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Micro Cap Growth Fund

Summary

Summary

What is the New Fund ?

The Fund seeks to deliver long-term growth of capital by investing primarily in stocks of micro and small-sized U.S. companies.

Dynamic, High Growth

This active growth strategy seeks to own stocks of companies growing revenues substantially faster than the overall market, which can deliver attractive investment returns.

Proven Investment Team

The team leverages a long history of growth investing across all market capitalizations with the ability to combine fundamental research and technical analysis to manage both opportunity and risk.

Outstanding Track Record

Our active approach has produced a compelling track record of delivering strong returns.

Expense Ratio

1.65%

Fund Expense Ratio :

1.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 05/01/2000
w/o sales charge 34.11% 38.66% 23.77% 16.40% 17.23% 10.35%
Lipper Category Avg. - - - - - -
w/ sales charge 26.40% 30.66% 21.36% 15.03% 16.53% 10.00%

Fund Expense Ratio :

1.65%

Fund Expense Ratio :

1.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 05/01/2000
w/o sales charge 34.11% 38.66% 23.77% 16.40% 17.23% 10.35%
Lipper Category Avg. - - - - - -
w/ sales charge 26.40% 30.66% 21.36% 15.03% 16.53% 10.00%

Fund Expense Ratio :

1.65%

Fund Basics as of 09/28/2018

Inception Date
05/01/2000
Dividend Frequency
Annually
Total Net Assets
$176.34 M
Number of Holdings
76

Investment Team

Performance

Performance

Fund Expense Ratio :

1.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 05/01/2000
w/o sales charge 34.11% 38.66% 23.77% 16.40% 17.23% 10.35%
Lipper Category Avg. - - - - - -
w/ sales charge 26.40% 30.66% 21.36% 15.03% 16.53% 10.00%

Fund Expense Ratio :

1.65%

Fund Expense Ratio :

1.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 05/01/2000
w/o sales charge 34.11% 38.66% 23.77% 16.40% 17.23% 10.35%
Lipper Category Avg. - - - - - -
w/ sales charge 26.40% 30.66% 21.36% 15.03% 16.53% 10.00%

Fund Expense Ratio :

1.65%

Year Fund Returns
2017 38.43%
2016 2.07%
2015 -6.38%
2014 10.83%
2013 78.53%
2012 2.35%
2011 -5.87%
2010 33.77%
2009 52.61%
2008 -46.45%
2007 22.76%
2006 25.37%
2005 2.55%
2004 25.89%
2003 49.34%
2002 -30.97%
2001 16.96%
2000 -30.76%
Year Q1 Q2 Q3 Q4 Yearly Returns
2018 5.24% 15.77% 10.08% - 14.19%
2017 9.00% 8.12% 13.61% 3.39% 38.43%
2016 -13.70% 6.01% 14.49% -2.55% 2.07%
2015 7.33% 4.15% -16.30% 0.06% -6.38%
2014 7.92% -6.53% -6.55% 17.58% 10.83%
2013 21.83% 15.00% 17.29% 8.65% 78.53%
2012 17.67% -9.76% 1.32% -4.87% 2.35%
2011 4.82% 0.11% -21.90% 14.86% -5.87%
2010 6.60% -8.74% 15.08% 19.49% 33.77%
2009 -0.95% 31.46% 13.47% 3.29% 52.61%
2008 -23.22% 4.46% -5.93% -29.02% -46.45%
2007 5.64% 9.81% 4.01% 1.76% 22.76%
2006 17.15% -9.83% 1.22% 17.25% 25.37%
2005 -9.50% 5.88% 6.91% 0.10% 2.55%
2004 12.33% 1.65% -11.11% 24.03% 25.89%
2003 -3.55% 27.29% 11.68% 8.93% 49.34%
2002 -0.18% -12.74% -21.79% 1.33% -30.97%
2001 2.34% 12.03% -21.11% 29.32% 16.96%
2000 - - -4.83% -19.30% -30.76%

Growth of $10,000 as of 09/30/2018

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Portfolio Details as of 09/28/2018

Weighted Average Market Cap.
1.5 B
P/E Ratio
32.0x
P/B Ratio
5.3x
Portfolio Turnover Ratio as of 10/31/2017
105.1%
Number of Holdings
76
Total Net Assets
$176.34 M

Portfolio Positioning as of 09/30/2018

  • The portfolio’s largest absolute weight is in the health care sector, but it is also the portfolio’s largest underweight relative to its benchmark, the Russell Microcap® Growth Index. We remain constructive on the sector, specifically the biotechnology industry.
  • The portfolio remains underweight in certain bond proxy sectors, such as utilities, telecommunication services, and real estate, as we believe these sectors are extremely overvalued and may also be adversely affected by the normalization of interest rates.
  • The portfolio is overweight in the information technology sector relative to its benchmark, as we anticipate continued innovation in e-commerce and cloud computing. Furthermore, we have increased our exposure to new and existing software companies exhibiting strong fundamental growth.
  • We remain very positive about the U.S. stock market and particularly bullish on small caps and high growth stocks. While there remains a host of concerns around trade or other macro shocks, and potential U.S. Federal Reserve missteps around hiking rates too quickly, we believe that improving fundamentals will continue to lead the market higher.

