

0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 3.14% 14.42% 7.14% 7.16% 6.53% -
Lipper Category Avg. Multi-Sector Income Funds 1.64% 8.89% 5.42% 4.70% 4.42% -
Bloomberg Barclays U.S. Aggregate Bond Index -1.60% -0.33% 5.34% 3.03% 3.39% -

Fund Expense Ratio :

0.58%

Fund Expense Ratio :

0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 3.14% 14.42% 7.14% 7.16% 6.53% -
Lipper Category Avg. Multi-Sector Income Funds 1.64% 8.89% 5.42% 4.70% 4.42% -
Bloomberg Barclays U.S. Aggregate Bond Index -1.60% -0.33% 5.34% 3.03% 3.39% -

Fund Expense Ratio :

0.58%

Year Fund Returns Bloomberg Barclays U.S. Aggregate Bond Index
2020 7.70% 7.51%
2019 13.79% 8.72%
2018 -3.63% 0.01%
2017 9.46% 3.54%
2016 12.62% 2.65%
2015 -1.59% 0.55%
2014 4.76% 5.97%
2013 8.16% -2.02%
2012 13.49% 4.22%
2011 4.35% 7.84%
2010 13.40% -
2009 35.87% -
2008 -20.14% -
2007 5.72% -
2006 10.29% -
2005 1.93% -
2004 8.97% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 0.88% 2.23% - - 3.41%
2020 -11.90% 10.19% 4.42% 6.25% 7.70%
2019 6.90% 3.66% 0.67% 2.00% 13.79%
2018 -0.97% 0.02% 2.30% -4.89% -3.63%
2017 2.85% 2.02% 2.60% 1.67% 9.46%
2016 1.69% 4.52% 4.69% 1.21% 12.62%
2015 3.46% -0.39% -3.59% -0.94% -1.59%
2014 2.93% 2.60% -1.50% 0.71% 4.76%
2013 3.21% -1.28% 2.66% 3.42% 8.16%
2012 5.76% 0.20% 4.56% 2.43% 13.49%
2011 4.31% 0.94% -6.39% 5.88% 4.35%
2010 3.93% -1.11% 6.60% 3.50% 13.40%
2009 2.51% 12.94% 11.51% 5.24% 35.87%
2008 -2.83% 1.52% -7.75% -12.25% -20.14%
2007 2.61% 1.32% 1.99% -0.30% 5.72%
2006 2.82% -0.43% 3.64% 3.95% 10.29%
2005 -1.78% 1.63% 1.61% 0.49% 1.93%
2004 - - - 4.39% 8.97%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
U.S. High Yield Corporate
U.S. Investment Grade Corporate
Equity
Bank Loans
Non-U.S. Investment Grade Corporate
Non-U.S. High Yield Corporate
CMBS
CLO
Municipals
Sovereign
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 06/30/2021

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

Portfolio Positioning as of 03/31/2021

  • We believe there is minimal opportunity for continued spread compression within investment grade credits. As a result, we have increased the Fund’s allocation to both high yield and structured products, where we believe we are getting more of a spread pick up. Further, we believe the continued strong growth outlook and reflationary environment will be a tailwind for down in quality credits.
  • We have decreased our exposure to equities and convertible securities meaningfully as we believe select issuers and securities within these asset classes are longer duration and thus more sensitive to an increase in interest rates.
  • We continue to have a broadly constructive view on high yield credit even while acknowledging that today’s valuations are far less dislocated than they were for much of 2020. Management teams have broadly positioned balance sheets to weather any residual economic softness near term through an active new issue market while also working to preserve margins. For 2021, potential outperformance will likely be sourced by idiosyncratic opportunities within high yield as opposed to broad market moves. We continue to see upside in fallen angels, which are bonds that were one rated as investment grade but have since fallen to junk status. Further, while the pandemic has accelerated the secular struggles of segments of the economy, it has produced structural changes with new beneficiaries.  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.

Portfolio Details as of 06/30/2021

Total Net Assets
$24.92 B
Number of Issues
1029
Average Coupon
4.64%
Average Life
9.14 Years
Average Maturity
10.08 Years
Average Effective Duration
5.58 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 07/28/2021
$0.150
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 06/30/2021 $0.02554 $8.48
Daily Daily 05/31/2021 $0.02613 $8.44
Daily Daily 04/30/2021 $0.02492 $8.44
Daily Daily 03/31/2021 $0.02455 $8.37
Daily Daily 02/28/2021 $0.02547 $8.44
Daily Daily 01/31/2021 $0.02406 $8.38

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 07/31/2021
Daily Daily 08/31/2021
Daily Daily 09/30/2021
Daily Daily 10/31/2021
Daily Daily 11/30/2021
Daily Daily 12/31/2021

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 $7.51
07/30/2018 07/31/2018 - $0.0398 $0.0398 $7.94

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
07/28/2021 07/29/2021

Fees & Expenses

Fees & Expenses

Expense Ratioas of 06/30/2021

0.58%

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
Publish Date:11/03/2015
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Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
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Statutory Prospectus
Publish Date:11/03/2015
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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
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Publish Date:11/03/2015

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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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