LACCX | Convertible Fund Class C | Lord Abbett

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Convertible Fund

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Summary

Summary

What is the Convertible Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in convertible securities.

Fund Basicsas of 10/31/2022

Total Net Assets
$943.73 M
Inception Date
06/30/2003
Dividend Frequency
Quarterly
Fund Expense Ratio
1.71%
Number of Holdings
75
Minimum Initial Investment
$1,500+

Yield

12-Month Dividend Yield 1 as of 12/06/2022  

w/o sales charge 1.71%

30-Day Standardized Yield 2 as of 11/30/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.94% 1.92%

Fund Expense Ratio :

1.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge -21.31% -21.95% 9.75% 8.80% 9.24% 6.75%
Lipper Category Avg. Convertible Securities Funds -15.53% -14.88% 8.80% 8.70% 9.10% -
ICE BofA All Convertible Index -16.00% -15.95% 10.21% 9.96% 10.60% 8.37%
w/ sales charge -22.10% -21.95% 9.75% 8.80% 9.24% 6.75%

Fund Expense Ratio :

1.71%

Fund Expense Ratio :

1.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge -23.20% -23.59% 10.43% 8.80% 8.99% 6.67%
Lipper Category Avg. Convertible Securities Funds -20.03% -19.33% 8.39% 8.00% 8.45% -
ICE BofA All Convertible Index -19.93% -19.96% 10.16% 9.29% 10.15% 8.18%
w/ sales charge -23.97% -23.59% 10.43% 8.80% 8.99% 6.67%

Fund Expense Ratio :

1.71%

RELATED CONTENT

Using Convertible Bonds to Help Weather Volatility
September 27, 2021

Convertible bonds can potentially provide downside protection during stock-market downdrafts. Here’s how.

Rating Assets
Convertible Bonds
Convertible Preferred Stock
Common Stock
Other
Cash
Rating Assets
S.T & N.O.A
1 - 5 YEARS
6 - 10 YEARS
11 - 20 YEARS
21 - 30 YEARS
31 + YEARS
PFD(EQUITY)

Credit Quality Distribution as of 10/31/2022

Rating Assets
BBB
BB
Not Rated

INVESTMENT TEAM

Alan R. Kurtz
Alan R. Kurtz

Managing Director, Portfolio Manager

22 Years of Industry Experience

Jeremy I. Lehmann
Jeremy I. Lehmann, CFA

Portfolio Manager

10 Years of Industry Experience

Supported By 84 Investment Professionals with 17 Years Avg. Industry Experience

Your Representative

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Performance

Performance

12-Month Dividend Yield 1 as of 12/06/2022  

w/o sales charge 1.71%

30-Day Standardized Yield 2 as of 11/30/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.94% 1.92%

Fund Expense Ratio :

1.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge -21.31% -21.95% 9.75% 8.80% 9.24% 6.75%
Lipper Category Avg. Convertible Securities Funds -15.53% -14.88% 8.80% 8.70% 9.10% -
ICE BofA All Convertible Index -16.00% -15.95% 10.21% 9.96% 10.60% 8.37%
w/ sales charge -22.10% -21.95% 9.75% 8.80% 9.24% 6.75%

Fund Expense Ratio :

1.71%

Fund Expense Ratio :

1.71%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge -23.20% -23.59% 10.43% 8.80% 8.99% 6.67%
Lipper Category Avg. Convertible Securities Funds -20.03% -19.33% 8.39% 8.00% 8.45% -
ICE BofA All Convertible Index -19.93% -19.96% 10.16% 9.29% 10.15% 8.18%
w/ sales charge -23.97% -23.59% 10.43% 8.80% 8.99% 6.67%

Fund Expense Ratio :

