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

Average Yield to Maturity as of 04/30/2024

9.49%

30-Day Standardized Yield 1 as of 05/31/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 8.47% 8.46%

Fund Basicsas of 04/30/2024

Total Net Assets
$5.00 B
Inception Date
12/31/2007
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.70%
Fund Net Expense Ratio
0.70%
Number of Holdings
487

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 4.21% 13.07% 5.62% 4.16% 3.88% 4.30%
Lipper Category Avg. Loan Participation Funds 3.61% 11.88% 4.80% 4.12% 3.54% -
CS Leveraged Loan Index 4.16% 13.22% 6.01% 5.35% 4.64% 4.80%
w/ sales charge 4.21% 13.07% 5.62% 4.16% 3.88% 4.30%

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 2.69% 12.41% 5.54% 4.12% 3.79% 4.25%
Lipper Category Avg. Loan Participation Funds 2.29% 11.24% 4.72% 4.08% 3.46% -
CS Leveraged Loan Index 2.52% 12.40% 5.82% 5.30% 4.56% 4.75%

Fund Expense Ratio :

Gross 0.70%

Net 0.70%

Type Assets
Bank Loans
High Yield Bonds
CLO
Convertibles
Equity
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 04/30/2024 View Portfolio

Rating Assets
BBB
BB
B
<B
Not Rated

INVESTMENT TEAM

Kearney M. Posner
Kearney M. Posner, CFA

Partner, Portfolio Manager

25 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Partner, Deputy Director of Leveraged Credit

16 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

33 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

23 Years of Industry Experience

Supported By 82 Investment Professionals with 18 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Maturity as of 04/30/2024

9.49%

30-Day Standardized Yield 1 as of 05/31/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 8.47% 8.46%

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 4.21% 13.07% 5.62% 4.16% 3.88% 4.30%
Lipper Category Avg. Loan Participation Funds 3.61% 11.88% 4.80% 4.12% 3.54% -
CS Leveraged Loan Index 4.16% 13.22% 6.01% 5.35% 4.64% 4.80%
w/ sales charge 4.21% 13.07% 5.62% 4.16% 3.88% 4.30%

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 2.69% 12.41% 5.54% 4.12% 3.79% 4.25%
Lipper Category Avg. Loan Participation Funds 2.29% 11.24% 4.72% 4.08% 3.46% -
CS Leveraged Loan Index 2.52% 12.40% 5.82% 5.30% 4.56% 4.75%

Fund Expense Ratio :

Gross 0.70%

Net 0.70%

Year Fund Returns CS Leveraged Loan Index
2023 12.76% 13.04%
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% -
2012 10.23% -
2011 1.53% -
2010 8.30% -
2009 32.40% -
2008 -21.10% -
Year Q1 Q2 Q3 Q4
2024 2.69% - - -
2023 3.00% 3.26% 3.08% 2.85%
2022 -0.19% -5.06% 1.25% 2.28%
2021 1.84% 1.83% 1.00% 0.59%
2020 -15.76% 7.58% 3.82% 4.57%
2019 3.43% 1.66% 0.64% 1.54%
2018 1.20% 0.74% 1.78% -3.76%
2017 0.94% 0.46% 1.15% 1.35%
2016 1.74% 2.79% 3.00% 2.11%
2015 1.96% 0.69% -1.07% -1.22%
2014 1.07% 1.11% -0.55% -0.48%
2013 2.55% 0.37% 1.24% 1.71%
2012 4.09% 0.59% 3.42% 1.80%
2011 1.87% 0.36% -3.83% 3.26%
2010 3.10% -0.87% 3.26% 2.62%
2009 8.86% 11.66% 6.39% 2.38%
2008 -3.28% 4.17% -5.10% -17.49%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Bank Loans
High Yield Bonds
CLO
Convertibles
Equity
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 04/30/2024

Rating Assets
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 03/31/2024

  • We continue to focus on carry opportunities during the period as yields remain elevated. In an environment of “higher for longer”, our primary focus has been identifying investment opportunities with attractive carry. We view CCCs as an attractive source of carry; with much of the investor base crowded in the safety of BBs, we are finding better value in lower-rated credits. The Fund remains primarily overweight single-Bs relative to the benchmark, while underweight BBs. We see strong relative value in the loan market relative to high yield given the yield differential of loans over bonds.
  • We have added exposure to cyclical areas given recent economic and consumer resilience. We are focused on consumer resiliency, short-dated refinancing candidates, high carry, and selective cyclical exposure. The top two sector allocations remain Technology and Healthcare, which have benefited from shifts in secular trends following the COVID-19 pandemic. However, we have recently been adding to sectors such as Services and Basic Industry which present cyclical exposure that should benefit from continued economic growth in the U.S. On the other hand, we reduced allocations to sectors like Media, Consumer Goods and Utilities over the period.
  • We remain constructive on bank loans which have benefitted from a moderation in inflation and resilience in consumer spending. We believe that the impact of prior rate hikes is now largely reflected in issuer financials, yet we expect higher carry from elevated short-term rates to continue. Normally, a decline in policy rates has been associated with lower investor interest in floating-rate exposures, but we believe the demand generated by the CLO investor base and historic CLO issuance will continue to provide a meaningful technical tailwind. However, we remain wary of the lowest tier of risk given the high volume of liability management exercises from issuers and lenders alike which we expect to continue to meaningfully weigh on recoveries.

Portfolio Details as of 04/30/2024

Total Net Assets
$5.00 B
Average Effective Duration
0.31 Years
Average Maturity
5.2 Years
Average Modified Duration
0.5 Years
Number of Issues
487
Average Yield to Maturity
9.49%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 06/11/2024
$0.28742
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2024 $0.05627 $8.18
Daily Daily 04/30/2024 $0.05442 $8.17
Daily Daily 03/31/2024 $0.06101 $8.17
Daily Daily 02/29/2024 $0.05654 $8.15
Daily Daily 01/31/2024 $0.05919 $8.13

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 06/30/2024
Daily Daily 07/31/2024
Daily Daily 08/31/2024
Daily Daily 09/30/2024
Daily Daily 10/31/2024
Daily Daily 11/30/2024
Daily Daily 12/31/2024

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 05/31/2024

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

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
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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