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Growth Leaders Fund

Summary

Summary

What is the Growth Leaders Fund?

The Fund seeks to deliver long-term growth of capital by investing primarily in stocks of U.S. companies.

Fund Basicsas of 10/31/2016

Total Net Assets
$2.13 B
Inception Date
06/30/2011
Dividend Frequency
Annually
Number of Holdings
85
CUSIP
543915326
Minimum Initial Investment
$1,500+

Expense Ratioas of 11/30/2016

Fund Expense Ratio :

Gross 0.99%

Net 0.85%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2011
w/o sales charge 0.89% 0.09% 6.93% 13.32% - 10.92%
Lipper Category Avg. Multi-Cap Growth Funds 2.53% 0.58% 5.69% 12.12% - -
Russell 1000® Growth Index 5.77% 4.22% 9.13% 14.14% - 12.22%
w/ sales charge -4.90% -5.65% 4.84% 11.99% - 9.71%

Fund Expense Ratio :

Gross 0.99%

Net 0.85%

Fund Expense Ratio :

Gross 0.99%

Net 0.85%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2011
w/o sales charge 2.53% 9.98% 9.35% 15.95% - 11.63%
Lipper Category Avg. Multi-Cap Growth Funds 3.51% 9.11% 8.10% 14.64% - -
Russell 1000® Growth Index 6.00% 13.76% 11.83% 16.60% - 12.68%
w/ sales charge -3.35% 3.66% 7.22% 14.58% - 10.37%

Fund Expense Ratio :

Gross 0.99%

Net 0.85%

RELATED CONTENT

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Principles of Portfolio Construction: Growth Leaders Fund
June 17, 2015

Thomas O’Halloran discusses the Fund’s guiding philosophy and investment process.

TEN LARGEST HOLDINGS as of 10/31/2016View Portfolio

Holding Assets
Alphabet, Inc. 5.7%
Amazon.com, Inc. 5.4%
Facebook, Inc. 5.3%
Microsoft Corp. 4.5%
Netflix, Inc. 3.1%
Apple, Inc. 2.9%
Visa, Inc. 2.8%
PayPal Holdings, Inc. 2.4%
NVIDIA Corp. 1.7%
Intuitive Surgical, Inc. 1.6%

Investment Team

F. Thomas O'Halloran
F. Thomas O'Halloran, J.D., CFA

Partner & Portfolio Manager

29 Years of Industry Experience

Arthur K. Weise
Arthur K. Weise, CFA

Partner & Portfolio Manager

23 Years of Industry Experience

Vernon Bice
Vernon Bice

Portfolio Manager

15 Years of Industry Experience

Supported By 38 Investment Professionals and 17 Years Avg. Industry Experience

Your Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Fund Expense Ratio :

Gross 0.99%

Net 0.85%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2011
w/o sales charge 0.89% 0.09% 6.93% 13.32% - 10.92%
Lipper Category Avg. Multi-Cap Growth Funds 2.53% 0.58% 5.69% 12.12% - -
Russell 1000® Growth Index 5.77% 4.22% 9.13% 14.14% - 12.22%
w/ sales charge -4.90% -5.65% 4.84% 11.99% - 9.71%

Fund Expense Ratio :

Gross 0.99%

Net 0.85%

Fund Expense Ratio :

Gross 0.99%

Net 0.85%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2011
w/o sales charge 2.53% 9.98% 9.35% 15.95% - 11.63%
Lipper Category Avg. Multi-Cap Growth Funds 3.51% 9.11% 8.10% 14.64% - -
Russell 1000® Growth Index 6.00% 13.76% 11.83% 16.60% - 12.68%
w/ sales charge -3.35% 3.66% 7.22% 14.58% - 10.37%

Fund Expense Ratio :

