LACFX | Convertible Fund Class A | 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 04/30/2024

Total Net Assets
$575.27 M
Inception Date
06/30/2003
Dividend Frequency
Quarterly
Fund Gross Expense Ratio
1.10%
Fund Net Expense Ratio
1.10%
Number of Holdings
81
Minimum Initial Investment
$1,500+

Yield

12-Month Dividend Yield 1 as of 05/29/2024  

w/o sales charge 1.63%
w/ sales charge 1.60%

30-Day Standardized Yield 2 as of 04/30/2024  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.22% 1.21%

Fund Expense Ratio :

Gross 1.10%

Net 1.10%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 2.13% 8.80% -6.39% 8.61% 7.74% 7.21%
Lipper Category Avg. Convertible Securities Funds -0.16% 7.19% -3.55% 7.52% 7.00% -
ICE BofA All Convertible Index -1.17% 9.15% -2.87% 8.99% 8.35% 8.19%
w/ sales charge -0.15% 6.33% -7.10% 8.12% 7.49% 7.09%

Fund Expense Ratio :

Gross 1.10%

Net 1.10%

Fund Expense Ratio :

Gross 1.10%

Net 1.10%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 4.67% 9.77% -5.12% 9.75% 7.89% 7.36%
Lipper Category Avg. Convertible Securities Funds 2.82% 9.05% -1.83% 8.79% 7.31% -
ICE BofA All Convertible Index 2.37% 11.53% -0.89% 10.34% 8.72% 8.41%
w/ sales charge 2.33% 7.32% -5.83% 9.26% 7.65% 7.25%

Fund Expense Ratio :

Gross 1.10%

Net 1.10%

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
Greater than 10 years

Credit Quality Distribution as of 04/30/2024

Rating Assets
A
BBB
BB
Not Rated

INVESTMENT TEAM

Alan R. Kurtz
Alan R. Kurtz

Senior Managing Director, Portfolio Manager

24 Years of Industry Experience

Jeremy I. Lehmann
Jeremy I. Lehmann, CFA

Portfolio Manager

12 Years of Industry Experience

Supported By 98 Investment Professionals with 18 Years Avg. Industry Experience

Your Representative

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Performance

Performance

12-Month Dividend Yield 1 as of 05/29/2024  

w/o sales charge 1.63%
w/ sales charge 1.60%

30-Day Standardized Yield 2 as of 04/30/2024  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.22% 1.21%

Fund Expense Ratio :

Gross 1.10%

Net 1.10%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 2.13% 8.80% -6.39% 8.61% 7.74% 7.21%
Lipper Category Avg. Convertible Securities Funds -0.16% 7.19% -3.55% 7.52% 7.00% -
ICE BofA All Convertible Index -1.17% 9.15% -2.87% 8.99% 8.35% 8.19%
w/ sales charge -0.15% 6.33% -7.10% 8.12% 7.49% 7.09%

Fund Expense Ratio :

Gross 1.10%

Net 1.10%

Fund Expense Ratio :

Gross 1.10%

Net 1.10%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 4.67% 9.77% -5.12% 9.75% 7.89% 7.36%
Lipper Category Avg. Convertible Securities Funds 2.82% 9.05% -1.83% 8.79% 7.31% -
ICE BofA All Convertible Index 2.37% 11.53% -0.89% 10.34% 8.72% 8.41%
w/ sales charge 2.33% 7.32% -5.83% 9.26% 7.65% 7.25%

Fund Expense Ratio :

