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 2025)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 (%)
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 (%)
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 (%)
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 (%)
Equity
63.7
Fixed Income
33.5
Cash & Cash Equivalents
2.8
Currency Forward
0.1
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 (%)
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 (%)
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
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
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.

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.

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.

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.