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Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.

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Thornburg Investment Income Builder Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 404 World Allocation funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 4 stars and 4 stars among 404, 353 and 251 funds, as of 31 Oct 2022.

As of 31 Oct 2022
Fund Assets
$9.8 B
As of 31 Oct 2022
NAV
$22.10
As of 30 Nov 2022
Change
$0.37
As of 30 Nov 2022
YTD NAV Performance
-5.79%
As of 30 Nov 2022
Asset Category:
Multi-Asset
Fund Benchmark:
Investment Income Builder Blend
Portfolio Managers
Portfolio Manager and Managing Director
Co-Head of Investments and Managing Director
Vice Chairman and Chief Investment Strategist
President and CEO

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-3Q22
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 (%)
-18.18
-11.61
1.07
2.72
5.15
8.15
Investment Income Builder Blend (%)
-22.73
-18.22
2.85
4.14
6.45
6.78
Morningstar Category Avg. (%)
-18.54
-15.7
0.46
1.32
3.45
Morningstar Quartile
1
2
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-5.79
-1.06
5.04
5.13
6.63
8.85
Investment Income Builder Blend (%)
-13.83
-11.13
5.24
5.80
7.55
7.31
Morningstar Category Avg. (%)
-15.69
-15.24
1.15
1.91
3.89
Morningstar Quartile
1
2
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-18.18
-11.61
3.25
14.37
65.18
370.86
Investment Income Builder Blend (%)
-22.73
-18.22
8.80
22.51
86.76
265.95
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-5.79
-1.06
15.89
28.40
89.95
442.18
Investment Income Builder Blend (%)
-13.83
-11.13
16.54
32.57
107.14
308.06
2016
2017
2018
2019
2020
2021
Total Return (%)
9.86
15.17
-4.39
17.95
-0.39
20.29
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 (%)
0.94
Net Expense Ratio (%)
0.94
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Nov 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 Dec 2003
0.14500
0.14500
31 Mar 2004
0.11700
0.11700
30 Jun 2004
0.13600
0.13600
30 Sep 2004
0.16000
0.16000
17 Nov 2004
0.00073
0.00063
0.00010
31 Dec 2004
0.22700
0.22700
31 Mar 2005
0.11589
0.11589
30 Jun 2005
0.14193
0.14193
30 Sep 2005
0.18030
0.18030
17 Nov 2005
0.33324
0.04834
0.28490
31 Dec 2005
0.29711
0.29711
31 Mar 2006
0.14446
0.14446
28 Jun 2006
0.17964
0.17964
27 Sep 2006
0.21220
0.21220
17 Nov 2006
0.51623
0.19367
0.32256
26 Dec 2006
0.35020
0.35020
26 Mar 2007
0.16190
0.16190
26 Jun 2007
0.20630
0.20630
26 Sep 2007
0.23570
0.23570
19 Nov 2007
0.46552
0.24776
0.21776
26 Dec 2007
0.39029
0.39029
26 Mar 2008
0.19754
0.19754
26 Jun 2008
0.23790
0.23790
26 Sep 2008
0.27987
0.27987
26 Dec 2008
0.38343
0.38343
26 Mar 2009
0.19159
0.19159
26 Jun 2009
0.25623
0.25623
25 Sep 2009
0.29438
0.29438
24 Dec 2009
0.36189
0.36189
26 Mar 2010
0.21267
0.21267
25 Jun 2010
0.26686
0.26686
24 Sep 2010
0.33574
0.33574
27 Dec 2010
0.37783
0.37783
25 Mar 2011
0.22726
0.22726
24 Jun 2011
0.27880
0.27880
26 Sep 2011
0.33844
0.33844
23 Dec 2011
0.39262
0.39262
26 Mar 2012
0.23093
0.23093
25 Jun 2012
0.27509
0.27509
24 Sep 2012
0.30097
0.30097
24 Dec 2012
0.37770
0.37770
22 Mar 2013
0.23086
0.23086
24 Jun 2013
0.27152
0.27152
24 Sep 2013
0.26844
0.26844
24 Dec 2013
0.26418
0.26418
25 Mar 2014
0.24253
0.24253
24 Jun 2014
0.25914
0.25914
24 Sep 2014
0.28921
0.28921
24 Dec 2014
0.27963
0.27963
25 Mar 2015
0.18176
0.18176
24 Jun 2015
0.21845
0.21845
24 Sep 2015
0.21839
0.21839
24 Dec 2015
0.27008
0.27008
24 Mar 2016
0.18533
0.18533
24 Jun 2016
0.20181
0.20181
26 Sep 2016
0.21226
0.21226
23 Dec 2016
0.23274
0.23274
24 Mar 2017
0.18636
0.18636
23 Jun 2017
0.21816
0.21816
22 Sep 2017
0.27894
0.27894
27 Dec 2017
0.31589
0.31589
23 Mar 2018
0.19613
0.19613
22 Jun 2018
0.21571
0.21571
21 Sep 2018
0.25558
0.25558
26 Dec 2018
0.29593
0.29593
22 Mar 2019
0.20347
0.20347
21 Jun 2019
0.22974
0.22974
20 Sep 2019
0.26420
0.26420
27 Dec 2019
0.31688
0.31688
19 Mar 2020
0.20303
0.20303
18 Jun 2020
0.20124
0.20124
17 Sep 2020
0.22194
0.22194
28 Dec 2020
0.30316
0.30316
18 Mar 2021
0.23677
0.23677
17 Jun 2021
0.29033
0.29033
16 Sep 2021
0.32854
0.32854
27 Dec 2021
0.38840
0.38840
6 Jan 2022
0.06563
0.06563
17 Mar 2022
0.21420
0.21420
16 Jun 2022
0.26605
0.26605
15 Sep 2022
0.30538
0.30538
Fund Facts

