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Inflation Focused Fund

Summary

Summary

What is the Inflation Focused Fund?

The Fund seeks to deliver total returns that exceed the rate of inflation in the U.S. over a full inflation cycle and current income by combining investments in inflation-linked derivatives with a portfolio of fixed income securities.

EXPERIENCED INVESTMENT TEAM

The strategy is managed through a collaboration among 40+ investment professionals in portfolio management, credit research, and trading.

HIGHER INCOME POTENTIAL WITH LOWER DURATION

The strategy has provided the highest income stream in the Morningstar category and offers inflation protection with one-third the duration of the average TIPS-based portfolio.

TRUE INFLATION PROTECTION

The Fund has historically demonstrated negative correlation with Treasuries, providing diversification benefits to clients' portfolios.

Yield

Dividend Yield 1 as of 09/20/2019  

w/o sales charge 4.44%

30-Day Standardized Yield 2 as of 08/31/2019  

2.81%

Fund Basicsas of 08/30/2019

Total Net Assets
$1.14 B
Inception Date
04/29/2011
Dividend Frequency
Monthly
Fund Expense Ratio
0.46%
Number of Holdings
1384
Minimum Initial Investment
$1,000,000+

Fund Expense Ratio :

0.46%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge 2.13% -0.92% 2.69% -0.17% - 0.61%
Lipper Category Avg. Inflation Protected Bond Funds 7.41% 5.52% 2.40% 1.44% - -

Fund Expense Ratio :

0.46%

Fund Expense Ratio :

0.46%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge 3.12% 0.45% 3.39% -0.19% - 0.74%
Lipper Category Avg. Inflation Protected Bond Funds 5.51% 3.87% 1.94% 1.09% - -

Fund Expense Ratio :

0.46%

Type Assets
Investment Grade Corporate
ABS
CMBS
High Yield Corporate
Bank Loans
MBS
Sovereign
U.S. Government Related
Other
Cash
Maturity Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years

Credit Quality Distribution as of 08/30/2019 View Portfolio

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB
Not Rated

Investment Team

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

25 Years of Industry Experience

Andrew H. O'Brien
Andrew H. O'Brien, CFA

Partner & Portfolio Manager

21 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

18 Years of Industry Experience

Hyun Lee
Hyun Lee, CFA

Portfolio Manager

18 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

28 Years of Industry Experience

Supported By 66 Investment Professionals with 15 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 09/20/2019  

w/o sales charge 4.44%

30-Day Standardized Yield 2 as of 08/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 2.81% 2.81%

Fund Expense Ratio :

0.46%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge 2.13% -0.92% 2.69% -0.17% - 0.61%
Lipper Category Avg. Inflation Protected Bond Funds 7.41% 5.52% 2.40% 1.44% - -

Fund Expense Ratio :

0.46%

Fund Expense Ratio :

0.46%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge 3.12% 0.45% 3.39% -0.19% - 0.74%
Lipper Category Avg. Inflation Protected Bond Funds 5.51% 3.87% 1.94% 1.09% - -

Fund Expense Ratio :

0.46%

Year Fund Returns
2018 -1.08%
2017 1.45%
2016 5.25%
2015 -2.02%
2014 -5.01%
2013 -1.50%
2012 10.02%
2011 -3.31%
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 2.73% 0.38% - - 2.76%
2018 0.54% 1.00% 0.76% -3.32% -1.08%
2017 0.78% -1.56% 1.27% 0.98% 1.45%
2016 -0.85% -0.60% 2.59% 4.10% 5.25%
2015 -0.13% 1.77% -4.63% 1.08% -2.02%
2014 0.07% 2.26% -2.76% -4.54% -5.01%
2013 0.62% -3.70% 1.38% 0.27% -1.50%
2012 5.39% -0.87% 3.14% 2.10% 10.02%
2011 - - -5.93% 2.26% -3.31%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Investment Grade Corporate
ABS
CMBS
High Yield Corporate
Bank Loans
MBS
Sovereign
U.S. Government Related
Other
Cash
Rating Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years
7-9.99 years

Credit Quality Distribution as of 08/30/2019

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB
Not Rated

Portfolio Positioning as of 06/30/2019

  • The strategic design of this portfolio takes a different approach to inflation protection than its benchmark, which is comprised entirely of U.S. Treasury Inflation Protected Securities (“TIPS”). The portfolio combines a short-term bond strategy with an overlay of Consumer Price Index (“CPI”) swaps in order to hedge against inflation over a full cycle. CPI swaps detracted from the portfolio’s performance, as inflation expectations decreased during the quarter, primarily due to the decline in oil prices driven by fears of a slowing global economy, high U.S. inventory levels, and the U.S.-China trade conflict.
  • For the underlying bond portfolio, the portfolio maintained diversified exposure to various credit-sensitive sectors of the market. Following the volatility and spread widening that occurred in May, we increased the portfolio’s allocation to investment grade corporate bonds, focusing on the “BBB” credit tier. Given our views on an accommodative Fed policy, we believe further spread tightening will occur. We continue to favor securities within the financials and utilities sectors. We have also increased our allocation to the consumer staples sector, as we believe this sector will be protected in the event of a recessionary environment. Although we believe event risks associated with merger and acquisition activity exist within the sector, we are focusing on issuers that are unlikely to undergo additional leveraging events.
  • During the market volatility and spread widening that occurred within May, we increased the portfolio’s allocation to asset-backed securities (“ABS”), primarily within the auto loan space. ABS experienced stronger performance during the risk-off period and only widened one basis point. We continue to believe ABS provides a good source of liquidity and attractive risk-adjusted spreads.
  • We also continued to increase the portfolio’s allocation to bank loans. We believe short-term bank loans present relatively attractive opportunities for additional yield generation given the inversion within the U.S. Treasury yield curve. Additionally, we believe market expectations for Fed easing from the standpoint of timing or degree are overdone.
  • Following the significant tightening in commercial mortgage-backed security (“CMBS”) spreads, we reduced the portfolio’s allocation to the asset class. While we maintain a positive outlook in the commercial real-estate sector and continue to find attractive relative value, particularly within single-asset, single-borrower deals, we reduced the portfolio’s positioning to take advantage of opportunities within other asset classes, as we do not foresee CMBS spreads accelerating at the same rate.

Portfolio Details as of 08/30/2019

Total Net Assets
$1.14 B
Number of Issues
1384
Average Coupon
4.08%
Average Life
2.44 Years
Average Maturity
2.44 Years
Average Effective Duration
2.10 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 09/20/2019
$0.323
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 08/31/2019 $0.04173 $11.24
Daily Daily 07/31/2019 $0.03889 $11.46
Daily Daily 06/30/2019 $0.04009 $11.43
Daily Daily 05/31/2019 $0.03887 $11.42
Daily Daily 04/30/2019 $0.04449 $11.60
Daily Daily 03/31/2019 $0.04014 $11.51
Daily Daily 02/28/2019 $0.03948 $11.53
Daily Daily 01/31/2019 $0.03943 $11.49

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 09/30/2019
Daily Daily 10/31/2019
Daily Daily 11/30/2019
Daily Daily 12/31/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 08/31/2019

0.46%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Publish Date:11/03/2015
Annual Report
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Publish Date:11/03/2015
Fact Sheet
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Commentary
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Publish Date:11/03/2015

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Class I - SEC Returns reflect performance for Class I shares at Net Asset Value.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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