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Thornburg Limited Term U.S. Government Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 88 Short Government funds, based on risk-adjusted returns for class R4 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 1 star, 1 star and 2 stars among 88, 83 and 75 funds, as of 29 Feb 2024.

As of 29 Feb 2024
Fund Assets
$159.4 M
As of 29 Feb 2024
NAV
$11.80
As of 27 Mar 2024
Change
$0.01
As of 27 Mar 2024
YTD NAV Performance
-0.17%
As of 27 Mar 2024
Asset Category:
Global Fixed Income
Fund Benchmark:
BBG US Govt Int TR Value

Portfolio Managers

Portfolio Manager and Managing Director
Co-Head of Investments and Managing Director
Portfolio Manager 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 31 Dec 2023)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
3.90
3.90
-2.17
0.09
0.51
3.94
BBG US Govt Int TR Value (%)
4.30
4.30
-1.83
1.03
1.24
4.71
Morningstar Category Avg. (%)
4.18
4.18
-0.76
0.91
0.9
Morningstar Quartile
4
4
4
4
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-0.73
2.76
-2.09
-0.14
0.33
3.90
BBG US Govt Int TR Value (%)
-0.84
3.61
-1.76
0.79
1.06
4.67
Morningstar Category Avg. (%)
-0.05
3.98
-0.66
0.83
0.83
Morningstar Quartile
4
4
4
4
YTD
1y
3y
5y
10y
Inception
Total Return (%)
3.90
3.90
-6.37
0.47
5.21
303.38
BBG US Govt Int TR Value (%)
4.30
4.30
-5.39
5.24
13.16
427.53
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-0.73
2.76
-6.14
-0.69
3.39
300.43
BBG US Govt Int TR Value (%)
-0.84
3.61
-5.18
3.99
11.07
423.12
2018
2019
2020
2021
2022
2023
Total Return (%)
0.73
3.52
3.66
-1.95
-8.10
3.90
BBG US Govt Int TR Value (%)
1.43
5.20
5.73
-1.69
-7.73
4.30
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
2.91
Net Expense Ratio (%)
0.99
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 29 Feb 2024)
(Hypothetical Growth of $10,000 vs BBG US Govt Int TR Value)
Distributions

