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Thornburg Ultra Short Income Strategy

Strategy Overview
The Ultra Short Income Strategy employs a flexible and highly active approach to invest in a broad range of primarily investment grade, ultra-short maturity fixed income and money market securities. The strategy seeks to reduce price fluctuations compared to longer duration portfolios by maintaining an average duration of normally no more than one half (0.5) of a year while providing current income consistent with the preservation of capital
Strategy Inception Date
1 Oct 2020

Portfolio Managers

Portfolio Manager and Managing Director
Head of Fixed Income and Managing Director
Overview

Overview

Why Invest in This Strategy?

  • Actively managed short-term portfolio of high-quality taxable bonds with low interest-rate exposure.
  • Proven bottom-up fundamental approach that invests in a broad range of investment grade ultra-short fixed income and money market securities with a target duration of half a year (0.5).
  • Short-term strategy that seeks to provide income low interest-rate exposure with high-quality fixed income while minimizing volatility.
Performance

Performance

Returns

(As of 31 Mar 2025)
YTD
1y
3y
Inception
Thornburg Ultra Short Income Strategy - Gross (%)
1.28
5.95
4.96
3.32
Thornburg Ultra Short Income Strategy - Net (%)
1.22
5.68
4.70
3.06
ICE BofA U.S. Treasury Bill Index (%)
1.04
5.06
4.26
2.83
YTD
1y
3y
Inception
Thornburg Ultra Short Income Strategy - Gross (%)
2.18
5.85
5.27
3.39
Thornburg Ultra Short Income Strategy - Net (%)
2.07
5.58
5.01
3.13
ICE BofA U.S. Treasury Bill Index (%)
1.75
4.85
4.48
2.89
2021
2022
2023
2024
Thornburg Ultra Short Income Strategy - Gross (%)
0.62
0.52
6.10
6.11
Thornburg Ultra Short Income Strategy - Net (%)
0.37
0.27
5.83
5.84
ICE BofA U.S. Treasury Bill Index (%)
0.05
1.34
5.09
5.30
Strategy Facts

Strategy Facts

(As of 31 May 2025)
Strategy Assets
$257.1 M
Benchmark
ICE BofA U.S. Treasury Bill Index
Number of Holdings
278
Characteristics

Characteristics

Portfolio

(As of 31 May 2025)
Portfolio
Benchmark
Effective Duration
0.5 Yrs
0.3 Yrs
Average Effective Maturity
0.6 Yrs
0.3 Yrs
Portfolio
Benchmark
Weighted Average Coupon
4.1%
Portfolio

Portfolio

Top Holdings

(As of 30 Apr 2025)
Name
Ticker/Symbol
Weight %
United States Treasury Bill
912797PX9
1.1
GTP Acquisition Partners I, LLC
36246MAU3
1.0
Constellation Brands, Inc.
21036PBN7
1.0
HP, Inc.
40434LAA3
1.0
United States Treasury Note/Bond
912828Y79
1.0
Electricite de France S.A.
268317AS3
1.0
BHG Securitization Trust 2022-C
08860DAB9
0.9
International Flavors & Fragrances, Inc.
459506AN1
0.9
Gray Oak Pipeline, LLC
38937LAC5
0.9
FREED ABS Trust 2022-3FP
35634EAD1
0.9
Exposure Breakdown

Exposure Breakdown

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

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Corporate
47.1
Asset Backed Securities
33.0
Cash & Cash Equivalents
9.5
Treasury-Domestic
7.9
92.5
Collateralized Mortgage Obligation
1.9
Mortgage Passthrough
0.3
Commercial Mortgage Backed Security
0.2
Sector Allocation
Portfolio (%)
Corporate
47.1
Asset Backed Securities
33.0
Cash & Cash Equivalents
9.5
Treasury-Domestic
7.9
Collateralized Mortgage Obligation
1.9
Mortgage Passthrough
0.3
Commercial Mortgage Backed Security
0.2
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
U.S. Government
8.2
100.0
AAA
12.9
AA
9.9
A
14.5
BBB
39.6
BB
3.0
Not Rated
2.4
Cash & Cash Equivalents
9.5
Credit Quality
Portfolio (%)
U.S. Government
8.2
AAA
12.9
AA
9.9
A
14.5
BBB
39.6
BB
3.0
Not Rated
2.4
Cash & Cash Equivalents
9.5
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Year 1
75.5
100.0
Year 2
13.4
Year 3
1.1
Year 4
0.2
Year 5+
0.3
Cash
9.5
Maturity
Portfolio (%)
Year 1
75.5
Year 2
13.4
Year 3
1.1
Year 4
0.2
Year 5+
0.3
Cash
9.5
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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