LINSX | International Opportunities Fund Class R4 | 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 08/31/2022

Total Net Assets
$329.05 M
Inception Date
06/30/2015
Dividend Frequency
Annually
Fund Expense Ratio
1.21%
Number of Holdings
94

Fund Expense Ratio :

1.21%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -31.54% -31.80% -1.96% -3.46% 4.09% -
Lipper Category Avg. International Sm/Md-Cp Gro Fds -34.95% -34.24% -1.66% -1.32% 4.64% -
S&P Developed Ex-U.S. SmallCap -32.47% -32.69% -1.88% -1.79% 4.83% -

Fund Expense Ratio :

1.21%

Fund Expense Ratio :

1.21%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -31.54% -31.80% -1.96% -3.46% 4.09% -
Lipper Category Avg. International Sm/Md-Cp Gro Fds -34.95% -34.24% -1.66% -1.32% 4.64% -
S&P Developed Ex-U.S. SmallCap -32.47% -32.69% -1.88% -1.79% 4.83% -

Fund Expense Ratio :

1.21%

Countryas of 08/31/2022View Portfolio

Country Assets
Japan 21.5%
United Kingdom 14.7%
Cash 6.6%
Germany 6.5%
Sweden 5.1%
Switzerland 4.7%
Italy 4.3%
India 3.3%
France 3.3%
Canada 3.1%
Austria 3.1%
Spain 2.7%
Australia 2.3%
Hong Kong 1.9%
Republic of Korea 1.9%
Portugal 1.9%
Taiwan 1.3%
Indonesia 1.2%
Jersey 1.1%
United States 1.0%
Norway 1.0%
Iceland 0.9%
Mexico 0.9%
Israel 0.8%
Belgium 0.8%
Ireland 0.8%
Panama 0.6%
Singapore 0.5%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowDown1.6%
Japan arrowUp2.4%
United Kingdom arrowDown0.6%
Asia/Pacific arrowUp0.1%
Americas arrowUp1.9%
EMEA 0.0%
Cash arrowDown2.1%

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 :

1.21%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -31.54% -31.80% -1.96% -3.46% 4.09% -
Lipper Category Avg. International Sm/Md-Cp Gro Fds -34.95% -34.24% -1.66% -1.32% 4.64% -
S&P Developed Ex-U.S. SmallCap -32.47% -32.69% -1.88% -1.79% 4.83% -

Fund Expense Ratio :

1.21%

Fund Expense Ratio :

1.21%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -31.54% -31.80% -1.96% -3.46% 4.09% -
Lipper Category Avg. International Sm/Md-Cp Gro Fds -34.95% -34.24% -1.66% -1.32% 4.64% -
S&P Developed Ex-U.S. SmallCap -32.47% -32.69% -1.88% -1.79% 4.83% -

Fund Expense Ratio :

1.21%

Year Fund Returns S&P Developed Ex-U.S. SmallCap
2021 9.52% 9.56%
2020 14.37% 14.27%
2019 21.20% 24.65%
2018 -23.75% -18.41%
2017 37.91% 32.37%
2016 -3.34% 3.79%
2015 9.83% 5.92%
2014 -6.05% -3.42%
2013 31.12% 26.06%
2012 20.48% 18.55%
2011 -15.12% -
2010 21.35% -
2009 49.34% -
2008 -51.18% -
2007 4.25% -
2006 28.81% -
2005 25.50% -
2004 20.66% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -9.75% -14.16% -11.63% - -29.24%
2021 2.67% 7.34% -0.24% -0.39% 9.52%
2020 -27.66% 21.11% 9.50% 19.23% 14.37%
2019 9.60% 2.48% -1.79% 9.87% 21.20%
2018 -1.65% -4.29% -3.61% -15.97% -23.75%
2017 9.92% 9.31% 8.47% 5.82% 37.91%
2016 -1.23% -4.22% 7.32% -4.80% -3.34%
2015 6.67% 5.59% -7.09% 4.95% 9.83%
2014 1.07% 2.35% -7.78% -1.51% -6.05%
2013 9.26% -0.33% 11.85% 7.66% 31.12%
2012 15.28% -9.23% 10.28% 4.40% 20.48%
2011 1.32% 2.38% -20.98% 3.54% -15.12%
2010 4.34% -11.70% 19.70% 10.04% 21.35%
2009 -11.15% 36.92% 22.76% 0.00% 49.34%
2008 -12.46% -4.95% -24.92% -21.86% -51.18%
2007 4.87% 7.21% -1.85% -5.53% 4.25%
2006 12.99% -2.93% 3.50% 13.47% 28.81%
2005 1.52% 1.58% 13.51% 7.22% 25.50%
2004 - - - 12.78% 20.66%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Countryas of 08/31/2022

