LSYAX | Short Duration High Yield Fund Class A | Lord Abbett

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Short Duration High Yield Fund

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Summary

Summary

What is the Short Duration High Yield Fund?

The Fund’s investment objective is to seek a high current income and the opportunity for capital appreciation to produce a high total return.

Yield

Average Yield to Maturity as of 06/28/2024

8.72%

30-Day Standardized Yield 1 as of 06/30/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 7.57% 7.50%

Fund Basicsas of 06/28/2024

Total Net Assets
$4.63 B
Inception Date
05/01/2020
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.85%
Fund Net Expense Ratio
0.65%
Number of Holdings
713
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

Gross 0.85%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/30/2020
w/o sales charge 3.69% 10.95% 3.56% - - 6.81%
Lipper Category Avg. Short High Yield Funds 2.87% 8.74% 2.82% - - -
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD Index 2.77% 9.63% 3.24% - - 6.38%
w/ sales charge 1.33% 8.47% 2.79% - - 6.23%

Fund Expense Ratio :

Gross 0.85%

Net 0.65%

Fund Expense Ratio :

Gross 0.85%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/30/2020
w/o sales charge 3.69% 10.95% 3.56% - - 6.81%
Lipper Category Avg. Short High Yield Funds 2.87% 8.74% 2.82% - - -
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD Index 2.77% 9.63% 3.24% - - 6.38%
w/ sales charge 1.33% 8.47% 2.79% - - 6.23%

Fund Expense Ratio :

Gross 0.85%

Net 0.65%

INVESTMENT TEAM

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

23 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Partner, Deputy Director of Leveraged Credit

16 Years of Industry Experience

Karen  J. Gunnerson
Karen J. Gunnerson

Portfolio Manager

14 Years of Industry Experience

Supported By 83 Investment Professionals with 18 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Maturity as of 06/28/2024

8.72%

30-Day Standardized Yield 1 as of 06/30/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 7.57% 7.50%

Fund Expense Ratio :

Gross 0.85%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/30/2020
w/o sales charge 3.69% 10.95% 3.56% - - 6.81%
Lipper Category Avg. Short High Yield Funds 2.87% 8.74% 2.82% - - -
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD Index 2.77% 9.63% 3.24% - - 6.38%
w/ sales charge 1.33% 8.47% 2.79% - - 6.23%

Fund Expense Ratio :

Gross 0.85%

Net 0.65%

Fund Expense Ratio :

Gross 0.85%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/30/2020
w/o sales charge 3.69% 10.95% 3.56% - - 6.81%
Lipper Category Avg. Short High Yield Funds 2.87% 8.74% 2.82% - - -
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD Index 2.77% 9.63% 3.24% - - 6.38%
w/ sales charge 1.33% 8.47% 2.79% - - 6.23%

Fund Expense Ratio :

Gross 0.85%

Net 0.65%

Year Fund Returns ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD Index
2023 12.01% 11.66%
2022 -5.76% -5.39%
2021 5.53% 4.87%
Year Q1 Q2 Q3 Q4
2024 2.18% 1.47% - -
2023 2.66% 1.96% 1.37% 5.56%
2022 -2.10% -7.68% 0.48% 3.77%
2021 1.94% 2.01% 0.71% 0.76%

Growth of $10,000 as of 06/30/2024

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
High Yield Corporate
Bank Loans
MBS
Investment Grade Corporate
Sovereign
CLO
Other
Cash
Rating Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years
Greater than 10 years

