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Thornburg Investment Income Builder Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 405 World Allocation funds, based on risk-adjusted returns for class C shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 3 stars and 3 stars among 405, 350 and 252 funds, as of 31 Aug 2022.

As of 31 Aug 2022
Fund Assets
$10.1 B
As of 31 Aug 2022
NAV
$19.19
As of 30 Sep 2022
Change
$-0.10
As of 30 Sep 2022
YTD NAV Performance
-18.82%
As of 30 Sep 2022
Asset Category:
Multi-Asset
Fund Benchmark:
Investment Income Builder Blend
Portfolio Managers
President and CEO
Portfolio Manager and Managing Director
Co-Head of Investments and Managing Director
Vice Chairman and Chief Investment Strategist

Globally Diversified Income

Cultivating the growth of dividends for almost two decades

The Investment Income Builder Fund has been able to deliver a consistent income stream to clients while continuing to grow their principal.

We believe that the power of dividends combined with our active approach can serve two goals:

  1. Help meet short-term funding needs, such as retirement income or foundation distributions.
  2. Contribute significantly to long-term growth to help make a future income stream last.

To learn more, download our client-approved brochure or continue to explore the rest of the page.

Download

IIB-Income-chart-2Q22
Overview

Overview

Why Invest in This Fund?

  • Global, diversified multi-asset portfolio of income-producing stocks and bonds that seeks to deliver an attractive and growing income stream.
  • Proven bottom-up fundamental research process to identify dividend-paying companies with strong cash flows that have both the ability and willingness to pay and grow their dividends over time.
  • Highly active, flexible approach that allows us to go anywhere in the world to seek income.

Investment Objective

The fund’s goal is to provide investors with a level of current income which exceeds the average yield on U.S. stocks generally, and which will grow, subject to periodic fluctuations, over the years on a per share basis.

Investment Approach

The strategy is a multi-asset portfolio of global dividend-paying stocks selected via a bottom-up, fundamentals and valuation-sensitive process. The strategy seeks to generate an attractive and growing income stream, with capital appreciation over time by building a portfolio of companies that have the ability and willingness to generate cash flow and distribute dividends to its shareholders.

Performance

Performance

Returns

(As of 30 Sep 2022)
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
-19.60
-13.36
0.07
1.69
4.08
7.11
Total Return without Sales Charge (%)
-18.82
-12.52
0.07
1.69
4.08
7.11
Investment Income Builder Blend (%)
-22.73
-18.22
2.85
4.14
6.45
6.78
Morningstar Category Avg. (%)
-13.33
-11.27
2.67
3.35
4.65
Morningstar Quartile
1
2
1
1
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
-19.60
-13.36
0.07
1.69
4.08
7.11
Total Return without Sales Charge (%)
-18.82
-12.52
0.07
1.69
4.08
7.11
Investment Income Builder Blend (%)
-22.73
-18.22
2.85
4.14
6.45
6.78
Morningstar Category Avg. (%)
-12.36
-11.53
3.4
3.11
4.44
Morningstar Quartile
1
2
2
2
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
-19.60
-13.36
0.20
8.74
49.13
288.49
Total Return without Sales Charge (%)
-18.82
-12.52
0.20
8.74
49.13
288.49
Investment Income Builder Blend (%)
-22.73
-18.22
8.80
22.51
86.76
265.95
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
-19.60
-13.36
0.20
8.74
49.13
288.49
Total Return without Sales Charge (%)
-18.82
-12.52
0.20
8.74
49.13
288.49
Investment Income Builder Blend (%)
-22.73
-18.22
8.80
22.51
86.76
265.95
2016
2017
2018
2019
2020
2021
Total Return with Sales Charge (%)
7.70
13.00
-6.30
15.86
-2.35
18.10
Investment Income Builder Blend (%)
6.41
17.42
-6.42
22.87
14.41
15.64
Fund Fees

Fund Fees

(As of 30 Sep 2022)
Gross Expense Ratio (%)
1.95
Net Expense Ratio (%)
1.95
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Sep 2022)
(Hypothetical Growth of $10,000 vs Investment Income Builder Blend)
Distributions

