LICRX | International Equity Fund Class R3 | Lord Abbett

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International Equity Fund

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Summary

Summary

What is the International Equity Fund?

The Fund seeks to deliver long-term growth of capital by investing primarily in stocks of international companies.

Fund Basicsas of 03/31/2022

Total Net Assets
$360.10 M
Inception Date
09/28/2007
Dividend Frequency
Annually
Fund Gross Expense Ratio
1.44%
Fund Net Expense Ratio
1.42%
Number of Holdings
100

Fund Expense Ratio :

Gross 1.44%

Net 1.42%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -15.41% -11.35% 5.72% 4.49% 4.04% 0.89%
Lipper Category Avg. International Large-Cp Gro Fds -18.18% -15.07% 5.62% 6.16% 5.97% -
MSCI ACWI ex USA Index (Net) -11.38% -10.31% 4.30% 4.94% 5.04% 1.89%

Fund Expense Ratio :

Gross 1.44%

Net 1.42%

Fund Expense Ratio :

Gross 1.44%

Net 1.42%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -9.62% -2.03% 9.09% 6.49% 4.57% 1.36%
Lipper Category Avg. International Large-Cp Gro Fds -11.37% -4.60% 9.68% 8.54% 6.70% -
MSCI ACWI ex USA Index (Net) -5.44% -1.48% 7.51% 6.76% 5.55% 2.36%

Fund Expense Ratio :

Gross 1.44%

Net 1.42%

Countryas of 03/31/2022View Portfolio

Country Assets
Japan 16.1%
France 15.4%
United Kingdom 11.2%
Switzerland 8.1%
China 4.5%
Denmark 4.4%
Netherlands 4.0%
Australia 3.9%
Sweden 3.7%
Canada 3.6%
India 3.5%
Germany 3.5%
Taiwan 2.3%
Spain 2.3%
Hong Kong 2.2%
Cash 1.9%
Mexico 1.6%
Austria 1.4%
Norway 1.4%
Republic of Korea 1.3%
Singapore 1.3%
Indonesia 0.9%
Ireland 0.8%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowDown5.6%
Asia/Pacific arrowUp4.6%
Japan arrowDown1.2%
United Kingdom arrowUp2.0%
Americas arrowDown0.1%
Cash arrowUp0.2%

INVESTMENT TEAM

Matthias A. Knerr
Matthias A. Knerr, CFA

Portfolio Manager

26 Years of Industry Experience

Sue Kim
Sue Kim

Managing Director, Director of Global and Emerging Market Equities

21 Years of Industry Experience

Todd D. Jacobson
Todd D. Jacobson, CFA

Partner & Portfolio Manager

33 Years of Industry Experience

Supported By 34 Investment Professionals with 19 Years Avg. Industry Experience

YOUR REPRESENTATIVE

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Performance

Performance

Fund Expense Ratio :

Gross 1.44%

Net 1.42%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -15.41% -11.35% 5.72% 4.49% 4.04% 0.89%
Lipper Category Avg. International Large-Cp Gro Fds -18.18% -15.07% 5.62% 6.16% 5.97% -
MSCI ACWI ex USA Index (Net) -11.38% -10.31% 4.30% 4.94% 5.04% 1.89%

Fund Expense Ratio :

Gross 1.44%

Net 1.42%

Fund Expense Ratio :

Gross 1.44%

Net 1.42%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge -9.62% -2.03% 9.09% 6.49% 4.57% 1.36%
Lipper Category Avg. International Large-Cp Gro Fds -11.37% -4.60% 9.68% 8.54% 6.70% -
MSCI ACWI ex USA Index (Net) -5.44% -1.48% 7.51% 6.76% 5.55% 2.36%

Fund Expense Ratio :

Gross 1.44%

Net 1.42%

Year Fund Returns MSCI ACWI ex USA Index (Net)
2021 11.39% 7.82%
2020 16.57% 10.65%
2019 21.14% 21.51%
2018 -18.39% -14.20%
2017 24.71% 27.19%
2016 -2.04% 4.50%
2015 -2.90% -5.66%
2014 -9.64% -3.87%
2013 22.17% 15.29%
2012 14.47% 16.83%
2011 -12.35% -
2010 6.35% -
2009 33.06% -
2008 -42.70% -
2007 13.50% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -9.62% - - - -
2021 2.76% 5.93% -1.06% 3.42% 11.39%
2020 -21.94% 18.04% 7.88% 17.27% 16.57%
2019 9.49% 4.38% -2.56% 8.78% 21.14%
2018 -1.07% -5.17% 0.30% -13.28% -18.39%
2017 5.66% 5.28% 7.36% 4.43% 24.71%
2016 -3.01% -2.93% 6.93% -2.70% -2.04%
2015 3.78% -0.39% -9.01% 3.24% -2.90%
2014 -1.94% 3.88% -6.14% -5.50% -9.64%
2013 3.88% -0.50% 10.68% 6.80% 22.17%
2012 11.20% -7.81% 6.03% 5.32% 14.47%
2011 4.39% 1.67% -20.14% 3.41% -12.35%
2010 0.00% -14.98% 18.24% 5.80% 6.35%
2009 -13.69% 28.40% 20.66% -0.49% 33.06%
2008 -9.99% -1.85% -20.67% -18.24% -42.70%
2007 3.43% 8.11% 3.13% -1.58% 13.50%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Countryas of 03/31/2022

