0001752724-19-191486.txt : 20191217 0001752724-19-191486.hdr.sgml : 20191217 20191217143543 ACCESSION NUMBER: 0001752724-19-191486 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20191031 FILED AS OF DATE: 20191217 PERIOD START: 20200731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LORD ABBETT DEVELOPING GROWTH FUND, INC. CENTRAL INDEX KEY: 0000276914 IRS NUMBER: 132958970 STATE OF INCORPORATION: MD FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-02871 FILM NUMBER: 191289369 BUSINESS ADDRESS: STREET 1: 90 HUDSON ST. CITY: JERSEY CITY STATE: NJ ZIP: 07302 BUSINESS PHONE: 201-827-2000 MAIL ADDRESS: STREET 1: 90 HUDSON ST. CITY: JERSEY CITY STATE: NJ ZIP: 07302 FORMER COMPANY: FORMER CONFORMED NAME: LORD ABBETT DEVELOPING GROWTH FUND INC /NEW/ DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: DEVELOPING GROWTH SHARES INC DATE OF NAME CHANGE: 19600201 0000276914 S000006834 LORD ABBETT DEVELOPING GROWTH FUND INC C000018473 Class A LAGWX C000018475 Class C LADCX C000018476 Class P LADPX C000018477 Class I LADYX C000054855 Class F LADFX C000054856 Class R2 LADQX C000054857 Class R3 LADRX C000151972 Class R4 LADSX C000151973 Class R5 LADTX C000151974 Class R6 LADVX C000188220 Class F3 LOGWX NPORT-P 1 primary_doc.xml NPORT-P false 0000276914 XXXXXXXX S000006834 C000054857 C000054856 C000018477 C000151974 C000054855 C000188220 C000018473 C000018476 C000018475 C000151973 C000151972 LORD ABBETT DEVELOPING GROWTH FUND, INC. 811-02871 0000276914 549300HWJ2W28SDTJF85 90 HUDSON ST. 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77543R102 226487.00000000 NS USD 33338886.40000000 1.856041554902 Long EC CORP US N 1 N N N HUYA Inc 549300WPEZ00T1MABE80 HUYA Inc 44852D108 527006.00000000 NS USD 11720613.44000000 0.652509664917 Long EC CORP KY N 1 N N N Blueprint Medicines Corp 5299004CC60O9T5HVM83 Blueprint Medicines Corp 09627Y109 347889.00000000 NS USD 23948678.76000000 1.333270176761 Long EC CORP US N 1 N N N Audentes Therapeutics Inc 549300PZYT0QC9UNJF13 Audentes Therapeutics Inc 05070R104 161438.00000000 NS USD 4342682.20000000 0.241765682459 Long EC CORP US N 1 N N N Cactus Inc 549300J3T8C9F8QFKV08 Cactus Inc 127203107 65111.00000000 NS USD 1935098.92000000 0.107730773166 Long EC CORP US N 1 N N N Insulet Corp 549300TZTYD2PYN92D43 Insulet Corp 45784P101 133290.00000000 NS USD 19369702.80000000 1.078349554678 Long EC CORP US N 1 N N N Tetra Tech Inc 549300UJ1LP7JGJC5P32 Tetra Tech Inc 88162G103 158040.00000000 NS USD 13823758.80000000 0.769595914809 Long EC CORP US N 1 N N N Lithia Motors Inc SE8N1EZEHPZQBCBVKD53 Lithia Motors Inc 536797103 105595.00000000 NS USD 16629100.60000000 0.925774825347 Long EC CORP US N 1 N N N Bright Horizons Family Solutions Inc N/A Bright Horizons Family Solutions Inc 109194100 220553.00000000 NS USD 32756531.56000000 1.823620712473 Long EC CORP US N 1 N N N Goosehead Insurance Inc 549300WH5MBIWHJ9XY95 Goosehead Insurance Inc 38267D109 449169.00000000 NS USD 22988469.42000000 1.279813429135 Long EC CORP US N 1 N N N 10X Genomics Inc 5493003Z6741WNLG7H43 10X Genomics Inc 88025U109 276132.00000000 NS USD 16015656.00000000 0.891623154666 Long EC CORP US N 1 N N N Paylocity Holding Corp 549300VH75FTB4DIEE07 Paylocity Holding Corp 70438V106 246207.00000000 NS USD 25260838.20000000 1.406320680551 Long EC CORP US N 1 N N N MKS Instruments Inc 549300KEQATBHAGVF505 MKS Instruments Inc 55306N104 187088.00000000 NS USD 20246663.36000000 1.127171678544 Long EC CORP US N 1 N N N RBC Bearings Inc N/A RBC Bearings Inc 75524B104 119106.00000000 NS USD 19109366.64000000 1.063856127231 Long EC CORP US N 1 N N N BJ's Wholesale Club Holdings Inc 549300UCIWH1C93V0J03 BJ's Wholesale Club Holdings Inc 05550J101 947020.00000000 NS USD 25285434.00000000 1.407689977243 Long EC CORP US N 1 N N N REALREAL INC/THE COMMON STOCK USD.00001 549300O00VUGT4H1PE90 RealReal Inc/The 88339P101 1419297.00000000 NS USD 32799953.67000000 1.826038106971 Long EC CORP US N 1 N N N Floor & Decor Holdings Inc 549300M5FR3N688XGQ36 Floor & Decor Holdings Inc 339750101 453157.00000000 NS USD 20768185.31000000 1.156205834015 Long EC CORP US N 1 N N N Avalara Inc N/A Avalara Inc 05338G106 341858.00000000 NS USD 24271918.00000000 1.351265542726 Long EC CORP US N 1 N N N Fox Factory Holding Corp 529900GE1HSV0617R721 Fox Factory Holding Corp 35138V102 227349.00000000 NS USD 13854648.06000000 0.771315580832 Long EC CORP US N 1 N N N Silicon Laboratories Inc 4PRDF8Q9TDHRVZKZSZ47 Silicon Laboratories Inc 826919102 227445.00000000 NS USD 24163756.80000000 1.345243995413 Long 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549300Q95ICR2GFL2K37 Coupa Software Inc 22266L106 172354.00000000 NS USD 23696951.46000000 1.319256021528 Long EC CORP US N 1 N N N SunPower Corp 549300TXO070764WUH65 SunPower Corp 867652406 956585.00000000 NS USD 8379684.60000000 0.466513567609 Long EC CORP US N 1 N N N Masimo Corp 549300Q4A8JK0PIYCU29 Masimo Corp 574795100 124397.00000000 NS USD 18135838.63000000 1.009657902979 Long EC CORP US N 1 N N N 2019-11-29 LORD ABBETT DEVELOPING GROWTH FUND, INC. Vito Fronda Vito Fronda Treasurer XXXX NPORT-EX 2 c94719_nportex.htm

