LCRAX | Core Fixed Income Fund Class A | 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

Average Yield to Maturity as of 01/31/2024

5.16%

30-Day Standardized Yield 1 as of 01/31/2024  

4.36%

Fund Basicsas of 01/31/2024

Total Net Assets
$3.75 B
Inception Date
08/31/2000
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.57%
Fund Net Expense Ratio
0.57%
Number of Holdings
467
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

Gross 0.57%

Net 0.57%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge -0.05% 2.24% -3.22% 0.81% 1.45% 3.86%
Lipper Category Avg. Core Bond Funds -0.02% 2.38% -3.15% 0.98% 1.59% -
Bloomberg U.S. Aggregate Bond Index -0.27% 2.10% -3.17% 0.83% 1.63% 3.86%
w/ sales charge -2.34% -0.07% -3.95% 0.36% 1.22% 3.76%

Fund Expense Ratio :

Gross 0.57%

Net 0.57%

Fund Expense Ratio :

Gross 0.57%

Net 0.57%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge 5.61% 5.61% -3.31% 1.02% 1.60% 3.88%
Lipper Category Avg. Core Bond Funds 5.83% 5.83% -3.32% 1.24% 1.73% -
Bloomberg U.S. Aggregate Bond Index 5.53% 5.53% -3.31% 1.10% 1.81% 3.89%
w/ sales charge 3.27% 3.27% -4.04% 0.56% 1.37% 3.78%

Fund Expense Ratio :

Gross 0.57%

Net 0.57%

Type Assets
MBS
U.S. Government Related
ABS
CLO
CMBS
Sovereign
Bank Loans
Corporates
Other
Cash
Maturity Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 01/31/2024 View Portfolio

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB
Not Rated

Investment Team

Kewjin Yuoh
Kewjin Yuoh

Partner, Portfolio Manager

29 Years of Industry Experience

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

Partner, Portfolio Manager

25 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

32 Years of Industry Experience

Adam C. Castle
Adam C. Castle, CFA

Partner, Portfolio Manager

15 Years of Industry Experience

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

Partner & Portfolio Manager

22 Years of Industry Experience

Harris Trifon
Harris Trifon

Partner, Portfolio Manager

23 Years of Industry Experience

Supported By 77 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Maturity as of 01/31/2024

5.16%

30-Day Standardized Yield 1 as of 01/31/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 4.36% 4.36%

Fund Expense Ratio :

Gross 0.57%

Net 0.57%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge -0.05% 2.24% -3.22% 0.81% 1.45% 3.86%
Lipper Category Avg. Core Bond Funds -0.02% 2.38% -3.15% 0.98% 1.59% -
Bloomberg U.S. Aggregate Bond Index -0.27% 2.10% -3.17% 0.83% 1.63% 3.86%
w/ sales charge -2.34% -0.07% -3.95% 0.36% 1.22% 3.76%

Fund Expense Ratio :

Gross 0.57%

Net 0.57%

Fund Expense Ratio :

Gross 0.57%

Net 0.57%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 08/31/2000
w/o sales charge 5.61% 5.61% -3.31% 1.02% 1.60% 3.88%
Lipper Category Avg. Core Bond Funds 5.83% 5.83% -3.32% 1.24% 1.73% -
Bloomberg U.S. Aggregate Bond Index 5.53% 5.53% -3.31% 1.10% 1.81% 3.89%
w/ sales charge 3.27% 3.27% -4.04% 0.56% 1.37% 3.78%

Fund Expense Ratio :

