LICAX | International Equity Fund Class A | 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 12/30/2022

Total Net Assets
$301.39 M
Inception Date
12/31/2003
Dividend Frequency
Annually
Number of Holdings
100
Minimum Initial Investment
$1,500+

Expense Ratioas of 12/31/2022

Fund Expense Ratio :

0.94%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2003
w/o sales charge 8.37% -7.58% 5.86% 1.57% 3.77% 4.51%
Lipper Category Avg. International Large-Cp Gro Fds - - - - - -
MSCI ACWI ex USA Index (Net) 8.11% -5.72% 3.64% 1.36% 4.20% 5.59%
w/ sales charge 2.12% -12.91% 3.78% 0.37% 3.15% 4.18%

Fund Expense Ratio :

0.94%

Fund Expense Ratio :

0.94%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2003
w/o sales charge -18.87% -18.87% 1.92% 1.01% 3.35% 4.09%
Lipper Category Avg. International Large-Cp Gro Fds -22.06% -22.06% 0.93% 2.28% 4.88% -
MSCI ACWI ex USA Index (Net) -16.00% -16.00% 0.07% 0.88% 3.80% 5.18%
w/ sales charge -23.52% -23.52% -0.06% -0.18% 2.74% 3.76%

Fund Expense Ratio :

0.94%

Countryas of 12/30/2022View Portfolio

Country Assets
Japan 15.1%
France 13.7%
United Kingdom 11.6%
China 6.8%
India 6.2%
Switzerland 4.3%
Denmark 4.1%
Germany 3.7%
Canada 3.7%
Sweden 3.1%
Spain 2.9%
Taiwan 2.7%
Netherlands 2.5%
Cash 2.3%
Hong Kong 2.2%
Australia 2.0%
Ireland 2.0%
Mexico 1.4%
United States 1.3%
Indonesia 1.3%
Norway 1.1%
Singapore 0.9%
Austria 0.9%
Brazil 0.8%
Bermuda 0.7%
Republic of Korea 0.7%
Belgium 0.5%
Italy 0.5%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowUp3.3%
Asia/Pacific arrowDown0.4%
Japan arrowDown0.9%
United Kingdom arrowUp1.1%
Americas arrowUp1.2%
Cash arrowDown4.4%

INVESTMENT TEAM

Matthias A. Knerr
Matthias A. Knerr, CFA

Portfolio Manager

27 Years of Industry Experience

Sue Kim
Sue Kim

Partner, Director of Global and Emerging Market Equities

22 Years of Industry Experience

Todd D. Jacobson
Todd D. Jacobson, CFA

Partner & Portfolio Manager

34 Years of Industry Experience

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

YOUR REPRESENTATIVE

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Fund Expense Ratio :

0.94%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2003
w/o sales charge 8.37% -7.58% 5.86% 1.57% 3.77% 4.51%
Lipper Category Avg. International Large-Cp Gro Fds - - - - - -
MSCI ACWI ex USA Index (Net) 8.11% -5.72% 3.64% 1.36% 4.20% 5.59%
w/ sales charge 2.12% -12.91% 3.78% 0.37% 3.15% 4.18%

Fund Expense Ratio :

0.94%

Fund Expense Ratio :

0.94%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/31/2003
w/o sales charge -18.87% -18.87% 1.92% 1.01% 3.35% 4.09%
Lipper Category Avg. International Large-Cp Gro Fds -22.06% -22.06% 0.93% 2.28% 4.88% -
MSCI ACWI ex USA Index (Net) -16.00% -16.00% 0.07% 0.88% 3.80% 5.18%
w/ sales charge -23.52% -23.52% -0.06% -0.18% 2.74% 3.76%

Fund Expense Ratio :

0.94%

Year Fund Returns MSCI ACWI ex USA Index (Net)
2022 -18.87% -16.00%
2021 11.65% 7.82%
2020 16.87% 10.65%
2019 21.43% 21.51%
2018 -18.22% -14.20%
2017 25.11% 27.19%
2016 -1.83% 4.50%
2015 -2.74% -5.66%
2014 -9.46% -3.87%
2013 22.29% 15.29%
2012 14.64% -
2011 -12.22% -
2010 6.51% -
2009 33.21% -
2008 -42.63% -
2007 13.66% -
2006 23.71% -
2005 17.09% -
2004 14.17% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 - - - - 9.34%
2022 -9.54% -13.02% -9.60% 14.07% -18.87%
2021 2.78% 6.03% -0.99% 3.47% 11.65%
2020 -21.86% 18.15% 7.92% 17.30% 16.87%
2019 9.54% 4.47% -2.52% 8.86% 21.43%
2018 -1.05% -5.10% 0.30% -13.17% -18.22%
2017 5.76% 5.36% 7.40% 4.54% 25.11%
2016 -2.89% -2.97% 7.09% -2.72% -1.83%
2015 3.72% -0.31% -8.88% 3.23% -2.74%
2014 -1.91% 3.90% -6.12% -5.37% -9.46%
2013 3.91% -0.49% 10.69% 6.84% 22.29%
2012 11.15% -7.72% 6.13% 5.31% 14.64%
2011 4.34% 1.73% -20.06% 3.45% -12.22%
2010 0.00% -14.93% 18.26% 5.87% 6.51%
2009 -13.70% 28.44% 20.70% -0.43% 33.21%
2008 -9.96% -1.84% -20.59% -18.26% -42.63%
2007 3.47% 8.15% 3.16% -1.54% 13.66%
2006 9.27% -2.50% 4.49% 11.13% 23.71%
2005 0.26% 0.26% 8.93% 6.93% 17.09%
2004 1.08% -0.97% -0.69% 14.85% 14.17%

