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 Jun 2026)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 (%)
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 (%)
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 (%)
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 (%)
Equity
64.4
Fixed Income
35.4
Cash & Equivalents
0.2
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 (%)
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 (%)
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.
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.