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Value Opportunities Fund

Summary

Summary

What is the Value Opportunities Fund?

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

Fund Basicsas of 05/31/2016

Total Net Assets
$2.60 B
Inception Date
12/30/2005
Dividend Frequency
Annually
Number of Holdings
78
CUSIP
54400A100
Minimum Initial Investment
$1,500+

Expense Ratioas of 05/31/2016

Fund Expense Ratio :

1.17%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2005
w/o sales charge 1.93% -6.59% 8.13% 8.25% 8.79% 9.77%
Lipper Category Avg. Mid-Cap Core Funds - - - - - -
Russell 2500™ Index - - - - - -
w/ sales charge -3.95% -11.98% 6.01% 6.98% 8.15% 9.15%

Fund Expense Ratio :

1.17%

Fund Expense Ratio :

1.17%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2005
w/o sales charge 1.93% -6.59% 8.13% 8.25% 8.79% 9.77%
Lipper Category Avg. Mid-Cap Core Funds - - - - - -
Russell 2500™ Index - - - - - -
w/ sales charge -3.95% -11.98% 6.01% 6.98% 8.15% 9.15%

Fund Expense Ratio :

1.17%

RELATED CONTENT

Equities: Making the Case for a Smid-Cap Strategy
February 22, 2016

A smid-cap strategy gives the opportunity to participate in both small- and mid-cap performance cycles, providing a stabilizing effect in volatile times.

Mid-Caps: Value or Growth? A Case for Holding Both
November 30, 2015

An equal blend of mid-cap value and mid-cap growth stocks has provided attractive performance with less variability of returns.

Principles of Portfolio Construction:
Lord Abbett Value Opportunities Fund
April 16, 2015

The fund is a double play on flexibility, in that it can tap a much broader universe than single-focus strategies. Here's how.

TEN LARGEST HOLDINGS as of 05/31/2016View Portfolio

Holding Assets
Federal Realty Investment Trust 2.7%
AECOM 2.3%
Reliance Steel & Aluminum Co. 2.2%
CMS Energy Corp. 2.2%
Fidelity National Information Services, Inc. 2.1%
HealthSouth Corp. 2.1%
Zayo Group Holdings, Inc. 2.1%
New STERIS Ltd. 2.0%
RenaissanceRe Holdings Ltd. 2.0%
Booz Allen Hamilton Holding Corp. 2.0%

Investment Team

Thomas B. Maher
Thomas B. Maher

Partner & Portfolio Manager

27 Years of Industry Experience

Justin C. Maurer
Justin C. Maurer

Partner & Portfolio Manager

25 Years of Industry Experience

Supported By 32 Investment Professionals and 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 :

1.17%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2005
w/o sales charge 1.93% -6.59% 8.13% 8.25% 8.79% 9.77%
Lipper Category Avg. Mid-Cap Core Funds - - - - - -
Russell 2500™ Index - - - - - -
w/ sales charge -3.95% -11.98% 6.01% 6.98% 8.15% 9.15%

Fund Expense Ratio :

1.17%

Fund Expense Ratio :

1.17%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2005
w/o sales charge 1.93% -6.59% 8.13% 8.25% 8.79% 9.77%
Lipper Category Avg. Mid-Cap Core Funds - - - - - -
Russell 2500™ Index - - - - - -
w/ sales charge -3.95% -11.98% 6.01% 6.98% 8.15% 9.15%

Fund Expense Ratio :

