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Thornburg Multi-Asset Strategy

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

Overview

Why Invest in This strategy?

  • 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.
  • Proven bottom-up fundamental research process that drives dynamic asset allocation and security selection to optimize equity, fixed income and commodity exposure and alpha generation across different market environments.
  • Real return philosophy that seeks to outperform the benchmark and deliver a real return exceeding the rate of inflation through market cycles and with lower volatility.
Performance

Performance

Returns

(As of 30 Sep 2025)
YTD
1y
3y
5y
Inception
Thornburg Multi Asset Strategy - Gross (%)
16.68
14.75
17.02
12.01
12.84
Thornburg Multi Asset Strategy - Net (%)
16.04
13.90
16.16
11.19
12.01
Multi-Asset - Summit Fund Blended Index (%)
14.24
11.22
15.87
7.41
7.74
YTD
1y
3y
5y
Inception
Thornburg Multi Asset Strategy - Gross (%)
18.81
19.35
16.65
12.77
12.98
Thornburg Multi Asset Strategy - Net (%)
18.08
18.47
15.80
11.94
12.15
Multi-Asset - Summit Fund Blended Index (%)
15.66
15.71
15.08
7.99
7.84
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 (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
28.9
28.5
Communication Services
17.7
8.7
Financials
13.6
16.8
Health Care
11.1
8.6
Consumer Discretionary
10.7
10.5
Energy
9.4
3.4
Industrials
5.5
10.6
Materials
2.3
3.4
Consumer Staples
0.4
5.1
Real Estate
0.4
1.8
Unassigned
0.0
0.0
Utilities
0.0
2.6
Cash & Equivalents
0.0
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 (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Semiconductors & Semiconductor Equipment
12.4
12.1
Telecommunication Services
10.7
1.5
Pharmaceuticals, Biotechnology & Life Sciences
9.4
5.7
Energy
9.4
3.4
Software & Services
9.3
9.1
Financial Services
7.5
6.2
Technology Hardware & Equipment
7.2
7.3
Media & Entertainment
7.1
7.3
Consumer Discretionary Distribution & Retail
7.0
5.0
Banks
6.1
7.8
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 (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
United States
63.2
55.3
North America
United Kingdom
5.9
3.7
UK
Canada
5.2
3.1
North America
France
4.1
3.5
Europe ex UK
Korea, Republic of (South Korea)
3.1
1.4
Asia Pacific ex Japan
Taiwan
2.7
1.4
Asia Pacific ex Japan
Japan
2.2
6.4
Japan
Switzerland
1.5
1.5
Europe ex UK
Netherlands
1.1
1.4
Europe ex UK
Hong Kong
1.0
0.3
Asia Pacific ex Japan
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 (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Equity
63.6
60.0
Fixed Income
32.4
40.0
Cash & Equivalents
4.0
Composition
Portfolio (%)
Equity
63.6
Fixed Income
32.4
Cash & Equivalents
4.0
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Unassigned
0.0
Cash & Equivalents
0.0
Large Cap (> $12 B)
92.1
96.2
Mid Cap ($2.5 to $12 B)
5.8
3.8
Small Cap (< $2.5 B)
2.2
0.0
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 (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
U.S. Government
46.5
29.1
AAA
15.8
12.4
AA
2.7
12.7
A
7.4
31.5
BBB
9.2
14.0
BB
12.0
0.3
B
2.9
CCC
0.3
Not Rated
3.2
0.0
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 (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
Year 1
15.0
1.1
Year 2
8.2
12.5
Year 3
6.8
11.8
Year 4
9.9
10.1
Year 5
3.9
10.4
Year 6
6.0
6.7
Year 7
2.7
6.9
Year 8
0.9
5.6
Year 9
12.3
6.6
Year 10+
34.2
28.3
Cash & Equivalents
0.0
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

More Insights

Building Strength
Income

Using Dividends to Strengthen Portfolios Amid Lower Rates

Dividends can be particularly valuable for investors seeking consistent income and inflation protection in a changing rate environment.
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Investment Tactics

The ABCs of Tax-Loss Harvesting

Tax-loss harvesting can help investors potentially lower tax bills and enhance long-term portfolio returns.
Markets & Economy

ESG Investing as an Active Financial Tool

Portfolio Manager Brian Burrell discusses how ESG can be a vital tool when analyzing companies.
Thornburg Investment Management 2023 Outlook CEO's Perspective
Markets & Economy

FOMC Update: Rates Lowered Again, Further Cuts Uncertain

Lon Erickson shares his perspective on the Fed’s stance and the potential impact of monetary policy.
Illustrative Candlestick and line chart detail
Markets & Economy

What Investors Need to Know About Markets and Macro Now

Explore current trends in equity valuations, credit spreads, and macroeconomic conditions with actionable considerations for portfolios.
Fixed Income

Evaluating the Impact of Active Management, International Investing, and Dividends

We explore the benefits of active management during periods of market volatility, highlight international investment prospects, and examine the increasing interest in dividend-oriented strategies.