LCFYX | Convertible Fund Class I | Lord Abbett

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Convertible Fund

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Daily price w/o sales charge as of 06/02/2023

$12.39

arrowUp$0.12

YTD Returns w/o sales charge as of 06/02/2023

2.23%

Overall Morningstar Ratings

Convertibles
as of 04/30/2023

Morningstar rated the Lord Abbett Convertible Fund class I share 3, 3 and 4 stars among 76, 71 and 57 Convertibles Funds for the overall rating and the 3, 5 and 10 year periods ended 4/30/2023, 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 04/28/2023

Total Net Assets
$720.88 M
Inception Date
06/30/2003
Dividend Frequency
Quarterly
Fund Gross Expense Ratio
0.87%
Fund Net Expense Ratio
0.87%
Number of Holdings
75
Minimum Initial Investment

+Minimum Exceptions, View Full Disclosure

There is no minimum initial investment for (i) purchases through or by registered investment advisers (RIAs), bank trust departments, and other financial intermediaries otherwise eligible to purchase Class I shares that charge a fee for services that include investment advisory or management services or (ii) purchases by retirement and benefit plans meeting the Class I eligibility requirements as described in the prospectus. These investment minimums may be suspended, changed, or withdrawn by Lord Abbett Distributor LLC ("Lord Abbett Distributor").
Class I shares minimum initial investment of $1,000,000, unless otherwise noted, applies to certain types of institutional investors as described in the prospectus. 

Yield

12-Month Dividend Yield 1 as of 06/02/2023  

w/o sales charge 2.91%

30-Day Standardized Yield 2 as of 04/30/2023  

3.06%

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

Fund Expense Ratio :

Gross 0.87%

Net 0.87%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 0.75% -4.98% 5.12% 8.28% 8.49% 7.39%
Lipper Category Avg. Convertible Securities Funds - - - - - -
ICE BofA All Convertible Index 3.27% -1.18% 8.45% 8.78% 9.11% 8.16%
w/ sales charge 0.75% -4.98% 5.12% 8.28% 8.49% 7.39%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 0.87%

Net 0.87%

Fund Expense Ratio :

Gross 0.87%

Net 0.87%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 2.15% -15.08% 12.24% 9.23% 9.14% 7.53%
Lipper Category Avg. Convertible Securities Funds 2.67% -10.93% 12.43% 8.23% 8.12% -
ICE BofA All Convertible Index 3.78% -10.73% 14.98% 9.60% 9.63% 8.25%

Fund Expense Ratio :

Gross 0.87%

Net 0.87%

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 04/28/2023

Rating Assets
A
BBB
BB
CCC
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

23 Years of Industry Experience

Jeremy I. Lehmann
Jeremy I. Lehmann, CFA

Portfolio Manager

11 Years of Industry Experience

Supported By 94 Investment Professionals with 17 Years Avg. Industry Experience

Your Representative

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Performance

Performance

12-Month Dividend Yield 1 as of 06/02/2023  

w/o sales charge 2.91%

30-Day Standardized Yield 2 as of 04/30/2023  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.06% 3.06%

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

Fund Expense Ratio :

Gross 0.87%

Net 0.87%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 0.75% -4.98% 5.12% 8.28% 8.49% 7.39%
Lipper Category Avg. Convertible Securities Funds - - - - - -
ICE BofA All Convertible Index 3.27% -1.18% 8.45% 8.78% 9.11% 8.16%
w/ sales charge 0.75% -4.98% 5.12% 8.28% 8.49% 7.39%

Performance data for the Lipper Category Average and for the Index is shown as soon as it becomes available.

Fund Expense Ratio :

Gross 0.87%

Net 0.87%

Fund Expense Ratio :

Gross 0.87%

Net 0.87%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 2.15% -15.08% 12.24% 9.23% 9.14% 7.53%
Lipper Category Avg. Convertible Securities Funds 2.67% -10.93% 12.43% 8.23% 8.12% -
ICE BofA All Convertible Index 3.78% -10.73% 14.98% 9.60% 9.63% 8.25%

Fund Expense Ratio :

Gross 0.87%

Net 0.87%

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 06/30/2003. Performance is calculated from this date.

