LDLTX | Short Duration Income Fund Class R5 | 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 10/31/2023

6.96%

30-Day Standardized Yield 1 as of 10/31/2023  

5.77%

Fund Basicsas of 10/31/2023

Total Net Assets
$43.20 B
Inception Date
06/30/2015
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.38%
Fund Net Expense Ratio
0.38%
Number of Holdings
1098

Fund Expense Ratio :

Gross 0.38%

Net 0.38%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/19/2004
w/o sales charge 2.62% 4.15% 0.21% 1.67% 1.86% 3.36%
Lipper Category Avg. Short Investment Grade Debt Funds 2.80% 4.29% -0.18% 1.37% 1.23% -
ICE BofA 1-3 Year U.S. Corporate Index 2.80% 4.48% -0.26% 1.78% 1.64% -
w/ sales charge 2.62% 4.15% 0.21% 1.67% 1.86% 3.36%

Fund Expense Ratio :

Gross 0.38%

Net 0.38%

Fund Expense Ratio :

Gross 0.38%

Net 0.38%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/19/2004
w/o sales charge 2.46% 3.52% 0.24% 1.60% 1.90% 3.37%
Lipper Category Avg. Short Investment Grade Debt Funds 2.72% 3.98% -0.15% 1.35% 1.27% -
ICE BofA 1-3 Year U.S. Corporate Index 2.56% 4.02% -0.27% 1.74% 1.66% -

Fund Expense Ratio :

Gross 0.38%

Net 0.38%

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

Credit Quality Distribution as of 10/31/2023 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

25 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner, Portfolio Manager

29 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

22 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

32 Years of Industry Experience

Adam C. Castle
Adam C. Castle, CFA

Partner, Portfolio Manager

15 Years of Industry Experience

Harris Trifon
Harris Trifon

Partner, Portfolio Manager

23 Years of Industry Experience

Yoana N. Koleva
Yoana N. Koleva, CFA

Partner, Portfolio Manager

20 Years of Industry Experience

Supported By 75 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Maturity as of 10/31/2023

6.96%

30-Day Standardized Yield 1 as of 10/31/2023  

  Subsidized2 Un-Subsidized3
w/o sales charge 5.77% 5.77%

Fund Expense Ratio :

Gross 0.38%

Net 0.38%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/19/2004
w/o sales charge 2.62% 4.15% 0.21% 1.67% 1.86% 3.36%
Lipper Category Avg. Short Investment Grade Debt Funds 2.80% 4.29% -0.18% 1.37% 1.23% -
ICE BofA 1-3 Year U.S. Corporate Index 2.80% 4.48% -0.26% 1.78% 1.64% -
w/ sales charge 2.62% 4.15% 0.21% 1.67% 1.86% 3.36%

Fund Expense Ratio :

Gross 0.38%

Net 0.38%

Fund Expense Ratio :

Gross 0.38%

Net 0.38%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/19/2004
w/o sales charge 2.46% 3.52% 0.24% 1.60% 1.90% 3.37%
Lipper Category Avg. Short Investment Grade Debt Funds 2.72% 3.98% -0.15% 1.35% 1.27% -
ICE BofA 1-3 Year U.S. Corporate Index 2.56% 4.02% -0.27% 1.74% 1.66% -

Fund Expense Ratio :

Gross 0.38%

Net 0.38%

Year Fund Returns ICE BofA 1-3 Year U.S. Corporate Index
2022 -4.65% -4.00%
2021 1.40% -0.01%
2020 3.16% 4.16%
2019 5.64% 5.43%
2018 1.43% 1.62%
2017 2.50% 1.91%
2016 3.97% 2.39%
2015 0.85% 1.01%
2014 1.70% 1.19%
2013 1.82% 1.78%
2012 6.84% -
2011 3.35% -
2010 6.58% -
2009 17.22% -
2008 -0.43% -
2007 6.26% -
2006 3.90% -
2005 1.28% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 1.62% -0.12% - - 4.12%
2022 -2.57% -2.00% -1.17% 1.04% -4.65%
2021 0.68% 0.67% 0.15% -0.11% 1.40%
2020 -5.15% 5.69% 1.22% 1.67% 3.16%
2019 2.23% 1.72% 0.95% 0.64% 5.64%
2018 0.02% 0.31% 0.79% 0.30% 1.43%
2017 0.77% 0.74% 0.73% 0.23% 2.50%
2016 1.05% 1.74% 1.04% 0.09% 3.97%
2015 1.24% 0.34% -0.34% -0.38% 0.85%
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%

