LAPLX | Core Plus Bond Fund Class A | 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 03/28/2024

5.92%

30-Day Standardized Yield 1 as of 03/31/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 5.19% 5.18%

Fund Basicsas of 03/28/2024

Total Net Assets
$1.97 B
Inception Date
12/08/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.65%
Fund Net Expense Ratio
0.65%
Number of Holdings
643
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

Gross 0.65%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 0.17% 3.94% -1.78% 1.00% - 2.11%
Lipper Category Avg. Core Plus Bond Funds -0.34% 2.50% -2.35% 0.77% - -
Bloomberg U.S. Aggregate Bond Index -0.78% 1.70% -2.46% 0.36% - 1.28%
w/ sales charge -2.09% 1.60% -2.52% 0.55% - 1.83%

Fund Expense Ratio :

Gross 0.65%

Net 0.65%

Fund Expense Ratio :

Gross 0.65%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 0.17% 3.94% -1.78% 1.00% - 2.11%
Lipper Category Avg. Core Plus Bond Funds -0.34% 2.50% -2.35% 0.77% - -
Bloomberg U.S. Aggregate Bond Index -0.78% 1.70% -2.46% 0.36% - 1.28%
w/ sales charge -2.09% 1.60% -2.52% 0.55% - 1.83%

Fund Expense Ratio :

Gross 0.65%

Net 0.65%

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 03/28/2024 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 03/28/2024

5.92%

30-Day Standardized Yield 1 as of 03/31/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 5.19% 5.18%

Fund Expense Ratio :

Gross 0.65%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 0.17% 3.94% -1.78% 1.00% - 2.11%
Lipper Category Avg. Core Plus Bond Funds -0.34% 2.50% -2.35% 0.77% - -
Bloomberg U.S. Aggregate Bond Index -0.78% 1.70% -2.46% 0.36% - 1.28%
w/ sales charge -2.09% 1.60% -2.52% 0.55% - 1.83%

Fund Expense Ratio :

Gross 0.65%

Net 0.65%

Fund Expense Ratio :

Gross 0.65%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge 0.17% 3.94% -1.78% 1.00% - 2.11%
Lipper Category Avg. Core Plus Bond Funds -0.34% 2.50% -2.35% 0.77% - -
Bloomberg U.S. Aggregate Bond Index -0.78% 1.70% -2.46% 0.36% - 1.28%
w/ sales charge -2.09% 1.60% -2.52% 0.55% - 1.83%

Fund Expense Ratio :

Gross 0.65%

Net 0.65%

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 03/28/2024

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

Portfolio Positioningas of 12/31/2023

  • During the quarter we maintained the Fund’s overall up-in-quality and up-in-liquidity positioning.
  • Duration positioning was the largest detractor from performance over the quarter. Being underweight duration versus the benchmark detracted as U.S. Treasury rates rallied during the period.
  • An allocation to ABS, CMBS, and collateralized loan obligations (CLO) modestly detracted from relative returns. ABS, CMBS and CLO spreads were flat to tighter over the period, but underperformed corporate credit. Within ABS, we reduced our overall exposure and moved up in quality, adding to AAA-rated ABS. Within CLO, we modestly reduced our exposure. Within CMBS, we continued to reduce the portfolio’s exposure to CMBS over the quarter as we have been over the last year. Sales were focused on floating rate single asset / single borrower (“SASB”) deals and commercial real estate collateralized loan obligations (CRE CLO). 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 and Utilities sectors. We believe many companies in the Utility sector are trading at compelling valuations, given elevated supply to finance environmental initiatives, and we have been buying in at attractive spreads in this non-cyclical, highly regulated industry. 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.

Portfolio Details as of 03/28/2024

Total Net Assets
$1.97 B
Average Effective Duration
5.77 Years
Average Life
7.1 Years
Average Maturity
7.08 Years
Average Modified Duration
6.47 Years
Number of Issues
643
Average Yield to Maturity
5.92%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 04/19/2024
$0.17154
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 03/31/2024 $0.05774 $12.82
Daily Daily 02/29/2024 $0.05645 $12.74
Daily Daily 01/31/2024 $0.05734 $12.92

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 04/30/2024
Daily Daily 05/31/2024
Daily Daily 06/30/2024
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 04/19/2024  

w/o sales charge 5.54%
w/ sales charge 5.41%

30-Day Standardized Yield as of 03/31/2024  

  Subsidized Un-Subsidized
w/o sales charge 5.19% 5.18%

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 04/19/2024

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $12.80
$100,000 to $249,999 1.75% 1.50% $12.73
$250,000 to $499,999 1.25% 1.00% $12.67
Greater than $500,000 0.00% 1.00% $12.51

Expense Ratioas of 03/31/2024

Fund Gross Expense Ratio Fund Net Expense Ratio
0.65% 0.65%

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
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 A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, effective 12/1/2021, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month of the 18-month anniversary of the purchase. Fund shares purchased without a sales charge prior to 12/1/2021 may be assessed a CDSC of 1% if they are redeemed before the first day of the month in which the one-year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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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