Available Sites

Please select your location and the type of investor you are so we can share the most relevant information with you.

For Institutional / Wholesale / Professional Clients

The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.

TERMS AND CONDITIONS OF USE

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.

Disclaimers

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.

Reference to a fund or security anywhere on this website is not a recommendation to buy, sell or hold that or any other security. The information is not a complete analysis of every material fact concerning any market, industry, or investment, nor is it intended to predict the performance of any investment or market.

All opinions and estimates included on this website constitute judgements of Thornburg as at the date of this website and are subject to change without notice.

All information and contents of this website are furnished "as is." Data has been obtained from sources considered reliable, but Thornburg makes no representation as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg disclaims, to the fullest extent of the law, any implied or express warranty of any kind, including without limitation the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

If you live in a state that does not allow disclaimers of implied warranties, our disclaimer may not apply to you.

Although Thornburg intends the information contained in this website to be accurate and reliable, errors sometimes occur. Thornburg does not warrant that the information to be free of errors, that the functions contained in the site will be uninterrupted, that defects will be corrected or that the site and servers are free from viruses or other harmful components. You agree that you are responsible for the means you use to access this website and understand that your hardware, software, the Internet, your Internet service provider, and other third parties involved in connecting you to our website may not perform as intended or desired. We also disclaim responsibility for damages third parties may cause to you through the use of this website, whether intentional or unintentional. For example, you understand that hackers could breach our security procedures, and that we will not be responsible for any related damages.

Thornburg Investment Management, Inc. is regulated by the U.S. Securities and Exchange under U.S. laws which may differ materially from laws in other jurisdictions.

Online Privacy and Cookie Policy

Please review our Online Privacy and Cookie Policy, which is hereby incorporated by reference as part of these terms and conditions.

Third Party Content

Certain website's content has been obtained from sources that Thornburg believes to be reliable as of the date presented but Thornburg cannot guarantee the accuracy, timeliness, completeness, or suitability for use of such content. The content does not take into account individual investor's circumstances, objectives or needs. The content is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services, nor does it constitute investment advice and should not be used as the basis for any investment decision.

Suitability

No determination has been made regarding the suitability of any securities, financial instruments or strategies for any investor. The website's content is provided on the basis and subject to the explanations, caveats and warnings set out in this notice and elsewhere herein. The website's content does not purport to provide any legal, tax or accounting advice. Any discussion of risk management is intended to describe Thornburg's efforts to monitor and manage risk but does not imply low risk.

Limited License and Restrictions on Use

Except as otherwise stated in these terms of use or as expressly authorized by Thornburg in writing, you may not:

  • Modify, copy, distribute, transmit, post, display, perform, reproduce, publish, broadcast, license, create derivative works from, transfer, sell, or exploit any reports, data, information, content, software, RSS and podcast feeds, products, services, or other materials (collectively, "Materials") on, generated by or obtained from this website, whether through links or otherwise;
  • Redeliver any page, text, image or Materials on this website using "framing" or other technology;
  • Engage in any conduct that could damage, disable, or overburden (i) this website, (ii) any Materials or services provided through this website, or (iii) any systems, networks, servers, or accounts related to this website, including without limitation, using devices or software that provide repeated automated access to this website, other than those made generally available by Thornburg;
  • Probe, scan, or test the vulnerability of any Materials, services, systems, networks, servers, or accounts related to this website or attempt to gain unauthorized access to Materials, services, systems, networks, servers, or accounts connected or associated with this website through hacking, password or data mining, or any other means of circumventing any access-limiting, user authentication or security device of any Materials, services, systems, networks, servers, or accounts related to this website; or
  • Modify, copy, obscure, remove or display the Thornburg name, logo, trademarks, notices or images without Thornburg's express written permission. To obtain such permission, you may e-mail us at info@thornburg.com.

Severability, Governing Law

Failure by Thornburg to enforce any provision(s) of these terms and conditions shall not be construed as a waiver of any provision or right. This website is controlled and operated by Thornburg from its offices in Santa Fe, New Mexico. The laws of the State of New Mexico govern these terms and conditions. If you take legal action relating to these terms and conditions, you agree to file such action only in state or federal court in New Mexico and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.

