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Thornburg Limited Term Income Strategy

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

Overview

Why Invest in This Strategy?

  • Flexible, active high-quality core portfolio that consists primarily of U.S short- and intermediate-term investment grade bonds.
  • Proven bottom-up fundamental approach that incorporates a top-down macroeconomic overlay to identify attractive fixed income opportunities on a relative value basis.
  • Highly active strategy that seeks to deliver total return through income and capital appreciation and preserve capital with moderate interest rate exposure.
Performance

Performance

Returns

(As of 30 Sep 2024)
YTD
1y
3y
5y
10y
Inception
Thornburg Limited Term Income Strategy - Gross (%)
6.06
10.91
1.88
2.82
3.04
5.27
Thornburg Limited Term Income Strategy - Net (%)
5.80
10.55
1.56
2.49
2.70
4.59
Bloomberg Intermediate U.S. Government/Credit Index (%)
4.68
9.45
0.17
1.26
1.96
4.27
YTD
1y
3y
5y
10y
Inception
Thornburg Limited Term Income Strategy - Gross (%)
4.99
10.37
1.61
2.54
2.88
5.22
Thornburg Limited Term Income Strategy - Net (%)
4.71
10.01
1.29
2.22
2.55
4.54
Bloomberg Intermediate U.S. Government/Credit Index (%)
3.00
8.20
-0.18
0.85
1.73
4.20
2018
2019
2020
2021
2022
2023
Thornburg Limited Term Income Strategy - Gross (%)
1.72
6.26
8.09
-0.33
-6.53
6.99
Thornburg Limited Term Income Strategy - Net (%)
1.38
5.91
7.74
-0.64
-6.82
6.65
Bloomberg Intermediate U.S. Government/Credit Index (%)
0.88
6.80
6.43
-1.44
-8.23
5.24
Strategy Facts

Strategy Facts

(As of 31 Oct 2024)
Strategy Assets
$6.6 B
Benchmark
Bloomberg Intermediate U.S. Government/Credit Index
Number of Holdings
660
eVestment Category
US Intermediate Duration - Gov/Cred Fixed Income
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2024)
Portfolio
Benchmark
Effective Duration
3.4 Yrs
3.7 Yrs
Average Effective Maturity
4.4 Yrs
4.2 Yrs
Portfolio
Benchmark
Weighted Average Coupon
3.2%
3.3%
Weighted Average Price
$94.16
Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2024)
Name
Ticker/Symbol
Weight %
United States Treasury Note/Bond
91282CFF3
3.6
United States Treasury Inflation Indexed Bonds
91282CBF7
1.7
United States Treasury Inflation Indexed Bonds
912810PV4
1.7
Freddie Mac Pool
3132E0T85
1.7
United States Treasury Inflation Indexed Bonds
91282CEJ6
1.7
Fannie Mae Pool
3140XMZX7
1.6
United States Treasury Note/Bond
91282CLF6
1.4
United States Treasury Inflation Indexed Bonds
91282CDX6
0.9
Rate Mortgage Trust 2022-J1
75410RAJ5
0.6
United States Treasury Note/Bond
91282CKQ3
0.6
Exposure Breakdown

Exposure Breakdown

(As of 31 Oct 2024)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Corporate
31.2
29.9
Collateralized Mortgage Obligation
20.7
Asset Backed Securities
13.5
0.0
Treasury-Domestic
13.1
63.8
Mortgage Passthrough
10.8
Cash & Cash Equivalents
6.2
Commercial Mortgage Backed Security
3.4
Preferred Stock
0.6
Agency Debenture
0.3
2.4
Treasury-Foreign
0.1
3.3
Municipals
0.1
0.7
Sector Allocation
Portfolio (%)
Corporate
31.2
Collateralized Mortgage Obligation
20.7
Asset Backed Securities
13.5
Treasury-Domestic
13.1
Mortgage Passthrough
10.8
Cash & Cash Equivalents
6.2
Commercial Mortgage Backed Security
3.4
Preferred Stock
0.6
Agency Debenture
0.3
Treasury-Foreign
0.1
Municipals
0.1
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
30.7
66.0
AAA
20.4
2.4
AA
4.6
2.9
A
17.1
14.2
BBB
20.4
14.4
Below Invest. Grade
0.1
Not Rated
0.5
Cash & Cash Equivalents
6.2
Credit Quality
Portfolio (%)
U.S. Government
30.7
AAA
20.4
AA
4.6
A
17.1
BBB
20.4
Below Invest. Grade
0.1
Not Rated
0.5
Cash & Cash Equivalents
6.2
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
13.2
1.7
Year 2
11.2
21.4
Year 3
10.3
16.8
Year 4
9.6
14.1
Year 5
10.6
14.0
Year 6
7.3
8.1
Year 7
5.6
8.2
Year 8
8.2
5.0
Year 9
2.6
5.2
Year 10+
15.1
5.4
Cash
6.2
Maturity
Portfolio (%)
Year 1
13.2
Year 2
11.2
Year 3
10.3
Year 4
9.6
Year 5
10.6
Year 6
7.3
Year 7
5.6
Year 8
8.2
Year 9
2.6
Year 10+
15.1
Cash
6.2
Portfolio Managers

Portfolio Managers

Lon Erickson, CFA

Lon Erickson, CFA

Portfolio Manager and Managing Director
Lon Erickson is 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 business…
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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…
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