Lord Abbett Bond Debenture F3
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- Lord Abbett Bond Debenture Fund F3 (LBNOX) is an open-end mutual fund managed by Lord, Abbett & Co. LLC that seeks high current income and long-term growth of capital through a high total return objective. The fund invests primarily in a diversified portfolio of fixed-income securities, including high-yield bonds (below investment grade or junk bonds), U.S. and non-U.S. bonds (comprising approximately 65% and 24% of assets respectively), bank loans, private credit, collateralized loan obligations (CLOs), mortgage-backed and asset-backed securities, municipal obligations, convertible securities, and up to 20% in equity securities such as common stocks, preferred stocks, and convertible preferred stocks; it may also hold cash and structured products. With total net assets of $22.90 billion, an average effective duration of 5.35 years, average yield to maturity of 6.41%, and a net expense ratio of 0.62%, the fund targets institutional and individual investors in the multisector bond category with monthly dividend frequency and daily liquidity. Lord, Abbett & Co. LLC, founded in 1929 and headquartered at 30 Hudson Street in Jersey City, New Jersey, manages approximately $242 billion in assets across equities, fixed income, and alternative credit strategies for clients worldwide. The firm operates primarily in the United States with global investment reach, including non-U.S. securities and emerging markets exposure. Recent developments include the relocation of Lord Abbett's global headquarters within Jersey City from 90 Hudson Street to 30 Hudson Street in late 2024, enhancing its commitment to the local community and modern work environments. In October 2025, the firm appointed three new Partners—including Jonathan Pearl as Partner and Head of Origination for Private Credit, supporting expansion in this high-growth area—and four Senior Managing Directors to bolster leadership. Lord Abbett has also advanced its private credit capabilities, notably with the conversion of Lord Abbett Private Credit Fund 1, LP to a new structure in August 2024 and new portfolio positions in credit opportunities funds.