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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
Co-Head of Investments and Managing Director
Co-Head of Investments 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 2022)
YTD
1y
3y
Inception
Thornburg Multi-Asset Strategy - Gross (%)
-11.71
-8.69
11.61
11.65
Thornburg Multi-Asset Strategy - Net (%)
-12.05
-9.38
10.78
10.83
Multi-Asset Blend (%)
-17.59
-15.34
2.66
3.57
YTD
1y
3y
Inception
Thornburg Multi-Asset Strategy - Gross (%)
-8.09
-5.55
13.34
12.70
Thornburg Multi-Asset Strategy - Net (%)
-8.49
-6.25
12.50
11.87
Multi-Asset Blend (%)
-13.43
-11.90
4.34
5.02
2020
2021
Thornburg Multi-Asset Strategy - Gross (%)
29.02
15.76
Thornburg Multi-Asset Strategy - Net (%)
28.07
14.91
Multi-Asset Blend (%)
14.04
8.78
Strategy Facts

Strategy Facts

Benchmark
Multi-Asset Blend
Characteristics

Characteristics

Portfolio

Portfolio
Benchmark
Risk & Return Profile

Risk & Return Profile

(As of 30 Jun 2022)
3y
Annualized Alpha (%)
7.35
Beta
0.60
R-Squared (%)
82.42
Standard Deviation (%)
11.82
Sharpe Ratio
0.93
Information Ratio
0.63
Tracking Error (%)
8.61
Sortino Ratio
1.80
Up Capture (%)
76.59
Down Capture (%)
47.80
Portfolio

Portfolio

Top Holdings

(As of 31 May 2022)
Name
Ticker/Symbol
Sector
Weight %
Alphabet, Inc.
GOOGL
Communication Services
3.1
TotalEnergies SE
TTE
Energy
2.5
Capital One Financial Corp.
COF
Financials
2.2
Microsoft Corp.
MSFT
Information Technology
1.9
Orange S.A.
ORA
Communication Services
1.8
SPDR Gold Shares
GLD
Unassigned
1.8
Merck & Co., Inc.
MRK
Health Care
1.7
Chesapeake Energy Corp.
CHK
Energy
1.6
Apple, Inc.
AAPL
Information Technology
1.4
United States Oil Fund L.P.
USO
Unassigned
1.4
Name
Ticker/Symbol
Sector
Weight %
United States Treasury Note/Bond
Government
2.6
United States Treasury Note/Bond
912828V23
Government
2.0
United States Treasury Inflation Indexed Bonds
912828ZZ6
Government
1.4
United States Treasury Note/Bond
Government
1.3
United States Treasury Note/Bond
91282CBM2
Government
1.1
Volkswagen Auto Lease Trust 2020-A
Asset Backed Securities
1.0
United States Treasury Inflation Indexed Bonds
912828Z37
Government
1.0
United States Treasury Note/Bond
91282CAZ4
Government
0.8
Amur Equipment Finance Receivables IX, LLC
03237KAG9
Asset Backed Securities
0.8
United States Treasury Note/Bond
Government
0.7
Exposure Breakdown

Exposure Breakdown

Portfolio Managers

Portfolio Managers

Ben Kirby, CFA
Ben Kirby, CFA
Co-Head of Investments and Managing Director
Ben Kirby is co-head of investments for Thornburg Investment Management. He is responsible for driving the investment process at the firm level. Ben is also a portfolio manager on multiple strategies. He joined Thornburg in 2008 as equity research analyst, was promoted to associate portfolio manager in 2011, and was named portfolio manager and managing director in 2013. Ben holds…
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Jeff Klingelhofer, CFA
Jeff Klingelhofer, CFA
Co-Head of Investments and Managing Director
Jeff Klingelhofer is co-head of investments for Thornburg Investment Management. He is responsible for driving the investment process at the firm level. Jeff is also a portfolio manager on multiple strategies. He joined the firm in 2010, then was promoted to associate portfolio manager in 2012. In 2015, Jeff was made portfolio manager and managing director. Jeff earned a BA…
Learn More

More Insights

Markets & Economy

Observations in Fixed Income: Central Banks Dominate the Year

Jeff Klingelhofer, Co-Head of Investments & Managing Director, looks to a period when the Fed's mandates of low inflation and high employment may not peacefully coexist.
Markets

Emerging Investment Opportunities in Cell and Gene Therapies

Cell and gene therapies are biopharma’s next frontier. We see significant investment opportunities in biopharmaceutical manufacturers and biotech companies.
Markets & Economy

Inflation: What to Expect in the Short, Medium and Long Term

Markets are oscillating between fears of inflation and rate hikes which will affect the real economy. This could continue for a while.