Available Sites

Please select your location and the type of investor you are so we can share the most relevant information with you.

For Institutional / Wholesale / Professional Clients

The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.

TERMS AND CONDITIONS OF USE

Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.

Disclaimers

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.

Reference to a fund or security anywhere on this website is not a recommendation to buy, sell or hold that or any other security. The information is not a complete analysis of every material fact concerning any market, industry, or investment, nor is it intended to predict the performance of any investment or market.

All opinions and estimates included on this website constitute judgements of Thornburg as at the date of this website and are subject to change without notice.

All information and contents of this website are furnished "as is." Data has been obtained from sources considered reliable, but Thornburg makes no representation as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg disclaims, to the fullest extent of the law, any implied or express warranty of any kind, including without limitation the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

If you live in a state that does not allow disclaimers of implied warranties, our disclaimer may not apply to you.

Although Thornburg intends the information contained in this website to be accurate and reliable, errors sometimes occur. Thornburg does not warrant that the information to be free of errors, that the functions contained in the site will be uninterrupted, that defects will be corrected or that the site and servers are free from viruses or other harmful components. You agree that you are responsible for the means you use to access this website and understand that your hardware, software, the Internet, your Internet service provider, and other third parties involved in connecting you to our website may not perform as intended or desired. We also disclaim responsibility for damages third parties may cause to you through the use of this website, whether intentional or unintentional. For example, you understand that hackers could breach our security procedures, and that we will not be responsible for any related damages.

Thornburg Investment Management, Inc. is regulated by the U.S. Securities and Exchange under U.S. laws which may differ materially from laws in other jurisdictions.

Online Privacy and Cookie Policy

Please review our Online Privacy and Cookie Policy, which is hereby incorporated by reference as part of these terms and conditions.

Third Party Content

Certain website's content has been obtained from sources that Thornburg believes to be reliable as of the date presented but Thornburg cannot guarantee the accuracy, timeliness, completeness, or suitability for use of such content. The content does not take into account individual investor's circumstances, objectives or needs. The content is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services, nor does it constitute investment advice and should not be used as the basis for any investment decision.

Suitability

No determination has been made regarding the suitability of any securities, financial instruments or strategies for any investor. The website's content is provided on the basis and subject to the explanations, caveats and warnings set out in this notice and elsewhere herein. The website's content does not purport to provide any legal, tax or accounting advice. Any discussion of risk management is intended to describe Thornburg's efforts to monitor and manage risk but does not imply low risk.

Limited License and Restrictions on Use

Except as otherwise stated in these terms of use or as expressly authorized by Thornburg in writing, you may not:

  • Modify, copy, distribute, transmit, post, display, perform, reproduce, publish, broadcast, license, create derivative works from, transfer, sell, or exploit any reports, data, information, content, software, RSS and podcast feeds, products, services, or other materials (collectively, "Materials") on, generated by or obtained from this website, whether through links or otherwise;
  • Redeliver any page, text, image or Materials on this website using "framing" or other technology;
  • Engage in any conduct that could damage, disable, or overburden (i) this website, (ii) any Materials or services provided through this website, or (iii) any systems, networks, servers, or accounts related to this website, including without limitation, using devices or software that provide repeated automated access to this website, other than those made generally available by Thornburg;
  • Probe, scan, or test the vulnerability of any Materials, services, systems, networks, servers, or accounts related to this website or attempt to gain unauthorized access to Materials, services, systems, networks, servers, or accounts connected or associated with this website through hacking, password or data mining, or any other means of circumventing any access-limiting, user authentication or security device of any Materials, services, systems, networks, servers, or accounts related to this website; or
  • Modify, copy, obscure, remove or display the Thornburg name, logo, trademarks, notices or images without Thornburg's express written permission. To obtain such permission, you may e-mail us at info@thornburg.com.

Severability, Governing Law

Failure by Thornburg to enforce any provision(s) of these terms and conditions shall not be construed as a waiver of any provision or right. This website is controlled and operated by Thornburg from its offices in Santa Fe, New Mexico. The laws of the State of New Mexico govern these terms and conditions. If you take legal action relating to these terms and conditions, you agree to file such action only in state or federal court in New Mexico and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.

Termination

You acknowledge and agree that Thornburg may restrict, suspend or terminate these terms and conditions or your access to, and use, of the all or any part this website, including any links to third-party sites, at any time, with or without cause, including but not limited to any breach of these terms and conditions, in Thornburg's absolute discretion and without prior notice or liability.

Please read through all of the Terms and Conditions of Use above to continue.

Region

Americas

Asia Pacific

Europe

Rest of the World

Unsubscribe

Confirm you would like to unsubscribe from this list

You have unsaved changes on the page. Would you like to save them?