Distributions

(As of 30 Sep 2022)
Ex-Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Mar 2003
0.08300
0.08300
30 Jun 2003
0.09500
0.09500
30 Sep 2003
0.10400
0.10400
31 Dec 2003
0.15900
0.15900
31 Mar 2004
0.08400
0.08400
30 Jun 2004
0.10900
0.10900
30 Sep 2004
0.13600
0.13600
17 Nov 2004
0.00073
0.00063
0.00010
31 Dec 2004
0.20240
0.20240
31 Mar 2005
0.09110
0.09110
30 Jun 2005
0.11690
0.11690
30 Sep 2005
0.15620
0.15620
17 Nov 2005
0.33324
0.04834
0.28490
31 Dec 2005
0.26841
0.26841
31 Mar 2006
0.10230
0.10230
28 Jun 2006
0.13527
0.13527
27 Sep 2006
0.16530
0.16530
17 Nov 2006
0.51623
0.19367
0.32256
26 Dec 2006
0.30160
0.30160
26 Mar 2007
0.11190
0.11190
26 Jun 2007
0.15105
0.15105
26 Sep 2007
0.18076
0.18076
19 Nov 2007
0.46552
0.24776
0.21776
26 Dec 2007
0.32985
0.32985
26 Mar 2008
0.14461
0.14461
26 Jun 2008
0.18460
0.18460
26 Sep 2008
0.23070
0.23070
26 Dec 2008
0.34814
0.34814
26 Mar 2009
0.16407
0.16407
26 Jun 2009
0.22087
0.22087
25 Sep 2009
0.25368
0.25368
24 Dec 2009
0.31774
0.31774
26 Mar 2010
0.16906
0.16906
25 Jun 2010
0.22063
0.22063
24 Sep 2010
0.29281
0.29281
27 Dec 2010
0.33014
0.33014
25 Mar 2011
0.17718
0.17718
24 Jun 2011
0.22540
0.22540
26 Sep 2011
0.28921
0.28921
23 Dec 2011
0.34532
0.34532
26 Mar 2012
0.18446
0.18446
25 Jun 2012
0.22875
0.22875
24 Sep 2012
0.25327
0.25327
24 Dec 2012
0.32694
0.32694
22 Mar 2013
0.18229
0.18229
24 Jun 2013
0.21561
0.21561
24 Sep 2013
0.21477
0.21477
24 Dec 2013
0.20739
0.20739
25 Mar 2014
0.18957
0.18957
24 Jun 2014
0.20036
0.20036
24 Sep 2014
0.23195
0.23195
24 Dec 2014
0.22172
0.22172
25 Mar 2015
0.12890
0.12890
24 Jun 2015
0.15973
0.15973
24 Sep 2015
0.16298
0.16298
24 Dec 2015
0.21759
0.21759
24 Mar 2016
0.13946
0.13946
24 Jun 2016
0.15061
0.15061
26 Sep 2016
0.15901
0.15901
23 Dec 2016
0.18046
0.18046
24 Mar 2017
0.13647
0.13647
23 Jun 2017
0.16250
0.16250
22 Sep 2017
0.22225
0.22225
27 Dec 2017
0.25492
0.25492
23 Mar 2018
0.14267
0.14267
22 Jun 2018
0.15984
0.15984
21 Sep 2018
0.19893
0.19893
26 Dec 2018
0.23923
0.23923
22 Mar 2019
0.15513
0.15513
21 Jun 2019
0.17672
0.17672
20 Sep 2019
0.21241
0.21241
27 Dec 2019
0.25558
0.25558
19 Mar 2020
0.15584
0.15584
18 Jun 2020
0.15721
0.15721
17 Sep 2020
0.17549
0.17549
28 Dec 2020
0.24957
0.24957
18 Mar 2021
0.18801
0.18801
17 Jun 2021
0.22902
0.22902
16 Sep 2021
0.26420
0.26420
27 Dec 2021
0.31829
0.31829
6 Jan 2022
0.06438
0.06438
17 Mar 2022
0.16037
0.16037
16 Jun 2022
0.20454
0.20454
15 Sep 2022
0.24901
0.24901
Fund Facts

