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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 2025)
YTD
1y
3y
5y
Inception
Thornburg Multi Asset Strategy - Gross (%)
9.20
12.28
12.78
12.12
12.19
Thornburg Multi Asset Strategy - Net (%)
8.80
11.45
11.96
11.30
11.37
Multi-Asset - Summit Fund Blended Index (%)
9.03
13.33
11.43
7.66
7.26
YTD
1y
3y
5y
Inception
Thornburg Multi Asset Strategy - Gross (%)
14.54
14.72
13.85
11.36
12.69
Thornburg Multi Asset Strategy - Net (%)
13.98
13.87
13.02
10.54
11.86
Multi-Asset - Summit Fund Blended Index (%)
11.52
10.83
11.87
6.45
7.44
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 Aug 2025)
Strategy Assets
$97.2 M
Benchmark
Multi-Asset - Summit Fund Blended Index
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2025)
Portfolio
Benchmark
Number of Holdings
187
Weighted Average Market Cap
$691.9 B
$830.6 B
Median Market Cap
$140.8 B
$16.8 B
Price to Earnings - Forward 1YR
18.7x
20.5x
Price to Earnings - Trailing 12 Months
20.1x
23.3x
Price to Cash Flow
9.6x
13.9x
Price to Book Value
2.7x
3.4x
Portfolio
Benchmark
Return on Equity - 5 YR
23.0%
31.1%
Historical 3YR Sales Growth
18.0%
16.9%
Active Share
77.0%
Effective Duration
5.5 Yrs
6.4 Yrs
Average Effective Maturity
6.9 Yrs
8.2 Yrs
Weighted Average Coupon
3.8%
2.9%
Portfolio