Growth of $10,000 as of 07/31/2021

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Countryas of 12/30/2022

Country Assets
Japan 15.1%
France 13.7%
United Kingdom 11.6%
China 6.8%
India 6.2%
Switzerland 4.3%
Denmark 4.1%
Germany 3.7%
Canada 3.7%
Sweden 3.1%
Spain 2.9%
Taiwan 2.7%
Netherlands 2.5%
Cash 2.3%
Hong Kong 2.2%
Australia 2.0%
Ireland 2.0%
Mexico 1.4%
United States 1.3%
Indonesia 1.3%
Norway 1.1%
Singapore 0.9%
Austria 0.9%
Brazil 0.8%
Bermuda 0.7%
Republic of Korea 0.7%
Belgium 0.5%
Italy 0.5%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowUp3.3%
Asia/Pacific arrowDown0.4%
Japan arrowDown0.9%
United Kingdom arrowUp1.1%
Americas arrowUp1.2%
Cash arrowDown4.4%

Portfolio Positioningas of 12/31/2022

  • We still place most of our focus on individual companies and key themes we derive from intensive company research. With respect to the relative attractiveness of equities around the world, it is worth noting that valuations today are at the cheapest levels they have been since the depths of the global financial crisis, with P/E multiples having dipped briefly below 10x forward earnings in the fall before modestly rallying. While cheapness alone is not necessarily a reliable investment argument, when we look at the potentially improving macro backdrop and the potential for fundamental strength in higher quality areas of the market, we are getting increasingly optimistic.
  • We have also begun to see evidence of a peaking US Dollar, which could provide an additional tailwind in the months ahead. From March 2021 – October 2022, the US Dollar Index appreciated substantially, which negatively impacted local returns from foreign stocks. One key driver of this relative strength was the higher interest rate environment in the US, driven by the Fed. However, as US inflation has shown some recent signs of fading while other economies around the world are seeing hotter inflation numbers, such as in the EU, we believe it is likely we will start to see their central banks ratchet up interest rate policies, potentially shifting the flow of capital and unwinding the dollar trade from the previous year.
  • With that said, there are risks still abound; most notably, the uncertainty coming from rate hikes to address inflation and the continued risks from war in Europe, even if things may be getting “less bad” on a relative basis.  Unlike some of the recent recoveries from economic and market downturns (e.g., 2003, 2009, 2020), it is important to note that there will almost certainly not be a global coordinated stimulus from fiscal and monetary authorities any time soon, meaning that a powerful beta / junk rally is unlikely. Instead, as the current bear market ends and a new bull market takes shape, it will likely be quality metrics, such as strong return on equity and healthy balance sheets, along with long-term competitive advantages and pricing power, that prove to be key factors in which companies outperform.  As such, the portfolio has been tilted towards these types of resilient quality names, looking to preserve capital and manage risk-reward tradeoffs.

Portfolio Details as of 12/30/2022

Weighted Average Market Cap.
107.8 B
P/E Ratio
15.8x
P/B Ratio
2.3x
Number of Holdings
100
Total Net Assets
$301.39 M

Contributors & Detractors as of  12/30/2022

Contributors

Holding Contribution
Novo Nordisk A/S 0.7%
TOTAL SE 0.4%
LVMH Moet Hennessy Louis Vuitton SA 0.4%
AIA Group Ltd 0.4%
ASML Holding NV 0.4%

Detractors

Holding Contribution
Meituan -0.2%
Telekomunikasi Ind -0.1%
Autoliv Inc -0.1%
Asian Paints Ltd -0.1%
Maruti Suzuki India Ltd. -0.1%

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 02/01/2023
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/19/2022 12/20/2022 12/20/2022 $0.25290 $12.41

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
12/18/2023 12/19/2023 12/19/2023

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 $15.13

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 02/01/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $50,000 5.75% 5.00% $14.41
$50,000 to $99,999 4.75% 4.00% $14.26
$100,000 to $249,999 3.95% 3.25% $14.14
$250,000 to $499,999 2.75% 2.25% $13.96
$500,000 to $999,999 1.95% 1.75% $13.85
$1,000,000 to $5,000,000 0.00% 1.00% $13.58

Expense Ratioas of 12/31/2022

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
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

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