Country Assets
Japan 21.5%
United Kingdom 14.7%
Cash 6.6%
Germany 6.5%
Sweden 5.1%
Switzerland 4.7%
Italy 4.3%
India 3.3%
France 3.3%
Canada 3.1%
Austria 3.1%
Spain 2.7%
Australia 2.3%
Hong Kong 1.9%
Republic of Korea 1.9%
Portugal 1.9%
Taiwan 1.3%
Indonesia 1.2%
Jersey 1.1%
United States 1.0%
Norway 1.0%
Iceland 0.9%
Mexico 0.9%
Israel 0.8%
Belgium 0.8%
Ireland 0.8%
Panama 0.6%
Singapore 0.5%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowDown1.6%
Japan arrowUp2.4%
United Kingdom arrowDown0.6%
Asia/Pacific arrowUp0.1%
Americas arrowUp1.9%
EMEA 0.0%
Cash arrowDown2.1%

Portfolio Positioning as of 06/30/2022

  • As we think about the second quarter, non-U.S. equities marginally outperformed U.S. equities, with the S&P 500, MSCI ACWI ex-US, and MSCI EM Indices returning -16.91%, -13.54% and -11.34%, 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 MSCI ACWI ex-US Value Index by nearly 400bps, extending the year-to-date underperformance to over 1300bps. 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.
  • The portfolio’s meaningful outperformance over the quarter was driven largely by stock selection, and generally the portfolio was positioned well for the current environment. Despite the Information Technology and Communication Services sectors being two of the worst performing sectors during the period, they were the portfolio’s largest contributors to relative returns. Rheinmettal AG (2.2%) continues to be a strong performer and falls into the portfolio’s broader theme of defense security. After Russia’s invasion of Ukraine, the German government enlisted the company to improve the equipment of the armed forces of the Federal Republic of Germany, sending shares soaring. Another name within the Industrials sector that performed was Sho-Bond Holdings (2.2%), a Japanese company that specializes in repairing and reinforcing infrastructures. It has been the biggest position in the portfolio this quarter because its business is not correlated with the business cycle, which helps in a difficult economic environment. Within Information Technology, the portfolio’s position Aixtron SE (1.6%) also contributed. The company provides tools to create solutions using different compounds that go into fast charging and LEDs. It benefits from structural macro tailwinds. The stock pulled back meaningfully in late 2021 and early 2022 but has since come back following strong Q1-2022 and Q2-2022 earnings reports.
  • The portfolio’s largest detractors from relative performance were spread across several sectors. Capstone Copper Corp. (1.5%) and a few other stocks within the Materials sector generally fell due to weakness in commodities during the quarter. Capstone is tied very closely to copper prices, which fell due to worries over slowing global growth. Security selection with the Consumer Discretionary sector was weak during the quarter. Boozt AB (0.5%) is an online fashion retail store that suffered because it has no offline presence. As consumers are coming back into brick-and-mortar stores, this is a headwind to Boozt’s business model. We sold the position. GUD Holdings (1.4%) is an Australian company that manufactures industrial products, primarily product for the automotive after-market. The stock fell largely as a result of supply chain issues. The company warned of production issues with some of their biggest clients, which in turn slows demand for automotive parts. We continue to like this business and maintained the portfolio’s position. Lastly, several positions within the Health Care sector dragged on relative performance. The sector as a whole suffered because market participants are resetting earnings expectations as a post-COVID super high growth environment has started to revert.

Portfolio Details as of 08/31/2022

Weighted Average Market Cap.
2.7 B
P/E Ratio
13.5x
P/B Ratio
1.6x
Number of Holdings
94
Total Net Assets
$329.05 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  06/30/2022

Contributors

Holding Contribution
AIXTRON SE 0.2%
Rheinmetall AG 0.1%
Gtt (Gaztransport Et Te 0.1%
Tis Inc. 0.1%
Spirent Communications plc 0.1%

Detractors

Holding Contribution
Capstone Copperp -1.0%
GUD Holdings Ltd -0.5%
Uti Asset Management Co -0.5%
Breedon Group Plc -0.4%
Vaneck Vectors Etf Tr J -0.4%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 10/06/2022
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/16/2021 12/17/2021 12/17/2021 $0.47850 $19.58

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 $13.92

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 09/30/2022

1.21%

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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