Thornburg Equity Income Builder Strategy
BENCHMARK: MSCI World Index
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
Vice Chairman, Chief Investment Strategist and Managing Director
Head of Equities and Managing Director
Overview
Performance
Performance
Returns
(As of 30 Jun 2025)2021
2022
2023
2024
Thornburg Equity Income Builder Strategy - Gross (%)
17.87
-9.43
21.91
11.55
Thornburg Equity Income Builder Strategy - Net (%)
17.03
-10.10
21.04
10.89
MSCI World Index (%)
21.82
-18.14
23.79
18.67
Strategy Facts
Strategy Facts
(As of 30 Jun 2025)Strategy Assets
$45.4 M*
Benchmark
MSCI World Index
Number of Holdings
54
Portfolio Turnover
6%
Characteristics
Characteristics
Portfolio
(As of 30 Jun 2025)Portfolio
Benchmark
Weighted Average Market Cap
$223.8 B
$816.3 B
Median Market Cap
$75.7 B
$25.2 B
Price to Earnings - Forward 1YR
12.2x
20.4x
Price to Earnings - Trailing 12 Months
14.3x
24.0x
Price to Cash Flow
6.0x
14.3x
Portfolio
Benchmark
Price to Book Value
1.8x
3.6x
Return on Equity - 5 YR
17.2%
33.1%
Historical 3YR Sales Growth
4.0%
16.2%
Active Share
91.0%
—
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
Exposure Breakdown
Exposure Breakdown
(As of 30 Jun 2025)Sector Allocation
Portfolio (%)
Financials
22.5
Utilities
13.0
Health Care
12.9
Communication Services
12.8
Information Technology
10.6
Energy
7.7
Industrials
7.1
Cash & Cash Equivalents
4.5
Consumer Staples
3.8
Consumer Discretionary
2.7
Materials
2.4
Real Estate
0.0
Top 10 Industries
Portfolio (%)
Utilities
13.0
Telecommunication Services
12.8
Pharmaceuticals, Biotechnology & Life Sciences
11.6
Banks
9.4
Semiconductors & Semiconductor Equipment
9.1
Insurance
8.8
Energy
7.7
Capital Goods
5.1
Financial Services
4.3
Materials
2.4
Top 10 Countries
Portfolio (%)
United States
25.1
France
17.4
United Kingdom
11.1
Italy
8.6
Germany
7.8
Switzerland
6.2
Netherlands
5.8
Taiwan
4.3
Spain
3.1
Canada
1.9
Capitalization
Portfolio (%)
Large Cap (> $12 B)
99.0
Mid Cap ($2.5 to $12 B)
0.1
Small Cap (< $2.5 B)
0.9
Portfolio Managers
Portfolio Managers

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…
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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,…
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Literature
More Insights

Global Equity
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.

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.

Markets & Economy
The CPM Roundtable: Adventures in Global Equity
We discuss opportunities in global equity, including the importance of dividend income and diversification.

Markets & Economy
Q&A: Brian McMahon, Matt Burdett, and Christian Hoffmann
Brian McMahon (Chief Investment Strategist), Matt Burdett (Head of Equities), and Christian Hoffmann, CFA (Head of Fixed Income), recently discussed their market, macro, and investing views.

Markets & Economy
Investor Insights: Tariffs, Stagflation, Housing, and the Fed
As client portfolio managers, we have a unique perspective on what's top of mind for investors.

Global Equity
Mid-Year Global Equity Outlook: Diminishing U.S. Exceptionalism Leads to Non-U.S. Opportunities
2025 has been full of surprises all over the world, which makes our thoughts at the beginning of the year, including opportunities and risks outside of the U.S. compared to the U.S., relative value opportunities across the globe, and AI’s capital intensity, that much more relevant.