LAIEX | International Opportunities Fund Class A | 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 12/30/2022

Total Net Assets
$322.22 M
Inception Date
12/13/1996
Dividend Frequency
Annually
Number of Holdings
96
Minimum Initial Investment
$1,500+

Expense Ratioas of 12/31/2022

Fund Expense Ratio :

1.21%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/13/1996
w/o sales charge -20.35% -20.35% -0.10% -1.61% 5.20% 4.49%
Lipper Category Avg. International Sm/Md-Cp Gro Fds -25.66% -25.66% -0.68% 0.25% 5.54% -
S&P Developed Ex-U.S. SmallCap -21.41% -21.41% -0.54% 0.01% 5.89% 6.34%
w/ sales charge -24.93% -24.93% -2.04% -2.77% 4.59% 4.25%

Fund Expense Ratio :

1.21%

Fund Expense Ratio :

1.21%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/13/1996
w/o sales charge -20.35% -20.35% -0.10% -1.61% 5.20% 4.49%
Lipper Category Avg. International Sm/Md-Cp Gro Fds -25.66% -25.66% -0.68% 0.25% 5.54% -
S&P Developed Ex-U.S. SmallCap -21.41% -21.41% -0.54% 0.01% 5.89% 6.34%
w/ sales charge -24.93% -24.93% -2.04% -2.77% 4.59% 4.25%

Fund Expense Ratio :

1.21%

Countryas of 12/30/2022View Portfolio

Country Assets
Japan 20.4%
United Kingdom 14.3%
Germany 6.9%
Italy 5.6%
Canada 5.1%
Sweden 4.6%
France 4.5%
Switzerland 3.9%
Austria 3.4%
Spain 3.2%
India 3.1%
Australia 2.5%
Republic of Korea 2.0%
Portugal 1.9%
Cash 1.6%
Hong Kong 1.3%
Indonesia 1.2%
Norway 1.2%
Mexico 1.2%
Israel 1.1%
New Zealand 1.0%
Iceland 1.0%
Jersey 0.9%
Panama 0.6%
Ireland 0.6%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowUp2.9%
Japan arrowDown1.6%
United Kingdom arrowDown0.1%
Asia/Pacific arrowDown0.8%
Americas arrowUp6.4%
EMEA arrowUp0.2%
Cash arrowDown6.9%

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 :

1.21%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/13/1996
w/o sales charge -20.35% -20.35% -0.10% -1.61% 5.20% 4.49%
Lipper Category Avg. International Sm/Md-Cp Gro Fds -25.66% -25.66% -0.68% 0.25% 5.54% -
S&P Developed Ex-U.S. SmallCap -21.41% -21.41% -0.54% 0.01% 5.89% 6.34%
w/ sales charge -24.93% -24.93% -2.04% -2.77% 4.59% 4.25%

Fund Expense Ratio :

1.21%

Fund Expense Ratio :

1.21%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/13/1996
w/o sales charge -20.35% -20.35% -0.10% -1.61% 5.20% 4.49%
Lipper Category Avg. International Sm/Md-Cp Gro Fds -25.66% -25.66% -0.68% 0.25% 5.54% -
S&P Developed Ex-U.S. SmallCap -21.41% -21.41% -0.54% 0.01% 5.89% 6.34%
w/ sales charge -24.93% -24.93% -2.04% -2.77% 4.59% 4.25%

Fund Expense Ratio :