Gross 0.99%

Net 0.85%

Best returns

Durations Fund Returns Blended Index
3-Mo 15.41 14.69
1-Yr 46.73 33.48

Worst returns

Durations Fund Returns Blended Index
3-Mo -14.97 -13.14
1-Yr -0.39 5.76
Year Fund Returns Russell 1000® Growth Index
2015 6.68% 5.67%
2014 10.12% 13.05%
2013 46.73% 33.48%
2012 9.98% 15.26%
2011 -8.33% 2.64%
Year Q1 Q2 Q3 Q4 Yearly Returns
2016 -3.91% 0.65% 6.02% - 3.02%
2015 4.71% 1.21% -6.15% 7.26% 6.68%
2014 2.07% 3.60% -0.02% 4.16% 10.12%
2013 11.46% 7.21% 13.12% 8.55% 46.73%
2012 15.41% -5.85% 3.79% -2.49% 9.98%
2011 - - -14.97% 7.81% -8.33%

Growth of $10,000 as of 11/30/2016

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 09/30/2016

  • U.S. equities1 finished positive for the second consecutive quarter. Growth stocks2 outperformed value stocks3 during the quarter, while large-cap stocks4 lagged small-cap stocks.5 As we enter the final quarter of 2016, we are positioning the portfolio with a tilt toward secular-growth names that are regaining market leadership.
  • We cut the portfolio’s exposure to traditional retailers within the consumer discretionary sector, as these companies continued to lose market share to e-commerce.
  • We trimmed the portfolio’s exposure to the materials sector, rebalancing away from cyclical-growth areas that previously had been in favor, and toward secular-growth sectors that are emerging as market leaders.
  • We increased the portfolio’s exposure to the health care sector, continuing to favor the medical devices and services industries.
  • We increased the portfolio’s exposure to the information technology sector, as many secular-growth names within this sector began to be rewarded for their continued fundamental strength.
 

 

1The S&P 500® Index is widely regarded as the standard for measuring large cap U.S. stock market performance and includes a representative sample of leading companies in leading industries.

2The Russell 3000® Growth Index measures the performance of those Russell 3000 Index companies with higher price-to-book ratios and higher forecasted growth values.

3The Russell 3000® Value Index measures the performance of those Russell 3000 Index companies with lower price-to-book ratios and lower forecasted growth values.

4The Russell 1000® Index measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index.

5The Russell 2000® Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index.

 

 

 

PORTFOLIO DETAILS as of 10/31/2016

Total Net Assets
$2.13 B
Number of Holdings
85
Weighted Average Market Cap.
150.4 B
P/B Ratio
6.3x
Portfolio Turnover Ratio as of 10/30/2015
270.7%
P/E Ratio
35.6x

Contributors & Detractors as of  09/30/2016

Contributors

Holding Contribution
Amazon.com, Inc. 0.9%
Facebook Inc 0.7%
NVIDIA Corp. 0.6%
Alphabet, Inc. 0.5%
Apple, Inc. 0.3%

Detractors

Holding Contribution
Bristol Myers Squibb Co -0.4%
Dollar Gen Corp New -0.2%
Dave & Busters Entmt In -0.2%
Beacon Roofing Supply -0.1%
Criteo S A -0.1%

Attribution Analysis 

Growth Leaders Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 12/09/2016
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/27/2012 12/28/2012 12/28/2012 $0.03120 $15.16
11/19/2012 11/20/2012 11/20/2012 $0.01310 $14.96

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
11/23/2015 11/24/2015 $0.1145 $0.9853 $1.0998 $22.76

Upcoming Capital Gain Distribution

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 12/09/2016

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $50,000 5.75% 5.00% $24.58
$50,000 to $99,999 4.75% 4.00% $24.33
$100,000 to $249,999 3.95% 3.25% $24.12
$250,000 to $499,999 2.75% 2.25% $23.83
$500,000 to $999,999 1.95% 1.75% $23.63
$1,000,000 to $5,000,000 0.00% 1.00% $23.17

