LLDYX | Short Duration Income Fund Class I | Lord Abbett
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Short Duration Income Fund

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 40+ investment professionals in portfolio management, credit research, and trading.

STRATEGIC, FLEXIBLE DESIGN

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

Dividend Yield 1 as of 12/01/2021  

w/o sales charge 2.35%

30-Day Standardized Yield 2 as of 10/31/2021  

1.19%

Fund Basicsas of 10/29/2021

Total Net Assets
$62.81 B
Inception Date
10/19/2004
Dividend Frequency
Monthly
Fund Expense Ratio
0.39%
Number of Holdings
1481
Minimum Initial Investment
$1,000,000+

Fund Expense Ratio :

0.39%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/19/2004
w/o sales charge 1.13% 1.85% 3.40% 2.82% 2.99% 3.87%
Lipper Category Avg. Short Investment Grade Debt Funds - - - - - -
ICE BofA 1-3 Year U.S. Corporate Index 0.06% 0.27% 3.43% 2.65% 2.42% 3.14%

Fund Expense Ratio :

0.39%

Fund Expense Ratio :

0.39%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/19/2004
w/o sales charge 1.22% 2.89% 3.50% 2.84% 3.11% 3.92%
Lipper Category Avg. Short Investment Grade Debt Funds 0.59% 1.76% 2.97% 2.20% 1.92% -
ICE BofA 1-3 Year U.S. Corporate Index 0.54% 1.28% 3.63% 2.67% 2.50% 3.21%

Fund Expense Ratio :

0.39%

RELATED CONTENT

Podcast: Addressing a Core Issue for Fixed-Income Investors
October 26, 2021

In this podcast, investment strategist Joseph Graham discusses why investors may wish to rethink their current allocations to core bonds

Yield, Stability, Liquidity, and Diversification: Are Fixed Income Allocations Still Up to the Task?
October 27, 2020

In an era of ultra-low interest rates, we re-examine the purpose and constitution of Core fixed income.

In a Changing Fixed Income Market, Consider Short Term Credit
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In our opinion, the U.S. Fed’s response to the pandemic-related economic shock has created potential investment opportunities in short term credit.

Type Assets
Investment Grade Corporate
CMBS
ABS
High Yield Corporate
Bank Loans
U.S. Government Related
CLO
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 10/29/2021 View Portfolio

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

INVESTMENT TEAM

Andrew H. O'Brien
Andrew H. O'Brien, CFA

Partner & Portfolio Manager

22 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

27 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

19 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

29 Years of Industry Experience

Adam C. Castle
Adam C. Castle, CFA

Managing Director, Portfolio Manager

12 Years of Industry Experience

Harris Trifon
Harris Trifon

Managing Director, Portfolio Manager

20 Years of Industry Experience

Supported By 61 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 12/01/2021  

w/o sales charge 2.35%

30-Day Standardized Yield 2 as of 10/31/2021  

  Subsidized3 Un-Subsidized4
w/o sales charge 1.19% 1.19%

Fund Expense Ratio :

0.39%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/19/2004
w/o sales charge 1.13% 1.85% 3.40% 2.82% 2.99% 3.87%
Lipper Category Avg. Short Investment Grade Debt Funds - - - - - -
ICE BofA 1-3 Year U.S. Corporate Index 0.06% 0.27% 3.43% 2.65% 2.42% 3.14%

Fund Expense Ratio :

0.39%

Fund Expense Ratio :

0.39%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/19/2004
w/o sales charge 1.22% 2.89% 3.50% 2.84% 3.11% 3.92%
Lipper Category Avg. Short Investment Grade Debt Funds 0.59% 1.76% 2.97% 2.20% 1.92% -
ICE BofA 1-3 Year U.S. Corporate Index 0.54% 1.28% 3.63% 2.67% 2.50% 3.21%

Fund Expense Ratio :

0.39%

Year Fund Returns ICE BofA 1-3 Year U.S. Corporate Index
2020 3.15% 4.16%
2019 5.63% 5.43%
2018 1.43% 1.62%
2017 2.73% 1.91%
2016 3.97% 2.39%
2015 0.86% 1.01%
2014 1.70% 1.19%
2013 1.82% 1.78%
2012 6.84% 4.49%
2011 3.35% 1.76%
2010 6.58% -
2009 17.22% -
2008 -0.43% -
2007 6.26% -
2006 3.90% -
2005 1.28% -
2004 0.09% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2021 0.42% 0.65% 0.14% - 1.14%
2020 -5.38% 5.69% 1.47% 1.66% 3.15%
2019 1.98% 1.71% 0.95% 0.88% 5.63%
2018 -0.22% 0.55% 0.55% 0.54% 1.43%
2017 1.00% 0.74% 0.73% 0.23% 2.73%
2016 1.29% 1.74% 0.80% 0.09% 3.97%
2015 1.24% 0.34% -0.35% -0.37% 0.86%
2014 0.96% 0.97% -0.11% -0.13% 1.70%
2013 0.74% -0.78% 1.00% 0.85% 1.82%
2012 2.47% 0.84% 2.13% 1.24% 6.84%
2011 0.90% 1.14% -0.58% 1.86% 3.35%
2010 2.28% 1.13% 2.43% 0.59% 6.58%
2009 4.13% 5.61% 4.72% 1.78% 17.22%
2008 1.21% 1.40% -1.76% -1.24% -0.43%
2007 1.57% 0.18% 2.09% 2.30% 6.26%
2006 0.37% 0.36% 2.28% 0.85% 3.90%
2005 -0.38% 1.46% -0.15% 0.36% 1.28%
2004 - - - - 0.09%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
Investment Grade Corporate
CMBS
ABS
High Yield Corporate
Bank Loans
U.S. Government Related
CLO
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 10/29/2021

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

Portfolio Positioning as of 9/30/2021

  • Over the quarter, we added risk exposure to the portfolio’s commercial mortgage-backed securities (CMBS) allocation using relatively longer duration corporate bonds, predominantly in the financials sector, as a funding source. The additions to CMBS in the portfolio have been focused on floating rate single-asset, single-borrower deals with high quality tenants in strong geographic areas. CMBS offer more attractive value relative to corporate bonds, in our view. We believe this securitized asset class has delivered attractive relative carry and has been supported by economic growth and a supportive Federal Government. However, in-depth due diligence is essential as geography matters and rent roll analysis is key. That said, our team continues to identify idiosyncratic opportunities in the CMBS markets.
  • We also increased the portfolio’s allocation to mortgage-backed securities (MBS). Specifically, we have added to RMBS warehouse deals which we believe to have attractive relative value and spread pick-up.
  • The portfolio’s allocation to both investment grade and high yield corporate bonds decreased over the period. As mentioned above, as short-term investment grade corporate bond spreads tighten, they have been a source for funding investments in securitized products. In terms of short-maturity high yield exposure, the decrease was a result of idiosyncratic selling opportunities and not a signal that we are less constructive on the asset class. The low duration high yield corporate bond allocation, though modest relative to the predominantly investment grade portfolio, continues to be a key driver of alpha in the Fund.  

Portfolio Details as of 10/29/2021

Total Net Assets
$62.81 B
Number of Issues
1481
Average Coupon
2.52%
Average Life
2.23 Years
Average Maturity
2.25 Years
Average Effective Duration
1.72 Years