LHYOX | High Yield Fund Class F3 | Lord Abbett
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High Yield Fund

Summary

Summary

What is the High Yield Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in high yield corporate bonds.
 

A HERITAGE OF HIGH YIELD

Brings a 40+ year history of high-yield investing, focused on fundamental, bottom-up credit research.

AN OPPORTUNISTIC APPROACH

Provides the flexibility to adjust to the market environment and take advantage of opportunities across the credit spectrum.

STRONG TRACK RECORD

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 high-yield holding over a full market cycle.

Yield

Dividend Yield 1 as of 01/22/2021  

w/o sales charge 5.01%

30-Day Standardized Yield 2 as of 12/31/2020  

3.68%

Fund Basicsas of 12/31/2020

Total Net Assets
$8.42 B
Inception Date
04/05/2017
Dividend Frequency
Monthly
Fund Expense Ratio
0.62%
Number of Holdings
718

Fund Expense Ratio :

0.62%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 4.80% 4.80% 4.74% 7.77% 6.98% -
Lipper Category Avg. High Yield Funds 5.45% 5.45% 5.10% 7.12% 5.63% -
ICE BofA U.S. High Yield Constrained Index 6.07% 6.07% 5.85% 8.42% 6.61% -

Fund Expense Ratio :

0.62%

Fund Expense Ratio :

0.62%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 4.80% 4.80% 4.74% 7.77% 6.98% -
Lipper Category Avg. High Yield Funds 5.45% 5.45% 5.10% 7.12% 5.63% -
ICE BofA U.S. High Yield Constrained Index 6.07% 6.07% 5.85% 8.42% 6.61% -

Fund Expense Ratio :

0.62%

RELATED CONTENT

Uncovering Opportunity in a Rebounding U.S. High Yield Market
June 11, 2020

With the broad financial market recovery since late March, U.S. high yield is no longer as dislocated, but the rationale for a strategic allocation to the asset class remains intact in our view.

“Fallen Angels” Gain a Rising Profile in High Yield
June 1, 2020

Bonds downgraded from investment grade to speculative grade historically have outperformed other areas of high yield—but we believe a selective approach to these securities is crucial.

Weighing the Broader Impact of Crude Oil Price Volatility
April 24, 2020

Here, we assess the potential implications for key asset classes of the dramatic plunge in the price of May 2020 West Texas Intermediate crude oil.

Type Assets
High Yield Bonds
Equity
Bank Loans
Convertibles
Investment Grade Bonds
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 12/31/2020 View Portfolio

Rating Assets
A
BBB
BB
B
<B
Not Rated

INVESTMENT TEAM

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

19 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

29 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Managing Director & Portfolio Manager

12 Years of Industry Experience

Supported By 64 Investment Professionals with 17 Years Avg. Industry Experience

Contact a Representative

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Performance

Performance

Dividend Yield 1 as of 01/22/2021  

w/o sales charge 5.01%

30-Day Standardized Yield 2 as of 12/31/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.68% 3.68%

Fund Expense Ratio :

0.62%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 4.80% 4.80% 4.74% 7.77% 6.98% -
Lipper Category Avg. High Yield Funds 5.45% 5.45% 5.10% 7.12% 5.63% -
ICE BofA U.S. High Yield Constrained Index 6.07% 6.07% 5.85% 8.42% 6.61% -

Fund Expense Ratio :

0.62%

Fund Expense Ratio :

0.62%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 4.80% 4.80% 4.74% 7.77% 6.98% -
Lipper Category Avg. High Yield Funds 5.45% 5.45% 5.10% 7.12% 5.63% -
ICE BofA U.S. High Yield Constrained Index 6.07% 6.07% 5.85% 8.42% 6.61% -

Fund Expense Ratio :

