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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 02/28/2019

Total Net Assets
$2.00 B
Inception Date
06/30/2015
Dividend Frequency
Annually
Fund Expense Ratio
0.59%
Number of Holdings
93
CUSIP
544006869

Fund Expense Ratio :

0.59%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 28.49% 29.13% 26.69% 8.83% 20.45% -
Lipper Category Avg. Small-Cap Growth Funds 19.11% 11.52% 19.92% 8.46% 17.56% -
Russell 2000® Growth Index 18.75% 6.70% 18.27% 8.16% 17.69% -

Fund Expense Ratio :

0.59%

Fund Expense Ratio :

0.59%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 5.42% 5.42% 10.32% 4.96% 16.16% -
Lipper Category Avg. Small-Cap Growth Funds -4.53% -4.53% 8.78% 5.26% 13.66% -
Russell 2000® Growth Index -9.31% -9.31% 7.24% 5.13% 13.52% -

Fund Expense Ratio :

0.59%

TEN LARGEST HOLDINGS as of 02/28/2019View Portfolio

Holding Assets
Etsy, Inc. 2.8%
Tandem Diabetes Care, Inc. 2.5%
Trade Desk, Inc./The 2.3%
Planet Fitness, Inc. 2.2%
Glaukos Corp. 2.2%
Insperity, Inc. 2.1%
Everbridge, Inc. 2.1%
Chegg, Inc. 2.1%
Twilio, Inc. 2.0%
iRobot Corp. 2.0%

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 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 :

0.59%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 28.49% 29.13% 26.69% 8.83% 20.45% -
Lipper Category Avg. Small-Cap Growth Funds 19.11% 11.52% 19.92% 8.46% 17.56% -
Russell 2000® Growth Index 18.75% 6.70% 18.27% 8.16% 17.69% -

Fund Expense Ratio :

0.59%

Fund Expense Ratio :

0.59%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 5.42% 5.42% 10.32% 4.96% 16.16% -
Lipper Category Avg. Small-Cap Growth Funds -4.53% -4.53% 8.78% 5.26% 13.66% -
Russell 2000® Growth Index -9.31% -9.31% 7.24% 5.13% 13.52% -

Fund Expense Ratio :

0.59%

Year Fund Returns Russell 2000® Growth Index
2018 5.42% -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% 34.47%
2008 -47.24% -
2007 36.48% -
2006 13.02% -
2005 12.47% -
2004 6.54% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 - - - - 30.07%
2018 7.25% 15.05% 12.26% -23.89% 5.42%
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 16.11% -6.10% -6.71% 11.12% 13.02%
2005 -5.73% 5.89% 9.75% 2.66% 12.47%
2004 - - - 11.67% 6.54%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 12/31/2018

  • The portfolio is 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. Within this sector, the portfolio is overweight in internet service and software providers.
  • Within the health care sector, we continue to remain focused on innovative biotechnology companies, as large cap firms within the industry seek growth opportunities. Additionally, 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 and may also be adversely affected by the normalization of interest rates.
  • We reduced the portfolio’s exposure to the financials sector as funding costs have increased, negatively impacting small banks’ net interest margins.
  • During the fourth quarter as the equity market correction ensued, we added to stable and defensive growth companies exhibiting technical support while trimming select secular and cyclical growth companies. We believe that many high growth companies are now more attractive as the sell-off of high growth stocks was overdone. We have begun to rebuild positions in select secular growth stocks as we believe that improving fundamentals and moderate inflation levels will continue to support higher equity prices.

Portfolio Details as of 02/28/2019

Total Net Assets
$2.00 B
Number of Holdings
93
Weighted Average Market Cap.
4.6 B
P/B Ratio
8.6x
Portfolio Turnover Ratio as of 07/31/2018
89.3%
P/E Ratio
32.4x

Contributors & Detractors as of  12/31/2018

Contributors

Holding Contribution
Guardant Health Inc 0.1%
Anaplan Inc 0.1%
Sendgrid Inc 0.1%
Alteryx Inc 0.0%
US($) 0.0%

Detractors

Holding Contribution
Roku Inc -1.0%
Aerovironment, Inc. -0.9%
Teladoc, Inc. -0.6%
Inogen, Inc. -0.6%
GW Pharmaceuticals plc -0.6%

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 $22.79

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 02/28/2019

0.59%

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 R6 - The inception date for Class R6 shares is June 30, 2015. The performance quotations for Class R6 are based on the following methods of calculation: (a) for periods prior to June 30, 2015, a restated figure is used based on the historical performance of the Fund’s portfolio since inception to reflect all charges and fees applicable to Class R6 shares; and (b) for periods after June 30, 2015, actual Class R6 performance is used, which reflects all charges and fees applicable to Class R6 shares.

Class R6 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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