LDLFX | Short Duration Income Fund Class F | Lord Abbett

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Short Duration Income Fund

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Summary

Summary

What is the Short Duration Income Fund?

The Fund seeks to deliver a high level of current income consistent with the preservation of capital by investing in a variety of short maturity debt securities including, corporate bonds, U.S. government securities, and mortgage- and other asset-backed debt securities.
 

EXPERIENCED, TENURED TEAM

Managed through collaboration among 70+ investment professionals in portfolio management, credit research, and trading.

FLEXIBLE APPROACH

Pursues an agile, multi-sector approach designed to provide a higher yield than a typical short duration strategy, and a lower duration than a traditional core bond strategy.

STRONG PERFORMANCE

Has offered a track record of solid performance in many market environments. 

Yield

Average Yield to Maturity as of 01/31/2024

5.82%

30-Day Standardized Yield 1 as of 01/31/2024  

4.97%

Fund Basicsas of 01/31/2024

Total Net Assets
$43.05 B
Inception Date
09/28/2007
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.48%
Fund Net Expense Ratio
0.48%
Number of Holdings
1138

Fund Expense Ratio :

Gross 0.48%

Net 0.48%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 0.42% 4.53% 0.60% 1.94% 2.03% 3.43%
Lipper Category Avg. Short Investment Grade Debt Funds 0.58% 4.99% 0.58% 1.86% 1.57% -
ICE BofA 1-3 Year U.S. Corporate Index 0.53% 5.14% 0.64% 2.15% 1.93% 2.77%
w/ sales charge 0.42% 4.53% 0.60% 1.94% 2.03% 3.43%

Fund Expense Ratio :

Gross 0.48%

Net 0.48%

Fund Expense Ratio :

Gross 0.48%

Net 0.48%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 5.55% 5.55% 0.53% 2.02% 2.02% 3.43%
Lipper Category Avg. Short Investment Grade Debt Funds 5.78% 5.78% 0.43% 1.88% 1.53% -
ICE BofA 1-3 Year U.S. Corporate Index 5.69% 5.69% 0.48% 2.18% 1.90% 2.75%

Fund Expense Ratio :

Gross 0.48%

Net 0.48%

Type Assets
Investment Grade Corporate
ABS
CMBS
CLO
High Yield Corporate
Bank Loans
U.S. Government Related
MBS
Sovereign
Other
Cash
Maturity Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years

Credit Quality Distribution as of 01/31/2024 View Portfolio

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB
Not Rated

INVESTMENT TEAM

Harris Trifon
Harris Trifon

Partner, Portfolio Manager

23 Years of Industry Experience

Supported By 61 Investment Professionals with 14 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Maturity as of 01/31/2024

5.82%

30-Day Standardized Yield 1 as of 01/31/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 4.97% 4.97%

Fund Expense Ratio :

Gross 0.48%

Net 0.48%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 0.42% 4.53% 0.60% 1.94% 2.03% 3.43%
Lipper Category Avg. Short Investment Grade Debt Funds 0.58% 4.99% 0.58% 1.86% 1.57% -
ICE BofA 1-3 Year U.S. Corporate Index 0.53% 5.14% 0.64% 2.15% 1.93% 2.77%
w/ sales charge 0.42% 4.53% 0.60% 1.94% 2.03% 3.43%

Fund Expense Ratio :

Gross 0.48%

Net 0.48%

Fund Expense Ratio :

Gross 0.48%

Net 0.48%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 09/28/2007
w/o sales charge 5.55% 5.55% 0.53% 2.02% 2.02% 3.43%
Lipper Category Avg. Short Investment Grade Debt Funds 5.78% 5.78% 0.43% 1.88% 1.53% -
ICE BofA 1-3 Year U.S. Corporate Index 5.69% 5.69% 0.48% 2.18% 1.90% 2.75%

Fund Expense Ratio :

