LFRAX | Floating Rate Fund Class A | 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 12/07/2022  

w/o sales charge 6.60%
w/ sales charge 6.45%

30-Day Standardized Yield 2 as of 11/30/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 6.83% 6.82%

Expense Ratioas of 11/30/2022

Fund Basicsas of 10/31/2022

Total Net Assets
$6.61 B
Inception Date
12/31/2007
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
611
Minimum Initial Investment
$1,500+
 
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 :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge -1.95% -1.31% 1.00% 1.72% 2.97% 3.50%
Lipper Category Avg. Loan Participation Funds -2.77% -2.12% 1.37% 1.98% 2.67% -
CS Leveraged Loan Index - - - - - -
w/ sales charge -4.12% -3.50% 0.24% 1.26% 2.73% 3.34%

Fund Expense Ratio :

0.79%

Fund Expense Ratio :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge -4.13% -3.70% 0.19% 1.46% 2.83% 3.38%
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% 4.03%
w/ sales charge -6.25% -5.82% -0.55% 1.00% 2.59% 3.22%

Fund Expense Ratio :

0.79%

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 10/31/2022 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 12/07/2022  

w/o sales charge 6.60%
w/ sales charge 6.45%

30-Day Standardized Yield 2 as of 11/30/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 6.83% 6.82%

Fund Expense Ratio :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge -1.95% -1.31% 1.00% 1.72% 2.97% 3.50%
Lipper Category Avg. Loan Participation Funds -2.77% -2.12% 1.37% 1.98% 2.67% -
CS Leveraged Loan Index - - - - - -
w/ sales charge -4.12% -3.50% 0.24% 1.26% 2.73% 3.34%

Fund Expense Ratio :

0.79%

Fund Expense Ratio :

0.79%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2007
w/o sales charge -4.13% -3.70% 0.19% 1.46% 2.83% 3.38%
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% 4.03%
w/ sales charge -6.25% -5.82% -0.55% 1.00% 2.59% 3.22%

Fund Expense Ratio :

0.79%

Year Fund Returns CS Leveraged Loan Index
2021 5.13% 5.41%
2020 -1.70% 2.78%
2019 7.34% 8.17%
2018 -0.23% 1.14%
2017 3.86% 4.25%
2016 9.89% 9.88%
2015 0.35% -0.38%
2014 0.93% 2.06%
2013 5.89% 6.15%
2012 10.12% 9.43%
2011 1.44% -
2010 8.18% -
2009 32.26% -
2008 -21.31% -
2007 0.01% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -0.09% -5.20% 1.23% - -2.07%
2021 1.82% 1.80% 0.98% 0.44% 5.13%
2020 -15.76% 7.54% 3.79% 4.54% -1.70%
2019 3.41% 1.64% 0.61% 1.51% 7.34%
2018 1.17% 0.72% 1.76% -3.78% -0.23%
2017 0.92% 0.44% 1.12% 1.33% 3.86%
2016 1.72% 2.77% 2.98% 2.09% 9.89%
2015 2.05% 0.66% -1.09% -1.24% 0.35%
2014 1.05% 1.08% -0.58% -0.61% 0.93%
2013 2.52% 0.35% 1.21% 1.69% 5.89%
2012 4.06% 0.57% 3.39% 1.78% 10.12%
2011 1.85% 0.34% -3.95% 3.35% 1.44%
2010 3.07% -0.89% 3.23% 2.59% 8.18%
2009 8.97% 11.57% 6.33% 2.31% 32.26%
2008 -3.34% 4.10% -5.05% -17.64% -21.31%
2007 - - - - 0.01%

Growth of $10,000 as of 07/31/2021

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 10/31/2022

Rating Assets
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 9/30/2022

  • Recessionary risks became increasingly concerning for investors over the quarter given the combination of persistently high inflation and more hawkish messaging from the Fed on its commitment to bring down these price levels, even if it suppresses U.S. economic growth. As a result, we continued to shift the Fund to a more defensive posture, moving underweight CCC exposure and adding meaningfully to more liquid BBs and Bs. We made modest decreases to corporate bonds, primarily those that were longer dated. We also exited bonds and loans with lower liquidity in favor of shorter-dated, higher quality securities.
  • Within the loan space, we generally maintained our long-term focus on companies within 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 continued to reflect this thesis with significant overweight positions in both Health Care and IT sectors, which we believe will be aided by long-term secular tailwinds. That being said, we are mindful of our allocations in these sectors, focusing on higher quality issuers and trimming more stressed credits that have been subject to more persistent labor challenges, as well as regulatory headwinds. Within Health Care, we trimmed exposure to more specialized providers, such as 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 have favored automation and education technology, yet have been less constructive on high growth technology companies and semiconductors.
  • Given that inflation has been persistent, rates are rising, and recession risks are growing, 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 higher end consumers and more resilient segments like branded/luxury retail. Lastly, we have shifted Fund exposure to less cyclical sectors and into more defensive segments of the loan market. Notably, we have viewed Energy as a much more defensive sector than in the recent past given the fundamental behavioral changes of these companies, and as such have continued to be constructive in this sector over the third quarter.

Portfolio Details as of 10/31/2022

Total Net Assets
$6.61 B
Number of Issues
611
Average Maturity
4.24 Years
Average Yield to Worst
9.2%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 12/07/2022
$0.344
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2022 $0.04326 $7.89
Daily Daily 10/31/2022 $0.04305 $7.84
Daily Daily 09/30/2022 $0.03756 $7.80
Daily Daily 08/31/2022 $0.03552 $8.01
Daily Daily 07/31/2022 $0.03376 $7.94
Daily Daily 06/30/2022 $0.02776 $7.81
Daily Daily 05/31/2022 $0.02675 $8.05
Daily Daily 04/30/2022 $0.02482 $8.28
Daily Daily 03/31/2022 $0.02527 $8.32
Daily Daily 02/28/2022 $0.02306 $8.32
Daily Daily 01/31/2022 $0.02395 $8.39

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
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 $9.50

Upcoming Capital Gain Distribution

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

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 12/07/2022

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $8.05
$100,000 to $249,999 1.75% 1.50% $8.01
$250,000 to $499,999 1.25% 1.00% $7.97
$500,000 to $999,999 0.00% 1.00% $7.87
$1,000,000 to $5,000,000 0.00% 1.00% $7.87

Expense Ratioas of 11/30/2022

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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