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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 Jun 2026)
YTD
1y
3y
5y
Inception
Thornburg Multi Asset Strategy - Gross (%)
7.48
19.43
15.50
9.36
13.16
Thornburg Multi Asset Strategy - Net (%)
7.08
18.55
14.65
8.56
12.33
Multi-Asset - Summit Fund Blended Index (%)
6.66
14.07
13.04
5.95
8.17
YTD
1y
3y
5y
Inception
Thornburg Multi Asset Strategy - Gross (%)
7.48
19.43
15.50
9.36
13.16
Thornburg Multi Asset Strategy - Net (%)
7.08
18.55
14.65
8.56
12.33
Multi-Asset - Summit Fund Blended Index (%)
6.66
14.07
13.04
5.95
8.17
2020
2021
2022
2023
2024
2025
Thornburg Multi Asset Strategy - Gross (%)
29.02
15.76
-9.01
13.63
12.18
21.35
Thornburg Multi Asset Strategy - Net (%)
28.07
14.91
-9.68
12.79
11.35
20.46
Multi-Asset - Summit Fund Blended Index (%)
14.04
8.78
-13.64
15.43
9.49
16.60
Strategy Facts

Strategy Facts

(As of 30 Jun 2026)
Strategy Assets
$110.5 M
Benchmark
Multi-Asset - Summit Fund Blended Index
Characteristics

Characteristics

Portfolio

(As of 30 Jun 2026)
Portfolio
Benchmark
Number of Holdings
215
Weighted Average Market Cap
$779.7 B
$985.9 B
Median Market Cap
$128.5 B
$18.7 B
Price to Earnings - Forward 1YR
14.8x
19.0x
Price to Earnings - Trailing 12 Months
24.7x
25.1x
Price to Cash Flow
10.3x
15.3x
Portfolio
Benchmark
Price to Book Value
3.1x
3.8x
Active Share
78.7%
Effective Duration
5.8 Yrs
6.2 Yrs
Average Effective Maturity
7.5 Yrs
8.0 Yrs
Weighted Average Coupon
3.7%
3.1%
Portfolio

Portfolio

Top Holdings

(As of 31 May 2026)
Name
Ticker/Symbol
Sector
Weight %
Samsung Electronics Co. Ltd.
005930
Information Technology
4.0
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
3.5
Zegona Communications plc
ZEG
Communication Services
3.4
Amazon.com, Inc.
AMZN
Consumer Discretionary
2.5
Orange S.A.
ORA
Communication Services
2.2
Alphabet, Inc.
GOOGL
Communication Services
2.2
Citigroup, Inc.
C
Financials
2.2
Lumine Group, Inc.
LMN
Information Technology
2.0
Colliers International Group, Inc.
CIGI
Real Estate
1.9
Meta Platforms, Inc.
META
Communication Services
1.7
Name
Ticker/Symbol
Sector
Weight %
United States Treasury Note/Bond
91282CPZ8
Treasury Domestic
2.4
United States Treasury Note/Bond
912810RY6
Treasury Domestic
1.5
United States Treasury Strip Coupon
912834NF1
Treasury Domestic
1.4
Freddie Mac Pool
3132E0T85
Mortgage Passthrough
0.7
United States Treasury Note/Bond
912810UR7
Treasury Domestic
0.6
United States Treasury Strip Principal
912803HS5
Treasury Domestic
0.6
United States Treasury Note/Bond
91282CJJ1
Treasury Domestic
0.6
United States Treasury Inflation Indexed Bonds
912810UH9
Treasury Domestic
0.5
United States Treasury Inflation Indexed Bonds
91282CPU9
Treasury Domestic
0.5
Fannie Mae Pool
31418EAN0
Mortgage Passthrough
0.5
Exposure Breakdown

