LCFPX | Convertible Fund Class P | 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 10/31/2023

Total Net Assets
$577.30 M
Inception Date
06/30/2003
Dividend Frequency
Quarterly
Fund Gross Expense Ratio
1.32%
Fund Net Expense Ratio
1.32%
Number of Holdings
91

Yield

12-Month Dividend Yield 1 as of 12/05/2023  

w/o sales charge 2.38%

30-Day Standardized Yield 2 as of 11/30/2023  

1.45%

Fund Expense Ratio :

Gross 1.32%

Net 1.32%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 1.94% -1.29% -5.66% 8.81% 7.10% 6.82%
Lipper Category Avg. Convertible Securities Funds - - - - - -
ICE BofA All Convertible Index 6.59% 3.25% -0.42% 9.62% 8.49% 8.12%
w/ sales charge 1.94% -1.29% -5.66% 8.81% 7.10% 6.82%

Fund Expense Ratio :

Gross 1.32%

Net 1.32%

Fund Expense Ratio :

Gross 1.32%

Net 1.32%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 0.96% 0.23% -2.18% 6.95% 7.44% 6.83%
Lipper Category Avg. Convertible Securities Funds 2.65% 5.33% 1.08% 6.89% 7.23% -
ICE BofA All Convertible Index 5.96% 7.68% 3.14% 8.41% 8.86% 8.15%

Fund Expense Ratio :

Gross 1.32%

Net 1.32%

Rating Assets
Convertible Bonds
Convertible Preferred Stock
Common Stock
Other
Cash
Rating Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years

Credit Quality Distribution as of 10/31/2023

Rating Assets
A
BBB
BB
B
CCC
Not Rated

INVESTMENT TEAM

Alan R. Kurtz
Alan R. Kurtz

Senior 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 12/05/2023  

w/o sales charge 2.38%

30-Day Standardized Yield 2 as of 11/30/2023  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.45% 1.45%

Fund Expense Ratio :

Gross 1.32%

Net 1.32%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 1.94% -1.29% -5.66% 8.81% 7.10% 6.82%
Lipper Category Avg. Convertible Securities Funds - - - - - -
ICE BofA All Convertible Index 6.59% 3.25% -0.42% 9.62% 8.49% 8.12%
w/ sales charge 1.94% -1.29% -5.66% 8.81% 7.10% 6.82%

Fund Expense Ratio :

Gross 1.32%

Net 1.32%

Fund Expense Ratio :

Gross 1.32%

Net 1.32%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 0.96% 0.23% -2.18% 6.95% 7.44% 6.83%
Lipper Category Avg. Convertible Securities Funds 2.65% 5.33% 1.08% 6.89% 7.23% -
ICE BofA All Convertible Index 5.96% 7.68% 3.14% 8.41% 8.86% 8.15%

Fund Expense Ratio :

Gross 1.32%

Net 1.32%

Year Fund Returns ICE BofA All Convertible Index
2022 -23.52% -18.63%
2021 0.72% 6.34%
2020 63.59% 46.22%
2019 24.40% 23.15%
2018 -3.80% 0.15%
2017 16.30% 13.70%
2016 12.29% 10.43%
2015 -8.14% -2.99%
2014 5.74% 9.44%
2013 25.59% 24.92%
2012 11.88% -
2011 -9.24% -
2010 14.51% -
2009 35.43% -
2008 -31.74% -
2007 8.98% -
2006 8.89% -
2005 3.65% -
2004 7.25% -
2003 10.82% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 1.99% 1.98% -2.93% - 2.67%
2022 -7.69% -16.18% -0.43% -0.72% -23.52%
2021 1.45% -0.37% 0.05% -0.40% 0.72%
2020 -7.86% 26.99% 16.16% 20.36% 63.59%
2019 11.21% 4.63% -0.39% 7.32% 24.40%
2018 1.17% 2.51% 4.91% -11.59% -3.80%
2017 6.38% 2.65% 3.95% 2.45% 16.30%
2016 -1.54% 3.31% 7.87% 2.34% 12.29%
2015 2.45% -0.65% -9.59% -0.17% -8.14%
2014 2.11% 3.74% -1.34% 1.16% 5.74%
2013 6.54% 3.03% 7.76% 6.18% 25.59%
2012 9.32% -4.16% 4.66% 2.03% 11.88%
2011 4.53% -1.40% -14.70% 3.23% -9.24%
2010 3.20% -7.35% 11.06% 7.83% 14.51%
2009 1.85% 11.36% 12.92% 5.74% 35.43%
2008 -7.41% 3.43% -16.34% -14.79% -31.74%
2007 2.26% 3.93% 2.24% 0.29% 8.98%
2006 5.96% -2.19% 0.60% 4.45% 8.89%
2005 -2.24% 0.93% 5.18% -0.12% 3.65%
2004 2.55% -1.34% -1.52% 7.64% 7.25%
2003 - - 1.91% 8.75% 10.82%

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Convertible Bonds
Convertible Preferred Stock
Common Stock
Other
Cash
Rating Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years

Credit Quality Distribution as of 10/31/2023

Rating Assets
A
BBB
BB
B
CCC
Not Rated

Portfolio Positioning
as of 09/30/2023

  • 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 have experienced modest returns through the first three quarters of the year – though meaningfully trailing equity indexes, such as the S&P 500 and Nasdaq Composite. The main reason for this discrepancy is the outperformance of megacap companies, which do not have representation in the convertible universe.
  • Given the composition of the asset class, continued progress in areas such as technology and innovation, along with revived secular investor demand for these exposures, we continue to believe flows and valuations should be supportive. Regarding valuation, the convertible market delta has been rangebound in the mid-40s throughout 2023 and remains near the post-global financial crisis lows. Given this starting point, the asset class remains well suited to provide downside protection in the event of further volatility in the equity markets, in our view. And while we expect returns to lag the rally of underlying equities initially, convertibles should pick up equity sensitivity with a sustained market rally, which would likely come with a broadening out of performance beyond the megacaps.
  • Finally, we see alpha opportunities rising through the back half of the year as issuers start to refocus on buying back or exchanging outstanding debt, given upcoming maturities and the overall discount prices of yield-alternative convertible bonds in particular. There is strong evidence that suggests that owning bonds in tranches where buybacks have commenced has led to outperformance. We believe these are exactly the opportunities we can capture given our research analysts’ connectivity with issuer management teams

PORTFOLIO DETAILS as of 10/31/2023

Total Net Assets
$577.30 M
Average Coupon
0.97%
Average Effective Duration
0.01 Years
Average Maturity
2.48 Years
Number of Issues
91

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 12/05/2023
$0.14070
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
09/27/2023 09/28/2023 09/28/2023 $0.02540 $12.40
06/28/2023 06/29/2023 06/29/2023 $0.05840 $12.71
03/29/2023 03/30/2023 03/30/2023 $0.05690 $12.50

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
12/26/2023 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 $16.30

Fees & Expenses

Fees & Expenses

Expense Ratioas of 10/31/2023

1.32%

Fund Documents

Fund Documents

0Documents selected
Portfolio Holdings 1Q
Publish Date:11/03/2015
Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
Publish Date:11/03/2015
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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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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