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Thornburg Investment Income Builder Strategy

Strategy Overview
The Investment Income Builder Strategy employs bottom-up fundamental analysis 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’s flexible approach allows it to invest in both stocks and bonds anywhere in the world when searching for compelling income opportunities. Under normal conditions, the portfolio invests at least 80% of assets in income-producing securities, including at least 50% of assets in common stock.
Strategy Inception Date
1 Jan 2003

Portfolio Managers

Head of Equities and Managing Director
Vice Chairman, Chief Investment Strategist and Managing Director
Head of Fixed Income and Managing Director
Overview

Overview

Why Invest in This Strategy?

  • Global, diversified multi-asset portfolio of income-producing stocks and bonds 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 2024)
YTD
1y
3y
5y
10y
Inception
Thornburg Investment Income Builder Strategy - Gross (%)
9.05
18.57
9.23
9.69
7.36
10.33
Thornburg Investment Income Builder Strategy - Net (%)
8.67
17.76
8.47
8.93
6.63
9.30
Investment Income Builder Blended Index (%)
8.54
15.63
4.46
8.89
7.35
7.89
YTD
1y
3y
5y
10y
Inception
Thornburg Investment Income Builder Strategy - Gross (%)
16.05
24.29
10.66
11.31
7.84
10.57
Thornburg Investment Income Builder Strategy - Net (%)
15.52
23.44
9.89
10.54
7.10
9.53
Investment Income Builder Blended Index (%)
13.20
20.00
4.73
9.91
7.73
8.03
2018
2019
2020
2021
2022
2023
Thornburg Investment Income Builder Strategy - Gross (%)
-3.63
19.07
0.42
21.48
-7.24
19.30
Thornburg Investment Income Builder Strategy - Net (%)
-4.29
18.27
-0.28
20.64
-7.89
18.48
Investment Income Builder Blended Index (%)
-6.42
22.87
14.41
15.64
-16.67
19.11
Strategy Facts

