LBFFX | Convertible Fund Class F | Lord Abbett

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Convertible Fund

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Daily price w/o sales charge as of 10/06/2022

$12.70

$0.00

YTD Returns w/o sales charge as of 10/06/2022

-20.53%

Overall Morningstar Ratings

Convertibles
as of 08/31/2022

Morningstar rated the Lord Abbett Convertible Fund class F share 4, 4 and 4 stars among 73, 71 and 54 Convertibles Funds for the overall rating and the 3, 5 and 10 year periods ended 8/31/2022, respectively.

Please click here for performance current to the most recent quarter-end and month-end.

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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 08/31/2022

Total Net Assets
$1.15 B
Inception Date
09/28/2007
Dividend Frequency
Quarterly
Fund Expense Ratio
0.93%
Number of Holdings
78

Yield

12-Month Dividend Yield 1 as of 10/06/2022  

w/o sales charge 2.52%

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

  Subsidized3 Un-Subsidized4
w/o sales charge 2.13% 2.12%

In absence of the fee waiver, yields shown would have been lower. Yields for other share classes will vary.

Fund Expense Ratio :

0.93%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -22.78% -22.99% 11.27% 9.62% 9.81% 6.96%
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% 7.64%

Fund Expense Ratio :

0.93%

Fund Expense Ratio :

0.93%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -22.78% -22.99% 11.27% 9.62% 9.81% 6.96%
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% 7.64%

Fund Expense Ratio :

0.93%

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

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
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Rating Assets
S.T & N.O.A
1 - 5 YEARS
6 - 10 YEARS
11 - 20 YEARS
21 - 30 YEARS
31 + YEARS
PFD(EQUITY)

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

Credit Quality Distribution as of 08/31/2022

Rating Assets
BBB
BB
B
Not Rated

Ratings (other than U.S. Treasury securities or securities issued or backed by U.S. agencies) provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Lord Abbett uses the higher credit rating. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities may not be rated. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

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 10/06/2022  

w/o sales charge 2.52%

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

  Subsidized3 Un-Subsidized4
w/o sales charge 2.13% 2.12%

Fund Expense Ratio :

0.93%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -22.78% -22.99% 11.27% 9.62% 9.81% 6.96%
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% 7.64%

Fund Expense Ratio :

0.93%

Fund Expense Ratio :

0.93%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -22.78% -22.99% 11.27% 9.62% 9.81% 6.96%
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% 7.64%

Fund Expense Ratio :

0.93%

The performance quoted represents past performance, which is no indication of future results. Current performance may be higher or lower than the performance data quoted. Returns shown include the reinvestment of all distributions. Returns shown at net asset value do not reflect the current maximum sales charge, had the sales charge been included, returns would have been lower. The investment return and principal value of an investment will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than the original cost. Therefore, there can be no assurance for future results.

The Fund changed its investment strategy on 09/28/2007. Performance is calculated from this date.

Year Fund Returns ICE BofA All Convertible Index
2021 1.11% 6.34%
2020 64.10% 46.22%
2019 24.88% 23.15%
2018 -3.45% 0.15%
2017 16.67% 13.70%
2016 12.57% 10.43%
2015 -8.00% -2.99%
2014 6.09% 9.44%
2013 26.03% 24.92%
2012 12.30% 14.96%
2011 -8.89% -
2010 14.95% -
2009 35.81% -
2008 -31.43% -
2007 8.41% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -7.68% -16.13% -0.27% - -20.53%
2021 1.53% -0.29% 0.15% -0.27% 1.11%
2020 -7.85% 27.16% 16.23% 20.49% 64.10%
2019 11.32% 4.72% -0.38% 7.53% 24.88%
2018 1.28% 2.56% 5.08% -11.54% -3.45%
2017 6.48% 2.70% 4.10% 2.49% 16.67%
2016 -1.52% 3.41% 7.88% 2.47% 12.57%
2015 2.47% -0.54% -9.60% -0.14% -8.00%
2014 2.14% 3.88% -1.26% 1.26% 6.09%
2013 6.61% 3.07% 7.85% 6.34% 26.03%
2012 9.42% -4.03% 4.70% 2.14% 12.30%
2011 4.69% -1.33% -14.59% 3.26% -8.89%
2010 3.32% -7.23% 11.15% 7.90% 14.95%
2009 1.97% 11.41% 12.90% 5.88% 35.81%
2008 -7.31% 3.56% -16.32% -14.63% -31.43%
2007 2.29% 4.05% 1.48% 0.38% 8.41%

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Convertible Bonds
Convertible Preferred Stock
Other
Cash

The Fund's portfolio is actively managed and is subject to change. "Other" may include municipal bonds and non-index holdings.

