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Core Plus Bond Fund

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 07/19/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.11% 1.39%

30-Day Standardized Yield 2 as of 06/30/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.70% 2.33%

Fund Basicsas of 06/28/2019

Total Net Assets
$65.01 M
Inception Date
12/08/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
2.79%
Fund Net Expense Ratio
1.08%
Number of Holdings
507

Fund Expense Ratio :

Gross 2.79%

Net 1.08%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 7.13% 7.60% 3.32% - - 4.05%
Lipper Category Avg. Core Plus Bond Funds 6.77% 7.75% 3.07% - - -
Bloomberg Barclays U.S. Universal Index 6.54% 8.07% 2.84% - - 3.89%

Fund Expense Ratio :

Gross 2.79%

Net 1.08%

Fund Expense Ratio :

Gross 2.79%

Net 1.08%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 7.13% 7.60% 3.32% - - 4.05%
Lipper Category Avg. Core Plus Bond Funds 6.77% 7.75% 3.07% - - -
Bloomberg Barclays U.S. Universal Index 6.54% 8.07% 2.84% - - 3.89%

Fund Expense Ratio :

Gross 2.79%

Net 1.08%

Type Assets
MBS
Investment Grade Corporate
U.S. Government Related
ABS
High Yield Corporate
CMBS
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 06/28/2019 View Portfolio

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB

Investment Team

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

25 Years of Industry Experience

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

Partner & Portfolio Manager

21 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

18 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

28 Years of Industry Experience

Supported By 67 Investment Professionals with 15 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 07/19/2019  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.11% 1.39%

30-Day Standardized Yield 2 as of 06/30/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.70% 2.33%

Fund Expense Ratio :

Gross 2.79%

Net 1.08%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 7.13% 7.60% 3.32% - - 4.05%
Lipper Category Avg. Core Plus Bond Funds 6.77% 7.75% 3.07% - - -
Bloomberg Barclays U.S. Universal Index 6.54% 8.07% 2.84% - - 3.89%

Fund Expense Ratio :

Gross 2.79%

Net 1.08%

Fund Expense Ratio :

Gross 2.79%

Net 1.08%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 7.13% 7.60% 3.32% - - 4.05%
Lipper Category Avg. Core Plus Bond Funds 6.77% 7.75% 3.07% - - -
Bloomberg Barclays U.S. Universal Index 6.54% 8.07% 2.84% - - 3.89%

Fund Expense Ratio :

Gross 2.79%

Net 1.08%

Portfolio

Portfolio

Rating Assets
MBS
Investment Grade Corporate
U.S. Government Related
ABS
High Yield Corporate
CMBS
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 06/28/2019

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB

Portfolio Positioningas of 6/30/2019

  • We increased the portfolio’s allocation to MBS over the quarter. MBS valuations became attractive as mortgage spreads over Treasuries reached their widest levels in the post crisis era, as lower rates have resulted in a mini-refinancing boom and thus increased call risk within MBS, increasing risk premium. We continue to monitor and trade a range with respect to MBS spreads to Treasuries.
  • We reduced the portfolio’s allocation to asset-backed securities (ABS) that are backed by student loans and credit card receivables. While we continue to maintain a favorable view on ABS, we were able to take profits and reallocate the portfolio’s ABS positioning following the volatility that occurred within risk assets during May, which resulted in tighter ABS spreads relative to corporate bonds. In addition, we sold deals that did not have strong language regarding the eventual change from using LIBOR to using the Secured Overnight Financing Rate (SOFR).
  • We maintained the portfolio’s overweight position within commercial mortgage-backed securities (CMBS). CMBS continue to offer less sensitivity to the potential deterioration of U.S. trade conditions as it is an asset class with a domestic orientation. We favor SASB (single-asset / single-borrower) deals across the credit spectrum. Generally, these deals have had superior asset quality and underwriting versus conduit deals as well as stronger borrower profiles.
  • We also maintained the portfolio’s overweight position to high yield corporate bonds. We continue to believe that general economic fundamentals and strong expected earnings growth will favor the lower-rated segments of the high yield market. We expect default rates to remain subdued and believe that high yield spreads can grind tighter from current levels.

Portfolio Details as of 06/28/2019

Total Net Assets
$65.01 M
Number of Issues
507
Average Coupon
3.70%
Average Life
7.16 Years
Average Maturity
7.16 Years
Average Effective Duration
5.27 Years
Average Modified Duration
5.89 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 07/19/2019
$0.233
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 06/30/2019 $0.03943 $15.24
Daily Daily 05/31/2019 $0.03919 $15.04
Daily Daily 04/30/2019 $0.03843 $14.92
Daily Daily 03/31/2019 $0.03898 $14.89
Daily Daily 02/28/2019 $0.03705 $14.67
Daily Daily 01/31/2019 $0.04005 $14.68

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 07/31/2019
Daily Daily 08/31/2019
Daily Daily 09/30/2019
Daily Daily 10/31/2019
Daily Daily 11/30/2019
Daily Daily 12/31/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 06/30/2019

Fund Gross Expense Ratio Fund Net Expense Ratio
2.79% 1.08%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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Prospectus (XBRL)
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
Flyer
Publish Date:11/03/2015

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Class R2 - The performance quotations for Class R2 reflect the following methods of calculation: (a) for periods prior to the inception date for Class R2, a restated figure is used based on the Fund's Class A performance, excluding the effect of Class A's maximum sales charge (which does not apply to Class R2) adjusted to reflect the Rule 12b-1 rate differential between Class A and Class R2, which has a higher 12b-1 fee than Class A; and (b) for periods after the inception date for Class R2, actual Class R2 performance is used reflecting all charges and fees applicable to Class R2 shares. Hypothetical performance data for Class R2, as measured from since inception of the Fund using the methodology described above, is not available if the Class A inception date is equal or greater than ten years old. Please refer to the Class R2 performance information for the inception date for Class R2. Please refer to the Class A performance information for the inception date for Class A.

Class R2 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

The Bloomberg Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. Municipal debt, private placements, and non-dollar-denominated issues are excluded from the Universal Index. The only constituent of the index that includes floating-rate debt is the Emerging Markets Index.

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