LBCQX | Convertible Fund Class R2 | Lord Abbett

Tracked Funds

You have 0 funds on your mutual fund watch list.

Begin by selecting funds to create a personalized watch list.

(as of 12/05/2015)

Pending Orders

You have 0 items in your cart.

Subscribe and order forms, fact sheets, presentations, and other documents that can help advisers grow their business.

 

Convertible Fund

Track this Fund
Add to Hypo Tool

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 08/31/2023

Total Net Assets
$655.45 M
Inception Date
09/28/2007
Dividend Frequency
Quarterly
Fund Gross Expense Ratio
1.47%
Fund Net Expense Ratio
1.47%
Number of Holdings
84

Yield

12-Month Dividend Yield 1 as of 09/26/2023  

w/o sales charge 2.52%

30-Day Standardized Yield 2 as of 08/31/2023  

1.69%

Fund Expense Ratio :

Gross 1.47%

Net 1.47%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 1.90% -5.15% -2.58% 7.11% 7.79% 6.18%
Lipper Category Avg. Convertible Securities Funds 5.06% 1.21% 1.23% 7.37% 7.86% -
ICE BofA All Convertible Index 8.77% 3.97% 3.29% 8.92% 9.56% 7.86%
w/ sales charge 1.90% -5.15% -2.58% 7.11% 7.79% 6.18%

Fund Expense Ratio :

Gross 1.47%

Net 1.47%

Fund Expense Ratio :

Gross 1.47%

Net 1.47%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 3.86% 2.66% 3.67% 8.46% 8.37% 6.38%
Lipper Category Avg. Convertible Securities Funds 5.65% 7.47% 5.71% 8.30% 8.22% -
ICE BofA All Convertible Index 8.67% 10.82% 8.64% 9.80% 9.89% 7.94%

Fund Expense Ratio :

Gross 1.47%

Net 1.47%

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 08/31/2023

Rating Assets
A
BBB
BB
CCC
Not Rated

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

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

12-Month Dividend Yield 1 as of 09/26/2023  

w/o sales charge 2.52%

30-Day Standardized Yield 2 as of 08/31/2023  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.69% 1.69%

Fund Expense Ratio :

Gross 1.47%

Net 1.47%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 1.90% -5.15% -2.58% 7.11% 7.79% 6.18%
Lipper Category Avg. Convertible Securities Funds 5.06% 1.21% 1.23% 7.37% 7.86% -
ICE BofA All Convertible Index 8.77% 3.97% 3.29% 8.92% 9.56% 7.86%
w/ sales charge 1.90% -5.15% -2.58% 7.11% 7.79% 6.18%

Fund Expense Ratio :

Gross 1.47%

Net 1.47%

Fund Expense Ratio :

Gross 1.47%

Net 1.47%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 3.86% 2.66% 3.67% 8.46% 8.37% 6.38%
Lipper Category Avg. Convertible Securities Funds 5.65% 7.47% 5.71% 8.30% 8.22% -
ICE BofA All Convertible Index 8.67% 10.82% 8.64% 9.80% 9.89% 7.94%

Fund Expense Ratio :

Gross 1.47%

Net 1.47%

Year Fund Returns ICE BofA All Convertible Index
2022 -23.65% -18.63%
2021 0.63% 6.34%
2020 63.31% 46.22%
2019 24.25% 23.15%
2018 -3.98% 0.15%
2017 16.19% 13.70%
2016 11.95% 10.43%
2015 -8.49% -2.99%
2014 5.62% 9.44%
2013 25.38% 24.92%
2012 11.74% -
2011 -9.37% -
2010 14.41% -
2009 35.59% -
2008 -31.39% -
2007 8.33% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 1.96% 1.86% - - 0.36%
2022 -7.79% -16.23% -0.47% -0.68% -23.65%
2021 1.44% -0.46% 0.04% -0.38% 0.63%
2020 -7.92% 27.02% 16.11% 20.27% 63.31%
2019 11.26% 4.58% -0.47% 7.29% 24.25%
2018 1.11% 2.47% 4.88% -11.64% -3.98%
2017 6.43% 2.51% 4.00% 2.40% 16.19%
2016 -1.62% 3.24% 7.72% 2.32% 11.95%
2015 2.37% -0.74% -9.70% -0.27% -8.49%
2014 2.06% 3.73% -1.36% 1.14% 5.62%
2013 6.51% 3.01% 7.65% 6.15% 25.38%
2012 9.30% -4.11% 4.56% 1.96% 11.74%
2011 4.61% -1.53% -14.66% 3.10% -9.37%
2010 3.23% -7.37% 11.01% 7.78% 14.41%
2009 1.82% 11.57% 12.93% 5.70% 35.59%
2008 -7.34% 3.41% -16.00% -14.74% -31.39%
2007 2.25% 3.91% 1.69% 0.26% 8.33%

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 08/31/2023

Rating Assets
A
BBB
BB
CCC
Not Rated

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 08/31/2023

Total Net Assets
$655.45 M
Average Coupon
1.03%
Average Effective Duration
0.01 Years
Average Maturity
2.62 Years
Number of Issues
84

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 09/26/2023
$0.10640
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
06/28/2023 06/29/2023 06/29/2023 $0.05400 $12.69
03/29/2023 03/30/2023 03/30/2023 $0.05240 $12.49

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
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 $16.28

Fees & Expenses

Fees & Expenses

Expense Ratioas of 08/31/2023

1.47%

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

To order literature visit full website

You may add to your cart by selecting quantities in each row below.

No rows selected. Please Go back and select at least one fund document

 
Quantity
Quantity
Remove
Remove

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.

Select funds to run a Morningstar Hypothetical Report.

    Please confirm your literature shipping address

    Please review the address information below and make any necessary changes.

    All literature orders will be shipped to the address that you enter below. This information can be edited at any time.

    Current Literature Shipping Address

    * Required field