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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.

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Thornburg Limited Term U.S. Government Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 79 Short Government funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 2 stars and 3 stars among 79, 76 and 66 funds, as of 31 Aug 2022.

As of 31 Aug 2022
Fund Assets
$236.4 M
As of 31 Aug 2022
NAV
$11.59
As of 27 Sep 2022
Change
$0.01
As of 27 Sep 2022
YTD NAV Performance
-9.20%
As of 27 Sep 2022
Asset Category:
Global Fixed Income
Fund Benchmark:
BBG US Govt Int TR Value
Portfolio Managers
President and CEO
Portfolio Manager and Managing Director
Co-Head of Investments and Managing Director
Overview

Overview

Why Invest in This Fund?

  • Actively managed portfolio of high-quality short- to intermediate-term obligations issued by the U.S. government, designed to exhibit low or negative correlation to equities and low share price volatility.
  • Proven bottom-up fundamental approach focused on investing in short- to intermediate-term obligations issued by the U.S. government and its agencies with an average maturity of five years or less.
  • Seeks provide consistent income with the preservation of capital and lower volatility relative to core bond strategies.

Investment Objective

The fund’s goal is to provide investors as high a level of current income as is consistent with safety of capital. The fund also seeks to reduce changes in its share price compared to longer term portfolios.

Investment Approach

The Fund is an actively managed portfolio of short and intermediate obligations issued by the U.S. government, its agencies or instrumentalities, with a weighted average maturity of less than five years. The fund seeks to provide income consistent with the preservation of capital and lower volatility relative to core bond strategies

Performance

Performance

Returns

(As of 30 Jun 2022)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-5.49
-5.89
-0.76
0.39
0.68
4.49
BBG US Govt Int TR Value (%)
-5.77
-6.32
-0.30
0.87
0.97
4.86
Morningstar Category Avg. (%)
-3.68
-4.36
-0.22
0.6
0.55
Morningstar Quartile
4
4
3
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-5.86
-6.71
-1.20
0.16
0.57
4.46
BBG US Govt Int TR Value (%)
-6.43
-7.53
-1.06
0.55
0.83
4.81
Morningstar Category Avg. (%)
-4.09
-4.93
-0.63
0.41
0.45
Morningstar Quartile
4
4
3
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-5.49
-5.89
-2.25
1.97
7.02
358.04
BBG US Govt Int TR Value (%)
-5.77
-6.32
-0.89
4.44
10.12
416.48
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-5.86
-6.71
-3.57
0.82
5.88
356.25
BBG US Govt Int TR Value (%)
-6.43
-7.53
-3.15
2.76
8.67
412.89
2016
2017
2018
2019
2020
2021
Total Return (%)
1.32
0.93
1.11
3.91
4.07
-1.58
BBG US Govt Int TR Value (%)
1.05
1.14
1.43
5.20
5.73
-1.69
Fund Fees

Fund Fees

(As of 30 Jun 2022)
Gross Expense Ratio (%)
0.61
Net Expense Ratio (%)
0.61
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Aug 2022)
(Hypothetical Growth of $10,000 vs BBG US Govt Int TR Value)
Distributions