Gross 1.10%

Net 1.10%

Year Fund Returns ICE BofA All Convertible Index
2023 7.00% 13.05%
2022 -23.36% -18.63%
2021 0.96% 6.34%
2020 63.95% 46.22%
2019 24.76% 23.15%
2018 -3.54% 0.15%
2017 16.56% 13.70%
2016 12.46% 10.43%
2015 -8.10% -2.99%
2014 5.98% 9.44%
2013 25.91% -
2012 12.18% -
2011 -9.00% -
2010 14.66% -
2009 35.44% -
2008 -31.62% -
2007 9.08% -
2006 9.03% -
2005 3.79% -
2004 7.24% -
Year Q1 Q2 Q3 Q4
2024 4.67% - - -
2023 2.03% 2.01% -2.79% 5.76%
2022 -7.71% -16.15% -0.30% -0.68%
2021 1.45% -0.32% 0.13% -0.30%
2020 -7.88% 27.13% 16.20% 20.47%
2019 11.29% 4.70% -0.41% 7.51%
2018 1.26% 2.54% 4.98% -11.50%
2017 6.45% 2.68% 4.07% 2.46%
2016 -1.46% 3.29% 7.85% 2.44%
2015 2.45% -0.57% -9.63% -0.17%
2014 2.12% 3.86% -1.29% 1.22%
2013 6.59% 3.04% 7.83% 6.32%
2012 9.39% -4.06% 4.68% 2.11%
2011 4.65% -1.35% -14.61% 3.23%
2010 3.25% -7.29% 11.08% 7.83%
2009 1.88% 11.34% 12.83% 5.82%
2008 -7.36% 3.48% -16.39% -14.68%
2007 2.31% 3.98% 2.20% 0.32%
2006 6.00% -2.19% 0.60% 4.53%
2005 -2.15% 0.95% 5.12% -0.05%
2004 2.49% -1.23% -1.59% 7.66%

Growth of $10,000 as of 04/30/2024

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
Greater than 10 years

Credit Quality Distribution as of 04/30/2024

Rating Assets
A
BBB
BB
Not Rated

Portfolio Positioning
as of 12/31/2023

  • Looking ahead, there are several reasons why we believe convertibles are poised for a strong rebound in 2024. First, the convertible market delta has been range-bound in the mid-40s and remains near the post-global financial crisis lows. This is noteworthy, as forward returns have historically been favorable when market delta is at these lower levels. Furthermore, given that nearly half of the market is considered “bond-like” (delta below 0.40), we believe the asset class’s lower equity sensitivity may appeal to investors who are concerned about a potential pullback in the stock market.
  • Second, because of the Fed’s aggressive rate hiking cycle, new issuance has once again begun to pick up as an alternative to the higher borrowing costs associated with “straight” (non-convertible) debt. We have also seen rising diversification, with a large portion of new issuance coming from less traditional convertible-bond sectors, such as Utilities, Financials, and Communication Services. Should we remain in a “higher-for-longer” interest-rate environment, we believe convertibles should benefit as the refinancing trend continues among both existing convertible bond issuers, as well as crossover issuers from the high yield and investment-grade universe.
  • Lastly, while narrow tech-focused market leadership was the dominant theme for most of 2023, market breadth meaningfully improved throughout November and December amid encouraging inflation data and the increased prospect for a “soft landing” for the U.S. economy. Should this trend continue, and the underlying equities of convertible issuers continue to rally, their bonds’ embedded conversion options will move closer to being “in-the-money” —enabling convertible bonds to capture an increasing proportion of any prospective equity upside.
  • Our in-house credit and equity analysis expertise keeps us focused on the lower-delta, credit-sensitive segment of the market (sub-40% delta), as well as the equity-sensitive (greater than 80% delta) segments where we see prospects for broadening equity market participation as a tailwind.

PORTFOLIO DETAILS as of 04/30/2024

Total Net Assets
$575.27 M
Average Coupon
1.04%
Average Effective Duration
0.01 Years
Average Maturity
3.49 Years
Number of Issues
81

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 05/29/2024
$0.04170
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
03/26/2024 03/27/2024 03/27/2024 $0.04170 $13.26

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
06/26/2024 06/27/2024 06/27/2024
09/24/2024 09/25/2024 09/25/2024
12/26/2024 12/27/2024 12/27/2024

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 $15.90

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 05/29/2024

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $13.50
$100,000 to $249,999 1.75% 1.50% $13.44
$250,000 to $499,999 1.25% 1.00% $13.37
$500,000 to $5,000,000 0.00% 1.00% $13.20

Expense Ratioas of 04/30/2024

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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