Termination

You acknowledge and agree that Thornburg may restrict, suspend or terminate these terms and conditions or your access to, and use, of the all or any part this website, including any links to third-party sites, at any time, with or without cause, including but not limited to any breach of these terms and conditions, in Thornburg's absolute discretion and without prior notice or liability.

Please read through all of the Terms and Conditions of Use above to continue.

Region

Americas

Asia Pacific

Europe

Rest of the World

Unsubscribe

Confirm you would like to unsubscribe from this list

You have unsaved changes on the page. Would you like to save them?

Remove strategy

Confirm you would like to remove this strategy from your list
Investments
Capabilities
Insights
By Topic
By Media Type
Resources
Resources
About Us
Home » Investments » Institutional Strategies » Thornburg Equity Income Builder Strategy
Give Us a Call

Fund Operations
800.847.0200

FIND ANOTHER CONTACT

Thornburg Equity Income Builder Strategy

Strategy Overview
The Equity Income Builder Strategy employs a flexible bottom-up research process to identify dividend-paying companies with strong cash flows that have both the ability and willingness to pay and grow their dividends over time. Highly active and benchmark agnostic, the strategy prioritizes current income while preserving the opportunity for income growth and capital appreciation over time. At least 80% of the portfolio is invested in income-producing securities and considers the entire universe of global equities.
Strategy Inception Date
1 May 2019

Portfolio Managers

Brian McMahon
Vice Chairman, Chief Investment Strategist and Managing Director
Matt Burdett
Head of Equities and Managing Director
OverviewPerformanceStrategy FactsCharacteristicsPortfolioPortfolio ManagersLiterature
Overview

Overview

Why Invest in This Strategy?

 

  • Global, diversified multi-asset portfolio of income-producing stocks that seeks to deliver an attractive and growing income stream.
  • Proven bottom-up fundamental research process to identify dividend-paying companies with strong cash flows that have both the ability and willingness to pay and grow their dividends over time.
  • Highly active, flexible approach that allows us to go anywhere in the world to seek income.

Related Content

Global Equity
Q&A with Brian McMahon and Jonathan Schuman
Income
The Essential Role of Dividends in Retirement
Markets & Economy
Investing in Equities: Dividends, Earnings, and the Rise of International
Performance

Performance

Returns

(As of 30 Jun 2025)
Annualized Returns
YTD
1y
3y
5y
Inception
Thornburg Equity Income Builder Strategy - Gross (%)
26.19
29.44
21.57
16.83
12.13
Thornburg Equity Income Builder Strategy - Net (%)
25.92
28.68
20.81
16.05
11.41
MSCI World Index (%)
9.47
16.26
18.31
14.55
12.23
YTD
1y
3y
5y
Inception
Thornburg Equity Income Builder Strategy - Gross (%)
25.29
24.10
20.56
15.98
11.83
Thornburg Equity Income Builder Strategy - Net (%)
24.99
23.37
19.80
15.20
11.12
MSCI World Index (%)
10.88
15.72
15.83
13.78
12.29
2020
2021
2022
2023
2024
Thornburg Equity Income Builder Strategy - Gross (%)
1.92
17.87
-9.43
21.91
11.55
Thornburg Equity Income Builder Strategy - Net (%)
1.34
17.03
-10.10
21.04
10.89
MSCI World Index (%)
15.90
21.82
-18.14
23.79
18.67

Total return (net and gross) is based on composite performance.

Periods less than one year are not annualized.

In US$ terms. Returns may increase or decrease as a result of currency fluctuations.

Performance data for the Equity Income Builder Strategy is from the Equity Income Builder Composite, inception date of 1 May 2019. The Equity Income Builder Composite includes discretionary accounts invested in the Equity Income Builder Strategy. Returns are calculated using a time-weighted and asset-weighted calculation including reinvestment of dividends and income. Periods less than one year are not annualized. Individual account performance will vary. The performance data quoted represents past performance; it does not guarantee future results. Gross of fee returns are net of transaction costs. Net of fee returns are net of transaction costs and investment advisory fees. Thornburg Investment Management Inc.'s fee schedule is detailed in Part 2A of its ADV brochure. Performance results of the firm's clients will be reduced by the firm's management fees. For example, an account with a compounded annual total return of 10% would have increased by 159% over ten years. Assuming an annual management fee of 0.75%, this increase would be 142%.