Distributions

(As of 31 Aug 2022)
Ex-Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jul 1996
0.06041
0.06041
30 Aug 1996
0.06806
0.06806
30 Sep 1996
0.06754
0.06754
31 Oct 1996
0.06769
0.06769
29 Nov 1996
0.06666
0.06666
31 Dec 1996
0.06705
0.06705
31 Jan 1997
0.06711
0.06711
28 Feb 1997
0.06411
0.06411
31 Mar 1997
0.06682
0.06682
30 Apr 1997
0.06577
0.06577
30 May 1997
0.06633
0.06633
30 Jun 1997
0.06534
0.06534
31 Jul 1997
0.06542
0.06542
29 Aug 1997
0.06516
0.06516
30 Sep 1997
0.06424
0.06424
31 Oct 1997
0.06346
0.06346
28 Nov 1997
0.06240
0.06240
31 Dec 1997
0.06306
0.06306
30 Jan 1998
0.06303
0.06303
27 Feb 1998
0.06020
0.06020
31 Mar 1998
0.06248
0.06248
30 Apr 1998
0.06136
0.06136
29 May 1998
0.06177
0.06177
30 Jun 1998
0.06057
0.06057
31 Jul 1998
0.06092
0.06092
31 Aug 1998
0.06033
0.06033
30 Sep 1998
0.05986
0.05986
30 Oct 1998
0.05939
0.05939
30 Nov 1998
0.05868
0.05868
31 Dec 1998
0.05866
0.05866
29 Jan 1999
0.05835
0.05835
26 Feb 1999
0.05666
0.05666
31 Mar 1999
0.05823
0.05823
30 Apr 1999
0.05783
0.05783
28 May 1999
0.05802
0.05802
30 Jun 1999
0.05794
0.05794
30 Jul 1999
0.05827
0.05827
31 Aug 1999
0.05851
0.05851
30 Sep 1999
0.05832
0.05832
29 Oct 1999
0.05876
0.05876
30 Nov 1999
0.05833
0.05833
31 Dec 1999
0.05950
0.05950
31 Jan 2000
0.05976
0.05976
29 Feb 2000
0.05988
0.05988
31 Mar 2000
0.06084
0.06084
28 Apr 2000
0.05997
0.05997
31 May 2000
0.06051
0.06051
30 Jun 2000
0.06062
0.06062
31 Jul 2000
0.06115
0.06115
31 Aug 2000
0.06175
0.06175
29 Sep 2000
0.06103
0.06103
31 Oct 2000
0.06103
0.06103
30 Nov 2000
0.06117
0.06117
29 Dec 2000
0.06207
0.06207
31 Jan 2001
0.06149
0.06149
28 Feb 2001
0.06082
0.06082
30 Mar 2001
0.05986
0.05986
30 Apr 2001
0.05896
0.05896
31 May 2001
0.06023
0.06023
29 Jun 2001
0.05922
0.05922
31 Jul 2001
0.05873
0.05873
31 Aug 2001
0.05878
0.05878
28 Sep 2001
0.05362
0.05362
31 Oct 2001
0.05479
0.05479
30 Nov 2001
0.05916
0.05916
31 Dec 2001
0.04794
0.04794
31 Jan 2002
0.04988
0.04988
28 Feb 2002
0.04381
0.04381
28 Mar 2002
0.05389
0.05389
30 Apr 2002
0.05579
0.05579
31 May 2002
0.05838
0.05838
28 Jun 2002
0.05781
0.05781
31 Jul 2002
0.04777
0.04777
30 Aug 2002
0.04661
0.04661
30 Sep 2002
0.04620
0.04620
31 Oct 2002
0.05094
0.05094
29 Nov 2002
0.04536
0.04536
31 Dec 2002
0.04568
0.04568
31 Jan 2003
0.04029
0.04029
28 Feb 2003
0.03180
0.03180
31 Mar 2003
0.04745
0.04745
30 Apr 2003
0.05634
0.05634
30 May 2003
0.04930
0.04930
30 Jun 2003
0.03535
0.03535
31 Jul 2003
0.03489
0.03489
29 Aug 2003
0.03469
0.03469
30 Sep 2003
0.03387
0.03387
31 Oct 2003
0.03355
0.03355
28 Nov 2003
0.03355
0.03355
31 Dec 2003
0.03389
0.03389
30 Jan 2004
0.03263
0.03263
27 Feb 2004
0.03245
0.03245
31 Mar 2004
0.03427
0.03427
30 Apr 2004
0.03366
0.03366
28 May 2004
0.03173
0.03173
30 Jun 2004
0.03033
0.03033
30 Jul 2004
0.03171
0.03171
31 Aug 2004
0.03118
0.03118
30 Sep 2004
0.02738
0.02738
29 Oct 2004
0.02760
0.02760
30 Nov 2004
0.02962
0.02962
31 Dec 2004
0.03741
0.03741
31 Jan 2005
0.02942
0.02942
