LIFAX | Inflation Focused Fund Class A | Lord Abbett

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Inflation Focused Fund

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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 swaps with a portfolio of short duration credit. 
 

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

By utilizing short duration credit, the strategy generates the highest income stream in the Morningstar category with one-third the duration of the average TIPS-based portfolio.

TRUE INFLATION PROTECTION

By using inflation swaps to hedge exposure to investor expectations of future inflation, the strategy isolates inflation risk with much less nominal interest rate exposure than the Morningstar category.  As such, the strategy is designed to do well when inflation expectation increase.

Yield

Average Yield to Maturity as of 06/28/2024

5.94%

30-Day Standardized Yield 1 as of 06/30/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 4.60% 4.59%

Fund Basicsas of 06/28/2024

Total Net Assets
$834.18 M
Inception Date
04/29/2011
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.73%
Fund Net Expense Ratio
0.73%
Number of Holdings
590
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

Gross 0.73%

Net 0.73%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge 2.65% 5.23% 1.91% 3.87% 1.72% 1.79%
Lipper Category Avg. Inflation Protected Bond Funds 1.16% 3.37% -0.81% 2.00% 1.50% -
Bloomberg U.S. TIPS 1-5 Year Index 2.05% 5.25% 1.64% 2.98% 1.94% 1.73%
w/ sales charge 0.30% 2.90% 1.14% 3.40% 1.49% 1.61%

Fund Expense Ratio :

Gross 0.73%

Net 0.73%

Fund Expense Ratio :

Gross 0.73%

Net 0.73%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge 2.65% 5.23% 1.91% 3.87% 1.72% 1.79%
Lipper Category Avg. Inflation Protected Bond Funds 1.16% 3.37% -0.81% 2.00% 1.50% -
Bloomberg U.S. TIPS 1-5 Year Index 2.05% 5.25% 1.64% 2.98% 1.94% 1.73%
w/ sales charge 0.30% 2.90% 1.14% 3.40% 1.49% 1.61%

Fund Expense Ratio :

Gross 0.73%

Net 0.73%

Type Assets
Investment Grade Corporate
ABS
CLO
High Yield Corporate
CMBS
MBS
Bank Loans
Sovereign
Other
Cash
Maturity Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years

Credit Quality Distribution as of 06/28/2024 View Portfolio

Rating Assets
Agency
AAA
AA
A
BBB
<BBB
Not Rated

INVESTMENT TEAM

Kewjin Yuoh
Kewjin Yuoh

Partner, Portfolio Manager

30 Years of Industry Experience

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

Partner, Portfolio Manager

26 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

23 Years of Industry Experience

Leah G. Traub
Leah G. Traub, Ph.D.

Partner & Portfolio Manager

23 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

33 Years of Industry Experience

Supported By 82 Investment Professionals with 17 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Maturity as of 06/28/2024

5.94%

30-Day Standardized Yield 1 as of 06/30/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 4.60% 4.59%

Fund Expense Ratio :

Gross 0.73%

Net 0.73%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge 2.65% 5.23% 1.91% 3.87% 1.72% 1.79%
Lipper Category Avg. Inflation Protected Bond Funds 1.16% 3.37% -0.81% 2.00% 1.50% -
Bloomberg U.S. TIPS 1-5 Year Index 2.05% 5.25% 1.64% 2.98% 1.94% 1.73%
w/ sales charge 0.30% 2.90% 1.14% 3.40% 1.49% 1.61%

Fund Expense Ratio :

Gross 0.73%

Net 0.73%

Fund Expense Ratio :

Gross 0.73%

Net 0.73%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/29/2011
w/o sales charge 2.65% 5.23% 1.91% 3.87% 1.72% 1.79%
Lipper Category Avg. Inflation Protected Bond Funds 1.16% 3.37% -0.81% 2.00% 1.50% -
Bloomberg U.S. TIPS 1-5 Year Index 2.05% 5.25% 1.64% 2.98% 1.94% 1.73%
w/ sales charge 0.30% 2.90% 1.14% 3.40% 1.49% 1.61%

Fund Expense Ratio :

