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Developing Growth Fund

Summary

Summary

What is the Developing Growth Fund?

The Fund seeks to deliver long-term growth of capital by investing primarily in stocks of small U.S. companies.

Fund Basicsas of 12/31/2019

Total Net Assets
$1.84 B
Inception Date
04/05/2017
Dividend Frequency
Annually
Fund Expense Ratio
0.60%
Number of Holdings
98

Fund Expense Ratio :

0.60%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 32.39% 32.39% 22.11% 10.23% 14.90% -
Lipper Category Avg. Small-Cap Growth Funds 29.08% 29.08% 14.48% 10.07% 12.85% -
Russell 2000® Growth Index 28.48% 28.48% 12.49% 9.34% 13.01% -

Fund Expense Ratio :

0.60%

Fund Expense Ratio :

0.60%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 32.39% 32.39% 22.11% 10.23% 14.90% -
Lipper Category Avg. Small-Cap Growth Funds 29.08% 29.08% 14.48% 10.07% 12.85% -
Russell 2000® Growth Index 28.48% 28.48% 12.49% 9.34% 13.01% -

Fund Expense Ratio :

0.60%

TEN LARGEST HOLDINGS as of 12/31/2019View Portfolio

Holding Assets
Generac Holdings, Inc. 2.9%
Repligen Corp. 2.3%
YETI Holdings Inc 2.1%
Nevro Corp. 2.1%
Inspire Medical Systems Inc 2.0%
Inphi Corp. 2.0%
Mirati Therapeutics, Inc. 1.7%
Coherus Biosciences, Inc. 1.7%
Planet Fitness, Inc. 1.7%
Five9, Inc. 1.6%

Investment Team

F. Thomas O'Halloran
F. Thomas O'Halloran, J.D., CFA

Partner & Portfolio Manager

33 Years of Industry Experience

Matthew DeCicco
Matthew R. DeCicco, CFA

Managing Director & Portfolio Manager

21 Years of Industry Experience

Vernon Bice
Vernon Bice, CMT

Portfolio Manager

19 Years of Industry Experience

Supported By 6 Investment Professionals with 19 Years Avg. Industry Experience

Your Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Fund Expense Ratio :

0.60%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 32.39% 32.39% 22.11% 10.23% 14.90% -
Lipper Category Avg. Small-Cap Growth Funds 29.08% 29.08% 14.48% 10.07% 12.85% -
Russell 2000® Growth Index 28.48% 28.48% 12.49% 9.34% 13.01% -

Fund Expense Ratio :

0.60%

Fund Expense Ratio :

0.60%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 32.39% 32.39% 22.11% 10.23% 14.90% -
Lipper Category Avg. Small-Cap Growth Funds 29.08% 29.08% 14.48% 10.07% 12.85% -
Russell 2000® Growth Index 28.48% 28.48% 12.49% 9.34% 13.01% -

Fund Expense Ratio :

0.60%

Year Fund Returns Russell 2000® Growth Index
2019 32.39% 28.48%
2018 5.46% -9.31%
2017 30.39% 22.17%
2016 -2.33% 11.32%
2015 -8.49% -1.38%
2014 3.70% 5.60%
2013 57.99% 43.30%
2012 10.88% 14.59%
2011 -1.16% -2.91%
2010 37.21% 29.09%
2009 47.74% -
2008 -47.24% -
2007 36.48% -
2006 - -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 - - - - 5.40%
2019 27.08% 9.20% -11.28% 7.54% 32.39%
2018 7.25% 15.08% 12.26% -23.88% 5.46%
2017 8.48% 4.13% 7.16% 7.73% 30.39%
2016 -10.23% 2.33% 10.98% -4.20% -2.33%
2015 7.22% 2.73% -15.60% -1.57% -8.49%
2014 1.80% 0.28% -5.68% 7.70% 3.70%
2013 13.64% 10.16% 18.92% 6.12% 57.99%
2012 12.28% -2.56% 5.70% -4.12% 10.88%
2011 10.36% 1.64% -20.75% 11.20% -1.16%
2010 8.29% -7.81% 16.65% 17.83% 37.21%
2009 -2.02% 24.54% 14.28% 5.95% 47.74%
2008 -21.72% 6.73% -11.66% -28.51% -47.24%
2007 4.79% 13.71% 10.00% 4.13% 36.48%
2006 - - - 11.12% -

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 12/31/2019

  • The portfolio has maintained its overweight in the information technology sector relative to its benchmark, the Russell 2000® Growth Index. We anticipate continued innovation in e-commerce and cloud computing companies, and shares have begun to rebound after a deep correction in September.
  • Within the health care sector, we remain focused on innovative biotechnology companies, as large cap firms within the industry seek growth opportunities. Moreover, the portfolio maintains an overweight to health care equipment, specifically to innovative minimally-invasive medical device companies.
  • The portfolio remains underweight in certain bond proxy sectors, such as consumer staples and real estate, as we continue to believe these sectors are overvalued and lacking in growth potential and certain fundamental characteristics that we favor.  
  • During the fourth quarter, the equity market continued to wrestle with trade war concerns. These worries appear to be lessening as we begin 2020. Furthermore, we believe that improving fundamentals and moderate inflation levels will continue to support higher equity prices for select innovative growth stocks.

Portfolio Details as of 12/31/2019

Total Net Assets
$1.84 B
Number of Holdings
98
Weighted Average Market Cap.
4.2 B
P/B Ratio
6.1x
Portfolio Turnover Ratio as of 07/31/2019
88.2%
P/E Ratio
30.8x

Contributors & Detractors as of  12/31/2019

Contributors

Holding Contribution
Generac Holdings, Inc. 0.7%
Mirati Therapeutics, Inc. 0.7%
Nevro Corp. 0.6%
Bridgebio Pharma Inc 0.5%
Yeti Hldgs Inc 0.4%

Detractors

Holding Contribution
The Realreal Inc -0.4%
Sage Therapeutics, Inc. -0.3%
LGI Homes, Inc. -0.2%
Appian Corp -0.2%
Huya Inc -0.2%

Attribution Analysis 

Developing Growth Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Dividends & Cap Gains

Dividends & Cap Gains

Upcoming Dividend Payment Dates

This section lists all anticipated Income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date Reinvest & Payable Date
11/23/2020 11/24/2020 11/24/2020

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
11/20/2019 11/21/2019 $4.4885 - $4.4885 $23.54

Upcoming Capital Gain Distribution

This section lists all anticipated Income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date
11/23/2020 11/24/2020

Fees & Expenses

Fees & Expenses

Expense Ratioas of 12/31/2019

0.60%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
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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

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Class F3 - The inception date for Class F3 shares is April 4, 2017. The performance quotations for Class F3 are based on the following methods of calculation: (a) for periods prior to June 30, 2015,  a figure is used based on the historical performance of the Fund’s Class I Shares, since inception, restated to reflect all charges and fees applicable to Class F3 shares; (b) for periods prior to April 4, 2017 but after June 30, 2015, performance is based on the historical performance of the Fund’s Class R6 shares, which have an equivalent expense ratio to the Fund’s F3 shares; and (c) for periods after April 4, 2017, actual Class F3 performance is used, which reflects all charges and fees applicable to Class F3 shares.

Class F3 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

The Russell 2000® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

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