SDHCX | Short Duration High Yield Municipal Bond Fund Class C | Lord Abbett
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Short Duration High Yield Municipal Bond Fund

Summary

Summary

What is the Short Duration High Yield 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 yield municipals have historically had low correlation with other bond sectors, providing valuable diversification benefits to fixed income portfolios.

Yield

Dividend Yield 1 as of 04/21/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.38% 1.30%

30-Day Standardized Yield 2 as of 03/31/2021  

  Subsidized5 Un-Subsidized6
w/o sales charge 0.61% 0.59%

Fund Basicsas of 03/31/2021

Total Net Assets
$839.07 M
Inception Date
06/15/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
1.45%
Fund Net Expense Ratio
1.37%
Number of Holdings
500
Minimum Initial Investment
$1,000+

Fund Expense Ratio :

Gross 1.45%

Net 1.37%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 1.37% 9.06% 3.45% 2.57% - 2.79%
Lipper Category Avg. High Yield Municipal Debt Funds 1.24% 11.21% 5.30% 4.38% - -
Bloomberg Barclays Short Duration Muni 50% HG/50% HY Index 0.75% 6.64% 4.82% 2.93% - 2.55%
w/ sales charge 0.37% 9.06% 3.45% 2.57% - 2.79%

Fund Expense Ratio :

Gross 1.45%

Net 1.37%

Fund Expense Ratio :

Gross 1.45%

Net 1.37%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 1.37% 9.06% 3.45% 2.57% - 2.79%
Lipper Category Avg. High Yield Municipal Debt Funds 1.24% 11.21% 5.30% 4.38% - -
Bloomberg Barclays Short Duration Muni 50% HG/50% HY Index 0.75% 6.64% 4.82% 2.93% - 2.55%
w/ sales charge 0.37% 9.06% 3.45% 2.57% - 2.79%

Fund Expense Ratio :

Gross 1.45%

Net 1.37%

RELATED CONTENT

Muni Bonds: Rising Rates? Think Short—and High

A strategy employing short-duration, high-yield municipal bonds historically has performed well during periods of rising U.S. Treasury yields.

RELATED CONTENT

Municipal Bonds: Looking for Extra Yield with Less Interest-Rate Risk?
February 18, 2020

Here’s why investors may wish to consider a strategy employing short duration, high yield municipal bonds.

Sector Assets
IDR/PCR
Healthcare/Hospital
Lease
GO State
Special Tax
Transportation
Education
GO Local
Water & Sewer
Power
Housing
Other
VRDN
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 03/31/2021

Rating Assets
A-1/MIG1
A-2/MIG2
AAA
AA
A
BBB
BB
B
< B
Not Rated

INVESTMENT TEAM

Daniel S. Solender
Daniel S. Solender, CFA

Partner & Director

33 Years of Industry Experience

Gregory M. Shuman
Gregory M. Shuman, CFA

Managing Director, Portfolio Manager

10 Years of Industry Experience

Supported By 16 Investment Professionals with 14 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 04/21/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.38% 1.30%

30-Day Standardized Yield 2 as of 03/31/2021  

  Subsidized5 Un-Subsidized6
w/o sales charge 0.61% 0.59%

Fund Expense Ratio :

Gross 1.45%

Net 1.37%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 1.37% 9.06% 3.45% 2.57% - 2.79%
Lipper Category Avg. High Yield Municipal Debt Funds 1.24% 11.21% 5.30% 4.38% - -
Bloomberg Barclays Short Duration Muni 50% HG/50% HY Index 0.75% 6.64% 4.82% 2.93% - 2.55%
w/ sales charge 0.37% 9.06% 3.45% 2.57% - 2.79%

Fund Expense Ratio :

Gross 1.45%

Net 1.37%

Fund Expense Ratio :

Gross 1.45%

Net 1.37%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 1.37% 9.06% 3.45% 2.57% - 2.79%
Lipper Category Avg. High Yield Municipal Debt Funds 1.24% 11.21% 5.30% 4.38% - -
Bloomberg Barclays Short Duration Muni 50% HG/50% HY Index 0.75% 6.64% 4.82% 2.93% - 2.55%
w/ sales charge 0.37% 9.06% 3.45% 2.57% - 2.79%

Fund Expense Ratio :

