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Thornburg Multisector Opportunistic Strategy

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

Lon Erickson, CFA
Portfolio Manager and Managing Director
Christian Hoffmann, CFA
Head of Fixed Income and Managing Director
Ali Hassan, CFA, FRM
Portfolio Manager and Managing Director
OverviewPerformanceStrategy FactsCharacteristicsPortfolioPortfolio ManagersLiterature
Overview

Overview

Why Invest in This Strategy?

  • Highly active and flexible approach, designed to provide attractive risk-adjusted returns by investing in fixed income securities across sector, credit quality and geography.
  • Proven bottom-up fundamental approach to identify what we perceive to be the most attractive opportunities on a relative value basis.
  • Opportunistic, multi-sector bond strategy that seeks to provide a total return above that of core fixed income strategies with only incrementally higher risk.

Related Content

Investor Advice
Beyond the Hype—Building Smarter Private Credit Portfolios
Economy
Finding Opportunity Amid Imbalance: 2026 Market Outlook
Outlook
2026 Fixed Income Outlook: Uncertainty Is High, but the Margin for Error Isn’t
Performance

Performance

Returns

(As of 31 Dec 2025)
Annualized Returns
YTD
1y
3y
5y
10y
Inception
Thornburg Multisector Opportunistic Strategy - Gross (%)
8.20
8.20
7.30
3.81
5.38
6.18
Thornburg Multisector Opportunistic Strategy - Net (%)
7.63
7.63
6.72
3.23
4.76
5.41
Bloomberg U.S. Universal Index (%)
7.58
7.58
5.24
0.06
2.44
3.31
YTD
1y
3y
5y
10y
Inception
Thornburg Multisector Opportunistic Strategy - Gross (%)
8.20
8.20
7.30
3.81
5.38
6.18
Thornburg Multisector Opportunistic Strategy - Net (%)
7.63
7.63
6.72
3.23
4.76
5.41
Bloomberg U.S. Universal Index (%)
7.58
7.58
5.24
0.06
2.44
3.31
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

Total return (net and gross) is based on composite performance.

Periods less than one year are not annualized.

In US$ terms. Returns may increase or decrease as a result of currency fluctuations.

Performance data for the Multisector Opportunistic Strategy is from the Multisector Opportunistic Composite, inception date of 1 January 2008. The Multisector Opportunistic Composite includes all discretionary accounts invested in the Multisector Opportunistic Strategy. Returns are calculated using a time-weighted and asset-weighted calculation. Returns reflect the reinvestment of income and capital gains. Periods less than one year are not annualized. Individual account performance will vary. The performance data quoted represents past performance; it does not guarantee future results. Gross of fee returns are net of transaction costs. Net of fee returns are net of transaction costs and investment advisory fees. For periods prior to 2011, net returns for some accounts in the composite also reflect the deduction of administrative expenses. Thornburg Investment Management Inc.'s fee schedule is detailed in Part 2A of its ADV brochure. Performance results of the firm's clients will be reduced by the firm's management fees. For example, an account with a compounded annual total return of 10% would have increased by 159% over ten years. Assuming an annual management fee of 0.75%, this increase would be 142%.

Strategy Facts

Strategy Facts

(As of 31 Dec 2025)
Strategy Assets
$10.5 B
Benchmark
Bloomberg U.S. Universal Index
eVestment Category
Global Multi-Sector Fixed Income
Characteristics

Characteristics

Portfolio

(As of 31 Dec 2025)
Portfolio
Benchmark
Number of Holdings
1,192
—
Effective Duration
3.9 Yrs
5.7 Yrs
Portfolio
Benchmark
Average Effective Maturity
5.0 Yrs
7.9 Yrs
Weighted Average Coupon
4.4%
4.0%

Data based on representative account.

Portfolio

Portfolio

Top Holdings

(As of 31 Dec 2025)
Name
Ticker/Symbol
Weight %
United States Treasury Note/Bond
91282CPJ4
2.0
United States Treasury Inflation Indexed Bonds
91282CJY8
1.6
Ginnie Mae II Pool
36179W7K8
1.4
United States Treasury Inflation Indexed Bonds
91282CKL4
1.4
United States Treasury Note/Bond
912810ST6
1.3
United States Treasury Note/Bond
912810SQ2
1.0
Fannie Mae Pool
3140XMZX7
1.0
Freddie Mac Pool
3132E0T93
0.9
Ginnie Mae II Pool
36179WR34
0.8
United States Treasury Strip Coupon
912833Y46
0.6
Download Holdings

Data based on representative account.

