Lord Abbett High Income Municipal Bond Fund
Name
As of 10/07/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
7.4%
1 yr return
16.3%
3 Yr Avg Return
-0.9%
5 Yr Avg Return
1.2%
Net Assets
$3.65 B
Holdings in Top 10
10.8%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.81%
SALES FEES
Front Load 2.25%
Deferred Load N/A
TRADING FEES
Turnover 15.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 10/07/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
HYMAX - Profile
Distributions
- YTD Total Return 7.4%
- 3 Yr Annualized Total Return -0.9%
- 5 Yr Annualized Total Return 1.2%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 3.23%
- Dividend Yield 4.2%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameLord Abbett High Income Municipal Bond Fund
-
Fund Family NameLord Abbett
-
Inception DateApr 04, 2017
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerDaniel Solender
Fund Description
Under normal conditions, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in municipal bonds that pay interest exempt from federal income tax. These municipal bonds and other securities in which the Fund may invest may pay interest that is subject to the federal alternative minimum tax (“AMT”) for certain taxpayers.
Although the Fund may invest in municipal bonds in any rating category, under normal conditions, the Fund invests at least 50% of its net assets in municipal bonds rated BBB+/Baa1 or lower (at the time of purchase), or an equivalent short-term rating, as applicable, by an independent rating agency or that are unrated but deemed by Lord, Abbett & Co. LLC (“Lord Abbett”) to be of comparable quality, with a particular emphasis on lower rated municipal bonds (commonly referred to as “below investment grade,” “high yield,” or “junk” bonds), which are bonds that are rated BB+/Ba1 or lower (at the time of purchase), or an equivalent short-term rating, as applicable, by an independent rating agency or are unrated but deemed by Lord Abbett to be of comparable quality. The Fund may invest without limitation in unrated municipal bonds, which may constitute a significant portion of the Fund’s portfolio.
The Fund also may invest in defaulted securities (i.e., bonds on which the issuer has not paid principal or interest on time) and securities of issuers that are or may become involved in reorganizations, financial restructurings, or bankruptcy (commonly referred to as “distressed debt”). The Fund presently does not intend to invest more than 20% of its net assets (measured at the time of investment) in such defaulted or distressed securities. However, the Fund’s defaulted or distressed debt holdings may exceed this level from time to time if the Fund purchased securities that were not considered in default or distressed at their time of purchase and such securities subsequently become defaulted or distressed. These investment strategies are generally higher risk relative to strategies employed by funds that invest primarily in investment grade municipal bonds.
The Fund may invest in all types of municipal bonds, including general obligation bonds, revenue bonds, municipal leases, and variable rate demand notes. The Fund may invest in both insured and uninsured municipal bonds. The Fund also may invest in zero coupon, deferred interest, pay-in-kind, and capital appreciation bonds.
The Fund may invest up to 100% of its net assets in private activity bonds (commonly referred to as “AMT paper”), which are a type of municipal bond that pays interest that is subject to AMT. Although the Fund is permitted to invest up to 20% of its net assets in fixed income securities that pay interest that is subject to regular federal income tax, the Fund presently has no intention of investing in this
manner. There is a risk that a bond issued as tax-exempt may be reclassified by the Internal Revenue Service (“IRS”) as taxable. The Fund will not invest more than 25% of its total assets in any industry; however, this limitation does not apply to tax-exempt securities and securities issued by the U.S. Government or its agencies or instrumentalities. Certain types of municipal securities (including general obligation, general appropriation, municipal leases, special assessment, and special tax bonds) are not considered a part of any “industry” for purposes of this industry concentration policy. Therefore, the Fund may invest more than 25% of its total assets in these types of municipal securities. The Fund may invest without limitation in securities of issuers located in a single state, territory, municipality, or region.