Schedule of Investments (unaudited)

LORD ABBETT DEVELOPING GROWTH FUND, INC. October 31, 2019

 

Investments  Shares   Fair
Value
(000)
 
COMMON STOCKS 95.36%          
           
Aerospace & Defense 1.89%          
           
Axon Enterprise, Inc.*   96,091   $4,913 
Cubic Corp.   393,513    29,018 
Total        33,931 
           
Auto Components 0.77%          
           
Fox Factory Holding Corp.*   227,349    13,855 
           
Banks 0.99%          
           
CenterState Bank Corp.   121,412    3,079 
Western Alliance Bancorp   297,972    14,699 
Total        17,778 
           
Beverages 0.77%          
           
Boston Beer Co., Inc. (The) Class A*   37,038    13,869 
           
Biotechnology 14.10%          
           
ACADIA Pharmaceuticals, Inc.*   565,995    24,004 
Amarin Corp. plc ADR*   596,834    9,800 
Argenx SE ADR*   114,688    14,045 
Audentes Therapeutics, Inc.*   161,438    4,343 
Blueprint Medicines Corp.*   347,889    23,949 
Bridgebio Pharma, Inc.*   688,540    15,568 
CareDx, Inc.*   986,219    25,849 
Coherus Biosciences, Inc.*   1,761,635    30,599 
CRISPR Therapeutics AG (Switzerland)*(a)   201,538    10,151 
Invitae Corp.*   690,293    11,121 
Mirati Therapeutics, Inc.*   207,554    19,547 
Repligen Corp.*   486,463    38,669 
Sage Therapeutics, Inc.*   65,540    8,890 
Sarepta Therapeutics, Inc.*   68,361    5,678 
uniQure NV (Netherlands)*(a)   216,472    10,832 
Total        253,045 
           
Building Products 1.36%          
           
Trex Co., Inc.*   278,775    24,502 

 

See Notes to Schedule of Investments.

