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
Give Us a Call

Fund Operations
800.847.0200

FIND ANOTHER CONTACT

Thornburg Core Plus Bond Fund

Fund Assets
$146.5 M
As of 30 Jun 2025
NAV
$10.36
As of 31 Jul 2025
Change
$0.00
As of 31 Jul 2025
YTD NAV Performance
3.98%
As of 31 Jul 2025
Asset Category:
Global Fixed Income
Fund Benchmark:
Bloomberg U.S. Aggregate Index

Portfolio Managers

Portfolio Manager and Managing Director
Head of Fixed Income and Managing Director
Overview

Overview

Why Invest in This Fund?

  • Extension of Our Successful Fixed Income Platform – Thornburg has been managing fixed-income portfolios for over 40 years and is currently entrusted with more than $22B in fixed income client assets.
  • Conservative Investment Philosophy – Clients have been burned in the past as some managers chase high returns by taking on additional risk. Our approach is to take on risk only when we believe we will be compensated for doing so.
  • Portfolio Transparency – Some competitors use a large amount of rate and credit derivatives. With the Thornburg Core Plus Fund, you’ll know what you own.

Investment Objective

The Fund seeks to maximize total return, consistent with the long-term preservation of capital.

Investment Approach

The fund is an actively managed strategy that seeks income and total return greater than core bonds, with a similar volatility as core. The fund will invest primarily in investment-grade bonds and up to 25% in securities rated below investment grade. We believe our unique, unsiloed approach to security analysis allows us to uncover relative value across different investments that many competitors may miss.

Performance

Performance

Returns

(As of 30 Jun 2025)
YTD
1y
Inception
Total Return without Sales Charge (%)
4.14
6.14
7.74
Bloomberg U.S. Aggregate Index (%)
4.02
6.08
7.41
Morningstar Category Avg. (%)
4.06
6.39
Morningstar Quartile
3
Morningstar Quartile # of Funds
575
YTD
1y
Inception
Total Return without Sales Charge (%)
4.14
6.14
7.74
Bloomberg U.S. Aggregate Index (%)
4.02
6.08
7.41
Morningstar Category Avg. (%)
4.06
6.39
Morningstar Quartile
3
Morningstar Quartile # of Funds
575
YTD
1y
Inception
Total Return without Sales Charge (%)
4.14
6.14
13.90
Bloomberg U.S. Aggregate Index (%)
4.02
6.08
13.28
YTD
1y
Inception
Total Return without Sales Charge (%)
4.14
6.14
13.90
Bloomberg U.S. Aggregate Index (%)
4.02
6.08
13.28
2024
Total Return without Sales Charge (%)
1.65
Bloomberg U.S. Aggregate Index (%)
1.25
Fund Fees

Fund Fees

(As of 1 Feb 2025)
Gross Expense Ratio (%)
2.23
Net Expense Ratio (%)
0.49
Distributions

Distributions

(As of 30 Jun 2025)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 2023
31 Jan 2023
0
28 Feb 2023
28 Feb 2023
0
31 Mar 2023
31 Mar 2023
0
30 Apr 2023
30 Apr 2023
0
31 May 2023
31 May 2023
0
30 Jun 2023
30 Jun 2023
0
31 Jul 2023
31 Jul 2023
0
31 Aug 2023
31 Aug 2023
0
30 Sep 2023
30 Sep 2023
0
31 Oct 2023
31 Oct 2023
0
30 Nov 2023
30 Nov 2023
0.04211
0.04211
29 Dec 2023
31 Dec 2023
0.04205
0.04205
31 Jan 2024
31 Jan 2024
0.03842
0.03842
29 Feb 2024
29 Feb 2024
0.03784
0.03784
28 Mar 2024
31 Mar 2024
0.04034
0.04034
30 Apr 2024
30 Apr 2024
0.04360
0.04360
31 May 2024
31 May 2024
0.05090
0.05090
28 Jun 2024
30 Jun 2024
0.04848
0.04848
31 Jul 2024
31 Jul 2024
0.04746
0.04746
30 Aug 2024
31 Aug 2024
0.04634
0.04634
30 Sep 2024
30 Sep 2024
0.04511
0.04511
31 Oct 2024
31 Oct 2024
0.04284
0.04284
21 Nov 2024
21 Nov 2024
0.01431
0.01431
0.00000
29 Nov 2024
30 Nov 2024
0.04223
0.04223
31 Dec 2024
31 Dec 2024
0.04339
0.04339
31 Jan 2025
31 Jan 2025
0.04287
0.04287
28 Feb 2025
28 Feb 2025
0.04191
0.04191
31 Mar 2025
31 Mar 2025
0.04528
0.04528
30 Apr 2025
30 Apr 2025
0.04368
0.04368
30 May 2025
31 May 2025
0.04439
0.04439
30 Jun 2025
30 Jun 2025
0.04306
0.04306
Fund Facts

