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

Average Yield to Maturity as of 04/30/2024

6.34%

30-Day Standardized Yield 1 as of 04/30/2024  

5.14%

Fund Basicsas of 04/30/2024

Total Net Assets
$41.94 B
Inception Date
11/04/1993
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.59%
Fund Net Expense Ratio
0.59%
Number of Holdings
1136
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

Gross 0.59%

Net 0.59%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 11/04/1993
w/o sales charge 0.59% 3.77% 0.36% 1.53% 1.86% 3.70%
Lipper Category Avg. Short Investment Grade Debt Funds 0.68% 4.31% 0.58% 1.63% 1.54% -
ICE BofA 1-3 Year U.S. Corporate Index 0.66% 4.38% 0.63% 1.88% 1.89% 4.06%
w/ sales charge -1.70% 1.41% -0.43% 1.05% 1.64% 3.62%

Fund Expense Ratio :

Gross 0.59%

Net 0.59%

Fund Expense Ratio :

Gross 0.59%

Net 0.59%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 11/04/1993
w/o sales charge 0.96% 4.54% 0.63% 1.67% 1.93% 3.72%
Lipper Category Avg. Short Investment Grade Debt Funds 0.97% 5.12% 0.76% 1.75% 1.59% -
ICE BofA 1-3 Year U.S. Corporate Index 0.86% 5.22% 0.76% 1.99% 1.94% 4.07%
w/ sales charge -1.34% 2.16% -0.16% 1.19% 1.71% 3.64%

Fund Expense Ratio :

Gross 0.59%

Net 0.59%

Type Assets
Investment Grade Corporate
ABS
CLO
CMBS
Bank Loans
High Yield Corporate
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 04/30/2024 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

26 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner, Portfolio Manager

30 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Co-Head of Taxable Fixed Income

23 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Co-Head of Taxable Fixed Income

33 Years of Industry Experience

Adam C. Castle
Adam C. Castle, CFA

Partner, Portfolio Manager

16 Years of Industry Experience

Harris Trifon
Harris Trifon

Partner, Portfolio Manager

24 Years of Industry Experience

Yoana N. Koleva
Yoana N. Koleva, CFA

Partner, Portfolio Manager

21 Years of Industry Experience

Supported By 79 Investment Professionals with 17 Years Avg. Industry Experience

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Performance

Performance

Average Yield to Maturity as of 04/30/2024

6.34%

30-Day Standardized Yield 1 as of 04/30/2024  

  Subsidized2 Un-Subsidized3
w/o sales charge 5.14% 5.14%

Fund Expense Ratio :

Gross 0.59%

Net 0.59%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 11/04/1993
w/o sales charge 0.59% 3.77% 0.36% 1.53% 1.86% 3.70%
Lipper Category Avg. Short Investment Grade Debt Funds 0.68% 4.31% 0.58% 1.63% 1.54% -
ICE BofA 1-3 Year U.S. Corporate Index 0.66% 4.38% 0.63% 1.88% 1.89% 4.06%
w/ sales charge -1.70% 1.41% -0.43% 1.05% 1.64% 3.62%

Fund Expense Ratio :

Gross 0.59%

Net 0.59%

Fund Expense Ratio :

Gross 0.59%

Net 0.59%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 11/04/1993
w/o sales charge 0.96% 4.54% 0.63% 1.67% 1.93% 3.72%
Lipper Category Avg. Short Investment Grade Debt Funds 0.97% 5.12% 0.76% 1.75% 1.59% -
ICE BofA 1-3 Year U.S. Corporate Index 0.86% 5.22% 0.76% 1.99% 1.94% 4.07%
w/ sales charge -1.34% 2.16% -0.16% 1.19% 1.71% 3.64%

Fund Expense Ratio :

Gross 0.59%

Net 0.59%

Year Fund Returns ICE BofA 1-3 Year U.S. Corporate Index
2023 5.17% 5.69%
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% -
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% -
Year Q1 Q2 Q3 Q4
2024 0.96% - - -
2023 1.57% -0.17% 0.90% 2.80%
2022 -2.78% -1.80% -1.47% 1.25%
2021 0.38% 0.84% 0.09% -0.17%
2020 -5.42% 5.89% 1.17% 1.60%
2019 2.17% 1.66% 0.66% 0.83%
2018 -0.03% 0.26% 0.74% 0.25%
2017 0.72% 0.69% 0.68% 0.18%
2016 1.24% 1.69% 0.98% 0.04%
2015 0.97% 0.52% -0.40% -0.65%
2014 0.91% 1.15% -0.15% -0.17%
2013 0.69% -0.82% 0.95% 0.81%
2012 2.43% 0.79% 2.08% 1.19%
2011 1.08% 1.09% -0.84% 1.81%
2010 2.24% 1.08% 2.60% 0.33%
2009 4.07% 5.55% 4.90% 1.51%
2008 1.13% 0.93% -1.59% -1.53%
2007 1.48% 0.09% 2.00% 2.21%
2006 0.28% 0.27% 2.19% 0.76%
2005 -0.47% 1.37% -0.24% 0.27%
2004 1.43% -2.02% 1.66% 0.15%
2003 0.83% 1.04% -0.31% 0.23%
2002 0.39% 2.64% 3.25% 1.13%
2001 2.35% 0.94% 3.51% -0.39%
2000 1.63% 2.09% 2.48% 2.67%
1999 0.89% 0.45% 0.97% 0.50%
1998 1.15% 1.60% 3.44% 0.25%
1997 0.03% 2.40% 2.40% 1.92%
1996 -1.22% -0.43% 1.01% 1.96%
1995 3.33% 2.82% 1.24% 2.37%
1994 -2.85% -1.16% 0.40% 0.10%

Growth of $10,000 as of 04/30/2024

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Type Assets
Investment Grade Corporate
ABS
CLO
CMBS
Bank Loans
High Yield Corporate
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 04/30/2024

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

Portfolio Positioning as of 3/31/2024

  • Security selection within investment grade corporate bonds was the primary contributor to relative returns, primarily within the Consumer, Financial and Energy sectors. Within Energy, we find attractive relative value, particularly in issues where we believe improving fundamentals are not appropriately reflected in credit ratings. Over the quarter, we increased the portfolio’s allocation to investment grade corporates, mainly within the Energy and Insurance sectors.
  • The portfolio’s allocation to investment grade bank loans also contributed to relative performance given the continued risk-on dynamic and technical tailwinds within the sector. We continue to favor shorter-tenor, higher quality securities and have found compelling opportunities in which loans are trading at wider spreads compared to equivalent bond debt. Bank loans were the largest increase over the quarter as we grew more comfortable with interest rates remaining higher for longer, while economic growth continued to come in at healthy levels.
  • Allocations to asset-backed securities (ABS) and Collateralized Loan Obligations (CLO) also contributed to relative returns given the asset classes’ greater carry and some spread compression. We continue to favor high-quality ABS within the auto sector, focusing on newly originated loans with superior underwriting. Over the quarter, we decreased the portfolio’s allocation to some ABS deals with tighter credit spreads to pursue attractive relative value opportunities in other sectors. The portfolio’s CLO allocation is primarily composed of highly rated securities with short average lives and low spread volatility.
  • 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 parts of the market. We remain cautious about certain segments of the market and continued to reduce the portfolio’s overall exposure to CMBS over the period.

Portfolio Details as of 04/30/2024

Total Net Assets
$41.94 B
Average Effective Duration
1.82 Years
Average Life
2.07 Years
Average Maturity
2.09 Years
Number of Issues
1136
Average Yield to Maturity
6.34%