LAPQX | Core Plus Bond Fund Class R3 | 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 06/24/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.99% 2.94%

30-Day Standardized Yield 2 as of 05/31/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.27% 3.25%

Fund Basicsas of 05/31/2022

Total Net Assets
$427.57 M
Inception Date
12/08/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
1.03%
Fund Net Expense Ratio
0.98%
Number of Holdings
535

Fund Expense Ratio :

Gross 1.03%

Net 0.98%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge -9.66% -8.70% 0.18% 1.20% - 2.10%
Lipper Category Avg. Core Plus Bond Funds -9.20% -8.35% 0.64% 1.50% - -
Bloomberg U.S. Aggregate Bond Index -8.92% -8.22% 0.00% 1.18% - 1.64%

Fund Expense Ratio :

Gross 1.03%

Net 0.98%

Fund Expense Ratio :

Gross 1.03%

Net 0.98%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge -6.02% -3.65% 2.03% 2.32% - 2.80%
Lipper Category Avg. Core Plus Bond Funds -5.80% -3.72% 2.47% 2.59% - -
Bloomberg U.S. Aggregate Bond Index -5.93% -4.15% 1.69% 2.14% - 2.20%

Fund Expense Ratio :

Gross 1.03%

Net 0.98%

Type Assets
Investment Grade Corporate
U.S. Government Related
MBS
High Yield Corporate
ABS
CMBS
Sovereign
CLO
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 05/31/2022 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

Managing Director, 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 06/24/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 2.99% 2.94%

30-Day Standardized Yield 2 as of 05/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.27% 3.25%

Fund Expense Ratio :

Gross 1.03%

Net 0.98%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge -9.66% -8.70% 0.18% 1.20% - 2.10%
Lipper Category Avg. Core Plus Bond Funds -9.20% -8.35% 0.64% 1.50% - -
Bloomberg U.S. Aggregate Bond Index -8.92% -8.22% 0.00% 1.18% - 1.64%

Fund Expense Ratio :

Gross 1.03%

Net 0.98%

Fund Expense Ratio :

Gross 1.03%

Net 0.98%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge -6.02% -3.65% 2.03% 2.32% - 2.80%
Lipper Category Avg. Core Plus Bond Funds -5.80% -3.72% 2.47% 2.59% - -
Bloomberg U.S. Aggregate Bond Index -5.93% -4.15% 1.69% 2.14% - 2.20%

Fund Expense Ratio :

Gross 1.03%

Net 0.98%

Portfolio

Portfolio

Rating Assets
Investment Grade Corporate
U.S. Government Related
MBS
High Yield Corporate
ABS
CMBS
Sovereign
CLO
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 05/31/2022

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

Portfolio Positioningas of 3/31/2022

  • Over the quarter, we added to the portfolio’s bank loan allocation as we continue to favor floating rate credit risk. We believe the asset class will continue to benefit from strong fundamentals and robust technicals.
  • We added to agency mortgage-backed securities (MBS) over the quarter - closing some of our underweight relative to the benchmark and peers. This decision was a relative value trade on recent weakness/underperformance of agency MBS versus other fixed income sectors. However, we plan on remaining underweight agency MBS as the technical backdrop is poor for the asset class given the Fed is likely to shift from a net buyer to net seller by year end.
  • In addition, we added to non-agency RMBS - both non-qualified mortgages and credit risk transfer securities (CRT). We believe strong buyer and refi activity will continue supporting the non-QM market. Also, CRT securities provide a liquid source to gain residential housing credit exposure through mortgages that have been underwritten by government sponsored entities (GSE). Both allocations provide strong risk-adjusted carry, in our opinion.
  • We used the sales of high-quality asset-backed securities (ABS) to fund the purchases of these additions over the quarter.

Portfolio Details as of 05/31/2022

Total Net Assets
$427.57 M
Number of Issues
535
Average Coupon
3.55%
Average Life
7.83 Years
Average Maturity
7.8 Years
Average Effective Duration
6.3 Years
Average Modified Duration
6.78 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 06/24/2022
$0.152
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2022 $0.03317 $13.72
Daily Daily 04/30/2022 $0.03132 $13.80
Daily Daily 03/31/2022 $0.03172 $14.34
Daily Daily 02/28/2022 $0.02872 $14.78
Daily Daily 01/31/2022 $0.02762 $15.01

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 06/30/2022
Daily Daily 07/31/2022
Daily Daily 08/31/2022
Daily Daily 09/30/2022
Daily Daily 10/31/2022
Daily Daily 11/30/2022
Daily Daily 12/31/2022

Yield

Yield

Dividend Yield as of 06/24/2022  

  Subsidized Un-Subsidized
w/o sales charge 2.99% 2.94%

30-Day Standardized Yield as of 05/31/2022  

Subsidized Un-Subsidized
3.27% 3.25%

Fees & Expenses

Fees & Expenses

Expense Ratioas of 05/31/2022

Fund Gross Expense Ratio Fund Net Expense Ratio
1.03% 0.98%

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 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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