Fund Facts

(As of 30 Jun 2025)
Net Fund Assets
$146.5 M
Benchmark
Bloomberg U.S. Aggregate Index
Morningstar Category
Intermediate Core-Plus Bond
Fund Symbol
THCSX
Share Class
R6
Share Class Inception Date
2 Oct 2023
Number of Holdings
395
Portfolio Turnover
73%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
4.70%
30-Day SEC Yield (Unsubsidized)
-1.15%
Annualized Distribution Yield
4.96%
Characteristics

Characteristics

Portfolio

(As of 30 Jun 2025)
Portfolio
Benchmark
Effective Duration
6.3 Yrs
6.0 Yrs
Average Effective Maturity
8.2 Yrs
8.3 Yrs
Portfolio
Benchmark
Weighted Average Coupon
3.9%
3.6%
Yield to Worst
5.2%
4.5%
Portfolio

Portfolio

Top Holdings

(As of 31 May 2025)
Name
Ticker/Symbol
Weight %
United States Treasury Note/Bond
91282CKQ3
4.0
United States Treasury Strip Coupon
912834NP9
3.1
United States Treasury Strip Coupon
912834JH2
2.0
United States Treasury Note/Bond
912810TA6
1.9
United States Treasury Inflation Indexed Bonds
912810TY4
1.8
Fannie Mae Pool
3140XNZ72
1.6
United States Treasury Note/Bond
912810SQ2
1.5
United States Treasury Strip Coupon
912834KV9
1.4
Fannie Mae Pool
31418EDD9
1.3
United States Treasury Strip Coupon
912834MD7
1.1
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
10%
20%
30%
40%
50%
Corporate
31.8
24.2
Treasury-Domestic
23.6
45.0
Mortgage Passthrough
14.9
24.6
Collateralized Mortgage Obligation
12.3
Asset Backed Securities
10.7
0.4
Commercial Mortgage Backed Security
3.9
1.5
Treasury-Foreign
1.0
2.3
Cash & Cash Equivalents
0.9
Preferred Stock
0.8
Municipals
0.1
0.7
Currency Forward
0.0
Sector Allocation
Fund (%)
Corporate
31.8
Treasury-Domestic
23.6
Mortgage Passthrough
14.9
Collateralized Mortgage Obligation
12.3
Asset Backed Securities
10.7
Commercial Mortgage Backed Security
3.9
Treasury-Foreign
1.0
Cash & Cash Equivalents
0.9
Preferred Stock
0.8
Municipals
0.1
Currency Forward
0.0
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
United States
90.4
94.2
North America
Canada
1.5
1.1
North America
United Kingdom
1.3
0.8
UK
Mexico
0.9
0.3
Latin America
Saudi Arabia
0.7
0.0
Other
Brazil
0.7
0.0
Latin America
United Arab Emirates
0.6
Other
France
0.5
0.1
Europe ex UK
Italy
0.4
0.0
Europe ex UK
Turkey
0.4
Europe ex UK
Top 10 Countries
Fund (%)
United States
90.4
Canada
1.5
United Kingdom
1.3
Mexico
0.9
Saudi Arabia
0.7
Brazil
0.7
United Arab Emirates
0.6
France
0.5
Italy
0.4
Turkey
0.4
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
U.S. Government
42.6
70.7
AAA
12.1
2.5
AA
3.4
4.2
A
10.1
11.4
BBB
18.8
11.1
Below Invest. Grade
8.5
0.1
Not Rated
3.6
Cash & Cash Equivalents
0.9
Credit Quality
Fund (%)
U.S. Government
42.6
AAA
12.1
AA
3.4
A
10.1
BBB
18.8
Below Invest. Grade
8.5
Not Rated
3.6
Cash & Cash Equivalents
0.9
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
Year 1
8.2
1.0
Year 2
5.7
12.1
Year 3
8.1
10.4
Year 4
8.4
9.1
Year 5
10.4
10.9
Year 6
3.3
5.8
Year 7
4.7
7.1
Year 8
2.6
6.4
Year 9
9.9
6.7
Year 10+
37.9
30.5
Cash
0.9
Maturity
Fund (%)
Year 1
8.2
Year 2
5.7
Year 3
8.1
Year 4
8.4
Year 5
10.4
Year 6
3.3
Year 7
4.7
Year 8
2.6
Year 9
9.9
Year 10+
37.9
Cash
0.9
Portfolio Managers

Portfolio Managers

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
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

More Insights

Financial stock exchange market display screen board on the street
Global Equity

Investing in Equities: Dividends, Earnings, and the Rise of International

With market dislocations influencing macro trends, we focus on the global equity markets and its many dimensions in an era of income-hungry and diversity-seeking investors.
Man looks out at a beautiful view from a conference room
Markets & Economy

FOMC Update: Interest Rate Cut on Hold Until (At Least) September

Lon Erickson shares his perspective on the Fed’s stance and the potential impact of monetary policy.
Markets & Economy

The CPM Roundtable: Adventures in Global Equity

We discuss opportunities in global equity, including the importance of dividend income and diversification.
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 Hoffmann, CFA (Head of Fixed Income), recently discussed their market, macro, and investing views.
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.
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.