1.21%

Year Fund Returns S&P Developed Ex-U.S. SmallCap
2022 -20.35% -21.41%
2021 9.53% 9.56%
2020 14.29% 14.27%
2019 21.25% 24.65%
2018 -23.74% -18.41%
2017 37.97% 32.37%
2016 -3.41% 3.79%
2015 9.86% 5.92%
2014 -6.06% -3.42%
2013 30.99% 26.06%
2012 20.35% -
2011 -15.23% -
2010 21.27% -
2009 49.08% -
2008 -51.20% -
2007 4.17% -
2006 28.67% -
2005 25.40% -
2004 20.62% -
2003 42.54% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 - - - - 8.40%
2022 -9.75% -14.15% -11.64% 16.32% -20.35%
2021 2.71% 7.31% -0.24% -0.38% 9.53%
2020 -27.75% 21.27% 9.45% 19.19% 14.29%
2019 9.56% 2.54% -1.84% 9.96% 21.25%
2018 -1.69% -4.28% -3.60% -15.94% -23.74%
2017 9.89% 9.41% 8.44% 5.83% 37.97%
2016 -1.22% -4.28% 7.31% -4.81% -3.41%
2015 6.70% 5.55% -7.09% 4.99% 9.86%
2014 1.04% 2.35% -7.80% -1.49% -6.06%
2013 9.23% -0.34% 11.78% 7.65% 30.99%
2012 15.23% -9.22% 10.25% 4.36% 20.35%
2011 1.27% 2.35% -20.99% 3.51% -15.23%
2010 4.32% -11.73% 19.65% 10.08% 21.27%
2009 -11.19% 36.73% 22.70% 0.05% 49.08%
2008 -12.51% -4.94% -24.96% -21.80% -51.20%
2007 4.86% 7.15% -1.88% -5.52% 4.17%
2006 12.95% -2.93% 3.43% 13.46% 28.67%
2005 1.51% 1.58% 13.46% 7.18% 25.40%
2004 9.23% 2.19% -4.08% 12.66% 20.62%
2003 -5.90% 18.47% 11.73% 14.43% 42.54%
2002 -3.84% -1.03% -20.18% 3.16% -21.64%
2001 -19.66% -0.95% -19.68% 7.46% -31.32%
2000 15.71% -13.41% -0.52% -23.30% -23.55%
1999 -0.15% 8.58% -2.42% 20.29% 27.26%
1998 23.70% 4.93% -19.01% 9.86% 15.50%
1997 6.23% 5.17% 2.93% 4.10% 19.71%
1996 - - - - 0.42%

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 20.4%
United Kingdom 14.3%
Germany 6.9%
Italy 5.6%
Canada 5.1%
Sweden 4.6%
France 4.5%
Switzerland 3.9%
Austria 3.4%
Spain 3.2%
India 3.1%
Australia 2.5%
Republic of Korea 2.0%
Portugal 1.9%
Cash 1.6%
Hong Kong 1.3%
Indonesia 1.2%
Norway 1.2%
Mexico 1.2%
Israel 1.1%
New Zealand 1.0%
Iceland 1.0%
Jersey 0.9%
Panama 0.6%
Ireland 0.6%
Region Weighting Fund Change from Previous Quarter
Europe ex-U.K. arrowUp2.9%
Japan arrowDown1.6%
United Kingdom arrowDown0.1%
Asia/Pacific arrowDown0.8%
Americas arrowUp6.4%
EMEA arrowUp0.2%
Cash arrowDown6.9%

Portfolio Positioning as 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.
  • Lastly, international small cap stocks have largely underperformed their larger capitalized counterparts for much for the last year. However, it should be noted that the relationship between small cap and large cap performance is very correlated to the direction of credit spreads and we have begun to see spreads contract despite recessionary concerns. That said, as global central banks near the end of their tightening cycle and financial conditions start to become more accommodating, we believe this could create a great backdrop for international small cap stocks.

Portfolio Details as of 12/30/2022

Weighted Average Market Cap.
2.9 B
P/E Ratio
14.1x
P/B Ratio
1.6x
Number of Holdings
96
Total Net Assets
$322.22 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  12/30/2022

Contributors

Holding Contribution
Capstone Copperp 0.7%
Brunello Cucinelli SpA 0.7%
ANDRITZ AG 0.7%
Vidrala Sa 0.6%
B&M European Value Retail SA 0.5%

Detractors

Holding Contribution
Cint Group Ab -0.3%
Kansai Paint Co Ltd -0.2%
GLP J-Reit -0.1%
Brookfield Infrastructu -0.1%
Digital Core Reit -0.1%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 01/26/2023
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/19/2022 12/20/2022 12/20/2022 $0.27090 $15.91

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
12/17/2018 12/18/2018 $1.5793 - $1.5793 $13.98

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 01/26/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $50,000 5.75% 5.00% $18.48
$50,000 to $99,999 4.75% 4.00% $18.29
$100,000 to $249,999 3.95% 3.25% $18.14
$250,000 to $499,999 2.75% 2.25% $17.91
$500,000 to $999,999 1.95% 1.75% $17.77
$1,000,000 to $5,000,000 0.00% 1.00% $17.42

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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Statutory Prospectus
Publish Date:11/03/2015
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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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