LAPIX | Core Plus Bond Fund Class I | Lord Abbett

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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 06/08/2023  

  Subsidized3 Un-Subsidized4
w/o sales charge 5.22% 5.21%

30-Day Standardized Yield 2 as of 05/31/2023  

  Subsidized3 Un-Subsidized4
w/o sales charge 5.23% 5.22%

Average Yield to Worst as of 04/28/2023

5.5%

Fund Basicsas of 04/28/2023

Total Net Assets
$1.20 B
Inception Date
12/08/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.49%
Fund Net Expense Ratio
0.48%
Number of Holdings
573
Minimum Initial Investment

Fund Expense Ratio :

Gross 0.49%

Net 0.48%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 2.56% -2.29% -1.68% 1.18% - 1.93%
Lipper Category Avg. Core Plus Bond Funds 2.60% -2.46% -2.70% 1.03% - -
Bloomberg U.S. Aggregate Bond Index 2.46% -2.14% -3.65% 0.81% - 1.12%
w/ sales charge 2.56% -2.29% -1.68% 1.18% - 1.93%

Fund Expense Ratio :

Gross 0.49%

Net 0.48%

Fund Expense Ratio :

Gross 0.49%

Net 0.48%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 3.20% -5.48% -0.11% 1.26% - 2.06%
Lipper Category Avg. Core Plus Bond Funds 3.19% -5.47% -1.07% 1.10% - -
Bloomberg U.S. Aggregate Bond Index 2.96% -4.78% -2.77% 0.91% - 1.22%

Fund Expense Ratio :

Gross 0.49%

Net 0.48%

Type Assets
Investment Grade Corporate
MBS
U.S. Government Related
ABS
High Yield Corporate
CMBS
Sovereign
CLO
Bank Loans
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 04/28/2023 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

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

22 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

Managing Director, Portfolio Manager

23 Years of Industry Experience

Supported By 76 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 06/08/2023  

  Subsidized3 Un-Subsidized4
w/o sales charge 5.22% 5.21%

30-Day Standardized Yield 2 as of 05/31/2023  

  Subsidized5 Un-Subsidized6
w/o sales charge 5.23% 5.22%

Fund Expense Ratio :

Gross 0.49%

Net 0.48%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 2.56% -2.29% -1.68% 1.18% - 1.93%
Lipper Category Avg. Core Plus Bond Funds 2.60% -2.46% -2.70% 1.03% - -
Bloomberg U.S. Aggregate Bond Index 2.46% -2.14% -3.65% 0.81% - 1.12%
w/ sales charge 2.56% -2.29% -1.68% 1.18% - 1.93%

Fund Expense Ratio :

Gross 0.49%

Net 0.48%

Fund Expense Ratio :

Gross 0.49%

Net 0.48%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 3.20% -5.48% -0.11% 1.26% - 2.06%
Lipper Category Avg. Core Plus Bond Funds 3.19% -5.47% -1.07% 1.10% - -
Bloomberg U.S. Aggregate Bond Index 2.96% -4.78% -2.77% 0.91% - 1.22%

Fund Expense Ratio :

Gross 0.49%

Net 0.48%

Portfolio

Portfolio

Rating Assets
Investment Grade Corporate
MBS
U.S. Government Related
ABS
High Yield Corporate
CMBS
Sovereign
CLO
Bank Loans
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 04/28/2023

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

Portfolio Positioningas of 3/31/2023

  • During the quarter we maintained the Strategy’s overall up-in-quality and up-in-liquidity positioning and remained down in cyclicality and complexity.
  •       Over the quarter, the portfolio predominantly benefitted from an overweight allocation as well as positive security selection within investment grade corporate bonds. Specifically, the Strategy’s conservative positioning, including an underweight to smaller regional banks and an overweight to insurance companies and large money centers drove positive performance relative to the benchmark. The portfolio’s bank holdings are generally issued by institutions with strong deposit franchises, robust credit cultures, and strong management teams. We continued to reduce lower quality corporate bonds and increase the investment grade corporate allocation over the period. We added to Healthcare and Financials at what we believe to be attractive levels following the banking turmoil.

    ·    An allocation to securitized credit – specifically CMBS, ABS, and CLO – had a positive impact on relative returns. High quality securitized credit outperformed both investment grade corporate bonds and government-related securities as the asset class provides superior risk-adjusted yields at the top of the credit stack.

    ·   Despite headline risk, the portfolio’s allocation to high-quality AAA-rated CMBS contributed as certain property types rebounded from challenged performance in the fourth quarter of last year, including hotel backed SASB deals and multi-family CRE CLO, both of which are overweight positions within the portfolio’s CMBS book. That said, we continued to reduce the portfolio’s exposure to CMBS over the quarter as we have been over the last few quarters. Sales were focused on hospitality and office backed SASB deals. We’ve maintained a very high bar to add with a preference for high quality, liquid names and the portfolio’s exposure remains low relative to this time last year.

    ·      Another contributor to performance was the portfolio’s allocation to short-term, AAA-rated ABS as the asset class outperformed the broader index and corporate credit. Within the sector, we have identified issues that demonstrate robust credit fundamentals, including well behaved delinquency/loss trends, consistent collateral quality, and strong stress tested structures. We are particularly constructive on auto-loans and have predominantly allocated to this subsector within the broader ABS allocation.

    ·     The portfolio’s modest allocation to CLO also contributed to relative returns given the attractive carry profile of the sector. While we’re comfortable with the credit profile of the portfolio’s CLO holdings, we decreased exposure over the quarter, as we monetized attractive valuations and continue to shift to a highly liquid portfolio profile and are very selective with respect to spread targets when adding.

    ·    Duration positioning was a meaningful detractor from performance over the quarter. Being underweight duration versus the benchmark detracted as the 5-year and 10-year U.S. Treasury rates rallied during the period. Our preference is to underweight the belly of the curve (5s and 10s) and overweight the wings (2s and 30s). 

    ·     We added TIPS to the portfolio over the quarter. This addition was made to express the team’s view that the market may be underestimating the potential for higher inflation for longer.

 

Portfolio Details as of 04/28/2023

Total Net Assets
$1.20 B
Number of Issues
573
Average Coupon
4.57%
Average Life
7.8 Years
Average Maturity
7.8 Years
Average Effective Duration
6.18 Years
Average Modified Duration
6.92 Years
Average Yield to Worst
5.5%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 06/08/2023
$0.26634
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2023 $0.05562 $12.80
Daily Daily 04/30/2023 $0.05466 $13.01
Daily Daily 03/31/2023 $0.05572 $12.99
Daily Daily 02/28/2023 $0.05025 $12.76
Daily Daily 01/31/2023 $0.05009 $13.11

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 06/30/2023
Daily Daily 07/31/2023
Daily Daily 08/31/2023
Daily Daily 09/30/2023
Daily Daily 10/31/2023
Daily Daily 11/30/2023
Daily Daily 12/31/2023

Yield

Yield

Dividend Yield as of 06/08/2023  

  Subsidized Un-Subsidized
w/o sales charge 5.22% 5.21%

30-Day Standardized Yield as of 05/31/2023  

Subsidized Un-Subsidized
5.23% 5.22%

Fees & Expenses

Fees & Expenses

Expense Ratioas of 05/31/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
0.49% 0.48%

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

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Class I - SEC Returns reflect performance for Class I shares at Net Asset Value.

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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