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Thornburg Equity Income Builder SMA

Strategy Overview
The Equity Income Builder Strategy employs a flexible bottom-up research process to identify dividend-paying companies with strong cash flows that have both the ability and willingness to pay and grow their dividends over time. Highly active and benchmark agnostic, the strategy prioritizes current income while preserving the opportunity for income growth and capital appreciation over time. At least 80% of the portfolio is invested in income-producing securities and considers the entire universe of global equities.
Strategy Inception Date
1 May 2019

Portfolio Managers

Vice Chairman, Chief Investment Strategist and Managing Director
Head of Equities and Managing Director
Overview

Overview

Why Invest in This Strategy?

 

  • Global, diversified multi-asset portfolio of income-producing stocks that seeks to deliver an attractive and growing income stream.
  • Proven bottom-up fundamental research process to identify dividend-paying companies with strong cash flows that have both the ability and willingness to pay and grow their dividends over time.
  • Highly active, flexible approach that allows us to go anywhere in the world to seek income.
Key Facts

Key Facts

(As of 30 Sep 2025)
Assets
$52.1 M*
Benchmark
MSCI World Index
Performance

Performance

Returns

(As of 30 Sep 2025)
YTD
1y
3y
5y
Inception
Thornburg Equity Income Builder Strategy - Gross (%)
33.06
26.51
27.84
17.57
12.56
Thornburg Equity Income Builder Strategy - Net (%)
32.70
26.11
27.10
16.77
11.86
MSCI World Index (%)
17.43
17.25
23.72
14.41
12.96
YTD
1y
3y
5y
Inception
Thornburg Equity Income Builder Strategy - Gross (%)
33.06
26.51
27.84
17.57
12.56
Thornburg Equity Income Builder Strategy - Net (%)
32.70
26.11
27.10
16.77
11.86
MSCI World Index (%)
17.43
17.25
23.72
14.41
12.96
2020
2021
2022
2023
2024
Thornburg Equity Income Builder Strategy - Gross (%)
1.92
17.87
-9.43
21.91
11.55
Thornburg Equity Income Builder Strategy - Net (%)
1.34
17.03
-10.10
21.04
10.89
MSCI World Index (%)
15.90
21.82
-18.14
23.79
18.67
Characteristics

Characteristics

Portfolio

(As of 30 Sep 2025)
Portfolio
Benchmark
Number of Holdings
54
Weighted Average Market Cap
$274.9 B
$985.8 B
Median Market Cap
$77.7 B
$25.6 B
Annual Portfolio Turnover
4%
Price to Earnings - Forward 1YR
12.8x
21.3x
Portfolio
Benchmark
Price to Earnings - Trailing 12 Months
15.1x
25.4x
Price to Cash Flow
6.3x
15.3x
Price to Book Value
1.8x
3.8x
Active Share
90.9%
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2025)
Name
Ticker/Symbol
Sector
Weight %
Orange S.A.
ORANY
Communication Services
5.4
Broadcom, Inc.
AVGO
Information Technology
5.0
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
4.3
NN Group N.V.
NNGRY
Financials
3.9
Enel SpA
ENLAY
Utilities
3.8
BNP Paribas S.A.
BNPQY
Financials
3.5
Generali
ARZGY
Financials
3.3
AT&T, Inc.
T
Communication Services
3.1
TotalEnergies SE
TTE
Energy
3.0
Endesa S.A.
ELEZY
Utilities
2.9
Exposure Breakdown

Exposure Breakdown

(As of 30 Sep 2025)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
22.4
16.8
Health Care
13.2
9.1
Communication Services
12.5
8.7
Utilities
12.1
2.6
Information Technology
11.9
27.4
Energy
7.5
3.4
Industrials
6.8
11.2
Cash & Cash Equivalents
4.9
Consumer Staples
3.6
5.4
Consumer Discretionary
2.7
10.2
Materials
2.5
3.2
Real Estate
0.0
1.9
Sector Allocation
Portfolio (%)
Financials
22.4
Health Care
13.2
Communication Services
12.5
Utilities
12.1
Information Technology
11.9
Energy
7.5
Industrials
6.8
Cash & Cash Equivalents
4.9
Consumer Staples
3.6
Consumer Discretionary
2.7
Materials
2.5
Real Estate
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Telecommunication Services
12.5
1.4
Utilities
12.1
2.6
Pharmaceuticals, Biotechnology & Life Sciences
11.8
5.9
Semiconductors & Semiconductor Equipment
10.4
10.7
Banks
9.8
6.8
Insurance
8.8
3.1
Energy
7.5
3.4
Capital Goods
4.9
8.3
Financial Services
3.8
6.9
Materials
2.5
3.2
Top 10 Industries
Portfolio (%)
Telecommunication Services
12.5
Utilities
12.1
Pharmaceuticals, Biotechnology & Life Sciences
11.8
Semiconductors & Semiconductor Equipment
10.4
Banks
9.8
Insurance
8.8
Energy
7.5
Capital Goods
4.9
Financial Services
3.8
Materials
2.5
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
United States
25.3
72.3
North America
France
16.4
2.7
Europe ex UK
United Kingdom
11.4
3.6
UK
Italy
8.5
0.8
Europe ex UK
Germany
7.4
2.4
Europe ex UK
Netherlands
6.1
1.2
Europe ex UK
Switzerland
5.9
2.3
Europe ex UK
Taiwan
5.0
Asia Pacific ex Japan
Spain
2.9
0.9
Europe ex UK
Canada
2.0
3.3
North America
Top 10 Countries
Portfolio (%)
United States
25.3
France
16.4
United Kingdom
11.4
Italy
8.5
Germany
7.4
Netherlands
6.1
Switzerland
5.9
Taiwan
5.0
Spain
2.9
Canada
2.0
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
99.1
97.8
Mid Cap ($2.5 to $12 B)
0.1
2.2
Small Cap (< $2.5 B)
0.8
0.0
Capitalization
Portfolio (%)
Large Cap (> $12 B)
99.1
Mid Cap ($2.5 to $12 B)
0.1
Small Cap (< $2.5 B)
0.8
Portfolio Managers

Portfolio Managers

Brian McMahon

Vice Chairman, Chief Investment Strategist and Managing Director
Brian McMahon is chief investment strategist for Thornburg Investment Management. Brian is deeply respected for his market and investment insight and serves as a key voice for the investment team and Thornburg clients. He also co-manages Thornburg’s global equity portfolios and serves as vice chairman of Thornburg. Brian joined Thornburg in 1984 as chief investment officer; a role he held…
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Matt Burdett

Head of Equities and Managing Director
Matt Burdett is head of equities and a portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager. Matt was named a managing director and was promoted to portfolio manager in 2018 and to head of equities in 2024. Matt spent several years as a senior vice president and portfolio manager at PIMCO,…
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