Distributions

(As of 29 Feb 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 2014
31 Jan 2014
0
28 Feb 2014
28 Feb 2014
0.02809
0.02809
31 Mar 2014
31 Mar 2014
0.03166
0.03166
30 Apr 2014
30 Apr 2014
0.02269
0.02269
30 May 2014
31 May 2014
0.02491
0.02491
30 Jun 2014
30 Jun 2014
0.02346
0.02346
31 Jul 2014
31 Jul 2014
0.02353
0.02353
29 Aug 2014
31 Aug 2014
0.02013
0.02013
30 Sep 2014
30 Sep 2014
0.02195
0.02195
31 Oct 2014
31 Oct 2014
0.02432
0.02432
28 Nov 2014
30 Nov 2014
0.02567
0.02567
31 Dec 2014
31 Dec 2014
0.01690
0.01690
30 Jan 2015
31 Jan 2015
0.01023
0.01023
27 Feb 2015
28 Feb 2015
0.01006
0.01006
31 Mar 2015
31 Mar 2015
0.01247
0.01247
30 Apr 2015
30 Apr 2015
0.01892
0.01892
29 May 2015
31 May 2015
0.02299
0.02299
30 Jun 2015
30 Jun 2015
0.01941
0.01941
31 Jul 2015
31 Jul 2015
0.01927
0.01927
31 Aug 2015
31 Aug 2015
0.01884
0.01884
30 Sep 2015
30 Sep 2015
0.01590
0.01590
30 Oct 2015
31 Oct 2015
0.01067
0.01067
30 Nov 2015
30 Nov 2015
0.00893
0.00893
31 Dec 2015
31 Dec 2015
0.01951
0.01951
29 Jan 2016
31 Jan 2016
0.01488
0.01488
29 Feb 2016
29 Feb 2016
0.01080
0.01080
31 Mar 2016
31 Mar 2016
0.01805
0.01805
29 Apr 2016
30 Apr 2016
0.01697
0.01697
31 May 2016
31 May 2016
0.02013
0.02013
30 Jun 2016
30 Jun 2016
0.02090
0.02090
29 Jul 2016
31 Jul 2016
0.01957
0.01957
31 Aug 2016
31 Aug 2016
0.01834
0.01834
30 Sep 2016
30 Sep 2016
0.00646
0.00646
31 Oct 2016
31 Oct 2016
0.01167
0.01167
30 Nov 2016
30 Nov 2016
0.01475
0.01475
30 Dec 2016
31 Dec 2016
0.01774
0.01774
31 Jan 2017
31 Jan 2017
0.01132
0.01132
28 Feb 2017
28 Feb 2017
0.01362
0.01362
31 Mar 2017
31 Mar 2017
0.01894
0.01894
28 Apr 2017
30 Apr 2017
0.01688
0.01688
31 May 2017
31 May 2017
0.01387
0.01387
30 Jun 2017
30 Jun 2017
0.01621
0.01621
31 Jul 2017
31 Jul 2017
0.01427
0.01427
31 Aug 2017
31 Aug 2017
0.01333
0.01333
29 Sep 2017
30 Sep 2017
0.01167
0.01167
31 Oct 2017
31 Oct 2017
0.01696
0.01696
30 Nov 2017
30 Nov 2017
0.02035
0.02035
29 Dec 2017
31 Dec 2017
0.01245
0.01245
31 Jan 2018
31 Jan 2018
0.01364
0.01364
28 Feb 2018
28 Feb 2018
0.01606
0.01606
29 Mar 2018
31 Mar 2018
0.01822
0.01822
30 Apr 2018
30 Apr 2018
0.02035
0.02035
31 May 2018
31 May 2018
0.01757
0.01757
29 Jun 2018
30 Jun 2018
0.02046
0.02046
31 Jul 2018
31 Jul 2018
0.02110
0.02110
31 Aug 2018
31 Aug 2018
0.01733
0.01733
28 Sep 2018
30 Sep 2018
0.01518
0.01518
31 Oct 2018
31 Oct 2018
0.01588
0.01588
30 Nov 2018
30 Nov 2018
0.01753
0.01753
31 Dec 2018
31 Dec 2018
0.01850
0.01850
31 Jan 2019
31 Jan 2019
0.01181
0.01181
28 Feb 2019
28 Feb 2019
0.01224
0.01224
29 Mar 2019
31 Mar 2019
0.01919
0.01919
30 Apr 2019
30 Apr 2019
0.02084
0.02084
31 May 2019
31 May 2019
0.02110
0.02110
28 Jun 2019
30 Jun 2019
0.02103
0.02103
31 Jul 2019
31 Jul 2019
0.01935
0.01935
31 Aug 2019
31 Aug 2019
0.01800
0.01800
30 Sep 2019
30 Sep 2019
0.01936
0.01936
31 Oct 2019
31 Oct 2019
0.01921
0.01921
30 Nov 2019
30 Nov 2019
0.01795
0.01795
31 Dec 2019
31 Dec 2019
0.01818
0.01818
31 Jan 2020
31 Jan 2020
0.01628
0.01628
29 Feb 2020
29 Feb 2020
0.01653
0.01653
31 Mar 2020
31 Mar 2020
0.01765
0.01765
30 Apr 2020
30 Apr 2020
0.01754
0.01754
31 May 2020
31 May 2020
0.01311
0.01311
30 Jun 2020
30 Jun 2020
0.01092
0.01092
31 Jul 2020
31 Jul 2020
0.01237
0.01237
31 Aug 2020
31 Aug 2020
0.01402
0.01402
30 Sep 2020
30 Sep 2020
0.01383
0.01383
30 Oct 2020
31 Oct 2020
0.01184
0.01184
30 Nov 2020
30 Nov 2020
0.01114
0.01114
31 Dec 2020
31 Dec 2020
0.01031
0.01031
29 Jan 2021
31 Jan 2021
0.00923
0.00923
26 Feb 2021
28 Feb 2021
0.01107
0.01107
31 Mar 2021
31 Mar 2021
0.01123
0.01123
30 Apr 2021
30 Apr 2021
0.01183
0.01183
28 May 2021
31 May 2021
0.01281
0.01281
30 Jun 2021
30 Jun 2021
0.01377
0.01377
30 Jul 2021
31 Jul 2021
0.01316
0.01316
31 Aug 2021
31 Aug 2021
0.01338
0.01338
30 Sep 2021
30 Sep 2021
0.01177
0.01177
29 Oct 2021
31 Oct 2021
0.00941
0.00941
30 Nov 2021
30 Nov 2021
0.01034
0.01034
31 Dec 2021
31 Dec 2021
0.01319
0.01319
31 Jan 2022
31 Jan 2022
0.01147
0.01147
28 Feb 2022
28 Feb 2022
0.01125
0.01125
31 Mar 2022
31 Mar 2022
0.01488
0.01488
29 Apr 2022
30 Apr 2022
0.01601
0.01601
31 May 2022
31 May 2022
0.02061
0.02061
30 Jun 2022
30 Jun 2022
0.01483
0.01483
29 Jul 2022
31 Jul 2022
0.01981
0.01981
31 Aug 2022
31 Aug 2022
0.02549
0.02549
30 Sep 2022
30 Sep 2022
0.01169
0.01169
31 Oct 2022
31 Oct 2022
0.01208
0.01208
30 Nov 2022
30 Nov 2022
0.01751
0.01751
30 Dec 2022
31 Dec 2022
0.02062
0.02062
31 Jan 2023
31 Jan 2023
0.01311
0.01311
28 Feb 2023
28 Feb 2023
0.01116
0.01116
31 Mar 2023
31 Mar 2023
0.02832
0.02832
28 Apr 2023
30 Apr 2023
0.02598
0.02598
31 May 2023
31 May 2023
0.02252
0.02252
30 Jun 2023
30 Jun 2023
0.02484
0.02484
31 Jul 2023
31 Jul 2023
0.02255
0.02255
31 Aug 2023
31 Aug 2023
0.02411
0.02411
29 Sep 2023
30 Sep 2023
0.02217
0.02217
31 Oct 2023
31 Oct 2023
0.02688
0.02688
30 Nov 2023
30 Nov 2023
0.02612
0.02612
29 Dec 2023
31 Dec 2023
0.02251
0.02251
31 Jan 2024
31 Jan 2024
0.02038
0.02038
29 Feb 2024
29 Feb 2024
0.02281
0.02281
Fund Facts

