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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 05/29/2020  

w/o sales charge 5.93%

30-Day Standardized Yield 2 as of 04/30/2020  

6.40%

Fund Basicsas of 04/30/2020

Total Net Assets
$5.87 B
Inception Date
06/30/2015
Dividend Frequency
Monthly
Fund Expense Ratio
0.96%
Number of Holdings
677

Fund Expense Ratio :

0.96%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -13.12% -8.71% -0.48% 2.14% 5.34% -
Lipper Category Avg. High Yield Funds -9.70% -5.56% 0.80% 2.23% 4.73% -
ICE BofA U.S. High Yield Constrained Index -9.83% -5.27% 1.42% 3.20% 5.65% -

Fund Expense Ratio :

0.96%

Fund Expense Ratio :

0.96%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -16.68% -10.96% -1.45% 1.54% 5.14% -
Lipper Category Avg. High Yield Funds -12.75% -7.48% -0.01% 1.76% 4.58% -
ICE BofA U.S. High Yield Constrained Index -13.13% -7.46% 0.55% 2.67% 5.49% -

Fund Expense Ratio :

0.96%

RELATED CONTENT

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.

U.S. High Yield: Navigating Through the Volatility
March 31, 2020

Lord Abbett experts assess the challenges—and opportunities—they’re finding in today’s U.S. high yield market.

U.S. High Yield: What Does History Tell Us about Elevated Spreads?
March 20, 2020

During the past few decades, U.S. high yield spreads have rarely stayed above 800 basis points for very long. What are the implications for investors?

Type Assets
High Yield Bonds
Investment Grade Bonds
Bank Loans
Equity
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 04/30/2020 View Portfolio

Rating Assets
A
BBB
BB
B
<B
Not Rated

INVESTMENT TEAM

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

19 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

29 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Managing Director & Portfolio Manager

12 Years of Industry Experience

Supported By 62 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 05/29/2020  

w/o sales charge 5.93%

30-Day Standardized Yield 2 as of 04/30/2020  

  Subsidized3 Un-Subsidized4
w/o sales charge 6.40% 6.40%

Fund Expense Ratio :

0.96%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -13.12% -8.71% -0.48% 2.14% 5.34% -
Lipper Category Avg. High Yield Funds -9.70% -5.56% 0.80% 2.23% 4.73% -
ICE BofA U.S. High Yield Constrained Index -9.83% -5.27% 1.42% 3.20% 5.65% -

Fund Expense Ratio :

0.96%

Fund Expense Ratio :

0.96%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -16.68% -10.96% -1.45% 1.54% 5.14% -
Lipper Category Avg. High Yield Funds -12.75% -7.48% -0.01% 1.76% 4.58% -
ICE BofA U.S. High Yield Constrained Index -13.13% -7.46% 0.55% 2.67% 5.49% -

Fund Expense Ratio :

0.96%

Year Fund Returns ICE BofA U.S. High Yield Constrained Index
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% 15.07%
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
2020 -16.68% - - - -8.46%
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
Investment Grade Bonds
Bank Loans
Equity
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 04/30/2020

Rating Assets
A
BBB
BB
B
<B
Not Rated

Portfolio Positioning as of 03/31/2020

  • We are tailoring the portfolio overall to be higher in quality and more focused on non-cyclical exposures, most notably the media and health care sectors. We are, however, opportunistic in several cyclical sectors such as gaming and airlines.
  • The portfolio is underweight the energy sector following outperformance over the turn of the year and slowing macro momentum. The portfolio has remained underweight the subsectors of refiners and midstream over this time. We plan to remain up-in-quality in our already underweight energy exposure, with a particular focus on scale, liquidity, long operating history, strong reserve coverage to debt and any near term strategic catalysts. 
  • As of quarter-end, the portfolio had modest allocations to out-of-index sectors, such as bank loans, convertibles, investment grade bonds, and equities. We believe select exposures to these sectors offer attractive risk-reward opportunities, potential portfolio diversification benefits and avenues for liquidity. However, we view the Federal Reserve’s decision to cut the federal funds rate as a headwind to bank loans and have since pared back on our exposure to the asset class.  
  • Despite the economic vigor that was building in 2019 through early 2020, the curtailment of economic activity subsequent to coronavirus-related mitigation measures will likely delay any economic growth until the back half of the year. We believe the recovery will favor higher quality segments of the market first, due largely to liquidity and the technical backdrop. More notably, we are constructive on the ‘BB’ tier, as we believe the segment will be an early beneficiary of a recovery in the credit markets. Current valuations with index spreads of approximately 900-1000 basis points suggest a recession has been fully priced in based on valuations seen in prior cycles.  

Portfolio Details as of 04/30/2020

Total Net Assets
$5.87 B
Number of Issues
677
Average Coupon
5.99%
Average Maturity
7.3 Years
Average Effective Duration
4.74 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 05/29/2020
$0.134
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2020 $0.03216 $6.69
Daily Daily 04/30/2020 $0.03308 $6.38
Daily Daily 03/31/2020 $0.03472 $6.15
Daily Daily 02/29/2020 $0.03283 $7.31
Daily Daily 01/31/2020 $0.03379 $7.46

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 05/31/2020
Daily Daily 06/30/2020
Daily Daily 07/31/2020
Daily Daily 08/31/2020
Daily Daily 09/30/2020
Daily Daily 10/31/2020
Daily Daily 11/30/2020
Daily Daily 12/31/2020

Fees & Expenses

Fees & Expenses

Expense Ratioas of 04/30/2020

0.96%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
n/a
Statutory Prospectus
Publish Date:11/03/2015
n/a
Prospectus (XBRL)
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
Publish Date:11/03/2015
n/a
Publish Date:11/03/2015

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Class R4 - The inception date for Class R4 shares is June 30, 2015. The performance quotations for Class R4 are based on the following methods of calculation: (a) for periods prior to June 30, 2015, a restated figure is used based on the historical performance of the Fund’s portfolio since inception to reflect all charges and fees applicable to Class R4 shares; and (b) for periods after June 30, 2015, actual Class R4 performance is used, which reflects all charges and fees applicable to Class R4 shares.

Class R4 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

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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