LFRFX | Floating Rate Fund Class F | Lord Abbett

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Floating Rate Fund

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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 06/24/2022  

w/o sales charge 4.16%

30-Day Standardized Yield 2 as of 05/31/2022  

3.93%

Fund Basicsas of 05/31/2022

Total Net Assets
$8.31 B
Inception Date
12/31/2007
Dividend Frequency
Monthly
Fund Expense Ratio
0.69%
Number of Holdings
660
 
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In today's market environment, many are focused on the potential investment implications of rising inflation. While Lord Abbett's experts say they don't think now is the time to make drastic changes to a portfolio, this Reource Center provides thoughtful insights and potential solutions for a number of situation-based outcomes.

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Fund Expense Ratio :

0.69%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge -2.80% -0.69% 1.10% 2.04% 3.49% 3.68%
Lipper Category Avg. Loan Participation Funds -3.21% -1.48% 1.55% 2.21% 3.07% -
CS Leveraged Loan Index -2.44% -0.21% 2.82% 3.39% 4.19% 4.19%

Fund Expense Ratio :

0.69%

Fund Expense Ratio :

0.69%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge -0.19% 3.26% 2.43% 2.72% 3.76% 3.92%
Lipper Category Avg. Loan Participation Funds -0.51% 2.34% 2.87% 2.93% 3.36% -
CS Leveraged Loan Index -0.10% 3.24% 4.10% 4.05% 4.47% 4.42%

Fund Expense Ratio :

0.69%

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
Greater than 10 years

Credit Quality Distribution as of 05/31/2022 View Portfolio

Rating Assets
BBB
BB
B
<B
Not Rated

INVESTMENT TEAM

Jeffrey D. Lapin
Jeffrey D. Lapin, J.D.

Partner & Portfolio Manager

25 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

21 Years of Industry Experience

Kearney M. Posner
Kearney M. Posner, CFA

Managing Director, Portfolio Manager

23 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

31 Years of Industry Experience

Supported By 73 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 06/24/2022  

w/o sales charge 4.16%

30-Day Standardized Yield 2 as of 05/31/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.93% 3.93%

Fund Expense Ratio :

0.69%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge -2.80% -0.69% 1.10% 2.04% 3.49% 3.68%
Lipper Category Avg. Loan Participation Funds -3.21% -1.48% 1.55% 2.21% 3.07% -
CS Leveraged Loan Index -2.44% -0.21% 2.82% 3.39% 4.19% 4.19%

Fund Expense Ratio :

0.69%

Fund Expense Ratio :

0.69%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge -0.19% 3.26% 2.43% 2.72% 3.76% 3.92%
Lipper Category Avg. Loan Participation Funds -0.51% 2.34% 2.87% 2.93% 3.36% -
CS Leveraged Loan Index -0.10% 3.24% 4.10% 4.05% 4.47% 4.42%

Fund Expense Ratio :

0.69%

Year Fund Returns CS Leveraged Loan Index
2021 5.36% 5.41%
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% 9.43%
2011 1.53% -
2010 8.30% -
2009 32.40% -
2008 -21.10% -
2007 0.01% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -0.19% - - - -4.22%
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
Greater than 10 years

Credit Quality Distribution as of 05/31/2022

Rating Assets
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 3/31/2022

  • Recessionary risks ticked up in March driven by the combination of red-hot inflation, an increasingly hawkish Fed stance, and the Russian-Ukrainian War. As a result, we shifted the Fund to a moderately more defensive posture, paring CCC exposure and tilting up in quality into BBs. We also added to bank loans and CLOs, funded by a reduction in high yield corporate bonds, given a supportive technical backdrop for loans as well as the tailwind provided by a dynamic rate environment.
  • Within the loan space, we maintained our long-term focus on companies in industries that we believe are better positioned to adapt to and benefit from fundamental structural changes that were accelerated by the COVID-19 pandemic. The Fund continues to reflect this thesis with significant overweight positions in both Healthcare and Information Technology sectors, which should be aided by long-term secular tailwinds. During the most recent quarter, we continued to bolster these allocations as part of our more defensive posture. Within Healthcare, we primarily targeted health facilities, which should benefit from an expected increase in volumes as individuals resume more nonmandatory procedures. These higher volumes should offset cost pressures from tight labor markets, yet we continue to monitor these positions given a decrease in volumes.
  • While we maintained our general thesis on continued economic reopening throughout the quarter, we have been more selective in adding to this part of the Fund. More specifically, given recent volatility in the market and recessionary risk rising modestly, we trimmed the Fund’s Retail sector exposure. We remain generally constructive on the consumer, but we are now targeting higher end consumers and more resilient segments. We are avoiding exposure to low-end consumers which we expect to be affected more substantially by inflation given the segment’s less flexibility to absorb price shocks. Within Leisure, we were adding to casinos, restaurants, outdoor advertising, and travel issuers to start the year as we anticipated a strong reopening trend. We have since pared back some of our adds that fall within the general consumer bucket.
  • We continue to have a broadly constructive view on leveraged loans based on a supportive macroeconomic outlook, an attractive relative yield, balanced technicals and a favorable interest rate view. The broader credit environment remains supportive for leveraged loan issuers and demand has been persistent with loan funds experiencing their second largest quarterly inflow on record during the quarter. The current economic landscape is favorable for bank loan issuers supported by a positive earnings outlook, improving credit fundamentals, and low projected default rates. We expect the trailing 12-month default rate to remain below 1% through year end after peaking just above 4% in September 2020. Given the inverse relationship between recovery levels and the default rate, we expect default losses to continue to be a minimal drag on loan index performance throughout 2022.
  • Finally, we believe the technical picture remains supportive. While issuance has moderated from last year’s levels, demand for loans remains robust amid expectations of more aggressive Fed tightening. Additionally, we believe that strong CLO issuance will resume in the back half of the year once rate volatility comes down.

Portfolio Details as of 05/31/2022

Total Net Assets
$8.31 B
Number of Issues
660
Average Maturity
4.84 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 06/24/2022
$0.127
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2022 $0.02741 $8.04
Daily Daily 04/30/2022 $0.02547 $8.27
Daily Daily 03/31/2022 $0.02595 $8.31
Daily Daily 02/28/2022 $0.02367 $8.31
Daily Daily 01/31/2022 $0.02464 $8.38

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 06/30/2022
Daily Daily 07/31/2022
Daily Daily 08/31/2022
Daily Daily 09/30/2022
Daily Daily 10/31/2022
Daily Daily 11/30/2022
Daily Daily 12/31/2022

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

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/19/2022 12/20/2022

Fees & Expenses

Fees & Expenses

Expense Ratioas of 05/31/2022

0.69%

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
Publish Date:11/03/2015
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Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
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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
Publish Date:11/03/2015
Fund Story
Publish Date:11/03/2015
Publish Date:11/03/2015

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The Credit Suisse Leveraged Loan Index is designed to mirror the investable universe of the U.S. dollar-denominated leveraged loan market. The CS Leveraged Loan Index is an unmanaged, trader-priced index that tracks leveraged loans. The CS Leveraged Loan Index, which includes reinvested dividends, has been taken from published sources.

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