LOCFX | Convertible Fund Class F3 | Lord Abbett

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Convertible Fund

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 12/31/2021

Total Net Assets
$1.47 B
Inception Date
04/05/2017
Dividend Frequency
Quarterly
Fund Expense Ratio
0.80%
Number of Holdings
86

Yield

12-Month Dividend Yield 1 as of 01/26/2022  

w/o sales charge 1.91%

30-Day Standardized Yield 2 as of 12/31/2021  

0.82%

Fund Expense Ratio :

0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 1.25% 1.25% 27.68% 18.63% 13.91% -
Lipper Category Avg. Convertible Securities Funds 4.70% 4.70% 22.61% 15.45% 11.91% -
ICE BofA All Convertible Index 6.34% 6.34% 24.18% 16.87% 13.89% -

Fund Expense Ratio :

0.80%

Fund Expense Ratio :

0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 1.25% 1.25% 27.68% 18.63% 13.91% -
Lipper Category Avg. Convertible Securities Funds 4.70% 4.70% 22.61% 15.45% 11.91% -
ICE BofA All Convertible Index 6.34% 6.34% 24.18% 16.87% 13.89% -

Fund Expense Ratio :

0.80%

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
Corporate Bonds
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 12/31/2021

Rating Assets
BBB
BB
B
CCC
Not Rated

INVESTMENT TEAM

Alan R. Kurtz
Alan R. Kurtz

Managing Director, Portfolio Manager

21 Years of Industry Experience

Jeremy I. Lehmann
Jeremy I. Lehmann, CFA

Portfolio Manager

9 Years of Industry Experience

Supported By 83 Investment Professionals with 17 Years Avg. Industry Experience

Your Representative

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Performance

Performance

12-Month Dividend Yield 1 as of 01/26/2022  

w/o sales charge 1.91%

30-Day Standardized Yield 2 as of 12/31/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 0.82% 0.82%

Fund Expense Ratio :

0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 1.25% 1.25% 27.68% 18.63% 13.91% -
Lipper Category Avg. Convertible Securities Funds 4.70% 4.70% 22.61% 15.45% 11.91% -
ICE BofA All Convertible Index 6.34% 6.34% 24.18% 16.87% 13.89% -

Fund Expense Ratio :

0.80%

Fund Expense Ratio :

0.80%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 1.25% 1.25% 27.68% 18.63% 13.91% -
Lipper Category Avg. Convertible Securities Funds 4.70% 4.70% 22.61% 15.45% 11.91% -
ICE BofA All Convertible Index 6.34% 6.34% 24.18% 16.87% 13.89% -

Fund Expense Ratio :

0.80%

Year Fund Returns ICE BofA All Convertible Index
2021 1.25% 6.34%
2020 64.42% 46.22%
2019 25.02% 23.15%
2018 -3.40% 0.15%
2017 16.87% 13.70%
2016 12.73% 10.43%
2015 -7.92% -2.99%
2014 6.28% 9.44%
2013 26.19% 24.92%
2012 12.41% 14.96%
2011 -8.73% -
2010 15.16% -
2009 36.00% -
2008 -31.40% -
2007 9.46% -
2006 - -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 - - - - -11.02%
2021 1.54% -0.21% 0.18% -0.25% 1.25%
2020 -7.77% 27.23% 16.26% 20.53% 64.42%
2019 11.36% 4.80% -0.35% 7.51% 25.02%
2018 1.22% 2.65% 5.08% -11.52% -3.40%
2017 6.56% 2.71% 4.10% 2.58% 16.87%
2016 -1.49% 3.43% 7.97% 2.48% 12.73%
2015 2.49% -0.59% -9.54% -0.11% -7.92%
2014 2.25% 3.90% -1.22% 1.28% 6.28%
2013 6.63% 3.18% 7.85% 6.35% 26.19%
2012 9.42% -3.99% 4.72% 2.17% 12.41%
2011 4.70% -1.29% -14.59% 3.39% -8.73%
2010 3.44% -7.26% 11.15% 8.01% 15.16%
2009 1.98% 11.42% 13.02% 5.90% 36.00%
2008 -7.25% 3.56% -16.32% -14.66% -31.40%
2007 2.32% 4.07% 2.29% 0.49% 9.46%
2006 - - - 4.71% -

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Convertible Bonds
Convertible Preferred Stock
Common Stock
Corporate Bonds
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 12/31/2021

Rating Assets
BBB
BB
B
CCC
Not Rated

Portfolio Positioning
as of 12/31/2021

  • We believe 2022 is picking up where 2021 left off, as labor or component shortages continue to impact the supply of both goods and services. This makes us cautiously optimistic that economic activity can rebound sharply once the latest COVID wave from the Omicron variant recedes in the coming weeks. Additionally, the Federal Reserve is expected to continue to become less accommodative.  While markets are adjusting to how much they will withdraw and the pace at which they move, we see a lower probability of an incrementally hawkish surprise going forward.
  • Credit remains supportive, much the same as it has been over the past year. Credit spreads have remained remarkably stable despite the volatility in the Treasury and equity markets, and issuers continue to issue debt on favorable terms. We are closely monitoring interest rates and the credit markets as we think about our positioning and continue to maintain our opportunistic and flexible approach.
  • We believe Convertibles continue to be an attractive way to gain risk-adjusted exposure to both secular and cyclical growth companies. It is notable that the equity sensitivity of the Convertibles market has fallen to one-year lows, signaling greater downside protection for the asset class. Secular growth stocks, particularly within mid cap, continue to consolidate their massive 2020 gains and struggle against the overhang of higher rates, which assigns greater discounts on their future cashflows. We are finding opportunities investing selectively in the convertible debt of these fast-growing companies, particularly in securities trading significantly below par, as many of these companies continue to retain attractive long-term growth profiles.  At the same time, Convertibles also offer exposure to other industries that should see more near-term operating leverage as economic activity re-accelerates as COVID case counts and the associated headwinds to earnings growth recede.Credit remains supportive, as credit spreads have been remarkably stable during this period of sharply rising and falling interest rates. We are closely monitoring interest rates and the credit markets as we think about our positioning. We have maintained our opportunistic and flexible approach and will continue to adapt to the ever-changing market and economic environment.

PORTFOLIO DETAILS as of 12/31/2021

Total Net Assets
$1.47 B
Number of Issues
86
Average Coupon
1.01%
Average Maturity
3.95 Years
Average Effective Duration
0.02 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 01/26/2022
$0
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/28/2021 12/29/2021 12/29/2021 $0.03630 $16.35
12/16/2021 12/17/2021 12/17/2021 $0.14380 $16.10
09/28/2021 09/29/2021 09/29/2021 $0.03430 $19.38
06/28/2021 06/29/2021 06/29/2021 $0.03870 $19.39
03/29/2021 03/30/2021 03/30/2021 $0.02510 $19.15

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
03/29/2022 03/30/2022 03/30/2022
06/28/2022 06/29/2022 06/29/2022
09/28/2022 09/29/2022 09/29/2022
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 $16.10

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 12/31/2021

0.80%

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
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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
Commentary
Publish Date:11/03/2015

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