 

Schedule of Investments (unaudited)(continued)

LORD ABBETT DEVELOPING GROWTH FUND, INC. October 31, 2019

 

Investments  Shares   Fair
Value
(000)
 
Capital Markets 1.07%          
           
Assetmark Financial Holdings, Inc.*   697,646   $19,143 
           
Commercial Services & Supplies 1.76%          
           
Herman Miller, Inc.   383,690    17,841 
Tetra Tech, Inc.   158,040    13,824 
Total        31,665 
           
Communications Equipment 0.59%          
           
Comtech Telecommunications Corp.   303,257    10,599 
           
Construction & Engineering 1.56%          
           
MasTec, Inc.*   216,134    13,604 
NV5 Global, Inc.*   198,910    14,407 
Total        28,011 
           
Diversified Consumer Services 4.29%          
           
Bright Horizons Family Solutions, Inc.*   220,553    32,757 
Chegg, Inc.*   477,958    14,654 
Grand Canyon Education, Inc.*   186,736    17,172 
Strategic Education, Inc.   101,634    12,504 
Total        77,087 
           
Electrical Equipment 3.12%          
           
Generac Holdings, Inc.*   579,695    55,987 
           
Electronic Equipment, Instruments & Components 1.37%          
           
Novanta, Inc.*   122,998    10,953 
OSI Systems, Inc.*   137,416    13,637 
Total        24,590 
           
Entertainment 2.51%          
           
HUYA, Inc. ADR*   527,006    11,721 
Roku, Inc.*   226,487    33,339 
Total        45,060 

 

See Notes to Schedule of Investments.

 

Schedule of Investments (unaudited)(continued)

LORD ABBETT DEVELOPING GROWTH FUND, INC. October 31, 2019

 

Investments  Shares   Fair
Value
(000)
 
Food & Staples Retailing 1.41%          
           
BJ’s Wholesale Club Holdings, Inc.*   947,020   $25,285 
           
Food Products 2.12%          
           
Calavo Growers, Inc.   230,507    19,992 
Freshpet, Inc.*   344,723    18,015 
Total        38,007 
           
Health Care Equipment & Supplies 9.06%          
           
Glaukos Corp.*   345,814    22,073 
Insulet Corp.*   133,290    19,370 
iRhythm Technologies, Inc.*   284,063    18,981 
Masimo Corp.*   124,397    18,136 
Nevro Corp.*   318,297    27,437 
Penumbra, Inc.*   155,105    24,192 
Tandem Diabetes Care, Inc.*   526,589    32,427 
Total        162,616 
           
Health Care Providers & Services 0.50%          
           
Guardant Health, Inc.*   128,051    8,900 
           
Health Care Technology 3.08%          
           
Inspire Medical Systems, Inc.*   561,242    34,224 
Teladoc Health, Inc.*   274,763    21,047 
Total        55,271 
           
Hotels, Restaurants & Leisure 2.44%          
           
Planet Fitness, Inc. Class A*   300,184    19,110 
Wingstop, Inc.   297,000    24,778 
Total        43,888 
           
Household Durables 2.27%          
           
Helen of Troy Ltd.*   56,687    8,490 
LGI Homes, Inc.*   340,178    26,697 
Lovesac Co. (The)*   337,925    5,518 
Total        40,705 

 

See Notes to Schedule of Investments.

