LCRCX | Core Fixed Income Fund Class C | Lord Abbett

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Core Fixed Income Fund

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Summary

Summary

What is the Core Fixed Income Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in U.S. investment grade corporate, government, and mortgage- and asset-backed securities.

 

Yield

Dividend Yield 1 as of 09/30/2022  

w/o sales charge 2.96%

30-Day Standardized Yield 2 as of 08/31/2022  

2.94%

Fund Basics

Total Net Assets
-
Inception Date
08/31/2000
Dividend Frequency
Monthly
Fund Expense Ratio
1.23%
Number of Holdings
-
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

1.23%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge -15.43% -15.62% -3.78% -1.04% 0.09% 3.15%
Lipper Category Avg. Core Bond Funds - - - - - -
Bloomberg U.S. Aggregate Bond Index - - - - - -
w/ sales charge -16.26% -15.62% -3.78% -1.04% 0.09% 3.15%

Fund Expense Ratio :

1.23%

Fund Expense Ratio :

1.23%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge -15.43% -15.62% -3.78% -1.04% 0.09% 3.15%
Lipper Category Avg. Core Bond Funds - - - - - -
Bloomberg U.S. Aggregate Bond Index - - - - - -
w/ sales charge -16.26% -15.62% -3.78% -1.04% 0.09% 3.15%

Fund Expense Ratio :

1.23%

Investment Team

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

28 Years of Industry Experience

Andrew H. O'Brien
Andrew H. O'Brien, CFA

Partner & Portfolio Manager

24 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

31 Years of Industry Experience

Adam C. Castle
Adam C. Castle, CFA

Managing Director, Portfolio Manager

14 Years of Industry Experience

Leah G. Traub
Leah G. Traub, Ph.D.

Partner & Portfolio Manager

21 Years of Industry Experience

Harris Trifon
Harris Trifon

Managing Director, Portfolio Manager

22 Years of Industry Experience

Supported By 69 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 09/30/2022  

w/o sales charge 2.96%

30-Day Standardized Yield 2 as of 08/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.94% 2.94%

Fund Expense Ratio :

1.23%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge -15.43% -15.62% -3.78% -1.04% 0.09% 3.15%
Lipper Category Avg. Core Bond Funds - - - - - -
Bloomberg U.S. Aggregate Bond Index - - - - - -
w/ sales charge -16.26% -15.62% -3.78% -1.04% 0.09% 3.15%

Fund Expense Ratio :

1.23%

Fund Expense Ratio :

1.23%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge -15.43% -15.62% -3.78% -1.04% 0.09% 3.15%
Lipper Category Avg. Core Bond Funds - - - - - -
Bloomberg U.S. Aggregate Bond Index - - - - - -
w/ sales charge -16.26% -15.62% -3.78% -1.04% 0.09% 3.15%

Fund Expense Ratio :

1.23%

Year Fund Returns Bloomberg U.S. Aggregate Bond Index
2021 -1.53% -1.54%
2020 7.27% 7.51%
2019 7.20% 8.72%
2018 -1.06% 0.01%
2017 2.62% 3.54%
2016 2.07% 2.65%
2015 -1.17% 0.55%
2014 5.49% 5.97%
2013 -2.93% -2.02%
2012 5.08% 4.22%
2011 7.03% -
2010 5.85% -
2009 11.80% -
2008 0.46% -
2007 5.57% -
2006 3.20% -
2005 1.47% -
2004 3.12% -
2003 3.21% -
2002 8.76% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -5.93% -5.37% - - -15.43%
2021 -2.89% 1.73% -0.10% -0.23% -1.53%
2020 1.48% 3.47% 1.17% 0.98% 7.27%
2019 2.69% 2.74% 1.89% -0.28% 7.20%
2018 -1.55% -0.49% -0.03% 1.04% -1.06%
2017 0.70% 1.16% 0.60% 0.14% 2.62%
2016 2.51% 2.22% 0.59% -3.16% 2.07%
2015 1.22% -1.82% 0.46% -1.01% -1.17%
2014 1.95% 2.02% -0.03% 1.46% 5.49%
2013 -0.17% -2.81% 0.19% -0.15% -2.93%
2012 0.86% 1.91% 1.82% 0.41% 5.08%
2011 0.51% 1.93% 3.40% 1.02% 7.03%
2010 1.90% 2.96% 2.50% -1.58% 5.85%
2009 2.24% 3.79% 5.27% 0.08% 11.80%
2008 1.03% -0.24% -1.44% 1.13% 0.46%
2007 1.30% -1.00% 2.73% 2.48% 5.57%
2006 -0.73% -0.43% 3.49% 0.89% 3.20%
2005 -0.37% 2.62% -0.97% 0.22% 1.47%
2004 2.21% -2.55% 2.72% 0.79% 3.12%
2003 1.04% 2.52% -0.39% 0.03% 3.21%
2002 -0.07% 2.74% 3.68% 2.18% 8.76%
2001 3.27% 0.53% 4.94% 0.25% 9.21%
2000 - - - 4.61% 5.70%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 6/30/2022

