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Thornburg Income Builder Opportunities Trust*

Closing NAV
$17.55
As of 24 May 2022
Closing Share Price
$15.44
As of 24 May 2022
Premium Discount
-12.02%
As of 24 May 2022
Distribution Rate
8.10%
As of 24 May 2022
Inception Date
27 Jul 2021
As of 24 May 2022
Portfolio Managers
Co-Head of Investments and Managing Director
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Investment Rationale

The Trust’s investment objective is to provide current income and additional total return. There is no assurance that the Trust will achieve its investment objective. The Trust seeks to provide investors with the following potential benefits:

  • Current income stream and additional total return
  • Active global allocation to navigate increasingly volatile markets
  • Diversified income from global dividends and opportunistic fixed income
  • Regular monthly distributions

Investment Approach

The Trust seeks current income and additional total return by investing in a broad range of income-producing securities to include both equity and debt securities of companies located in the U.S. and around the globe. The Trust additionally expects to employ an options strategy to generate current income from options premiums and to improve risk-adjusted returns. There can be no assurance that the Trust will achieve its investment objective, and you could lose some or all of your investment.

Investment Strategy

The Trust will invest at least 80% of its Managed Assets, directly or indirectly, in a broad range of income-producing securities. The Trust will invest in both equity and debt securities of companies located in the United States and around the globe. The Trust may invest in companies of any market capitalization and may invest in both U.S. and non-U.S. countries, including up to 20% of its Managed Assets at the time of investment in equity and debt securities of emerging market companies. Initially, the Trust’s global equity allocation is expected to represent 75% of Managed Assets and may vary over time between 50% to 90% of Managed Assets. Initially, the Trust’s global debt allocation is expected to represent 25% of Managed Assets and may vary over time between 10% to 50% of Managed Assets.

The Trust’s options strategy is intended to generate current income from options premiums and to improve its risk-adjusted returns. The notional amount of the options strategy will be approximately 10% to 40% of the Trust’s Managed Assets.

The Trust does not intend to use leverage and has a 12-year term.§, ll

For term definitions and index descriptions, please access the glossary in the footer.

Fund Facts

Fund Facts

(As of 30 Apr 2022)
Common Net Assets
$572,769,969
Leverage
0.00%
Total Managed Assets
$572,769,969
Common Shares Outstanding
32,081,883
Average Daily Volume (last 30 days)
73,488
Fees & Expenses

Fees & Expenses

(As of 30 Apr 2022)
Management Fee1
1.25%
Administration Fee
0.08%
Other Expenses2
0.15%
Investor Support and Secondary Market Support Services Fee1,3
0.20%
Total Annual Expenses
1.69%
Expense Waiver4
-0.04%
Total Annual Expenses after Expense Waiver
1.65%
Performance

Performance

Total Returns

(As of 30 Apr 2022)
YTD
Inception
Total Price (%)
-13.87
-17.54
Total Return without Sales Charge (%)
-10.96
-6.91
Investment Income Builder Blend (%)
-12.11
-8.42
YTD
Inception
Total Price (%)
-7.41
-16.31
Total Return without Sales Charge (%)
-5.80
-2.22
Investment Income Builder Blend (%)
-5.31
-1.96
Pricing

Pricing

(As of 24 May 2022)
Date
Share Price ($)
NAV ($)
Premium/discount (%)
24 May 2022
15.44
17.55
-12.02
23 May 2022
15.50
17.67
-12.28
20 May 2022
15.68
17.47
-10.25
19 May 2022
15.60
17.40
-10.34
18 May 2022
15.49
17.40
-10.98
17 May 2022
15.74
17.75
-11.32
16 May 2022
15.29
17.47
-12.48
13 May 2022
14.88
17.45
-14.73
12 May 2022
14.58
17.15
-14.99
11 May 2022
14.68
17.20
-14.65
Distributions

Distributions

(As of 24 May 2022)
Distribution Rate on Market
8.10%
Distribution Rate on NAV
7.12%
Fiscal YTD Distributions per Share**
$0.83336
Inception to Date Distributions/Share
$0.93753
Distribution Summary

Distribution Summary

(As of 31 May 2022)
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
Portfolio Characteristics

Portfolio Characteristics

(As of 30 Apr 2022)
Portfolio
Benchmark
Net Fund Assets
$572.7 M
Number of Holdings
213
Weighted Average Market Cap
$202.0 B
$383.2 B
Median Market Cap
$81.8 B
$17.8 B
Price to Earnings - Forward 1YR
10.3x
16.3x
Price to Earnings - Trailing 12 Months
12.1x
18.1x
Price to Cash Flow
6.8x
12.0x
Price to Book Value
2.1x
2.9x
Return on Assets - 5 YR
9.4%
10.6%
Portfolio
Benchmark
Return on Equity - 5 YR
23.9%
78.3%
Historical 3YR Sales Growth
12.4%
9.8%
Active Share
86.9%
Effective Duration
4.2 Yrs
6.5 Yrs
Average Effective Maturity
6.0 Yrs
8.6 Yrs
Weighted Average Coupon
1.3%
2.4%
Yield to Worst
8.8%
3.5%
Weighted Average Price
$93.50
$94.51
Portfolio Top Holdings