28 Feb 2005
0.02871
0.02871
31 Mar 2005
0.03065
0.03065
29 Apr 2005
0.03037
0.03037
31 May 2005
0.03146
0.03146
30 Jun 2005
0.03094
0.03094
29 Jul 2005
0.03210
0.03210
31 Aug 2005
0.03212
0.03212
30 Sep 2005
0.03182
0.03182
31 Oct 2005
0.03226
0.03226
30 Nov 2005
0.03262
0.03262
30 Dec 2005
0.03375
0.03375
31 Jan 2006
0.02975
0.02975
28 Feb 2006
0.02913
0.02913
31 Mar 2006
0.03595
0.03595
28 Apr 2006
0.03309
0.03309
31 May 2006
0.03574
0.03574
30 Jun 2006
0.03772
0.03772
31 Jul 2006
0.03686
0.03686
31 Aug 2006
0.03563
0.03563
29 Sep 2006
0.03565
0.03565
31 Oct 2006
0.03560
0.03560
30 Nov 2006
0.03118
0.03118
29 Dec 2006
0.03864
0.03864
31 Jan 2007
0.03466
0.03466
28 Feb 2007
0.03405
0.03405
30 Mar 2007
0.03873
0.03873
30 Apr 2007
0.03625
0.03625
31 May 2007
0.03875
0.03875
29 Jun 2007
0.03868
0.03868
31 Jul 2007
0.04009
0.04009
31 Aug 2007
0.04014
0.04014
28 Sep 2007
0.04234
0.04234
31 Oct 2007
0.04101
0.04101
30 Nov 2007
0.04071
0.04071
31 Dec 2007
0.04074
0.04074
31 Jan 2008
0.04002
0.04002
29 Feb 2008
0.03996
0.03996
31 Mar 2008
0.03810
0.03810
30 Apr 2008
0.03876
0.03876
30 May 2008
0.03990
0.03990
30 Jun 2008
0.04164
0.04164
31 Jul 2008
0.04101
0.04101
29 Aug 2008
0.04293
0.04293
30 Sep 2008
0.04213
0.04213
31 Oct 2008
0.03127
0.03127
28 Nov 2008
0.03773
0.03773
31 Dec 2008
0.01988
0.01988
30 Jan 2009
0.02031
0.02031
27 Feb 2009
0.03653
0.03653
31 Mar 2009
0.04361
0.04361
30 Apr 2009
0.04600
0.04600
29 May 2009
0.04502
0.04502
30 Jun 2009
0.04546
0.04546
31 Jul 2009
0.04601
0.04601
31 Aug 2009
0.04999
0.04999
30 Sep 2009
0.04042
0.04042
30 Oct 2009
0.04017
0.04017
30 Nov 2009
0.10146
0.03958
0.00000
0.06188
31 Dec 2009
0.05263
0.05263
29 Jan 2010
0.03777
0.03777
26 Feb 2010
0.03770
0.03770
31 Mar 2010
0.03896
0.03896
30 Apr 2010
0.03485
0.03485
28 May 2010
0.03702
0.03702
30 Jun 2010
0.03509
0.03509
30 Jul 2010
0.03310
0.03310
31 Aug 2010
0.03286
0.03286
30 Sep 2010
0.03736
0.03736
29 Oct 2010
0.03733
0.03733
30 Nov 2010
0.03789
0.03789
31 Dec 2010
0.05247
0.05247
31 Jan 2011
0.03518
0.03518
28 Feb 2011
0.03670
0.03670
31 Mar 2011
0.03631
0.03631
29 Apr 2011
0.03728
0.03728
31 May 2011
0.04050
0.04050
30 Jun 2011
0.03718
0.03718
29 Jul 2011
0.03493
0.03493
31 Aug 2011
0.03175
0.03175
30 Sep 2011
0.03011
0.03011
31 Oct 2011
0.03109
0.03109
30 Nov 2011
0.03922
0.03922
30 Dec 2011
0.04146
0.04146
31 Jan 2012
0.03174
0.03174
29 Feb 2012
0.02940
0.02940
30 Mar 2012
0.03152
0.03152
30 Apr 2012
0.03361
0.03361
31 May 2012
0.03397
0.03397
29 Jun 2012
0.03015
0.03015
31 Jul 2012
0.02945
0.02945
31 Aug 2012
0.03419
0.03419
28 Sep 2012
0.03451
0.03451
31 Oct 2012
0.03925
0.03925
30 Nov 2012
0.03828
0.03828
31 Dec 2012
0.03566
0.03566
31 Jan 2013
0.03322
0.03322
28 Feb 2013
0.02955
0.02955
28 Mar 2013
0.03245
0.03245
30 Apr 2013
0.03098
0.03098
31 May 2013
0.03058
0.03058
28 Jun 2013
0.02793
0.02793
31 Jul 2013
0.02702
0.02702
30 Aug 2013
0.01952
0.01952
30 Sep 2013
0.01237
0.01237
31 Oct 2013
0.01795
0.01795
29 Nov 2013