1.17%

Best returns

Durations Fund Returns Blended Index
3-Mo 23.26 29.78
1-Yr 56.59 68

Worst returns

Durations Fund Returns Blended Index
3-Mo -28.5 -37
1-Yr -30.91 -40.42
Year Fund Returns Russell 2500™ Index
2015 -2.88% -2.90%
2014 9.11% 7.07%
2013 36.10% 36.80%
2012 9.73% 17.88%
2011 -4.18% -2.51%
2010 24.50% 26.71%
2009 33.82% 34.39%
2008 -27.77% -36.79%
2007 10.91% 1.38%
2006 28.96% 16.16%
2005 0.00% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2016 3.00% - - - 1.93%
2015 4.09% -0.20% -8.07% 1.70% -2.88%
2014 4.47% 2.74% -5.70% 7.81% 9.11%
2013 13.99% 2.01% 6.64% 9.75% 36.10%
2012 9.00% -7.16% 4.64% 3.63% 9.73%
2011 6.44% -0.42% -21.04% 14.48% -4.18%
2010 9.00% -9.48% 10.55% 14.14% 24.50%
2009 -6.49% 15.12% 19.26% 4.24% 33.82%
2008 -8.60% 0.58% -2.46% -19.44% -27.77%
2007 4.19% 9.35% 0.42% -3.06% 10.91%
2006 15.71% 2.35% 2.13% 6.62% 28.96%
2005 - - - - 0.00%

Growth of $10,000 as of 04/30/2016

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 03/31/2016

  • The financials sector remains the portfolio’s largest absolute weight. Our preference is to diversify sector exposure broadly across banks, insurance, and high-quality REITs, given the uncertainty in interest rates.
  • The health care sector still remains underweight compared to the portfolio’s benchmark, the Russell 2500™ Index. We believe the U.S. Health Care Reform has been reflected in stocks. As a result we are targeting stocks with company specific catalysts.
  • The consumer discretionary sector remains underweight compared to the portfolio’s benchmark. We remain cautious but are continuously evaluating opportunities, as mall traffic remains subdued, despite lower gas prices. 
  • The portfolio remains underweight the industrials sector relative to its benchmark, yet we are cautiously adding exposure due to lingering concerns as commodity prices and growth in China continue to weigh on stocks in the sector.
  • We believe that the economic outlook for the United States remains favorable among developed countries. We remain cautious toward stocks with significant international exposure, given continued global volatility and uncertainty.

PORTFOLIO DETAILS as of 05/31/2016

Total Net Assets
$2.60 B
Number of Holdings
78
Weighted Average Market Cap.
6.9 B
P/B Ratio
2.4x
Portfolio Turnover Ratio as of 10/30/2015
46.9%
P/E Ratio
25.1x

Contributors & Detractors as of  03/31/2016

Contributors

Holding Contribution
Reliance Steel & Aluminum Co. 0.4%
American Water Works Co., Inc. 0.4%
CMS Energy Corp. 0.3%
Steve Madden Ltd. 0.3%
EQT Corp. 0.3%

Detractors

Holding Contribution
ARRIS International plc -0.4%
Citizens Financial Group, Inc. -0.3%
Raymond James Financial, Inc. -0.3%
Snap-on, Inc. -0.3%
Signature Bank -0.2%

Attribution Analysis 

Value Opportunities 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 of06/28/2016
$0
Dividend Frequency
Annually
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
11/20/2008 11/21/2008 11/21/2008 $0.01740 $8.14

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
11/21/2016 11/22/2016 11/22/2016

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
11/23/2015 11/24/2015 $1.4009 - $1.4009 $18.22

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
11/21/2016 11/22/2016

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 06/28/2016

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $50,000 5.75% 5.00% $19.09
$50,000 to $99,999 4.75% 4.00% $18.89
$100,000 to $249,999 3.95% 3.25% $18.73
$250,000 to $499,999 2.75% 2.25% $18.50
$500,000 to $999,999 1.95% 1.75% $18.35
$1,000,000 to $5,000,000 0.00% 1.00% $17.99

EXPENSE RATIOas of 05/31/2016

Fund Review

Fund Review

Market Review as of 03/31/2016

The U.S. equity market (as represented by the S&P 500® Index1) rebounded from its worst start to any year to finish modestly higher during the first quarter of 2016. After the Federal Reserve (the Fed) raised interest rates for the first time since 2006, in December 2015, it decided to hold its benchmark interest rate unchanged during the first quarter, citing global financial market weakness as a concern. A disappointing corporate earnings season contributed to investor uncertainty during the quarter. According to research from FactSet, fourth quarter 2015 earnings suffered a slight year-over-year decline, and less than 70% of companies in the S&P 500 Index reported earnings above their mean estimates. Reasonably constructive economic data during the period helped offset some of this sluggishness. According to the third estimate from the Bureau of Economic Analysis,  U.S. real gross domestic product (GDP) in the fourth quarter expanded by 1.4%,2 an upward revision from previous estimates, with a rise in personal consumption expenditures and residential fixed investment among the primary contributors. 

