LINFX | International Opportunities Fund Class F | Lord Abbett

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International Opportunities Fund

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 12/31/2021

Total Net Assets
$454.69 M
Inception Date
09/28/2007
Dividend Frequency
Annually
Fund Expense Ratio
1.09%
Number of Holdings
98

Fund Expense Ratio :

1.09%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 9.74% 9.74% 15.11% 9.98% 9.83% 4.30%
Lipper Category Avg. International Sm/Md-Cp Gro Fds 11.34% 11.34% 18.14% 12.72% 10.71% -
S&P Developed Ex-U.S. SmallCap 9.56% 9.56% 15.99% 11.01% 10.34% 5.05%

Fund Expense Ratio :

1.09%

Fund Expense Ratio :

1.09%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 9.74% 9.74% 15.11% 9.98% 9.83% 4.30%
Lipper Category Avg. International Sm/Md-Cp Gro Fds 11.34% 11.34% 18.14% 12.72% 10.71% -
S&P Developed Ex-U.S. SmallCap 9.56% 9.56% 15.99% 11.01% 10.34% 5.05%

Fund Expense Ratio :

1.09%

Countryas of 12/31/2021View Portfolio

Country Assets
Japan 18.7%
United Kingdom 15.1%
Germany 8.6%
Sweden 8.4%
Austria 5.0%
Switzerland 4.9%
Italy 4.3%
Australia 3.8%
Canada 3.0%
India 2.8%
Spain 2.5%
France 2.5%
Republic of Korea 2.3%
Cash 2.0%
Norway 1.9%
Hong Kong 1.7%
China 1.4%
Ireland 1.3%
United States 1.3%
Jersey 1.3%
Portugal 1.3%
Iceland 1.3%
Belgium 1.2%
Finland 1.0%
Mexico 0.9%
Luxembourg 0.8%
Israel 0.7%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowUp1.9%
Japan arrowDown1.4%
United Kingdom arrowDown0.8%
Asia/Pacific arrowUp1.6%
Americas arrowUp0.9%
EMEA arrowUp0.1%
Cash arrowDown2.3%

INVESTMENT TEAM

Todd D. Jacobson
Todd D. Jacobson, CFA

Partner & Portfolio Manager

33 Years of Industry Experience

Vincent J. McBride
Vincent J. McBride

Partner & Portfolio Manager

34 Years of Industry Experience

Supported By 31 Investment Professionals with 19 Years Avg. Industry Experience

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Performance

Performance

Fund Expense Ratio :

1.09%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 9.74% 9.74% 15.11% 9.98% 9.83% 4.30%
Lipper Category Avg. International Sm/Md-Cp Gro Fds 11.34% 11.34% 18.14% 12.72% 10.71% -
S&P Developed Ex-U.S. SmallCap 9.56% 9.56% 15.99% 11.01% 10.34% 5.05%

Fund Expense Ratio :

1.09%

Fund Expense Ratio :

1.09%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 9.74% 9.74% 15.11% 9.98% 9.83% 4.30%
Lipper Category Avg. International Sm/Md-Cp Gro Fds 11.34% 11.34% 18.14% 12.72% 10.71% -
S&P Developed Ex-U.S. SmallCap 9.56% 9.56% 15.99% 11.01% 10.34% 5.05%

Fund Expense Ratio :

1.09%

Year Fund Returns S&P Developed Ex-U.S. SmallCap
2021 9.74% 9.56%
2020 14.46% 14.27%
2019 21.43% 24.65%
2018 -23.62% -18.41%
2017 38.15% 32.37%
2016 -3.29% 3.79%
2015 10.05% 5.92%
2014 -5.87% -3.42%
2013 31.28% 26.06%
2012 20.64% 18.55%
2011 -15.00% -
2010 21.46% -
2009 49.65% -
2008 -51.10% -
2007 1.96% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 2.74% 7.38% -0.19% -0.33% 9.74%
2020 -27.71% 21.25% 9.48% 19.27% 14.46%
2019 9.67% 2.50% -1.73% 9.93% 21.43%
2018 -1.61% -4.22% -3.58% -15.94% -23.62%
2017 9.99% 9.37% 8.52% 5.83% 38.15%
2016 -1.24% -4.19% 7.31% -4.76% -3.29%
2015 6.76% 5.60% -7.09% 5.06% 10.05%
2014 1.17% 2.37% -7.74% -1.49% -5.87%
2013 9.30% -0.28% 11.87% 7.67% 31.28%
2012 15.27% -9.14% 10.32% 4.42% 20.64%
2011 1.35% 2.44% -20.97% 3.59% -15.00%
2010 4.35% -11.63% 19.65% 10.10% 21.46%
2009 -11.01% 36.80% 22.71% 0.17% 49.65%
2008 -12.43% -4.88% -24.86% -21.87% -51.10%
2007 4.91% 7.25% -4.10% -5.51% 1.96%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Countryas of 12/31/2021

