LRRVX | Floating Rate Fund Class R6 | 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 10/06/2022  

w/o sales charge 6.02%

30-Day Standardized Yield 2 as of 08/31/2022  

5.66%

Fund Basicsas of 08/31/2022

Total Net Assets
$7.59 B
Inception Date
06/30/2015
Dividend Frequency
Monthly
Fund Expense Ratio
0.53%
Number of Holdings
663
 
Inflation Resource Center

Flexible Fixed-Income Solutions for a Number of Market Outcomes

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.

Learn More

 

 

Fund Expense Ratio :

0.53%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -3.93% -3.43% 0.46% 1.73% 3.11% -
Lipper Category Avg. Loan Participation Funds -4.85% -4.41% 0.63% 1.67% 2.53% -
CS Leveraged Loan Index -3.31% -2.61% 2.13% 3.00% 3.70% -

Fund Expense Ratio :

0.53%

Fund Expense Ratio :

0.53%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -3.93% -3.43% 0.46% 1.73% 3.11% -
Lipper Category Avg. Loan Participation Funds -4.85% -4.41% 0.63% 1.67% 2.53% -
CS Leveraged Loan Index -3.31% -2.61% 2.13% 3.00% 3.70% -

Fund Expense Ratio :

0.53%

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 08/31/2022 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

Partner, 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 10/06/2022  

w/o sales charge 6.02%

30-Day Standardized Yield 2 as of 08/31/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 5.66% 5.66%

Fund Expense Ratio :

0.53%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -3.93% -3.43% 0.46% 1.73% 3.11% -
Lipper Category Avg. Loan Participation Funds -4.85% -4.41% 0.63% 1.67% 2.53% -
CS Leveraged Loan Index -3.31% -2.61% 2.13% 3.00% 3.70% -

Fund Expense Ratio :

0.53%

Fund Expense Ratio :

0.53%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -3.93% -3.43% 0.46% 1.73% 3.11% -
Lipper Category Avg. Loan Participation Funds -4.85% -4.41% 0.63% 1.67% 2.53% -
CS Leveraged Loan Index -3.31% -2.61% 2.13% 3.00% 3.70% -

Fund Expense Ratio :

0.53%

Year Fund Returns CS Leveraged Loan Index
2021 5.41% 5.41%
2020 -1.44% 2.78%
2019 7.61% 8.17%
2018 0.04% 1.14%
2017 4.13% 4.25%
2016 10.18% 9.88%
2015 0.62% -0.38%
2014 1.21% 2.06%
2013 6.28% 6.15%
2012 10.28% 9.43%
2011 1.72% -
2010 8.65% -
2009 32.91% -
2008 -20.94% -
2007 0.01% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -0.03% -5.13% 1.30% - -3.07%
2021 1.89% 1.87% 1.04% 0.51% 5.41%
2020 -15.68% 7.61% 3.85% 4.60% -1.44%
2019 3.47% 1.70% 0.68% 1.57% 7.61%
2018 1.23% 0.78% 1.82% -3.71% 0.04%
2017 0.98% 0.51% 1.19% 1.40% 4.13%
2016 1.78% 2.83% 3.05% 2.16% 10.18%
2015 2.11% 0.73% -1.13% -1.07% 0.62%
2014 1.01% 1.26% -0.51% -0.54% 1.21%
2013 2.70% 0.42% 1.28% 1.75% 6.28%
2012 4.12% 0.63% 3.34% 1.85% 10.28%
2011 1.81% 0.41% -3.78% 3.41% 1.72%
2010 3.18% -0.82% 3.42% 2.66% 8.65%
2009 9.11% 11.72% 6.56% 2.32% 32.91%
2008 -3.23% 4.22% -4.94% -17.54% -20.94%
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 08/31/2022

Rating Assets
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 6/30/2022

  • Recessionary risks ticked higher in the second quarter given the combination of persistently red-hot inflation, an increasingly hawkish Fed stance, slowing global growth, and an ongoing war in Ukraine. As a result, we continued to shift the Fund to a moderately more defensive posture, moving underweight CCC exposure and adding meaningfully to BBs. We also made modest increases to both corporate bonds and loans, mostly in defensive areas. We exited less liquid bonds and loans in favor of shorter-dated, higher quality bonds and loans.
  • 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 Health Care and Information Technology (IT) 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 Health Care, we are being more cautious on the dental and vision providers as we are seeing more wage and cost pressures than we expected. A large portion of our overweight to this sector is within the biotech payers and providers. Within IT, we are neutral semiconductor companies, avoiding very high growth technology companies, and overweight software, automation, and education tech.
  • Given persistent inflation, rising rates, and recessionary risk growing modestly, we are avoiding cost sensitive areas including housing, mortgage-related, low-end consumer, and AUM-focused financial services. On the other hand, the Fund is positioned in inflation and rate winners, specifically in real assets and financials that are geared to higher rates and volatility tailwinds.  We also remain generally constructive on the consumer, but we are now targeting higher end consumers and more resilient segments like branded/luxury retail. Lastly, we view Energy as a much more defensive sector than in recent past given the fundamental behavioral changes of companies within the sector, and as such have added exposure here over the quarter.
  • We continue to position the Fund’s risk profile in the context of increased recession risks and the potential spread widening that could follow. We remain generally constructive on leveraged loans as initial signs are emerging that the economy has begun to soften, and inflation is slowing. Supply chain constraints are also easing. Together these provide an improving backdrop for risk assets. The U.S. Federal Reserve response remains a key factor in performance for loans and risk assets more broadly. Leveraged loans currently are offering a 9.8% yield, just slightly inside of the 10.3% peak COVID yield, which is substantial compensation for the current landscape. Separately, leveraged loan corporate fundamentals remain at relatively strong levels. Interest coverage remains healthy and while cash flow coverage has declined slightly over the last two quarters, there should be cushion for an increase in rates of as much as 2%.

Portfolio Details as of 08/31/2022

Total Net Assets
$7.59 B
Number of Issues
663
Average Maturity
4.49 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 10/06/2022
$0.274
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 09/30/2022 $0.03946 $7.81
Daily Daily 08/31/2022 $0.03749 $8.02
Daily Daily 07/31/2022 $0.03568 $7.95
Daily Daily 06/30/2022 $0.02958 $7.82
Daily Daily 05/31/2022 $0.02852 $8.06
Daily Daily 04/30/2022 $0.02656 $8.29
Daily Daily 03/31/2022 $0.02707 $8.33
Daily Daily 02/28/2022 $0.02467 $8.33
Daily Daily 01/31/2022 $0.02579 $8.40

Upcoming Dividend Payment Dates

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

Fees & Expenses

Fees & Expenses

Expense Ratioas of 09/30/2022

0.53%

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
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Semi-Annual Report
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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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