LAMAX | Dividend Growth Fund Class A | Lord Abbett

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Dividend Growth Fund

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Summary

Summary

What is the Dividend Growth Fund?

The Fund seeks to deliver total return by investing primarily in stocks of large U.S. companies that have a history of increasing their dividends.

HIGH-QUALITY UNIVERSE

Companies with consistent dividend growth are often market leaders with stable business models, strong balance sheets, and management teams committed to shareholders.

LOWER RISK PROFILE

Focusing on U.S. companies that have consistently grown their dividends often provides investors with an equity portfolio that has a lower risk profile than the broader market.

GROWTH AND RISING INCOME

A portfolio of consistent dividend growers may provide investors with long-term growth and rising income. Many of these companies have grown their dividends much faster than inflation.

Fund Basicsas of 06/28/2024

Total Net Assets
$3.94 B
Inception Date
12/27/2001
Dividend Frequency
Quarterly
Fund Gross Expense Ratio
0.90%
Fund Net Expense Ratio
0.90%
Number of Holdings
50
Minimum Initial Investment
$1,000+

Yield

12-Month Dividend Yield 1 as of 07/11/2024  

w/o sales charge 0.71%
w/ sales charge 0.67%

30-Day Standardized Yield 2 as of 06/30/2024  

0.61%

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/27/2001
w/o sales charge 14.16% 22.30% 8.79% 12.64% 10.94% 9.14%
Lipper Category Avg. Equity Income Funds 7.41% 14.09% 6.14% 9.54% 8.30% -
S&P 500 Index 15.29% 24.56% 10.01% 15.05% 12.86% 9.23%
w/ sales charge 7.61% 15.25% 6.66% 11.31% 10.29% 8.86%

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/27/2001
w/o sales charge 14.16% 22.30% 8.79% 12.64% 10.94% 9.14%
Lipper Category Avg. Equity Income Funds 7.41% 14.09% 6.14% 9.54% 8.30% -
S&P 500 Index 15.29% 24.56% 10.01% 15.05% 12.86% 9.23%
w/ sales charge 7.61% 15.25% 6.66% 11.31% 10.29% 8.86%

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

Holdings as of 05/31/2024View Portfolio

Holding Assets
Microsoft Corp 8.8%
NVIDIA Corp 6.6%
Exxon Mobil Corp 4.3%
Apple Inc 2.8%
UnitedHealth Group Inc 2.8%
Eli Lilly & Co 2.7%
Bank of America Corp 2.6%
Mastercard Inc 2.6%
NextEra Energy Inc 2.5%
AbbVie Inc 2.4%
% of Total Assets 38.0%

INVESTMENT TEAM

Darnell Azeez
Darnell Azeez, CFA

Partner, Portfolio Manager

22 Years of Industry Experience

Jeffrey Rabinowitz
Jeffrey Rabinowitz, CFA

Portfolio Manager

25 Years of Industry Experience

Subrata Ghose
Subrata Ghose, CFA

Portfolio Manager

29 Years of Industry Experience

Supported By 36 Investment Professionals with 19 Years Avg. Industry Experience

Your Representative

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Performance

Performance

12-Month Dividend Yield 1 as of 07/11/2024  

w/o sales charge 0.71%
w/ sales charge 0.67%

30-Day Standardized Yield 2 as of 06/30/2024  

  Subsidized5 Un-Subsidized6
w/o sales charge 0.61% 0.61%

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/27/2001
w/o sales charge 14.16% 22.30% 8.79% 12.64% 10.94% 9.14%
Lipper Category Avg. Equity Income Funds 7.41% 14.09% 6.14% 9.54% 8.30% -
S&P 500 Index 15.29% 24.56% 10.01% 15.05% 12.86% 9.23%
w/ sales charge 7.61% 15.25% 6.66% 11.31% 10.29% 8.86%

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/27/2001
w/o sales charge 14.16% 22.30% 8.79% 12.64% 10.94% 9.14%
Lipper Category Avg. Equity Income Funds 7.41% 14.09% 6.14% 9.54% 8.30% -
S&P 500 Index 15.29% 24.56% 10.01% 15.05% 12.86% 9.23%
w/ sales charge 7.61% 15.25% 6.66% 11.31% 10.29% 8.86%

Fund Expense Ratio :