Fund Facts

(As of 31 Aug 2022)
Net Fund Assets
$10.1 B
Benchmark
Investment Income Builder Blend
Morningstar Category
World Allocation
Fund Symbol
TIBCX
Share Class
C
Share Class Inception Date
24 Dec 2002
Number of Holdings
312
Portfolio Turnover
19%
Distribution Frequency
Quarterly
30-Day SEC Yield (Subsidized)
2.90%
30-Day SEC Yield (Unsubsidized)
2.90%
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2022)
Portfolio
Benchmark
Weighted Average Market Cap
$120.6 B
$376.2 B
Median Market Cap
$53.2 B
$16.3 B
Price to Earnings - Forward 1YR
7.9x
15.2x
Price to Earnings - Trailing 12 Months
9.4x
16.7x
Price to Cash Flow
4.5x
11.3x
Price to Book Value
1.4x
2.8x
Return on Assets - 5 YR
6.9%
10.4%
Portfolio
Benchmark
Return on Equity - 5 YR
18.3%
28.0%
Historical 3YR Sales Growth
3.7%
9.9%
Active Share
91.6%
Effective Duration
4.0 Yrs
6.3 Yrs
Average Effective Maturity
6.3 Yrs
8.5 Yrs
Weighted Average Coupon
1.8%
2.5%
Yield to Worst
9.5%
4.0%
Risk & Return profile