The Fed noted that U.S. economic activity, as a whole, continued to expand in most districts around the country between December 2015 and February 2016. The majority of districts reported increased consumer spending and positive developments in their residential estate markets. Conversely, manufacturing activity struggled in a number of regions due in large part to further weakness in the energy sector.3

International equities4 also experienced an uneven first quarter, led by notable volatility in China’s capital markets at the beginning of the quarter. Chinese equities suffered sharp losses to start 2016, triggering trading halts, and concerning investors who were already skeptical of the market’s growth prospects. In January, the Bank of Japan introduced negative rates on excess reserves in an effort to stimulate economic growth and support Japanese markets during this tumultuous period. In Europe, markets were bolstered by the European Central Bank’s announcement in March that it would add to its existing monetary easing program.

The S&P 500 returned 1.35% during the first quarter. Of the 10 major sectors, only the health care and financials sectors underperformed the broader market. Value stocks5 outperformed growth stocks,6 while large cap stocks7 outperformed small cap stocks.8

 

Fund Review as of 03/31/2016

The Fund returned 3.00%, reflecting the performance at the net asset value (NAV) of Class A shares with all distributions reinvested for the period ended March 31, 2016, outperforming its benchmark, the Russell 2500® Index9, which returned 0.39% for the same period.  Average annual total returns, which reflect performance at the maximum 5.75% sales charge applicable to Class A share investments and include the reinvestment of all distributions, as of March 31, 2016, are: one year: -9.40%; three years: 7.10%; five years: 6.70%; and since inception (December 30, 2005): 9.49%. Expense ratio: 1.17%.

Performance data quoted represent past performance, which is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The investment return and principal value of an investment in the fund will fluctuate so that shares, on any given day or when redeemed, may be worth more or less than their original cost. To obtain performance data current to the most recent month-end, call Lord Abbett at 888-522-2388 or visit us at www.lordabbett.com.

Stock selection within the health care sector contributed to relative performance. Shares of Exam Works Group, Inc., an independent medical examinations and management services company, increased following a strong fourth quarter earnings report in which sales increased year over year, topping consensus estimates. In addition, shares of HealthSouth Corporation, an owner and operator of inpatient rehabilitation hospitals, rose, as shares were driven by better-than-expected hospital admission in the company’s fourth-quarter earnings report. Within the energy sector, shares of EQT Corporation, an energy production company, steady increased, as the company continues to hit growth targets and possesses a strong balance sheet.

Security selection, within the materials sector detracted from the Fund’s relative performance. Shares of Westrock Company, a provider of packaging solutions and containerboard manufacturer, stumbled, as reported earnings were below consensus estimates and the company announced the closing of a mill. In addition, shares of Berry Plastics Group, Inc., a provider of plastic consumer packaging and engineered materials, fell due to concerns surrounding the company’s leverage paired with a weaker macro environment. Another detractor from the Fund’s relative performance was telecommunications services holding Zayo Group Holdings, Inc., a provider of bandwidth infrastructure. Its shares slid as revenues and EBITDA were below consensus expectations in the company’s second quarter earnings report. 

Please refer to www.lordabbett.com under the “Portfolio” tab for a complete list of holdings of the Fund, including the securities discussed above.

 

Outlook

We believe that the economic outlook for the United States remains favorable among developed countries. We remain cautious toward stocks with significant international exposure, given continued global volatility and uncertainty. The financials sector remains the Fund’s largest absolute weight. Our preference is to diversify sector exposure broadly across banks, capital markets, insurance, and high-quality REITs, given the uncertainty in interest rates. The Fund remains underweight the industrials sector relative to its benchmark as concerns around commodities and growth in China continue to weigh on stocks in the sector.

Fund Documents

Fund Documents

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Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Flyer
Publish Date:11/03/2015

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Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

The Russell 2500™ Index is a market cap weighted index that includes the smallest 2,500 companies covered in the Russell 3000 universe of United States-based listed equities.

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