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 and Managing Director
Portfolio Manager and Managing Director
Overview
Performance
Performance
Returns
(As of 31 Mar 2025)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 (%)
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 (%)
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 (%)
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 (%)
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
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 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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