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 05/30/2025

8.80%

Distribution Yield as of 06/18/2025  

8.03%

30-Day Standardized Yield 1 as of 05/31/2025  

  Subsidized2 Un-Subsidized3
w/o sales charge 7.52% 7.45%

Fund Basicsas of 05/30/2025

Total Net Assets
$8.03 B
Inception Date
05/01/2020
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.71%
Fund Net Expense Ratio
0.65%
Number of Holdings
666
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/30/2020
w/o sales charge 1.31% 7.60% 6.80% 6.36% - 6.89%
Lipper Category Avg. Short High Yield Funds 1.99% 7.12% 6.09% 5.28% - -
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD Index 2.51% 7.89% 6.59% 5.92% - 6.60%
w/ sales charge -1.00% 5.13% 6.00% 5.87% - 6.42%

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/30/2020
w/o sales charge 0.23% 7.07% 5.66% - - 6.90%
Lipper Category Avg. Short High Yield Funds 0.77% 6.46% 4.80% - - -
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD Index 1.07% 6.84% 5.41% - - 6.52%
w/ sales charge -2.05% 4.63% 4.86% - - 6.41%

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

INVESTMENT TEAM

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

24 Years of Industry Experience

Christopher Gizzo
Christopher Gizzo, CFA

Partner, Deputy Director of Leveraged Credit

17 Years of Industry Experience

Supported By 88 Investment Professionals with 18 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Maturity as of 05/30/2025

8.80%

Distribution Yield as of 06/18/2025  

8.03%

30-Day Standardized Yield 1 as of 05/31/2025  

  Subsidized2 Un-Subsidized3
w/o sales charge 7.52% 7.45%

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/30/2020
w/o sales charge 1.31% 7.60% 6.80% 6.36% - 6.89%
Lipper Category Avg. Short High Yield Funds 1.99% 7.12% 6.09% 5.28% - -
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD Index 2.51% 7.89% 6.59% 5.92% - 6.60%
w/ sales charge -1.00% 5.13% 6.00% 5.87% - 6.42%

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 04/30/2020
w/o sales charge 0.23% 7.07% 5.66% - - 6.90%
Lipper Category Avg. Short High Yield Funds 0.77% 6.46% 4.80% - - -
ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD Index 1.07% 6.84% 5.41% - - 6.52%
w/ sales charge -2.05% 4.63% 4.86% - - 6.41%

Fund Expense Ratio :

Gross 0.71%

Net 0.65%

Year Fund Returns ICE BofA HY US Corp Cash Pay BB-B 1-5Yrs USD Index
2024 9.15% 7.21%
2023 12.01% 11.66%
2022 -5.76% -5.39%
2021 5.53% 4.87%
Year Q1 Q2 Q3 Q4
2025 0.23% - - -
2024 2.18% 1.47% 4.12% 1.10%
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 05/31/2025

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
High Yield Corporate
Bank Loans
Convertible Bonds
Investment Grade Corporate
CLO
Sovereign
ABS
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 05/30/2025

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

Portfolio Positioning as of 03/31/2025

  • We have selectively added risk to the Fund as spreads moved wider. The initial effects from anticipated tariff announcements towards the end of the quarter were significant in market performance, as credit markets faced pressure in March. For short duration high yield, spreads widened to around 280 basis points, up from decade-low tights. However, we believe that these dislocations may present opportunities to add exposure to high quality credits at attractive entry points. As a result, we began to selectively increase risk in the Fund, reflected by spread duration, towards the end of the quarter after initially reducing risk levels earlier in the period.
  • We added higher quality BBs over the quarter. We increased our focus on higher-rating tiers over the quarter, adding to several positions in BBs that in our view offered better relative value, better liquidity and increased convexity as prices moved lower. Conversely, we trimmed several of the Fund’s positions in lower-rated CCCs as we continue to be cautious about lower-rated beta exposure and instead focused on higher conviction positions that in our view should be driven by idiosyncratic performance drivers. 
  • The Fund’s sector allocations remained balanced. The Fund remained overweight the Energy and Basic Industry sectors, as well as Transportation and Banking industries. We find the Energy sector in particular to be a positive space given the improvement in fundamentals for high yield issuers and that it has performed more defensively in recent years. We also added to several positions in Basic Industry and Retail, specifically Metals and Mining and Specialty Retail subsectors, respectively, that offered attractive entry points based on valuations. We trimmed various positions in Financial Services, which was reflective of more idiosyncratic reductions, and Leisure sectors. We remained underweight the Healthcare sector, which is the top underweight within the Fund, along with Telecommunications and Leisure.
  • Floating rate exposure declined within the Fund. We generally believe that select exposures to non-high yield sectors, such as bank loans, can offer attractive risk-reward opportunities and potential portfolio diversification benefits. However, floating rate securities have underperformed in recent weeks amid declining yields and rising economic growth concerns in the U.S. As a result, we have continued to reduce these allocations, instead focusing on high yield bonds holdings within higher quality rating bands.
  • We remain constructive in short duration high yield credit amid heightened economic uncertainty.  While the sector showed modest signs of weakness in the second half of the quarter softer economic data, worries of growth contraction and policy uncertainty dragged on consumer sentiment, overall returns were still positive. Even as spreads widened to almost 300 bps, we remain constructive on the asset class for several reasons. Earnings for high yield companies continue to be favorable, building on the current fundamental strength of the issuer base. The index also boasts a higher-quality ratings mix among high yield issuers, which should support generally tighter overall spread levels. Looking ahead, we have looked to add higher quality credits to the portfolio at attractive values. However, it is important to note that we are patient and selective in our approach to adding risk. We remain vigilant of potential recessionary signals that could cause spreads to move wider, including signs of significant cracks in labor markets, tariff repercussions, and the Fed's rate and fiscal policies.

PORTFOLIO DETAILS as of 05/30/2025

Total Net Assets
$8.03 B
Average Effective Duration
2.18 Years
Average Maturity
3.21 Years
Number of Issues
666
Average Yield to Maturity
8.80%
Distribution Yield (as of 06/18/2025)
8.03%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

Dividend Payments

For
YTD Dividends Paidas of 06/18/2025
$0.32673
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2025 $0.06506 $9.67
Daily Daily 04/30/2025 $0.06707 $9.50
Daily Daily 03/31/2025 $0.06724 $9.70
Daily Daily 02/28/2025 $0.06232 $9.91
Daily Daily 01/31/2025 $0.06505 $9.91

Upcoming Dividend Payment Dates

Record Date Ex-Dividend Date Reinvest & Payable Date
Daily Daily 06/30/2025
Daily Daily 07/31/2025
Daily Daily 08/31/2025
Daily Daily 09/30/2025
Daily Daily 10/31/2025
Daily Daily 11/30/2025
Daily Daily 12/31/2025

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/16/2024 12/17/2024 $0.0009 $0.0476 $0.0485 $9.92

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 06/18/2025

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $9.94
$100,000 to $249,999 1.75% 1.50% $9.89
$250,000 to $499,999 1.25% 1.00% $9.84
Greater than $500,000 0.00% 1.00% $9.72

Expense Ratioas of 05/31/2025

Fund Gross Expense Ratio 0.71%
Fund Net Expense Ratio 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 Tailored Shareholder Report
Publish Date:11/03/2015
Semi-Annual Tailored Shareholder Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015
Publish Date:11/03/2015
* includes items 7-11 of form N-CSR as required, if any.

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