Remove strategy

Confirm you would like to remove this strategy from your list
Investments
Capabilities
Insights
By Topic
By Media Type
Resources
Resources
About Us
Home » Investments » Separately Managed Accounts » Intermediate Income SMA
Give Us a Call

Fund Operations
800.847.0200

FIND ANOTHER CONTACT

Intermediate Income SMA

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

Christian Hoffmann, CFA
Head of Fixed Income and Managing Director
Lon Erickson, CFA
Portfolio Manager and Managing Director
OverviewKey FactsPerformanceCharacteristicsPortfolioPortfolio ManagersLiterature
Overview

Overview

Why Invest in This Strategy?

  • Income and Downside Protection — This strategy aims to deliver a high level of current income to investors while also prioritizing capital preservation.
  • High Quality — The strategy uses a flexible, active approach to invest in what we believe are the best relative value opportunities in investment-grade fixed income securities, including U.S. government, asset-backed, non-agency mortgage-related, and corporate debt securities.
  • Potential Outperformance — With the Federal Reserve expected to cut interest rates further, the strategy may outperform cash and other short-term bond strategy options.

Related Content

Fixed Income
Mid-Year Fixed Income Outlook: Uncertainty Yields Tight Credit Spreads
Fixed Income
Investor Update: A Potential Reprieve for the Municipal Bond Tax Exemption
Markets & Economy
Fixed Income: Finding Income and Playing Defense Through Volatility
Key Facts

Key Facts

(As of 30 Jun 2025)
Assets
$0.3 M
Benchmark
Bloomberg U.S. Aggregate Index
Number of Holdings
73
Performance

Performance

Returns

(As of 30 Jun 2025)
Annualized Returns
YTD
Inception
Thornburg Intermediate Income Strategy - Gross (%)
3.61
0.86
Thornburg Intermediate Income Strategy - Net (%)
3.61
0.86
Bloomberg U.S. Aggregate Index (%)
4.02
0.84
YTD
Inception
Thornburg Intermediate Income Strategy - Gross (%)
3.61
0.86
Thornburg Intermediate Income Strategy - Net (%)
3.61
0.86
Bloomberg U.S. Aggregate Index (%)
4.02
0.84

Periods less than one year are not annualized.

Performance data for the Intermediate Income SMA Strategy is from the Intermediate Income SMA Composite, inception date of 1 October 2024. The Intermediate Income SMA Composite includes all discretionary accounts invested in the Intermediate Income SMA. Returns are calculated using a time-weighted and asset-weighted calculation. Returns reflect the reinvestment of income and capital gains. Periods less than one year are not annualized. Individual account performance will vary. The performance data quoted represents past performance; it does not guarantee future results. Gross of fee returns are net of transaction costs. Net of fee returns are net of transaction costs and investment advisory fees. Thornburg Investment Management Inc.'s fee schedule is detailed in Part 2A of its ADV brochure. Performance results of the firm's clients will be reduced by the firm's management fees. For example, an account with a compounded annual total return of 10% would have increased by 159% over ten years. Assuming an annual management fee of 0.75%, this increase would be 142%.

Characteristics

Characteristics

Portfolio

(As of 30 Jun 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
$65.78
—

Data based on representative account.

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
Download Holdings

Data based on representative account.

Exposure Breakdown

Exposure Breakdown

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

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
Corporate
33.4
24.2
Mortgage Passthrough
24.3
24.6
Treasury-Domestic
22.5
45.0
Asset Backed Securities
12.4
0.4
Commercial Mortgage Backed Security
3.0
1.5
Cash & Cash Equivalents
2.5
—
Collateralized Mortgage Obligation
1.9
—
Sector Allocation
Portfolio (%)
Corporate
33.4
Mortgage Passthrough
24.3
Treasury-Domestic
22.5
Asset Backed Securities
12.4
Commercial Mortgage Backed Security
3.0
Cash & Cash Equivalents
2.5
Collateralized Mortgage Obligation
1.9
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
U.S. Government
52.4
—
AAA
11.8
—
A
6.7
—
BBB
26.6
—
Cash & Cash Equivalents
2.5
—
Credit Quality
Portfolio (%)
U.S. Government
52.4
AAA
11.8
A
6.7
BBB
26.6
Cash & Cash Equivalents
2.5
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
Year 1
16.0
1.0
Year 2
10.4
12.1
Year 3
4.5
10.4
Year 4
2.3
9.1
Year 5
20.0
10.9
Year 6
3.1
5.8
Year 7
1.5
7.1
Year 8
2.6
6.4
Year 9
8.8
6.7
Year 10+
28.3
30.5
Cash
2.5
—
Maturity
Portfolio (%)
Year 1
16.0
Year 2
10.4
Year 3
4.5
Year 4
2.3
Year 5
20.0
Year 6
3.1
Year 7
1.5
Year 8
2.6
Year 9
8.8
Year 10+
28.3
Cash
2.5

Data based on representative account.