Gross 1.45%

Net 1.37%

Year Fund Returns Bloomberg Barclays Short Duration Muni 50% HG/50% HY Index
2020 1.48% 3.57%
2019 6.35% 5.99%
2018 1.44% 4.41%
2017 4.55% 3.29%
2016 -0.96% -2.42%
2015 2.06% 0.37%
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 1.37% - - - 2.16%
2020 -5.68% 2.80% 1.60% 3.01% 1.48%
2019 2.32% 1.81% 1.43% 0.65% 6.35%
2018 0.24% 0.71% 0.25% 0.22% 1.44%
2017 1.88% 1.56% 1.27% -0.23% 4.55%
2016 1.21% 1.77% 0.43% -4.26% -0.96%
2015 - - 0.86% 1.61% 2.06%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Sector Assets
IDR/PCR
Healthcare/Hospital
Lease
GO State
Special Tax
Transportation
Education
GO Local
Water & Sewer
Power
Housing
Other
VRDN
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
CA
PA
NJ
TX
Puerto Rico
FL
IA
LA
AL
OH
WI
CO
GA
KY
MD
AZ
IN
NH
MO
VT
SC
TN
NV
ID
HI
VA
MA
MS
DE
WA
UT
WV
MN
CT
OK
MI
KS
AS
SD
NC
ME
OR

CREDIT QUALITY DISTRIBUTION as of 03/31/2021

Rating Assets
A-1/MIG1
A-2/MIG2
AAA
AA
A
BBB
BB
B
< B
Not Rated

Portfolio Positioning
as of 12/31/2020

  • One of the Fund’s largest overweights is in the leisure sector, which is largely driven by the Fund’s allocation to regional gaming credits, such as casinos. In our view, the gaming industry has benefitted from strong operating improvements due to drastic cost-cutting including reduced promotional spend, as well as pent-up demand. Our focus on regional gaming has also benefitted from an emphasis on operators who are less reliant on ‘fly-in’ customers and workweek business conferences, both of which are a larger part of the industry in international gaming centers such as Las Vegas. As gaming continued to recover, we began to pivot toward hotel and travel companies. We added to cruise lines, travel agencies, and other travel-related names, including airline operators that we believe are going above and beyond to increase revenue and passenger yields.
  • We continue to have a broadly constructive view on high yield credit even while acknowledging that today’s valuations are far less dislocated than they were for much of 2020. Management teams have broadly positioned balance sheets to weather any residual economic softness near term through an active new issue market in 2020 while also working to preserve margins. For 2021, we believe outperformance will more likely be driven by sleeves of opportunity within high yield as opposed to broad market moves.  We continue to see upside in fallen angels, many of which we believe will regain investment grade status over the coming year or two. Further, while the pandemic has accelerated the secular struggles of segments of the economy, it has produced structural changes with new potential beneficiaries.

Portfolio Details as of 03/31/2021

Total Net Assets
$839.07 M
Number of Issues
500
Average Coupon
4.4%
Average Effective Maturity
7.2 Years
Average Effective Duration
4.26 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 04/21/2021
$0.063
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 03/31/2021 $0.01823 $15.73
Daily Daily 02/28/2021 $0.02227 $15.67
Daily Daily 01/31/2021 $0.02292 $15.83

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 04/30/2021
Daily Daily 05/31/2021
Daily Daily 06/30/2021
Daily Daily 07/31/2021
Daily Daily 08/31/2021
Daily Daily 09/30/2021
Daily Daily 10/31/2021
Daily Daily 11/30/2021
Daily Daily 12/31/2021

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
12/21/2021 12/22/2021

Fees & Expenses

Fees & Expenses

Expense Ratioas of 03/31/2021

Fund Gross Expense Ratio Fund Net Expense Ratio
1.45% 1.37%

Fund Documents

Fund Documents

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Class C - Class C shares are subject to ongoing 12b-1 service and distribution fees as well as a maximum CDSC of 1 percent if you redeem your shares before the first anniversary of your original purchase.

Class C shares are only offered to certain eligible investors.  For additional information, see the Fund’s current prospectus.

 

50% Barclays Municipal Bond 1-8 Year Index / 50% Barclays High Yield Municipal Bond 1-8 Year Index

The Barclays 1-8 Year Municipal Bond index is the 1-8 year component of the Municipal Bond index. The Barclays Municipal Bond index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index is a broad measure of the municipal bond market with maturities of at least one year. Bonds must have an outstanding par value of at least $7 million and be issued as part of a transaction of at least $75 million. The Barclays 1-8 Year High Yield Municipal Bond index is the 1-8 year component of the High Yield Municipal Bond index. The Barclays High Yield Municipal Bond index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds.

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