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Small Cap Value Fund

Summary

Summary

What is the Small Cap Value Fund?

The Fund seeks to deliver long-term growth of capital by investing primarily in stocks of small U.S. companies.

Fund Basicsas of 04/30/2020

Total Net Assets
$519.48 M
Inception Date
04/05/2017
Dividend Frequency
Annually
Fund Expense Ratio
0.86%
Number of Holdings
77

Fund Expense Ratio :

0.86%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -29.34% -27.74% -7.28% -1.21% 4.50% -
Lipper Category Avg. Small-Cap Core Funds -23.93% -19.88% -3.55% 0.83% 6.36% -
Russell 2000® Value Index -27.72% -23.84% -6.06% 0.30% 5.30% -

Fund Expense Ratio :

0.86%

Fund Expense Ratio :

0.86%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -37.69% -33.13% -10.96% -4.07% 3.66% -
Lipper Category Avg. Small-Cap Core Funds -32.84% -26.46% -7.25% -1.99% 5.57% -
Russell 2000® Value Index -35.66% -29.64% -9.51% -2.42% 4.79% -

Fund Expense Ratio :

0.86%

TEN LARGEST HOLDINGS as of 04/30/2020View Portfolio

Holding Assets
NuVasive, Inc. 2.1%
INC Research Holdings, Inc. 2.1%
Malibu Boats, Inc. 2.0%
Thor Industries, Inc. 1.9%
Bancorp, Inc. 1.9%
STAG Industrial, Inc. 1.8%
Alamo Group Inc 1.8%
Landstar System, Inc. 1.8%
First Industrial Realty Trust, Inc. 1.8%
Williams-Sonoma, Inc. 1.8%

INVESTMENT TEAM

Eli Rabinowich
Eli Rabinowich

Portfolio Manager

16 Years of Industry Experience

John C. Hardy
John C. Hardy

Portfolio Manager

17 Years of Industry Experience

Supported By 35 Investment Professionals with 18 Years Avg. Industry Experience

Your Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

Fund Expense Ratio :

0.86%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -29.34% -27.74% -7.28% -1.21% 4.50% -
Lipper Category Avg. Small-Cap Core Funds -23.93% -19.88% -3.55% 0.83% 6.36% -
Russell 2000® Value Index -27.72% -23.84% -6.06% 0.30% 5.30% -

Fund Expense Ratio :

0.86%

Fund Expense Ratio :

0.86%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -37.69% -33.13% -10.96% -4.07% 3.66% -
Lipper Category Avg. Small-Cap Core Funds -32.84% -26.46% -7.25% -1.99% 5.57% -
Russell 2000® Value Index -35.66% -29.64% -9.51% -2.42% 4.79% -

Fund Expense Ratio :

0.86%

Year Fund Returns Russell 2000® Value Index
2019 20.71% 22.39%
2018 -11.57% -12.86%
2017 6.68% 7.84%
2016 20.91% 31.74%
2015 -0.79% -7.47%
2014 2.31% 4.22%
2013 34.25% 34.52%
2012 11.03% 18.05%
2011 -4.25% -5.50%
2010 26.77% 24.50%
2009 30.39% -
2008 -30.77% -
2007 10.85% -
2006 - -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -37.69% - - - -25.18%
2019 12.47% 0.63% 0.29% 6.35% 20.71%
2018 -1.20% 6.88% 6.40% -21.30% -11.57%
2017 0.51% -0.04% 2.07% 4.03% 6.68%
2016 1.27% 3.92% 6.14% 8.24% 20.91%
2015 4.74% -0.20% -8.96% 4.25% -0.79%
2014 0.97% 2.58% -7.40% 6.67% 2.31%
2013 13.76% 0.88% 6.64% 9.70% 34.25%
2012 12.36% -8.91% 5.35% 2.97% 11.03%
2011 9.24% -3.06% -24.54% 19.82% -4.25%
2010 10.03% -10.65% 11.83% 15.31% 26.77%
2009 -12.05% 19.00% 17.11% 6.38% 30.39%
2008 -7.28% 2.19% -3.81% -24.04% -30.77%
2007 2.41% 8.27% 2.44% -2.40% 10.85%
2006 - - - 6.10% -

