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 10/06/2022  

w/o sales charge 4.44%
w/ sales charge 4.34%

30-Day Standardized Yield 2 as of 08/31/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 5.49% 5.48%

Expense Ratioas of 09/30/2022

Fund Basicsas of 08/31/2022

Total Net Assets
$22.56 B
Inception Date
04/01/1971
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
865
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 -14.90% -14.80% -1.26% 0.94% 3.67% 7.81%
Lipper Category Avg. Multi-Sector Income Funds -12.54% -12.64% -1.64% 0.43% 2.16% -
Bloomberg U.S. Aggregate Bond Index -14.61% -14.60% -3.26% -0.27% 0.89% -
w/ sales charge -16.79% -16.67% -2.02% 0.48% 3.42% 7.76%

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 -14.90% -14.80% -1.26% 0.94% 3.67% 7.81%
Lipper Category Avg. Multi-Sector Income Funds -12.54% -12.64% -1.64% 0.43% 2.16% -
Bloomberg U.S. Aggregate Bond Index -14.61% -14.60% -3.26% -0.27% 0.89% -
w/ sales charge -16.79% -16.67% -2.02% 0.48% 3.42% 7.76%

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
MBS
Non-U.S. Investment Grade Corporate
CMBS
U.S. Government Related
Non-U.S. High Yield Corporate
Equity
CLO
Municipals
Bank Loans
Sovereign
ABS
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 08/31/2022 View Portfolio

Rating Assets
U.S. Treasury
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 10/06/2022  

w/o sales charge 4.44%
w/ sales charge 4.34%

30-Day Standardized Yield 2 as of 08/31/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 5.49% 5.48%

Fund Expense Ratio :

0.76%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/01/1971
w/o sales charge -14.90% -14.80% -1.26% 0.94% 3.67% 7.81%
Lipper Category Avg. Multi-Sector Income Funds -12.54% -12.64% -1.64% 0.43% 2.16% -
Bloomberg U.S. Aggregate Bond Index -14.61% -14.60% -3.26% -0.27% 0.89% -
w/ sales charge -16.79% -16.67% -2.02% 0.48% 3.42% 7.76%

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 -14.90% -14.80% -1.26% 0.94% 3.67% 7.81%
Lipper Category Avg. Multi-Sector Income Funds -12.54% -12.64% -1.64% 0.43% 2.16% -
Bloomberg U.S. Aggregate Bond Index -14.61% -14.60% -3.26% -0.27% 0.89% -
w/ sales charge -16.79% -16.67% -2.02% 0.48% 3.42% 7.76%

Fund Expense Ratio :

0.76%

Year Fund Returns Bloomberg U.S. Aggregate Bond Index
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% 4.22%
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% -
2002 -1.08% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -5.95% -7.91% -1.74% - -14.10%
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
MBS
Non-U.S. Investment Grade Corporate
CMBS
U.S. Government Related
Non-U.S. High Yield Corporate
Equity
CLO
Municipals
Bank Loans
Sovereign
ABS
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 08/31/2022