 

Schedule of Investments (unaudited)(continued)

LORD ABBETT DEVELOPING GROWTH FUND, INC. October 31, 2019

 

Investments  Shares   Fair
Value
(000)
 
Information Technology Services 2.49%          
           
Verra Mobility Corp.*   1,814,685   $26,041 
Wix.com Ltd. (Israel)*(a)   152,801    18,652 
Total        44,693 
           
Insurance 1.82%          
           
eHealth, Inc.*   139,450    9,628 
Goosehead Insurance, Inc. Class A   449,169    22,988 
Total        32,616 
           
Internet & Direct Marketing Retail 1.83%          
           
RealReal, Inc. (The)*   1,419,297    32,800 
           
Leisure Products 3.08%          
           
Malibu Boats, Inc. Class A*   491,748    16,041 
YETI Holdings, Inc.*   1,181,320    39,350 
Total        55,391 
           
Life Sciences Tools & Services 0.98%          
           
10X Genomics, Inc. Class A*   302,718    17,558 
           
Machinery 2.33%          
           
Federal Signal Corp.   699,397    22,689 
RBC Bearings, Inc.*   119,106    19,109 
Total        41,798 
           
Pharmaceuticals 0.99%          
           
GW Pharmaceuticals plc ADR*   132,674    17,754 
           
Professional Services 0.76%          
           
Insperity, Inc.   130,007    13,733 
           
Semiconductors & Semiconductor Equipment 8.61%          
           
Cirrus Logic, Inc.*   59,050    4,013 
Enphase Energy, Inc.*   452,663    8,795 
Inphi Corp.*   563,186    40,482 

 

See Notes to Schedule of Investments.

 

Schedule of Investments (unaudited)(continued)

LORD ABBETT DEVELOPING GROWTH FUND, INC. October 31, 2019

 

Investments  Shares   Fair
Value
(000)
 
Semiconductors & Semiconductor Equipment (continued)          
           
MKS Instruments, Inc.   187,088   $20,247 
Monolithic Power Systems, Inc.   149,277    22,379 
Semtech Corp.*   323,516    16,325 
Silicon Laboratories, Inc.*   227,445    24,164 
SolarEdge Technologies, Inc. (Israel)*(a)   172,518    14,657 
SunPower Corp.*   407,880    3,573 
Total        154,635 
           
Software 12.83%          
           
Alteryx, Inc. Class A*   153,158    14,014 
Anaplan, Inc.*   277,474    13,097 
Appian Corp.*   396,400    17,695 
Avalara, Inc.*   341,858    24,272 
Coupa Software, Inc.*   156,848    21,565 
Five9, Inc.*   459,729    25,520 
Globant SA (Argentina)*(a)   219,976    20,515 
HubSpot, Inc.*   71,830    11,141 
LivePerson, Inc.*   249,033    10,223 
Medallia, Inc.*   437,604    12,725 
Paylocity Holding Corp.*   246,207    25,261 
Q2 Holdings, Inc.*   176,405    12,611 
SVMK, Inc.*   1,180,459    21,720 
Total        230,359 
           
Specialty Retail 2.61%          
           
Asbury Automotive Group, Inc.*   91,026    9,388 
Floor & Decor Holdings, Inc. Class A*   453,157    20,768 
Lithia Motors, Inc. Class A   105,595    16,629 
Total        46,785 
Total Common Stocks
(cost $1,401,720,882)
        1,711,916 

 

See Notes to Schedule of Investments.

 

Schedule of Investments (unaudited)(concluded)

LORD ABBETT DEVELOPING GROWTH FUND, INC. October 31, 2019

 

Investments  Principal
Amount
(000)
   Fair
Value
(000)
 
SHORT-TERM INVESTMENT 3.33%          
           
Repurchase Agreement          
           
Repurchase Agreement dated 10/31/2019, 0.85% due 11/1/2019 with Fixed Income Clearing Corp. collateralized by $60,575,000 of U.S. Treasury Note at 1.875% due 3/31/2022; value: $61,000,842; proceeds: $59,804,876
(cost $59,803,464)
  $59,803   $59,803 
Total Investments in Securities 98.69%
(cost $1,461,524,346)
        1,771,719 
Cash and Other Assets in Excess of Liabilities 1.31%        23,469 
Net Assets 100.00%       $1,795,188 

 

 
ADR American Depositary Receipt.
   
* Non-income producing security.
(a) Foreign security traded in U.S. dollars.