1.71%

Year Fund Returns ICE BofA All Convertible Index
2021 0.29% 6.34%
2020 62.93% 46.22%
2019 23.95% 23.15%
2018 -4.20% 0.15%
2017 15.84% 13.70%
2016 11.81% 10.43%
2015 -8.76% -2.99%
2014 5.35% 9.44%
2013 25.07% 24.92%
2012 11.51% 14.96%
2011 -9.63% -
2010 13.98% -
2009 34.61% -
2008 -32.11% -
2007 8.41% -
2006 8.37% -
2005 3.04% -
2004 6.66% -
2003 10.28% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -7.84% -16.27% -0.47% - -22.76%
2021 1.33% -0.47% -0.05% -0.50% 0.29%
2020 -7.95% 26.85% 16.07% 20.23% 62.93%
2019 11.18% 4.48% -0.58% 7.32% 23.95%
2018 1.10% 2.35% 4.85% -11.70% -4.20%
2017 6.24% 2.52% 3.94% 2.32% 15.84%
2016 -1.62% 3.14% 7.72% 2.29% 11.81%
2015 2.29% -0.82% -9.76% -0.34% -8.76%
2014 1.98% 3.71% -1.47% 1.09% 5.35%
2013 6.36% 2.98% 7.62% 6.11% 25.07%
2012 9.16% -4.14% 4.53% 1.95% 11.51%
2011 4.42% -1.51% -14.74% 3.07% -9.63%
2010 3.10% -7.48% 10.85% 7.79% 13.98%
2009 1.74% 11.09% 12.83% 5.56% 34.61%
2008 -7.54% 3.32% -16.52% -14.88% -32.11%
2007 2.16% 3.83% 2.04% 0.17% 8.41%
2006 5.86% -2.27% 0.35% 4.38% 8.37%
2005 -2.32% 0.79% 4.96% -0.29% 3.04%
2004 2.45% -1.55% -1.66% 7.53% 6.66%
2003 - - 1.74% 8.39% 10.28%

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Convertible Bonds
Convertible Preferred Stock
Common Stock
Other
Cash
Rating Assets
S.T & N.O.A
1 - 5 YEARS
6 - 10 YEARS
11 - 20 YEARS
21 - 30 YEARS
31 + YEARS
PFD(EQUITY)

Credit Quality Distribution as of 10/31/2022

Rating Assets
BBB
BB
Not Rated

Portfolio Positioning
as of 9/30/2022

  • There have been several macroeconomic factors that have kept a lid on equity returns thus far in 2022. Technical signals continue to be challenged; inflation is too high; liquidity, as measured by central bank balance sheets, which was expanding throughout 2020 and 2021, is now shrinking; credit spreads are widening; earnings are growing but seem more likely to be revised lower than higher in the months ahead. All these headwinds create a challenging backdrop for the convertibles market in the near term.
  • That said, given the mix of higher interest rates, wider credit spreads, re-priced equities, as well as primary issuance starting to perk up again after taking much of the year off, we believe that the convertibles asset class is an ideal vehicle to begin positioning for gradually receding inflation data. Though the September drawdown was challenging, U.S. convertibles have realized among the strongest risk adjusted returns compared to most fixed income and equity asset classes thus far in the second half of 2022.
  • Looking ahead, with equity sensitivity in the market diminished, we believe credit sensitivity will drive a larger share of near-term returns. That said, although credit spreads have widened, we see a lot of attractively priced credits, especially given their lower debt/capital ratio and lower historical default rates relative to traditional high yield. From a positioning standpoint, we reduced technology and leisure exposure over the quarter and largely redeployed those proceeds into the yield instrument bucket – particularly within the healthcare and utilities sectors. Lastly, we have also begun to find more opportunities in recent new issuance as average coupons for 2022 YTD are more than double what they averaged in 2021.

PORTFOLIO DETAILS as of 10/31/2022

Total Net Assets
$943.73 M
Number of Issues
75
Average Coupon
0.98%
Average Maturity
3.22 Years
Average Effective Duration
0.01 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 12/06/2022
$0.066
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
09/28/2022 09/29/2022 09/29/2022 $0.04160 $12.19
06/28/2022 06/29/2022 06/29/2022 $0.01620 $12.38
03/29/2022 03/30/2022 03/30/2022 $0.00850 $14.76

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date Reinvest & Payable Date
12/27/2022 12/28/2022 12/28/2022

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/16/2021 12/17/2021 $1.6293 $1.0924 $2.7217 $15.70

Upcoming Capital Gain Distribution

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

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

Fees & Expenses

Fees & Expenses

Expense Ratioas of 11/30/2022

1.71%

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
Publish Date:11/03/2015
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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
Fact Sheet
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015

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The ICE BofA Merrill Lynch All Convertibles Index contains issues that have a greater than $50 million aggregate market value. The issues are U.S. dollar-denominated, sold into the U.S. market and publicly traded in the United States.

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