Lord Abbett High Yield Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Lord Abbett High Yield Fund held 699 positions with $3.26B in net assets. Its ten largest holdings made up 9.0% of the fund. The LHYAX share class costs 0.93% a year. Over the 12 months to May 2026, LHYAX returned 8.1%, with dividends reinvested. In 2026 Q2 it added 126 new positions and exited 144.
The Funds investment objective is to seek a high current income and the opportunity for capital appreciation to produce a high total return.
The fund invests at least 80% of assets in lower-rated debt securities, including high-yield corporate bonds, convertible securities, distressed debt, and structured instruments like collateralized loan obligations, selecting securities through bottom-up analysis of issuer credit quality, management, and market position. The fund may also hold up to 20% in equity securities, up to 20% in foreign securities, up to 20% in municipal securities, and up to 15% in floating-rate loans. Because security selection depends on the portfolio manager's assessment of declining credit risk and deteriorating fundamentals, fund performance will diverge from any benchmark. The fund engages in active and frequent trading and may use derivatives including futures, forwards, options, and swaps for hedging, exposure adjustment, or return enhancement.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Fidelity Investments | 3.39% | $110.48M | — |
ALLOY FINCO LIMITED 13.50% floating · due 2028-03-06 | 0.85% | $27.77M | — |
DISH DBS CORP 5.13% · due 2029-06-01 | 0.68% | $22.28M | — |
DISCOVERY HOLDINGS INC 5.05% · due 2042-03-15 | 0.68% | $22.24M | — |
VENTURE GLOBAL LNG INC 9.50% · due 2029-02-01 | 0.64% | $20.91M | — |
RBC Dominion Securities, Inc. | 0.61% | $20.00M | — |
HILCORP ENERGY I/HILCORP 7.25% · due 2035-02-15 | 0.58% | $18.84M | — |
NISSAN MOTOR CO 4.81% · due 2030-09-17 | 0.54% | $17.52M | — |
BORR IHC LTD / BORR FIN 10.38% · due 2030-11-15 | 0.53% | $17.21M | — |
BORR IHC LTD / BORR FIN 9.00% · due 2034-01-15 | 0.48% | $15.72M | — |
The 200 largest of 699 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 92.91% |
| Cash & short-term | 4.80% |
| Loans | 4.79% |
| Stocks | 0.90% |
| Securitized | 0.30% |
| Derivatives | -0.04% |
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Derivatives are shown at market value, not notional exposure.
By sector
- Other
- 44.6%
- International
- 25.2%
- Industrials
- 4.8%
- Cash
- 3.6%
- 11 other sectors
- 21.8%
- Other
- 44.6%
- International
- 25.2%
- Industrials
- 4.8%
- Cash
- 3.6%
- Materials
- 3.3%
- Energy
- 2.9%
- Financials
- 2.8%
- Consumer Discretionary
- 2.6%
- Utilities
- 2.5%
- Communication Services
- 2.5%
- Information Technology
- 2.1%
- Health Care
- 1.6%
- Real Estate
- 0.8%
- Consumer Staples
- 0.4%
- Securitized
- 0.3%
How it has done
LHYAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.22%. Past returns are a record, not a forecast.
The 10 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.93% | +8.07% | +28.04% | +16.01% | -3.17% | |
| 1.56% | +7.40% | +25.69% | +12.51% | -3.19% | |
| 0.73% | +8.28% | +28.77% | +17.26% | -2.95% | |
| 0.83% | +8.18% | +28.40% | +16.52% | -3.16% | |
| 1.33% | +7.64% | +26.47% | +13.66% | -3.25% | |
| 1.23% | +7.72% | +26.82% | +14.37% | -3.22% | |
| 0.98% | +8.01% | +27.80% | +15.69% | -3.03% | |
| 0.73% | +8.29% | +28.79% | +17.28% | -3.10% | |
| 0.63% | +8.21% | +29.14% | +17.69% | -3.07% | |
| 0.63% | +8.38% | +29.15% | +17.68% | -2.92% |
These classes hold the same portfolio, so the 5.17pp spread over 5 years is the cost difference between them — roughly 1.03pp a year — not a difference in what they own.
Fees & fund details
Lord Abbett High Yield Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Short duration
- Expense ratio, by class
- 0.63% – 1.56%· LHYAX 0.93%
- Portfolio turnover
- 79.00% a year · as of 2026 Q2
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
126 new· the largest 8
144 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 93.7% |
| Floating rate | 5.1% |
| Zero-coupon or unclassified | 1.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.9% |
| 1-3y | 12.0% |
| 3-5y | 38.1% |
| 5-10y | 44.0% |
| 10y+ | 5.0% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 54% |
| Interest rates | 46% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +3.17 yr |
| Investment grade | +0.11 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.87 yr | 31% |
| 5 yr | 1.66 yr | 60% |
| 10 yr | 0.21 yr | 8% |
30 yr is NEGATIVE (-0.01 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.03 yr | 1% |
| 1 yr | 0.84 yr | 26% |
| 5 yr | 1.86 yr | 57% |
| 10 yr | 0.49 yr | 15% |
| 30 yr | 0.07 yr | 2% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.00 | +0.03 | $88 | $9.6k |
| 1 yr | +0.87 | +0.01 | +0.83 | $4.1k | $270.1k |
| 5 yr | +1.66 | +0.06 | +1.80 | $20.8k | $584.6k |
| 10 yr | +0.21 | +0.01 | +0.48 | $3.6k | $154.9k |
| 30 yr | -0.01 | +0.02 | +0.04 | $7.0k | $14.2k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 2.76 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Understand how this fund fits with the rest.
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