Thornburg Multi-Asset Strategy
BENCHMARK: Multi-Asset - Summit Fund Blended Index
Strategy Overview
The Multi-Asset Strategy is a global, diversified multi-asset strategy that seeks to grow assets over time through a mix of capital appreciation and current income that is intended to exceed the rate of inflation. The strategy applies a dynamic asset allocation, bottom-up fundamental research, a macroeconomic perspective and factor insights to construct a global, multi-asset portfolio designed to deliver attractive real returns across various market environments with lower volatility.
Strategy Inception Date
1 Apr 2019
Portfolio Managers
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview
Performance
Performance
Returns
(As of 30 Sep 2025)2020
2021
2022
2023
2024
Thornburg Multi Asset Strategy - Gross (%)
29.02
15.76
-9.01
13.63
12.18
Thornburg Multi Asset Strategy - Net (%)
28.07
14.91
-9.68
12.79
11.35
Multi-Asset - Summit Fund Blended Index (%)
14.04
8.78
-13.64
15.43
9.49
Strategy Facts
Strategy Facts
(As of 31 Oct 2025)Strategy Assets
$98.4 M
Benchmark
Multi-Asset - Summit Fund Blended Index
Characteristics
Characteristics
Portfolio
(As of 31 Oct 2025)Portfolio
Benchmark
Number of Holdings
182
—
Weighted Average Market Cap
$828.6 B
$993.3 B
Median Market Cap
$140.2 B
$17.2 B
Price to Earnings - Forward 1YR
19.2x
20.8x
Price to Earnings - Trailing 12 Months
21.1x
24.6x
Price to Cash Flow
10.4x
14.7x
Portfolio
Benchmark
Price to Book Value
2.8x
3.6x
Active Share
76.5%
—
Effective Duration
5.5 Yrs
6.4 Yrs
Average Effective Maturity
6.9 Yrs
8.2 Yrs
Weighted Average Coupon
3.7%
3.0%
Portfolio
Portfolio
Top Holdings
(As of 30 Sep 2025)Name
Ticker/Symbol
Sector
Weight %
Zegona Communications plc
ZEG
Communication Services
3.6
Samsung Electronics Co. Ltd.
005930
Information Technology
2.5
Amazon.com, Inc.
AMZN
Consumer Discretionary
2.5
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
2.4
Meta Platforms, Inc.
META
Communication Services
2.3
Alphabet, Inc.
GOOGL
Communication Services
2.3
NVIDIA Corp.
NVDA
Information Technology
2.0
Orange S.A.
ORA
Communication Services
2.0
Citigroup, Inc.
C
Financials
2.0
Open Text Corp.
OTEX
Information Technology
1.7
Name
Ticker/Symbol
Sector
Weight %
United States Treasury Note/Bond
91282CJJ1
SE_TREASURY_DOMESTIC
1.1
United States Treasury Strip Coupon
912834MZ8
SE_TREASURY_DOMESTIC
1.1
United States Treasury Note/Bond
912810UJ5
SE_TREASURY_DOMESTIC
1.0
United States Treasury Inflation Indexed Bonds
91282CBF7
SE_TREASURY_DOMESTIC
0.9
Freddie Mac Pool
3132E0T85
SE_MORTGAGE_PASSTHROUGH
0.9
United States Treasury Note/Bond
912810TA6
SE_TREASURY_DOMESTIC
0.9
Fannie Mae Pool
3140XMZX7
SE_MORTGAGE_PASSTHROUGH
0.8
United States Treasury Note/Bond
91282CJZ5
SE_TREASURY_DOMESTIC
0.8
United States Treasury Note/Bond
91282CLW9
SE_TREASURY_DOMESTIC
0.7
Fannie Mae Pool
31418EAN0
SE_MORTGAGE_PASSTHROUGH
0.6
Exposure Breakdown
Exposure Breakdown
(As of 31 Oct 2025)Sector Allocation
Portfolio (%)
Information Technology
28.9
Communication Services
17.7
Financials
13.6
Health Care
11.1
Consumer Discretionary
10.7
Energy
9.4
Industrials
5.5
Materials
2.3
Consumer Staples
0.4
Real Estate
0.4
Unassigned
0.0
Utilities
0.0
Cash & Equivalents
0.0
Top 10 Industries
Portfolio (%)
Semiconductors & Semiconductor Equipment
12.4
Telecommunication Services
10.7
Pharmaceuticals, Biotechnology & Life Sciences
9.4
Energy
9.4
Software & Services
9.3
Financial Services
7.5
Technology Hardware & Equipment
7.2
Media & Entertainment
7.1
Consumer Discretionary Distribution & Retail
7.0
Banks
6.1
Top 10 Countries
Portfolio (%)
United States
63.2
United Kingdom
5.9
Canada
5.2
France
4.1
Korea, Republic of (South Korea)
3.1
Taiwan
2.7
Japan
2.2
Switzerland
1.5
Netherlands
1.1
Hong Kong
1.0
Composition
Portfolio (%)
Equity
63.6
Fixed Income
32.4
Cash & Equivalents
4.0
Capitalization
Portfolio (%)
Unassigned
0.0
Cash & Equivalents
0.0
Large Cap (> $12 B)
92.1
Mid Cap ($2.5 to $12 B)
5.8
Small Cap (< $2.5 B)
2.2
Credit Quality
Portfolio (%)
U.S. Government
46.5
AAA
15.8
AA
2.7
A
7.4
BBB
9.2
BB
12.0
B
2.9
CCC
0.3
Not Rated
3.2
Maturity
Portfolio (%)
Year 1
15.0
Year 2
8.2
Year 3
6.8
Year 4
9.9
Year 5
3.9
Year 6
6.0
Year 7
2.7
Year 8
0.9
Year 9
12.3
Year 10+
34.2
Cash & Equivalents
0.0
Portfolio Managers
Portfolio Managers
Neal BasuMullick, CFA
Portfolio Manager and Managing Director
Neal BasuMullick is a portfolio manager at Thornburg Investment Management. He joined the firm in 2020 as an equity research analyst, was promoted to senior equity analyst then associate portfolio manager in 2022 and to portfolio manager in 2024. Prior to joining Thornburg, Neal worked in equity research at Columbia Threadneedle Investments where he covered the business services and consumer…
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Lon Erickson, CFA
Portfolio Manager and Managing Director
Lon Erickson is a portfolio manager for Thornburg Investment Management. He joined Thornburg in 2008 and was named a managing director and was promoted to portfolio manager in 2010. Prior to joining Thornburg Investment Management, Lon spent almost 11 years as an analyst for State Farm Insurance in the equity and corporate bond departments. Lon earned a bachelor’s degree in…
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Literature
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