SDHIX | Short Duration High Yield Municipal Bond Fund Class I | 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 10/21/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.94% 1.86%

30-Day Standardized Yield 2 as of 09/30/2021  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.09% 1.02%

Fund Basicsas of 09/30/2021

Total Net Assets
$1.21 B
Inception Date
06/15/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.58%
Fund Net Expense Ratio
0.50%
Number of Holdings
586
Minimum Initial Investment
$1,000,000+

Fund Expense Ratio :

Gross 0.58%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 3.60% 6.95% 4.53% 3.33% - 3.74%
Lipper Category Avg. High Yield Municipal Debt Funds 4.33% 8.44% 5.73% 4.18% - -
Bloomberg Short Duration Muni 50% HG/50% HY Index 2.58% 4.40% 4.49% 2.89% - 2.64%

Fund Expense Ratio :

Gross 0.58%

Net 0.50%

Fund Expense Ratio :

Gross 0.58%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 3.60% 6.95% 4.53% 3.33% - 3.74%
Lipper Category Avg. High Yield Municipal Debt Funds 4.33% 8.44% 5.73% 4.18% - -
Bloomberg Short Duration Muni 50% HG/50% HY Index 2.58% 4.40% 4.49% 2.89% - 2.64%

Fund Expense Ratio :

Gross 0.58%

Net 0.50%

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
Transportation
Healthcare/Hospital
Special Tax
GO Local
Lease
GO State
Education
VRDN
Power
Water & Sewer
Treasury
Other
Housing
Muni_Solid_Waste/Res_Recovery
Pre-Refunded
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 09/30/2021

Rating Assets
A-1/MIG1
A-2/MIG2
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

11 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 10/21/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.94% 1.86%

30-Day Standardized Yield 2 as of 09/30/2021  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.09% 1.02%

Fund Expense Ratio :

Gross 0.58%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 3.60% 6.95% 4.53% 3.33% - 3.74%
Lipper Category Avg. High Yield Municipal Debt Funds 4.33% 8.44% 5.73% 4.18% - -
Bloomberg Short Duration Muni 50% HG/50% HY Index 2.58% 4.40% 4.49% 2.89% - 2.64%

Fund Expense Ratio :

Gross 0.58%

Net 0.50%

Fund Expense Ratio :

Gross 0.58%

Net 0.50%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/15/2015
w/o sales charge 3.60% 6.95% 4.53% 3.33% - 3.74%
Lipper Category Avg. High Yield Municipal Debt Funds 4.33% 8.44% 5.73% 4.18% - -
Bloomberg Short Duration Muni 50% HG/50% HY Index 2.58% 4.40% 4.49% 2.89% - 2.64%

Fund Expense Ratio :

Gross 0.58%

Net 0.50%

Year Fund Returns Bloomberg Short Duration Muni 50% HG/50% HY Index
2020 2.35% 3.57%
2019 7.26% 5.99%
2018 2.30% 4.41%
2017 5.50% 3.29%
2016 -0.01% -2.42%
2015 2.64% 0.37%
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 1.58% 2.14% -0.15% - 3.19%
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
Transportation
Healthcare/Hospital
Special Tax
GO Local
Lease
GO State
Education
VRDN
Power
Water & Sewer
Treasury
Other
Housing
Muni_Solid_Waste/Res_Recovery
Pre-Refunded
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
FL
TX
PA
Puerto Rico
NJ
AL
TN
GA
LA
IA
WA
CO
WI
OH
KY
IN
MD
AZ
NH
MA
SC
MO
UT
VA
VT
NC
NV
MN
ID
HI
MS
DE
WV
MI
AK
CT
OK
KS
Other U.S. Territories
AS
AR
SD
OR

CREDIT QUALITY DISTRIBUTION as of 09/30/2021

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

Portfolio Positioning
as of 06/30/2021

  • The strong underlying credit quality of the municipal market and the ability of issuers in different sectors to respond to the challenges posed by the economic damage caused by the virus supported the recovery since the market sell-off.
  • We believe that the opening of the economy due to vaccine distribution has had a tremendous positive impact on the credit outlook for municipal bonds. Therefore, we are positive on credit risk and the portfolio has an overweight in bonds with ratings below BBB, relative to its benchmark, due to relatively attractive credit spreads. For enhanced liquidity, the Fund is overweight investment grade bonds, though primarily lower tiered investment grade credits, while underweight AAA and AA bonds.
  • From a sector perspective, the overweight to Revenue bonds is driven primarily by an overweight to the IDR sector.
  • We anticipate a continuation of supportive technicals via average supply figures and strong demand as we are experiencing a record year in terms of market inflows. Dealer inventory is low and tax rate discussions in Washington suggest potentially flat to higher tax rates, which stand to benefit the municipal market.
  • On top of the overall strength displayed last year, municipalities are receiving significant support from the U.S. government under the American Rescue Plan (ARP) signed into law by President Joe Biden on March 11, 2021. We expect these funds to go beyond recovery and likely prove stimulative. Further, as the economy continues to reopen, and consumer confidence continues to improve, we believe investors’ perceptions of higher credit quality and lower default risk for the broad municipal market will strengthen.

Portfolio Details as of 09/30/2021

Total Net Assets
$1.21 B
Number of Issues
586
Average Coupon
4.3%
Average Effective Maturity
7.1 Years
Average Effective Duration
4.37 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 10/21/2021
$0.259
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 09/30/2021 $0.02559 $15.88
Daily Daily 08/31/2021 $0.02475 $16.02
Daily Daily 07/31/2021 $0.02571 $16.08
Daily Daily 06/30/2021 $0.02820 $15.98
Daily Daily 05/31/2021 $0.02832 $15.90
Daily Daily 04/30/2021 $0.03000 $15.84
Daily Daily 03/31/2021 $0.02964 $15.73
Daily Daily 02/28/2021 $0.03278 $15.67
Daily Daily 01/31/2021 $0.03418 $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 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 09/30/2021

Fund Gross Expense Ratio Fund Net Expense Ratio
0.58% 0.50%

Fund Documents

Fund Documents

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Class I - SEC Returns reflect performance for Class I shares at Net Asset Value.

 

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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