Fund Facts

(As of 29 Feb 2024)
Net Fund Assets
$159.4 M
Benchmark
BBG US Govt Int TR Value
Morningstar Category
Short Government
Fund Symbol
LTUGX
Share Class
R4
Share Class Inception Date
1 Feb 2014
Number of Holdings
169
Portfolio Turnover
39%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
2.44%
30-Day SEC Yield (Unsubsidized)
0.89%
Annualized Distribution Yield
2.39%
Characteristics

Characteristics

Portfolio

(As of 29 Feb 2024)
Portfolio
Benchmark
Effective Duration
3.9 Yrs
3.6 Yrs
Average Effective Maturity
5.1 Yrs
4.0 Yrs
Portfolio
Benchmark
Weighted Average Coupon
2.4%
2.6%
Yield to Worst
5.0%
4.5%
Risk & Return Profile

Risk & Return Profile

(As of 29 Feb 2024)
3y
5y
10y
Beta
1.05
0.91
0.85
R-Squared (%)
94.69
85.68
85.18
Standard Deviation (%)
4.48
3.67
2.78
Sharpe Ratio
-0.96
-0.49
-0.23
Information Ratio
0.01
-0.40
-0.30
Up Capture (%)
103.62
87.26
81.06
Down Capture (%)
102.43
97.80
85.77
Portfolio

Portfolio

Top Holdings

(As of 31 Jan 2024)
Name
Ticker/Symbol
Sector
Weight %
United States Treasury Inflation Indexed Bonds
91282CBF7
Government
5.6
Fannie Mae Pool
3140XMZX7
Mortgage Securities
3.9
United States Treasury Note/Bond
91282CHC8
Government
2.4
Freddie Mac Multifamily Structured Pass Through Certificates
3137FCM43
Mortgage Securities
2.1
FARM 21-1 Mortgage Trust
30768WAA6
Mortgage Securities
2.1
United States Treasury Inflation Indexed Bonds
91282CEJ6
Government
2.1
Fannie Mae Pool
3140XMX27
Mortgage Securities
1.9
Caledonia Generating, LLC
129268AB4
Utilities
1.9
Freddie Mac Multifamily Structured Pass Through Certificates
3137FETN0
Mortgage Securities
1.8
Fannie Mae Pool
31418D2Y7
Mortgage Securities
1.8
Exposure Breakdown

Exposure Breakdown

(As of 29 Feb 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Mortgage Passthrough
35.6
Collateralized Mortgage Obligation
21.6
Treasury-Domestic
16.6
97.5
Commercial Mortgage Backed Security
9.2
Cash & Cash Equivalents
8.2
Agency Debenture
4.6
2.5
Asset Backed Securities
3.6
Corporate
0.6
Sector Allocation
Fund (%)
Mortgage Passthrough
35.6
Collateralized Mortgage Obligation
21.6
Treasury-Domestic
16.6
Commercial Mortgage Backed Security
9.2
Cash & Cash Equivalents
8.2
Agency Debenture
4.6
Asset Backed Securities
3.6
Corporate
0.6
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
U.S. Government
91.8
100.0
Cash & Cash Equivalents
8.2
Credit Quality
Fund (%)
U.S. Government
91.8
Cash & Cash Equivalents
8.2
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
4.9
2.4
Year 2
5.1
23.8
Year 3
10.8
17.7
Year 4
14.0
13.4
Year 5
13.7
15.7
Year 6
9.7
6.9
Year 7
6.5
8.4
Year 8
2.0
4.0
Year 9
6.1
4.2
Year 10+
19.1
3.5
Cash
8.2
Maturity
Fund (%)
Year 1
4.9
Year 2
5.1
Year 3
10.8
Year 4
14.0
Year 5
13.7
Year 6
9.7
Year 7
6.5
Year 8
2.0
Year 9
6.1
Year 10+
19.1
Cash
8.2
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 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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Christian Hoffmann, CFA

Christian Hoffmann, CFA

Portfolio Manager and Managing Director
Christian Hoffmann is portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as a fixed income securities analyst and was promoted to associate portfolio manager in 2014, then portfolio manager in 2018. Christian graduated cum laude from New York University with a BA in economics. He is also a CFA charterholder. Prior to joining Thornburg, he served…
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