LALDX | Short Duration Income Fund Class A | 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

Dividend Yield 1 as of 10/06/2022  

w/o sales charge 3.55%
w/ sales charge 3.47%

30-Day Standardized Yield 2 as of 08/31/2022  

3.42%

Expense Ratioas of 09/30/2022

Fund Basicsas of 08/31/2022

Total Net Assets
$54.73 B
Inception Date
11/04/1993
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
1280
Minimum Initial Investment
$1,500+
 
Inflation Resource Center

Flexible Fixed-Income Solutions for a Number of Market Outcomes

In today's market environment, many are focused on the potential investment implications of rising inflation. While Lord Abbett's experts say they don't think now is the time to make drastic changes to a portfolio, this Reource Center provides thoughtful insights and potential solutions for a number of situation-based outcomes.

Learn More

 

 

Fund Expense Ratio :

0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 11/04/1993
w/o sales charge -5.93% -6.09% -0.42% 0.93% 1.57% 3.66%
Lipper Category Avg. Short Investment Grade Debt Funds -5.46% -5.91% -0.43% 0.70% 0.92% -
ICE BofA 1-3 Year U.S. Corporate Index -5.34% -5.86% -0.18% 1.10% 1.44% 4.01%
w/ sales charge -8.14% -8.28% -1.19% 0.46% 1.33% 3.58%

Fund Expense Ratio :

0.58%

Fund Expense Ratio :

0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 11/04/1993
w/o sales charge -5.93% -6.09% -0.42% 0.93% 1.57% 3.66%
Lipper Category Avg. Short Investment Grade Debt Funds -5.46% -5.91% -0.43% 0.70% 0.92% -
ICE BofA 1-3 Year U.S. Corporate Index -5.34% -5.86% -0.18% 1.10% 1.44% 4.01%
w/ sales charge -8.14% -8.28% -1.19% 0.46% 1.33% 3.58%

Fund Expense Ratio :

0.58%

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

Type Assets
Investment Grade Corporate
CMBS
ABS
CLO
High Yield Corporate
U.S. Government Related
Bank Loans
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 08/31/2022 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

24 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner & Portfolio Manager

28 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

21 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

31 Years of Industry Experience

Adam C. Castle
Adam C. Castle, CFA

Partner, Portfolio Manager

14 Years of Industry Experience

Harris Trifon
Harris Trifon

Managing Director, Portfolio Manager

22 Years of Industry Experience

Yoana N. Koleva
Yoana N. Koleva, CFA

Partner, Portfolio Manager

19 Years of Industry Experience

Supported By 71 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

Dividend Yield 1 as of 10/06/2022  

w/o sales charge 3.55%
w/ sales charge 3.47%

30-Day Standardized Yield 2 as of 08/31/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 3.42% 3.42%

Fund Expense Ratio :

0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 11/04/1993
w/o sales charge -5.93% -6.09% -0.42% 0.93% 1.57% 3.66%
Lipper Category Avg. Short Investment Grade Debt Funds -5.46% -5.91% -0.43% 0.70% 0.92% -
ICE BofA 1-3 Year U.S. Corporate Index -5.34% -5.86% -0.18% 1.10% 1.44% 4.01%
w/ sales charge -8.14% -8.28% -1.19% 0.46% 1.33% 3.58%

Fund Expense Ratio :

0.58%

Fund Expense Ratio :

0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 11/04/1993
w/o sales charge -5.93% -6.09% -0.42% 0.93% 1.57% 3.66%
Lipper Category Avg. Short Investment Grade Debt Funds -5.46% -5.91% -0.43% 0.70% 0.92% -
ICE BofA 1-3 Year U.S. Corporate Index -5.34% -5.86% -0.18% 1.10% 1.44% 4.01%
w/ sales charge -8.14% -8.28% -1.19% 0.46% 1.33% 3.58%

Fund Expense Ratio :