Credit quality ratings use the highest rating available from either S&P Global Ratings or Moody's Investors Service. Unrated securities are evaluated by the firm using available data and their own analysis that may be similar to that of a nationally recognized rating agency; however, such determination is not equivalent to a national agency credit rating. "NR" = Not Rated.

May not add up to 100% due to rounding.

Cash includes cash equivalents.

Portfolio Managers

Portfolio Managers

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…
Learn More
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…
Learn More

Portfolio managers are supported by the entire Thornburg investment team.

Literature

Fact Sheet

Important Information

Source: FactSet and Thornburg.

Investments in the Strategy carry risks, including possible loss of principal. Carefully consider the Strategy's investment objectives, risks, and expenses before investing. There is no guarantee that the portfolio will meet its investment objectives.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Portfolio characteristics are derived using currently available data from independent research resources that are believed to be accurate. Portfolio attributes can and do vary.

Portfolios invested in a limited number of holdings may expose an investor to greater volatility.

Portfolio holdings and characteristics shown herein are from a representative account managed within the investment composite. The representative account is selected based on account characteristics that Thornburg believes accurately represent the investment strategy as a whole. Should these characteristics change materially, Thornburg may select a different representative account. Holdings may change daily and may vary among accounts, which may contribute to different investment results. The representative account information is supplemental to the strategy's composite and GIPS compliant presentation.

The information provided in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account's portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed may not represent an account's entire portfolio and in the aggregate may represent only a small percentage of an account's portfolio holdings. It should not be assumed that any of the securities transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

Weight percentages are of the total portfolio unless otherwise noted.

Portfolio construction will have significant differences from that of a benchmark index in terms of security holdings, industry weightings, asset allocations and number of positions held, all of which may contribute to performance, characteristics and volatility differences. The index shown is unmanaged, reflect total returns and assume the reinvestment of all income in U.S. dollars. It does not reflect any management fees or brokerage expenses associated with a portfolio’s returns. Returns for an actual portfolio may differ from those of an index due to (among other things) differences in timing and the amount invested and fees and expenses. Investors may not make direct investments into any index.

Please see our glossary for a definition of terms.

Cash may also include cash equivalents and currency forwards. 

More Insights

Illustrative Candlestick and line chart detail
Markets & Economy

Q&A: Brian McMahon, Matt Burdett, and Christian Hoffmann
Brian McMahon (Chief Investment Strategist), Matt Burdett (Head of Equities), and Christian Hoffman, CFA (Head of Fixed Income), recently discussed their market, macro, and investing views.
By Thornburg Investment Management
21 Jul 2025
5 min read
READ
Investor Insights: Tariffs, Stagflation, Housing, and the Fed
Markets & Economy

Investor Insights: Tariffs, Stagflation, Housing, and the Fed
As client portfolio managers, we have a unique perspective on what's top of mind for investors.
By Josh Rubin & Phillip Gronniger, CFA & Benjamin Keating, CFA
17 Jul 2025
4 min read
READ
Orange spiral staircase
Global Equity

Mid-Year Global Equity Outlook: Diminishing U.S. Exceptionalism Leads to Non-U.S. Opportunities
2025 has been full of surprises all over the world, which makes our thoughts at the beginning of the year, including opportunities and risks outside of the U.S. compared to the U.S., relative value opportunities across the globe, and AI’s capital intensity, that much more relevant.
By Matt Burdett
14 Jul 2025
5 min read
READ
Fixed Income

Mid-Year Fixed Income Outlook: Uncertainty Yields Tight Credit Spreads
Our observations at the beginning of the year included several fixed income themes that investors have had to navigate, including the impact of politics on economics and markets, and balancing the search for yield against being fairly compensated for risk.
By Christian Hoffmann, CFA
14 Jul 2025
7 min read
READ
Conceptual illustration showing stacked shipping containers painted with the American, Chinese, European Union, Canadian and Mexican flags, symbolizing trade and export/import industry. A man stands observing a volatile financial graph overlayed across the scene, representing the instability and fluctuations in the global or national market. The image conveys themes like trade tariffs, economic uncertainty, supply chain disruptions, and financial risk. 3D render
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.
By Josh Rubin & Benjamin Keating, CFA & Phillip Gronniger, CFA
10 Jul 2025
19 min listen
LISTEN
Looking along desert towards the business district
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.
By Josh Rubin
1 Jul 2025
5 min read
READ