LAPQX | Core Plus Bond Fund Class R3 | 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

Average Yield to Maturity as of 06/28/2024

5.99%

30-Day Standardized Yield 1 as of 06/30/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 5.08% 5.07%

Fund Basicsas of 06/28/2024

Total Net Assets
$2.15 B
Inception Date
12/08/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.95%
Fund Net Expense Ratio
0.95%
Number of Holdings
655

Fund Expense Ratio :

Gross 0.95%

Net 0.95%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 0.44% 4.63% -2.72% 0.15% - 1.80%
Lipper Category Avg. Core Plus Bond Funds -0.08% 3.64% -2.94% 0.20% - -
Bloomberg U.S. Aggregate Bond Index -0.71% 2.63% -3.02% -0.23% - 1.25%
w/ sales charge 0.44% 4.63% -2.72% 0.15% - 1.80%

Fund Expense Ratio :

Gross 0.95%

Net 0.95%

Fund Expense Ratio :

Gross 0.95%

Net 0.95%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 0.44% 4.63% -2.72% 0.15% - 1.80%
Lipper Category Avg. Core Plus Bond Funds -0.08% 3.64% -2.94% 0.20% - -
Bloomberg U.S. Aggregate Bond Index -0.71% 2.63% -3.02% -0.23% - 1.25%

Fund Expense Ratio :

Gross 0.95%

Net 0.95%

Type Assets
Investment Grade Corporate
MBS
High Yield Corporate
U.S. Government Related
ABS
CLO
CMBS
Bank Loans
Sovereign
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 06/28/2024 View Portfolio

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

Investment Team

Kewjin Yuoh
Kewjin Yuoh

Partner, Portfolio Manager

30 Years of Industry Experience

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

Partner, Portfolio Manager

26 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

23 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

33 Years of Industry Experience

Adam C. Castle
Adam C. Castle, CFA

Partner, Portfolio Manager

16 Years of Industry Experience

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

Partner & Portfolio Manager

23 Years of Industry Experience

Harris Trifon
Harris Trifon

Partner, Portfolio Manager

24 Years of Industry Experience

Supported By 80 Investment Professionals with 17 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Maturity as of 06/28/2024

5.99%

30-Day Standardized Yield 1 as of 06/30/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 5.08% 5.07%

Fund Expense Ratio :

Gross 0.95%

Net 0.95%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 0.44% 4.63% -2.72% 0.15% - 1.80%
Lipper Category Avg. Core Plus Bond Funds -0.08% 3.64% -2.94% 0.20% - -
Bloomberg U.S. Aggregate Bond Index -0.71% 2.63% -3.02% -0.23% - 1.25%
w/ sales charge 0.44% 4.63% -2.72% 0.15% - 1.80%

Fund Expense Ratio :

Gross 0.95%

Net 0.95%

Fund Expense Ratio :

Gross 0.95%

Net 0.95%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 0.44% 4.63% -2.72% 0.15% - 1.80%
Lipper Category Avg. Core Plus Bond Funds -0.08% 3.64% -2.94% 0.20% - -
Bloomberg U.S. Aggregate Bond Index -0.71% 2.63% -3.02% -0.23% - 1.25%

Fund Expense Ratio :

Gross 0.95%

Net 0.95%

Portfolio

Portfolio

Rating Assets
Investment Grade Corporate
MBS
High Yield Corporate
U.S. Government Related
ABS
CLO
CMBS
Bank Loans
Sovereign
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 06/28/2024

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

Portfolio Positioningas of 03/31/2024

  • During the quarter we maintained the Fund’s overall up-in-quality and up-in-liquidity positioning.
  • Duration positioning was one of the largest contributors to performance over the quarter. Being underweight duration versus the benchmark contributed as U.S. Treasury rates moved higher during the period.
  • An allocation to ABS, CMBS, and collateralized loan obligations (CLO) modestly contributed to relative returns. ABS, CMBS and CLO spreads were tighter over the period. Within ABS, we reduced our overall exposure and moved up in quality, adding to AAA-rated ABS. Within CLO, we modestly increased our exposure and focused on relative value opportunities by going down in high quality in AA and A-rated CLOs. Within CMBS, we modestly increased the portfolio’s exposure to CMBS over the quarter after reducing the exposure over the last year. 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 sector. 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.
  • The portfolio’s modest allocation to high yield corporate bonds also contributed to relative performance as high yield bond spreads tightened and provided superior carry versus the broader index.
  • The portfolio’s modest allocation to investment grade bank loans detracted from relative performance.

Portfolio Details as of 06/28/2024

Total Net Assets
$2.15 B
Average Effective Duration
6.05 Years
Average Life
8.28 Years
Average Maturity
8.26 Years
Average Modified Duration
7.18 Years
Number of Issues
655
Average Yield to Maturity
5.99%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 07/17/2024
$0.32343
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 06/30/2024 $0.05351 $12.70
Daily Daily 05/31/2024 $0.05441 $12.64
Daily Daily 04/30/2024 $0.05350 $12.49
Daily Daily 03/31/2024 $0.05451 $12.82
Daily Daily 02/29/2024 $0.05343 $12.73
Daily Daily 01/31/2024 $0.05407 $12.92

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
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

Yield

Yield

Dividend Yield as of 07/17/2024  

w/o sales charge 4.98%

30-Day Standardized Yield as of 06/30/2024  

  Subsidized Un-Subsidized
w/o sales charge 5.08% 5.07%

Fees & Expenses

Fees & Expenses

Expense Ratioas of 06/30/2024

Fund Gross Expense Ratio 0.95%
Fund Net Expense Ratio 0.95%
Adjusted Expense Ratio -

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
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015
* includes items 7-11 of form N-CSR as required, if any.

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Class R3 - The performance quotations for Class R3 reflect the following methods of calculation: (a) for periods prior to the inception date for Class R3, 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 R3, adjusted to reflect the Rule 12b-1 rate differential between Class A and Class R3, which has a higher 12b-1 fee than Class A; and (b) for periods after the inception date for Class R3, actual Class R3 performance is used reflecting all charges and fees applicable to Class R3 shares. Hypothetical performance data for Class R3, 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 R3 performance information for the inception date for Class R3. Please refer to the Class A performance information for the inception date for Class A.

Class R3 shares are only offered to certain eligible investors.  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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