The Fund may invest up to 100% of its net assets in inverse floaters (also known as “residual interest bonds”), which are a type of derivative investment that provides leveraged exposure to underlying municipal bonds whose interest payments vary inversely with changes in short-term tax-exempt interest rates. The Fund also may invest in other types of derivatives, such as futures, for non-hedging, hedging, or duration management purposes.
The Fund may invest in individual securities of any maturity or duration. Normally, the Fund seeks to maintain a dollar-weighted average maturity of between ten and twenty-five years.
The Fund’s portfolio management team focuses on credit risk analysis, tax exempt income yield, total return potential, interest rate risk, and call protection in managing its portfolio. The investment team may also consider the risks and return potential presented by environmental, social, and governance (“ESG”) factors in investment decisions. The Fund may sell a security when the Fund believes the security is less likely to benefit from the current market and economic environment or shows signs of deteriorating fundamentals, among other reasons.
The Fund may deviate from the investment strategy described above for temporary defensive purposes. The Fund may miss certain investment opportunities if defensive strategies are used and thus may not achieve its investment objective.
HYMAX - Performance
Return Ranking - Trailing
Period | HYMAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 7.4% | -0.4% | 12.8% | 18.45% |
1 Yr | 16.3% | 3.3% | 24.1% | 51.46% |
3 Yr | -0.9%* | -8.1% | 3.2% | 72.64% |
5 Yr | 1.2%* | -4.9% | 3.8% | 57.65% |
10 Yr | 3.5%* | -0.2% | 156.0% | 24.81% |
* Annualized
Return Ranking - Calendar
Period | HYMAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 2.8% | -6.2% | 7.5% | 53.88% |
2022 | -19.5% | -26.9% | -3.5% | 80.79% |
2021 | 3.2% | -1.9% | 5.6% | 16.00% |
2020 | -0.2% | -10.1% | 4.2% | 63.64% |
2019 | 7.2% | -0.7% | 9.1% | 6.25% |
Total Return Ranking - Trailing
Period | HYMAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 7.4% | -0.4% | 12.8% | 18.45% |
1 Yr | 16.3% | 3.3% | 24.1% | 51.46% |
3 Yr | -0.9%* | -8.1% | 3.2% | 72.64% |
5 Yr | 1.2%* | -4.9% | 3.8% | 57.65% |
10 Yr | 3.5%* | -0.2% | 156.0% | 24.81% |
* Annualized
Total Return Ranking - Calendar
Period | HYMAX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 7.2% | -4.1% | 10.9% | 43.69% |
2022 | -16.6% | -26.9% | 4.3% | 82.76% |
2021 | 6.7% | -1.9% | 10.0% | 21.00% |
2020 | 3.8% | -4.1% | 8.2% | 39.39% |
2019 | 11.5% | -0.7% | 1028633.9% | 6.77% |
NAV & Total Return History
HYMAX - Holdings
Concentration Analysis
HYMAX | Category Low | Category High | HYMAX % Rank | |
---|---|---|---|---|
Net Assets | 3.65 B | 9.79 K | 16.6 B | 25.00% |
Number of Holdings | 596 | 1 | 3325 | 41.87% |
Net Assets in Top 10 | 413 M | -102 M | 3.51 B | 27.09% |
Weighting of Top 10 | 10.76% | 4.6% | 98.8% | 74.26% |
Top 10 Holdings
- Buckeye Tobacco Settlement Financing Authority 2.26%
- Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 1.43%
- Puerto Rico Sales Tax Financing Corp Sales Tax Revenue 1.02%
- Commonwealth of Puerto Rico 0.99%
- New York Transportation Development Corp 0.92%
- Arkansas Development Finance Authority 0.90%
- Tobacco Settlement Financing Corp/VA 0.84%
- Ohio Air Quality Development Authority 0.81%
- Tobacco Settlement Financing Corp/VA 0.80%
- California Statewide Communities Development Authority 0.78%
Asset Allocation
Weighting | Return Low | Return High | HYMAX % Rank | |
---|---|---|---|---|
Bonds | 99.45% | 0.00% | 146.69% | 43.69% |
Cash | 0.55% | -0.64% | 100.00% | 58.62% |
Stocks | 0.00% | 0.00% | 99.62% | 39.81% |
Preferred Stocks | 0.00% | -47.61% | 1.60% | 20.20% |
Other | 0.00% | -5.59% | 5.07% | 30.05% |
Convertible Bonds | 0.00% | 0.00% | 0.00% | 14.29% |
Bond Sector Breakdown
Weighting | Return Low | Return High | HYMAX % Rank | |
---|---|---|---|---|
Municipal | 99.82% | 0.00% | 100.00% | 15.27% |
Derivative | 0.00% | -7.53% | 2.16% | 22.17% |
Cash & Equivalents | 0.00% | 0.00% | 100.00% | 53.20% |
Securitized | 0.00% | 0.00% | 22.44% | 19.70% |
Corporate | 0.00% | 0.00% | 2.83% | 56.65% |
Government | 0.00% | 0.00% | 0.09% | 18.72% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | HYMAX % Rank | |
---|---|---|---|---|
US | 99.45% | 0.00% | 139.84% | 39.41% |
Non US | 0.00% | 0.00% | 13.35% | 22.66% |
HYMAX - Expenses
Operational Fees
HYMAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.81% | 0.22% | 3.44% | 61.46% |
Management Fee | 0.44% | 0.00% | 1.41% | 19.42% |
12b-1 Fee | 0.20% | 0.00% | 1.00% | 27.27% |
Administrative Fee | 0.04% | 0.02% | 0.35% | 6.67% |
Sales Fees
HYMAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | 2.25% | 1.00% | 4.50% | 90.70% |
Deferred Load | N/A | 1.00% | 4.00% | N/A |
Trading Fees
HYMAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | N/A | N/A | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
HYMAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | 15.00% | 2.00% | 121.00% | 30.16% |
HYMAX - Distributions
Dividend Yield Analysis
HYMAX | Category Low | Category High | HYMAX % Rank | |
---|---|---|---|---|
Dividend Yield | 4.25% | 0.00% | 6.13% | 30.10% |
Dividend Distribution Analysis
HYMAX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
HYMAX | Category Low | Category High | HYMAX % Rank | |
---|---|---|---|---|
Net Income Ratio | 3.23% | 1.11% | 5.70% | 46.60% |
Capital Gain Distribution Analysis
HYMAX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Sep 30, 2024 | $0.039 | OrdinaryDividend |
Aug 31, 2024 | $0.039 | OrdinaryDividend |
Jul 31, 2024 | $0.040 | OrdinaryDividend |
Jun 30, 2024 | $0.039 | OrdinaryDividend |
Apr 30, 2024 | $0.042 | OrdinaryDividend |
Mar 31, 2024 | $0.037 | OrdinaryDividend |
Feb 29, 2024 | $0.042 | OrdinaryDividend |
Jan 31, 2024 | $0.042 | OrdinaryDividend |
Dec 31, 2023 | $0.040 | OrdinaryDividend |
Nov 30, 2023 | $0.038 | OrdinaryDividend |
Oct 31, 2023 | $0.039 | OrdinaryDividend |
Sep 30, 2023 | $0.037 | OrdinaryDividend |
Aug 31, 2023 | $0.036 | OrdinaryDividend |