Year Fund Returns ICE BofA All Convertible Index
2022 -23.23% -18.63%
2021 1.19% 6.34%
2020 64.31% 46.22%
2019 24.93% 23.15%
2018 -3.33% 0.15%
2017 16.78% 13.70%
2016 12.72% 10.43%
2015 -7.94% -2.99%
2014 6.24% 9.44%
2013 26.14% 24.92%
2012 12.36% -
2011 -8.77% -
2010 15.11% -
2009 35.95% -
2008 -31.43% -
2007 9.42% -
2006 9.49% -
2005 4.14% -
2004 7.70% -
2003 11.07% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 2.15% - - - 2.23%
2022 -7.65% -16.08% -0.32% -0.62% -23.23%
2021 1.54% -0.27% 0.18% -0.26% 1.19%
2020 -7.78% 27.17% 16.28% 20.49% 64.31%
2019 11.36% 4.72% -0.35% 7.51% 24.93%
2018 1.30% 2.57% 5.08% -11.46% -3.33%
2017 6.47% 2.71% 4.10% 2.58% 16.78%
2016 -1.40% 3.33% 7.96% 2.48% 12.72%
2015 2.48% -0.60% -9.54% -0.11% -7.94%
2014 2.24% 3.89% -1.23% 1.27% 6.24%
2013 6.61% 3.16% 7.84% 6.34% 26.14%
2012 9.41% -4.00% 4.71% 2.16% 12.36%
2011 4.69% -1.30% -14.59% 3.38% -8.77%
2010 3.43% -7.27% 11.14% 8.00% 15.11%
2009 1.97% 11.41% 13.01% 5.89% 35.95%
2008 -7.26% 3.55% -16.33% -14.67% -31.43%
2007 2.31% 4.06% 2.28% 0.48% 9.42%
2006 6.08% -2.08% 0.69% 4.70% 9.49%
2005 -2.06% 1.04% 5.20% 0.04% 4.14%
2004 2.65% -1.23% -1.41% 7.74% 7.70%
2003 - - 2.19% 8.69% 11.07%

Performance is shown for each quarter and each calendar year. Past performance is no guarantee of future results.

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 04/28/2023

Rating Assets
A
BBB
BB
CCC
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 03/31/2023

  • After retreating over the course of 2022 amid rising benchmark yields and worries about a recession in 2023 negatively impacting the asset class whose composition is skewed towards growth, innovation, and early cycle, smaller capitalization companies, convertible bonds posted a strong first quarter of 2023, keeping pace with high yield bonds. Given the composition of the asset class, continued progress in areas such as technology, innovation, and healthcare, along with revived secular investor demand for these exposures, we continue to believe flows and valuations should be supportive. We also believe the more “credit like” composition of the asset class today should also continue to draw interest from the traditional high yield investor base. Our work shows that growth factors tend to do well when macro growth is harder to find. Given the overall market delta, we believe investors may migrate to convertibles for a defensive allocation while awaiting some macro certainty. History shows evidence of strong forward returns at the current market delta. 
  • We also continue to see potential for a positive event risk in the convertibles market. 2022 saw a limited amount of strategic merger and acquisition activity given economic uncertainty and tightening financial conditions. A rise from today’s depressed levels could be supportive as we view many of the issuers in this market as potential beneficiaries. We also expect a further pickup in liability management as issuers themselves take advantage of depressed valuations, which could allow for organic deleveraging. Lastly, through the first three months of the year, new issuance is nearly double year-over-year, though still lagging the pace that we witnessed in 2020 and 2021. We have also seen better diversification within the market – with nearly half of new issuance coming from the Utilities and Communication Services sectors.  
  • Looking ahead, we are being mindful of the risk of a tail outcome or hard landing in the US economy.  We believe a growing probability of a “hard landing recession” would increase the assessment of credit stress in the market.  While nearly half of “busted” convert issuers have no debt other than their convertible bond, fear of a protracted rise in the default rate could keep a lid on investor sentiment.  Nonetheless, we expect the default rate in the convertibles market to remain well short of that of the traditional credit markets.  Overall, we maintain a barbell approach, remaining underweight the middle segment of the convertible market, characterized by a delta between 40 and 80, and overweight the tails below 40 delta and above 80 delta.

PORTFOLIO DETAILS as of 04/28/2023

Total Net Assets
$720.88 M
Number of Issues
75
Average Coupon
1.15%
Average Maturity
2.55 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  04/28/2023

