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 02/01/2023  

w/o sales charge 4.51%
w/ sales charge 4.40%

30-Day Standardized Yield 2 as of 12/31/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 5.15% 5.14%

Average Yield to Worst as of 12/30/2022

6.54%

Expense Ratioas of 12/31/2022

Fund Basicsas of 12/30/2022

Total Net Assets
$21.16 B
Inception Date
04/01/1971
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
782
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 3.11% -6.88% -0.34% 1.57% 3.85% 7.87%
Lipper Category Avg. Multi-Sector Income Funds - - - - - -
Bloomberg U.S. Aggregate Bond Index 3.08% -8.36% -2.35% 0.86% 1.43% -
w/ sales charge 0.80% -9.02% -1.10% 1.11% 3.61% 7.83%

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 -12.68% -12.68% -1.01% 1.14% 3.69% 7.82%
Lipper Category Avg. Multi-Sector Income Funds -10.43% -10.43% -1.31% 0.75% 2.25% -
Bloomberg U.S. Aggregate Bond Index -13.01% -13.01% -2.71% 0.02% 1.06% -
w/ sales charge -14.62% -14.62% -1.77% 0.68% 3.45% 7.77%

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. Investment Grade Corporate
U.S. High Yield Corporate
Non-U.S. Investment Grade Corporate
MBS
Equity
Non-U.S. High Yield Corporate
CMBS
CLO
Sovereign
Municipals
ABS
Bank Loans
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 12/30/2022 View Portfolio

Rating Assets
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 02/01/2023  

w/o sales charge 4.51%
w/ sales charge 4.40%

30-Day Standardized Yield 2 as of 12/31/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 5.15% 5.14%

Fund Expense Ratio :

0.76%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge 3.11% -6.88% -0.34% 1.57% 3.85% 7.87%
Lipper Category Avg. Multi-Sector Income Funds - - - - - -
Bloomberg U.S. Aggregate Bond Index 3.08% -8.36% -2.35% 0.86% 1.43% -
w/ sales charge 0.80% -9.02% -1.10% 1.11% 3.61% 7.83%

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 -12.68% -12.68% -1.01% 1.14% 3.69% 7.82%
Lipper Category Avg. Multi-Sector Income Funds -10.43% -10.43% -1.31% 0.75% 2.25% -
Bloomberg U.S. Aggregate Bond Index -13.01% -13.01% -2.71% 0.02% 1.06% -
w/ sales charge -14.62% -14.62% -1.77% 0.68% 3.45% 7.77%

Fund Expense Ratio :

0.76%

Year Fund Returns Bloomberg U.S. Aggregate Bond Index
2022 -12.68% -13.01%
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% -
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% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 - - - - 3.56%
2022 -5.95% -7.91% -1.74% 2.60% -12.68%
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. Investment Grade Corporate
U.S. High Yield Corporate
Non-U.S. Investment Grade Corporate
MBS
Equity
Non-U.S. High Yield Corporate
CMBS
CLO
Sovereign
Municipals
ABS
Bank Loans
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 12/30/2022

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

Portfolio Positioning as of 12/31/2022

  • The Fund remained diversified across broad fixed income sectors. Beyond investment grade and high yield corporate bonds, the Fund maintained modest allocations to mortgage-backed securities (MBS), convertible bonds, sovereign debt, and municipal bonds. We believe select exposures to these sectors offer attractive risk-reward opportunities, potential portfolio diversification benefits and avenues for liquidity. On the other hand, we reduced allocations to asset classes such as bank loans and structured products like commercial mortgage-backed security (CMBS) and asset-backed securities (ABS).
  • The Fund remained positioned primarily in higher quality and more liquid investments. We have continued to prioritize the Fund’s exposure to higher quality credits, which continued in the fourth quarter. We continued to target larger, more liquid complexes within both investment grade and high yield cash markets given the macroeconomic uncertainty. We added specifically to A and BBB rated investment grade purchases that yielded attractive valuations. Although the Fund maintained higher exposure to below investment grade credit relative to the benchmark, we focused on adding quality credits that we believe are less exposed to downside tail risks.
  • Energy continued to be the Fund’s top sector overweight despite reducing its overall position. The Energy sector continued to be the top sector overweight within the Fund, with primary exposure being in the E&P subsector. While we remain constructive on the sector, we decreased the overall allocation over the period. The high yield energy index continues to trade at much tighter spreads than the overall high yield market. What’s more, the sector could possibly come under additional pressure from a decreased global economic growth outlook, which may soften oil prices. We ultimately reduced the Fund’s energy overweight throughout the quarter based on these tighter valuations, trimming select BB and B issuers with rich valuations with more limited upside potential. We believe that Energy issuers should continue to be supported by higher oil prices given the ongoing favorable supply and demand technical moving into 2023. Additionally, we continued to view Energy as a much more defensive sector than in prior months given the fundamental behavioral changes of companies within it.
  • We broadened the Fund’s international exposure. We added to European high yield issuers over the quarter given more favorable prospect for the region. Namely, Europe has recovered from the volatility that roiled the gilt market and the United Kingdom welcomed some political stability after quickly cycling through a Prime Minister. Also, the worst-case scenario for the Eurozone’s energy crisis was avoided with a milder start to the winter season, and fiscal support helped partially reduce the impact of hikes in the face of surging inflation. Additionally, we’ve identified opportunities that stand to benefit from better economic activity in China.
  • We continued to add to select opportunities in Basic Industry and Retail sectors. Both Basic Industry and Retail sectors had underperformed in months prior to the fourth quarter due to their increased sensitivity to economic cyclicality. Namely, both sectors faced headwinds as inflation weighed on consumer sentiment while global rate hikes curbed economic growth outlooks. There were select positive developments in the fourth quarter, though, and we identified opportunities in credits from issuers that were more resilient in the face of inflationary pressures and we believe have stronger upside potential given the recent selloff in more cyclical parts of the high yield space. Within Retail, we focused on higher quality Specialty Retail issuers that have demonstrated better inventory management. For Basic Industry, we added to BB credits in the Metals and Mining subsector which we expect to receive support from reopening in China.

Portfolio Details as of 12/30/2022

Total Net Assets
$21.16 B
Number of Issues
782
Average Coupon
4.68%
Average Life
8.75 Years
Average Maturity
10.07 Years
Average Effective Duration
4.02 Years
Average Yield to Worst
6.54%