Strategy Facts

Strategy Facts

(As of 31 Jul 2025)
Strategy Assets
$48.8 M*
Benchmark
MSCI World Index
Number of Holdings
54
Portfolio Turnover
6%

*Strategy assets includes assets under management of $10.1 M and assets under advisement of $38.7 M.

Characteristics

Characteristics

Portfolio

(As of 31 Jul 2025)
Portfolio
Benchmark
Weighted Average Market Cap
$238.7 B
$908.7 B
Median Market Cap
$70.2 B
$24.9 B
Price to Earnings - Forward 1YR
12.1x
20.7x
Price to Earnings - Trailing 12 Months
14.3x
24.4x
Price to Cash Flow
6.0x
14.7x
Portfolio
Benchmark
Price to Book Value
1.8x
3.7x
Return on Equity - 5 YR
17.2%
33.1%
Historical 3YR Sales Growth
4.2%
16.7%
Active Share
91.0%
—

Data based on representative account.

Portfolio

Portfolio

Top Holdings

(As of 30 Jun 2025)
Name
Ticker/Symbol
Sector
Weight %
Orange S.A.
ORANY
Communication Services
5.2
Broadcom, Inc.
AVGO
Information Technology
4.8
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
4.3
Enel SpA
ENLAY
Utilities
4.1
NN Group N.V.
NNGRY
Financials
3.8
BNP Paribas S.A.
BNPQY
Financials
3.6
AT&T, Inc.
T
Communication Services
3.1
Generali
ARZGY
Financials
3.1
Endesa S.A.
ELEZY
Utilities
3.1
TotalEnergies SE
TTE
Energy
3.1
Download Holdings

Data based on representative account.

Exposure Breakdown

Exposure Breakdown

(As of 31 Jul 2025)
Sector
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
23.0
17.0
Health Care
12.8
9.1
Communication Services
12.7
8.5
Utilities
12.3
2.7
Information Technology
11.3
26.8
Energy
7.8
3.5
Industrials
6.8
11.4
Cash & Cash Equivalents
4.7
—
Consumer Staples
3.6
5.7
Consumer Discretionary
2.6
10.1
Materials
2.5
3.1
Real Estate
0.0
2.0
Sector Allocation
Portfolio (%)
Financials
23.0
Health Care
12.8
Communication Services
12.7
Utilities
12.3
Information Technology
11.3
Energy
7.8
Industrials
6.8
Cash & Cash Equivalents
4.7
Consumer Staples
3.6
Consumer Discretionary
2.6
Materials
2.5
Real Estate
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Telecommunication Services
12.7
1.4
Utilities
12.3
2.7
Pharmaceuticals, Biotechnology & Life Sciences
11.4
6.0
Banks
9.8
6.7
Semiconductors & Semiconductor Equipment
9.7
10.2
Insurance
9.0
3.1
Energy
7.8
3.5
Capital Goods
4.8
8.4
Financial Services
4.2
7.1
Materials
2.5
3.1
Top 10 Industries
Portfolio (%)
Telecommunication Services
12.7
Utilities
12.3
Pharmaceuticals, Biotechnology & Life Sciences
11.4
Banks
9.8
Semiconductors & Semiconductor Equipment
9.7
Insurance
9.0
Energy
7.8
Capital Goods
4.8
Financial Services
4.2
Materials
2.5
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
United States
25.3
72.4
North America
France
17.3
2.7
Europe ex UK
United Kingdom
11.1
3.6
UK
Italy
8.5
0.8
Europe ex UK
Germany
7.7
2.5
Europe ex UK
Netherlands
6.1
1.1
Europe ex UK
Switzerland
5.8
2.3
Europe ex UK
Taiwan
4.6
—
Asia Pacific ex Japan
Spain
2.8
0.8
Europe ex UK
Canada
1.9
3.2
North America
Top 10 Countries
Portfolio (%)
United States
25.3
France
17.3
United Kingdom
11.1
Italy
8.5
Germany
7.7
Netherlands
6.1
Switzerland
5.8
Taiwan
4.6
Spain
2.8
Canada
1.9
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
99.0
97.4
Mid Cap ($2.5 to $12 B)
0.1
2.6
Small Cap (< $2.5 B)
0.9
—
Capitalization
Portfolio (%)
Large Cap (> $12 B)
99.0
Mid Cap ($2.5 to $12 B)
0.1
Small Cap (< $2.5 B)
0.9

Data based on representative account.