Risk & Return profile

(As of 31 Jul 2022)
3y
5y
10y
Annualized Alpha (%)
-4.74
-4.79
-4.84
Beta
1.16
1.13
1.13
R-Squared (%)
83.18
82.69
83.31
Standard Deviation (%)
19.44
16.05
13.22
Sharpe Ratio
0.26
0.27
0.45
Information Ratio
-0.17
-0.22
-0.24
Up Capture (%)
102.73
100.81
102.11
Down Capture (%)
106.95
105.72
107.82
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2022)
Name
Ticker/Symbol
Sector
Weight %
TotalEnergies SE
TTE
Energy
4.4
Orange S.A.
ORA
Communication Services
3.8
Broadcom, Inc.
AVGO
Information Technology
3.2
Vodafone Group plc
VOD
Communication Services
3.1
CME Group, Inc.
CME
Financials
3.1
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
3.1
BNP Paribas S.A.
BNP
Financials
2.9
Pfizer, Inc.
PFE
Health Care
2.8
Samsung Electronics Co. Ltd.
005930
Information Technology
2.6
Tesco plc
TSCO
Consumer Staples
2.5
Name
Ticker/Symbol
Sector
Weight %
Telefonica Emisiones S.A.
87938WAC7
Communications
0.9
The Williams Cos, Inc.
969457BW9
Energy
0.7
Vector Group Ltd.
92240MBJ6
Consumer, Non-cyclical
0.4
QBE Insurance Group Ltd.
74737EAA2
Financials
0.4
Transcontinental Gas Pipe Line Co., LLC
893574AH6
Energy
0.4
Deutsche Telekom International Finance BV
25156PAC7
Communications
0.3
Digicel International Finance Ltd./Digicel international Holdings ltd
25381XAA1
Communications
0.3
The Williams Cos, Inc.
969457BU3
Energy
0.3
LendingPoint 2020-REV1 Asset Securitization Trust
52606YAC8
Asset Backed Securities
0.3
Kinder Morgan, Inc.
49456BAG6
Energy
0.2
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
26.8
13.4
Information Technology
15.3
21.7
Health Care
12.1
13.2
Communication Services
11.2
7.2
Energy
10.5
5.2
Materials
6.4
4.2
Utilities
5.8
3.2
Consumer Staples
3.9
7.7
Consumer Discretionary
3.7
11.3
Industrials
3.6
10.1
Real Estate
0.5
2.9
Sector Allocation
Fund (%)
Financials
26.8
Information Technology
15.3
Health Care
12.1
Communication Services
11.2
Energy
10.5
Materials
6.4
Utilities
5.8
Consumer Staples
3.9
Consumer Discretionary
3.7
Industrials
3.6
Real Estate
0.5
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Pharmaceuticals, Biotechnology & Life Sciences
11.9
8.5
Telecommunication Services
11.1
1.7
Semiconductors & Semiconductor Equipment
10.7
4.2
Energy
10.5
5.2
Diversified Financials
10.2
4.5
Banks
9.8
5.7
Insurance
7.8
3.2
Materials
6.3
4.2
Utilities
5.8
3.2
Technology Hardware & Equipment
4.3
6.9
Top 10 Industries
Fund (%)
Pharmaceuticals, Biotechnology & Life Sciences
11.9
Telecommunication Services
11.1
Semiconductors & Semiconductor Equipment
10.7
Energy
10.5
Diversified Financials
10.2
Banks
9.8
Insurance
7.8
Materials
6.3
Utilities
5.8
Technology Hardware & Equipment
4.3
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
United States
38.4
75.5
North America
France
11.8
2.4
Europe ex UK
United Kingdom
11.6
3.6
UK
Germany
5.3
1.6
Europe ex UK
Italy
5.1
0.4
Europe ex UK
Netherlands
4.1
0.9
Europe ex UK
Switzerland
3.2
2.1
Europe ex UK
Taiwan
3.1
0.0
Asia Pacific ex Japan
Korea, Republic of (South Korea)
2.6
0.0
Asia Pacific ex Japan
Australia
2.0
1.7
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
United States
38.4
France
11.8
United Kingdom
11.6
Germany
5.3
Italy
5.1
Netherlands
4.1
Switzerland
3.2
Taiwan
3.1
Korea, Republic of (South Korea)
2.6
Australia
2.0
Composition
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
Equity Long
79.3
75.0
Fixed Income
13.1
25.0
Cash & Cash Equivalents
6.1
Funds
1.0
Currency Forward
0.4
Composition
Fund (%)
Equity Long
79.3
Fixed Income
13.1
Cash & Cash Equivalents
6.1
Funds
1.0
Currency Forward
0.4
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
93.6
93.3
Mid Cap ($2.5 to $12 B)
2.5
6.7
Small Cap (< $2.5 B)
3.9
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
93.6
Mid Cap ($2.5 to $12 B)
2.5
Small Cap (< $2.5 B)
3.9
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
AAA
4.2
3.6
AA
0.6
2.9
A
2.6
11.3
BBB
39.5
11.7
BB
18.3
0.0
B
16.7
CCC
3.3
D
0.1
Not Rated
14.8
Credit Quality
Fund (%)
AAA
4.2
AA
0.6
A
2.6
BBB
39.5
BB
18.3
B
16.7
CCC
3.3
D
0.1
Not Rated
14.8
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
Year 1
9.5
1.0
Year 2
23.3
11.3
Year 3
11.0
10.0
Year 4
12.1
7.8
Year 5
10.2
8.2
Year 6
2.3
8.9
Year 7
3.6
8.2
Year 8
5.4
8.6
Year 9
1.9
4.6
Year 10+
20.8
31.4
Maturity
Fund (%)
Year 1
9.5
Year 2
23.3
Year 3
11.0
Year 4
12.1
Year 5
10.2
Year 6
2.3
Year 7
3.6
Year 8
5.4
Year 9
1.9
Year 10+
20.8
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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Matt Burdett
Matt Burdett
Portfolio Manager and Managing Director
Matt Burdett is portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager and was promoted to portfolio manager in 2018. Matt spent several years as a senior vice president and portfolio manager at PIMCO, where he co-managed various dividend-oriented strategies. Prior to his time at PIMCO, Matt worked as an equity analyst…
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Ben Kirby, CFA
Ben Kirby, CFA
Co-Head of Investments and Managing Director
Ben Kirby is co-head of investments for Thornburg Investment Management. He is responsible for driving the investment process at the firm level. Ben is also a portfolio manager on multiple strategies. He joined Thornburg in 2008 as equity research analyst, was promoted to associate portfolio manager in 2011, and was named portfolio manager and managing director in 2013. Ben holds…
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Brian McMahon
Brian McMahon
Vice Chairman and Chief Investment Strategist
Brian McMahon is chief investment strategist for Thornburg Investment Management. Brian is deeply respected for his market and investment insight and serves as a key voice for the investment team and Thornburg clients. He also co-manages Thornburg’s global equity portfolios and serves as vice chairman of Thornburg. Brian joined Thornburg in 1984 as chief investment officer; a role he held…
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‘Pick-your-poison’: Wall Street sell-off resumes

Thornburg Portfolio Manager Sean Sun tells Reuters that increasing geopolitical issues leave investors few places to hang their hats.
Advising Clients

The Death of the 60/40 Portfolio? Think Again.

Are print and internet investment articles giving you anxiety? In this podcast, Jan shares ideas to lower your blood pressure. Plus, another “Ask Jan” segment.
Global Equity

Navigating the Post-COVID Resurgence in Travel and Hospitality

As the storm that crushed the travel and lodging industries clears, we see post-Covid investment opportunities and pitfalls in the skies ahead.
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