  • During the quarter we focused on shifting the Fund’s overall positioning to be higher in quality and liquidity. Specifically, we used less volatile market days to take gains in lower quality holdings and repositioned the Fund to a higher quality profile.
  • While already only a modest portion of the Fund’s asset allocation, the sales of lower quality holdings were primarily within the high yield bond and bank loan allocations. Within both leveraged credit sectors, we focused on selling securities at the bottom of the credit stack as well as consumer cyclical issues. Overall, while we took down the Fund’s weight and risk within each leveraged credit sector, we have maintained these allocations with a bias for BB’s and basic industry names while remaining cautious of exposure to securities further down the credit stack and those within the consumer cyclical category.
  • We used the proceeds from selling lower quality holdings to purchase agency residential mortgage-backed securities (MBS) – decreasing a notable underweight to the sector. We believe that the sector is relatively cheap as it has underperformed year-to-date and this shift aligns with the Fund’s up-in-quality and up-in-liquidity themes. Specifically, we bought up-in-coupon MBS with a focus on 5/5.5’s and some specified pools which are offering an attractive pickup in carry versus the to-be-announced (TBA) market.
  • We maintained the Fund’s positions within other securitized products – asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), non-agency mortgage-backed securities (RMBS), and collateralized loan obligations (CLO) – over the period. We continued to believe in the benefit of a true multi-sector portfolio and believe the securitized product exposure provides diversification benefits. Also, we focused on shifting the securitized product allocations up-in-quality across the board as part of the broader portfolio theme.
  • We also added to the Fund’s allocation to sovereign, supranational, and agency (SSA) issues – also aligning with the higher quality theme. We’ve identified short maturity SSA bonds that are providing an attractive pick-up in yield versus U.S. Treasuries.
  • Within investment grade corporate bonds, we focused on shifting the positions up-in-quality from BBB’s to A’s with a focus on adding to the financials, utilities, industrials, and consumer noncyclical sectors. We also favored shorter-term tenors when adding to high-quality investment grade corporate bonds over the quarter. We sold out of idiosyncratic investment grade credits within the consumer cyclical sector and exited some lower-quality industrial names. We maintained the Fund’s overweight position to the energy sector based on fundamentals and potential tailwinds from continued persistent inflation.

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 09/30/2022
$0.141
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 09/30/2022 $0.02265 $9.17
Daily Daily 08/31/2022 $0.02300 $9.63
Daily Daily 07/31/2022 $0.02046 $9.91
Daily Daily 06/30/2022 $0.01738 $9.72
Daily Daily 05/31/2022 $0.01581 $9.92
Daily Daily 04/30/2022 $0.01348 $9.95
Daily Daily 03/31/2022 $0.01206 $10.32
Daily Daily 02/28/2022 $0.00918 $10.65
Daily Daily 01/31/2022 $0.00759 $10.78

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 10/31/2022
Daily Daily 11/30/2022
Daily Daily 12/31/2022

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/16/2021 12/17/2021 $0.0408 - $0.0408 $11.04

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/19/2022 12/20/2022

Fees & Expenses

Fees & Expenses

Expense Ratioas of 08/31/2022

1.23%

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
Publish Date:11/03/2015

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The Bloomberg U.S. Aggregate Bond Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. 

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