0.58%

Year Fund Returns ICE BofA 1-3 Year U.S. Corporate Index
2021 1.13% -0.01%
2020 2.95% 4.16%
2019 5.42% 5.43%
2018 1.23% 1.62%
2017 2.29% 1.91%
2016 4.01% 2.39%
2015 0.43% 1.01%
2014 1.73% 1.19%
2013 1.62% 1.78%
2012 6.64% 4.49%
2011 3.16% -
2010 6.38% -
2009 16.97% -
2008 -1.09% -
2007 5.89% -
2006 3.54% -
2005 0.92% -
2004 1.18% -
2003 1.79% -
2002 7.60% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2022 -2.78% -1.80% -1.47% - -5.63%
2021 0.38% 0.84% 0.09% -0.17% 1.13%
2020 -5.42% 5.89% 1.17% 1.60% 2.95%
2019 2.17% 1.66% 0.66% 0.83% 5.42%
2018 -0.03% 0.26% 0.74% 0.25% 1.23%
2017 0.72% 0.69% 0.68% 0.18% 2.29%
2016 1.24% 1.69% 0.98% 0.04% 4.01%
2015 0.97% 0.52% -0.40% -0.65% 0.43%
2014 0.91% 1.15% -0.15% -0.17% 1.73%
2013 0.69% -0.82% 0.95% 0.81% 1.62%
2012 2.43% 0.79% 2.08% 1.19% 6.64%
2011 1.08% 1.09% -0.84% 1.81% 3.16%
2010 2.24% 1.08% 2.60% 0.33% 6.38%
2009 4.07% 5.55% 4.90% 1.51% 16.97%
2008 1.13% 0.93% -1.59% -1.53% -1.09%
2007 1.48% 0.09% 2.00% 2.21% 5.89%
2006 0.28% 0.27% 2.19% 0.76% 3.54%
2005 -0.47% 1.37% -0.24% 0.27% 0.92%
2004 1.43% -2.02% 1.66% 0.15% 1.18%
2003 0.83% 1.04% -0.31% 0.23% 1.79%
2002 0.39% 2.64% 3.25% 1.13% 7.60%
2001 2.35% 0.94% 3.51% -0.39% 6.54%
2000 1.63% 2.09% 2.48% 2.67% 9.18%
1999 0.89% 0.45% 0.97% 0.50% 2.81%
1998 1.15% 1.60% 3.44% 0.25% 6.56%
1997 0.03% 2.40% 2.40% 1.92% 6.90%
1996 -1.22% -0.43% 1.01% 1.96% 1.30%
1995 3.33% 2.82% 1.24% 2.37% 10.11%
1994 -2.85% -1.16% 0.40% 0.10% -3.48%
1993 - - - - 0.47%

Growth of $10,000 as of 07/31/2021

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
Investment Grade Corporate
CMBS
ABS
CLO
High Yield Corporate
U.S. Government Related
Bank Loans
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 08/31/2022

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

Portfolio Positioning as of 6/30/2022

  • During the quarter we focused on shifting the Fund’s overall positioning to be higher in quality and liquidity. Specifically, we used less volatile market days to take gains in lower quality holdings and reposition the portfolio to a higher quality profile.
  • The sales of lower quality holdings were primarily within the high yield bond and bank loan allocations. Within both leveraged credit sectors, we focused on selling securities at the bottom of the credit stack as well as consumer cyclical issues. Overall, while we took down the Fund’s weight and risk within each leveraged credit sector, we have maintained these allocations with a bias for BB’s and basic industry names while remaining cautious of exposure to securities further down the credit stack and those within the consumer cyclical category.
  • We increased the allocations to both cash equivalents and short-term, high-quality asset-backed securities (ABS). Both additions are consistent with the up-in-liquidity, up-in-quality theme during the quarter. Within ABS, we specifically focused on adding to AAA-rated consumer-backed credit card receivables and auto-loans. Any sales within the ABS sector were “whole business” ABS with labor-intensive business collateral.
  • We maintained the Fund’s allocation to commercial mortgage-backed securities (CMBS), despite taking down overall credit risk within the sector. Specifically, we allowed specific retail and leisure property-backed commercial real estate assets to roll off while reinvesting in high quality industrial-backed properties. We continue to favor private-label, industrial-backed single-asset/single-borrower (SASB) deals, and commercial real estate collateralized loan obligations (CRE CLO) backed by multi-family properties.
  • Lastly, we reduced the Fund’s duration underweight versus the benchmark over the quarter as we believe that performance sourced from duration positioning will be increasingly difficult to generate given the opposing forces of a more hawkish Fed and increasing concerns around slower growth.  Furthermore, we believe that the 2-year Treasury yield has priced in several Fed rate hikes that the market expects in the future, making it an attractive part of the yield curve to invest in.

Portfolio Details as of 08/31/2022

Total Net Assets
$54.73 B
Number of Issues
1280
Average Coupon
3.58%
Average Life
2.18 Years
Average Maturity
2.18 Years
Average Effective Duration
2.16 Years