Thornburg Multisector Opportunistic Strategy
BENCHMARK: Bloomberg U.S. Universal Index
Strategy Overview
The Multisector Opportunistic Strategy is built around a highly active and flexible approach, designed to provide attractive risk-adjusted returns by investing in fixed income securities across sector, credit quality and geography. Employing a collaborative process that combines top-down macroeconomic considerations with deep, fundamental credit research, the strategy aims to generate returns above that of core fixed income strategies with only incrementally higher risk over time.
Strategy Inception Date
1 Jan 2008
Portfolio Managers
Portfolio Manager and Managing Director
Head of Fixed Income, Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview
Performance
Performance
Returns
(As of 31 Dec 2025)2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Thornburg Multisector Opportunistic Strategy - Gross (%)
-17.48
38.36
14.56
5.78
13.88
7.28
4.34
-1.15
8.94
7.27
1.38
8.56
8.90
3.39
-5.59
8.26
5.45
8.20
Thornburg Multisector Opportunistic Strategy - Net (%)
-18.54
36.68
13.16
5.00
13.04
6.49
3.66
-1.77
8.25
6.60
0.77
7.92
8.25
2.77
-6.14
7.67
4.89
7.63
Bloomberg U.S. Universal Index (%)
2.38
8.60
7.16
7.40
5.54
-1.35
5.56
0.43
3.91
4.09
-0.25
9.29
7.58
-1.10
-12.99
6.17
2.04
7.58
Strategy Facts
Strategy Facts
(As of 28 Feb 2026)Strategy Assets
$10.6 B
Benchmark
Bloomberg U.S. Universal Index
eVestment Category
Global Multi-Sector Fixed Income
Characteristics
Characteristics
Portfolio
(As of 28 Feb 2026)Portfolio
Benchmark
Number of Holdings
1,185
—
Effective Duration
4.0 Yrs
5.6 Yrs
Portfolio
Benchmark
Average Effective Maturity
5.0 Yrs
7.7 Yrs
Weighted Average Coupon
4.4%
4.0%
Portfolio
Portfolio
Top Holdings
(As of 31 Jan 2026)Name
Ticker/Symbol
Weight %
United States Treasury Note/Bond
91282CPJ4
3.6
United States Treasury Inflation Indexed Bonds
91282CJY8
1.6
Ginnie Mae II Pool
36179W7K8
1.4
United States Treasury Note/Bond
912810ST6
1.3
United States Treasury Note/Bond
912810SQ2
1.0
Freddie Mac Pool
3132E0T93
0.9
Ginnie Mae II Pool
36179WR34
0.8
United States Treasury Strip Coupon
912833Y46
0.6
United States Treasury Inflation Indexed Bonds
91282CPU9
0.6
United States Treasury Note/Bond
912810SR0
0.6
Exposure Breakdown
Exposure Breakdown
(As of 28 Feb 2026)Sector Allocation
Portfolio (%)
Corporate Bond
41.9
Collateralized Mortgage Obligation
14.7
Treasury Domestic
11.7
Asset Backed Securities
9.9
Mortgage Passthrough
8.2
Short-Term Investments, Other Assets & Liabilities
5.8
Commercial Mortgage Backed Security
3.3
Loan Participation
1.9
Treasury-Foreign
1.8
Preferred Stock
0.7
Municipals
0.0
Common Stock
0.0
Top 10 Countries
Portfolio (%)
United States
85.9
Canada
2.2
Mexico
1.5
United Kingdom
1.0
France
0.9
Saudi Arabia
0.7
Turkey
0.7
Dominican Republic
0.6
Brazil
0.6
United Arab Emirates
0.6
Credit Quality
Portfolio (%)
U.S. Government
25.2
AAA
11.2
AA
3.4
A
10.3
BBB
23.1
BB
13.0
B
3.3
CCC
0.1
CC
0.0
D
0.1
Not Rated
4.4
Short-Term Investments, Other Assets & Liabilities
5.8
Unassigned
0.0
Maturity
Portfolio (%)
Year 1
13.5
Year 2
7.8
Year 3
12.1
Year 4
12.5
Year 5
8.9
Year 6
7.0
Year 7
3.9
Year 8
5.0
Year 9
2.2
Year 10+
21.4
Short-Term Investments, Other Assets & Liabilities
5.8
Portfolio Managers
Portfolio Managers
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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Christian Hoffmann, CFA
Head of Fixed Income, Portfolio Manager and Managing Director
Christian Hoffmann is head of fixed income and a portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as a fixed income analyst and was promoted to associate portfolio manager in 2014. Christian was named a managing director in 2017, was promoted to portfolio manager in 2018, and to head of fixed income in 2024. Prior to…
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Ali Hassan, CFA, FRM
Portfolio Manager and Managing Director
Ali Hassan is a portfolio manager for Thornburg Investment Management. He joined the firm in 2013 as a fixed income analyst, became senior fixed income analyst in 2017 and was promoted to portfolio manager in 2021. Ali graduated from Stanford University with a BA in economics and a BS in mathematical & computational science. Prior to his joining Thornburg, Ali…
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