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

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(as of 12/05/2015)

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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 10/31/2023

9.44%

30-Day Standardized Yield 1 as of 10/31/2023  

  Subsidized2 Un-Subsidized3
w/o sales charge 8.23% 8.22%

Fund Basicsas of 10/31/2023

Total Net Assets
$1.77 B
Inception Date
05/01/2020
Dividend Frequency
Monthly
Fund Gross Expense Ratio
1.60%
Fund Net Expense Ratio
0.65%
Number of Holdings
667
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

Gross 1.60%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/30/2020
w/o sales charge 5.29% 6.72% 3.12% - - 5.17%
Lipper Category Avg. Short High Yield Funds 4.94% 6.16% 2.81% - - -
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD Index 4.95% 6.20% 2.80% - - 4.93%
w/ sales charge 2.91% 4.31% 2.35% - - 4.49%

Fund Expense Ratio :

Gross 1.60%

Net 0.65%

Fund Expense Ratio :

Gross 1.60%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/30/2020
w/o sales charge 6.11% 10.10% 3.60% - - 5.54%
Lipper Category Avg. Short High Yield Funds 5.54% 8.69% 3.05% - - -
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD Index 5.66% 9.63% 3.17% - - 5.26%
w/ sales charge 3.71% 7.68% 2.82% - - 4.84%

Fund Expense Ratio :

Gross 1.60%

Net 0.65%

INVESTMENT TEAM

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

22 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Partner, Deputy Director of Leveraged Credit

15 Years of Industry Experience

Karen  J. Gunnerson
Karen J. Gunnerson

Portfolio Manager

13 Years of Industry Experience

Supported By 79 Investment Professionals with 17 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Maturity as of 10/31/2023

9.44%

30-Day Standardized Yield 1 as of 10/31/2023  

  Subsidized2 Un-Subsidized3
w/o sales charge 8.23% 8.22%

Fund Expense Ratio :

Gross 1.60%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/30/2020
w/o sales charge 5.29% 6.72% 3.12% - - 5.17%
Lipper Category Avg. Short High Yield Funds 4.94% 6.16% 2.81% - - -
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD Index 4.95% 6.20% 2.80% - - 4.93%
w/ sales charge 2.91% 4.31% 2.35% - - 4.49%

Fund Expense Ratio :

Gross 1.60%

Net 0.65%

Fund Expense Ratio :

Gross 1.60%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/30/2020
w/o sales charge 6.11% 10.10% 3.60% - - 5.54%
Lipper Category Avg. Short High Yield Funds 5.54% 8.69% 3.05% - - -
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD Index 5.66% 9.63% 3.17% - - 5.26%
w/ sales charge 3.71% 7.68% 2.82% - - 4.84%

Fund Expense Ratio :

Gross 1.60%

Net 0.65%

Year Fund Returns ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD Index
2022 -5.76% -5.39%
2021 5.53% 4.87%
2020 13.93% 3.85%
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 2.66% 1.96% 1.37% - 9.01%
2022 -2.10% -7.68% 0.48% 3.77% -5.76%
2021 1.94% 2.01% 0.71% 0.76% 5.53%
2020 - - 4.02% 5.36% 13.93%

Growth of $10,000 as of 10/31/2023

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
High Yield Corporate
Bank Loans
Investment Grade Corporate
MBS
CLO
ABS
Sovereign
CMBS
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 10/31/2023

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

Portfolio Positioningas of 9/30/2023

  • The Fund continued to focus on investing in securities with higher carry. High yield spreads have grinded tighter throughout the year, finishing slightly above 400 bps in September, which has helped offset the effects of rising bond yields in the asset class. However, with declining recessionary concerns helping to compress spreads to relatively tight levels, our primary focus has shifted towards identifying higher carry opportunities within the high yield universe. We continue to see value in the new issue high yield market as a strong source of carry given higher coupons and continue to actively participate in select primary issues. We increased the Fund’s Single-B credit exposure, which we view as offering attractive yields as macroeconomic data in the U.S. has been mostly positive, as well as added more opportunistically to select CCC securities. We used positions in BBs as a source of funds for these trades, targeting bonds with low coupons and relatively tight valuations.
  • We remain constructive on the Energy and Basic Industry sectors. We continue to view Energy as a much more defensive sector than in prior periods given healthy balance sheets, reduced capital spending, and an increased focus on free cash flow. Within Basic Industry, we continue to be constructive in the Metals/Mining, Chemicals, and Steel subsectors due to relatively resilient commodity prices. We believe these issuers have better upside potential given the recent outperformance of cyclical parts of the high yield space. While the Fund maintained an underweight in sectors like Media, we selectively covered this underweight as performance improved, and recession outlooks moderated.
  • The Fund maintained a modest allocation to out-of-index sectors. While the Fund primarily invests in high yield securities, the Fund has the flexibility to opportunistically invest in bank loans and other off benchmark sectors that we believe can offer attractive risk-reward opportunities, potential portfolio diversification benefits, and avenues for liquidity. Given the team’s focus on carry, the Fund maintained an allocation to bank loans, an asset class we view as an attractive source of income coupled with limited duration.
  • We believe that high yield bonds continue to provide investors an opportunity to capture attractive carry despite the continued rise in interest rates and their potential effects on credit metrics. High yield bonds have performed well throughout 2023, and we maintain a broadly constructive outlook on the asset class due to several reasons. U.S. high yield issuers overall continue to boast much stronger balance sheets in aggregate than at the start of prior slowdowns. For example, leverage is close to its lowest level in the post financial crisis period, and interest coverage metrics are only slightly below record highs. This high yield index also remains around its highest quality in recent years, with almost 50% of the index rated BB. The asset class also has meaningful runway with respect to maturities with only 13% of the market set to mature through 2025, with issuers having reduced this amount relative to start of year levels through proactive refinancing. Additionally, starting yields for the high yield index are well above 8%, which has historically translated into strong forward returns across market environments. While we continue to monitor for signs of rising credit stress in the sector, resiliency, economic momentum, and the credit trends noted above leave us comfortable with our current exposures across the ratings spectrum.

PORTFOLIO DETAILS as of 10/31/2023

Total Net Assets
$1.77 B
Average Effective Duration
2.3 Years
Average Maturity
3.87 Years
Number of Issues
667
Average Yield to Maturity
9.44%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 11/29/2023
$0.62710
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 10/31/2023 $0.06608 $9.39
Daily Daily 09/30/2023 $0.06302 $9.53
Daily Daily 08/31/2023 $0.06386 $9.62
Daily Daily 07/31/2023 $0.06461 $9.64
Daily Daily 06/30/2023 $0.06275 $9.59
Daily Daily 05/31/2023 $0.06261 $9.50
Daily Daily 04/30/2023 $0.06120 $9.61
Daily Daily 03/31/2023 $0.06193 $9.59
Daily Daily 02/28/2023 $0.06145 $9.59
Daily Daily 01/31/2023 $0.05958 $9.74

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 11/30/2023
Daily Daily 12/31/2023

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 11/29/2023

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $9.88
$100,000 to $249,999 1.75% 1.50% $9.83
$250,000 to $499,999 1.25% 1.00% $9.78
Greater than $500,000 0.00% 1.00% $9.66

Expense Ratioas of 10/31/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
1.60% 0.65%

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
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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