LFRFX | Floating Rate Fund Class F | Lord Abbett

Tracked Funds

You have 0 funds on your mutual fund watch list.

Begin by selecting funds to create a personalized watch list.

(as of 12/05/2015)

Pending Orders

You have 0 items in your cart.

Subscribe and order forms, fact sheets, presentations, and other documents that can help advisers grow their business.

 

Floating Rate Fund

Track this Fund
Add to Hypo Tool

Summary

Summary

What is the Floating Rate Fund?

The Fund seeks to deliver a high level of current income by investing primarily in a variety of below investment grade loans.

 

HISTORY OF CREDIT RESEARCH

Brings a 45-year heritage of high-yield credit investing, based on rigorous, fundamental credit research.

ATTRACTIVE INCOME & LOW EXPENSES

Has provided attractive income and lower expenses relative to its Morningstar peer group category average.

ATTRACTIVE RETURN FOR RISK

Has offered a track record of strong performance versus peers in up and down markets, demonstrating the strength of this active approach as a core bank loan holding over a full market cycle.

Yield

Dividend Yield 1 as of 06/02/2023  

w/o sales charge 8.78%

30-Day Standardized Yield 2 as of 04/30/2023  

  Subsidized3 Un-Subsidized4
w/o sales charge 8.14% 8.13%

Average Yield to Worst as of 04/28/2023

8.12%

Fund Basicsas of 04/28/2023

Total Net Assets
$5.26 B
Inception Date
12/31/2007
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.70%
Fund Net Expense Ratio
0.70%
Number of Holdings
532

Fund Expense Ratio :

Gross 0.70%

Net 0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge 3.92% 4.92% 5.53% 2.18% 3.03% 3.76%
Lipper Category Avg. Loan Participation Funds - - - - - -
CS Leveraged Loan Index 4.00% 5.48% 5.85% 3.58% 3.85% 4.28%
w/ sales charge 3.92% 4.92% 5.53% 2.18% 3.03% 3.76%

Fund Expense Ratio :

Gross 0.70%

Net 0.70%

Fund Expense Ratio :

Gross 0.70%

Net 0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge 3.00% 1.26% 7.54% 2.13% 3.03% 3.74%
Lipper Category Avg. Loan Participation Funds 2.88% 0.81% 6.86% 2.31% 2.73% -
CS Leveraged Loan Index 3.11% 2.12% 8.38% 3.55% 3.86% 4.26%

Fund Expense Ratio :

Gross 0.70%

Net 0.70%

RELATED CONTENT

Bank Loans: Providing Balance and Income to Portfolios
November 29, 2021

Floating rate bank loans, whose coupons adjust with movements in short-term rates, offer the potential for attractive income without the duration exposure of fixed-rate bonds.

Type Assets
Bank Loans
High Yield Bonds
Equity
ABS
Other
Cash
Maturity Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years

Credit Quality Distribution as of 04/28/2023 View Portfolio

Rating Assets
AAA
A
BBB
BB
B
<B
Not Rated

INVESTMENT TEAM

Kearney M. Posner
Kearney M. Posner, CFA

Partner, Portfolio Manager

24 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Partner, Deputy Director of Leveraged Credit

15 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

32 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

22 Years of Industry Experience

Supported By 76 Investment Professionals with 16 Years Avg. Industry Experience

Contact a Representative

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

Performance

Performance

Dividend Yield 1 as of 06/02/2023  

w/o sales charge 8.78%

30-Day Standardized Yield 2 as of 04/30/2023  

  Subsidized3 Un-Subsidized4
w/o sales charge 8.14% 8.13%

Fund Expense Ratio :

Gross 0.70%

Net 0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge 3.92% 4.92% 5.53% 2.18% 3.03% 3.76%
Lipper Category Avg. Loan Participation Funds - - - - - -
CS Leveraged Loan Index 4.00% 5.48% 5.85% 3.58% 3.85% 4.28%
w/ sales charge 3.92% 4.92% 5.53% 2.18% 3.03% 3.76%

Fund Expense Ratio :

Gross 0.70%

Net 0.70%

Fund Expense Ratio :

Gross 0.70%

Net 0.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge 3.00% 1.26% 7.54% 2.13% 3.03% 3.74%
Lipper Category Avg. Loan Participation Funds 2.88% 0.81% 6.86% 2.31% 2.73% -
CS Leveraged Loan Index 3.11% 2.12% 8.38% 3.55% 3.86% 4.26%

Fund Expense Ratio :

