Unsubscribe

Confirm you would like to unsubscribe from this list

You have unsaved changes on the page. Would you like to save them?

Remove strategy

Confirm you would like to remove this strategy from your list
Give Us a Call

Fund Operations
800.847.0200

FIND ANOTHER CONTACT

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 (%)
19.71
18.24
14.49
11.35
12.93
Thornburg Multi Asset Strategy - Net (%)
18.90
17.38
13.65
10.53
12.10
Multi-Asset - Summit Fund Blended Index (%)
15.76
13.12
12.71
6.33
7.75
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 30 Nov 2025)
Strategy Assets
$99.0 M
Benchmark
Multi-Asset - Summit Fund Blended Index
Characteristics

Characteristics

Portfolio

(As of 30 Nov 2025)
Portfolio
Benchmark
Number of Holdings
190
Weighted Average Market Cap
$750.5 B
$955.2 B
Median Market Cap
$146.4 B
$17.3 B
Price to Earnings - Forward 1YR
18.2x
21.0x
Price to Earnings - Trailing 12 Months
21.2x
24.5x
Price to Cash Flow
10.4x
14.8x
Portfolio
Benchmark
Price to Book Value
2.9x
3.5x
Active Share
77.4%
Effective Duration
5.4 Yrs
6.4 Yrs
Average Effective Maturity
7.1 Yrs
8.2 Yrs
Weighted Average Coupon
3.8%
3.0%
Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2025)
Name
Ticker/Symbol
Sector
Weight %
Zegona Communications plc
ZEG
Communication Services
3.5
Samsung Electronics Co. Ltd.
005930
Information Technology
3.1
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
2.7
Amazon.com, Inc.
AMZN
Consumer Discretionary
2.7
Alphabet, Inc.
GOOGL
Communication Services
2.5
Meta Platforms, Inc.
META
Communication Services
2.0
NVIDIA Corp.
NVDA
Information Technology
2.0
Citigroup, Inc.
C
Financials
1.9
Orange S.A.
ORA
Communication Services
1.9
Broadcom, Inc.
AVGO
Information Technology
1.7
Name
Ticker/Symbol
Sector
Weight %
United States Treasury Note/Bond
91282CJJ1
Treasury Domestic
1.1
United States Treasury Strip Coupon
912834MZ8
Treasury Domestic
1.1
United States Treasury Note/Bond
912810UJ5
Treasury Domestic
1.0
United States Treasury Inflation Indexed Bonds
91282CBF7
Treasury Domestic
0.9
United States Treasury Note/Bond
912810TA6
Treasury Domestic
0.9
Freddie Mac Pool
3132E0T85
Mortgage Passthrough
0.9
Fannie Mae Pool
3140XMZX7
Mortgage Passthrough
0.8
United States Treasury Note/Bond
91282CJZ5
Treasury Domestic
0.8
United States Treasury Note/Bond
91282CLW9
Treasury Domestic
0.7
Fannie Mae Pool
31418EAN0
Mortgage Passthrough
0.6
Exposure Breakdown

