SDHIX | Short Duration High Income Municipal Bond Fund Class I | Lord Abbett

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Short Duration High Income Municipal Bond Fund

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Summary

Summary

What is the Short Duration High Income Municipal Bond Fund?

The Fund seeks to deliver a high level of income exempt from federal income tax by investing primarily in short duration high-yield municipal bonds.
 

ATTRACTIVE INCOME

Municipal bonds offer attractive taxable equivalent yields relative to taxable fixed income alternatives.

LOWER DURATION

Shorter maturity bonds have less interest rate sensitivity, and have historically demonstrated lower volatility than longer maturity bonds.

PORTFOLIO DIVERSIFICATION

Short high income municipals have historically had low correlation with other bond sectors, providing valuable diversification benefits to fixed income portfolios.

 

Yield

Dividend Yield 1 as of 10/06/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.27% 3.22%

30-Day Standardized Yield 2 as of 08/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.35% 3.27%

Fund Basicsas of 08/31/2022

Total Net Assets
$949.76 M
Inception Date
06/15/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.55%
Fund Net Expense Ratio
0.50%
Number of Holdings
416
Minimum Initial Investment
 
 

Fund Expense Ratio :

Gross 0.55%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge -11.20% -10.61% -1.49% 0.79% - 1.64%
Lipper Category Avg. High Yield Municipal Debt Funds -15.95% -15.02% -2.56% 0.52% - -

Fund Expense Ratio :

Gross 0.55%

Net 0.50%

Fund Expense Ratio :

Gross 0.55%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge -11.20% -10.61% -1.49% 0.79% - 1.64%
Lipper Category Avg. High Yield Municipal Debt Funds -15.95% -15.02% -2.56% 0.52% - -

Fund Expense Ratio :

Gross 0.55%

Net 0.50%

The Muni Quarterly

The Muni Quarterly offers insights from our analysts on key topics for municipal bond investors, along with essential market information.

Sector Assets
IDR/PCR
Healthcare/Hospital
Special Tax
Education
Transportation
GO State
Lease
GO Local
Other
Power
Water & Sewer
Housing
Pre-Refunded
VRDN
Treasury
Maturity Assets
<1 Year
1-5 Years
5-10 Years
10-15 Years
15-20 Years
20-25 Years
25-30 Years
>30 Years

CREDIT QUALITY DISTRIBUTION as of 08/31/2022

Rating Assets
A-2/MIG2
AAA
AA
A
BBB
BB
B
< B
Not Rated

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

35 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Partner, Portfolio Manager

12 Years of Industry Experience

Supported By 16 Investment Professionals with 15 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 10/06/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.27% 3.22%

30-Day Standardized Yield 2 as of 08/31/2022  

  Subsidized5 Un-Subsidized6
w/o sales charge 3.35% 3.27%

Fund Expense Ratio :

Gross 0.55%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge -11.20% -10.61% -1.49% 0.79% - 1.64%
Lipper Category Avg. High Yield Municipal Debt Funds -15.95% -15.02% -2.56% 0.52% - -

Fund Expense Ratio :

Gross 0.55%

Net 0.50%

Fund Expense Ratio :

Gross 0.55%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge -11.20% -10.61% -1.49% 0.79% - 1.64%
Lipper Category Avg. High Yield Municipal Debt Funds -15.95% -15.02% -2.56% 0.52% - -

Fund Expense Ratio :

Gross 0.55%

Net 0.50%

Year Fund Returns
2021 4.29%
2020 2.35%
2019 7.26%
2018 2.30%
2017 5.50%
2016 -0.01%
2015 2.64%
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -5.93% -3.63% -2.05% - -10.77%
2021 1.58% 2.14% -0.15% 0.66% 4.29%
2020 -5.48% 3.01% 1.82% 3.24% 2.35%
2019 2.53% 2.03% 1.65% 0.87% 7.26%
2018 0.45% 0.93% 0.47% 0.43% 2.30%
2017 2.11% 1.80% 1.51% 0.00% 5.50%
2016 1.46% 2.01% 0.67% -4.03% -0.01%
2015 - - 1.13% 1.86% 2.64%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
IDR/PCR
Healthcare/Hospital
Special Tax
Education
Transportation
GO State
Lease
GO Local
Other
Power
Water & Sewer
Housing
Pre-Refunded
VRDN
Treasury
Maturity Assets
<1 Year
1-5 Years
5-10 Years
10-15 Years
15-20 Years
20-25 Years
25-30 Years
>30 Years
State Assets
NY
IL
Puerto Rico
PA
CA
AL
GA
FL
TX
NJ
OH
LA
TN
WI
CO
IN
MD
WA
NH
NE
VT
Other U.S. Territories
IA
KY
RI
AZ
UT
NV
SC
ID
MO
NM
MA
OK
CT
VA
MN
AS
SD
MS
NC
OR