Country Assets
Japan 18.7%
United Kingdom 15.1%
Germany 8.6%
Sweden 8.4%
Austria 5.0%
Switzerland 4.9%
Italy 4.3%
Australia 3.8%
Canada 3.0%
India 2.8%
Spain 2.5%
France 2.5%
Republic of Korea 2.3%
Cash 2.0%
Norway 1.9%
Hong Kong 1.7%
China 1.4%
Ireland 1.3%
United States 1.3%
Jersey 1.3%
Portugal 1.3%
Iceland 1.3%
Belgium 1.2%
Finland 1.0%
Mexico 0.9%
Luxembourg 0.8%
Israel 0.7%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowUp1.9%
Japan arrowDown1.4%
United Kingdom arrowDown0.8%
Asia/Pacific arrowUp1.6%
Americas arrowUp0.9%
EMEA arrowUp0.1%
Cash arrowDown2.3%

Portfolio Positioning as of 09/30/2021

  • This quarter we continued to take profits in outperforming areas of the portfolio, particularly in those reopening plays that have done well this year. We are positioned in a more balanced way on economic reopening, with a more even exposure to growth versus value and cyclical versus defensive.  While we took down exposure in select stocks (mainly) to take profits and reposition, we remain invested in many of these companies as we are confident in them long term.
  • We are constructive on sectors where we can have less exposure to inflation and supply chain dynamics. Real estate is one of those areas. We closed our underweight to the real estate sector for the first time in several years, as we are constructive on structural opportunities within it. Although we have taken profits in the last couple of quarters from big winners in the logistics space, we are now focusing on the German residential market. We also believe that global ESG trends will benefit the sector as businesses look to relocate to ESG-compliant buildings.
  • We continued to be constructive on financials – another sector that is not dependent on global supply chains. Part of our focus remained on well-capitalized and well-positioned banks in Emerging Markets, specifically in Mexico and India. Loan demand has been growing faster than expected in Mexico. With rates rising and Nonperforming Loans (NPLs) coming down, we feel there is a very firm recovery taking place. We believe that financials could have some of the best earnings revisions going forward, as they now have the ability to recover what they have been underearning over the last several quarters.
  • We dramatically reduced our exposure in China, particularly in the consumer discretionary sector. Profit taking was the driver behind some of the reductions, and concerns over regulation around several industries was the other driver. We sold Xinyi Glass (0%), a Chinese glass producer that benefitted significantly from industrial production in the post-Pandemic recovery. We sold SSY Group (0%), a Chinese health care company listed in Hong Kong, as there is too much uncertainty around regulations in this industry.  We also sold SITC (0%), a pan-Asia regional shipping company, due to strong stock price performance.
  • We still place most of our focus on individual companies and key themes we derive from intensive company research. One of these themes is that the COVID-19 pandemic will lead to permanent changes in consumer and corporate behaviors. In many cases, these shifts have already taken place, but in our view may now accelerate by three to five years. Many of these investments have performed exceedingly well, and we sold or reduced these positions as we shifted into underperforming areas like information technology services in Japan. We are also exploring the shift to cloud computing and storage. We believe that the need for a physical presence is diminishing and will benefit providers of innovative cloud solutions. The move to online consumerism also brings our focus to online retail. The global pandemic has accelerated this existing trend and we are seeing higher adoption rates of e-commerce as a platform. Within online retail, profitability is increasing due to lower return rates, and this may be due to a change in consumer preferences for social responsibility and waste consciousness, a theme that we believe is here to stay.
  • We believe coordinated global fiscal and monetary support will continue to have a positive impact on markets as liquidity is injected into the global economy. However, interest rates and inflation expectations began to rise as a result, with investors anticipating a substantially healthier economic backdrop. Therefore, we have been positioning the portfolio to potentially take advantage of a rotation to cyclicality by increasing our exposure to industrials as well as emerging markets and financials. We are also analyzing what inflation will do to corporate earnings power and whether companies will be able to pass through rising input costs.
  • We maintain our long-term exposure to Emerging Markets, but it falls below our historical weightings in the region as significant risks surrounding capacity to battle the COVID-19 pandemic remains. However, over the course of the last few months, we have been adding to the region, primarily focused on strong, well-capitalized banking franchises that we believe will be beneficiaries of an economic recovery. We also believe that within the financials sector, many of the institutions will have strong earnings revisions going forward.

Portfolio Details as of 12/31/2021

Weighted Average Market Cap.
3.0 B
P/E Ratio
18.6x
P/B Ratio
2.0x
Number of Holdings
98
Total Net Assets
$454.69 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  12/31/2021

Contributors

Holding Contribution
Concentric AB 0.5%
Interfor Corp. 0.5%
Austria Technology Syst 0.4%
Cint Group Ab 0.3%
Simplex Hldgs Inc 0.3%

Detractors

Holding Contribution
S4 Capital Plc -0.3%
Sanwa Holdings Corp -0.3%
Pexip Holding Asa -0.2%
Coca-Cola West Co. Ltd. -0.2%
WH Smith PLC -0.2%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 01/21/2022
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/16/2021 12/17/2021 12/17/2021 $0.50880 $19.49

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 $13.82

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 12/31/2021

1.09%

Fund Documents

Fund Documents

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