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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 04/30/2019

Total Net Assets
$1.98 B
Inception Date
09/28/2007
Dividend Frequency
Annually
Fund Expense Ratio
1.28%
Number of Holdings
93

Fund Expense Ratio :

1.28%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 29.95% 24.40% 24.28% 10.88% 16.99% 9.76%
Lipper Category Avg. Small-Cap Growth Funds 22.49% 12.87% 17.68% 10.78% 15.42% -
Russell 2000® Growth Index 20.71% 6.91% 15.64% 10.22% 15.24% 8.53%

Fund Expense Ratio :

1.28%

Fund Expense Ratio :

1.28%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 26.89% 24.11% 23.01% 8.95% 18.36% 9.60%
Lipper Category Avg. Small-Cap Growth Funds 18.14% 9.11% 16.79% 8.77% 16.47% -
Russell 2000® Growth Index 17.14% 3.85% 14.87% 8.41% 16.52% 8.31%

Fund Expense Ratio :

1.28%

TEN LARGEST HOLDINGS as of 04/30/2019View Portfolio

Holding Assets
Planet Fitness, Inc. 2.8%
Etsy, Inc. 2.4%
Tandem Diabetes Care, Inc. 2.3%
Twilio, Inc. 2.2%
Everbridge, Inc. 2.2%
YETI Holdings Inc 2.1%
Glaukos Corp. 2.1%
Trade Desk, Inc./The 2.0%
Insperity, Inc. 2.0%
Coupa Software Inc 1.9%

Investment Team

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

Partner & Portfolio Manager

32 Years of Industry Experience

Matthew DeCicco
Matthew R. DeCicco, CFA

Managing Director & Portfolio Manager

20 Years of Industry Experience

Vernon Bice
Vernon Bice, CMT

Portfolio Manager

18 Years of Industry Experience

Supported By 3 Investment Professionals with 20 Years Avg. Industry Experience

Your Representative

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

Performance

Performance

Fund Expense Ratio :

1.28%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 29.95% 24.40% 24.28% 10.88% 16.99% 9.76%
Lipper Category Avg. Small-Cap Growth Funds 22.49% 12.87% 17.68% 10.78% 15.42% -
Russell 2000® Growth Index 20.71% 6.91% 15.64% 10.22% 15.24% 8.53%

Fund Expense Ratio :

1.28%

Fund Expense Ratio :

1.28%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 26.89% 24.11% 23.01% 8.95% 18.36% 9.60%
Lipper Category Avg. Small-Cap Growth Funds 18.14% 9.11% 16.79% 8.77% 16.47% -
Russell 2000® Growth Index 17.14% 3.85% 14.87% 8.41% 16.52% 8.31%

Fund Expense Ratio :

1.28%

Year Fund Returns Russell 2000® Growth Index
2018 4.73% -9.31%
2017 29.43% 22.17%
2016 -3.03% 11.32%
2015 -9.21% -1.38%
2014 3.00% 5.60%
2013 56.81% 43.30%
2012 10.10% 14.59%
2011 -1.91% -2.91%
2010 36.17% 29.09%
2009 46.60% 34.47%
2008 -47.60% -
2007 35.48% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 26.89% - - - 28.33%
2018 7.07% 14.84% 12.09% -24.01% 4.73%
2017 8.23% 3.96% 7.00% 7.51% 29.43%
2016 -10.39% 2.13% 10.80% -4.38% -3.03%
2015 7.00% 2.56% -15.77% -1.78% -9.21%
2014 1.63% 0.12% -5.85% 7.52% 3.00%
2013 13.46% 9.93% 18.72% 5.89% 56.81%
2012 12.15% -2.75% 5.48% -4.29% 10.10%
2011 10.18% 1.46% -20.92% 10.96% -1.91%
2010 8.12% -8.05% 16.47% 17.59% 36.17%
2009 -2.27% 24.27% 14.16% 5.73% 46.60%
2008 -21.84% 6.53% -11.84% -28.61% -47.60%
2007 4.58% 13.53% 9.78% 3.95% 35.48%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 03/31/2019

  • The portfolio has an overweight in the information technology sector relative to its benchmark, the Russell 2000® Growth Index, as we anticipate continued innovation in e-commerce and cloud computing. Additionally, the portfolio maintains an overweight position in internet service and software providers within the sector.
  • 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 exposure 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 extremely overvalued.
  • We reduced the portfolio’s exposure to the financials sector as funding costs have increased and the yield curve has flattened further, negatively impacting small banks’ net interest margins.
  • At the start of the first quarter the equity market showed signs of stabilization, as such, we added to secular growth companies exhibiting technical support. We believe that many high growth companies are now more attractive as the sell-off of high growth stocks was overdone. We have rebuilt positions in select secular growth stocks as we believe that improving fundamentals and moderate inflation levels will support higher equity prices.

Portfolio Details as of 04/30/2019

Total Net Assets
$1.98 B
Number of Holdings
93
Weighted Average Market Cap.
4.9 B
P/B Ratio
9.5x
Portfolio Turnover Ratio as of 07/31/2018
89.3%
P/E Ratio
43.7x

Contributors & Detractors as of  03/29/2019

Contributors

Holding Contribution
Tandem Diabetes Care, Inc. 1.2%
Trade Desk, Inc./The 1.2%
Etsy, Inc. 1.0%
Loxo Oncology Inc 0.9%
Zscaler Inc 0.9%

Detractors

Holding Contribution
Restoration Hardware Holdings, Inc. -0.4%
Eventbrite Inc -0.3%
Stamps.com, Inc. -0.2%
Tactile Systems Technology, Inc. -0.2%
Haemonetics Corp. -0.1%

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
11/20/2019 11/21/2019 11/21/2019

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
11/19/2018 11/20/2018 $6.2452 - $6.2452 $17.84

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
11/20/2019 11/21/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 04/30/2019

1.28%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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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 R2 - The performance quotations for Class R2 reflect the following methods of calculation: (a) for periods prior to the inception date for Class R2, 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 R2) adjusted to reflect the Rule 12b-1 rate differential between Class A and Class R2, which has a higher 12b-1 fee than Class A; and (b) for periods after the inception date for Class R2, actual Class R2 performance is used reflecting all charges and fees applicable to Class R2 shares. Hypothetical performance data for Class R2, 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 R2 performance information for the inception date for Class R2. Please refer to the Class A performance information for the inception date for Class A.

Class R2 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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