0.62%

Year Fund Returns ICE BofA U.S. High Yield Constrained Index
2020 4.80% 6.07%
2019 15.36% 14.41%
2018 -4.95% -2.27%
2017 8.76% 7.48%
2016 16.32% 17.49%
2015 -1.94% -4.61%
2014 3.74% 2.51%
2013 9.96% 7.41%
2012 16.77% 15.55%
2011 3.45% 4.37%
2010 14.60% -
2009 50.86% -
2008 -23.11% -
2007 2.90% -
2006 - -
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 - - - - 1.26%
2020 -16.51% 10.76% 5.74% 7.18% 4.80%
2019 7.70% 3.83% 0.36% 2.79% 15.36%
2018 -0.99% 0.04% 2.48% -6.36% -4.95%
2017 2.88% 2.02% 2.52% 1.07% 8.76%
2016 2.23% 5.43% 5.53% 2.27% 16.32%
2015 3.25% 0.80% -4.13% -1.72% -1.94%
2014 2.98% 3.44% -1.76% -0.87% 3.74%
2013 4.03% -0.96% 2.70% 3.92% 9.96%
2012 6.68% 0.44% 5.12% 3.67% 16.77%
2011 3.88% 1.14% -6.92% 5.78% 3.45%
2010 4.99% -0.84% 6.39% 3.47% 14.60%
2009 6.04% 17.48% 14.04% 6.19% 50.86%
2008 -3.31% 2.09% -7.81% -15.52% -23.11%
2007 3.13% 0.26% 0.58% -1.06% 2.90%
2006 - - - 4.38% -

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
High Yield Bonds
Equity
Bank Loans
Convertibles
Investment Grade Bonds
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 12/31/2020

Rating Assets
A
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 09/30/2020

  • The Fund is overweight the basic industry sector, and more specifically the building and construction and building materials industries, as we have added to the portfolio’s exposure in homebuilders and repair and remodeling companies. COVID-19 lockdowns coupled with dramatically decreased travel demand allowed consumers to transfer their spending from vacations to home upgrades. Additionally, historically low new mortgage and refinancing rates have served as stimulus to jump start renovations and move new home buyers off the sidelines.
  • We continue to have a broadly constructive view on credit, and are positioning the Fund based on relative value, underlying fundamentals, and our top-down view. We are investing in the essential and nonessential industries that are benefiting from a continued reopening of the economy. The magnitude and scale of this global pandemic is causing some secular shifts even with the ultimate arrival of therapeutics and a vaccine. 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. We are still waiting for better data on the health, economic and consumer behavioral fronts before we get more constructive in unsecured risk of directly affected sectors such as airlines and crowd-oriented leisure. However, we have begun to selectively add higher quality paper in these industries primarily, but not exclusively, to secured bonds where we believe our commitments are well collateralized.

Portfolio Details as of 12/31/2020

Total Net Assets
$8.42 B
Number of Issues
718
Average Coupon
5.87%
Average Maturity
7.03 Years
Average Effective Duration
4.25 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 01/22/2021
$0
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 12/31/2020 $0.03138 $7.45
Daily Daily 11/30/2020 $0.03159 $7.34
Daily Daily 10/31/2020 $0.02989 $7.06
Daily Daily 09/30/2020 $0.03226 $7.04
Daily Daily 08/31/2020 $0.03251 $7.16
Daily Daily 07/31/2020 $0.03299 $7.06
Daily Daily 06/30/2020 $0.03413 $6.75
Daily Daily 05/31/2020 $0.03410 $6.72
Daily Daily 04/30/2020 $0.03520 $6.42
Daily Daily 03/31/2020 $0.03694 $6.19
Daily Daily 02/29/2020 $0.03499 $7.35
Daily Daily 01/31/2020 $0.03611 $7.50

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 01/31/2021
Daily Daily 02/28/2021
Daily Daily 03/31/2021
Daily Daily 04/30/2021
Daily Daily 05/31/2021
Daily Daily 06/30/2021
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

Fees & Expenses

Fees & Expenses

Expense Ratioas of 12/31/2020

0.62%

Fund Documents

Fund Documents

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The ICE BofA Merrill Lynch U.S. High Yield Constrained Index is a capitalization-weighted index of all US dollar denominated below investment grade corporate debt publicly issued in the US domestic market. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch), at least 18 months to final maturity at the time of issuance, at least one year remaining term to final maturity as of the rebalancing date, a fixed coupon schedule and a minimum amount outstanding of $100 million. The index caps individual issuer at 2%. Index constituents are capitalization-weighted, based on their current amount outstanding, provided the total allocation to an individual issuer does not exceed 2%. Issuers that exceed the limit are reduced to 2% and the face value of each of their bonds is adjusted on a pro-rata basis. The face values of bonds of all other issuers that fall below the 2% cap are increased on a pro-rata basis. In the event there are fewer than 50 issuers in the Index, each is equally weighted and the face values of their respective bonds are increased or decreased on a pro-rata basis.

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