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Thornburg Corporate Bond Strategy

Strategy Overview
The Corporate Bond Strategy is built around a highly active approach, seeking competitive total return versus the Bloomberg U.S. Intermediate Corporate Bond Index over a full market cycle with lower volatility. The strategy invests in investment-grade corporate bonds diversified broadly across industries, issuers, and regions.
Strategy Inception Date
1 Jul 2020

Portfolio Managers

Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Strategy?

  • Highly active approach, designed to provide attractive risk-adjusted returns by investing in the investment-grade corporate bond space.
  • Proven bottom-up fundamental approach targeting bonds that offer compelling fundamentals, attractive relative value and a diversified risk exposure.
  • Unique investment process that seeks to uncover value within and across corporate sub-sectors and structures.
Performance

Performance

Returns

(As of 30 Sep 2024)
YTD
1y
3y
Inception
Thornburg Corporate Bond Strategy - Gross (%)
5.86
11.13
1.86
2.14
Thornburg Corporate Bond Strategy - Net (%)
5.63
10.80
1.54
1.80
Bloomberg Intermediate Corporate Index (%)
5.71
11.90
0.72
1.13
YTD
1y
3y
Inception
Thornburg Corporate Bond Strategy - Gross (%)
4.41
10.09
1.54
1.77
Thornburg Corporate Bond Strategy - Net (%)
4.15
9.76
1.25
1.44
Bloomberg Intermediate Corporate Index (%)
4.08
11.02
0.38
0.75
2021
2022
2023
Thornburg Corporate Bond Strategy - Gross (%)
-1.53
-7.19
8.12
Thornburg Corporate Bond Strategy - Net (%)
-2.00
-7.45
7.80
Bloomberg Intermediate Corporate Index (%)
-1.00
-9.40
7.29
Strategy Facts

Strategy Facts

(As of 31 Oct 2024)
Strategy Assets
$3.1 M
Benchmark
Bloomberg Intermediate Corporate Index
Number of Holdings
152
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2024)
Portfolio
Benchmark
Effective Duration
3.8 Yrs
4.0 Yrs
Average Effective Maturity
4.6 Yrs
4.7 Yrs
Portfolio
Benchmark
Weighted Average Coupon
4.1%
4.2%
Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2024)
Name
Ticker/Symbol
Weight %
United States Treasury Note/Bond
91282CHT1
2.5
United States Treasury Note/Bond
91282CEP2
2.5
United States Treasury Note/Bond
91282CKX8
2.4
United States Treasury Note/Bond
91282CJJ1
2.2
United States Treasury Note/Bond
91282CHC8
2.0
United States Treasury Note/Bond
91282CGM7
1.8
United States Treasury Note/Bond
91282CLF6
1.3
Qorvo Inc
74739DAB0
1.0
United States Treasury Note/Bond
91282CJZ5
1.0
JPMorgan Chase & Co
46647PEL6
1.0
Exposure Breakdown

Exposure Breakdown

(As of 31 Oct 2024)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Corporate
78.0
100.0
Treasury-Domestic
17.6
Cash & Cash Equivalents
4.4
Sector Allocation
Portfolio (%)
Corporate
78.0
Treasury-Domestic
17.6
Cash & Cash Equivalents
4.4
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
U.S. Government
17.6
AAA
1.6
1.3
AA
3.9
6.5
A
26.5
45.9
BBB
46.0
46.2
Cash & Cash Equivalents
4.4
Credit Quality
Portfolio (%)
U.S. Government
17.6
AAA
1.6
AA
3.9
A
26.5
BBB
46.0
Cash & Cash Equivalents
4.4
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Year 1
17.7
1.4
Year 2
9.7
15.7
Year 3
6.7
15.4
Year 4
7.8
13.2
Year 5
12.2
12.2
Year 6
4.5
10.7
Year 7
4.3
7.9
Year 8
7.5
8.1
Year 9
11.2
8.0
Year 10+
14.1
7.4
Cash
4.4
Maturity
Portfolio (%)
Year 1
17.7
Year 2
9.7
Year 3
6.7
Year 4
7.8
Year 5
12.2
Year 6
4.5
Year 7
4.3
Year 8
7.5
Year 9
11.2
Year 10+
14.1
Cash
4.4
Portfolio Managers

Portfolio Managers

Lon Erickson, CFA

Lon Erickson, CFA

Portfolio Manager and Managing Director
Lon Erickson is portfolio manager for Thornburg Investment Management. He joined Thornburg in 2008 and was named a managing director and was promoted to portfolio manager in 2010. Prior to joining Thornburg Investment Management, Lon spent almost 11 years as an analyst for State Farm Insurance in the equity and corporate bond departments. Lon earned a bachelor’s degree in business…
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