LUBAX | Ultra Short Bond Fund Class A | 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 10/31/2023

6.41%

30-Day Standardized Yield 1 as of 10/31/2023  

5.32%

Fund Basicsas of 10/31/2023

Total Net Assets
$8.87 B
Inception Date
10/17/2016
Dividend Frequency
Monthly
Fund Gross Expense Ratio
0.43%
Fund Net Expense Ratio
0.43%
Number of Holdings
309
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

0.43%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/17/2016
w/o sales charge 5.05% 5.55% 1.59% 1.78% - 1.71%
Lipper Category Avg. Ultra-Short Obligations Funds - - - - - -
ICE BofA U.S. Treasury Bill Index 4.59% 4.99% 1.98% 1.84% - 1.65%
w/ sales charge 5.05% 5.55% 1.59% 1.78% - 1.71%

Fund Expense Ratio :

0.43%

Fund Expense Ratio :

0.43%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 10/17/2016
w/o sales charge 3.91% 5.01% 1.25% 1.60% - 1.59%
Lipper Category Avg. Ultra-Short Obligations Funds 3.96% 4.94% 1.48% 1.77% - -
ICE BofA U.S. Treasury Bill Index 3.64% 4.53% 1.67% 1.73% - 1.56%
w/ sales charge 3.91% 5.01% 1.25% 1.60% - 1.59%

Fund Expense Ratio :

0.43%

Type Assets
Corp Fixed Rate
Corp Floating
ABS
Commercial Paper
CLO
U.S. Government Related
CMBS
Bank Loans
MBS
Cash
Maturity Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years

Credit Quality Distribution as of 10/31/2023 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

20 Years of Industry Experience

Andrew H. O'Brien
Andrew H. O'Brien, CFA

Partner, Portfolio Manager

25 Years of Industry Experience

Kewjin Yuoh
Kewjin Yuoh

Partner, Portfolio Manager

29 Years of Industry Experience

Adam C. Castle
Adam C. Castle, CFA

Partner, Portfolio Manager

15 Years of Industry Experience

Supported By 78 Investment Professionals with 17 Years Avg. Industry Experience

Your Representative

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Performance

Performance

NAV HISTORICAL PRICES

Date Net Asset Value
Year Fund Returns ICE BofA U.S. Treasury Bill Index
2022 -0.11% 1.34%
2021 -0.10% 0.05%
2020 1.11% 0.74%
2019 2.83% 2.35%
2018 1.93% 1.88%
2017 1.42% 0.82%
2016 0.15% 0.37%
Year Q1 Q2 Q3 Q4 Yearly Returns
2023 1.43% 1.06% 1.38% - 5.17%
2022 -0.78% -0.56% 0.18% 1.06% -0.11%
2021 -0.02% 0.09% 0.00% -0.17% -0.10%
2020 -1.35% 2.14% 0.25% 0.09% 1.11%
2019 0.86% 0.74% 0.59% 0.62% 2.83%
2018 0.32% 0.53% 0.66% 0.40% 1.93%
2017 0.35% 0.39% 0.33% 0.35% 1.42%
2016 - - - - 0.15%

GROWTH OF $10,000 as of 10/31/2023

Portfolio

Portfolio

Type Assets
Corp Fixed Rate
Corp Floating
ABS
Commercial Paper
CLO
U.S. Government Related
CMBS
Bank Loans
MBS
Cash
Maturity Assets
Less than 1 year
1-2.99 years
3-4.99 years
5-6.99 years

CREDIT QUALITY DISTRIBUTION as of 10/31/2023

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

Portfolio Positioning as of 9/30/2023

  • Despite rising short-term rates, the portfolio’s allocation to fixed-rate corporate bonds contributed due to their attractive carry. Over the quarter, we added to fixed coupon corporate bonds, where we continue to find good value in short-maturity bonds issued by European banks with attractive yields.
  • An allocation to short-term corporate floating-rate notes also contributed as rates rose and their floating coupons adjusted higher. Over the period, we increased exposure to floating rate corporates.
  • The portfolio’s allocation to Commercial Paper also led to a positive impact given the very short maturity nature of the asset class. While we still favor Commercial Paper, we allowed some of our allocation to roll off given more attractive relative value in other sectors.
  • The portfolios allocation to asset-backed securities (ABS) also contributed to the absolute returns of the Strategy. We continue to favor high-quality ABS within the auto and consumer loan sectors, focusing on newly originated loans with superior underwriting. The majority of the reductions in the asset class over the quarter were due to paydowns by various issuers.
  • Additionally, the portfolio’s allocation to collateralized loan obligations (CLO) contributed to returns, as spreads tightened within high quality CLOs. We’re comfortable with the credit profiles of the CLO holdings as the allocation is in very short maturity, AAA-rated issues that exhibit low spread volatility. 

Portfolio Details as of 10/31/2023

Total Net Assets
$8.87 B
Average Effective Duration
0.7 Years
Average Life
0.94 Years
Number of Issues
309
Average Yield to Maturity
6.41%

Dividends & Cap Gains

Dividends & Cap Gains

DIVIDEND PAYMENTS

DIVIDEND PAYMENTS

For
YTD Dividends Paidas of 12/01/2023
$0.38753
Dividend Frequency
Monthly (Daily Accrual)
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
Daily Daily 11/30/2023 $0.03883 $9.92
Daily Daily 10/31/2023 $0.03938 $9.89
Daily Daily 09/30/2023 $0.03874 $9.89
Daily Daily 08/31/2023 $0.03922 $9.90
Daily Daily 07/31/2023 $0.03763 $9.89
Daily Daily 06/30/2023 $0.03548 $9.87
Daily Daily 05/31/2023 $0.03509 $9.87
Daily Daily 04/30/2023 $0.03327 $9.88
Daily Daily 03/31/2023 $0.03192 $9.87
Daily Daily 02/28/2023 $0.02898 $9.87
Daily Daily 01/31/2023 $0.02900 $9.87

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 12/31/2023

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 10/31/2023

Fund Gross Expense Ratio Fund Net Expense Ratio
0.43% 0.43%

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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