Lord Abbett Bond-Debenture Fund Class R2
LBNVX
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- Lord Abbett Bond Debenture Fund (LBNVX) 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 diversified portfolio of fixed-income securities and limited equity exposure. The fund allocates its assets primarily among U.S. high-yield corporate bonds, U.S. investment-grade corporate bonds, mortgage-backed securities (MBS), non-U.S. high-yield and investment-grade corporate bonds, sovereign debt, commercial mortgage-backed securities (CMBS), asset-backed securities (ABS), bank loans, private credit, collateralized loan obligations (CLOs), municipals, and cash equivalents; it may invest up to 20% of net assets in equity securities including common stocks, preferred stocks, and convertible securities. As of late 2025, the fund maintains approximately 951-955 holdings with total net assets exceeding $22 billion, an average yield to maturity of 6.41%-6.48%, average effective duration of 5-5.35 years, and monthly dividend distributions yielding around 6%. The portfolio features significant exposure to U.S. bonds (around 68%), non-U.S. bonds (23%), and smaller stakes in equities (4-5%) and cash, targeting multisector bond investors seeking total return in varying interest rate environments. Lord, Abbett & Co. LLC, the fund's investment manager, was founded in 1929 and is an independent, privately held firm headquartered at 30 Hudson Street in Jersey City, New Jersey, with additional offices in Dubai, Dublin, London, Montevideo, Singapore, Tokyo, and Zurich. The Bond Debenture Fund itself traces its strategy back decades, with the R6 share class (LBNVX) launched on June 30, 2015; related share classes like Class I (LBNYX) date to 1998. The firm manages the fund through a team including portfolio managers Robert Lee, Christopher Gizzo, Steven Rocco, Andrew O'Brien, Robert Clark, and Eric Kang. Recent developments include Lord Abbett's completion of its relocation to a new global headquarters at 30 Hudson Street in Jersey City in early 2025, doubling down on its long-term commitment to the local community after 22 years in the area and signing a 15-year lease in 2022. In December 2025, Lord Abbett participated as an investor in a fintech funding round led by Nyca Partners for an IMTC client company, underscoring ongoing strategic engagements in venture capital alongside its core asset management activities. The fund has maintained portfolio stability with active management, showing year-to-date returns of approximately 8.47% as of late 2025, outperforming the Bloomberg U.S. Aggregate Bond Index, amid expansions in private credit and CLO allocations.