LALDX | Short Duration Income Fund Class A | Lord Abbett

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(as of 12/05/2015)

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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 02/01/2023  

w/o sales charge 4.10%
w/ sales charge 4.01%

30-Day Standardized Yield 2 as of 12/31/2022  

4.45%

Average Yield to Worst as of 12/30/2022

6.18%

Expense Ratioas of 12/31/2022

Fund Basicsas of 12/30/2022

Total Net Assets
$49.08 B
Inception Date
11/04/1993
Dividend Frequency
Monthly (Daily Accrual)
Number of Holdings
1137
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 1.13% -2.93% -0.15% 1.40% 1.66% 3.70%
Lipper Category Avg. Short Investment Grade Debt Funds - - - - - -
ICE BofA 1-3 Year U.S. Corporate Index 1.05% -2.26% 0.15% 1.63% 1.60% 4.05%
w/ sales charge -1.19% -5.00% -0.93% 0.93% 1.42% 3.62%

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 -4.75% -4.75% -0.28% 1.14% 1.57% 3.67%
Lipper Category Avg. Short Investment Grade Debt Funds -4.31% -4.31% -0.24% 0.94% 0.99% -
ICE BofA 1-3 Year U.S. Corporate Index -4.00% -4.00% 0.00% 1.39% 1.52% 4.02%
w/ sales charge -6.99% -6.99% -1.06% 0.67% 1.34% 3.59%

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
U.S. Government Related
CLO
High Yield Corporate
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 12/30/2022 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 02/01/2023  

w/o sales charge 4.10%
w/ sales charge 4.01%

30-Day Standardized Yield 2 as of 12/31/2022  

  Subsidized3 Un-Subsidized4
w/o sales charge 4.45% 4.45%

Fund Expense Ratio :

0.58%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 11/04/1993
w/o sales charge 1.13% -2.93% -0.15% 1.40% 1.66% 3.70%
Lipper Category Avg. Short Investment Grade Debt Funds - - - - - -
ICE BofA 1-3 Year U.S. Corporate Index 1.05% -2.26% 0.15% 1.63% 1.60% 4.05%
w/ sales charge -1.19% -5.00% -0.93% 0.93% 1.42% 3.62%

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 -4.75% -4.75% -0.28% 1.14% 1.57% 3.67%
Lipper Category Avg. Short Investment Grade Debt Funds -4.31% -4.31% -0.24% 0.94% 0.99% -
ICE BofA 1-3 Year U.S. Corporate Index -4.00% -4.00% 0.00% 1.39% 1.52% 4.02%
w/ sales charge -6.99% -6.99% -1.06% 0.67% 1.34% 3.59%

Fund Expense Ratio :

0.58%

Year Fund Returns ICE BofA 1-3 Year U.S. Corporate Index
2022 -4.75% -4.00%
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% -
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% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 - - - - 1.40%
2022 -2.78% -1.80% -1.47% 1.25% -4.75%
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
U.S. Government Related
CLO
High Yield Corporate
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 12/30/2022

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

Portfolio Positioning as of 9/30/2022

  • 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, taking advantage of short-term liquidity.
  • 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 lower in 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 an emphasis on BB’s and issues within the basic industry sector while remaining cautious of exposure to securities further down the credit stack and those within the consumer cyclical category.
  • In addition, we reduced the portfolio’s modest exposure to non-agency residential mortgage-backed securities (RMBS) as we looked to trim the portfolio’s real estate related risk and recognize the potential negative impact of rising mortgage rates on home prices and the ability of homeowners to make payments in an economic downturn.
  • The largest increase was to the Fund’s allocation to investment grade corporate bonds. This aligns with the overall up-in-liquidity, up-in-quality theme during the quarter. We specifically sought issuers with strong balance sheet in defensive sectors.
  • We also increased the Fund’s allocation to short-term U.S. Treasuries. This was intended to increase the quality and liquidity within the portfolio. Furthermore, we believe that the 2-year Treasury yield has priced in several expected Fed rate hikes.
  • Lastly, we also increased the allocation to high-quality asset-backed securities (ABS). This was also consistent with the up-in-liquidity, up-in-quality theme during the quarter. 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.

Portfolio Details as of 12/30/2022

Total Net Assets
$49.08 B
Number of Issues
1137
Average Coupon
4.02%
Average Life
2.05 Years
Average Maturity
2.06 Years
Average Effective Duration
1.82 Years
Average Yield to Worst
6.18%