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 08/31/2022

Rating Assets
BBB
BB
B
Not Rated

Ratings (other than U.S. Treasury securities or securities issued or backed by U.S. agencies) provided by Standard & Poor's, Moody's, and Fitch. For certain securities that are not rated by any of these three agencies, credit ratings from other agencies may be used. Where the rating agencies rate a security differently, Lord Abbett uses the higher credit rating. Ratings range from AAA (highest) to D (lowest). Bonds rated BBB or above are considered investment grade. Credit ratings BB and below are lower-rated securities (junk bonds). High-yielding, non-investment-grade bonds (junk bonds) involve higher risks than investment-grade bonds. Adverse conditions may affect the issuer's ability to pay interest and principal on these securities. A portion of the portfolio's securities may not be rated. Breakdown is not an S&P credit rating or an opinion of S&P as to the creditworthiness of such portfolio. Ratings apply to the credit worthiness of the issuers of the underlying securities and not the fund or its shares. Ratings may be subject to change.

Portfolio Positioning
as of 6/30/2022

  • 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.
  • Inflation appears to now be sowing the seeds of a potential economic slowdown, as higher prices have cut demand in areas such as retail and housing. At the same time, efforts by central banks to bring down inflation has led to wealth erosion in financial assets while yields have fallen off their peak. As a result, this evidence of a slowdown appears to be gathering momentum.
  • We continue to find Convertibles attractive, particularly those with lower equity sensitivity than the broader market.  As of the end of the quarter, more than a quarter of the U.S. convertible market is more bond-like than equity-like – a significantly higher percentage than we’ve seen in some time.  Many of the underlying stocks of these issuers have corrected significantly over the last year but have strong credit characteristics and enough time left before maturity where the embedded options can still deliver upside well above the stated yield-to-maturity, in our view.

PORTFOLIO DETAILS as of 08/31/2022

Total Net Assets
$1.15 B
Number of Issues
78
Average Coupon
0.94%
Average Maturity
3.61 Years
Average Effective Duration
0.01 Years

To view definitions for the above Portfolio Details, Click here.

Average Coupon - The weighted average annual rate of interest on a bond’s face value that the issuer agrees to pay the holder until maturity for all the securities in a portfolio.

Average Maturity - The length of time until the average security in a portfolio will mature or be redeemed by its issuer in proportion to its dollar value. Indicating a portfolio’s sensitivity to general market interest rate changes, a longer average maturity implies greater relative portfolio volatility.

