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

Average Yield to Maturity as of 08/31/2023

7.10%

30-Day Standardized Yield 1 as of 08/31/2023  

5.72%

Fund Basicsas of 08/31/2023

Total Net Assets
$21.11 B
Inception Date
04/01/1971
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.78%
Fund Net Expense Ratio
0.78%
Number of Holdings
804
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 0.78%

Net 0.78%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge 2.22% 1.01% -1.07% 1.42% 3.60% 7.76%
Lipper Category Avg. Multi-Sector Income Funds 3.42% 1.98% -0.79% 1.42% 2.67% -
Bloomberg U.S. Aggregate Bond Index 1.37% -1.19% -4.41% 0.49% 1.48% -
w/ sales charge -0.07% -1.33% -1.84% 0.95% 3.36% 7.72%

Fund Expense Ratio :

Gross 0.78%

Net 0.78%

Fund Expense Ratio :

Gross 0.78%

Net 0.78%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge 1.91% 2.74% 0.64% 1.76% 3.73% 7.78%
Lipper Category Avg. Multi-Sector Income Funds 2.83% 2.60% 0.10% 1.48% 2.64% -
Bloomberg U.S. Aggregate Bond Index 2.09% -0.94% -3.96% 0.77% 1.52% -
w/ sales charge -0.37% 0.47% -0.13% 1.31% 3.48% 7.74%

Fund Expense Ratio :

Gross 0.78%

Net 0.78%

Type Assets
U.S. High Yield Corporate
U.S. Investment Grade Corporate
MBS
Non-U.S. Investment Grade Corporate
Equity
Non-U.S. High Yield Corporate
Sovereign
CMBS
ABS
Bank Loans
Municipals
CLO
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 08/31/2023 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

22 Years of Industry Experience

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

Partner & Portfolio Manager

25 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

29 Years of Industry Experience

Robert S. Clark
Robert S. Clark, CFA

Portfolio Manager

26 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Partner, Deputy Director of Leveraged Credit

15 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

32 Years of Industry Experience

Supported By 76 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Maturity as of 08/31/2023

7.10%

30-Day Standardized Yield 1 as of 08/31/2023  

  Subsidized2 Un-Subsidized3
w/o sales charge 5.72% 5.72%

Fund Expense Ratio :

Gross 0.78%

Net 0.78%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge 2.22% 1.01% -1.07% 1.42% 3.60% 7.76%
Lipper Category Avg. Multi-Sector Income Funds 3.42% 1.98% -0.79% 1.42% 2.67% -
Bloomberg U.S. Aggregate Bond Index 1.37% -1.19% -4.41% 0.49% 1.48% -
w/ sales charge -0.07% -1.33% -1.84% 0.95% 3.36% 7.72%

Fund Expense Ratio :

Gross 0.78%

Net 0.78%

Fund Expense Ratio :

Gross 0.78%

Net 0.78%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge 1.91% 2.74% 0.64% 1.76% 3.73% 7.78%
Lipper Category Avg. Multi-Sector Income Funds 2.83% 2.60% 0.10% 1.48% 2.64% -
Bloomberg U.S. Aggregate Bond Index 2.09% -0.94% -3.96% 0.77% 1.52% -
w/ sales charge -0.37% 0.47% -0.13% 1.31% 3.48% 7.74%

Fund Expense Ratio :

Gross 0.78%

Net 0.78%

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 1.79% 0.12% - - 1.07%
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 08/31/2023

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
U.S. High Yield Corporate
U.S. Investment Grade Corporate
MBS
Non-U.S. Investment Grade Corporate
Equity
Non-U.S. High Yield Corporate
Sovereign
CMBS
ABS
Bank Loans
Municipals
CLO
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 08/31/2023

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

Portfolio Positioning as of 06/30/2023

  • The Fund remained diversified across broad fixed income sectors. Beyond investment grade and high yield corporate bonds, the Fund maintained a meaningful allocation to agency mortgage-backed securities (MBS), as well as modest allocations to equities, 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 continued to be focused on higher carry, shorter duration high yield securities. High yield spreads have been grinding tighter throughout the first half of the year, finishing slightly above 400 bps in June. With declining recessionary concerns helping to compress spreads, our primary focus has shifted towards carry opportunities within the high yield universe. As primary markets have stabilized somewhat after a very slow 2022, we see the new issue high yield market as a strong source of carry. We added more BB and Single-B credit exposure throughout the period, which we view as offering attractive yields to support this carry trade, and monetized positions in investment grade credit as a source of funds that exhibited tighter valuations. We also continue to prioritize sufficient liquidity given the uncertainty of market reactions to Fed policy.
  • We maintained the Fund’s exposure in Agency MBS. We had increased the Fund’s allocation in Agency MBS in the first half of the year on the back of better inflation data. This purchase was based on several factors, including the desire to add liquid high-quality risk. As we moved past the worst stretch of the regional banking volatility in the first quarter, we continued to closely monitor this asset class for technical pressure from deposits and have reduced some of this allocation in recent months and rotated into more credit-sensitive sectors.
  • The Fund’s allocation to equities increased. Equity exposure increased over the quarter as we became more constructive growth-oriented investments. Notably, equity exposure within the Fund was around recent lows coming into the quarter as recession concerns have remained relatively elevated. The additions to equities were primarily in the Healthcare, specifically Biotech, and Technology sectors, in line with our focus on adding more cyclical exposure within the Fund.
  • We see opportunity in the Leisure and Capital Goods sectors, while limiting exposure to the Media space. While Energy remains the Fund’s top overweight position, we continue to favor investments in the Leisure and Capital Goods sectors. In Leisure, resilient demand for summer travel and a strong film slate and return to the box office continue to be reasons we see opportunities in the sector. In Capital Goods, the Fund covered underweights in areas like Aerospace/Defense and Packaging, while remaining overweight the Diversified Capital Goods and Machinery subsectors. The Fund maintained an underweight in sectors like media, where companies continued to struggle amid ongoing recessionary concerns. The Fund remains underweight the Media Content subsector, particularly as issuers reliant on advertising sales have been more sensitive to economic pullbacks. We expect these pressures to remain going forward.

Portfolio Details as of 08/31/2023

Total Net Assets
$21.11 B
Average Effective Duration
3.85 Years
Average Life
7.2 Years
Average Maturity
8.55 Years
Number of Issues
804
Average Yield to Maturity
7.10%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 09/22/2023
$0.23415
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 08/31/2023 $0.03099 $6.90
Daily Daily 07/31/2023 $0.03006 $6.98
Daily Daily 06/30/2023 $0.02948 $6.94
Daily Daily 05/31/2023 $0.02974 $6.89
Daily Daily 04/30/2023 $0.02895 $7.02
Daily Daily 03/31/2023 $0.03009 $7.02
Daily Daily 02/28/2023 $0.02779 $7.00
Daily Daily 01/31/2023 $0.02705 $7.17

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 09/30/2023
Daily Daily 10/31/2023
Daily Daily 11/30/2023
Daily Daily 12/31/2023

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 $7.28

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 09/22/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $6.96
$100,000 to $249,999 1.75% 1.50% $6.92
$250,000 to $499,999 1.25% 1.00% $6.89
$500,000 to $999,999 0.00% 1.00% $6.80
$1,000,000 to $5,000,000 0.00% 1.00% $6.80

Expense Ratioas of 08/31/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
0.78% 0.78%

Fund Documents

Fund Documents

0Documents selected
Portfolio Holdings 1Q
Publish Date:11/03/2015
Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
Publish Date:11/03/2015
Statutory Prospectus
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

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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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