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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 31 Mar 2024)
YTD
1y
3y
5y
Inception
Thornburg High Yield Strategy - Gross (%)
1.46
9.08
3.99
5.74
5.74
Thornburg High Yield Strategy - Net (%)
1.35
8.60
3.52
5.26
5.26
BBG US Corp High Yield TR Value (%)
1.47
11.15
2.19
4.21
4.21
YTD
1y
3y
5y
Inception
Thornburg High Yield Strategy - Gross (%)
0.86
7.93
3.44
5.39
5.52
Thornburg High Yield Strategy - Net (%)
0.71
7.45
2.98
4.92
5.04
BBG US Corp High Yield TR Value (%)
0.52
9.02
1.51
3.72
3.94
2021
2022
2023
Thornburg High Yield Strategy - Gross (%)
5.16
-4.77
11.51
Thornburg High Yield Strategy - Net (%)
4.69
-5.20
11.01
BBG US Corp High Yield TR Value (%)
5.28
-11.19
13.44
Strategy Facts

Strategy Facts

(As of 30 Apr 2024)
Strategy Assets
$7.0 M
Benchmark
BBG US Corp High Yield TR Value
Number of Holdings
130
eVestment Category
US High Yield Fixed Income
Characteristics

Characteristics

Portfolio

(As of 30 Apr 2024)
Portfolio
Benchmark
Effective Duration
2.8 Yrs
3.2 Yrs
Average Effective Maturity
3.6 Yrs
4.3 Yrs
Portfolio
Benchmark
Weighted Average Coupon
5.2%
6.3%
Portfolio

Portfolio

Top Holdings

(As of 31 Mar 2024)
Name
Ticker/Symbol
Sector
Weight %
Boost Newco Borrower LLC / GTCR W Dutch Finance Sub BV
36268NAB6
Consumer, Non-cyclical
2.0
Sealed Air Corp.
81211KAX8
Industrials
1.6
Tenet Healthcare Corp.
88033GDT4
Consumer, Non-cyclical
1.6
Avantor Funding, Inc.
BM1640465
Consumer, Non-cyclical
1.5
Vector Group Ltd.
92240MBJ6
Consumer, Non-cyclical
1.5
Hillenbrand, Inc.
431571AD0
Industrials
1.5
CDW, LLC/ CDW Finance Corp.
12513GBA6
Technology
1.4
PTC, Inc.
69370CAB6
Technology
1.4
Hologic, Inc.
436440AP6
Consumer, Non-cyclical
1.4
Sirius XM Radio, Inc.
82967NBA5
Communications
1.4
Exposure Breakdown

Exposure Breakdown

(As of 30 Apr 2024)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Corporate
86.3
100.0
Cash & Cash Equivalents
5.1
Asset Backed Securities
3.4
Preferred Stock
1.7
Bank Loan
1.4
Commercial Mortgage Backed Security
1.3
Collateralized Mortgage Obligation
0.9
Currency Forward
0.0
Sector Allocation
Portfolio (%)
Corporate
86.3
Cash & Cash Equivalents
5.1
Asset Backed Securities
3.4
Preferred Stock
1.7
Bank Loan
1.4
Commercial Mortgage Backed Security
1.3
Collateralized Mortgage Obligation
0.9
Currency Forward
0.0
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
U.S. Government
0.4
0.1
A
0.7
BBB
16.3
2.6
BB
57.2
53.8
B
16.7
33.6
CCC
0.2
9.9
Not Rated
3.3
Cash & Cash Equivalents
5.2
Credit Quality
Portfolio (%)
U.S. Government
0.4
A
0.7
BBB
16.3
BB
57.2
B
16.7
CCC
0.2
Not Rated
3.3
Cash & Cash Equivalents
5.2
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
11.3
5.3
Year 2
13.5
9.4
Year 3
6.1
12.9
Year 4
22.2
19.2
Year 5
22.2
23.4
Year 6
7.6
13.9
Year 7
5.3
7.1
Year 8
2.9
5.8
Year 9
0.7
0.4
Year 10+
3.0
2.6
Cash
5.2
Maturity
Portfolio (%)
Year 1
11.3
Year 2
13.5
Year 3
6.1
Year 4
22.2
Year 5
22.2
Year 6
7.6
Year 7
5.3
Year 8
2.9
Year 9
0.7
Year 10+
3.0
Cash
5.2
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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