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Welcome to Thornburg

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Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.

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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 2023)
YTD
1y
3y
Inception
Thornburg Multi-Asset Strategy - Gross (%)
7.89
11.19
11.16
11.54
Thornburg Multi-Asset Strategy - Net (%)
7.49
10.38
10.34
10.72
Multi-Asset Blend (%)
10.98
16.29
6.76
6.44
YTD
1y
3y
Inception
Thornburg Multi-Asset Strategy - Gross (%)
8.66
9.84
8.42
11.26
Thornburg Multi-Asset Strategy - Net (%)
8.12
9.03
7.62
10.44
Multi-Asset Blend (%)
16.25
20.54
5.60
7.31
2020
2021
2022
Thornburg Multi-Asset Strategy - Gross (%)
29.02
15.76
-9.01
Thornburg Multi-Asset Strategy - Net (%)
28.07
14.91
-9.68
Multi-Asset Blend (%)
14.04
8.78
-13.64
Strategy Facts

Strategy Facts

(As of 31 Aug 2023)
Strategy Assets
$83.4 M*
Benchmark
Multi-Asset Blend
Number of Holdings
186
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2023)
Portfolio
Benchmark
Weighted Average Market Cap
$441.8 B
$440.9 B
Median Market Cap
$107.5 B
$11.0 B
Price to Earnings - Forward 1YR
17.9x
16.9x
Price to Earnings - Trailing 12 Months
16.8x
17.7x
Price to Cash Flow
10.9x
9.9x
Price to Book Value
3.1x
2.7x
Return on Assets - 5 YR
10.7%
10.0%
Portfolio
Benchmark
Return on Equity - 5 YR
49.3%
28.1%
Historical 3YR Sales Growth
15.9%
15.9%
Active Share
78.6%
Effective Duration
5.0 Yrs
6.6 Yrs
Average Effective Maturity
6.4 Yrs
8.5 Yrs
Weighted Average Coupon
3.3%
2.5%
Portfolio

Portfolio

Top Holdings

(As of 31 Jul 2023)
Name
Ticker/Symbol
Sector
Weight %
BioMarin Pharmaceutical, Inc.
BMRN
Health Care
1.9
Alphabet, Inc.
GOOGL
Communication Services
1.8
Microsoft Corp.
MSFT
Information Technology
1.8
Apple, Inc.
AAPL
Information Technology
1.6
Visa, Inc.
V
Financials
1.6
United States Oil Fund L.P.
USO
Unassigned
1.6
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
1.5
Amazon.com, Inc.
AMZN
Consumer Discretionary
1.5
Roche Holding AG
ROG
Health Care
1.5
NN Group N.V.
NN
Financials
1.4
Name
Ticker/Symbol
Sector
Weight %
United States Treasury Inflation Indexed Bonds
Government
2.9
United States Treasury Note/Bond
Government
1.8
United States Treasury Note/Bond
91282CBL4
Government
1.2
United States Treasury Note/Bond
Government
1.1
United States Treasury Note/Bond
Government
1.0
Fannie Mae Pool
Mortgage Securities
0.8
United States Treasury Note/Bond
Government
0.7
United States Treasury Inflation Indexed Bonds
Government
0.7
United States Treasury Note/Bond
Government
0.7
Amur Equipment Finance Receivables IX, LLC
03237KAG9
Asset Backed Securities
0.6
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2023)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
26.8
22.1
Financials
17.5
15.4
Health Care
14.3
11.8
Consumer Discretionary
12.0
11.3
Energy
8.8
4.9
Communication Services
7.4
7.5
Consumer Staples
5.6
7.2
Materials
4.0
4.5
Industrials
3.5
10.4
Utilities
0.0
2.6
Real Estate
0.0
2.3
Sector Allocation
Portfolio (%)
Information Technology
26.8
Financials
17.5
Health Care
14.3
Consumer Discretionary
12.0
Energy
8.8
Communication Services
7.4
Consumer Staples
5.6
Materials
4.0
Industrials
3.5
Utilities
0.0
Real Estate
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Semiconductors & Semiconductor Equipment
12.0
6.5
Pharmaceuticals, Biotechnology & Life Sciences
11.7
7.8
Financial Services
9.2
5.9
Software & Services
8.9
8.4
Energy
8.2
4.9
Unassigned
7.4
Consumer Discretionary Distribution & Retail
5.7
4.6
Banks
4.3
6.5
Food, Beverage & Tobacco
4.3
3.8
Media & Entertainment
4.3
6.0
Top 10 Industries
Portfolio (%)
Semiconductors & Semiconductor Equipment
12.0
Pharmaceuticals, Biotechnology & Life Sciences
11.7
Financial Services
9.2
Software & Services
8.9
Energy
8.2
Unassigned
7.4
Consumer Discretionary Distribution & Retail
5.7
Banks
4.3
Food, Beverage & Tobacco
4.3
Media & Entertainment
4.3
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
United States
67.6
53.5
North America
Netherlands
3.2
1.4
Europe ex UK
Japan
3.1
7.9
Japan
France
2.6
3.9
Europe ex UK
Switzerland
2.5
1.7
Europe ex UK
China
2.4
5.5
Asia Pacific ex Japan
Canada
2.4
3.1
North America
United Kingdom
2.1
4.0
UK
India
1.7
0.9
Asia Pacific ex Japan
Taiwan
1.5
1.0
Asia Pacific ex Japan
Top 10 Countries
Portfolio (%)
United States
67.6
Netherlands
3.2
Japan
3.1
France
2.6
Switzerland
2.5
China
2.4
Canada
2.4
United Kingdom
2.1
India
1.7
Taiwan
1.5
Composition
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
Equity
50.6
60.0
Fixed Income
39.1
40.0
Cash & Cash Equivalents
6.3
Funds
4.1
Currency Forward
-0.1
Composition
Portfolio (%)
Equity
50.6
Fixed Income
39.1
Cash & Cash Equivalents
6.3
Funds
4.1
Currency Forward
-0.1
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
86.0
91.9
Mid Cap ($2.5 to $12 B)
8.6
8.0
Small Cap (< $2.5 B)
5.4
0.1
Capitalization
Portfolio (%)
Large Cap (> $12 B)
86.0
Mid Cap ($2.5 to $12 B)
8.6
Small Cap (< $2.5 B)
5.4
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
U.S. Government
42.0
28.7
AAA
12.7
12.1
AA
1.4
13.6
A
7.9
30.8
BBB
17.9
14.7
BB
8.9
0.0
B
5.5
0.0
CCC
0.3
Not Rated
3.4
Credit Quality
Portfolio (%)
U.S. Government
42.0
AAA
12.7
AA
1.4
A
7.9
BBB
17.9
BB
8.9
B
5.5
CCC
0.3
Not Rated
3.4
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
Year 1
12.3
0.9
Year 2
4.1
12.7
Year 3
9.6
11.3
Year 4
7.8
9.1
Year 5
9.7
9.8
Year 6
3.2
6.6
Year 7
4.1
7.0
Year 8
14.9
6.6
Year 9
2.9
6.8
Year 10+
31.4
29.3
Maturity
Portfolio (%)
Year 1
12.3
Year 2
4.1
Year 3
9.6
Year 4
7.8
Year 5
9.7
Year 6
3.2
Year 7
4.1
Year 8
14.9
Year 9
2.9
Year 10+
31.4
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…
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