Holdings within the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Cash includes cash equivalents. Weights are percentages of total portfolio unless otherwise noted.

Percentages may not add up to 100 due to rounding.

Portfolio Managers

Portfolio Managers

Brian McMahon

Brian McMahon

Vice Chairman, Chief Investment Strategist and Managing Director
Brian McMahon is chief investment strategist for Thornburg Investment Management. Brian is deeply respected for his market and investment insight and serves as a key voice for the investment team and Thornburg clients. He also co-manages Thornburg’s global equity portfolios and serves as vice chairman of Thornburg. Brian joined Thornburg in 1984 as chief investment officer; a role he held…
Learn More
Matt Burdett

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,…
Learn More

Literature

Fact Sheet

Important Information

Investments in the Strategy carry risks, including possible loss of principal. Carefully consider the Strategy's investment objectives, risks, and expenses before investing. There is no guarantee that the portfolio will meet its investment objectives.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Portfolio characteristics are derived using currently available data from independent research resources that are believed to be accurate. Portfolio attributes can and do vary.

Portfolios invested in a limited number of holdings may expose an investor to greater volatility.

Portfolio holdings and characteristics shown herein are from a representative account managed within the investment composite. The representative account is selected based on account characteristics that Thornburg believes accurately represent the investment strategy as a whole. Should these characteristics change materially, Thornburg may select a different representative account. Holdings may change daily and may vary among accounts, which may contribute to different investment results. The representative account information is supplemental to the strategy's composite and GIPS compliant presentation.

The information provided in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account's portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed may not represent an account's entire portfolio and in the aggregate may represent only a small percentage of an account's portfolio holdings. It should not be assumed that any of the securities transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

Weight percentages are of the total portfolio unless otherwise noted.

Portfolio construction will have significant differences from that of a benchmark index in terms of security holdings, industry weightings, asset allocations and number of positions held, all of which may contribute to performance, characteristics and volatility differences. The index shown is unmanaged, reflect total returns and assume the reinvestment of all income in U.S. dollars. It does not reflect any management fees or brokerage expenses associated with a portfolio’s returns. Returns for an actual portfolio may differ from those of an index due to (among other things) differences in timing and the amount invested and fees and expenses. Investors may not make direct investments into any index.

Please see our glossary for a definition of terms.

For Australia: This material has been prepared by Thornburg Investment Management, Inc. (Thornburg). Thornburg is regulated, as a registered investment adviser, by the Securities and Exchange Commission of the United States of America (“US”) under U.S. laws which differ from Australian laws. Thornburg holds a foreign AFSL 526689.
This material contains general information only and is intended for viewing only by wholesale clients for the purposes of section 761G of the Corporations Act 2001 (Cth). It must not be distributed to retail clients in Australia (as that term is defined in the Corporations Act 2001 (Cth)) or to the general public. This document may not be reproduced in any form or distributed to any person without the prior written consent of Thornburg.
This material is not intended to provide you with financial product advice. It is for the use of researchers, licensed financial advisers and their authorised representatives. It does not take into account the objectives, financial situation or needs of any person. For this reason, you should, before acting on this material, obtain professional advice and consider whether this information is appropriate having regard to your investment needs, objectives, and financial situation.

Past performance is not an indication of future performance. Any economic or market forecasts are not guaranteed. Any references to particular securities or sectors are for illustrative purposes only. It is not a recommendation in relation to any named securities or sectors.
 
To the extent permitted by law, no liability is accepted by Thornburg, its officers or directors or any affiliates of Thornburg for any loss or damage as a result of any reliance on this information. While efforts have been made to ensure the information is correct, no warranty of accuracy or reliability is given, and no responsibility is accepted for errors or omissions. Any opinions expressed are those of Thornburg as of the date noted on the material and are subject to change without notice.