Gross 0.73%

Net 0.73%

Year Fund Returns Bloomberg U.S. TIPS 1-5 Year Index
2023 4.10% 4.44%
2022 -4.85% -3.96%
2021 10.29% 5.53%
2020 5.93% 5.70%
2019 4.86% 5.08%
2018 -1.28% 0.41%
2017 1.33% 0.80%
2016 4.96% 3.13%
2015 -2.22% -0.14%
2014 -5.20% -1.13%
2013 -1.76% -
2012 9.87% -
Year Q1 Q2 Q3 Q4
2024 1.28% 1.35% - -
2023 2.70% -1.12% -0.19% 2.71%
2022 -0.49% -4.02% -2.27% 1.94%
2021 4.26% 1.62% 2.27% 1.79%
2020 -14.80% 10.55% 6.13% 5.96%
2019 2.60% 0.41% -1.37% 3.19%
2018 0.40% 0.95% 0.71% -3.28%
2017 0.73% -1.53% 1.13% 1.01%
2016 -0.90% -0.65% 2.45% 4.05%
2015 -0.17% 1.72% -4.68% 1.03%
2014 0.02% 2.20% -2.74% -4.66%
2013 0.51% -3.67% 1.32% 0.15%
2012 5.40% -0.99% 3.16% 2.05%

Growth of $10,000 as of 06/30/2024

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Investment Grade Corporate
ABS
CLO
High Yield Corporate
CMBS
MBS
Bank Loans
Sovereign
Other
Cash
Rating Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years

Credit Quality Distribution as of 06/28/2024

Rating Assets
Agency
AAA
AA
A
BBB
<BBB
Not Rated

Portfolio Positioning as of 03/31/2024

  • The Fund maintains an allocation to CPI Swaps designed to protect investors’ purchasing power during periods of rising inflation. As inflation expectations increased, the Fund’s inflation protection led to a positive impact on performance.
  • The portfolio’s allocation to investment grade corporate bonds was the primary contributor to relative returns, primarily within the Financials and Energy sectors. Within Energy, we find attractive relative value, particularly in issues where we believe improving fundamentals are not appropriately reflected in credit ratings. Over the quarter, we increased the portfolio’s allocation to investment grade corporates, mainly within the Energy and Insurance sectors.
  • Allocations to asset-backed securities (ABS) and Collateralized Loan Obligations (CLO) also contributed to relative returns given the asset classes’ greater carry and some spread compression. We continue to favor high-quality ABS within the auto sector, focusing on newly originated loans with superior underwriting. Over the quarter, we decreased the portfolio’s allocation to some ABS deals with tighter credit spreads to pursue attractive relative value opportunities in other sectors. The portfolio’s CLO allocation is primarily composed of highly rated securities with short average lives and low spread volatility.
  • Duration positioning was the key detractor from relative performance over the quarter. Being overweight duration versus the benchmark detracted as U.S. Treasury rates moved higher during the period.

Portfolio Details as of 06/28/2024

Total Net Assets
$834.18 M
Average Effective Duration
2.99 Years
Average Life
1.92 Years
Average Maturity
1.93 Years
Number of Issues
590
Average Yield to Maturity
5.94%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 07/17/2024
$0.24245
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 06/30/2024 $0.04341 $11.59
Daily Daily 05/31/2024 $0.04050 $11.58
Daily Daily 04/30/2024 $0.04129 $11.50
Daily Daily 03/31/2024 $0.04006 $11.56
Daily Daily 02/29/2024 $0.03721 $11.51
Daily Daily 01/31/2024 $0.03999 $11.56

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 07/31/2024
Daily Daily 08/31/2024
Daily Daily 09/30/2024
Daily Daily 10/31/2024
Daily Daily 11/30/2024
Daily Daily 12/31/2024

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 07/17/2024

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $11.90
$100,000 to $249,999 1.75% 1.50% $11.84
$250,000 to $499,999 1.25% 1.00% $11.78
Greater than $500,000 0.00% 1.00% $11.63

Expense Ratioas of 06/30/2024

Fund Gross Expense Ratio 0.73%
Fund Net Expense Ratio 0.73%
Adjusted Expense Ratio -

Fund Documents

Fund Documents

0Documents selected
Portfolio Holdings 1Q
Publish Date:11/03/2015
Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
Publish Date:11/03/2015
Statutory Prospectus
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015
* includes items 7-11 of form N-CSR as required, if any.

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