Gross 0.70%

Net 0.70%

Year Fund Returns CS Leveraged Loan Index
2022 -1.87% -1.06%
2021 5.36% 5.40%
2020 -1.61% 2.78%
2019 7.45% 8.17%
2018 -0.14% 1.14%
2017 3.96% 4.25%
2016 10.00% 9.88%
2015 0.33% -0.38%
2014 1.14% 2.06%
2013 5.99% 6.15%
2012 10.23% -
2011 1.53% -
2010 8.30% -
2009 32.40% -
2008 -21.10% -
2007 0.01% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 3.00% - - - 4.37%
2022 -0.19% -5.06% 1.25% 2.28% -1.87%
2021 1.84% 1.83% 1.00% 0.59% 5.36%
2020 -15.76% 7.58% 3.82% 4.57% -1.61%
2019 3.43% 1.66% 0.64% 1.54% 7.45%
2018 1.20% 0.74% 1.78% -3.76% -0.14%
2017 0.94% 0.46% 1.15% 1.35% 3.96%
2016 1.74% 2.79% 3.00% 2.11% 10.00%
2015 1.96% 0.69% -1.07% -1.22% 0.33%
2014 1.07% 1.11% -0.55% -0.48% 1.14%
2013 2.55% 0.37% 1.24% 1.71% 5.99%
2012 4.09% 0.59% 3.42% 1.80% 10.23%
2011 1.87% 0.36% -3.83% 3.26% 1.53%
2010 3.10% -0.87% 3.26% 2.62% 8.30%
2009 8.86% 11.66% 6.39% 2.38% 32.40%
2008 -3.28% 4.17% -5.10% -17.49% -21.10%
2007 - - - - 0.01%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Bank Loans
High Yield Bonds
Equity
ABS
Other
Cash
Rating Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years

Credit Quality Distribution as of 04/28/2023

Rating Assets
AAA
A
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 03/31/2023

  • Despite positive performance in loans for the quarter, credit concerns continued to be a primary focus for investors. One area in particular gaining attention is the effect of stricter financial conditions and tightening of credit lending standards, particularly as banks look to shore up balance sheets following the collapse of both SVB and Signature Bank. These tighter financial conditions may potentially lead to increased dispersion in loan issuer performance. In response, we maintained a more up-in-quality bias within the Fund with the goal of limiting exposure to loan issuers with possible credit issues. This was reflected in an overweight to higher quality, BB rated credits while moving further underweight CCCs given their increased sensitivity to recessionary pressures, and challenges to sponsorship from CLOs. However, we have been selective in increasing Single B exposure, adding to several positions that offered attractive current yields and higher coupons.
  • Within the loan space, we remained focused on potential investments within industries that we believe should benefit from long-term secular trends. The Fund continued to reflect this thesis with significant allocations in both Healthcare and IT sectors, which are better positioned to adapt to and benefit from fundamental structural changes that were accelerated by the COVID-19 pandemic. We also have had an increased focus on automation and education within this theme. That being said, we continue to be mindful of the Fund’s allocations in these sectors, reducing exposure in what we view as riskier credits that may succumb to recession risks, as well as regulatory headwinds.
  • Elsewhere, we remain tilted towards sectors with more defensive characteristics in favor of sectors that exhibit more cyclicality. The Fund held overweight allocations to Energy and Healthcare. Specific to Energy, the sector continued to exhibit defensive qualities, particularly as the broader energy index trades at tighter spreads than broader market values. The Fund also continued to be overweight the Aerospace sector, particularly to airlines. These issuers have benefited from increased travel bookings from resilient consumers, specifically within China as a result of dropping its zero-COVID policy and reopening economic activity. On the other hand, we have continued to be underweight certain sectors that we believe are overexposed to cyclicality and elevated costs. These sectors include Services and Automotives, which have broadly struggled to manage rising inflationary pressures.

Portfolio Details as of 04/28/2023

Total Net Assets
$5.26 B
Number of Issues
532
Average Maturity
4.33 Years
Average Effective Duration
0.24 Years
Average Yield to Worst
8.12%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 06/02/2023
$0.26585
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2023 $0.05785 $7.88
Daily Daily 04/30/2023 $0.05303 $7.94
Daily Daily 03/31/2023 $0.05167 $7.92
Daily Daily 02/28/2023 $0.05311 $7.97
Daily Daily 01/31/2023 $0.05019 $7.98

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 06/30/2023
Daily Daily 07/31/2023
Daily Daily 08/31/2023
Daily Daily 09/30/2023
Daily Daily 10/31/2023
Daily Daily 11/30/2023
Daily Daily 12/31/2023

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/17/2013 12/18/2013 - $0.0160 $0.0160 $9.49

Fees & Expenses

Fees & Expenses

Expense Ratioas of 04/30/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
0.70% 0.70%

Fund Documents

Fund Documents

Download fund documents & literature, create email subscriptions, and place direct mail order

0Documents selected
Order
n/a
Portfolio Holdings 1Q
Publish Date:11/03/2015
n/a
Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
Publish Date:11/03/2015
n/a
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
Fund Story
Publish Date:11/03/2015
Publish Date:11/03/2015

To order literature visit full website

You may add to your cart by selecting quantities in each row below.

No rows selected. Please Go back and select at least one fund document

 
Quantity
Quantity
Remove
Remove

Select funds to run a Morningstar Hypothetical Report.

    Please confirm your literature shipping address

    Please review the address information below and make any necessary changes.

    All literature orders will be shipped to the address that you enter below. This information can be edited at any time.

    Current Literature Shipping Address

    * Required field