Credit Quality Distribution as of 06/28/2024

Rating Assets
Agency
A
BBB
BB
B
CCC
<CCC
Not Rated

Portfolio Positioning as of 03/31/2024

  • We continued to add to the Fund’s allocation in lower-rated credits. We believe that exposure to lower-rated credit currently offers the best relative value given the recent compression in spreads across high yield ratings tiers as well as the overall strength of the economy. We added to select CCC positions throughout the quarter in sectors such as Healthcare and Basic Industry. While we are still constructive on credit in general given the resilience in the U.S. economy, we do remain vigilant on adding to companies in sectors that may be more susceptible to default risk as interest rates remain higher for longer. We have funded these purchases with higher-rated, call constrained BBs where we view valuations are tight. The Fund is now overweight allocation to CCCs relative to the benchmark, while underweight BBs.
  • The Fund continued to be primarily overweight Basic Industry and Energy sectors. We remain constructive in the Basic Industry and Energy sectors as a result of improving credit quality, stickier inflation, and positive cyclicality. We also view the potential for ongoing merger & acquisition activity as an added potential tailwind for these sectors. Within Basic Industry, the primary overweights continue to be Metals and Mining and Chemicals, the latter of which have benefited from meaningful destocking of inventories over the last several months. Within Energy, we remain focused on E&P and Oil Field Services subsectors, but with a renewed focus on offshore energy as an attractive opportunity to find relative value. The Fund also continues to be overweight sectors such as Financial Services and Banking. Conversely, the Fund finished the quarter underweight sectors such as Real Estate, Capital Goods, and Leisure.
  • The Fund maintained modest exposure to off-benchmark sectors. We generally believe that select exposures to non-high yield sectors can offer attractive risk-reward opportunities, potential portfolio diversification benefits, and avenues for liquidity. While the Fund has the flexibility to toggle allocations to off-benchmark asset classes, such as bank loans and convertible bonds, we continue to view traditional high yield corporate bonds as broadly attractive relative value compared to other sectors.
  • We view short duration high yield as an opportunity to capture high-quality carry. We remain constructive in short dated high yield credit considering the overall resilience of the U.S. macroeconomy and evolving reflationary environment. Inflation has been stickier than anticipated and may remain above the Fed's target, which could cause elevated rate and risk-asset volatility prolonging higher-for-longer bond yields, particularly at the short-end of the yield curve. However, the default outlook for 2024 is expected to be manageable and similar to, if not modestly better than in 2023. Despite the presence of higher policy rates, high yield bond issuers' balance sheets have remained robust, and we believe that the corporate sector will maintain financial discipline, with high yield companies possibly benefitting from strategic mergers and acquisitions by higher-rated companies. Looking ahead, we are focused on maintaining a cyclical approach in the Fund and targeting down-in-quality securities, with emphasis on commodities, consumer cyclicals, and sectors benefiting from the potential for modestly lower financing rates in the year ahead.

PORTFOLIO DETAILS as of 06/28/2024

Total Net Assets
$4.63 B
Average Effective Duration
2.43 Years
Average Maturity
3.79 Years
Number of Issues
713
Average Yield to Maturity
8.72%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 07/11/2024
$0.40694
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 06/30/2024 $0.06747 $9.81
Daily Daily 05/31/2024 $0.06816 $9.79
Daily Daily 04/30/2024 $0.06796 $9.76
Daily Daily 03/31/2024 $0.06773 $9.87
Daily Daily 02/29/2024 $0.06708 $9.83
Daily Daily 01/31/2024 $0.06855 $9.84

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 07/31/2024
Daily Daily 08/31/2024
Daily Daily 09/30/2024
Daily Daily 10/31/2024
Daily Daily 11/30/2024
Daily Daily 12/31/2024

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/16/2021 12/17/2021 $0.0570 $0.0977 $0.1547 $10.70

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 07/11/2024

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $10.10
$100,000 to $249,999 1.75% 1.50% $10.05
$250,000 to $499,999 1.25% 1.00% $9.99
Greater than $500,000 0.00% 1.00% $9.87

Expense Ratioas of 06/30/2024

Fund Gross Expense Ratio 0.85%
Fund Net Expense Ratio 0.65%
Adjusted Expense Ratio -

Fund Documents

Fund Documents

0Documents selected
Portfolio Holdings 1Q
Publish Date:11/03/2015
Portfolio Holdings 3Q
Publish Date:11/03/2015
Summary Prospectus
Publish Date:11/03/2015
Statutory Prospectus
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015
Fund Story
Publish Date:11/03/2015
* includes items 7-11 of form N-CSR as required, if any.

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