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Thornburg High Yield Strategy

Strategy Overview
The High Yield Strategy is built around a highly active and flexible approach, seeking to provide an attractive risk-adjusted return and outperform the Bloomberg U.S. Corporate High Yield Bond Index over a full market cycle with lower volatility. The strategy invests primarily in high yield corporate bonds but broadens the investment opportunity set to capture additional high yielding opportunities with superior relative value attributes.
Strategy Inception Date
1 Apr 2019

Portfolio Managers

Portfolio Manager and Managing Director
Head of Fixed Income and Managing Director
Overview

Overview

Why Invest in This Strategy?

  • Highly active and flexible approach, designed to provide attractive risk-adjusted returns by investing primarily in the high yield corporate bond space.
  • Proven bottom-up fundamental approach targeting bond that offer compelling fundamentals, attractive relative value and a diversified risk exposure.
  • Opportunistic high yield strategy that seeks to seeks to uncover value within and across sector and structures.
Performance

Performance

Returns

(As of 30 Sep 2025)
YTD
1y
3y
5y
Inception
Thornburg High Yield Strategy - Gross (%)
7.35
7.32
10.12
5.92
6.41
Thornburg High Yield Strategy - Net (%)
6.99
6.85
9.63
5.45
5.93
Bloomberg U.S. Corporate High Yield Index (%)
7.22
7.23
11.03
5.51
5.34
YTD
1y
3y
5y
Inception
Thornburg High Yield Strategy - Gross (%)
8.48
8.21
9.02
5.64
6.41
Thornburg High Yield Strategy - Net (%)
8.04
7.73
8.53
5.17
5.93
Bloomberg U.S. Corporate High Yield Index (%)
8.01
7.55
9.56
4.74
5.32
2020
2021
2022
2023
2024
Thornburg High Yield Strategy - Gross (%)
8.70
5.17
-4.77
11.55
7.07
Thornburg High Yield Strategy - Net (%)
8.22
4.70
-5.20
11.05
6.59
Bloomberg U.S. Corporate High Yield Index (%)
7.11
5.28
-11.19
13.44
8.01
Strategy Facts

Strategy Facts

(As of 30 Nov 2025)
Strategy Assets
$7.9 M
Benchmark
Bloomberg U.S. Corporate High Yield Index
eVestment Category
US High Yield Fixed Income
Characteristics

Characteristics

Portfolio

(As of 30 Nov 2025)
Portfolio
Benchmark
Number of Holdings
129
Effective Duration
1.6 Yrs
2.7 Yrs
Portfolio
Benchmark
Average Effective Maturity
2.3 Yrs
3.5 Yrs
Weighted Average Coupon
5.1%
6.6%
Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2025)
Name
Ticker/Symbol
Weight %
NuStar Logistics L.P.
67059TAF2
3.2
Boost Newco Borrower, LLC/GTCR W Dutch Finance Sub BV
36268NAB6
1.8
Under Armour, Inc.
904311AA5
1.6
Silgan Holdings, Inc.
827048AX7
1.5
Flutter Treasury DAC
YO7616643
1.5
Tenet Healthcare Corp.
88033GDU1
1.4
Hologic, Inc.
436440AM3
1.4
Sirius XM Radio, LLC
82967NBA5
1.3
Foundation Finance Trust 2019-1
35041JAC9
1.3
Centene Corp.
15135BAZ4
1.2
Exposure Breakdown

Exposure Breakdown

(As of 30 Nov 2025)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
Corporate Bond
79.4
Short-Term Investments, Other Assets & Liabilities
10.7
Loan Participation
4.5
Preferred Stock
1.9
Commercial Mortgage Backed Security
1.6
Asset Backed Securities
1.0
Collateralized Mortgage Obligation
0.9
Currency Forward
0.0
Sector Allocation
Portfolio (%)
Corporate Bond
79.4
Short-Term Investments, Other Assets & Liabilities
10.7
Loan Participation
4.5
Preferred Stock
1.9
Commercial Mortgage Backed Security
1.6
Asset Backed Securities
1.0
Collateralized Mortgage Obligation
0.9
Currency Forward
0.0
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
0.5
AA
0.9
A
0.4
BBB
14.2
1.4
BB
56.1
44.3
B
14.3
40.0
CCC
0.1
12.4
D
0.3
Not Rated
2.4
1.2
Short-Term Investments, Other Assets & Liabilities
10.8
Credit Quality
Portfolio (%)
AAA
0.5
AA
0.9
A
0.4
BBB
14.2
BB
56.1
B
14.3
CCC
0.1
D
0.3
Not Rated
2.4
Short-Term Investments, Other Assets & Liabilities
10.8
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
Year 1
31.0
14.1
Year 2
9.2
9.4
Year 3
13.0
16.2
Year 4
14.3
25.9
Year 5
6.5
19.4
Year 6
6.8
6.3
Year 7
2.6
3.9
Year 8
1.3
1.7
Year 9
1.2
1.0
Year 10+
2.5
2.2
Short-Term Investments, Other Assets & Liabilities
10.8
Maturity
Portfolio (%)
Year 1
31.0
Year 2
9.2
Year 3
13.0
Year 4
14.3
Year 5
6.5
Year 6
6.8
Year 7
2.6
Year 8
1.3
Year 9
1.2
Year 10+
2.5
Short-Term Investments, Other Assets & Liabilities
10.8
Portfolio Managers

Portfolio Managers

Ali Hassan, CFA, FRM

Portfolio Manager and Managing Director
Ali Hassan is a portfolio manager for Thornburg Investment Management. He joined the firm in 2013 as a fixed income analyst, became senior fixed income analyst in 2017 and was promoted to portfolio manager in 2021. Ali graduated from Stanford University with a BA in economics and a BS in mathematical & computational science. Prior to his joining Thornburg, Ali…
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Christian Hoffmann, CFA

Head of Fixed Income and Managing Director
Christian Hoffmann is head of fixed income and a portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as a fixed income analyst and was promoted to associate portfolio manager in 2014. Christian was named a managing director in 2017, was promoted to portfolio manager in 2018, and to head of fixed income in 2024. Prior to…
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