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 6/30/2022

  • The Fund remained diversified across broad fixed income sectors. Beyond investment grade and high corporate bonds, the Fund maintained allocations to mortgage-backed securities (MBS), CMBS, ABS, sovereign debt, and municipal bonds. The Fund also held more modest allocations to asset classes such as bank loans and convertibles bonds. We believe select exposures to these sectors offer attractive risk-reward opportunities, potential portfolio diversification benefits and avenues for liquidity.
  • We reduced the Fund’s credit risk while increasing its quality profile. In particular, we increased the Fund’s position in investment grade credit, primarily in AAA and A rated securities throughout the quarter. This deliberate move up-in-quality was in response to increased sentiment on rising recessionary risks in the U.S. and global economies. Separately, these securities yielded more attractive relative valuations and were less susceptible to further spread widening compared to below investment grade credits. We simultaneously rotated Fund exposure away from high yield credit in order to further reduce overall spread risk.
  • Energy remained the largest sector position. Primary exposure to this sector remained in the Exploration & Production (E&P) subsector as issuers in this area continued to benefit from a positive technical relationship in oil prices due to the under supply in oil inventories coupled with ongoing demand for global energy. We also continued to gradually add to other subsectors, including Gas Distribution, given more attractive relative valuations. While the Fund remains constructive on the energy sector, it is important to note that the high yield energy index now trades at much tighter spreads than the overall market. As a result, the return profile of that sector will be less of a positive outlier than it has been in the post-COVID-19 period to date. Additionally, we are mindful of the possibility of moderating energy demand as global growth slows. That said, we view Energy as a much more defensive sector than in the recent past given the fundamental behavioral changes of companies within the sector.
  • We remained constructive on the Basic Industry sector. Within the sector, we continued to favor positions in both Metals and Mining and Chemicals subsectors. Despite the pullback in commodity prices in June, the sector should continue to be supported by a strong technical relationship, particularly given many ongoing supply shortages from the ongoing Russia-Ukrainian conflict. We had also gradually added positions associated with U.S. home building and home buying cycles in recent weeks. Although the U.S. housing industry has faced increased headwinds recently given higher construction costs and weaker mortgage demand, several investments have yielded attractive entry points after underperformance has resulted in levels where we believe there is more relative value.
  • We reduced the Fund’s allocation to sectors with excess exposure to consumer spending. We have limited the Fund’s holdings in sectors that may face headwinds in the short term as inflation continued to rise and weigh on consumer sentiment and potential spending patterns. Two of these sectors included Retail and Leisure. With respect to retailers, issuers have experienced higher input costs and ongoing supply chain issues. Additionally, U.S. consumers began to exhibit signs of curbing consumption on goods given rising prices. This trend was evident in low-end consumers, which may have less flexibility to absorb higher prices going forward. As for Leisure, we reduced the Fund’s exposure in the Gaming and Recreation & Travel subsectors given their sensitivity to rising labor costs, as well as their less attractive valuations. Certain Recreation & Travel issuers also are expected to face additional headwinds with higher fuel costs, which should add downward pressure on margins in the near term.
  • We meaningfully added to select defensive sectors. Recessionary risks continued growing throughout the quarter given the combination of steadily high inflation and tighter monetary policy. As a result, we have migrated the Fund to a moderately more defensive posture with a focus on the Healthcare and Utilities sector. Within Healthcare, we primarily targeted health facilities issuers, specifically higher credit-quality issuers that are less sensitive to heightened wage costs. With respect to Utilities, we added to issuers from the electric-generation space where we saw attractive relative value.
  • We decreased the Fund’s exposure to Emerging Markets (EM) and Europe in favor of U.S. credits as the credit environment became relatively more favorable for U.S. domestic assets. 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. Additionally, the ongoing war in Ukraine led to material economic deceleration from a prolonged period of high energy and food prices. We also reduced Fund exposure to European credit as the region is expected to face headwinds from gas shortages which may increase concerns around energy security heading into the second half of the year.

Portfolio Details as of 08/31/2022

Total Net Assets
$22.56 B
Number of Issues
865
Average Coupon
4.39%
Average Life
9.84 Years
Average Maturity
11.81 Years
Average Effective Duration
3.75 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 10/06/2022
$0.245
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 09/30/2022 $0.02569 $6.88
Daily Daily 08/31/2022 $0.03103 $7.17
Daily Daily 07/31/2022 $0.02966 $7.32
Daily Daily 06/30/2022 $0.02784 $7.10
Daily Daily 05/31/2022 $0.03195 $7.50
Daily Daily 04/30/2022 $0.02630 $7.55
Daily Daily 03/31/2022 $0.02729 $7.80
Daily Daily 02/28/2022 $0.02358 $7.95
Daily Daily 01/31/2022 $0.02223 $8.07

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
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
07/27/2022 07/28/2022 - $0.0131 $0.0131 $7.28

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/19/2022 12/20/2022

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 10/06/2022

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $7.10
$100,000 to $249,999 1.75% 1.50% $7.06
$250,000 to $499,999 1.25% 1.00% $7.03
$500,000 to $999,999 0.00% 1.00% $6.94
$1,000,000 to $5,000,000 0.00% 1.00% $6.94

Expense Ratioas of 09/30/2022

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
Publish Date:11/03/2015
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Annual Report
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Semi-Annual Report
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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.