LHYSX | High Yield Fund Class R4 | 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 04/22/2021  

w/o sales charge 4.63%

30-Day Standardized Yield 2 as of 03/31/2021  

3.61%

Fund Basicsas of 03/31/2021

Total Net Assets
$8.56 B
Inception Date
06/30/2015
Dividend Frequency
Monthly
Fund Expense Ratio
0.95%
Number of Holdings
765

Fund Expense Ratio :

0.95%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 1.71% 27.67% 5.41% 7.36% 6.43% -
Lipper Category Avg. High Yield Funds 1.11% 22.34% 5.82% 6.86% 5.37% -
ICE BofA U.S. High Yield Constrained Index 0.91% 23.22% 6.50% 7.92% 6.30% -

Fund Expense Ratio :

0.95%

Fund Expense Ratio :

0.95%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 1.71% 27.67% 5.41% 7.36% 6.43% -
Lipper Category Avg. High Yield Funds 1.11% 22.34% 5.82% 6.86% 5.37% -
ICE BofA U.S. High Yield Constrained Index 0.91% 23.22% 6.50% 7.92% 6.30% -

Fund Expense Ratio :

0.95%

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
Bank Loans
Equity
Investment Grade Bonds
Convertibles
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 03/31/2021 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

Karen  J. Gunnerson
Karen J. Gunnerson

Associate Portfolio Manager

8 Years of Industry Experience

Supported By 64 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 04/22/2021  

w/o sales charge 4.63%

30-Day Standardized Yield 2 as of 03/31/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.61% 3.61%

Fund Expense Ratio :

0.95%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 1.71% 27.67% 5.41% 7.36% 6.43% -
Lipper Category Avg. High Yield Funds 1.11% 22.34% 5.82% 6.86% 5.37% -
ICE BofA U.S. High Yield Constrained Index 0.91% 23.22% 6.50% 7.92% 6.30% -

Fund Expense Ratio :

0.95%

Fund Expense Ratio :

0.95%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge 1.71% 27.67% 5.41% 7.36% 6.43% -
Lipper Category Avg. High Yield Funds 1.11% 22.34% 5.82% 6.86% 5.37% -
ICE BofA U.S. High Yield Constrained Index 0.91% 23.22% 6.50% 7.92% 6.30% -

Fund Expense Ratio :

0.95%

Year Fund Returns ICE BofA U.S. High Yield Constrained Index
2020 4.58% 6.07%
2019 14.86% 14.41%
2018 -5.19% -2.27%
2017 8.46% 7.48%
2016 15.82% 17.49%
2015 -2.28% -4.61%
2014 3.42% 2.51%
2013 9.62% 7.41%
2012 16.41% 15.55%
2011 3.13% 4.37%
2010 14.25% -
2009 50.40% -
2008 -23.35% -
2007 2.58% -
2006 10.04% -
2005 1.24% -
2004 10.48% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 1.71% - - - 2.42%
2020 -16.68% 10.89% 5.67% 7.12% 4.58%
2019 7.49% 3.77% 0.27% 2.71% 14.86%
2018 -1.08% -0.05% 2.40% -6.35% -5.19%
2017 2.81% 1.97% 2.44% 0.99% 8.46%
2016 2.00% 5.36% 5.60% 2.05% 15.82%
2015 3.17% 0.72% -4.23% -1.81% -2.28%
2014 2.90% 3.36% -1.83% -0.95% 3.42%
2013 3.95% -1.04% 2.62% 3.84% 9.62%
2012 6.60% 0.36% 5.04% 3.59% 16.41%
2011 3.80% 1.06% -7.00% 5.70% 3.13%
2010 4.91% -0.92% 6.31% 3.39% 14.25%
2009 5.96% 17.40% 13.95% 6.11% 50.40%
2008 -3.38% 2.01% -7.88% -15.59% -23.35%
2007 3.06% 0.18% 0.50% -1.14% 2.58%
2006 2.64% 0.00% 2.80% 4.30% 10.04%
2005 -1.75% 1.53% 0.97% 0.51% 1.24%
2004 - - - 5.05% 10.48%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
High Yield Bonds
Bank Loans
Equity
Investment Grade Bonds
Convertibles
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 03/31/2021

Rating Assets
A
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 12/31/2020

  • One of the Fund’s largest overweight is in the leisure sector, which is largely driven by the Fund’s allocation to regional gaming credits, such as casinos. In our view, the gaming industry has benefitted from strong operating improvements due to drastic cost-cutting including reduced promotional spend, as well as pent-up demand. Our focus on regional gaming has also benefitted from an emphasis on operators who are less reliant on ‘fly-in’ customers and workweek business conferences, both of which are a larger part of the industry in international gaming centers such as Las Vegas. As gaming continued to recover, we began to pivot toward hotel and travel companies. We added to cruise lines, travel agencies, and other travel-related names, including airline operators that we believe are going above and beyond to increase revenue and passenger yields.
  • We continue to have a broadly constructive view on high yield credit 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 an active new issue market in 2020 while also working to preserve margins.  For 2021, we believe outperformance will more likely be driven by sleeves of opportunity within high yield as opposed to broad market moves.  We continue to see upside in fallen angels, many of which we believe will regain investment grade status over the coming year or two. Further, while the pandemic has accelerated the secular struggles of segments of the economy, it has produced structural changes with new beneficiaries.

Portfolio Details as of 03/31/2021

Total Net Assets
$8.56 B
Number of Issues
765
Average Coupon
5.76%
Average Maturity
7.08 Years
Average Effective Duration
3.95 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 04/22/2021
$0.086
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 03/31/2021 $0.02891 $7.46
Daily Daily 02/28/2021 $0.02917 $7.50
Daily Daily 01/31/2021 $0.02881 $7.44

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
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 03/31/2021

0.95%

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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