Thornburg Limited Term Income SMA
BENCHMARK: Bloomberg Intermediate U.S. Government/Credit Index
Strategy Overview
The Limited Term Income Strategy employs a flexible and highly active approach to construct a core portfolio of U.S. dollar–denominated short/intermediate investment grade bonds. It is designed for stability, capital preservation and moderate interest rate exposure. The strategy seeks to drive returns through income and superior relative value issue selection in a dynamically changing fixed income environment.
Strategy Inception Date
1 Feb 1993
Portfolio Managers
Portfolio Manager and Managing Director
Head of Fixed Income and Managing Director
Overview
Key Facts
Key Facts
(As of 31 May 2025)Assets
$176.3 M
Benchmark
Bloomberg Intermediate U.S. Government/Credit Index
Number of Holdings
710
eVestment Category
US Intermediate Duration - Gov/Cred Fixed Income
Performance
Performance
Returns
(As of 31 Mar 2025)2019
2020
2021
2022
2023
2024
Thornburg Limited Term Income Strategy - Gross (%)
6.26
8.09
-0.33
-6.53
6.99
5.21
Thornburg Limited Term Income Strategy - Net (%)
5.91
7.74
-0.64
-6.82
6.65
4.87
Bloomberg Intermediate U.S. Government/Credit Index (%)
6.80
6.43
-1.44
-8.23
5.24
3.00
Characteristics
Characteristics
Portfolio
(As of 31 May 2025)Portfolio
Benchmark
Effective Duration
3.5 Yrs
3.7 Yrs
Average Effective Maturity
4.4 Yrs
4.2 Yrs
Portfolio
Benchmark
Weighted Average Coupon
3.8%
3.5%
Weighted Average Price
$94.91
—
Portfolio
Portfolio
Top Holdings
(As of 30 Apr 2025)Name
Ticker/Symbol
Weight %
United States Treasury Inflation Indexed Bonds
91282CBF7
1.8
Freddie Mac Pool
3132E0T85
1.6
Fannie Mae Pool
3140XMZX7
1.6
United States Treasury Note/Bond
91282CFF3
1.4
United States Treasury Inflation Indexed Bonds
91282CDX6
0.9
Rate Mortgage Trust 2022-J1
75410RAJ5
0.6
Freddie Mac Pool
3132DPBV9
0.6
Diamond Infrastructure Funding, LLC
25265LAA8
0.6
Fannie Mae Pool
3140XMBR6
0.5
New Residential Mortgage Loan Trust 2022-NQM3
64831QAA1
0.5
Exposure Breakdown
Exposure Breakdown
(As of 31 May 2025)Sector Allocation
Portfolio (%)
Corporate
34.8
Collateralized Mortgage Obligation
21.7
Asset Backed Securities
15.3
Mortgage Passthrough
11.6
Cash & Cash Equivalents
6.4
Treasury-Domestic
5.0
Commercial Mortgage Backed Security
4.2
Preferred Stock
0.6
Agency Debenture
0.2
Treasury-Foreign
0.1
Municipals
0.1
Credit Quality
Portfolio (%)
U.S. Government
24.8
AAA
20.6
AA
7.3
A
16.6
BBB
23.5
Below Invest. Grade
0.2
Not Rated
0.7
Cash & Cash Equivalents
6.2
Maturity
Portfolio (%)
Year 1
13.6
Year 2
11.6
Year 3
9.9
Year 4
7.5
Year 5
14.0
Year 6
7.1
Year 7
7.4
Year 8
3.8
Year 9
4.6
Year 10+
14.2
Cash
6.2
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…
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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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