Holding Sector Assets
Canopy Growth Corp Consumer, Non-cyclical 6.0%
Shopify Inc Communications 3.9%
Western Digital Corp Technology 3.9%
Okta Inc Communications 3.8%
Palo Alto Networks Inc Communications 2.9%
Cloudflare Inc Technology 2.7%
GDS Holdings Ltd Communications 2.7%
Uber Technologies Inc Communications 2.7%
Bank of America Corp Financial 2.3%
Airbnb Inc Communications 2.2%
Holding Coupon Maturity Assets
Canopy Growth Corp4.250% 07/15/20236.5%
Western Digital Corp1.500% 02/01/20244.3%
Shopify Inc0.125% 11/01/20254.2%
Okta Inc0.125% 09/01/20254.1%
Palo Alto Networks Inc0.375% 06/01/20253.1%
GDS Holdings Ltd2.000% 06/01/20253.0%
Uber Technologies Inc0.000% 12/15/20252.9%
Cloudflare Inc0.000% 08/15/20262.9%
Bank of America Corp0.000% -2.5%
Airbnb Inc0.000% 03/15/20262.4%
Sea Ltd0.250% 09/15/20262.4%
Alteryx Inc1.000% 08/01/20262.2%
Block Inc0.000% 05/01/20262.2%
Bentley Systems Inc0.125% 01/15/20262.1%
Booking Holdings Inc0.750% 05/01/20251.9%
Shift4 Payments Inc0.000% 12/15/20251.7%
Dexcom Inc0.750% 12/01/20231.7%
NextEra Energy Inc0.000% 09/01/20231.7%
Boston Scientific Corp0.000% 06/01/20231.7%
Insulet Corp0.375% 09/01/20261.7%
Fiverr International Ltd0.000% 11/01/20251.6%
PG&E Corp0.000% 08/16/20231.6%
ON Semiconductor Corp0.500% 03/01/20291.6%
FTI Consulting Inc2.000% 08/15/20231.6%
HubSpot Inc0.375% 06/01/20251.6%
CryoPort Inc0.750% 12/01/20261.6%
Sarepta Therapeutics Inc1.250% 09/15/20271.5%
RBC Bearings Inc0.000% 10/15/20241.4%
MercadoLibre Inc2.000% 08/15/20281.4%
Alteryx Inc0.500% 08/01/20241.4%
ZTO Express Cayman Inc1.500% 09/01/20271.3%
HAT Holdings I LLC / HAT Holdings II LLC0.000% 05/01/20251.3%
Insmed Inc0.750% 06/01/20281.2%
KBR Inc2.500% 11/01/20231.2%
Cerence Inc3.000% 06/01/20251.2%
Pioneer Natural Resources Co0.250% 05/15/20251.1%
Marriott Vacations Worldwide Corp3.250% 12/15/20271.1%
Cheesecake Factory Inc/The0.375% 06/15/20261.1%
Royal Caribbean Cruises Ltd6.000% 08/15/20251.1%
Block Inc0.125% 03/01/20251.0%
Green Plains Inc2.250% 03/15/20271.0%
Safran SA0.875% 05/15/20271.0%
Chefs' Warehouse Inc/The2.375% 12/15/20281.0%
Lantheus Holdings Inc2.625% 12/15/20271.0%
Fluor Corp0.000% -1.0%
Dexcom Inc0.250% 11/15/20250.9%
Wynn Macau Ltd4.500% 03/07/20290.9%
Post Holdings Inc2.500% 08/15/20270.9%
Sika AG0.150% 06/05/20250.9%
Axon Enterprise Inc0.500% 12/15/20270.9%
Apellis Pharmaceuticals Inc0.000% 09/15/20260.9%
Southern Co/The3.875% 12/15/20250.8%
Natera Inc2.250% 05/01/20270.8%
Duke Energy Corp4.125% 04/15/20260.8%
Topgolf Callaway Brands Corp2.750% 05/01/20260.8%
H World Group Ltd3.000% 05/01/20260.7%
Sea Ltd2.375% 12/01/20250.7%
Silicon Laboratories Inc0.625% 06/15/20250.7%
Danimer Scientific Inc3.250% 12/15/20260.6%
Nabors Industries Inc1.750% 06/15/20290.6%
Farfetch Ltd3.750% 05/01/20270.6%
Cytokinetics Inc3.500% 07/01/20270.6%
Bilibili Inc1.250% 06/15/20270.6%
PDD Holdings Inc0.000% 10/01/20240.5%
Exact Sciences Corp2.000% 03/01/20300.5%
Glaukos Corp2.750% 06/15/20270.5%
Transocean Inc4.625% 09/30/20290.5%
Neurocrine Biosciences Inc2.250% 05/15/20240.5%
World Wrestling Entertainment Inc3.375% 12/15/20230.3%
FX CAD/USD 07/230.000% 07/20/20230.2%
FX CHF/USD 05/230.000% 05/23/20230.1%
FX USD/CHF 05/230.000% 05/23/2023-0.1%
FX USD/CHF 05/230.000% 05/23/2023-0.8%
FX USD/EUR 06/230.000% 06/13/2023-1.0%
FX USD/CAD 07/230.000% 07/20/2023-6.8%

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 06/02/2023
$0.07150
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
03/29/2023 03/30/2023 03/30/2023 $0.07150 $12.29

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
06/28/2023 06/29/2023 06/29/2023
09/27/2023 09/28/2023 09/28/2023
12/26/2023 12/27/2023 12/27/2023

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 $16.06
*

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. 

Fees & Expenses

Fees & Expenses

Expense Ratioas of 04/30/2023

0.87%

Fund Documents

Fund Documents

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There is no minimum initial investment for (i) purchases through or by registered investment advisers (RIAs), bank trust departments, and other financial intermediaries otherwise eligible to purchase Class I shares that charge a fee for services that include investment advisory or management services or (ii) purchases by retirement and benefit plans meeting the Class I eligibility requirements as described in the prospectus. These investment minimums may be suspended, changed, or withdrawn by Lord Abbett Distributor LLC ("Lord Abbett Distributor").
Class I shares minimum initial investment of $1,000,000, unless otherwise noted, applies to certain types of institutional investors as described in the prospectus. 

 

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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