LUBFX | Ultra Short Bond Fund Class F | Lord Abbett

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Ultra Short Bond Fund

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Summary

Summary

What is the Ultra Short Bond Fund ?

The Fund seeks to deliver current income consistent with the preservation of capital by investing in a broad range of investment grade ultra-short fixed income and money market securities with a weighted average duration of less than one year.

Yield

Average Yield to Maturity as of 05/31/2024

5.94%

30-Day Standardized Yield 1 as of 05/31/2024  

5.16%

Fund Basicsas of 05/31/2024

Total Net Assets
$10.00 B
Inception Date
10/17/2016
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.38%
Fund Net Expense Ratio
0.38%
Number of Holdings
382

Fund Expense Ratio :

0.38%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/17/2016
w/o sales charge 2.45% 6.17% 2.65% 2.14% - 2.06%
Lipper Category Avg. Ultra-Short Obligations Funds 2.36% 6.13% 2.69% 2.26% - -
ICE BofA U.S. Treasury Bill Index 2.19% 5.47% 2.87% 2.13% - 1.90%

Fund Expense Ratio :

0.38%

Fund Expense Ratio :

0.38%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/17/2016
w/o sales charge 1.47% 5.89% 2.38% 2.05% - 1.98%
Lipper Category Avg. Ultra-Short Obligations Funds 1.44% 6.05% 2.43% 2.18% - -
ICE BofA U.S. Treasury Bill Index 1.28% 5.26% 2.56% 2.03% - 1.82%

Fund Expense Ratio :

0.38%

Type Assets
Corp Fixed Rate
ABS
Corp Floating
CLO
Commercial Paper
Bank Loans
CMBS
U.S. Government Related
MBS
Sovereign
Cash
Maturity Assets
Less than 1 year
1-2.99 years
3-4.99 years
Greater than 10 years

Credit Quality Distribution as of 05/31/2024 View Portfolio

Rating Assets
A-2/P-2
A-3/P-3
U.S. Treasury
AAA
AA
A
BBB
Not Rated

INVESTMENT TEAM

Yoana N. Koleva
Yoana N. Koleva, CFA

Partner, Portfolio Manager

21 Years of Industry Experience

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

Adam C. Castle
Adam C. Castle, CFA

Partner, Portfolio Manager

16 Years of Industry Experience

Supported By 82 Investment Professionals with 18 Years Avg. Industry Experience

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Performance

Performance

NAV HISTORICAL PRICES

Date Net Asset Value
Year Fund Returns ICE BofA U.S. Treasury Bill Index
2023 5.85% 5.09%
2022 -0.16% 1.34%
2021 0.06% 0.05%
2020 1.16% 0.74%
2019 2.88% 2.35%
2018 1.97% 1.88%
2017 1.46% 0.82%
Year Q1 Q2 Q3 Q4
2024 1.47% - - -
2023 1.44% 1.07% 1.39% 1.83%
2022 -0.86% -0.55% 0.29% 0.97%
2021 -0.01% 0.11% 0.11% -0.15%
2020 -1.33% 2.15% 0.26% 0.10%
2019 0.87% 0.85% 0.60% 0.53%
2018 0.33% 0.54% 0.67% 0.41%
2017 0.36% 0.40% 0.34% 0.36%

Portfolio

Portfolio

Type Assets
Corp Fixed Rate
ABS
Corp Floating
CLO
Commercial Paper
Bank Loans
CMBS
U.S. Government Related
MBS
Sovereign
Cash
Maturity Assets
Less than 1 year
1-2.99 years
3-4.99 years
Greater than 10 years

CREDIT QUALITY DISTRIBUTION as of 05/31/2024

Rating Assets
A-2/P-2
A-3/P-3
U.S. Treasury
AAA
AA
A
BBB
Not Rated

Portfolio Positioning as of 12/31/2023

  • The portfolio’s allocation to fixed-rate corporate bonds contributed to performance due to their attractive carry relative to Treasury Bills. Over the quarter, we added to fixed coupon corporate bonds, where we continue to find value in short-maturity bonds issued by European banks with attractive yields.
  • An allocation to short-term corporate floating-rate notes also contributed to relative performance as the asset class outperformed Treasury bills. We decreased exposure to floating rate corporates over the period as we are finding better relative value in fixed rate corporate bonds.
  • The portfolios allocation to asset-backed securities (ABS) also contributed to relative returns. We continue to favor high-quality ABS within the auto sector, focusing on newly originated loans with superior underwriting. We modestly increased the portfolio’s ABS allocation over the quarter.
  • Additionally, the portfolio’s allocation to collateralized loan obligations (CLO) contributed to returns, as spreads tightened within high quality CLOs. We are finding attractive credit profiles in very short maturity, AAA-rated CLOs, which exhibit low spread volatility. While the CLO allocation decreased over the quarter, primarily due to paydowns of certain holdings, we continue to find compelling value within the asset class and value its diversification benefits.
  • The portfolio’s allocation to Commercial Paper led to a slight positive impact to relative performance. In the beginning of the quarter, we let the Commercial Paper allocation roll off given more attractive relative value in other sectors. However, after the rate rally in the back half of the quarter, Commercial Paper has cheapened and become more attractive.  
  • The portfolio’s modest allocation to investment grade bank loans led to a negative impact on relative performance. While the allocation generated positive performance, it underperformed Treasury Bills. Over the quarter, our allocation to bank loans decreased as some positions were paid down or refinanced. 

Portfolio Details as of 05/31/2024

Total Net Assets
$10.00 B
Average Effective Duration
0.56 Years
Average Life
1.02 Years
Number of Issues
382
Average Yield to Maturity
5.94%

Dividends & Cap Gains

Dividends & Cap Gains

DIVIDEND PAYMENTS

DIVIDEND PAYMENTS

For
YTD Dividends Paidas of 06/21/2024
$0.21199
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 05/31/2024 $0.04379 $9.98
Daily Daily 04/30/2024 $0.04249 $9.97
Daily Daily 03/31/2024 $0.04285 $9.97
Daily Daily 02/29/2024 $0.04064 $9.97
Daily Daily 01/31/2024 $0.04222 $9.97

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 06/30/2024
Daily Daily 07/31/2024
Daily Daily 08/31/2024
Daily Daily 09/30/2024
Daily Daily 10/31/2024
Daily Daily 11/30/2024
Daily Daily 12/31/2024

CAPITAL GAINS DISTRIBUTIONS

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/14/2017 12/15/2017 - $0.0003 $0.0003 $10.01

Fees & Expenses

Fees & Expenses

EXPENSE RATIOas of 05/31/2024

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

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