 

The following is a summary of the inputs used as of October 31, 2019 in valuing the Fund’s investments carried at fair value(1):

 

Investment Type(2)  Level 1
(000)
   Level 2
(000)
   Level 3
(000)
   Total
(000)
 
Common Stocks  $1,711,916   $   $   $1,711,916 
Short-Term Investment                    
Repurchase Agreement       59,803        59,803 
Total  $1,711,916   $59,803   $   $1,771,719 

 

 
(1) Refer to Note 2(b) for a description of fair value measurements and the three-tier hierarchy of inputs.
(2) See Schedule of Investments for fair values in each industry and identification of foreign issuers and/or geography.

 

See Notes to Schedule of Investments.

 

1. ORGANIZATION

 

Lord Abbett Developing Growth Fund, Inc. (the “Fund”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as a diversified, open-end management investment company. The Fund was incorporated under Maryland law on August 21, 1978. The Fund’s predecessor corporation was organized on July 11, 1973.

 

The Fund’s investment objective is long-term growth of capital through a diversified and actively managed portfolio consisting of developing growth companies, many of which are traded over the counter.

 

2. SIGNIFICANT ACCOUNTING POLICIES

 

(a) Investment Valuation-Under procedures approved by the Fund’s Board of Directors (the “Board”), Lord, Abbett & Co. LLC (“Lord Abbett”), the Fund’s investment manager, has formed a Pricing Committee to administer the pricing and valuation of portfolio investments and to ensure that prices utilized reasonably reflect fair value. Among other things, these procedures allow the Fund to utilize independent pricing services, quotations from securities and financial instrument dealers and other market sources to determine fair value.
   
  Securities actively traded on any recognized U.S. or non-U.S. exchange or on The NASDAQ Stock Market LLC are valued at the last sale price or official closing price on the exchange or system on which they are principally traded. Events occurring after the close of trading on non-U.S. exchanges may result in adjustments to the valuation of foreign securities to reflect their fair value as of the close of regular trading on the New York Stock Exchange. The Fund may utilize an independent fair valuation service in adjusting the valuations of foreign securities. Unlisted equity securities are valued at the last quoted sale price or, if no sale price is available, at the mean between the most recently quoted bid and asked prices.
   
  Securities for which prices are not readily available are valued at fair value as determined by the Pricing Committee. The Pricing Committee considers a number of factors, including observable and unobservable inputs, when arriving at fair value. The Pricing Committee may use related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information to determine the fair value of portfolio investments. The Board or a designated committee thereof regularly reviews fair value determinations made by the Pricing Committee and may employ techniques such as reviewing related market activity, reviewing inputs and assumptions, and retrospectively comparing prices of subsequent purchases and sales transactions to fair value determinations made by the Pricing Committee.
   
  Short-term securities with 60 days or less remaining to maturity are valued using the amortized cost method, which approximates fair value.
   
(b) Fair Value Measurements-Fair value is defined as the price that the Fund would receive upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk - for example, the risk inherent in a particular valuation technique used to measure fair value (such as a pricing model) and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The three-tier hierarchy classification is determined based on the lowest level of inputs that is significant to the fair value measurement, and is summarized in the three broad Levels listed below:

 

  · Level 1 - unadjusted quoted prices in active markets for identical investments;
  · Level 2 -  other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.); and
  · Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
 
  A summary of inputs used in valuing the Fund’s investments as of October 31, 2019 and, if applicable, Level 3 rollforwards for the period then ended is included in the Fund’s Schedule of Investments.
   
  Changes in valuation techniques may result in transfers into or out of an assigned level within the three-tier hierarchy. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

 

3. FEDERAL TAX INFORMATION

 

It is the policy of the Fund to meet the requirements of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and to distribute substantially all taxable income and capital gains to its shareholders. Therefore, no income tax provision is required.

 

The Fund files U.S. federal and various state and local tax returns. No income tax returns are currently under examination. The statute of limitations on the Fund’s filed U.S. federal tax returns remains open generally three years after the filing of the tax return. The statutes of limitations on the Fund’s, state and local tax returns may remain open for an additional year depending upon the jurisdiction.