Portfolio Top Holdings

(As of 31 Mar 2022)
Name
Ticker/Symbol
Sector
Weight %
Merck & Co., Inc.
MRK
Health Care
3.0
TotalEnergies SE
TTE
Energy
2.7
Assicurazioni Generali SpA
G
Financials
2.6
AstraZeneca plc
AZN
Health Care
2.5
BHP Group Ltd.
BHP
Materials
2.3
LyondellBasell Industries N.V.
LYB
Materials
2.2
AbbVie, Inc.
ABBV
Health Care
2.2
Pfizer, Inc.
PFE
Health Care
2.1
Meta Platforms, Inc.
FB
Communication Services
1.9
Enel SpA
ENEL
Utilities
1.8
Download Holdings
Options Overlay

Options Overlay

(As of 30 Apr 2022)
Type of Options
Calls
% of Portfolio Overwritten
19.4%
Average Call Strike vs. Spot Price
96.6
Weighted Average Days to Expiration
20
Exposure Breakdown

Exposure Breakdown

(As of 30 Apr 2022)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
Information Technology
22.1
21.7
Financials
16.4
13.5
Health Care
14.7
13.4
Materials
9.5
4.6
Communication Services
8.7
7.4
Consumer Discretionary
7.5
11.1
Utilities
6.8
3.1
Consumer Staples
5.6
7.7
Industrials
4.4
9.9
Energy
4.4
4.6
Real Estate
0.0
3.0
Sector Allocation
Fund (%)
Information Technology
22.1
Financials
16.4
Health Care
14.7
Materials
9.5
Communication Services
8.7
Consumer Discretionary
7.5
Utilities
6.8
Consumer Staples
5.6
Industrials
4.4
Energy
4.4
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
Pharmaceuticals, Biotechnology & Life Sciences
14.7
8.6
Materials
9.4
4.6
Semiconductors & Semiconductor Equipment
9.3
4.4
Banks
8.3
5.8
Software & Services
7.7
10.6
Media & Entertainment
7.4
5.7
Utilities
6.7
3.1
Insurance
5.9
3.2
Technology Hardware & Equipment
5.1
6.6
Energy
4.3
4.6
Top 10 Industries
Fund (%)
Pharmaceuticals, Biotechnology & Life Sciences
14.7
Materials
9.4
Semiconductors & Semiconductor Equipment
9.3
Banks
8.3
Software & Services
7.7
Media & Entertainment
7.4
Utilities
6.7
Insurance
5.9
Technology Hardware & Equipment
5.1
Energy
4.3
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
United States
50.8
74.4
North America
France
6.5
2.5
Europe ex UK
United Kingdom
5.8
3.8
UK
Japan
4.2
4.7
Japan
Italy
4.2
0.5
Europe ex UK
Netherlands
3.7
0.9
Europe ex UK
Germany
3.3
1.8
Europe ex UK
Taiwan
2.4
0.0
Asia Pacific ex Japan
Australia
2.2
1.8
Asia Pacific ex Japan
Spain
1.6
0.5
Europe ex UK
Top 10 Countries
Fund (%)
United States
50.8
France
6.5
United Kingdom
5.8
Japan
4.2
Italy
4.2
Netherlands
3.7
Germany
3.3
Taiwan
2.4
Australia
2.2
Spain
1.6
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
99.6
94.0
Mid Cap ($2.5 to $12 B)
0.0
6.0
Small Cap (< $2.5 B)
0.4
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
99.6
Mid Cap ($2.5 to $12 B)
0.0
Small Cap (< $2.5 B)
0.4
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
0.6
69.9
AAA
1.4
3.6
AA
1.8
3.0
A
2.6
11.3
BBB
9.8
12.0
BB
44.8
B
22.5
Not Rated
16.5
0.0
Credit Quality
Fund (%)
U.S. Government
0.6
AAA
1.4
AA
1.8
A
2.6
BBB
9.8
BB
44.8
B
22.5
Not Rated
16.5
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
Year 1
1.5
0.1
Year 2
8.9
11.3
Year 3
14.0
9.9
Year 4
13.7
7.9
Year 5
9.3
8.4
Year 6
11.7
9.5
Year 7
11.5
8.7
Year 8
11.4
7.2
Year 9
6.1
6.1
Year 10+
12.1
30.8
Maturity
Fund (%)
Year 1
1.5
Year 2
8.9
Year 3
14.0
Year 4
13.7
Year 5
9.3
Year 6
11.7
Year 7
11.5
Year 8
11.4
Year 9
6.1
Year 10+
12.1
Portfolio Managers

Portfolio Managers

Ben Kirby, CFA
Ben Kirby, CFA
Co-Head of Investments and Managing Director
Ben Kirby is co-head of investments for Thornburg Investment Management. He is responsible for driving the investment process at the firm level. Ben is also a portfolio manager on multiple strategies. He joined Thornburg in 2008 as equity research analyst, was promoted to associate portfolio manager in 2011, and was named portfolio manager and managing director in 2013. Ben holds…
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Matt Burdett
Matt Burdett
Portfolio Manager and Managing Director
Matt Burdett is portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager and was promoted to portfolio manager in 2018. Matt spent several years as a senior vice president and portfolio manager at PIMCO, where he co-managed various dividend-oriented strategies. Prior to his time at PIMCO, Matt worked as an equity analyst…
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Christian Hoffmann, CFA
Christian Hoffmann, CFA
Portfolio Manager and Managing Director
Christian Hoffmann is portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as a fixed income securities analyst and was promoted to associate portfolio manager in 2014, then portfolio manager in 2018. Christian graduated cum laude from New York University with a BA in economics. He is also a CFA charterholder. Prior to joining Thornburg, he served…
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