CREDIT QUALITY DISTRIBUTION as of 08/31/2022

Rating Assets
A-2/MIG2
AAA
AA
A
BBB
BB
B
< B
Not Rated

Portfolio Positioning
as of 6/30/2022

  • We have been focused closely on bond structure, including their coupon, call protection, and convexity profile, as these factors will continue to play an increasingly important role in performance given the higher level of interest rates. We have been focusing on buying or swapping into higher coupon bonds, which are less sensitive to rate rises.
  • In terms of sectors, we are constructive on the Industrial Development, Transportation, Healthcare, and Special Tax sectors. IDR bonds are linked to the improving quality of corporates, exhibit attractive yields relative to their credit ratings and we believe can withstand recession given sound balance sheets.  The portfolio’s exposure within the sector is a very diversified subset of corporate issuers from various industries, as well as an allocation to prepaid gas bonds. While underperforming during the pandemic, the Transportation sector continues to have upside potential due to heavy usage of airports, toll roads, and ports. Within the Health Care sector, the emphasis is on relatively liquid, acute care hospital.
  • The fundamental backdrop of the municipal market continues to show strength due to the significant Federal aid passed down to state and local governments, robust tax revenue growth and a better-than-expected economic recovery from the pandemic over the last two years. As such, upgrades have continued to overtake downgrades by a substantial margin throughout 2022 and state and local governments’ rainy-day balances rose to record levels this last fiscal year.
  • While municipal fundamentals are currently very positive, the credit environment may be impacted should the tightening of monetary policy by the Federal Reserve significantly reduce demand and/or push the U.S. economy into a recession. Of note, during past periods of economic contractions, municipals have historically shown lower default rates and a significantly lesser downgrade trajectory relative to corporate bonds along with a reduced correlation with other asset classes.
  • In terms of technicals, demand may continue to be weaker than 2021, especially if rate volatility continues. However, we do expect demand to recover. On the supply side, the summer months have historically been favorable, partly due to increasing bond redemptions, with a negative net supply projected for July and August. However, it would be negative for the market should supply come in higher than expected in concert with continuing outflows. Conversely, if Treasury yields stabilize and demand turns positive, munis stand to benefit.

Portfolio Details as of 08/31/2022

Total Net Assets
$949.76 M
Number of Issues
416
Average Coupon
4.5%
Average Effective Maturity
6.6 Years
Average Effective Duration
4.25 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 10/06/2022
$0.289
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 09/30/2022 $0.03790 $13.85
Daily Daily 08/31/2022 $0.03677 $14.32
Daily Daily 07/31/2022 $0.03577 $14.50
Daily Daily 06/30/2022 $0.03460 $14.25
Daily Daily 05/31/2022 $0.03310 $14.54
Daily Daily 04/30/2022 $0.03279 $14.51
Daily Daily 03/31/2022 $0.02882 $14.89
Daily Daily 02/28/2022 $0.02624 $15.37
Daily Daily 01/31/2022 $0.02379 $15.51

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
Daily Daily 10/31/2022
Daily Daily 11/30/2022
Daily Daily 12/31/2022

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/19/2017 12/20/2017 $0.0023 - $0.0023 $15.14

Upcoming Capital Gain Distribution

Record Date Ex-Dividend Date
12/21/2022 12/22/2022

Fees & Expenses

Fees & Expenses

Expense Ratioas of 09/30/2022

Fund Gross Expense Ratio Fund Net Expense Ratio
0.55% 0.50%

Fund Documents

Fund Documents

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