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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
Portfolio Manager 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 2022)
YTD
1y
3y
Inception
Thornburg High Yield Strategy - Gross (%)
-8.58
-8.15
2.22
3.32
Thornburg High Yield Strategy - Net (%)
-8.89
-8.57
1.76
2.85
BBG US Corp High Yield TR Value (%)
-14.74
-14.14
-0.45
0.70
YTD
1y
3y
Inception
Thornburg High Yield Strategy - Gross (%)
-6.83
-6.36
2.70
3.79
Thornburg High Yield Strategy - Net (%)
-7.18
-6.78
2.24
3.32
BBG US Corp High Yield TR Value (%)
-12.53
-11.76
0.31
1.41
2021
Thornburg High Yield Strategy - Gross (%)
5.16
Thornburg High Yield Strategy - Net (%)
4.69
BBG US Corp High Yield TR Value (%)
5.28
Strategy Facts

Strategy Facts

(As of 31 Oct 2022)
Strategy Assets
$6.1 M
Benchmark
BBG US Corp High Yield TR Value
Number of Holdings
129
eVestment Category
US High Yield Fixed Income
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2022)
Portfolio
Benchmark
Effective Duration
3.3 Yrs
4.0 Yrs
Average Effective Maturity
5.1 Yrs
5.6 Yrs
Portfolio
Benchmark
Weighted Average Coupon
5.3%
5.7%
Portfolio

Portfolio

Top Holdings

(As of 30 Sep 2022)
Name
Ticker/Symbol
Sector
Weight %
Cimpress plc
17186HAC6
Consumer, Non-cyclical
1.8
Perimeter Master Note Business Trust
71384PAE1
Asset Backed Securities
1.7
CSMC 2021-BPNY
Mortgage Securities
1.6
Vector Group Ltd.
92240MBJ6
Consumer, Non-cyclical
1.6
Foundation Finance Trust 2019-1
35041JAC9
Asset Backed Securities
1.6
PTC, Inc.
69370CAB6
Technology
1.6
Sirius XM Radio, Inc.
Communications
1.6
Avantor Funding, Inc.
BM1640465
Consumer, Non-cyclical
1.5
Foundation Finance Trust 2021-1
35041LAD2
Asset Backed Securities
1.5
Hologic, Inc.
436440AP6
Consumer, Non-cyclical
1.5
Exposure Breakdown

Exposure Breakdown

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

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Corporate
81.0
100.0
Asset Backed Securities
7.2
Bank Loan
4.2
Cash & Cash Equivalents
3.5
Collateralized Mortgage Obligation
1.9
Commercial Mortgage Backed Security
1.6
Preferred Stock
0.7
Currency Forward
0.0
Sector Allocation
Portfolio (%)
Corporate
81.0
Asset Backed Securities
7.2
Bank Loan
4.2
Cash & Cash Equivalents
3.5
Collateralized Mortgage Obligation
1.9
Commercial Mortgage Backed Security
1.6
Preferred Stock
0.7
Currency Forward
0.0
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
U.S. Government
0.4
A
2.0
BBB
7.4
6.5
BB
56.4
51.6
B
24.1
32.8
CCC
0.5
9.1
Not Rated
5.7
Cash & Cash Equivalents
3.5
Credit Quality
Portfolio (%)
U.S. Government
0.4
A
2.0
BBB
7.4
BB
56.4
B
24.1
CCC
0.5
Not Rated
5.7
Cash & Cash Equivalents
3.5
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Year 1
7.1
1.0
Year 2
5.7
5.6
Year 3
8.6
11.1
Year 4
15.2
13.6
Year 5
9.8
14.1
Year 6
16.8
15.4
Year 7
12.9
16.7
Year 8
8.7
10.6
Year 9
5.9
5.8
Year 10+
6.0
6.0
Cash
3.5
Maturity
Portfolio (%)
Year 1
7.1
Year 2
5.7
Year 3
8.6
Year 4
15.2
Year 5
9.8
Year 6
16.8
Year 7
12.9
Year 8
8.7
Year 9
5.9
Year 10+
6.0
Cash
3.5
Portfolio Managers

Portfolio Managers

Ali Hassan, CFA, FRM
Ali Hassan, CFA, FRM
Portfolio Manager and Managing Director
Ali Hassan is 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 worked…
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Christian Hoffmann, CFA
Christian Hoffmann, CFA
Portfolio Manager and Managing Director
Christian Hoffmann is portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as a fixed income securities analyst and was promoted to associate portfolio manager in 2014, then portfolio manager in 2018. Christian graduated cum laude from New York University with a BA in economics. He is also a CFA charterholder. Prior to joining Thornburg, he served…
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Literature

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