LRRRX | Floating Rate Fund Class R3 | Lord Abbett
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Floating Rate Fund

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 07/26/2021  

w/o sales charge 3.59%

30-Day Standardized Yield 2 as of 06/30/2021  

3.39%

Fund Basicsas of 06/30/2021

Total Net Assets
$6.41 B
Inception Date
12/31/2007
Dividend Frequency
Monthly
Fund Expense Ratio
1.10%
Number of Holdings
646

Fund Expense Ratio :

1.10%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge 3.50% 12.13% 2.01% 3.24% 3.55% 3.69%
Lipper Category Avg. Loan Participation Funds 2.99% 10.52% 3.17% 3.92% 3.48% -
CS Leveraged Loan Index 3.48% 11.67% 4.36% 5.04% 4.52% 4.53%

Fund Expense Ratio :

1.10%

Fund Expense Ratio :

1.10%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge 3.50% 12.13% 2.01% 3.24% 3.55% 3.69%
Lipper Category Avg. Loan Participation Funds 2.99% 10.52% 3.17% 3.92% 3.48% -
CS Leveraged Loan Index 3.48% 11.67% 4.36% 5.04% 4.52% 4.53%

Fund Expense Ratio :

1.10%

RELATED CONTENT

An Update on Floating Rate Bank Loans Amid Recent Market Volatility
April 17, 2020

Our expert assesses current market conditions—and the historical resilience of floating rate bank loans after periods of elevated volatility.

Leveraged Credit: Asymmetric Risks in ‘BB’-Rated Debt
January 13, 2020

Elevated prices for ‘BB’-rated securities in both the high yield bond and leveraged loan markets suggest better value and upside in certain lower-rated credit.

What Investors May Be Missing on Floating Rate Loans
October 28, 2019

Those focused on short-term movements in interest rates may not realize floating rate bank loans’ historical track record of providing attractive income and effective portfolio diversification.

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 06/30/2021 View Portfolio

Rating Assets
BBB
BB
B
<B
Not Rated

INVESTMENT TEAM

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

Partner & Portfolio Manager

23 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

19 Years of Industry Experience

Kearney M. Posner
Kearney M. Posner, CFA

Managing Director, Portfolio Manager

21 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

29 Years of Industry Experience

Supported By 63 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 07/26/2021  

w/o sales charge 3.59%

30-Day Standardized Yield 2 as of 06/30/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.39% 3.39%

Fund Expense Ratio :

1.10%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge 3.50% 12.13% 2.01% 3.24% 3.55% 3.69%
Lipper Category Avg. Loan Participation Funds 2.99% 10.52% 3.17% 3.92% 3.48% -
CS Leveraged Loan Index 3.48% 11.67% 4.36% 5.04% 4.52% 4.53%

Fund Expense Ratio :

1.10%

Fund Expense Ratio :

1.10%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge 3.50% 12.13% 2.01% 3.24% 3.55% 3.69%
Lipper Category Avg. Loan Participation Funds 2.99% 10.52% 3.17% 3.92% 3.48% -
CS Leveraged Loan Index 3.48% 11.67% 4.36% 5.04% 4.52% 4.53%

Fund Expense Ratio :

1.10%

Year Fund Returns CS Leveraged Loan Index
2020 -1.99% 2.78%
2019 7.03% 8.17%
2018 -0.51% 1.14%
2017 3.45% 4.25%
2016 9.57% 9.88%
2015 0.05% -0.38%
2014 0.64% 2.06%
2013 5.70% 6.15%
2012 9.68% 9.43%
2011 1.16% 1.82%
2010 8.06% -
2009 32.77% -
2008 -21.39% -
2007 0.01% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 1.75% 1.73% - - 3.40%
2020 -15.82% 7.47% 3.71% 4.46% -1.99%
2019 3.33% 1.56% 0.65% 1.32% 7.03%
2018 1.21% 0.54% 1.68% -3.85% -0.51%
2017 0.74% 0.48% 1.05% 1.14% 3.45%
2016 1.64% 2.69% 2.79% 2.13% 9.57%
2015 1.97% 0.48% -1.16% -1.20% 0.05%
2014 0.87% 1.12% -0.75% -0.58% 0.64%
2013 2.46% 0.28% 1.25% 1.61% 5.70%
2012 3.86% 0.60% 3.21% 1.70% 9.68%
2011 1.67% 0.27% -3.92% 3.27% 1.16%
2010 3.05% -0.95% 3.27% 2.51% 8.06%
2009 8.97% 11.84% 6.51% 2.29% 32.77%
2008 -3.37% 4.08% -5.08% -17.66% -21.39%
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 06/30/2021

Rating Assets
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 03/31/2021

  • We continue to have a broadly constructive view on loans even while acknowledging that today’s valuations are far less dislocated than they were for much of 2020. Management teams have broadly positioned balance sheets to weather any residual economic softness near term through a recently revived loan new issue market while also working to preserve margins.  While the pandemic has accelerated the secular headwinds of segments of the economy, it has produced structural changes with new beneficiaries. The Fund’s positioning currently reflects this view as we are investing in companies and industries that we believe are better poised to adapt to and benefit from these structural economic changes, such as housing, technology and online retail. We believe that vaccine optimism and the directly related economic reopening beneficiaries will stand to benefit the lower rated tiers of the credit market where valuations have lagged. Although the Fund maintained its constructive view on risk assets from last quarter, we adjusted the constituency of that risk to reflect the changing rate environment and valuations.  We have been swapping rate sensitive BB bonds into BB loans. We view the most attractive opportunities to be in CCCs, given historically tight B spread levels that are further constrained by repricing potential.
  • Within the last quarter, we decreased our exposure to high yield bonds based on our view of superior loan relative value as well as improving technicals in the market with the rising rate backdrop. Increased COVID-19 vaccine availability, a new round of fiscal stimulus, and continued recovery in the global economy sent rates and inflation expectations up, which in turn brought reinvigorated demand for low duration products. Within the loan space, we continue to find attractive opportunities in the reopening theme but have taken profits in some of the names that have run, shifting our focus to more consumer-oriented areas where there are tailwinds from stimulus and rates, e.g. financials and retail. We shifted some exposure back to loans from convertible bonds as well, as we believe the upside near-term trajectory of growth will be more muted and exhibit more volatility given the rate environment and where we are in the market cycle.

Portfolio Details as of 06/30/2021

Total Net Assets
$6.41 B
Number of Issues
646

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 07/26/2021
$0.148
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 06/30/2021 $0.02518 $8.44
Daily Daily 05/31/2021 $0.02630 $8.42
Daily Daily 04/30/2021 $0.02271 $8.38
Daily Daily 03/31/2021 $0.02401 $8.37
Daily Daily 02/28/2021 $0.02494 $8.39
Daily Daily 01/31/2021 $0.02571 $8.36

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 07/31/2021
Daily Daily 08/31/2021
Daily Daily 09/30/2021
Daily Daily 10/31/2021
Daily Daily 11/30/2021
Daily Daily 12/31/2021

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 $9.50

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/16/2021 12/17/2021

Fees & Expenses

Fees & Expenses

Expense Ratioas of 06/30/2021

1.10%

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
Publish Date:11/03/2015
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Fact Sheet
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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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