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of10/19/2018
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
11/20/2001 11/21/2001 11/21/2001 $0.00740 $10.09

Upcoming Distributions

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.

Capital Gain Distribution

Record Date
11/19/2018
Reinvest & Payable Date
11/20/2018

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
11/19/2018 11/20/2018 11/20/2018

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
11/20/2017 11/21/2017 $2.5397 $0.1613 $2.7010 $15.28

Fees & Expenses

Fees & Expenses

Expense Ratio

1.65%

Fund Review

Fund Review

Market Reviewas of 12/31/2014

The U.S. equity market (as represented by the S&P 500® Index1) advanced during the fourth quarter of 2014, bolstered by reports indicating growing strength in the U.S. economy. But the market became more volatile as well, with falling oil prices and global economic weakness raising concerns. U.S. real gross domestic product (GDP) in the third quarter expanded 5.0% (according to the third estimate by the U.S Bureau of Economic Analysis), exceeding Wall Street expectations.2  Business investment and consumer spending, particularly on durable goods, were among the primary contributors. 

The U.S. Federal Reserve (the “Fed”) noted that U.S. economic activity expanded around the country, with most districts reporting gains in employment and advances in consumer spending. Manufacturing, construction, and real estate activity also expanded, while lower oil prices presented concerns in two districts.3

Elsewhere, the eurozone narrowly avoided slipping back into recession, and falling prices led to concerns about deflationary pressures.  In Japan, economic activity contracted, making it likely that this year’s planned tax hike will be delayed. In China, the economy appeared to decelerate to its slowest pace in nearly 25 years, prompting the central bank to cut its official interest rate for the first time in two years.

The S&P 500 Index rose 4.9% during the quarter, but remained below new highs set earlier in the quarter. Gains occurred in seven of 10 major sectors. The energy, materials, and telecom sectors underperformed the broader market. Value stocks (as represented by the Russell 3000® Value Index4) edged out growth stocks (as represented by the Russell 3000® Growth Index5). Large cap stocks (as represented by the Russell 1000® Index6) underperformed small caps (as represented by the Russell 2000® Index7). 

Fund Review

As of 12/31/2014

The Lord Abbett Micro Cap Growth Fund returned 17.62%, reflecting the performance at the net asset value (NAV) of Class I shares, with all distributions reinvested for the quarter ended December 31, 2014.  The Fund outperformed its benchmark, the Russell Microcap® Growth Index,8 which returned 12.91% for the same period. Average annual total returns, which reflect performance at net asset value with all distributions, reinvested for Class I shares, as of December 31, 2014, are one year: 10.84%; five years: 20.78%; and 10 years: 12.88%.  Class I shares are not subject to sales charges.  If sales charges had been included, performance would have been lower.  Expense ratio: 1.78%.

Performance data quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent month-end, call Lord Abbett at 888-522-2388 or visit us at www.lordabbett.com.

The Fund outperformed its benchmark, the Russell Microcap Growth Index, during the fourth quarter. Security selection within the healthcare sector was the primary contributor to relative performance. Within the sector, bluebird bio, Inc., a biopharmaceutical company specializing in gene therapy, contributed most to relative performance. The company saw its share price surge following the announcement of strong data from one of its clinical trials at a major biotech conference in early December. Another contributor within the sector was Receptos, Inc., a biopharmaceutical company focused on therapeutics for immune disorders.  The firm reported solid quarterly earnings and strong data from multiple trials during the quarter, which helped drive its shares higher.

Security selection within the information technology sector detracted most from relative performance. The leading detractor within the sector was Amber Road, Inc., a provider of cloud-based global trade management. Shares declined after a group of customers opted to not renew the company’s services. Also detracting during the quarter was Borderfree, Inc., an international e-commerce platform provider. Management offered conservative forward guidance during the quarter as a result of a strengthening U.S. dollar, which affected international demand for the company’s services. 

Please refer to www.lordabbett.com under the “Portfolio” tab for a complete list of holdings of the Fund, including the securities discussed above.

Outlook

The U.S. economy has continued to gradually expand, leading Fed policymakers to shift their language toward a normalization of monetary policy. However, our view is that continued slack in global markets, particularly in Japan, China, and Europe, will keep U.S. interest rates at low levels. We believe that these factors—reasonably accommodative monetary policy along with steady U.S. economic growth—will create a favorable backdrop for stocks moving forward, and that the secular growth areas of the market will outperform stable growth, while large and small capitalization stocks will trade in relative parity. We have positioned the Fund accordingly, with emphasis on secular growth sectors such as information technology and health care, while maintaining an underweight to the energy sector, which we believe will continue to exhibit weakness.

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