Gross 0.57%

Net 0.57%

Year Fund Returns Bloomberg U.S. Aggregate Bond Index
2023 5.61% 5.53%
2022 -13.65% -13.01%
2021 -0.89% -1.54%
2020 7.92% 7.51%
2019 7.83% 8.72%
2018 -0.43% 0.01%
2017 3.25% 3.54%
2016 2.71% 2.65%
2015 -0.54% 0.55%
2014 6.13% 5.97%
2013 -2.28% -
2012 5.84% -
2011 7.60% -
2010 6.66% -
2009 12.49% -
2008 1.12% -
2007 6.15% -
2006 3.97% -
2005 2.14% -
2004 3.71% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2024 - - - - -1.52%
2023 2.98% -0.85% -2.91% 6.53% 5.61%
2022 -5.84% -5.20% -4.83% 1.65% -13.65%
2021 -2.72% 1.98% -0.03% -0.07% -0.89%
2020 1.63% 3.62% 1.33% 1.14% 7.92%
2019 2.83% 2.89% 2.04% -0.12% 7.83%
2018 -1.39% -0.34% 0.03% 1.29% -0.43%
2017 0.85% 1.32% 0.75% 0.29% 3.25%
2016 2.65% 2.37% 0.75% -2.99% 2.71%
2015 1.36% -1.66% 0.62% -0.85% -0.54%
2014 2.10% 2.17% 0.12% 1.61% 6.13%
2013 0.00% -2.72% 0.36% 0.10% -2.28%
2012 1.11% 2.06% 1.97% 0.57% 5.84%
2011 0.58% 2.19% 3.56% 1.09% 7.60%
2010 2.16% 3.13% 2.67% -1.40% 6.66%
2009 2.40% 3.95% 5.43% 0.24% 12.49%
2008 1.19% -0.08% -1.27% 1.30% 1.12%
2007 1.36% -0.74% 2.79% 2.65% 6.15%
2006 -0.56% -0.27% 3.75% 1.06% 3.97%
2005 -0.20% 2.87% -0.90% 0.39% 2.14%
2004 2.37% -2.39% 2.96% 0.81% 3.71%
2003 1.18% 2.68% -0.26% 0.19% 3.82%
2002 0.00% 2.80% 3.86% 2.38% 9.30%
2001 3.27% 0.53% 5.03% 0.37% 9.45%
2000 - - - 4.71% 5.70%

Growth of $10,000 as of 01/31/2024

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
MBS
U.S. Government Related
ABS
CLO
CMBS
Sovereign
Bank Loans
Corporates
Other
Cash
Rating Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 01/31/2024

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB
Not Rated

Portfolio Positioning as of 12/31/2023

  • During the quarter we maintained the Fund’s overall up-in-quality and up-in-liquidity positioning.
  • Duration positioning was the largest detractor from performance over the quarter. Being underweight duration versus the benchmark detracted as U.S. Treasury rates rallied during the period.
  • An allocation to ABS, CMBS, and collateralized loan obligations (CLO) modestly detracted from relative returns. ABS, CMBS and CLO spreads were flat to tighter over the period, but underperformed corporate credit. Within ABS, we reduced our overall exposure and moved up in quality, adding to AAA-rated ABS. Within CLO, we modestly reduced our exposure. Within CMBS, we continued to reduce the portfolio’s exposure to CMBS over the quarter as we have been over the last year. Sales were focused on floating rate single asset / single borrower (“SASB”) deals and commercial real estate collateralized loan obligations (CRE CLO). We’ve maintained a very high bar to add with a preference for high quality, liquid names.
  • Security selection within investment grade corporate bonds contributed to relative performance, specifically the portfolio’s allocation to the Financials and Utilities sectors. We believe many companies in the Utility sector are trading at compelling valuations, given elevated supply to finance environmental initiatives, and we have been buying in at attractive spreads in this non-cyclical, highly regulated industry. We remain conservatively positioned in Financials, overweight U.S. money center and European national champions. The bank debt owned within the portfolio is focused on diversified financial institutions with strong management teams and business models less dependent on deposits. The portfolio remains overweight the Energy, Utilities, and Financials sectors.

Portfolio Details as of 01/31/2024

Total Net Assets
$3.75 B
Average Effective Duration
5.94 Years
Average Life
7.51 Years
Average Maturity
7.51 Years
Number of Issues
467
Average Yield to Maturity
5.16%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 02/28/2024
$0.03528
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 01/31/2024 $0.03528 $9.33

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 02/29/2024
Daily Daily 03/31/2024
Daily Daily 04/30/2024
Daily Daily 05/31/2024
Daily Daily 06/30/2024
Daily Daily 07/31/2024
Daily Daily 08/31/2024
Daily Daily 09/30/2024
Daily Daily 10/31/2024
Daily Daily 11/30/2024
Daily Daily 12/31/2024

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 $11.09

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 02/28/2024

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $9.37
$100,000 to $249,999 1.75% 1.50% $9.32
$250,000 to $499,999 1.25% 1.00% $9.28
Greater than $500,000 0.00% 1.00% $9.16

Expense Ratioas of 01/31/2024

Fund Gross Expense Ratio Fund Net Expense Ratio
0.57% 0.57%

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 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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