LINCX | International Opportunities Fund Class C | Lord Abbett

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International Opportunities Fund

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Summary

Summary

What is the International Opportunities Fund?

The Fund seeks to deliver a high level of total return by investing primarily in stocks of small to mid-sized international companies.

Fund Basicsas of 05/31/2022

Total Net Assets
$377.43 M
Inception Date
06/02/1997
Dividend Frequency
Annually
Fund Expense Ratio
1.96%
Number of Holdings
101
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

1.96%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/02/1997
w/o sales charge -14.61% -15.94% 6.05% 1.97% 7.05% 3.94%
Lipper Category Avg. International Sm/Md-Cp Gro Fds -19.53% -18.13% 6.55% 4.36% 8.07% -
S&P Developed Ex-U.S. SmallCap -14.61% -16.06% 7.25% 4.43% 8.64% 6.81%
w/ sales charge -15.46% -15.94% 6.05% 1.97% 7.05% 3.94%

Fund Expense Ratio :

1.96%

Fund Expense Ratio :

1.96%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/02/1997
w/o sales charge -9.90% -4.45% 6.92% 4.79% 6.22% 4.19%
Lipper Category Avg. International Sm/Md-Cp Gro Fds -12.66% -4.86% 9.03% 7.79% 7.81% -
S&P Developed Ex-U.S. SmallCap -8.07% -3.34% 9.13% 7.53% 8.02% 7.18%
w/ sales charge -10.80% -4.45% 6.92% 4.79% 6.22% 4.19%

Fund Expense Ratio :

1.96%

Countryas of 05/31/2022View Portfolio

Country Assets
Japan 17.7%
United Kingdom 15.1%
Germany 9.9%
Cash 6.8%
Sweden 5.0%
Austria 4.5%
Switzerland 4.0%
Italy 3.7%
Australia 3.2%
France 3.1%
India 2.8%
Spain 2.8%
Republic of Korea 2.2%
Hong Kong 2.0%
Portugal 1.9%
Belgium 1.4%
United States 1.2%
Norway 1.1%
Jersey 1.1%
Mexico 1.1%
Taiwan 0.9%
Iceland 0.7%
Panama 0.6%
Ireland 0.6%
Israel 0.5%
Canada 0.5%
Netherlands 0.2%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowDown0.6%
Japan arrowDown1.4%
United Kingdom arrowUp0.7%
Asia/Pacific arrowDown0.3%
Americas arrowUp0.9%
EMEA arrowDown0.1%
Cash arrowUp0.9%

INVESTMENT TEAM

Todd D. Jacobson
Todd D. Jacobson, CFA

Partner & Portfolio Manager

34 Years of Industry Experience

Vincent J. McBride
Vincent J. McBride

Partner & Portfolio Manager

35 Years of Industry Experience

Supported By 33 Investment Professionals with 18 Years Avg. Industry Experience

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Performance

Performance

Fund Expense Ratio :

1.96%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/02/1997
w/o sales charge -14.61% -15.94% 6.05% 1.97% 7.05% 3.94%
Lipper Category Avg. International Sm/Md-Cp Gro Fds -19.53% -18.13% 6.55% 4.36% 8.07% -
S&P Developed Ex-U.S. SmallCap -14.61% -16.06% 7.25% 4.43% 8.64% 6.81%
w/ sales charge -15.46% -15.94% 6.05% 1.97% 7.05% 3.94%

Fund Expense Ratio :

1.96%

Fund Expense Ratio :

1.96%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/02/1997
w/o sales charge -9.90% -4.45% 6.92% 4.79% 6.22% 4.19%
Lipper Category Avg. International Sm/Md-Cp Gro Fds -12.66% -4.86% 9.03% 7.79% 7.81% -
S&P Developed Ex-U.S. SmallCap -8.07% -3.34% 9.13% 7.53% 8.02% 7.18%
w/ sales charge -10.80% -4.45% 6.92% 4.79% 6.22% 4.19%

Fund Expense Ratio :