Exposure Breakdown

(As of 30 Jun 2026)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
Information Technology
31.0
32.1
Financials
15.6
16.2
Communication Services
15.1
7.8
Health Care
10.7
8.3
Energy
9.4
3.5
Consumer Discretionary
8.1
8.7
Industrials
5.5
11.0
Real Estate
3.3
1.6
Materials
1.2
3.6
Consumer Staples
0.0
4.7
Utilities
0.0
2.5
Unassigned
0.0
Sector Allocation
Portfolio (%)
Information Technology
31.0
Financials
15.6
Communication Services
15.1
Health Care
10.7
Energy
9.4
Consumer Discretionary
8.1
Industrials
5.5
Real Estate
3.3
Materials
1.2
Consumer Staples
0.0
Utilities
0.0
Unassigned
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Semiconductors & Semiconductor Equipment
12.1
16.9
Software & Services
10.9
6.0
Energy
9.4
3.5
Telecommunication Services
9.4
1.5
Pharmaceuticals, Biotechnology & Life Sciences
8.6
6.0
Financial Services
8.6
5.4
Technology Hardware & Equipment
8.0
9.1
Banks
6.9
8.0
Media & Entertainment
5.7
6.4
Consumer Discretionary Distribution & Retail
5.6
4.2
Top 10 Industries
Portfolio (%)
Semiconductors & Semiconductor Equipment
12.1
Software & Services
10.9
Energy
9.4
Telecommunication Services
9.4
Pharmaceuticals, Biotechnology & Life Sciences
8.6
Financial Services
8.6
Technology Hardware & Equipment
8.0
Banks
6.9
Media & Entertainment
5.7
Consumer Discretionary Distribution & Retail
5.6
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
United States
61.4
54.6
North America
Canada
8.8
3.2
North America
United Kingdom
5.4
3.6
UK
France
5.0
3.3
Europe ex UK
Korea, Republic of (South Korea)
4.3
2.2
Asia Pacific ex Japan
Taiwan
3.7
2.0
Asia Pacific ex Japan
Japan
2.2
6.2
Japan
Switzerland
1.7
1.5
Europe ex UK
Sweden
1.5
0.7
Europe ex UK
Netherlands
0.7
1.5
Europe ex UK
Top 10 Countries
Portfolio (%)
United States
61.4
Canada
8.8
United Kingdom
5.4
France
5.0
Korea, Republic of (South Korea)
4.3
Taiwan
3.7
Japan
2.2
Switzerland
1.7
Sweden
1.5
Netherlands
0.7
Composition
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Equity
64.4
60.0
Fixed Income
35.4
40.0
Cash & Equivalents
0.2
Composition
Portfolio (%)
Equity
64.4
Fixed Income
35.4
Cash & Equivalents
0.2
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
78.5
97.3
Mid Cap ($2.5 to $12 B)
20.1
2.7
Small Cap (< $2.5 B)
1.4
0.0
Unassigned
0.0
Capitalization
Portfolio (%)
Large Cap (> $12 B)
78.5
Mid Cap ($2.5 to $12 B)
20.1
Small Cap (< $2.5 B)
1.4
Unassigned
0.0
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
U.S. Government
43.2
29.1
AAA
18.9
12.5
AA
5.4
12.3
A
8.2
32.7
BBB
9.5
13.4
BB
8.2
0.0
B
1.3
CCC
0.2
D
0.5
Not Rated
4.6
0.0
Credit Quality
Portfolio (%)
U.S. Government
43.2
AAA
18.9
AA
5.4
A
8.2
BBB
9.5
BB
8.2
B
1.3
CCC
0.2
D
0.5
Not Rated
4.6
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
Year 1
22.2
1.4
Year 2
6.4
12.8
Year 3
5.4
11.4
Year 4
7.0
10.2
Year 5
8.3
10.3
Year 6
3.3
7.1
Year 7
4.7
7.4
Year 8
3.7
6.3
Year 9
1.6
7.4
Year 10+
37.5
25.8
Maturity
Portfolio (%)
Year 1
22.2
Year 2
6.4
Year 3
5.4
Year 4
7.0
Year 5
8.3
Year 6
3.3
Year 7
4.7
Year 8
3.7
Year 9
1.6
Year 10+
37.5
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

Markets & Economy

Looking Beyond the Leaders: A Mid-Year Perspective on Global Equities

Despite geopolitical uncertainty and market volatility, global equities continue to offer opportunities beyond the narrow group of stocks driving index returns.
Markets & Economy

A Disinflationary Paradox of High Oil Prices

A look at how sustained high oil prices act as a drag on demand, shifting inflation lower over time and echoing signals from an inverted yield curve.
Power Plant in the South of Iran
Risk Management

When Geopolitics Drive Volatility: An Active Approach to the Iran Conflict

Geopolitical tensions have sparked market volatility, but historic parallels suggest a potential opportunity for active strategic positioning.