Thornburg Limited Term U.S. Government SMA
BENCHMARK: Bloomberg U.S. Government Intermediate Index
Strategy Overview
The Limited Term U.S. Government Strategy employs an actively managed approach to build a portfolio of high quality short/intermediate-term obligations issued by the U.S. government, its agencies or instrumentalities with an average maturity of five years or less. The strategy seeks to provide income consistent with the preservation of capital and lower volatility relative to core bond strategies.
Strategy Inception Date
1 Mar 1988
Portfolio Managers
Portfolio Manager and Managing Director
Head of Fixed Income and Managing Director
Overview
Key Facts
Key Facts
(As of 31 May 2025)Benchmark
Bloomberg U.S. Government Intermediate Index
Number of Holdings
149
Performance
Performance
Returns
(As of 31 Mar 2025)2019
2020
2021
2022
2023
2024
Thornburg Limited Term U.S. Government Strategy - Gross (%)
4.55
4.69
-0.99
-7.21
4.91
3.32
Thornburg Limited Term U.S. Government Strategy - Net (%)
4.16
4.31
-1.35
-7.57
4.52
2.94
Bloomberg U.S. Government Intermediate Index (%)
5.20
5.73
-1.69
-7.73
4.30
2.44
Characteristics
Characteristics
Portfolio
(As of 31 May 2025)Portfolio
Benchmark
Effective Duration
4.5 Yrs
3.5 Yrs
Average Effective Maturity
5.6 Yrs
3.9 Yrs
Portfolio
Benchmark
Weighted Average Coupon
2.7%
3.2%
Weighted Average Price
$91.77
—
Portfolio
Portfolio
Top Holdings
(As of 30 Apr 2025)Name
Ticker/Symbol
Weight %
United States Treasury Inflation Indexed Bonds
91282CBF7
6.9
Fannie Mae Pool
3140XMZX7
4.8
FARM 21-1 Mortgage Trust
30768WAA6
2.7
Caledonia Generating, LLC
129268AB4
2.4
United States Treasury Note/Bond
91282CHC8
2.0
Fannie Mae Pool
31418D2Y7
1.9
Freddie Mac Seasoned Credit Risk Transfer Trust 2017-4
35563PDD8
1.8
Fannie Mae Pool
3140XGAS8
1.8
United States Treasury Inflation Indexed Bonds
91282CKL4
1.5
United States Treasury Note/Bond
91282CDY4
1.5
Exposure Breakdown
Exposure Breakdown
(As of 31 May 2025)Sector Allocation
Portfolio (%)
Mortgage Passthrough
34.0
Collateralized Mortgage Obligation
28.2
Treasury-Domestic
18.6
Cash & Cash Equivalents
5.5
Asset Backed Securities
4.4
Agency Debenture
4.1
Commercial Mortgage Backed Security
3.4
Corporate
1.8
Credit Quality
Portfolio (%)
U.S. Government
94.5
Cash & Cash Equivalents
5.5
Maturity
Portfolio (%)
Year 1
2.2
Year 2
3.4
Year 3
11.8
Year 4
11.9
Year 5
20.5
Year 6
1.1
Year 7
10.4
Year 8
3.6
Year 9
6.0
Year 10+
23.6
Cash
5.5
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…
Learn More

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…
Learn More
Literature
More Insights

Fixed Income
Investor Update: A Potential Reprieve for the Municipal Bond Tax Exemption
We provide an update on the developments surrounding the municipal bond tax exemption in a fast-moving environment.

Markets & Economy
FOMC Update: Fiscal Challenges Taking a Back Seat to Geopolitical Risks
Christian Hoffmann, CFA, Head of Fixed Income, shares his perspective on the Fed’s stance and the potential impact of monetary policy.

Markets & Economy
Fixed Income: Finding Income and Playing Defense Through Volatility
Position fixed income portfolios for yield and ballast through market turbulence and economic uncertainty.

Markets & Economy
Investment Perspectives from the Road: India
Our investment professionals travel the world to evaluate global markets and unearth the most optimal ideas. Josh Rubin recently visited India, and here are his perspectives.

Global Equity
Revisiting Our 2025 Outlook: What’s Unfolding and What Lies Ahead
As we move further into 2025, many of the themes outlined in our 2025 outlook are playing out.

Markets & Economy
The Global Shift: Why Non-U.S. Equities Are Taking Center Stage
Market volatility brings opportunity. Watch a macro overview of why international investments are relevant now.