0.01815
0.01815
31 Dec 2013
0.01973
0.01973
31 Jan 2014
0.02247
0.02247
28 Feb 2014
0.02994
0.02994
31 Mar 2014
0.03605
0.03605
30 Apr 2014
0.02730
0.02730
30 May 2014
0.02906
0.02906
30 Jun 2014
0.02739
0.02739
31 Jul 2014
0.02778
0.02778
29 Aug 2014
0.02387
0.02387
30 Sep 2014
0.02433
0.02433
31 Oct 2014
0.02858
0.02858
28 Nov 2014
0.02990
0.02990
31 Dec 2014
0.02117
0.02117
30 Jan 2015
0.01468
0.01468
27 Feb 2015
0.01361
0.01361
31 Mar 2015
0.01624
0.01624
30 Apr 2015
0.02295
0.02295
29 May 2015
0.02678
0.02678
30 Jun 2015
0.02345
0.02345
31 Jul 2015
0.02352
0.02352
31 Aug 2015
0.02249
0.02249
30 Sep 2015
0.02036
0.02036
30 Oct 2015
0.01522
0.01522
30 Nov 2015
0.01363
0.01363
31 Dec 2015
0.02414
0.02414
29 Jan 2016
0.01955
0.01955
29 Feb 2016
0.01542
0.01542
31 Mar 2016
0.02254
0.02254
29 Apr 2016
0.02170
0.02170
31 May 2016
0.02403
0.02403
30 Jun 2016
0.02554
0.02554
29 Jul 2016
0.02401
0.02401
31 Aug 2016
0.02296
0.02296
30 Sep 2016
0.01097
0.01097
31 Oct 2016
0.01617
0.01617
30 Nov 2016
0.01889
0.01889
30 Dec 2016
0.02218
0.02218
31 Jan 2017
0.01569
0.01569
28 Feb 2017
0.01763
0.01763
31 Mar 2017
0.02341
0.02341
28 Apr 2017
0.02070
0.02070
31 May 2017
0.01836
0.01836
30 Jun 2017
0.02052
0.02052
31 Jul 2017
0.01861
0.01861
31 Aug 2017
0.01783
0.01783
29 Sep 2017
0.01536
0.01536
31 Oct 2017
0.02147
0.02147
30 Nov 2017
0.02462
0.02462
29 Dec 2017
0.01688
0.01688
31 Jan 2018
0.01797
0.01797
28 Feb 2018
0.01696
0.01696
29 Mar 2018
0.02472
0.02472
30 Apr 2018
0.02437
0.02437
31 May 2018
0.02172
0.02172
29 Jun 2018
0.02456
0.02456
31 Jul 2018
0.02526
0.02526
31 Aug 2018
0.02155
0.02155
28 Sep 2018
0.01910
0.01910
31 Oct 2018
0.01991
0.01991
30 Nov 2018
0.02136
0.02136
31 Dec 2018
0.02251
0.02251
31 Jan 2019
0.01582
0.01582
28 Feb 2019
0.01603
0.01603
29 Mar 2019
0.02321
0.02321
30 Apr 2019
0.02464
0.02464
31 May 2019
0.02505
0.02505
28 Jun 2019
0.02494
0.02494
31 Jul 2019
0.02369
0.02369
31 Aug 2019
0.02240
0.02240
30 Sep 2019
0.02360
0.02360
31 Oct 2019
0.02345
0.02345
30 Nov 2019
0.02207
0.02207
31 Dec 2019
0.02242
0.02242
31 Jan 2020
0.02061
0.02061
29 Feb 2020
0.02060
0.02060
31 Mar 2020
0.02217
0.02217
30 Apr 2020
0.02166
0.02166
31 May 2020
0.01745
0.01745
30 Jun 2020
0.01520
0.01520
31 Jul 2020
0.01684
0.01684
31 Aug 2020
0.01854
0.01854
30 Sep 2020
0.01796
0.01796
30 Oct 2020
0.01653
0.01653
30 Nov 2020
0.01573
0.01573
31 Dec 2020
0.01492
0.01492
29 Jan 2021
0.01370
0.01370
26 Feb 2021
0.01502
0.01502
31 Mar 2021
0.01491
0.01491
30 Apr 2021
0.01604
0.01604
28 May 2021
0.01714
0.01714
30 Jun 2021
0.01784
0.01784
30 Jul 2021
0.01725
0.01725
31 Aug 2021
0.01734
0.01734
30 Sep 2021
0.01533
0.01533
29 Oct 2021
0.01388
0.01388
30 Nov 2021
0.01462
0.01462
31 Dec 2021
0.01758
0.01758
31 Jan 2022
0.01558
0.01558
28 Feb 2022
0.01488
0.01488
31 Mar 2022
0.01875
0.01875
29 Apr 2022
0.01939
0.01939
31 May 2022
0.02390
0.02390
30 Jun 2022
0.01803
0.01803
29 Jul 2022
0.02373
0.02373
31 Aug 2022
0.02926
0.02926
Fund Facts

