Thornburg Income Builder Opportunities Trust
SYMBOL: TBLD
CUSIP: 885213108
Exchange: NASDAQ
Closing NAV
$20.33
As of 6 Jun 2025
Closing Share Price
$18.86
As of 6 Jun 2025
Premium/Discount
-7.23%
As of 6 Jun 2025
Distribution Rate
6.65%
As of 6 Jun 2025
Inception Date
27 Jul 2021
As of 6 Jun 2025
Portfolio Managers
Head of Equities and Managing Director
Head of Fixed Income and Managing Director
Overview
Fund Facts
Fund Facts
(As of 31 May 2025)Common Net Assets
$646,903,385
Leverage
0.00%
Total Managed Assets
$646,903,385
Common Shares Outstanding
32,081,883
Average Daily Volume (last 30 days)
91,931
Fees & Expenses
Fees & Expenses
(As of 31 May 2025)Management Fee1
1.25%
Administration Fee
0.09%
Other Expenses2
0.29%
Total Annual Expenses
1.63%
Performance
Performance
Total Returns
(As of 31 Mar 2025)YTD
1y
3y
Inception
Total Price (%)
11.39
18.61
9.07
3.88
Total NAV (%)
7.61
13.19
8.20
6.20
Investment Income Builder Blended Index (%)
-0.63
6.56
5.91
4.42
YTD
1y
3y
Inception
Total Price (%)
16.31
24.05
13.00
4.88
Total NAV (%)
12.70
16.49
11.28
7.20
Investment Income Builder Blended Index (%)
4.39
11.69
10.29
5.57
Pricing
Pricing
(As of 6 Jun 2025)Date
Share Price ($)
NAV ($)
Premium/discount (%)
6 Jun 2025
18.86
20.33
-7.23
5 Jun 2025
18.72
20.33
-7.92
4 Jun 2025
18.83
20.31
-7.29
3 Jun 2025
18.66
20.24
-7.81
2 Jun 2025
18.68
20.29
-7.93
30 May 2025
18.53
20.16
-8.09
29 May 2025
18.48
20.13
-8.20
28 May 2025
18.38
20.05
-8.33
27 May 2025
18.44
20.13
-8.40
23 May 2025
18.38
20.04
-8.28
Distributions
Distributions
(As of 9 Jun 2025)Distribution Rate on Market
6.65%
Distribution Rate on NAV
6.15%
Fiscal YTD Distributions per Share**
$0.93753
Inception to Date Distributions/Share
$4.79182
Distribution Summary
Distribution Summary
(As of 12 May 2025)Payable Date
Record Date
Ex-Date
Declaration Date
Amount ($)
20 Sep 2021
13 Sep 2021
10 Sep 2021
25 Aug 2021
0.10417
20 Oct 2021
11 Oct 2021
8 Oct 2021
1 Oct 2021
0.10417
22 Nov 2021
15 Nov 2021
12 Nov 2021
2 Nov 2021
0.10417
20 Dec 2021
13 Dec 2021
10 Dec 2021
1 Dec 2021
0.10417
20 Jan 2022
31 Dec 2021
30 Dec 2021
28 Dec 2021
0.10417
18 Feb 2022
11 Feb 2022
10 Feb 2022
1 Feb 2022
0.10417
21 Mar 2022
11 Mar 2022
10 Mar 2022
1 Mar 2022
0.10417
20 Apr 2022
11 Apr 2022
8 Apr 2022
1 Apr 2022
0.10417
20 May 2022
12 May 2022
11 May 2022
2 May 2022
0.10417
20 Jun 2022
13 Jun 2022
10 Jun 2022
1 Jun 2022
0.10417
20 Jul 2022
11 Jul 2022
8 Jul 2022
1 Jul 2022
0.10417
19 Aug 2022
11 Aug 2022
10 Aug 2022
1 Aug 2022
0.10417
20 Sep 2022
12 Sep 2022
9 Sep 2022
1 Sep 2022
0.10417
20 Oct 2022
