Intermediate Income SMA
BENCHMARK: Bloomberg U.S. Aggregate Index
Strategy Overview
The Intermediate Income Strategy is a high-quality core portfolio that employs bottom-up research to find undervalued opportunities across the investment-grade universe. The strategy is designed to provide investors a high level of current income consistent with the long-term preservation of capital.
Strategy Inception Date
1 Oct 2024
Portfolio Managers
Head of Fixed Income and Managing Director
Portfolio Manager and Managing Director
Overview
Key Facts
Key Facts
(As of 30 Apr 2025)Assets
$0.2 M
Benchmark
Bloomberg U.S. Aggregate Index
Number of Holdings
69
Performance
Performance
Returns
(As of 31 Mar 2025)Characteristics
Characteristics
Portfolio
(As of 30 Apr 2025)Portfolio
Benchmark
Effective Duration
5.2 Yrs
6.0 Yrs
Average Effective Maturity
7.3 Yrs
8.3 Yrs
Portfolio
Benchmark
Weighted Average Coupon
3.5%
3.6%
Weighted Average Price
$67.47
—
Portfolio
Portfolio
Top Holdings
(As of 31 Mar 2025)Name
Ticker/Symbol
Weight %
United States Treasury Note/Bond
912810RE0
8.0
United States Treasury Note/Bond
912810TN8
7.7
United States Treasury Note/Bond
91282CHT1
4.0
Freddie Mac Multifamily Structured Pass Through Certificates
3137HAD29
3.0
Freddie Mac Pool
3132DWDK6
2.9
Fannie Mae Pool
31418EKT6
2.8
Fannie Mae Pool
31418EGJ3
2.8
Freddie Mac Pool
3132D6BQ2
2.8
Fannie Mae Pool
3140XMY91
2.8
Fannie Mae Pool
31418ECQ1
2.8
Exposure Breakdown
Exposure Breakdown
(As of 30 Apr 2025)Sector Allocation
Portfolio (%)
Corporate
34.3
Mortgage Passthrough
24.9
Treasury-Domestic
22.7
Asset Backed Securities
12.7
Commercial Mortgage Backed Security
3.0
Cash & Cash Equivalents
2.4
Credit Quality
Portfolio (%)
U.S. Government
51.4
AAA
12.0
A
8.5
BBB
26.6
Cash & Cash Equivalents
1.6
Maturity
Portfolio (%)
Year 1
16.3
Year 2
9.2
Year 3
7.7
Year 4
2.3
Year 5
15.1
Year 6
7.6
Year 7
1.4
Year 8
2.7
Year 9
7.2
Year 10+
28.8
Cash
1.6
Portfolio Managers
Portfolio Managers

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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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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Portfolio managers are supported by the entire Thornburg investment team.
Literature
More Insights

Fixed Income
Investor Spotlight: The Municipal Bond Tax Exemption
We detail the developments surrounding the municipal bond tax exemption and provide context through a volatile and uncertain market.

International Growth
5 Reasons to Consider Global ex-US Equities
Global ex-US equities have lagged U.S. stocks over the past decade, but we believe the tide is turning.

Markets & Economy
FOMC Update: Inflation Risks and Tariff Uncertainty in Focus
Portfolio Manager Ali Hassan shares his perspective on the Fed’s cautious stance, economic slowdown, and the path forward for monetary policy.

Fixed Income
Investor Spotlight: The Municipal Bond Tax Exemption
We detail the developments surrounding the municipal bond tax exemption and provide context through a volatile and uncertain market.

Global Equity
International Equity: The Power of Global Diversification
International equities are a much more differentiated set of companies and industries than the U.S., which can help investors construct a diversified portfolio in the midst of global volatility.

Global Credit
A Time for Active Fixed Income
Heightened uncertainty, interest rate volatility, and evolving credit risks create opportunities for skilled active fixed income investment managers to add value.