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

Dividend Yield 1 as of 10/06/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.26% 4.21%
w/ sales charge 4.17% 4.12%

30-Day Standardized Yield 2 as of 08/31/2022  

4.22%

Expense Ratioas of 09/30/2022

Fund Basicsas of 08/31/2022

Total Net Assets
$503.12 M
Inception Date
12/08/2015
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
565
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

Gross 0.73%

Net 0.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge -15.48% -15.38% -2.88% -0.06% - 1.27%
Lipper Category Avg. Core Plus Bond Funds -15.31% -15.45% -2.77% -0.14% - -
Bloomberg U.S. Aggregate Bond Index -14.61% -14.60% -3.26% -0.27% - 0.60%
w/ sales charge -17.37% -17.31% -3.60% -0.52% - 0.94%

Fund Expense Ratio :

Gross 0.73%

Net 0.68%

Fund Expense Ratio :

Gross 0.73%

Net 0.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge -15.48% -15.38% -2.88% -0.06% - 1.27%
Lipper Category Avg. Core Plus Bond Funds -15.31% -15.45% -2.77% -0.14% - -
Bloomberg U.S. Aggregate Bond Index -14.61% -14.60% -3.26% -0.27% - 0.60%
w/ sales charge -17.37% -17.31% -3.60% -0.52% - 0.94%

Fund Expense Ratio :

Gross 0.73%

Net 0.68%

Type Assets
Investment Grade Corporate
MBS
U.S. Government Related
ABS
High Yield Corporate
CMBS
CLO
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 08/31/2022 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

Partner, 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 10/06/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.26% 4.21%
w/ sales charge 4.17% 4.12%

30-Day Standardized Yield 2 as of 08/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 4.22% 4.22%

Fund Expense Ratio :

Gross 0.73%

Net 0.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge -15.48% -15.38% -2.88% -0.06% - 1.27%
Lipper Category Avg. Core Plus Bond Funds -15.31% -15.45% -2.77% -0.14% - -
Bloomberg U.S. Aggregate Bond Index -14.61% -14.60% -3.26% -0.27% - 0.60%
w/ sales charge -17.37% -17.31% -3.60% -0.52% - 0.94%

Fund Expense Ratio :

Gross 0.73%

Net 0.68%

Fund Expense Ratio :

Gross 0.73%

Net 0.68%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/08/2015
w/o sales charge -15.48% -15.38% -2.88% -0.06% - 1.27%
Lipper Category Avg. Core Plus Bond Funds -15.31% -15.45% -2.77% -0.14% - -
Bloomberg U.S. Aggregate Bond Index -14.61% -14.60% -3.26% -0.27% - 0.60%
w/ sales charge -17.37% -17.31% -3.60% -0.52% - 0.94%

Fund Expense Ratio :

Gross 0.73%

Net 0.68%

Portfolio

Portfolio

Rating Assets
Investment Grade Corporate
MBS
U.S. Government Related
ABS
High Yield Corporate
CMBS
CLO
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 08/31/2022

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

Portfolio Positioningas of 6/30/2022

  • During the quarter we focused on shifting the Fund’s overall positioning to be higher in quality and liquidity. Specifically, we used less volatile market days to take gains in lower quality holdings and repositioned the Fund to a higher quality profile.
  • The sales of lower quality holdings were primarily within the high yield bond and bank loan allocations. Within both leveraged credit sectors, we focused on selling securities at the bottom of the credit stack as well as consumer cyclical issues. Overall, while we took down the Strategy’s weight and risk within each leveraged credit sector, we have maintained these allocations with a bias for BB’s and basic industry names while remaining cautious of exposure to securities further down the credit stack and those within the consumer cyclical category.
  • We used the proceeds from selling lower quality holdings to purchase agency residential mortgage-backed securities (MBS) – decreasing a notable underweight to the sector. We believe that the sector is relatively cheap as it has underperformed year-to-date and this shift aligns with the Fund’s up-in-quality and up-in-liquidity themes. Specifically, we bought up-in-coupon MBS with a focus on 5/5.5’s and some specified pools which are offering an attractive pickup in carry versus the to-be-announced (TBA) market.
  • We maintained the Fund’s positions within other securitized products – asset-backed securities (ABS), non-agency mortgage-backed securities (RMBS), and collateralized loan obligations (CLO) – over the period. We continued to believe in the benefit of a true multi-sector portfolio and believe the securitized product exposure provides diversification benefits. Also, we focused on shifting the securitized product allocations up-in-quality across the board as part of the broader portfolio theme.
  • We also added to the Fund’s allocation to sovereign, supranational, and agency (SSA) issues – also aligning with the higher quality theme. We’ve identified short maturity SSA bonds that are providing an attractive pick-up in yield versus U.S. Treasuries.
  • Within investment grade corporate bonds, we shifted the positions up-in-quality from BBB’s to A’s with a focus on adding to the financials and utilities sectors. We also favored shorter-term tenors when adding to high-quality investment grade corporate bonds over the quarter. We sold out of idiosyncratic investment grade credits within the consumer cyclical sector and exited some lower-quality industrial names. We maintained the Fund’s overweight position to the energy sector based on fundamentals and potential tailwinds from continued persistent inflation.

Portfolio Details as of 08/31/2022

Total Net Assets
$503.12 M
Number of Issues
565
Average Coupon
3.97%
Average Life
8.16 Years
Average Maturity
8.14 Years
Average Effective Duration
6.08 Years
Average Modified Duration
6.86 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 10/06/2022
$0.345
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 09/30/2022 $0.04512 $12.66
Daily Daily 08/31/2022 $0.04551 $13.29
Daily Daily 07/31/2022 $0.04387 $13.67
Daily Daily 06/30/2022 $0.04009 $13.34
Daily Daily 05/31/2022 $0.03667 $13.72
Daily Daily 04/30/2022 $0.03478 $13.80
Daily Daily 03/31/2022 $0.03540 $14.34
Daily Daily 02/28/2022 $0.03209 $14.79
Daily Daily 01/31/2022 $0.03147 $15.02

Upcoming Dividend Payment Dates

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

Yield

Yield

Dividend Yield as of 10/06/2022  

  Subsidized Un-Subsidized
w/o sales charge 4.26% 4.21%
w/ sales charge 4.17% 4.12%

30-Day Standardized Yield as of 08/31/2022  

Subsidized Un-Subsidized
4.22% 4.22%

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 10/06/2022

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $12.99
$100,000 to $249,999 1.75% 1.50% $12.93
$250,000 to $499,999 1.25% 1.00% $12.86
$500,000 to $999,999 0.00% 1.00% $12.70
$1,000,000 to $5,000,000 0.00% 1.00% $12.70

Expense Ratioas of 09/30/2022

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 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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