LPLFX | Core Plus Bond Fund Class F | Lord Abbett

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(as of 12/05/2015)

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Core Plus Bond Fund

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Summary

Summary

What is the Core Plus Bond Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing in a wide range of fixed income securities, including U.S. investment grade and high yield corporate bonds, mortgage-backed, asset-backed, and government-related securities, with select allocations to non-U.S. (including emerging market) debt securities.

 

Yield

Dividend Yield 1 as of 12/09/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.29% 4.24%

30-Day Standardized Yield 2 as of 11/30/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.80% 4.82%

Fund Basicsas of 10/31/2022

Total Net Assets
$570.67 M
Inception Date
12/08/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.63%
Fund Net Expense Ratio
0.58%
Number of Holdings
539

Fund Expense Ratio :

Gross 0.63%

Net 0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge -13.42% -13.25% -2.14% 0.47% - 1.67%
Lipper Category Avg. Core Plus Bond Funds -13.32% -13.33% -2.09% 0.37% - -
Bloomberg U.S. Aggregate Bond Index -12.62% -12.84% -2.59% 0.21% - 0.92%

Fund Expense Ratio :

Gross 0.63%

Net 0.58%

Fund Expense Ratio :

Gross 0.63%

Net 0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge -15.50% -15.38% -2.82% 0.00% - 1.35%
Lipper Category Avg. Core Plus Bond Funds -15.31% -15.45% -2.77% -0.14% - -
Bloomberg U.S. Aggregate Bond Index -14.61% -14.60% -3.26% -0.27% - 0.60%

Fund Expense Ratio :

Gross 0.63%

Net 0.58%

Type Assets
Investment Grade Corporate
MBS
U.S. Government Related
ABS
High Yield Corporate
CMBS
CLO
Sovereign
Bank Loans
Other
Cash
Maturity Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

Credit Quality Distribution as of 10/31/2022 View Portfolio

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

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

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

21 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

Partner, 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 68 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 12/09/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.29% 4.24%

30-Day Standardized Yield 2 as of 11/30/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 4.80% 4.82%

Fund Expense Ratio :

Gross 0.63%

Net 0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge -13.42% -13.25% -2.14% 0.47% - 1.67%
Lipper Category Avg. Core Plus Bond Funds -13.32% -13.33% -2.09% 0.37% - -
Bloomberg U.S. Aggregate Bond Index -12.62% -12.84% -2.59% 0.21% - 0.92%

Fund Expense Ratio :

Gross 0.63%

Net 0.58%

Fund Expense Ratio :

Gross 0.63%

Net 0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge -15.50% -15.38% -2.82% 0.00% - 1.35%
Lipper Category Avg. Core Plus Bond Funds -15.31% -15.45% -2.77% -0.14% - -
Bloomberg U.S. Aggregate Bond Index -14.61% -14.60% -3.26% -0.27% - 0.60%

Fund Expense Ratio :

Gross 0.63%

Net 0.58%

Portfolio

Portfolio

Rating Assets
Investment Grade Corporate
MBS
U.S. Government Related
ABS
High Yield Corporate
CMBS
CLO
Sovereign
Bank Loans
Other
Cash
Rating Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years
Greater than 10 years

Credit Quality Distribution as of 10/31/2022

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

Portfolio Positioningas of 9/30/2022

  • 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 portfolio to a higher quality profile.
  • We sold U.S. Treasuries and used the proceeds to purchase agency residential mortgage-backed securities (MBS) –closing the underweight we have historically had within the sector. We believe that the sector is relatively cheap as it has underperformed year-to-date and this shift aligns with the portfolio’s up-in-quality and up-in-liquidity themes. Specifically, we continue to purchase up-in-coupon MBS with a focus on 5/5.5s as well as select specified pools which offer an attractive pickup in carry versus the to-be-announced (TBA) market.
  • We also increased the Fund’s exposure to investment grade corporate bonds. We shifted the positions up-in-quality from BBB’s to A’s with a focus on adding to defensive sectors including the financials, utilities, and noncyclical sectors. We also favored shorter-term tenors when adding to high-quality, investment grade corporate bonds over the quarter. We sold select investment grade credits within the consumer cyclical sector and exited some lower-quality industrial bonds. We have maintained the overweight position to the energy sector based on fundamentals.
  • We maintained the Fund’s positions within other securitized product segments – asset-backed securities (ABS), commercial mortgage-backed securities (CMBS), non-agency mortgage-backed securities (RMBS), and collateralized loan obligations (CLO) – over the period. However, we have been paring back risk within each securitized sector and focusing on AAA-rated securities.
  • Specifically, we have pared back real-estate related risk in the current high-volatility environment. We continue to selectively invest in Single Asset, Single Borrower (SASB) deals, given their interest rate profile, wider spreads, strong credit performance, and the opportunity to take targeted credit risk. 

Portfolio Details as of 10/31/2022

Total Net Assets
$570.67 M
Number of Issues
539
Average Coupon
4.09%
Average Life
8.16 Years
Average Maturity
8.15 Years
Average Effective Duration
5.45 Years
Average Modified Duration
6.13 Years
Average Yield to Worst
6.02%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 12/09/2022
$0.444
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2022 $0.04632 $12.86
Daily Daily 10/31/2022 $0.04307 $12.48
Daily Daily 09/30/2022 $0.04610 $12.64
Daily Daily 08/31/2022 $0.04665 $13.28
Daily Daily 07/31/2022 $0.04501 $13.65
Daily Daily 06/30/2022 $0.04098 $13.33
Daily Daily 05/31/2022 $0.03778 $13.71
Daily Daily 04/30/2022 $0.03588 $13.79
Daily Daily 03/31/2022 $0.03655 $14.33
Daily Daily 02/28/2022 $0.03317 $14.78
Daily Daily 01/31/2022 $0.03273 $15.01

Upcoming Dividend Payment Dates

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

Yield

Yield

Dividend Yield as of 12/09/2022  

  Subsidized Un-Subsidized
w/o sales charge 4.29% 4.24%

30-Day Standardized Yield as of 11/30/2022  

Subsidized Un-Subsidized
4.80% 4.82%

Fees & Expenses

Fees & Expenses

Expense Ratioas of 11/30/2022

Fund Gross Expense Ratio Fund Net Expense Ratio
0.63% 0.58%

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
Publish Date:11/03/2015
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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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Class F - The inception date for Class F shares is September 28, 2007. The performance quotations for Class F are based on the following methods of calculation: (a) for periods prior to September 28, 2007, a restated figure is used based on the Fund's Class I performance, which does not have a 12b-1 fee, adjusted to reflect the Rule 12b-1 rate differential between Class I and Class F; and (b) for periods after September 28, 2007, actual Class F performance is used reflecting all charges and fees applicable to Class F shares.

Class F shares are available only to eligible fee-based advisory programs and certain registered investment advisers. For additional information, see the Fund’s current prospectus.

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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