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
Cash
Maturity Assets
Less than 1 year
1-3 years
3-5 years
5-7 years
7-10 years

Credit Quality Distribution as of 10/31/2023

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

Portfolio Positioning as of 9/30/2023

  • Security selection within investment grade corporate bonds was the primary contributor to relative returns. More specifically, selection within the Financial and Energy sectors were positive contributors. We remain conservatively positioned in Financials, overweight large U.S. money center banks and European national champion banks. We are more cautious on smaller regional banks and monetized on some of the portfolio’s exposure here going into earnings season. The bank credits the portfolio holds is focused on institutions that have strong deposit franchises with robust credit cultures and strong management teams. Over the period, we modestly increased the portfolio’s exposure to investment grade corporate bonds, primarily within Financials.
  • The portfolio’s multi sector design provided diversification benefits and contributed to relative returns, particularly within collateralized loan obligations (CLO) and asset-backed securities (ABS). Our CLO allocation is very short in maturity, highly rated, and exhibits low spread volatility. In regard to ABS, we continue to favor high-quality securities within the auto loan and consumer loan sectors, focusing on newly originated loans with superior underwriting. Over the quarter, we increased the portfolio’s allocation to ABS amid excess supply and attractive relative value.
  • The short-term, high yield allocation also contributed to relative performance over the quarter given the asset classes greater carry. 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.
  • Over the quarter, the 2-year U.S. Treasury yield moved higher from 4.87% to 5.03%. Therefore, the portfolio’s modestly longer duration, specifically in the second half of the period when rates rose most, slightly detracted from relative performance over the period.
  • The portfolio’s allocation to commercial mortgage-backed securities (CMBS) also dragged on relative performance, particularly within fixed and floating-rate single-asset, single borrower (SASB). Concerns about commercial real estate fundamentals continue to weigh on the market, and although valuations are compelling, we remain cautious about certain segments of commercial real estate. We continued to reduce the portfolio’s overall exposure to CMBS over the period, mainly within fixed and floating rate (SASB) securities. The portfolio’s current CMBS allocation is at its lowest weighting since the inception of the fund and well diversified across multifamily, lodging, office, industrial and retail properties. Going forward, we maintain a high bar to add new positions, with a preference for high quality, liquid names and will continue to proactively manage existing positions.

Portfolio Details as of 10/31/2023

Total Net Assets
$43.20 B
Average Effective Duration
1.86 Years
Average Life
1.91 Years
Average Maturity
1.91 Years
Number of Issues
1098
Average Yield to Maturity
6.96%

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 11/29/2023
$0.14922
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 10/31/2023 $0.01578 $3.78
Daily Daily 09/30/2023 $0.01550 $3.79
Daily Daily 08/31/2023 $0.01560 $3.81
Daily Daily 07/31/2023 $0.01504 $3.81
Daily Daily 06/30/2023 $0.01527 $3.80
Daily Daily 05/31/2023 $0.01519 $3.83
Daily Daily 04/30/2023 $0.01498 $3.86
Daily Daily 03/31/2023 $0.01470 $3.85
Daily Daily 02/28/2023 $0.01328 $3.83
Daily Daily 01/31/2023 $0.01390 $3.87

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 11/30/2023
Daily Daily 12/31/2023

Fees & Expenses

Fees & Expenses

Expense Ratioas of 10/31/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
0.38% 0.38%

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
Fund Story
Publish Date:11/03/2015

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