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
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

Vice Chairman, Chief Investment Strategist and Managing Director
Head of Equities and Managing Director
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.
Performance

Performance

Returns

(As of 30 Jun 2025)
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 (%)
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
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 (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
22.5
17.1
Utilities
13.0
2.6
Health Care
12.9
9.5
Communication Services
12.8
8.5
Information Technology
10.6
26.2
Energy
7.7
3.5
Industrials
7.1
11.4
Cash & Cash Equivalents
4.5
Consumer Staples
3.8
6.0
Consumer Discretionary
2.7
10.1
Materials
2.4
3.2
Real Estate
0.0
2.0
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 (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Utilities
13.0
2.6
Telecommunication Services
12.8
1.4
Pharmaceuticals, Biotechnology & Life Sciences
11.6
6.1
Banks
9.4
6.6
Semiconductors & Semiconductor Equipment
9.1
9.7
Insurance
8.8
3.3
Energy
7.7
3.5
Capital Goods
5.1
8.3
Financial Services
4.3
7.2
Materials
2.4
3.2
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 (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
United States
25.1
71.7
North America
France
17.4
2.8
Europe ex UK
United Kingdom
11.1
3.7
UK
Italy
8.6
0.8
Europe ex UK
Germany
7.8
2.6
Europe ex UK
Switzerland
6.2
2.4
Europe ex UK
Netherlands
5.8
1.2
Europe ex UK
Taiwan
4.3
Asia Pacific ex Japan
Spain
3.1
0.8
Europe ex UK
Canada
1.9
3.2
North America
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 (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
99.0
97.5
Mid Cap ($2.5 to $12 B)
0.1
2.5
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
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

More Insights

Financial stock exchange market display screen board on the street
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.
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.
Markets & Economy

The CPM Roundtable: Adventures in Global Equity

We discuss opportunities in global equity, including the importance of dividend income and diversification.
Illustrative Candlestick and line chart detail
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.
Investor Insights: Tariffs, Stagflation, Housing, and the Fed
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.
Orange spiral staircase
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.