Gross 0.48%

Net 0.48%

Year Fund Returns ICE BofA 1-3 Year U.S. Corporate Index
2023 5.55% 5.69%
2022 -4.68% -4.00%
2021 0.99% -0.01%
2020 3.05% 4.16%
2019 5.52% 5.43%
2018 1.33% 1.62%
2017 2.63% 1.91%
2016 3.86% 2.39%
2015 0.76% 1.01%
2014 1.60% 1.19%
2013 1.94% -
2012 6.51% -
2011 3.25% -
2010 6.47% -
2009 17.09% -
2008 -0.73% -
2007 5.52% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2024 - - - - 0.27%
2023 1.86% -0.14% 0.93% 2.83% 5.55%
2022 -2.52% -1.77% -1.45% 1.01% -4.68%
2021 0.40% 0.63% 0.35% -0.39% 0.99%
2020 -5.40% 5.66% 1.44% 1.63% 3.05%
2019 2.20% 1.44% 0.93% 0.85% 5.52%
2018 -0.24% 0.53% 0.53% 0.51% 1.33%
2017 0.98% 0.72% 0.70% 0.21% 2.63%
2016 1.27% 1.71% 1.01% -0.17% 3.86%
2015 1.22% 0.31% -0.37% -0.39% 0.76%
2014 0.93% 0.95% -0.13% -0.15% 1.60%
2013 0.93% -0.80% 0.97% 0.83% 1.94%
2012 2.45% 0.60% 2.32% 1.00% 6.51%
2011 0.88% 1.11% -0.60% 1.84% 3.25%
2010 2.26% 1.11% 2.40% 0.57% 6.47%
2009 4.10% 5.58% 4.70% 1.76% 17.09%
2008 1.42% 0.98% -1.80% -1.29% -0.73%
2007 1.55% 0.15% 1.69% 2.03% 5.52%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
Investment Grade Corporate
ABS
CMBS
CLO
High Yield Corporate
Bank Loans
U.S. Government Related
MBS
Sovereign
Other
Cash
Maturity Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years

Credit Quality Distribution as of 01/31/2024

Rating Assets
U.S. Treasury
Agency
AAA
AA
A
BBB
<BBB
Not Rated

Portfolio Positioning as of 12/31/2023

  • The portfolio’s allocation to commercial mortgage-backed securities (CMBS) detracted from relative performance, particularly within single-asset, single borrower (SASB) securities, as concerns about commercial real estate fundamentals continue to weigh on the market. Although valuations are compelling, we remain cautious about certain segments of the market and continued to reduce the portfolio’s overall exposure to CMBS over the period. A significant amount of pressure has been priced into the market this year and we believe our positions are in a strong position to weather future fundamental deterioration. We maintain a high bar to add new positions, with a preference for high quality, liquid names.
  • The portfolio’s allocation to asset-backed securities (ABS) also led to a negative impact on relative performance as short-term ABS credit spreads were generally flat. While short-term ABS produced positive performance over the quarter, it underperformed the short-term investment grade corporate bond index. We continue to favor high-quality ABS within the auto sector, focusing on newly originated loans with superior underwriting. We modestly decreased the Fund’s ABS exposure over the quarter.
  • Security selection within investment grade corporate bonds was the primary contributor to relative returns, mainly within the Financial sector. We remain conservatively positioned in Financials, overweight large U.S. money center banks and European national champion banks, which we feel are particularly attractive in the current environment. The bank debt the portfolio holds is focused on institutions that have strong deposit franchises with robust credit cultures and strong management teams. We increased the portfolio’s exposure to investment grade corporate bonds over the period, primarily within the Automotive and Financial sectors.
  • The short-term, high yield allocation modestly contributed to relative performance over the quarter given significant spread compression in below-investment grade credit. Although our allocation to high yield corporate bonds is near historic lows given the reduced availability of yield-to-call names, we continue to seek opportunities in higher quality parts of the market, such as Energy, and idiosyncratic situations associated with mergers or credit events.
  • The Collateralized Loan Obligation (CLO) allocation also led to a positive impact on relative performance given the significant compression of high-quality CLO credit spreads. The portfolio’s CLO allocation is very short in maturity, AAA-rated and exhibits low spread volatility.

Portfolio Details as of 01/31/2024

Total Net Assets
$43.05 B
Average Effective Duration
1.64 Years
Average Life
1.99 Years
Average Maturity
1.99 Years
Number of Issues
1138
Average Yield to Maturity
5.82%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 02/27/2024
$0.01624
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 01/31/2024 $0.01624 $3.86

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 02/29/2024
Daily Daily 03/31/2024
Daily Daily 04/30/2024
Daily Daily 05/31/2024
Daily Daily 06/30/2024
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
12/17/2013 12/18/2013 $0.0056 $0.0005 $0.0061 $4.56

Fees & Expenses

Fees & Expenses

Expense Ratioas of 01/31/2024

Fund Gross Expense Ratio Fund Net Expense Ratio
0.48% 0.48%

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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