For Hong Kong: This material is issued by Thornburg Investment Management (Asia) Limited ("Company"), a wholly-owned subsidiary of Thornburg Investment Management, Inc. The Company is currently licensed with the Hong Kong SFC for Type 1 and Type 9 regulated activity, with the CE No.: BPQ208.

This material is directed at and intended for "Professional Investors" within the meaning of Part 1 of Schedule 1 to the Securities and Futures Ordinance and is issued for information purposes only. It is not to be construed as an offer or solicitation for the purchase or sale of any financial instruments. This material has not been reviewed nor endorsed by any regulatory authority in Hong Kong, including the Securities and Futures Commission, nor has a copy been registered with the Registrar of Companies in Hong Kong. Hong Kong residents are advised to exercise caution in relation to this information.

Any prices referred to herein are indicative only and dependent upon market conditions. Past performance is not indicative of future results. Unless otherwise specified, investments are not bank deposits or other obligations of a bank, and the repayment of principal is not insured or guaranteed. They are subject to investment risks, including the possibility that the value of any investment (and income derived thereof (if any) can increase, decrease or in some cases, be entirely lost and investors may not get back the amount originally invested. The contents of this presentation have not been reviewed by any regulatory authority in the countries in which it is distributed.

Thornburg Investment Management, Inc. accepts no liability whatsoever for any direct, indirect or consequential loss arising from or in connection with any use of, or reliance on, this presentation which does not have any regard to the particular needs of any person. Thornburg Investment Management, Inc. takes no responsibility whatsoever for any use, reliance or reference by persons other than the intended recipient of this presentation.

The opinions and views herein do not take into account your individual circumstances, objectives, or needs and are not intended to be recommendations of particular financial instruments or strategies to you. This presentation does not identify all the risks (direct or indirect) or other considerations which might be material to you when entering any financial transaction. You are advised to exercise caution in relation to any information in this document. If you are in doubt about any of the contents of this document, you should seek independent professional advice.

More Insights
Markets & Economy

Active Investing in a Passive World
Thornburg's CPMs discuss the case for active investment management amid heightened uncertainty, macro pressures, and interest rate volatility.
By Josh Rubin & Phillip Gronniger, CFA & Benjamin Keating, CFA
21 Aug 2025
18 min listen
LISTEN
Binoculars on wooden pole by the sea against blue sky
Fixed Income

Fixed Income Investing: Macro Trends, Dislocation, and the Search for Yield
We dive into the state of fixed income investing, given that market dislocation is influencing macro trends and the perpetual search for yield.
By Josh Rubin & Phillip Gronniger, CFA & Benjamin Keating, CFA
14 Aug 2025
4 min read
READ
Fixed Income

Thornburg Investment Insights: A Deep Dive Into Fixed Income Markets
Thornburg client portfolio managers discuss the nuances of the fixed income market and what should be top of mind for investors.
By Josh Rubin & Benjamin Keating, CFA & Phillip Gronniger, CFA
7 Aug 2025
19 min listen
LISTEN
Cropped shot of a thoughtful mature businessman looking at his business and analyzing the effect of inflation
Income

The Essential Role of Dividends in Retirement
Income-hungry investors should not overlook the importance of dividends, which have accounted for nearly half of the S&P 500's total return since 1900.
By Thornburg Investment Management
4 Aug 2025
6 min read
READ
Financial stock exchange market display screen board on the street
Markets & Economy

Investing in Equities: Dividends, Earnings, and the Rise of International
With market dislocations influencing macro trends, we focus on the global equity markets and its many dimensions in an era of income-hungry and diversity-seeking investors.
By Josh Rubin & Phillip Gronniger, CFA & Benjamin Keating, CFA
1 Aug 2025
4 min watch
READ
Man looks out at a beautiful view from a conference room
Markets & Economy

FOMC Update: Interest Rate Cut on Hold Until (At Least) September
Lon Erickson shares his perspective on the Fed’s stance and the potential impact of monetary policy.
By Lon Erickson, CFA
30 Jul 2025
2 min read
READ