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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
Co-Head of Investments and Managing Director
Vice Chairman and Chief Investment Strategist
Portfolio Manager 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 Sep 2022)
YTD
1y
3y
Inception
Thornburg Equity Income Builder Strategy - Gross (%)
-21.66
-14.88
0.45
0.66
Thornburg Equity Income Builder Strategy - Net (%)
-22.11
-15.51
-0.22
-0.02
MSCI World NTR (%)
-25.42
-19.63
4.56
4.29
YTD
1y
3y
Inception
Thornburg Equity Income Builder Strategy - Gross (%)
-15.89
-13.23
1.66
2.70
Thornburg Equity Income Builder Strategy - Net (%)
-16.39
-13.88
0.99
2.03
MSCI World NTR (%)
-20.07
-18.48
6.11
6.27
2021
Thornburg Equity Income Builder Strategy - Gross (%)
17.87
Thornburg Equity Income Builder Strategy - Net (%)
17.03
MSCI World NTR (%)
21.82
Strategy Facts

Strategy Facts

(As of 31 Oct 2022)
Strategy Assets
$25.8 M
Benchmark
MSCI World NTR
Number of Holdings
50
Portfolio Turnover
10%
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2022)
Portfolio
Benchmark
Weighted Average Market Cap
$121.2 B
$341.4 B
Median Market Cap
$49.4 B
$15.6 B
Price to Earnings - Forward 1YR
7.8x
14.8x
Price to Earnings - Trailing 12 Months
8.5x
16.4x
Price to Cash Flow
4.7x
11.2x
Portfolio
Benchmark
Price to Book Value
1.5x
2.7x
Return on Assets - 5 YR
7.7%
10.2%
Return on Equity - 5 YR
23.1%
30.1%
Historical 3YR Sales Growth
5.4%
9.6%
Active Share
91.9%
Portfolio

Portfolio

Top Holdings

(As of 30 Sep 2022)
Name
Ticker/Symbol
Sector
Weight %
AbbVie, Inc.
ABBV
Health Care
4.0
Roche Holding AG
RHHBY
Health Care
3.4
TotalEnergies SE
TTE
Energy
3.4
NN Group N.V.
NNGRY
Financials
3.3
Broadcom, Inc.
AVGO
Information Technology
3.1
Orange S.A.
ORAN
Communication Services
2.8
Pfizer, Inc.
PFE
Health Care
2.8
CME Group, Inc.
CME
Financials
2.8
BAE Systems plc
BAESY
Industrials
2.6
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
2.5
Exposure Breakdown

Exposure Breakdown

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

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
21.3
13.8
Health Care
16.6
14.3
Cash & Cash Equivalents
13.9
Energy
10.4
5.8
Information Technology
9.5
21.1
Communication Services
8.4
6.7
Industrials
6.4
10.3
Utilities
4.3
3.0
Consumer Discretionary
4.2
10.7
Materials
2.4
4.1
Consumer Staples
2.1
7.7
Real Estate
0.4
2.6
Sector Allocation
Portfolio (%)
Financials
21.3
Health Care
16.6
Cash & Cash Equivalents
13.9
Energy
10.4
Information Technology
9.5
Communication Services
8.4
Industrials
6.4
Utilities
4.3
Consumer Discretionary
4.2
Materials
2.4
Consumer Staples
2.1
Real Estate
0.4
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Pharmaceuticals, Biotechnology & Life Sciences
16.6
9.2
Energy
10.4
5.8
Insurance
8.0
3.3
Diversified Financials
7.9
4.6
Semiconductors & Semiconductor Equipment
7.6
3.9
Telecommunication Services
7.5
1.7
Banks
5.4
6.0
Capital Goods
4.8
6.9
Utilities
4.3
3.0
Automobiles & Components
2.5
2.6
Top 10 Industries
Portfolio (%)
Pharmaceuticals, Biotechnology & Life Sciences
16.6
Energy
10.4
Insurance
8.0
Diversified Financials
7.9
Semiconductors & Semiconductor Equipment
7.6
Telecommunication Services
7.5
Banks
5.4
Capital Goods
4.8
Utilities
4.3
Automobiles & Components
2.5
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
United States
36.3
69.8
North America
France
11.5
3.2
Europe ex UK
Germany
8.1
2.1
Europe ex UK
United Kingdom
8.1
4.4
UK
Netherlands
7.0
1.1
Europe ex UK
Italy
4.8
0.6
Europe ex UK
Switzerland
3.9
2.8
Europe ex UK
Taiwan
2.1
0.0
Asia Pacific ex Japan
Brazil
1.2
Latin America
Spain
1.1
0.6
Europe ex UK
Top 10 Countries
Portfolio (%)
United States
36.3
France
11.5
Germany
8.1
United Kingdom
8.1
Netherlands
7.0
Italy
4.8
Switzerland
3.9
Taiwan
2.1
Brazil
1.2
Spain
1.1
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
95.6
92.8
Mid Cap ($2.5 to $12 B)
2.7
7.1
Small Cap (< $2.5 B)
1.7
0.0
Capitalization
Portfolio (%)
Large Cap (> $12 B)
95.6
Mid Cap ($2.5 to $12 B)
2.7
Small Cap (< $2.5 B)
1.7
Portfolio Managers

Portfolio Managers

Ben Kirby, CFA
Ben Kirby, CFA
Co-Head of Investments and Managing Director
Ben Kirby is co-head of investments for Thornburg Investment Management. He is responsible for driving the investment process at the firm level. Ben is also a portfolio manager on multiple strategies. He joined Thornburg in 2008 as equity research analyst, was promoted to associate portfolio manager in 2011, and was named portfolio manager and managing director in 2013. Ben holds…
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Brian McMahon
Brian McMahon
Vice Chairman and Chief Investment Strategist
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
Matt Burdett
Portfolio Manager and Managing Director
Matt Burdett is portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager and was promoted to portfolio manager in 2018. Matt spent several years as a senior vice president and portfolio manager at PIMCO, where he co-managed various dividend-oriented strategies. Prior to his time at PIMCO, Matt worked as an equity analyst…
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Literature

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