Portfolio

Top Holdings

(As of 31 Jul 2025)
Name
Ticker/Symbol
Sector
Weight %
Zegona Communications plc
ZEG
Communication Services
2.7
Amazon.com, Inc.
AMZN
Consumer Discretionary
2.7
Meta Platforms, Inc.
META
Communication Services
2.5
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
2.3
Samsung Electronics Co. Ltd.
005930
Information Technology
2.2
NVIDIA Corp.
NVDA
Information Technology
2.2
Orange S.A.
ORA
Communication Services
1.9
Citigroup, Inc.
C
Financials
1.9
Alphabet, Inc.
GOOGL
Communication Services
1.9
Broadcom, Inc.
AVGO
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
0.9
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 Aug 2025)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
25.1
26.1
Communication Services
17.9
8.7
Financials
14.2
17.8
Health Care
12.3
8.7
Consumer Discretionary
12.1
10.6
Energy
8.6
3.6
Industrials
5.9
10.8
Materials
2.5
3.6
Consumer Staples
0.9
5.6
Real Estate
0.4
1.9
Utilities
0.0
2.6
Sector Allocation
Portfolio (%)
Information Technology
25.1
Communication Services
17.9
Financials
14.2
Health Care
12.3
Consumer Discretionary
12.1
Energy
8.6
Industrials
5.9
Materials
2.5
Consumer Staples
0.9
Real Estate
0.4
Utilities
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Telecommunication Services
11.1
1.6
Semiconductors & Semiconductor Equipment
10.8
10.4
Pharmaceuticals, Biotechnology & Life Sciences
10.5
5.7
Energy
8.9
3.6
Software & Services
8.6
9.2
Financial Services
7.9
6.7
Consumer Discretionary Distribution & Retail
7.3
5.0
Media & Entertainment
6.8
7.2
Banks
6.3
7.9
Technology Hardware & Equipment
5.5
6.6
Top 10 Industries
Portfolio (%)
Telecommunication Services
11.1
Semiconductors & Semiconductor Equipment
10.8
Pharmaceuticals, Biotechnology & Life Sciences
10.5
Energy
8.9
Software & Services
8.6
Financial Services
7.9
Consumer Discretionary Distribution & Retail
7.3
Media & Entertainment
6.8
Banks
6.3
Technology Hardware & Equipment
5.5
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
United States
64.5
55.0
North America
United Kingdom
6.2
3.7
UK
Canada
4.9
3.2
North America
France
4.6
3.6
Europe ex UK
Japan
2.7
6.7
Japan
Taiwan
2.1
1.2
Asia Pacific ex Japan
Korea, Republic of (South Korea)
2.1
1.2
Asia Pacific ex Japan
Switzerland
1.6
1.5
Europe ex UK
Hong Kong
1.1
0.3
Asia Pacific ex Japan
Netherlands
0.9
1.3
Europe ex UK
Top 10 Countries
Portfolio (%)
United States
64.5
United Kingdom
6.2
Canada
4.9
France
4.6
Japan
2.7
Taiwan
2.1
Korea, Republic of (South Korea)
2.1
Switzerland
1.6
Hong Kong
1.1
Netherlands
0.9
Composition
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Equity
63.7
60.0
Fixed Income
33.5
40.0
Cash & Cash Equivalents
2.8
Currency Forward
0.1
Composition
Portfolio (%)
Equity
63.7
Fixed Income
33.5
Cash & Cash Equivalents
2.8
Currency Forward
0.1
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
91.3
95.9
Mid Cap ($2.5 to $12 B)
7.2
4.1
Small Cap (< $2.5 B)
1.5
0.0
Capitalization
Portfolio (%)
Large Cap (> $12 B)
91.3
Mid Cap ($2.5 to $12 B)
7.2
Small Cap (< $2.5 B)
1.5
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
U.S. Government
45.0
28.7
AAA
15.3
12.4
AA
2.9
14.0
A
8.8
29.7
BBB
10.2
14.1
BB
11.0
B
2.3
CCC
0.3
Not Rated
4.1
1.1
Credit Quality
Portfolio (%)
U.S. Government
45.0
AAA
15.3
AA
2.9
A
8.8
BBB
10.2
BB
11.0
B
2.3
CCC
0.3
Not Rated
4.1
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
Year 1
18.3
0.2
Year 2
6.8
12.8
Year 3
4.6
11.6
Year 4
7.3
10.1
Year 5
6.1
10.4
Year 6
6.0
7.0
Year 7
3.0
7.1
Year 8
2.0
5.9
Year 9
11.6
6.0
Year 10+
34.3
28.9
Maturity
Portfolio (%)
Year 1
18.3
Year 2
6.8
Year 3
4.6
Year 4
7.3
Year 5
6.1
Year 6
6.0
Year 7
3.0
Year 8
2.0
Year 9
11.6
Year 10+
34.3
Portfolio Managers

Portfolio Managers

Neal BasuMullick, CFA

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

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

United States and China
Markets & Economy

Investment Landscape: Surveying Potential Risks and Opportunities

Investors continued to monitor the tenuous relationship between the U.S. and China, while keeping an eye on where Fed leadership and the dependability of macroeconomic data are headed.
Huayang Lake Wetland Park, Dongguan, Guangdong, China
Markets & Economy

Investment Perspectives from the Road: Hong Kong and China

Our investment professionals travel the world to evaluate global markets and unearth the most optimal ideas. Nicole Lim recently visited Hong Kong and China, and here are her perspectives.
Markets & Economy

The U.S.-China Relationship, the Fed, and Data Reliability

Thornburg client portfolio managers discuss the latest topics moving markets including the U.S.-China relationship, the latest with the Fed, and how data reliability can affect decisions in today's current environment.
Happy senior couple gardening outdoor
Advising Clients

Retirement Resources: The Endowment Spending Policy

A best practice for retirees is to establish a spending policy that balances lifestyle maintenance with asset preservation.
Yacht leaning in rough sea.
Investment Tactics

The Enduring Role of Active Investment Management

Active investment management can help investors achieve their long-term financial goals while navigating market volatility, asset dislocations, and managing risk.
Markets & Economy

Active Investing in a Passive World

Thornburg's CPMs discuss the case for active investment management amid heightened uncertainty, macro pressures, and interest rate volatility.