Top Ten Holdings as of  08/31/2022

Holding Sector Assets
Canopy Growth Corp Consumer, Non-cyclical 4.6%
NextEra Energy Inc Utilities 3.8%
Chegg Inc Consumer, Non-cyclical 3.4%
Palo Alto Networks Inc Communications 3.2%
Block Inc Consumer, Non-cyclical 2.6%
Enphase Energy Inc Energy 2.5%
Shopify Inc Communications 2.5%
Sunrun Inc Energy 2.3%
MongoDB Inc Technology 2.2%
Airbnb Inc Communications 2.0%
Holding Coupon Maturity Assets
Canopy Growth Corp4.250% 07/15/20234.9%
NextEra Energy Inc0.000% 09/01/20234.0%
Chegg Inc0.000% 09/01/20263.6%
Palo Alto Networks Inc0.375% 06/01/20253.4%
Block Inc0.000% 05/01/20262.7%
Enphase Energy Inc0.000% 03/01/20282.7%
Shopify Inc0.125% 11/01/20252.7%
Sunrun Inc0.000% 02/01/20262.4%
MongoDB Inc0.250% 01/15/20262.3%
Airbnb Inc0.000% 03/15/20262.1%
MakeMyTrip Ltd0.000% 02/15/20282.1%
Scorpio Tankers Inc3.000% 05/15/20252.0%
SunPower Corp4.000% 01/15/20231.9%
CryoPort Inc0.750% 12/01/20261.9%
GDS Holdings Ltd2.000% 06/01/20251.9%
Liberty Media Corp-Liberty Formula One2.250% 08/15/20271.9%
Lumentum Holdings Inc0.500% 12/15/20261.9%
Insmed Inc0.750% 06/01/20281.8%
RBC Bearings Inc0.000% 10/15/20241.8%
Chart Industries Inc1.000% 11/15/20241.8%
Wayfair Inc1.000% 08/15/20261.8%
Uber Technologies Inc0.000% 12/15/20251.7%
DraftKings Holdings Inc0.000% 03/15/20281.7%
Sea Ltd0.250% 09/15/20261.6%
EQT Corp1.750% 05/01/20261.6%
DTE Energy Co0.000% 11/01/20221.5%
Cytokinetics Inc3.500% 07/01/20271.5%
ON Semiconductor Corp0.000% 05/01/20271.5%
Dexcom Inc0.750% 12/01/20231.5%
MGP Ingredients Inc1.875% 11/15/20411.4%
Bill.com Holdings Inc0.000% 04/01/20271.4%
Insulet Corp0.375% 09/01/20261.4%
Chegg Inc0.125% 03/15/20251.4%
Coupa Software Inc0.125% 06/15/20251.3%
Datadog Inc0.125% 06/15/20251.3%
Five9 Inc0.500% 06/01/20251.3%
Zscaler Inc0.125% 07/01/20251.3%
Marriott Vacations Worldwide Corp1.500% 09/15/20221.3%
Cloudflare Inc0.000% 08/15/20261.2%
Live Nation Entertainment Inc2.500% 03/15/20231.2%
Fiverr International Ltd0.000% 11/01/20251.2%
Green Plains Inc2.250% 03/15/20271.1%
Etsy Inc0.125% 09/01/20271.1%
Wayfair Inc0.625% 10/01/20251.1%
Sunnova Energy International Inc2.625% 02/15/20281.0%
Ford Motor Co0.000% 03/15/20261.0%
Jamf Holding Corp0.125% 09/01/20261.0%
Broadcom Inc0.000% 09/30/20221.0%
Sarepta Therapeutics Inc1.500% 11/15/20241.0%
Fluor Corp0.000% -1.0%
Repligen Corp0.375% 07/15/20241.0%
HAT Holdings I LLC / HAT Holdings II LLC0.000% 05/01/20251.0%
MercadoLibre Inc2.000% 08/15/20280.9%
Bank of America Corp0.000% -0.9%
Danaher Corp0.000% 04/15/20230.9%
Wolfspeed Inc0.250% 02/15/20280.9%
FTI Consulting Inc2.000% 08/15/20230.9%
Cerevel Therapeutics Holdings Inc2.500% 08/15/20270.8%
Ormat Technologies Inc2.500% 07/15/20270.8%
World Wrestling Entertainment Inc3.375% 12/15/20230.8%
Burlington Stores Inc2.250% 04/15/20250.8%
KBR Inc2.500% 11/01/20230.7%
2020 Mandatory Exchangeable Trust0.000% 05/16/20230.7%
Penn Entertainment Inc2.750% 05/15/20260.6%
Pinduoduo Inc0.000% 12/01/20250.6%
Delivery Hero SE1.000% 01/23/20270.5%
Ascendis Pharma A/S2.250% 04/01/20280.5%
XOMETRY INC1.000% 02/01/20270.5%
Danimer Scientific Inc3.250% 12/15/20260.5%
Bill.com Holdings Inc0.000% 12/01/20250.4%
Pinduoduo Inc0.000% 10/01/20240.3%
RealReal Inc/The1.000% 03/01/20280.2%
Block Inc0.125% 03/01/20250.2%
FX USD/CAD 10/220.000% 10/20/2022-0.1%
FX USD/EUR 09/220.000% 09/12/2022-0.2%
FX USD/CAD 10/220.000% 10/20/2022-0.2%
FX USD/EUR 09/220.000% 09/12/2022-0.4%
FX USD/CAD 10/220.000% 10/20/2022-4.7%

Aggregate holdings are updated monthly, 30 days after month end. Aggregate holdings are presented to illustrate examples of the securities that the Fund has bought and the diversity of the areas in which the Fund may invest, and may not be representative of the Fund's current or future investments. The figures presented are as of the date shown and may change at any time.

