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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

Portfolio Manager and Managing Director
Head of Fixed Income, Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
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.
Performance

Performance

Returns

(As of 30 Jun 2026)
YTD
1y
3y
5y
10y
Inception
Thornburg Multisector Opportunistic Strategy - Gross (%)
1.53
5.12
6.56
3.68
4.97
6.10
Thornburg Multisector Opportunistic Strategy - Net (%)
1.26
4.57
5.99
3.10
4.36
5.33
Bloomberg U.S. Universal Index (%)
0.77
4.15
4.70
0.44
1.95
3.26
YTD
1y
3y
5y
10y
Inception
Thornburg Multisector Opportunistic Strategy - Gross (%)
1.43
3.65
6.28
3.46
4.70
6.04
Thornburg Multisector Opportunistic Strategy - Net (%)
1.08
3.11
5.72
2.89
4.09
5.27
Bloomberg U.S. Universal Index (%)
-0.03
2.23
4.60
0.10
1.77
3.19
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 31 Aug 2026)
Strategy Assets
$10.1 B
Benchmark
Bloomberg U.S. Universal Index
eVestment Category
Global Multi-Sector Fixed Income
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2026)
Portfolio
Benchmark
Number of Holdings
1,214
—
Effective Duration
4.2 Yrs
5.6 Yrs
Portfolio
Benchmark
Average Effective Maturity
5.2 Yrs
7.9 Yrs
Weighted Average Coupon
4.6%
4.1%
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2026)
Name
Ticker/Symbol
Weight %
United States Treasury Note/Bond
91282CQQ7
2.7
United States Treasury Note/Bond
912810ST6
1.3
United States Treasury Note/Bond
912810TA6
1.1
United States Treasury Note/Bond
912810SQ2
1.0
Ginnie Mae II Pool
36179WR34
0.7
United States Treasury Inflation Indexed Bonds
912810SV1
0.6
United States Treasury Note/Bond
912810SR0
0.6
Ginnie Mae II Pool
36179W7K8
0.6
United States Treasury Inflation Indexed Bonds
91282CPU9
0.5
Fannie Mae Pool
31418FWW3
0.5
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2026)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
Corporate Bond
43.2
30.2
Collateralized Mortgage Obligation
14.3
—
Treasury Domestic
11.6
39.5
Asset Backed Securities
10.6
0.4
Mortgage Passthrough
8.6
20.0
Commercial Mortgage Backed Security
3.1
1.2
Short-Term Investments, Other Assets & Liabilities
3.0
—
Loan Participation
2.9
—
Treasury-Foreign
1.9
4.8
Preferred Stock
0.7
—
Municipals
0.0
0.8
Common Stock
0.0
—
Sector Allocation
Portfolio (%)
Corporate Bond
43.2
Collateralized Mortgage Obligation
14.3
Treasury Domestic
11.6
Asset Backed Securities
10.6
Mortgage Passthrough
8.6
Commercial Mortgage Backed Security
3.1
Short-Term Investments, Other Assets & Liabilities
3.0
Loan Participation
2.9
Treasury-Foreign
1.9
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
86.4
86.2
North America
Canada
1.7
1.4
North America
Mexico
1.5
0.6
Latin America
United Kingdom
1.4
1.2
UK
Turkey
0.8
0.3
Europe ex UK
France
0.8
0.7
Europe ex UK
Saudi Arabia
0.7
0.3
Other
Brazil
0.6
0.2
Latin America
United Arab Emirates
0.5
0.4
Other
Australia
0.5
0.4
Asia Pacific ex Japan
Top 10 Countries
Portfolio (%)
United States
86.4
Canada
1.7
Mexico
1.5
United Kingdom
1.4
Turkey
0.8
France
0.8
Saudi Arabia
0.7
Brazil
0.6
United Arab Emirates
0.5
Australia
0.5
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
U.S. Government
24.8
59.9
AAA
11.4
3.0
AA
3.8
5.6
A
10.2
12.1
BBB
25.2
12.7
BB
13.4
3.5
B
2.6
2.5
CCC
0.1
0.6
CC
0.0
0.0
D
0.1
0.0
Not Rated
5.4
0.0
Short-Term Investments, Other Assets & Liabilities
3.0
—
Unassigned
0.0
—
Credit Quality
Portfolio (%)
U.S. Government
24.8
AAA
11.4
AA
3.8
A
10.2
BBB
25.2
BB
13.4
B
2.6
CCC
0.1
CC
0.0
D
0.1
Not Rated
5.4
Short-Term Investments, Other Assets & Liabilities
3.0
Unassigned
0.0
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
12.9
1.5
Year 2
11.0
12.9
Year 3
12.5
11.4
Year 4
11.1
9.7
Year 5
10.2
10.2
Year 6
7.6
6.1
Year 7
5.9
7.6
Year 8
2.7
7.5
Year 9
2.3
8.9
Year 10+
20.8
24.2
Short-Term Investments, Other Assets & Liabilities
3.0
—
Maturity
Portfolio (%)
Year 1
12.9
Year 2
11.0
Year 3
12.5
Year 4
11.1
Year 5
10.2
Year 6
7.6
Year 7
5.9
Year 8
2.7
Year 9
2.3
Year 10+
20.8
Short-Term Investments, Other Assets & Liabilities
3.0
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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Literature

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