Exposure Breakdown

(As of 30 Nov 2025)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
26.4
27.3
Communication Services
18.9
9.0
Financials
13.8
17.1
Health Care
12.2
9.2
Consumer Discretionary
10.2
10.2
Energy
9.2
3.4
Industrials
5.5
10.5
Materials
2.3
3.5
Real Estate
1.1
1.8
Consumer Staples
0.4
5.2
Utilities
0.0
2.6
Unassigned
0.0
Sector Allocation
Portfolio (%)
Information Technology
26.4
Communication Services
18.9
Financials
13.8
Health Care
12.2
Consumer Discretionary
10.2
Energy
9.2
Industrials
5.5
Materials
2.3
Real Estate
1.1
Consumer Staples
0.4
Utilities
0.0
Unassigned
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Telecommunication Services
12.0
1.4
Semiconductors & Semiconductor Equipment
11.1
11.5
Pharmaceuticals, Biotechnology & Life Sciences
10.2
6.3
Energy
9.2
3.4
Software & Services
9.2
8.4
Financial Services
7.6
6.2
Media & Entertainment
6.9
7.7
Consumer Discretionary Distribution & Retail
6.6
4.8
Banks
6.2
7.9
Technology Hardware & Equipment
6.2
7.3
Top 10 Industries
Portfolio (%)
Telecommunication Services
12.0
Semiconductors & Semiconductor Equipment
11.1
Pharmaceuticals, Biotechnology & Life Sciences
10.2
Energy
9.2
Software & Services
9.2
Financial Services
7.6
Media & Entertainment
6.9
Consumer Discretionary Distribution & Retail
6.6
Banks
6.2
Technology Hardware & Equipment
6.2
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
United States
63.0
55.3
North America
United Kingdom
6.7
3.7
UK
Canada
5.9
3.2
North America
France
4.3
3.5
Europe ex UK
Korea, Republic of (South Korea)
2.8
1.3
Asia Pacific ex Japan
Taiwan
2.5
1.3
Asia Pacific ex Japan
Japan
2.1
6.4
Japan
Switzerland
1.8
1.5
Europe ex UK
Hong Kong
1.1
0.3
Asia Pacific ex Japan
Netherlands
1.1
1.4
Europe ex UK
Top 10 Countries
Portfolio (%)
United States
63.0
United Kingdom
6.7
Canada
5.9
France
4.3
Korea, Republic of (South Korea)
2.8
Taiwan
2.5
Japan
2.1
Switzerland
1.8
Hong Kong
1.1
Netherlands
1.1
Composition
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Equity
62.8
60.0
Fixed Income
34.2
40.0
Cash & Equivalents
3.0
Composition
Portfolio (%)
Equity
62.8
Fixed Income
34.2
Cash & Equivalents
3.0
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
92.1
96.3
Mid Cap ($2.5 to $12 B)
5.9
3.7
Small Cap (< $2.5 B)
2.0
Unassigned
0.0
Capitalization
Portfolio (%)
Large Cap (> $12 B)
92.1
Mid Cap ($2.5 to $12 B)
5.9
Small Cap (< $2.5 B)
2.0
Unassigned
0.0
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
U.S. Government
44.4
29.4
AAA
16.1
12.2
AA
3.0
12.4
A
9.4
31.7
BBB
10.1
13.4
BB
11.5
B
2.0
CCC
0.3
D
0.1
Not Rated
3.0
1.0
Credit Quality
Portfolio (%)
U.S. Government
44.4
AAA
16.1
AA
3.0
A
9.4
BBB
10.1
BB
11.5
B
2.0
CCC
0.3
D
0.1
Not Rated
3.0
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
Year 1
13.9
0.2
Year 2
9.7
12.6
Year 3
7.6
12.1
Year 4
8.9
10.1
Year 5
4.5
10.9
Year 6
6.6
6.7
Year 7
2.2
7.0
Year 8
5.0
5.7
Year 9
9.6
6.4
Year 10+
32.1
28.2
Maturity
Portfolio (%)
Year 1
13.9
Year 2
9.7
Year 3
7.6
Year 4
8.9
Year 5
4.5
Year 6
6.6
Year 7
2.2
Year 8
5.0
Year 9
9.6
Year 10+
32.1
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…
Learn More

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…
Learn More

Literature

More Insights

Markets & Economy

Ferrari’s Electric Future and the Evolution of Luxury Investing

Hear insights from Ferrari's Capital Markets Day and meetings with Brunello Cucinelli, exploring how luxury brands balance exclusivity with growth in global markets.
Image of a metal mesh framework artistically warped into a honeycomb walkway in the city to describe Outlook 2023
Markets & Economy

FOMC Update: Fed Approves Third Consecutive Rate Cut, Projects Slower Pace

Christian Hoffmann shares his perspective on the Fed’s stance and the potential impact of monetary policy.
Markets & Economy

Luxury Brands Navigate China Slowdown and Tariff Pressures

We evaluate shifting consumer spending patterns amid global macro and geopolitical headwinds.
Global Equity

Investment Perspectives from the Road: European Luxury Goods

Explore how luxury investing thrives on scarcity, heritage, and global demand, offering resilience and long-term growth potential.

Turn Cash Into Opportunities With Active Management

Today's market environment provides an opportunity to put idle cash to work.
Markets & Economy

The High-Quality Case for Investing in Global Luxury Goods

Field research in Europe illustrates how active management and fundamental work uncover quality non-U.S. equity opportunities in the $1.7T global luxury space.