Gross 0.90%

Net 0.90%

Year Fund Returns S&P 500 Index
2023 16.34% 26.29%
2022 -13.53% -18.11%
2021 25.67% 28.71%
2020 15.50% 18.40%
2019 26.58% 31.49%
2018 -4.73% -4.38%
2017 19.09% 21.83%
2016 15.13% 11.96%
2015 -2.38% 1.38%
2014 11.56% 13.69%
2013 27.96% -
2012 13.05% -
2011 -0.23% -
2010 14.81% -
2009 23.21% -
2008 -27.29% -
2007 3.03% -
2006 14.78% -
2005 3.65% -
2004 16.72% -
Year Q1 Q2 Q3 Q4
2024 10.76% 3.06% - -
2023 2.51% 5.93% -2.86% 10.30%
2022 -6.73% -12.38% -4.39% 10.67%
2021 4.27% 7.50% 0.12% 11.98%
2020 -19.86% 19.16% 9.55% 10.40%
2019 11.93% 3.96% 4.32% 4.27%
2018 -2.75% 1.25% 8.40% -10.74%
2017 4.37% 2.53% 3.38% 7.65%
2016 6.06% 4.89% 0.76% 2.71%
2015 -0.12% -2.21% -5.73% 6.01%
2014 1.52% 4.69% -1.43% 6.50%
2013 10.47% 1.27% 5.31% 8.61%
2012 10.90% -3.82% 5.76% 0.22%
2011 5.52% -0.22% -13.93% 10.10%
2010 4.78% -8.15% 10.21% 8.24%
2009 -5.29% 9.90% 12.47% 5.25%
2008 -8.66% -0.42% -9.07% -12.09%
2007 3.47% 4.17% -1.18% -3.26%
2006 2.32% 0.64% 3.27% 7.93%
2005 -1.04% 1.92% 2.63% 0.13%
2004 3.53% 1.67% 1.96% 8.76%
2003 -6.08% 11.96% 2.98% 12.47%
2002 7.39% -5.36% -13.24% 4.70%

Growth of $10,000 as of 06/30/2024

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 03/31/2024

  • As of the end of the period, the Fund’s largest active overweight relative to the S&P 500 Index is Exxon Mobile Corporation, one of the largest multinational oil and gas companies in the world with global scale and diversification. In addition to that, the company has high expected earnings and cash flow growth with corresponding growth in return of capital to shareholders in the form of dividends and share buybacks.
  • The Fund is overweight relative to the benchmark in Mastercard Incorporated, a payment-processing corporation. We believe the company is attractively valued given the resiliency of the business model during an economic downturn, along with continued cross-border travel recovery in coming quarters.
  • Although the risk of rates being higher for longer has been a concern for the equity markets, the S&P 500 is up 40% over the last six quarters. As a result, the narrative is now focused on the equity market being narrow and/or bubbly with neither assertion supported by empirical evidence. We expect stocks to continue to surprise on the upside moving forward. With that being said, the fact that interest rates are now well above the artificially low levels of the last decade demands a continued emphasis on quality to identify potential winners in the equity market. We believe operational and financial flexibility should enable well-positioned companies to gain market share, return excess cash to shareholders, and generate above-market returns over the business cycle.
  • Furthermore, rates coming off the zero bound has been a tailwind for active management. It has created more dispersion in stock market returns than what was experienced during the pre-pandemic period. In our view, more-profitable businesses have the agility to help them adapt to today’s increasingly uncertain environment, invest more strategically in their businesses, and seek out attractive M&A opportunities to enhance their existing businesses.
  • We continue to see opportunities across several long-term themes including U.S. infrastructure spending, a long-term U.S. housing shortage, offshore energy development, and companies that enable the widespread adoption of artificial intelligence (AI). Companies that could benefit from U.S. infrastructure spending include engineering & construction firms, industrial companies, building materials and building products companies. The long-term U.S. housing shortage presents opportunities for homebuilders, building materials and building products, rental housing, and home improvement companies. Offshore energy development offers growth prospects for major oil companies engaged in offshore exploration & development, and offshore service providers. Generative AI is a widely discussed and debated theme in the markets today, but this opportunity is not limited to growth investing. We believe the potential for AI to benefit various industries is extensive. While the most evident advantages may be seen in businesses directly involved with AI, there are also significant opportunities in sectors that indirectly support and scale the technology, such as chip manufacturers.

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 07/11/2024
$0.07640
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
06/26/2024 06/27/2024 06/27/2024 $0.03760 $22.06
03/26/2024 03/27/2024 03/27/2024 $0.03880 $21.40

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
09/24/2024 09/25/2024 09/25/2024
12/26/2024 12/27/2024 12/27/2024

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/18/2023 12/19/2023 $0.1096 - $0.1096 $19.46

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 07/11/2024

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $50,000 5.75% 5.00% $23.94
$50,000 to $99,999 4.75% 4.00% $23.69
$100,000 to $249,999 3.95% 3.25% $23.49
$250,000 to $499,999 2.75% 2.25% $23.20
$500,000 to $999,999 1.95% 1.75% $23.01
$1,000,000 to $5,000,000 0.00% 1.00% $22.56

EXPENSE RATIOas of 06/30/2024

Fund Gross Expense Ratio 0.90%
Fund Net Expense Ratio 0.90%
Adjusted Expense Ratio -

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
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015
Fund Story
Publish Date:11/03/2015
* includes items 7-11 of form N-CSR as required, if any.

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