Country Assets
Japan 16.1%
France 15.4%
United Kingdom 11.2%
Switzerland 8.1%
China 4.5%
Denmark 4.4%
Netherlands 4.0%
Australia 3.9%
Sweden 3.7%
Canada 3.6%
India 3.5%
Germany 3.5%
Taiwan 2.3%
Spain 2.3%
Hong Kong 2.2%
Cash 1.9%
Mexico 1.6%
Austria 1.4%
Norway 1.4%
Republic of Korea 1.3%
Singapore 1.3%
Indonesia 0.9%
Ireland 0.8%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowDown5.6%
Asia/Pacific arrowUp4.6%
Japan arrowDown1.2%
United Kingdom arrowUp2.0%
Americas arrowDown0.1%
Cash arrowUp0.2%

Portfolio Positioningas of 03/31/2022

  • As we think about the first quarter, non-U.S. equities marginally underperformed U.S. equities, with the S&P 500, MSCI ACWI ex-US, and MSCI EM Indices returning -5.12%, -5.33% and -6.92%, respectively. If we look under the hood, growth considerably underperformed value in non-U.S. equities.  The MSCI ACWI ex-US Growth Index ended up underperforming the value index by just about 1100bps. Overseas market performance is often driven by many of the same factors that affect U.S. equity markets, and this latest quarter was no different, with red-hot inflation and a hawkish Fed having a meaningful impact.
  • Inflation has been a major theme in recent quarters and remains a driver of the Fund’s positioning. As higher inflation leads to higher interest rates, growth stocks are faced with headwinds; therefore, value exposure provides counterbalance. Within value, banking, energy, and metals/mining are benefiting. The Fund is well-exposed to each of those sectors. BHP Group Ltd. (1.8%), Anglo American PLC (1.4%), and Equinor ASA (1.2%) are all notable positions and were all contributors to relative performance over the quarter. Within consumer staples, we added Koninklijke Ahold N.V. (0.8%), which is a Danish supermarket chain. Supermarket chains are significant inflation beneficiaries. They are able to pass on rising costs very well. On the other hand, we trimmed Real Estate exposure. Given the intensity of the rise in rates, we believe that real estate may not work as an inflation hedge, so we would rather hold real assets in copper and metals.
  • Immediately following the invasion on Ukraine, we reduced European financials exposure meaningfully. However, several names in the space became oversold in our view and we reentered.  For example, Erste Bank (0.7%) was one of the larger detractors from relative performance for the quarter and we sold down the position. However, we bought back Erste Bank after the stock price fell further.
  • Generally speaking, within financials, the Fund owns banks while being underweight insurance. The Fund does have some life insurance exposure, as we like companies in the space that are geared to higher rates because their portfolios will reprice as rates go higher. P&C is at peak cycle, and these companies are struggling because of higher cat losses, and the Ukraine crisis will exacerbate this issue. Lastly, a big portion of P&C companies are auto insurance companies. During the COVID-19 pandemic, these businesses benefited, but with economic reopenings, accident rates are back up to where they were before the lockdowns.
  • The impact of the Ukraine war has also been disruptive to already bottlenecked supply chains. This has been a particularly bad headwind for the autos market. The bull case for autos keeps getting pushed out further and it is a big portion of the value part of the equity markets. Denso, Corp., a Japanese auto parts supplier, is a fundamentally strong business that we have been constructive on and owned in the Fund. However, it is very tied to Toyota as it is the auto maker’s largest supplier. Toyota has been very volatile in increasing and decreasing production. Most recently, Toyota shut its plants in Canada due to the local trucker strike, and this had a negative impact on Denso’s stock price. Beyond Denso, the Fund owns Volkswagen AG (0.8%) and Michelin (0.9%), the latter of which we feel is relatively insulated from supply chain issues as it is in the auto aftermarket business. The Fund also owns two logistics businesses, DSV (1.0%) and Deutsche Post (1.0%). We believe these are beneficiaries of huge disruptions in this space. We are of the view that there will be long standing dislocations in supply chains, and they will take a long time to resolve due to their complexity. As such, logistics businesses could see super-normal profits this year.

Portfolio Details as of 03/31/2022

Weighted Average Market Cap.
116.9 B
P/E Ratio
16.3x
P/B Ratio
2.3x
Number of Holdings
100
Total Net Assets
$360.10 M

Contributors & Detractors as of  03/31/2022

Contributors

Holding Contribution
BHP Group Ltd 0.5%
Equinor ASA 0.4%
Anglo American PLC 0.4%
Shell Plc 0.3%
AstraZeneca PLC 0.2%

Detractors

Holding Contribution
Keyence Corp -0.3%
Deutsche Post AG -0.3%
Infineon Technologies AG -0.3%
Sony Corp -0.3%
Omron Corp. -0.3%

Attribution Analysis 

International Equity Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 05/20/2022
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/16/2021 12/17/2021 12/17/2021 $0.16930 $14.89

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date Reinvest & Payable Date
12/19/2022 12/20/2022 12/20/2022

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/16/2021 12/17/2021 $1.7525 - $1.7525 $14.89

Upcoming Capital Gain Distribution

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date
12/19/2022 12/20/2022

Fees & Expenses

Fees & Expenses

Expense Ratioas of 04/30/2022

Fund Gross Expense Ratio Fund Net Expense Ratio
1.44% 1.42%

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
Publish Date:11/03/2015
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Portfolio Holdings 3Q
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Summary Prospectus
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Statutory Prospectus
Publish Date:11/03/2015
SAI
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Annual Report
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Semi-Annual Report
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Fact Sheet
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Commentary
Publish Date:11/03/2015

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