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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 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 31 Mar 2025)
YTD
1y
3y
5y
10y
Inception
Thornburg Multisector Opportunistic Strategy - Gross (%)
2.53
6.97
4.49
5.64
4.59
6.13
Thornburg Multisector Opportunistic Strategy - Net (%)
2.39
6.40
3.92
5.04
3.97
5.35
Bloomberg U.S. Universal Index (%)
2.66
5.24
1.01
0.32
1.83
3.17
YTD
1y
3y
5y
10y
Inception
Thornburg Multisector Opportunistic Strategy - Gross (%)
3.20
7.48
5.24
4.56
4.51
6.11
Thornburg Multisector Opportunistic Strategy - Net (%)
2.97
6.91
4.66
3.97
3.89
5.33
Bloomberg U.S. Universal Index (%)
2.50
5.84
2.06
-0.29
1.84
3.13
2019
2020
2021
2022
2023
2024
Thornburg Multisector Opportunistic Strategy - Gross (%)
8.56
8.90
3.39
-5.59
8.26
5.45
Thornburg Multisector Opportunistic Strategy - Net (%)
7.92
8.25
2.77
-6.14
7.67
4.89
Bloomberg U.S. Universal Index (%)
9.29
7.58
-1.10
-12.99
6.17
2.04
Strategy Facts

Strategy Facts

(As of 31 May 2025)
Strategy Assets
$9.7 B
Benchmark
Bloomberg U.S. Universal Index
Number of Holdings
1194
eVestment Category
Global Multi-Sector Fixed Income
Characteristics

Characteristics

Portfolio

(As of 31 May 2025)
Portfolio
Benchmark
Effective Duration
4.3 Yrs
5.8 Yrs
Average Effective Maturity
5.6 Yrs
8.0 Yrs
Portfolio
Benchmark
Weighted Average Coupon
4.5%
3.9%
Portfolio

Portfolio

Top Holdings

(As of 30 Apr 2025)
Name
Ticker/Symbol
Weight %
United States Treasury Inflation Indexed Bonds
91282CJY8
1.7
United States Treasury Inflation Indexed Bonds
91282CKL4
1.5
Fannie Mae Pool
3140XMY42
1.2
Fannie Mae Pool
3140XMZX7
1.1
United States Treasury Note/Bond
912810SQ2
1.1
United States Treasury Note/Bond
91282CJJ1
1.0
Freddie Mac Pool
3132E0T93
1.0
Freddie Mac Pool
3132E0T85
0.9
United States Treasury Note/Bond
912810RG5
0.7
United States Treasury Strip Coupon
912833Y46
0.7
Exposure Breakdown

Exposure Breakdown

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

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
Corporate
43.1
30.0
Collateralized Mortgage Obligation
14.6
Treasury-Domestic
11.1
38.5
Asset Backed Securities
10.3
0.4
Mortgage Passthrough
10.1
21.1
Commercial Mortgage Backed Security
3.5
1.3
Treasury-Foreign
2.2
4.5
Bank Loan
2.2
Cash & Cash Equivalents
2.1
Preferred Stock
0.9
Municipals
0.0
0.9
Currency Forward
-0.1
Sector Allocation
Portfolio (%)
Corporate
43.1
Collateralized Mortgage Obligation
14.6
Treasury-Domestic
11.1
Asset Backed Securities
10.3
Mortgage Passthrough
10.1
Commercial Mortgage Backed Security
3.5
Treasury-Foreign
2.2
Bank Loan
2.2
Cash & Cash Equivalents
2.1
Preferred Stock
0.9
Municipals
0.0
Currency Forward
-0.1
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
United States
85.5
86.1
North America
Canada
2.1
1.5
North America
Mexico
1.1
0.5
Latin America
United Kingdom
1.1
1.2
UK
Brazil
0.8
0.1
Latin America
Dominican Republic
0.7
0.1
Other
Turkey
0.7
0.3
Europe ex UK
Saudi Arabia
0.7
0.3
Other
France
0.7
0.7
Europe ex UK
United Arab Emirates
0.6
0.4
Other
Top 10 Countries
Portfolio (%)
United States
85.5
Canada
2.1
Mexico
1.1
United Kingdom
1.1
Brazil
0.8
Dominican Republic
0.7
Turkey
0.7
Saudi Arabia
0.7
France
0.7
United Arab Emirates
0.6
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
24.6
60.6
AAA
11.4
2.7
AA
4.2
4.8
A
10.5
12.3
BBB
23.6
12.8
BB
14.5
3.1
B
4.1
2.0
CCC
0.1
0.7
CC
0.1
0.0
D
0.0
0.0
Not Rated
5.1
1.0
Cash & Cash Equivalents
1.9
Credit Quality
Portfolio (%)
U.S. Government
24.6
AAA
11.4
AA
4.2
A
10.5
BBB
23.6
BB
14.5
B
4.1
CCC
0.1
CC
0.1
D
0.0
Not Rated
5.1
Cash & Cash Equivalents
1.9
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
10.4
1.5
Year 2
10.7
12.6
Year 3
11.0
11.0
Year 4
11.2
9.8
Year 5
12.1
10.6
Year 6
4.8
6.6
Year 7
7.0
6.7
Year 8
3.8
5.6
Year 9
6.3
6.8
Year 10+
20.8
28.9
Cash
1.9
Maturity
Portfolio (%)
Year 1
10.4
Year 2
10.7
Year 3
11.0
Year 4
11.2
Year 5
12.1
Year 6
4.8
Year 7
7.0
Year 8
3.8
Year 9
6.3
Year 10+
20.8
Cash
1.9
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…
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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…
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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…
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