Fund Facts

(As of 31 Aug 2022)
Net Fund Assets
$236.4 M
Benchmark
BBG US Govt Int TR Value
Morningstar Category
Short Government
Fund Symbol
LTUIX
Share Class
I
Share Class Inception Date
5 Jul 1996
Number of Holdings
188
Portfolio Turnover
10%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
3.20%
30-Day SEC Yield (Unsubsidized)
3.20%
Annualized Distribution Yield
2.85%
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2022)
Portfolio
Benchmark
Effective Duration
3.3 Yrs
3.7 Yrs
Average Effective Maturity
4.3 Yrs
4.0 Yrs
Portfolio
Benchmark
Weighted Average Coupon
2.1%
1.6%
Yield to Worst
3.7%
3.4%
Risk & Return Profile

Risk & Return Profile

(As of 31 Jul 2022)
3y
5y
10y
Beta
0.75
0.74
0.71
R-Squared (%)
81.93
82.34
82.40
Standard Deviation (%)
2.55
2.19
1.91
Sharpe Ratio
-0.31
-0.20
0.07
Information Ratio
-0.28
-0.32
-0.22
Up Capture (%)
71.55
70.84
68.77
Down Capture (%)
76.33
74.75
71.93
Portfolio

Portfolio

Top Holdings

(As of 31 Jul 2022)
Name
Ticker/Symbol
Sector
Weight %
United States Treasury Note/Bond
912828V23
Government
4.2
United States Treasury Inflation Indexed Bonds
912828Z37
Government
3.9
United States Treasury Inflation Indexed Bonds
9128287D6
Government
2.3
United States Treasury Note/Bond
91282CBA8
Government
2.2
Fannie Mae Pool
Mortgage Securities
2.1
Freddie Mac Pool
Mortgage Securities
2.1
Fannie Mae Pool
Mortgage Securities
2.1
United States Treasury Note/Bond
912828YM6
Government
1.8
FARM 21-1 Mortgage Trust
30768WAA6
Mortgage Securities
1.7
Fannie Mae Pool
31418D2Y7
Mortgage Securities
1.6
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2022)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Mortgage Passthrough
36.3
Treasury-Domestic
22.9
96.5
Collateralized Mortgage Obligation
18.2
Commercial Mortgage Backed Security
7.5
Cash & Cash Equivalents
6.0
Agency Debenture
5.3
3.5
Asset Backed Securities
3.3
Corporate
0.5
Sector Allocation
Fund (%)
Mortgage Passthrough
36.3
Treasury-Domestic
22.9
Collateralized Mortgage Obligation
18.2
Commercial Mortgage Backed Security
7.5
Cash & Cash Equivalents
6.0
Agency Debenture
5.3
Asset Backed Securities
3.3
Corporate
0.5
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
U.S. Government
93.1
100.0
Cash & Cash Equivalents
6.9
Credit Quality
Fund (%)
U.S. Government
93.1
Cash & Cash Equivalents
6.9
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
3.4
2.3
Year 2
12.5
23.6
Year 3
15.9
17.8
Year 4
15.5
13.5
Year 5
13.5
12.6
Year 6
4.8
10.1
Year 7
5.2
8.7
Year 8
11.1
3.1
Year 9
2.0
4.6
Year 10+
9.2
Cash
6.9
Maturity
Fund (%)
Year 1
3.4
Year 2
12.5
Year 3
15.9
Year 4
15.5
Year 5
13.5
Year 6
4.8
Year 7
5.2
Year 8
11.1
Year 9
2.0
Year 10+
9.2
Cash
6.9
Portfolio Managers

Portfolio Managers

Jason Brady, CFA
Jason Brady, CFA
President and CEO
Jason Brady is president and CEO of Thornburg Investment Management. He is responsible for the company’s overall strategy and direction. He is also portfolio manager on multiple strategies. He joined the firm in 2006, was made portfolio manager and managing director in 2007, and president and CEO in 2016. His book Income Investing: An Intelligent Approach to Profiting from Bonds,…
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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 made portfolio manager in 2010. Lon earned a BA in business administration with a minor in economics from Illinois Wesleyan University and an MBA from the University of Chicago Booth School of Business. He is a CFA charterholder. Prior to joining Thornburg Investment Management,…
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Jeff Klingelhofer, CFA
Jeff Klingelhofer, CFA
Co-Head of Investments and Managing Director
Jeff Klingelhofer is co-head of investments for Thornburg Investment Management. He is responsible for driving the investment process at the firm level. Jeff is also a portfolio manager on multiple strategies. He joined the firm in 2010, then was promoted to associate portfolio manager in 2012. In 2015, Jeff was made portfolio manager and managing director. Jeff earned a BA…
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