Strategy Facts

(As of 31 Aug 2024)
Strategy Assets
$13.9 B
Benchmark
Investment Income Builder Blended Index
Number of Holdings
341
eVestment Category
Global Balanced
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$181.9 B
$687.8 B
Median Market Cap
$56.7 B
$21.5 B
Price to Earnings - Forward 1YR
10.8x
19.5x
Price to Earnings - Trailing 12 Months
14.3x
23.3x
Price to Cash Flow
5.6x
14.3x
Price to Book Value
1.5x
3.4x
Return on Assets - 5 YR
5.9%
12.4%
Portfolio
Benchmark
Return on Equity - 5 YR
15.9%
91.2%
Historical 3YR Sales Growth
10.3%
16.8%
Active Share
91.7%
Effective Duration
3.8 Yrs
6.2 Yrs
Average Effective Maturity
6.7 Yrs
8.3 Yrs
Weighted Average Coupon
2.8%
3.3%
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2024)
Name
Ticker/Symbol
Sector
Weight %
Orange S.A.
ORA
Communication Services
5.3
Broadcom, Inc.
AVGO
Information Technology
4.2
TotalEnergies SE
TTE
Energy
4.1
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
3.9
AT&T, Inc.
T
Communication Services
3.4
NN Group N.V.
NN
Financials
3.3
BNP Paribas S.A.
BNP
Financials
3.3
Enel SpA
ENEL
Utilities
3.1
Tesco plc
TSCO
Consumer Staples
2.8
Citigroup, Inc.
C
Financials
2.7
Name
Ticker/Symbol
Sector
Weight %
Telefonica Emisiones S.A.
87938WAC7
SE_CORPORATE_BOND
0.7
Digicel Intermediate Holdings Ltd. / Digicel International Finance Ltd. / Difl US
ZF7746216
SE_CORPORATE_BOND
0.3
Vector Group Ltd.
92240MBJ6
SE_CORPORATE_BOND
0.2
Transcontinental Gas Pipe Line Co., LLC
893574AH6
SE_CORPORATE_BOND
0.2
Deutsche Telekom International Finance BV
25156PAC7
SE_CORPORATE_BOND
0.2
LendingPoint 2020-REV1 Asset Securitization Trust
52606YAC8
Asset Backed Securities
0.2
Kinder Morgan, Inc.
49456BAG6
SE_CORPORATE_BOND
0.2
KeHE Distributors, LLC/ KeHE Finance Corp. / NextWave Distribution, Inc.
487526AC9
SE_CORPORATE_BOND
0.2
Enstar Finance, LLC
29360AAA8
SE_CORPORATE_BOND
0.1
Homeward Opportunities Fund Trust 2024-RTL1
43789FAA1
SE_COLLAT_MORTGAGE_OBLIGATION
0.1
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2024)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
22.2
15.5
Communication Services
18.2
7.4
Information Technology
13.7
24.7
Health Care
12.7
12.3
Energy
10.6
4.1
Utilities
7.5
2.6
Materials
4.7
3.7
Consumer Staples
4.4
6.5
Industrials
3.0
11.0
Consumer Discretionary
2.6
9.9
Real Estate
0.4
2.3
Sector Allocation
Portfolio (%)
Financials
22.2
Communication Services
18.2
Information Technology
13.7
Health Care
12.7
Energy
10.6
Utilities
7.5
Materials
4.7
Consumer Staples
4.4
Industrials
3.0
Consumer Discretionary
2.6
Real Estate
0.4
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Telecommunication Services
18.0
1.3
Banks
11.5
5.8
Pharmaceuticals, Biotechnology & Life Sciences
11.2
8.1
Energy
10.6
4.1
Semiconductors & Semiconductor Equipment
9.5
8.8
Utilities
7.4
2.6
Financial Services
5.7
6.5
Insurance
5.7
3.2
Materials
4.7
3.7
Technology Hardware & Equipment
3.7
6.7
Top 10 Industries
Portfolio (%)
Telecommunication Services
18.0
Banks
11.5
Pharmaceuticals, Biotechnology & Life Sciences
11.2
Energy
10.6
Semiconductors & Semiconductor Equipment
9.5
Utilities
7.4
Financial Services
5.7
Insurance
5.7
Materials
4.7
Technology Hardware & Equipment
3.7
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
United States
34.5
77.1
North America
France
13.1
2.2
Europe ex UK
United Kingdom
11.3
3.0
UK
Italy
5.5
0.5
Europe ex UK
Netherlands
5.0
1.0
Europe ex UK
Germany
4.7
1.7
Europe ex UK
Taiwan
3.9
Asia Pacific ex Japan
Switzerland
3.6
1.9
Europe ex UK
Korea, Republic of (South Korea)
2.4
0.0
Asia Pacific ex Japan
Spain
2.4
0.6
Europe ex UK
Top 10 Countries
Portfolio (%)
United States
34.5
France
13.1
United Kingdom
11.3
Italy
5.5
Netherlands
5.0
Germany
4.7
Taiwan
3.9
Switzerland
3.6
Korea, Republic of (South Korea)
2.4
Spain
2.4
Composition
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Equity
84.4
75.0
Fixed Income
10.5
25.0
Cash & Cash Equivalents
5.7
Currency Forward
-0.6
Composition
Portfolio (%)
Equity
84.4
Fixed Income
10.5
Cash & Cash Equivalents
5.7
Currency Forward
-0.6
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Unassigned
0.0
Large Cap (> $12 B)
93.6
96.4
Mid Cap ($2.5 to $12 B)
4.2
3.6
Small Cap (< $2.5 B)
2.1
0.0
Capitalization
Portfolio (%)
Unassigned
0.0
Large Cap (> $12 B)
93.6
Mid Cap ($2.5 to $12 B)
4.2
Small Cap (< $2.5 B)
2.1
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
AAA
4.9
3.3
AA
1.0
2.9
A
4.9
11.6
BBB
37.4
11.6
BB
22.6
B
13.1
CCC
0.1
Not Rated
16.1
1.1
Credit Quality
Portfolio (%)
AAA
4.9
AA
1.0
A
4.9
BBB
37.4
BB
22.6
B
13.1
CCC
0.1
Not Rated
16.1
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
13.6
0.1
Year 2
17.7
12.1
Year 3
5.7
11.0
Year 4
14.2
9.3
Year 5
8.8
10.9
Year 6
6.8
6.1
Year 7
4.7
7.5
Year 8
2.4
6.9
Year 9
3.8
8.6
Year 10+
22.5
27.4
Maturity
Portfolio (%)
Year 1
13.6
Year 2
17.7
Year 3
5.7
Year 4
14.2
Year 5
8.8
Year 6
6.8
Year 7
4.7
Year 8
2.4
Year 9
3.8
Year 10+
22.5
Portfolio Managers

Portfolio Managers

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,…
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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…
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Christian Hoffmann, CFA

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…
Learn More

Literature

More Insights

Cut to the Chase webcast

Cut to the Chase: Seizing Fixed Income Opportunities

The Fed looks set to cut interest rates this week, prompting a re-evaluation of fixed income strategies. There are strategies and opportunities in fixed income to exploit.
A woman with umbrella and smart phone.
Markets & Economy

Finding Income, Opportunities and Defense in Today’s Markets

Gain insights on how to position fixed income portfolios for yield and ballast given mixed signals on consumer health and policy outlook.
Digital generated image of robotic hand touching line and making new multicoloured impulse on black background. Digitization, automation and artificial intelligence concept.
Global Equity

Generative AI: Finding Undervalued Investment Opportunities

Are there ways to invest in Generative AI that can help diversify the risk besides putting all the eggs in the U.S. large cap basket?
Cash is losing its crown and no longer a bandaid for investors.
Interest Rates

Will Cash Be Dethroned? Why Bonds Should Reign Going Forward

While cash instruments were attractive during the Fed hiking cycle, bonds have historically outperformed cash both prior to and when the Fed began cutting rates.
Woman in a lab looking into her microscope at her experiment.
International Equities

Finding Investment Opportunities in Healthcare Innovation

Emily Leveille explores companies exposed to growing mega-trends, with proven R&D track records, and the picks and shovels enabling drug development.
A set of Olympic medals sit on a table.
International Equities

The Analogy of the Olympics and International Investing

Thornburg Portfolio Manager Brian Burrell draws a parallel between the Olympics and portfolio investing.