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 10/06/2022
$0.145
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
09/28/2022 09/29/2022 09/29/2022 $0.06590 $12.33
06/28/2022 06/29/2022 06/29/2022 $0.04030 $12.53
03/29/2022 03/30/2022 03/30/2022 $0.03890 $14.93

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 $15.91
*

Taxed as ordinary income

Lord Abbett does not provide tax advice. It is strongly recommended that you discuss the impact of dividends and distributions with your tax advisor. 

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 09/30/2022

0.93%

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IMPORTANT INFORMATION

 

1

12-Month Dividend Yield is a financial ratio that shows how much a mutual fund pays out in dividends each year relative to its value with maximum sales charges and without sales charges. The fund’s dividend yield is calculated by dividing the fund’s income distributions over the previous year by the fund’s current value with maximum sales charges and without sales charges.

 

2

The 30-Day Standardized Yield represents net investment income earned by a fund over a 30-day period. It is expressed as an annual percentage rate using a method of calculation adopted by the Securities and Exchange Commission (SEC). Yields for other share classes will vary.

 

3

The 30-day Standardized Subsidized yields reflect fee waivers in effect. Without such fee waivers, yields would be reduced.  

 

4

The 30-day Standardized Unsubsidized yield does not reflect fee waivers.

 

IMPORTANT INFORMATION

 

A Note about Risk: Convertible securities are subject to the risks affecting both equity and fixed income securities, including market, credit, liquidity, and interest rate risk.  Convertible securities tend to be more volatile than other fixed income securities, and the markets for convertible securities may be less liquid than markets for common stocks or bonds.  The Fund may invest substantially in high yield, lower-rated securities.  These securities carry increased risks of price volatility, illiquidity, and the possibility of default in the timely payment of interest and principal.  The Fund may invest  in foreign or emerging market securities, which may be adversely affected by  economic, political, or regulatory factors and subject to currency volatility and greater liquidity risk.  The Fund may invest in derivatives, which are subject to greater liquidity, leverage, and counterparty risk. These factors can affect Fund performance.

 

Performance data quoted is historical. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted. The investment return and principal value of an investment in the Fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent quarter-end, go to quarter ending performance on our Website or call Lord Abbett at (888) 522-2388.

 

 

CUSIP identifiers have been provided by CUSIP Global Services, managed on behalf of the American Bankers Association by Standard & Poor’s Financial Services, LLC, and are not for use or dissemination in a manner that would serve as a substitute for any CUSIP service. The CUSIP Database, © 2011 American Bankers Association. “CUSIP” is a registered trademark of the American Bankers Association.

 

With Sales Charge - Returns with sales charges reflect applicable fees and expenses and include all distributions reinvested.

 

Without Sales Charge - Returns shown are without sales charges and have all distributions reinvested. If a sales charge had been deducted, the results would have been lower.

 

Returns shown at less than a year reflect aggregate total returns.

 

Double-Digit Returns - instances of high double-digit returns were achieved primarily during favorable market conditions and may not be sustainable over time.   

 

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.

Indexes reflect total return, unless otherwise specified, with all dividends reinvested. Indexes are unmanaged, do not reflect the deduction of fees or expenses, and are not available for direct investment.

 

Lipper Category Average - Peer group averages are based on universes of funds with the same investment objectives. The average return for the peer group is based on the returns of each individual fund within the group for the period shown. This average assumes reinvestment of dividends.

 

Fund Expense Ratio Detail: Reflects expenses for the Fund's fiscal year-end and is subject to change. Fund expenses may fluctuate with market volatility. A substantial reduction in Fund assets (since its most recently completed fiscal year), whether caused by market conditions or significant redemptions or both, will likely cause total operating expenses (as a percentage of Fund assets) to become higher than those shown.

Dividends and Capital Gains: The information presented in this section is intended for general information and is not intended to be relied upon and should not be relied upon, as financial, legal or tax advice for any particular investor. We strongly recommend that you contact your financial, legal or tax advisor regarding your particular tax situation.

The information presented in this section is not written or intended to be used, and cannot be used, for the purpose of avoiding any tax liabilities or penalties.

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