Jul 31, 2023 | $0.036 | OrdinaryDividend |
Jun 30, 2023 | $0.045 | OrdinaryDividend |
May 31, 2023 | $0.036 | OrdinaryDividend |
Apr 30, 2023 | $0.035 | OrdinaryDividend |
Mar 31, 2023 | $0.036 | OrdinaryDividend |
Feb 28, 2023 | $0.036 | OrdinaryDividend |
Jan 31, 2023 | $0.035 | OrdinaryDividend |
Dec 31, 2022 | $0.036 | OrdinaryDividend |
Nov 30, 2022 | $0.037 | OrdinaryDividend |
Oct 31, 2022 | $0.034 | OrdinaryDividend |
Sep 30, 2022 | $0.033 | OrdinaryDividend |
Aug 31, 2022 | $0.032 | OrdinaryDividend |
Jul 31, 2022 | $0.033 | OrdinaryDividend |
Jun 30, 2022 | $0.034 | OrdinaryDividend |
May 31, 2022 | $0.032 | OrdinaryDividend |
Apr 30, 2022 | $0.033 | OrdinaryDividend |
Mar 31, 2022 | $0.032 | OrdinaryDividend |
Feb 28, 2022 | $0.031 | OrdinaryDividend |
Jan 31, 2022 | $0.031 | OrdinaryDividend |
Dec 31, 2021 | $0.032 | OrdinaryDividend |
Nov 30, 2021 | $0.031 | OrdinaryDividend |
Oct 31, 2021 | $0.031 | OrdinaryDividend |
Sep 30, 2021 | $0.031 | OrdinaryDividend |
Aug 31, 2021 | $0.031 | OrdinaryDividend |
Jul 31, 2021 | $0.031 | OrdinaryDividend |
Jun 30, 2021 | $0.033 | OrdinaryDividend |
May 31, 2021 | $0.039 | OrdinaryDividend |
Apr 30, 2021 | $0.034 | OrdinaryDividend |
Mar 31, 2021 | $0.033 | OrdinaryDividend |
Feb 28, 2021 | $0.035 | OrdinaryDividend |
Jan 31, 2021 | $0.035 | OrdinaryDividend |
Dec 31, 2020 | $0.035 | OrdinaryDividend |
Nov 30, 2020 | $0.036 | OrdinaryDividend |
Oct 30, 2020 | $0.036 | OrdinaryDividend |
Sep 30, 2020 | $0.036 | OrdinaryDividend |
Aug 31, 2020 | $0.035 | OrdinaryDividend |
Jul 31, 2020 | $0.036 | OrdinaryDividend |
Jun 30, 2020 | $0.036 | OrdinaryDividend |
May 29, 2020 | $0.038 | OrdinaryDividend |
Apr 30, 2020 | $0.037 | OrdinaryDividend |
Mar 31, 2020 | $0.037 | OrdinaryDividend |
Feb 28, 2020 | $0.037 | OrdinaryDividend |
Jan 31, 2020 | $0.037 | OrdinaryDividend |
Dec 31, 2019 | $0.038 | OrdinaryDividend |
Nov 29, 2019 | $0.038 | OrdinaryDividend |
Oct 31, 2019 | $0.038 | OrdinaryDividend |
Sep 30, 2019 | $0.038 | OrdinaryDividend |
Aug 30, 2019 | $0.038 | OrdinaryDividend |
Jul 31, 2019 | $0.039 | OrdinaryDividend |
HYMAX - Fund Manager Analysis
Managers
Daniel Solender
Start Date
Tenure
Tenure Rank
Sep 14, 2006
15.72
15.7%
Mr. Solender is the lead portfolio manager of the municipal bond capabilities. Mr. Solender joined Lord Abbett in 2006 and was named Partner in 2008. His prior experience includes: Vice President and Portfolio Manager at Nuveen Investments; Principal and Portfolio Manager at Vanguard Group; Assistant Vice President and Portfolio Manager at Nuveen Advisory Corp.; Financial Analyst/Assistant Manager, Research and Product Development at Citibank. Mr. Solender received a BA from the University of Columbia and an MBA from the University of Chicago. He is the holder of a Chartered Financial Analyst designation and has been in the investment business since 1987.
Gregory Shuman
Start Date
Tenure
Tenure Rank
Dec 31, 2014
7.42
7.4%
Tenure Analysis
Category Low | Category High | Category Average | Category Mode |
---|---|---|---|
0.25 | 21.43 | 7.5 | 2.52 |