1.96%

Year Fund Returns S&P Developed Ex-U.S. SmallCap
2021 8.74% 9.56%
2020 13.41% 14.27%
2019 20.31% 24.65%
2018 -24.27% -18.41%
2017 36.95% 32.37%
2016 -4.11% 3.79%
2015 8.98% 5.92%
2014 -6.65% -3.42%
2013 30.09% 26.06%
2012 19.62% 18.55%
2011 -15.76% -
2010 20.49% -
2009 48.29% -
2008 -51.56% -
2007 3.50% -
2006 27.86% -
2005 24.68% -
2004 19.74% -
2003 41.63% -
2002 -21.59% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -9.90% - - - -21.44%
2021 2.55% 7.12% -0.41% -0.59% 8.74%
2020 -27.84% 20.89% 9.26% 18.98% 13.41%
2019 9.37% 2.32% -1.99% 9.69% 20.31%
2018 -1.81% -4.49% -3.76% -16.09% -24.27%
2017 9.73% 9.18% 8.24% 5.61% 36.95%
2016 -1.37% -4.43% 7.06% -4.98% -4.11%
2015 6.49% 5.33% -7.25% 4.76% 8.98%
2014 0.98% 2.13% -7.99% -1.64% -6.65%
2013 9.04% -0.51% 11.62% 7.43% 30.09%
2012 15.06% -9.35% 10.04% 4.21% 19.62%
2011 1.10% 2.18% -21.11% 3.36% -15.76%
2010 4.17% -11.84% 19.32% 9.96% 20.49%
2009 -11.22% 36.49% 22.57% -0.16% 48.29%
2008 -12.64% -5.13% -25.00% -22.08% -51.56%
2007 4.65% 7.02% -2.02% -5.68% 3.50%
2006 12.75% -3.05% 3.29% 13.24% 27.86%
2005 1.46% 1.35% 13.28% 7.04% 24.68%
2004 9.11% 2.03% -4.30% 12.39% 19.74%
2003 -6.03% 18.20% 11.58% 14.27% 41.63%
2002 -3.93% -0.79% -20.37% 3.33% -21.59%
2001 -19.83% -1.18% -19.80% 6.92% -32.07%
2000 15.50% -13.54% -0.59% -23.38% -23.93%
1999 -0.54% 8.50% -2.66% 20.20% 26.25%
1998 23.58% 4.73% -19.25% 9.75% 14.71%
1997 - - 2.84% 3.77% 9.94%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Countryas of 05/31/2022

Country Assets
Japan 17.7%
United Kingdom 15.1%
Germany 9.9%
Cash 6.8%
Sweden 5.0%
Austria 4.5%
Switzerland 4.0%
Italy 3.7%
Australia 3.2%
France 3.1%
India 2.8%
Spain 2.8%
Republic of Korea 2.2%
Hong Kong 2.0%
Portugal 1.9%
Belgium 1.4%
United States 1.2%
Norway 1.1%
Jersey 1.1%
Mexico 1.1%
Taiwan 0.9%
Iceland 0.7%
Panama 0.6%
Ireland 0.6%
Israel 0.5%
Canada 0.5%
Netherlands 0.2%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowDown0.6%
Japan arrowDown1.4%
United Kingdom arrowUp0.7%
Asia/Pacific arrowDown0.3%
Americas arrowUp0.9%
EMEA arrowDown0.1%
Cash arrowUp0.9%

Portfolio Positioning as of 03/31/2022

  • This quarter we continued to provide more balance in the portfolio between growth and value. The portfolio currently has one of the lowest growth tilts that it has had historically. The reason we reduced our growth profile further is because we have concerns that inflationary pressures will persist even after the resolution of the Russia/Ukraine conflict. The COVID-19 pandemic has structurally impacted our labor stock, and this cannot be undone easily. These pressures are exacerbated by rising energy costs, which are likely to stay elevated given the supply/demand technicals.
  • We are constructive on sectors where we can have less exposure to inflation and supply chain dynamics. Real estate has been one of those areas. We continue to play the self-storage theme, with investments in Big Yellow Group (0.94%) and Shurgard Self Storage (0.57%). We are also still constructive on the sector as we believe that global ESG trends will benefit the sector as businesses look to relocate to ESG-compliant buildings.
  • The portfolio moved to a more defensive, less cyclical posture over the quarter. Part of this shift was a reduction in the portfolio’s active overweight to the Industrials sector. We took down areas where we do not see relief in the supply chain, pricing, and costs, arriving in the near to mid-future. Meanwhile, we continued to build out our defense security holdings, increasing Rheinmettal (2.56%) to the biggest position in the portfolio following the invasion of Ukraine. The reduction of cyclicality was also achieved through sales in the Financials sector. The portfolio’s overweight in this sector had been a big win over the course of 2021, and this quarter we continued to take profits in several positions. However, the war in Ukraine will likely lead to a weakening growth backdrop in Europe, and the prospect of an economic downturn does not bode well for the space. European banks are mostly domestic facing cyclical businesses, so it was prudent to reduce our exposure there. We do remain generally constructive on Developed Markets banks with rate sensitivity, as the health of the global banking system remains strong.

Portfolio Details as of 05/31/2022

Weighted Average Market Cap.
2.8 B
P/E Ratio
14.3x
P/B Ratio
1.6x
Number of Holdings
101
Total Net Assets
$377.43 M

Attribution Analysis 

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

Contributors & Detractors as of  03/31/2022

Contributors

Holding Contribution
Rheinmetall AG 1.8%
Capstone Copperp 0.4%
Axfood AB 0.3%
Gentera S.A.B de C.V. 0.3%
Banco De Sabadell Sa 0.3%

Detractors

Holding Contribution
Montana Aerospace Ag -0.7%
Dometic Group AB -0.5%
Genus -0.5%
Boozt Ab -0.4%
S4 Capital Plc -0.4%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 06/24/2022
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/16/2021 12/17/2021 12/17/2021 $0.32230 $18.12

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
12/17/2018 12/18/2018 $1.5793 - $1.5793 $12.98

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 05/31/2022

1.96%

Fund Documents

Fund Documents

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Portfolio Holdings 1Q
Publish Date:11/03/2015
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Portfolio Holdings 3Q
Publish Date:11/03/2015
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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