Fund Evaluator:
Lord Abbett Investment Grade Fltng Rt F3 (IGRNX)
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Fund Details
Lord Abbett Investment Grade Fltng Rt F3 Overview
Lord Abbett Investment Grade Fltng Rt F3 (IGRNX) is an actively managed Taxable Bond Ultrashort Bond fund. Lord Abbett launched the fund in 2023.
The investment seeks a high level of current income. The fund will invest in various types of high quality, investment grade debt (or fixed income) securities. Under normal conditions, the fund will pursue its investment objective by investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in floating or adjustable rate instruments and derivatives and other instruments that effectively enable the fund to achieve a floating rate of income.
About Lord Abbett Investment Grade Fltng Rt F3 (IGRNX)
There are 4 members of the management team with an average tenure of 2.55 years: Adam Castle (2023), Yoana Koleva (2023), Devin Hagens (2025), Robert Lee (2023). Management tenure is more important for actively managed funds than passive index funds.
Lord Abbett Investment Grade Fltng Rt F3 has 705 securities in its portfolio. The top 10 holdings constitute 8.4% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Lord Abbett Investment Grade Fltng Rt F3 is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Lord Abbett Investment Grade Fltng Rt F3 has 33.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 98.5% (65.5% domestic bond, 33.0% foreign bond and 0.0% convertible bond). Lord Abbett Investment Grade Fltng Rt F3 has 1.1% of the portfolio in cash.
Assets Under Management
The fund has $185 million in total assets, which is below the $941 million average for the Ultrashort Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
IGRNX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Lord Abbett Investment Grade Fltng Rt F3 expense ratio is below average compared to funds in the Ultrashort Bond category. Lord Abbett Investment Grade Fltng Rt F3 has an expense ratio of 0.31%, which is 31% lower than its category average, making the fund expense ratio grade a B. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Lord Abbett Investment Grade Fltng Rt F3 has a portfolio turnover rate of 171%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 77% for the Ultrashort Bond category.
Recently, in the month of June 2026, Lord Abbett Investment Grade Fltng Rt F3 returned 0.4%, which earned it a grade of A, as the Ultrashort Bond category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Lord Abbett Investment Grade Fltng Rt F3 has a trailing yield of 5.86%, which is above the 4.24% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Lord Abbett Investment Grade Fltng Rt F3 Grades
Year to date, the fund has returned 2.4%, 0.6 percentage points better than the category, which translates into a grade of A. The fund has returned 5.6% over the past year (grade of A) and 7.3% over the past three years (grade of A).
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IGRNX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| IGRNX Return (NAV) | 0.4% | 1.7% | 5.6% | 7.3% | na | na |
| IGRNX Grade | A | A | A | A | na | na |
| +/- Category | 0.1% | 0.7% | 1.4% | 2.0% | na | na |
| Ultrashort Bond Avg | 0.3% | 1.0% | 4.2% | 5.3% | 3.6% | 2.7% |
| IGRNX Tax Cost Ratio | na | na | 2.4% | 2.6% | na | na |
IGRNX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| IGRNX Return (NAV) | 2.4% | 6.1% | 8.6% | na | na | na | na | na | na | na | na |
| IGRNX Grade | A | A | A | na | na | na | na | na | na | na | na |
| +/- Category | 0.6% | 1.2% | 2.7% | na | na | na | na | na | na | na | na |
| Ultrashort Bond Avg | 1.8% | 4.9% | 5.9% | 5.9% | -0.2% | 0.1% | 1.5% | 3.1% | 1.7% | 1.6% | 1.5% |
| Risk Measures | |
| Standard Deviation: | 0.9% |
| Total Risk Index: | 0.07 - Low |
| Category Risk Index: | 1.56 - High |
| Category Risk Grade: | F (92% Rank) |
| Beta: | 0.03 |
| R-Squared: | 5% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 5.9% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $4564 Mil |
| Fund Total Assets: | $ 185 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 171% |
Management Team
| Number of Managers: 4 | |||
| Longest Tenure: 3.2 years | |||
| Average Tenure: 2.5 years | |||
| Managers (Year): Castle Adam (2023), Koleva Yoana (2023), Lee Robert (2023), Hagens Devin (2025) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 705 |
| % in Top 10 Holdings: | 8.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 33.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.2% |
| Domestic Bond: | 65.5% |
| Foreign Bond: | 33.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.3% |
| Cash: | 1.1% |
Purchase Information
| Fund Family: | Lord Abbett |
| Phone Number: | 888-522-2388 |
| Website: | www.lordabbett.com |
| Status: | Open |
| Inception Date: | May 4, 2023 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.31% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.45% |
| Share Class: | Lord Abbett Investment Grade Fltng Rt R6 |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
