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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 01/31/2017

Total Net Assets
$3.02 B
Inception Date
12/30/2005
Dividend Frequency
Annually
Number of Holdings
83
CUSIP
54400A100
Minimum Initial Investment
$1,500+

Expense Ratioas of 01/31/2017

Fund Expense Ratio :

1.15%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2005
w/o sales charge 1.03% 24.06% 8.48% 12.15% 8.86% 10.64%
Lipper Category Avg. Mid-Cap Core Funds 1.80% 27.19% 8.05% 13.00% 6.88% -
Russell 2500™ Index 1.39% 29.55% 8.25% 13.39% 7.55% 8.50%
w/ sales charge -4.76% 16.93% 6.35% 10.83% 8.22% 10.05%

Fund Expense Ratio :

1.15%

Fund Expense Ratio :

1.15%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2005
w/o sales charge 16.39% 16.39% 7.25% 13.00% 8.95% 10.63%
Lipper Category Avg. Mid-Cap Core Funds 15.37% 16.86% 6.36% 13.97% 7.43% -
Russell 2500™ Index 17.59% 17.59% 6.93% 14.54% 7.69% 8.43%
w/ sales charge 9.68% 9.68% 5.14% 11.67% 8.30% 10.03%

Fund Expense Ratio :

1.15%

RELATED CONTENT

Performance By Design: Lord Abbett’s Smid-Cap Value Strategy
January 30, 2017

Portfolio Managers Thomas Maher and Justin Maurer explain how they research and evaluate companies for the small- and mid-cap portfolios.

Principles of Portfolio Construction: Lord Abbett Smid-Cap Strategy
January 5, 2017

Managers Justin Maurer and Thomas Maher discuss the advantages of a flexible active approach in selecting small- and mid-cap equities.

Three More Reasons to Own U.S. Small- and Mid-Cap Stocks
December 27, 2016

Investors who are looking to avoid the adverse effects that a stronger U.S. dollar could have on their equity portfolios may want to consider increasing their exposures to U.S. small- and mid-cap stocks.

TEN LARGEST HOLDINGS as of 01/31/2017View Portfolio

Holding Assets
Alaska Air Group, Inc. 2.4%
Western Alliance Bancorp 2.3%
Arch Capital Group Ltd. 2.3%
Reliance Steel & Aluminum Co. 2.0%
Booz Allen Hamilton Holding Corp. 1.9%
Pinnacle Foods Group LLC 1.9%
KAR Auction Services, Inc. 1.9%
Wabtec Corp. 1.8%
CMS Energy Corp. 1.8%
Bank of Hawaii Corp. 1.8%

Investment Team

Thomas B. Maher
Thomas B. Maher

Partner & Portfolio Manager

28 Years of Industry Experience

Justin C. Maurer
Justin C. Maurer

Partner & Portfolio Manager

26 Years of Industry Experience

Supported By 37 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 :

1.15%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2005
w/o sales charge 1.03% 24.06% 8.48% 12.15% 8.86% 10.64%
Lipper Category Avg. Mid-Cap Core Funds 1.80% 27.19% 8.05% 13.00% 6.88% -
Russell 2500™ Index 1.39% 29.55% 8.25% 13.39% 7.55% 8.50%
w/ sales charge -4.76% 16.93% 6.35% 10.83% 8.22% 10.05%

Fund Expense Ratio :

1.15%

Fund Expense Ratio :

1.15%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 12/30/2005
w/o sales charge 16.39% 16.39% 7.25% 13.00% 8.95% 10.63%
Lipper Category Avg. Mid-Cap Core Funds 15.37% 16.86% 6.36% 13.97% 7.43% -
Russell 2500™ Index 17.59% 17.59% 6.93% 14.54% 7.69% 8.43%
w/ sales charge 9.68% 9.68% 5.14% 11.67% 8.30% 10.03%

Fund Expense Ratio :

1.15%

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
2016 16.39% 17.59%
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% -
2005 0.00% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2017 - - - - 2.78%
2016 3.00% 2.48% 4.29% 5.73% 16.39%
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 01/31/2017

NAV HISTORICAL PRICES

Date Net Asset Value

Portfolio

Portfolio

Portfolio Positioning as of 12/31/2016

  • We believe that the economic outlook for the United States remains favorable relative to other developed countries. We remain cautious toward stocks with significant international exposure, given continued global growth concerns.
  • The real estate sector is the portfolio’s largest underweight, relative to its benchmark, the Russell 2500 Index. We believe these generally income-producing stocks are trading at extended valuations relative to the risk of rising interest rates.
  • The portfolio’s exposure in the financials sector has been increased. We anticipate that changes to the U.S. regulatory environment and higher interest rates will benefit the sector.
  • The portfolio remains overweight in the information technology sector, with an emphasis on companies that are capitalizing on the continued build-out of broadband technologies.
  • The portfolio is overweight in the materials sector, focusing on packaging companies within the sector that offer relative stability.

