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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 2022)
YTD
1y
Inception
Thornburg Corporate Bond Strategy - Gross (%)
-9.50
-9.96
-3.07
Thornburg Corporate Bond Strategy - Net (%)
-9.69
-10.26
-3.42
BBG Int Corp TR Value (%)
-11.81
-12.30
-4.56
YTD
1y
Inception
Thornburg Corporate Bond Strategy - Gross (%)
-9.80
-9.86
-3.10
Thornburg Corporate Bond Strategy - Net (%)
-10.01
-10.10
-3.45
BBG Int Corp TR Value (%)
-12.17
-12.18
-4.57
2021
Thornburg Corporate Bond Strategy - Gross (%)
-1.53
Thornburg Corporate Bond Strategy - Net (%)
-2.00
BBG Int Corp TR Value (%)
-1.00
Strategy Facts

Strategy Facts

(As of 31 Oct 2022)
Strategy Assets
$2.7 M
Benchmark
BBG Int Corp TR Value
Number of Holdings
140
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2022)
Portfolio
Benchmark
Effective Duration
3.7 Yrs
4.1 Yrs
Average Effective Maturity
4.8 Yrs
4.8 Yrs
Portfolio
Benchmark
Weighted Average Coupon
3.2%
3.3%
Portfolio

Portfolio

Top Holdings

(As of 30 Sep 2022)
Name
Ticker/Symbol
Sector
Weight %
Meta Platforms, Inc.
Communications
1.3
Oracle Corp.
Technology
1.3
Southern California Edison Co.
842400HL0
Utilities
1.1
National Rural Utilities Cooperative Finance Corp.
Utilities
1.1
NextEra Energy Capital Holdings, Inc.
Utilities
1.1
PPL Electric Utilities Corp.
69351UAY9
Utilities
1.1
Qorvo, Inc.
Technology
1.1
JPMorgan Chase & Co.
46647PCF1
Financials
1.1
Bank of America Corp.
Financials
1.1
Public Service Co. of New Hampshire
Utilities
1.1
Exposure Breakdown

Exposure Breakdown

(As of 31 Oct 2022)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Corporate
95.0
100.0
Cash & Cash Equivalents
2.6
Treasury-Domestic
2.0
Agency Debenture
0.4
Sector Allocation
Portfolio (%)
Corporate
95.0
Cash & Cash Equivalents
2.6
Treasury-Domestic
2.0
Agency Debenture
0.4
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
2.5
AA
3.2
5.7
A
21.6
47.2
BBB
69.7
45.1
Not Rated
0.6
Cash & Cash Equivalents
2.5
Credit Quality
Portfolio (%)
U.S. Government
2.5
AA
3.2
A
21.6
BBB
69.7
Not Rated
0.6
Cash & Cash Equivalents
2.5
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Year 1
6.7
1.1
Year 2
12.3
14.4
Year 3
14.6
16.0
Year 4
11.6
13.9
Year 5
11.2
13.8
Year 6
8.9
8.8
Year 7
4.5
7.5
Year 8
8.9
10.1
Year 9
5.0
6.9
Year 10+
13.8
7.5
Cash
2.5
Maturity
Portfolio (%)
Year 1
6.7
Year 2
12.3
Year 3
14.6
Year 4
11.6
Year 5
11.2
Year 6
8.9
Year 7
4.5
Year 8
8.9
Year 9
5.0
Year 10+
13.8
Cash
2.5
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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