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 31 May 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 31 May 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
3.6%
3.6%
Weighted Average Price
$66.19
—
Portfolio
Portfolio
Top Holdings
(As of 31 May 2025)Name
Ticker/Symbol
Weight %
United States Treasury Note/Bond
912810RE0
7.7
United States Treasury Note/Bond
912810TN8
7.4
United States Treasury Note/Bond
91282CHT1
4.0
Freddie Mac Multifamily Structured Pass Through Certificates
3137HAD29
3.0
Freddie Mac Pool
3132D6BQ2
2.8
Freddie Mac Pool
3132DWDK6
2.8
Fannie Mae Pool
31418EKT6
2.8
United States Treasury Note/Bond
91282CLF6
2.8
Fannie Mae Pool
31418EGJ3
2.8
Fannie Mae Pool
3140XMY91
2.7
Exposure Breakdown
Exposure Breakdown
(As of 31 May 2025)Sector Allocation
Portfolio (%)
Corporate
35.4
Mortgage Passthrough
24.5
Treasury-Domestic
22.3
Asset Backed Securities
11.6
Cash & Cash Equivalents
3.3
Commercial Mortgage Backed Security
3.0
Credit Quality
Portfolio (%)
U.S. Government
51.4
AAA
10.9
A
7.6
BBB
27.6
Cash & Cash Equivalents
2.5
Maturity
Portfolio (%)
Year 1
16.0
Year 2
11.3
Year 3
4.9
Year 4
2.4
Year 5
17.1
Year 6
4.7
Year 7
1.5
Year 8
2.6
Year 9
7.2
Year 10+
29.9
Cash
2.5
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

Markets & Economy
Tariffs, Stagflation, and the Fed: A Spotlight on Investors’ Most Pressing Questions
Thornburg’s client portfolio managers explore some of Wall Street's biggest themes.

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

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.

Emerging Markets
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.