11 Oct 2022
7 Oct 2022
3 Oct 2022
0.10417
21 Nov 2022
14 Nov 2022
10 Nov 2022
1 Nov 2022
0.10417
20 Dec 2022
12 Dec 2022
9 Dec 2022
1 Dec 2022
0.10417
23 Jan 2023
13 Jan 2023
12 Jan 2023
3 Jan 2023
0.10417
21 Feb 2023
13 Feb 2023
10 Feb 2023
1 Feb 2023
0.10417
20 Mar 2023
13 Mar 2023
10 Mar 2023
1 Mar 2023
0.10417
20 Apr 2023
13 Apr 2023
12 Apr 2023
3 Apr 2023
0.10417
19 May 2023
11 May 2023
10 May 2023
1 May 2023
0.10417
20 Jun 2023
12 Jun 2023
9 Jun 2023
1 Jun 2023
0.10417
20 Jul 2023
13 Jul 2023
12 Jul 2023
3 Jul 2023
0.10417
18 Aug 2023
11 Aug 2023
10 Aug 2023
1 Aug 2023
0.10417
20 Sep 2023
11 Sep 2023
8 Sep 2023
1 Sep 2023
0.10417
20 Oct 2023
12 Oct 2023
11 Oct 2023
2 Oct 2023
0.10417
20 Nov 2023
13 Nov 2023
10 Nov 2023
1 Nov 2023
0.10417
20 Dec 2023
11 Dec 2023
8 Dec 2023
1 Dec 2023
0.10417
22 Jan 2024
12 Jan 2024
11 Jan 2024
2 Jan 2024
0.10417
20 Feb 2024
12 Feb 2024
9 Feb 2024
1 Feb 2024
0.10417
20 Mar 2024
11 Mar 2024
8 Mar 2024
1 Mar 2024
0.10417
19 Apr 2024
11 Apr 2024
10 Apr 2024
1 Apr 2024
0.10417
20 May 2024
13 May 2024
10 May 2024
1 May 2024
0.10417
21 Jun 2024
13 Jun 2024
13 Jun 2024
3 Jun 2024
0.10417
19 Jul 2024
11 Jul 2024
11 Jul 2024
1 Jul 2024
0.10417
20 Aug 2024
12 Aug 2024
12 Aug 2024
1 Aug 2024
0.10417
20 Sep 2024
13 Sep 2024
13 Sep 2024
3 Sep 2024
0.10417
21 Oct 2024
11 Oct 2024
11 Oct 2024
1 Oct 2024
0.10417
20 Nov 2024
12 Nov 2024
12 Nov 2024
1 Nov 2024
0.10417
20 Dec 2024
12 Dec 2024
12 Dec 2024
2 Dec 2024
0.10417
21 Jan 2025
30 Dec 2024
30 Dec 2024
19 Dec 2024
0.10417
21 Feb 2025
13 Feb 2025
13 Feb 2025
3 Feb 2025
0.10417
20 Mar 2025
13 Mar 2025
13 Mar 2025
3 Mar 2025
0.10417
21 Apr 2025
11 Apr 2025
11 Apr 2025
1 Apr 2025
0.10417
20 May 2025
12 May 2025
12 May 2025
1 May 2025
0.10417
Portfolio Characteristics
Portfolio Characteristics
(As of 30 Apr 2025)Portfolio
Benchmark
Net Fund Assets
$631.5 M
—
Number of Holdings
195
—
Weighted Average Market Cap
$185.2 B
$645.1 B
Median Market Cap
$60.0 B
$22.6 B
Price to Earnings - Forward 1YR
12.5x
18.9x
Price to Earnings - Trailing 12 Months
14.5x
22.0x
Price to Cash Flow
6.0x
13.2x
Price to Book Value
1.8x
3.3x
Portfolio
Benchmark
Return on Assets - 5 YR
6.5%
10.0%
Return on Equity - 5 YR
16.4%
33.7%
Historical 3YR Sales Growth
2.7%
15.1%
Active Share
90.3%
—
Effective Duration
4.2 Yrs
6.0 Yrs
Average Effective Maturity
7.3 Yrs
8.3 Yrs
Weighted Average Coupon
2.4%
3.5%
Weighted Average Price
$90.17
$93.68
Portfolio Top Holdings
Portfolio Top Holdings
(As of 30 Apr 2025)Name
Ticker/Symbol
Sector
Weight %
Orange S.A.
ORA
Communication Services
4.6
AT&T, Inc.