Exposure Breakdown

Exposure Breakdown

(As of 31 Dec 2025)
Sector
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
Corporate Bond
42.0
29.9
Collateralized Mortgage Obligation
14.8
—
Treasury Domestic
11.0
39.0
Asset Backed Securities
9.9
0.4
Mortgage Passthrough
9.0
20.7
Short-Term Investments, Other Assets & Liabilities
5.6
—
Commercial Mortgage Backed Security
3.3
1.3
Loan Participation
2.1
—
Treasury-Foreign
1.7
4.7
Preferred Stock
0.7
—
Municipals
0.0
0.9
Common Stock
0.0
—
Sector Allocation
Portfolio (%)
Corporate Bond
42.0
Collateralized Mortgage Obligation
14.8
Treasury Domestic
11.0
Asset Backed Securities
9.9
Mortgage Passthrough
9.0
Short-Term Investments, Other Assets & Liabilities
5.6
Commercial Mortgage Backed Security
3.3
Loan Participation
2.1
Treasury-Foreign
1.7
Preferred Stock
0.7
Municipals
0.0
Common Stock
0.0
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
United States
86.0
86.2
North America
Canada
2.2
1.4
North America
Mexico
1.5
0.5
Latin America
United Kingdom
1.0
1.2
UK
Brazil
0.7
0.2
Latin America
Turkey
0.7
0.3
Europe ex UK
Saudi Arabia
0.7
0.3
Other
France
0.7
0.6
Europe ex UK
Dominican Republic
0.6
0.1
Other
United Arab Emirates
0.6
0.3
Other
Top 10 Countries
Portfolio (%)
United States
86.0
Canada
2.2
Mexico
1.5
United Kingdom
1.0
Brazil
0.7
Turkey
0.7
Saudi Arabia
0.7
France
0.7
Dominican Republic
0.6
United Arab Emirates
0.6
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
24.9
60.7
AAA
10.9
2.5
AA
3.7
5.4
A
10.6
11.9
BBB
22.4
12.9
BB
13.5
3.3
B
3.5
2.2
CCC
0.1
0.9
CC
0.0
0.0
D
0.0
0.0
Not Rated
4.8
0.1
Short-Term Investments, Other Assets & Liabilities
5.6
—
Unassigned
0.0
—
Credit Quality
Portfolio (%)
U.S. Government
24.9
AAA
10.9
AA
3.7
A
10.6
BBB
22.4
BB
13.5
B
3.5
CCC
0.1
CC
0.0
D
0.0
Not Rated
4.8
Short-Term Investments, Other Assets & Liabilities
5.6
Unassigned
0.0
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
14.3
1.6
Year 2
7.8
12.2
Year 3
10.5
12.4
Year 4
13.6
10.1
Year 5
9.6
11.2
Year 6
6.7
6.5
Year 7
5.1
7.1
Year 8
2.8
5.5
Year 9
3.8
7.0
Year 10+
20.0
26.7
Short-Term Investments, Other Assets & Liabilities
5.6
—
Maturity
Portfolio (%)
Year 1
14.3
Year 2
7.8
Year 3
10.5
Year 4
13.6
Year 5
9.6
Year 6
6.7
Year 7
5.1
Year 8
2.8
Year 9
3.8
Year 10+
20.0
Short-Term Investments, Other Assets & Liabilities
5.6

Data based on representative account.

Holdings within the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Credit quality ratings use the highest rating available from either S&P Global Ratings or Moody's Investors Service. Unrated securities are evaluated by the firm using available data and their own analysis that may be similar to that of a nationally recognized rating agency; however, such determination is not equivalent to a national agency credit rating. "NR" = Not Rated.

Sector, Industry, and Market Capitalization are based on the portfolio's equity holdings. Credit Quality and Maturity are based on the portfolio’s fixed income holdings. Geography and Asset Class are based on the full portfolio.

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Short-Term Investments, Other Assets & Liabilities includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

Portfolio Managers

Portfolio Managers

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…
Learn More
Christian Hoffmann, CFA

Christian Hoffmann, CFA

Head of Fixed Income 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…
Learn More
Ali Hassan, CFA, FRM

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…
Learn More

Literature

Fact Sheet
Commentary

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Finding Opportunity Amid Imbalance: 2026 Market Outlook
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2 min read
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Markets & Economy

FOMC Update: Fed Holds Rates Steady After Three Successive Cuts
Ali Hassan shares his perspective on the Fed’s stance and the potential impact of monetary policy.
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3 min read
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2026 Global Equity Outlook: International Equities Remain the Asymmetric Opportunity
Many themes that were top of mind in 2025 remain highly relevant in 2026, including the somewhat surprising resilience in the U.S. and most economies worldwide.
By Matt Burdett
28 Jan 2026
12 min read
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