EXPENSE RATIOas of 11/30/2016

Fund Review

Fund Review

Market Reviewas of 09/30/2016

The U.S. equity market (as represented by the S&P 500® Index1) finished positive for the period. The U.S. Federal Reserve (Fed) held its benchmark interest rate unchanged for the third consecutive quarter, stating its desire to wait for further evidence of continued progress toward its objectives. While the unemployment rate remained unchanged, at 4.9% in August, the U.S. economy added 151,000 jobs, against an expected increase of 180,000. A mixed corporate earnings season, and continued Fed uncertainty, contributed to investor uncertainty during the quarter. 70% of companies in the S&P 500 reported second quarter earnings above their mean estimates, more than the five-year historical average of 67%, but just 53% of companies in the index reported second quarter sales above their mean estimates, less than the five-year historical average of 55%2. According to the third estimate from the Bureau of Economic Analysis,  U.S. real gross domestic product in the second quarter expanded by 1.4%,3 an upward revision from previous estimates, with a rise in nonresidential fixed investment as the primary contributor. The Fed noted that between July and August 2016, U.S. economic activity, as a whole, continued to expand in most districts around the country. The majority of districts reported little change in consumer spending and positive momentum in their nonfinancial services sectors. Manufacturing activity rose slightly, and activity in residential real estate markets “grew at a moderate pace,” even though there were constraints from shortages in available homes.4

International equities (as represented by the MSCI EAFE Index5) also rose during the third quarter. The key themes during the quarter were the market’s rapid recovery from the shock following the United Kingdom’s vote, on June 23, to leave the European Union (“Brexit”), as well as the continued emphasis on central bank action around the world. The United Kingdom’s FTSE 100 recovered more than 15% from post-Brexit lows, although the British pound has remained at near 30-year lows. Central banks across the globe continued on monetary-easing paths during the period. In September, the European Central Bank left interest rates unchanged at record lows, including the deposit rate at -0.4%. The Bank of Japan, at its September meeting, introduced “yield curve control” to regulate both short- and long-term rates, and committed itself to expand the monetary base until the Consumer Price Index exceeds 2%.

The S&P 500 returned 3.85% during the third quarter. Of the 10 major sectors, the information technology, industrials, materials, and financials sectors outperformed the broader market. Growth stocks6 outperformed value stocks7, while large-cap stocks8 lagged small-cap stocks.9

 

Fund Review as of 09/30/2016

The Fund* outperformed its benchmark, the Russell 1000® Growth Index,10 during the third quarter.

Security selection in the health care sector was the largest contributor to relative performance during the period. Within this sector, the Fund’s position in Veeva Systems, Inc., a provider of cloud-based software solutions for the life sciences industry, contributed most. Shares of Veeva Systems rose following strong quarterly results, highlighted by year-over-year revenue and billings growth of more than 30%, which led the company to raise its full-year guidance.

Security selection in the information technology sector was another contributor to relative performance during the period. Within this sector, the Fund’s holdings of NVIDIA Corp., a visual computing company, contributed most. Shares of NVIDIA rose throughout the period, boosted by better than estimated quarterly results and the announcement of a new chip for autonomous vehicles.

Security selection in the industrials sector detracted most from relative performance during the period. Within this sector, the Fund’s holdings of Beacon Roofing Supply, Inc., a distributor of roofing materials in the United States and Canada, detracted most. Shares of Beacon Roofing faced weakness in September due to investor concerns that new construction in U.S. was peaking.

The consumer discretionary sector also detracted from relative performance during the period. Within this sector, the Fund’s holdings of Dave & Busters Entertainment, Inc., the owner and operator of entertainment and dining venues under the name Dave & Buster's, detracted most. Shares of Dave & Busters issued forward guidance below consensus estimates due to slowing macro trends in the restaurant industry as a whole.  

Please refer to www.lordabbett.com under the “Portfolio” tab for a complete list of holdings of the Fund, including the securities discussed above.

Outlook

We believe the domestic economy will continue to exhibit relative strength in a slow-growth global environment. As we enter the final quarter of 2016, we are positioning the Fund’s portfolio with a tilt toward secular-growth names that are regaining market leadership. In the past quarter, we have increased the portfolio’s exposure to the health care sector, continuing to favor the medical devices and services industries, while over the past three months we have cut the portfolio’s exposure to traditional retailers and restaurants within the consumer discretionary sector, as retailers continue to lose market share to e-commerce and restaurants continue to face wage pressure and decreasing customer traffic.

*Class A share at net asset value (NAV). For the latest NAV, including maximum sales charges (MOP) performance information, visit us at lordabbett.com. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted.  

Fund Documents

Fund Documents

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Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

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