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 03/31/2020

  • The portfolio employs a fundamental, bottom-up individual stock selection strategy that focuses on quality companies with compelling valuation over a long term horizon.
  • We initiated a position in shares of NuVasive, Inc., a company that develops minimally-disruptive surgical products and procedurally-integrated solutions for spine surgery. We believe that the continued penetration of minimally invasive spine surgery, and new U.S. products will lead to mid to high single digit returns in a normalized, post COVID-19 environment.
  • We purchased shares of The Bancorp, Inc., a payments-focused commercial bank. We believe the company is one of the few banks of its size that will generate top-quintile revenue growth and returns across any U.S .interest rate backdrop given a fee heavy business model that is highly levered to secular growth in digital payments and the gig economy, along with less credit exposure relative to its peers.
  • We sold the portfolio’s position in Cracker Barrel Old Country Store, Inc., a restaurant and retail outlets operator. We are critical of the long-term prospects of the casual dining industry and the capital allocation practices of the management team.
  • We sold the portfolio’s position in Sanderson Farms, Inc., a poultry processing company. While we continue to expect a multi-year improvement in poultry fundamentals on the back of African Swine Fever (ASF) related supply disruptions in China, our view was later reflected in the company’s share price. As a result, we decided to deploy capital to opportunities where we saw better upside.

PORTFOLIO DETAILS as of 04/30/2020

Total Net Assets
$519.48 M
Number of Holdings
77
Weighted Average Market Cap.
2.8 B
P/B Ratio
1.6x
Portfolio Turnover Ratio as of 11/30/2018
42.2%
P/E Ratio
13.7x

Contributors & Detractors as of  03/31/2020

Contributors

Holding Contribution
Dunkin' Brands, Inc. 0.2%
NuVasive, Inc. 0.1%
Axalta Coating Systems Ltd. 0.1%
Entegris, Inc. 0.1%
Houlihan Lokey Inc 0.0%

Detractors

Holding Contribution
Triumph Group, Inc. -1.2%
WPX Energy, Inc. -1.0%
Par Pete Corp -1.0%
Sterling Bancorp/DE -0.9%
Chemical Financial Corp. -0.9%

Attribution Analysis 

Small Cap Value Fund Benchmark Variance
Sector Avg. Weight Base Return Avg. Weight Base Return Stock Selection Group Weight Total

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 05/29/2020
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/17/2019 12/18/2019 12/18/2019 $0.10310 $19.18

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
12/17/2020 12/18/2020 12/18/2020

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/17/2019 12/18/2019 $2.8946 - $2.8946 $19.18

Upcoming Capital Gain Distribution

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
12/17/2020 12/18/2020

Fees & Expenses

Fees & Expenses

EXPENSE RATIOas of 04/30/2020

0.86%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
Statutory Prospectus
Publish Date:11/03/2015
Prospectus (XBRL)
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

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Class F3 - The inception date for Class F3 shares is April 4, 2017. The performance quotations for Class F3 are based on the following methods of calculation: (a) for periods prior to June 30, 2015,  a figure is used based on the historical performance of the Fund’s Class I Shares, since inception, restated to reflect all charges and fees applicable to Class F3 shares; (b) for periods prior to April 4, 2017 but after June 30, 2015, performance is based on the historical performance of the Fund’s Class R6 shares, which have an equivalent expense ratio to the Fund’s F3 shares; and (c) for periods after April 4, 2017, actual Class F3 performance is used, which reflects all charges and fees applicable to Class F3 shares.

Class F3 shares are only offered to certain eligible investors. For additional information, see the Fund’s current prospectus.

The Russell 2000® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.

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