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Welcome to Thornburg

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Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.

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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 Jun 2023)
YTD
1y
3y
Inception
Thornburg Corporate Bond Strategy - Gross (%)
3.18
3.70
-0.46
-0.46
Thornburg Corporate Bond Strategy - Net (%)
3.02
3.39
-0.80
-0.80
BBG Int Corp TR Value (%)
2.33
1.85
-1.82
-1.82
YTD
1y
3y
Inception
Thornburg Corporate Bond Strategy - Gross (%)
4.03
4.00
-0.91
-0.18
Thornburg Corporate Bond Strategy - Net (%)
3.82
3.69
-1.24
-0.52
BBG Int Corp TR Value (%)
2.76
2.00
-2.17
-1.60
2021
2022
Thornburg Corporate Bond Strategy - Gross (%)
-1.53
-7.19
Thornburg Corporate Bond Strategy - Net (%)
-2.00
-7.45
BBG Int Corp TR Value (%)
-1.00
-9.40
Strategy Facts

Strategy Facts

(As of 31 Aug 2023)
Strategy Assets
$2.9 M
Benchmark
BBG Int Corp TR Value
Number of Holdings
145
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2023)
Portfolio
Benchmark
Effective Duration
3.4 Yrs
4.0 Yrs
Average Effective Maturity
4.2 Yrs
4.7 Yrs
Portfolio
Benchmark
Weighted Average Coupon
3.6%
3.7%
Portfolio

Portfolio

Top Holdings

(As of 31 Jul 2023)
Name
Ticker/Symbol
Sector
Weight %
United States Treasury Note/Bond
Government
2.2
National Rural Utilities Cooperative Finance Corp.
Utilities
1.0
Qorvo, Inc.
Technology
1.0
Fidelity National Financial, Inc.
31620RAJ4
Financials
1.0
Pacific Life Global Funding II
Financials
1.0
Public Service Co. of New Hampshire
Utilities
1.0
Teledyne Technologies, Inc.
Industrials
1.0
NextEra Energy Capital Holdings, Inc.
Utilities
1.0
Aptiv PLC / Aptiv Corp.
Consumer, Cyclical
1.0
Oracle Corp.
Technology
1.0
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2023)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Corporate
88.5
100.0
Cash & Cash Equivalents
6.0
Treasury-Domestic
5.4
Agency Debenture
0.1
Sector Allocation
Portfolio (%)
Corporate
88.5
Cash & Cash Equivalents
6.0
Treasury-Domestic
5.4
Agency Debenture
0.1
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
5.5
AAA
0.9
1.6
AA
2.8
6.0
A
16.5
47.8
BBB
68.4
44.5
Cash & Cash Equivalents
6.0
Credit Quality
Portfolio (%)
U.S. Government
5.5
AAA
0.9
AA
2.8
A
16.5
BBB
68.4
Cash & Cash Equivalents
6.0
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Year 1
15.1
1.2
Year 2
14.9
17.0
Year 3
10.4
14.8
Year 4
5.6
13.7
Year 5
11.0
12.9
Year 6
6.8
7.7
Year 7
6.3
10.8
Year 8
2.9
6.7
Year 9
5.0
8.1
Year 10+
16.2
7.2
Cash
6.0
Maturity
Portfolio (%)
Year 1
15.1
Year 2
14.9
Year 3
10.4
Year 4
5.6
Year 5
11.0
Year 6
6.8
Year 7
6.3
Year 8
2.9
Year 9
5.0
Year 10+
16.2
Cash
6.0
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 made portfolio manager in 2010. Lon earned a BA in business administration with a minor in economics from Illinois Wesleyan University and an MBA from the University of Chicago Booth School of Business. He is a CFA charterholder. Prior to joining Thornburg Investment Management,…
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