PORTFOLIO DETAILS as of 01/31/2017

Weighted Average Market Cap.
7.4 B
P/E Ratio
22.4x
P/B Ratio
2.5x
Portfolio Turnover Ratio as of 10/31/2016
36.9%
Number of Holdings
83
Total Net Assets
$3.02 B

Contributors & Detractors as of  12/30/2016

Contributors

Holding Contribution
Citizens Financial Group, Inc. 0.6%
Western Alliance Bancorp 0.6%
East West Bancorp, Inc. 0.5%
Alaska Air Group, Inc. 0.4%
AECOM 0.4%

Detractors

Holding Contribution
Alere, Inc. -0.5%
Rice Energy, Inc. -0.3%
Newell Rubbermaid, Inc. -0.2%
Physicians Realty Trust -0.2%
Federal Realty Investment Trust -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 of 02/24/2017
$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
11/20/2017 11/21/2017 11/21/2017

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
11/21/2016 11/22/2016 $1.1323 - $1.1323 $19.21

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
11/20/2017 11/21/2017

Fees & Expenses

Fees & Expenses

Sales Charge Schedule as of 02/24/2017

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $50,000 5.75% 5.00% $21.16
$50,000 to $99,999 4.75% 4.00% $20.93
$100,000 to $249,999 3.95% 3.25% $20.76
$250,000 to $499,999 2.75% 2.25% $20.50
$500,000 to $999,999 1.95% 1.75% $20.34
$1,000,000 to $5,000,000 0.00% 1.00% $19.94

EXPENSE RATIOas of 01/31/2017

Fund Review

Fund Review

Market Review as of 12/31/2016

The U.S. equity market (as represented by the S&P 500® Index1) finished positive for the period. Donald Trump defeated Hillary Clinton to become the forty-fifth president of the United States and set up the markets for a strong post–election rally to finish off 2016 due to expectations for increased infrastructure spending and broad tax reform under the new administration. At its December meeting, the U.S. Federal Reserve (Fed) raised its benchmark interest rate for the second time in a decade, from a range of 0.25–0.50% to a range of 0.50–0.75%, and indicated that it was targeting three rate hikes in 2017. The unemployment rate edged higher, from 4.6% in November to 4.7% in December, and the U.S. economy added 156,000 jobs, missing an expected increase of 178,000 but showing a 2.9% annualized gain in hourly wages. A positive corporate earnings season also contributed to market performance during the quarter. Seventy-two percent of companies in the S&P 500 reported third-quarter earnings above their mean estimates, but just 55% of companies in the index reported third-quarter sales above their mean estimates.2 According to the third estimate from the Bureau of Economic Analysis,  U.S. real gross domestic product in the third quarter expanded by 3.5%,3 an upward revision from previous estimates, with a rise in nonresidential fixed investment, personal consumption expenditures, and state and local government spending as the primary contributors. The Fed noted that between early October and mid-November 2016, U.S. economic activity, as a whole, continued to expand in most districts around the country. The strong dollar was cited as a headwind to more robust demand for manufactured products in a few districts, due to exports becoming more expensive. Most districts reported higher retail sales, especially for apparel and furniture. In addition, some districts reported a tightening in labor market conditions and slight upward pressure on overall prices.4

International equities (as represented by the MSCI EAFE Index5) declined during the fourth quarter. The key themes during the quarter were the international ramifications from the U.S. election, the Italian constitutional referendum, and the OPEC oil output cut. The November election of Trump drove the Japanese yen sharply lower, resulting in a double-digit rally in Japan’s Nikkei to close out the year. The Mexican peso also has suffered significantly since the election, as Trump repeatedly threatened to build a border wall with Mexico and took aim at multinational exporters and free-trade agreements. In Italy, a referendum on constitutional reforms to make laws easier to pass was voted down, causing Prime Minister Matteo Renzi to submit his resignation. The Italian government also formed a €20 billion facility in December to provide stability to its banking sector after capital levels fell and bad debt rose at several Italian banks. Oil prices rose during the fourth quarter, as the Organization of Petroleum Exporting Countries reached a deal to reduce oil production for the first time since 2008.

The S&P 500 returned 3.82% during the fourth quarter. Of the 11 major sectors, the financials, energy, industrials, materials, and telecommunication services sectors outperformed the broader market. Value stocks6 outperformed growth stocks,7 while large-cap stocks8 lagged small-cap stocks.9

Fund Reviewas of 12/31/2016

The Fund* underperformed its benchmark, the Russell 2500® Index,10 during the fourth quarter.

Security selection in the energy sector detracted most from relative performance during the quarter. Within this sector, the Fund’s holdings of Rice Energy, Inc., an independent natural gas and oil company, detracted most. Shares of Rice Energy fell after the company acquired Vantage Energy and experienced an increase in costs associated with its Marcellus drilling activity.

Security selection in the consumer discretionary sector also detracted from relative performance during the period. Within this sector, the Fund’s holdings of Newell Brands, Inc., a global consumer goods company, detracted most. Shares of Newell Brands declined after the company tempered near-term expectations.

Security selection in the financials sector was the largest contributor to relative performance during the period. Within this sector, the Fund’s position in Citizens Financial Group, Inc., a retail bank, contributed most. Shares of Citizens Financial rose as the company produced solid earnings after executing on its restructuring and capital-growth initiatives. It also benefited from investors’ perception that banks will benefit from future interest rate hikes, as well as corporate tax reform and deregulation enacted by the upcoming presidential administration.

Security selection in the materials sector also contributed to relative performance during the period. Within this sector, the portfolio’s position in United States Steel Corp., an integrated steel producer, contributed most. Shares of United States Steel rose, as the materials sector was a beneficiary of the prospects of near-term infrastructure spending and pro-growth agenda from a Trump-led administration.

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

Our outlook for U.S. economic growth has improved. We anticipate fiscal stimulus policy changes from the new administration, to which both consumer and corporate confidence indicators have responded positively after the U.S election. We are focused on identifying companies that we believe will benefit from increased spending on U.S. infrastructure, as well as businesses that we believe will benefit from rising rates and (some) inflation. We also have become even more U.S.-centric and will remain cautious with our exposure to emerging markets. We seek company-specific ideas that are mispriced by the market, and we will continue to balance valuation with improving fundamentals.  We believe our flexible approach allows us to adapt to an ever-changing market environment.

*Class A Share at net asset value (NAV). For the latest NAV, including maximum sales charges (MOP) performance information, visit us at lordabbett.com. Past performance is not indicative of future results. Current performance may be higher or lower than the performance quoted.  

Fund Documents

Fund Documents

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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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