T
Communication Services
3.7
Enel SpA
ENEL
Utilities
3.6
NN Group N.V.
NN
Financials
2.6
Roche Holding AG
ROG
Health Care
2.5
Snam SpA
SRG
Utilities
2.4
Endesa S.A.
ELE
Utilities
2.4
CME Group, Inc.
CME
Financials
2.2
E.ON SE
EOAN
Utilities
2.0
Enbridge, Inc.
ENB
Energy
1.9
Name
Ticker/Symbol
Sector
Weight %
FirstCash, Inc.
33767DAD7
SE_CORPORATE_BOND
0.6
Freddie Mac Pool
3132DWMS9
SE_MORTGAGE_PASSTHROUGH
0.6
United States Treasury Inflation Indexed Bonds
912810UH9
SE_TREASURY_DOMESTIC
0.5
United States Treasury Strip Coupon
912834FB9
SE_TREASURY_DOMESTIC
0.5
Freddie Mac Pool
3132DWJS3
SE_MORTGAGE_PASSTHROUGH
0.5
Tenet Healthcare Corp.
88033GDU1
SE_CORPORATE_BOND
0.5
United Wholesale Mortgage, LLC
91153LAA5
SE_CORPORATE_BOND
0.5
Post Holdings, Inc.
737446AP9
SE_CORPORATE_BOND
0.5
Comision Federal de Electricidad
QZ7462430
SE_CORPORATE_BOND
0.5
Cleveland-Cliffs, Inc.
185899AM3
SE_CORPORATE_BOND
0.5
Options Overlay
Options Overlay
(As of 30 Apr 2025)Type of Options
Calls
% of Portfolio Overwritten
3.1%
Average Call Strike vs. Spot Price
105.1
Weighted Average Days to Expiration
15
Exposure Breakdown
Exposure Breakdown
(As of 30 Apr 2025)Sector Allocation
Fund (%)
Communication Services
17.7
Utilities
16.9
Health Care
13.3
Financials
12.5
Energy
11.5
Information Technology
11.2
Consumer Discretionary
7.0
Materials
6.4
Industrials
2.4
Consumer Staples
1.0
Real Estate
0.0
Top 10 Industries
Fund (%)
Utilities
16.7
Telecommunication Services
12.7
Pharmaceuticals, Biotechnology & Life Sciences
12.1
Energy
11.3
Materials
6.3
Insurance
5.9
Technology Hardware & Equipment
5.7
Media & Entertainment
4.9
Consumer Discretionary Distribution & Retail
3.8
Financial Services
3.5
Top 10 Countries
Fund (%)
United States
44.7
Italy
7.6
France
6.7
Switzerland
5.0
Germany
4.9
Canada
4.6
Netherlands
3.8
United Kingdom
2.8
Spain
2.4
Australia
1.7
Composition
Fund (%)
Equity
69.7
Fixed Income
28.1
Cash & Cash Equivalents
2.3
Option
-0.1
Capitalization
Fund (%)
Unassigned
0.6
Large Cap (> $12 B)
92.4
Mid Cap ($2.5 to $12 B)
5.6
Small Cap (< $2.5 B)
1.4
Credit Quality
Fund (%)
U.S. Government
15.6
AAA
7.9
AA
2.2
A
3.2
BBB
17.9
BB
27.7
B
8.6
Not Rated
16.9
Maturity
Fund (%)
Year 1
11.8
Year 2
15.9
Year 3
10.9
Year 4
7.3
Year 5
15.8
Year 6
1.2
Year 7
9.6
Year 8
4.1
Year 9
1.3
Year 10+
22.2
Portfolio Managers
Portfolio Managers

Matt Burdett
Head of Equities and Managing Director
Matt Burdett is head of equities and a portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager. Matt was named a managing director and was promoted to portfolio manager in 2018 and to head of equities in 2024. Matt spent several years as a senior vice president and portfolio manager at PIMCO,…
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Christian Hoffmann, CFA
Head of Fixed Income and Managing Director
Christian Hoffmann is head of fixed income and a portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as a fixed income analyst and was promoted to associate portfolio manager in 2014. Christian was named a managing director in 2017, was promoted to portfolio manager in 2018, and to head of fixed income in 2024. Prior to…
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Literature
Fund Documents
More Insights

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