Fund Facts

(As of 31 Oct 2022)
Net Fund Assets
$9.8 B
Benchmark
Investment Income Builder Blend
Morningstar Category
World Allocation
Fund Symbol
TIBIX
Share Class
I
Share Class Inception Date
3 Nov 2003
Number of Holdings
338
Portfolio Turnover
25%
Distribution Frequency
Quarterly
30-Day SEC Yield (Subsidized)
4.75%
30-Day SEC Yield (Unsubsidized)
4.75%
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2022)
Portfolio
Benchmark
Weighted Average Market Cap
$115.6 B
$341.3 B
Median Market Cap
$54.6 B
$15.6 B
Price to Earnings - Forward 1YR
7.9x
14.8x
Price to Earnings - Trailing 12 Months
9.3x
16.4x
Price to Cash Flow
4.5x
11.2x
Price to Book Value
1.4x
2.7x
Return on Assets - 5 YR
6.8%
10.2%
Portfolio
Benchmark
Return on Equity - 5 YR
17.8%
30.0%
Historical 3YR Sales Growth
2.9%
9.6%
Active Share
91.2%
Effective Duration
4.0 Yrs
6.1 Yrs
Average Effective Maturity
6.3 Yrs
8.4 Yrs
Weighted Average Coupon
2.1%
2.6%
Yield to Worst
10.4%
5.0%
Risk & Return profile

Risk & Return profile

(As of 31 Oct 2022)
3y
5y
10y
Annualized Alpha (%)
-3.67
-3.29
-4.24
Beta
1.13
1.11
1.11
R-Squared (%)
82.22
82.24
82.93
Standard Deviation (%)
19.72
16.39
13.41
Sharpe Ratio
0.09
0.16
0.37
Information Ratio
-0.15
-0.12
-0.20
Up Capture (%)
100.20
99.74
101.66
Down Capture (%)
103.68
103.09
106.63
Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2022)
Name
Ticker/Symbol
Sector
Weight %
TotalEnergies SE
TTE
Energy
4.9
Orange S.A.
ORA
Communication Services
4.0
CME Group, Inc.
CME
Financials
3.1
Broadcom, Inc.
AVGO
Information Technology
3.1
Pfizer, Inc.
PFE
Health Care
3.0
BNP Paribas S.A.
BNP
Financials
3.0
Vodafone Group plc
VOD
Communication Services
2.8
NN Group N.V.
NN
Financials
2.7
Samsung Electronics Co. Ltd.
005930
Information Technology
2.5
Regions Financial Corp.
RF
Financials
2.5
Name
Ticker/Symbol
Sector
Weight %
Telefonica Emisiones S.A.
87938WAC7
Communications
0.8
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
SeaWorld Parks & Entertainment, Inc.
81282UAC6
Consumer, Cyclical
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 Oct 2022)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
27.5
13.8
Information Technology
14.0
21.1
Health Care
12.5
14.3
Energy
11.1
5.8
Communication Services
11.1
6.7
Materials
6.1
4.1
Utilities
5.7
3.0
Industrials
4.2
10.3
Consumer Discretionary
3.9
10.7
Consumer Staples
3.2
7.7
Real Estate
0.6
2.6
Sector Allocation
Fund (%)
Financials
27.5
Information Technology
14.0
Health Care
12.5
Energy
11.1
Communication Services
11.1
Materials
6.1
Utilities
5.7
Industrials
4.2
Consumer Discretionary
3.9
Consumer Staples
3.2
Real Estate
0.6
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Pharmaceuticals, Biotechnology & Life Sciences
12.3
9.2
Energy
11.1
5.8
Telecommunication Services
10.9
1.7
Banks
10.2
6.0
Diversified Financials
9.9
4.6
Semiconductors & Semiconductor Equipment
9.5
3.9
Insurance
8.3
3.3
Materials
6.0
4.1
Utilities
5.7
3.0
Technology Hardware & Equipment
4.3
6.9
Top 10 Industries
Fund (%)
Pharmaceuticals, Biotechnology & Life Sciences
12.3
Energy
11.1
Telecommunication Services
10.9
Banks
10.2
Diversified Financials
9.9
Semiconductors & Semiconductor Equipment
9.5
Insurance
8.3
Materials
6.0
Utilities
5.7
Technology Hardware & Equipment
4.3
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
United States
39.0
75.8
North America
France
12.6
2.4
Europe ex UK
United Kingdom
11.2
3.5
UK
Germany
5.5
1.7
Europe ex UK
Italy
5.2
0.4
Europe ex UK
Netherlands
4.4
0.9
Europe ex UK
Switzerland
3.8
2.1
Europe ex UK
Korea, Republic of (South Korea)
2.5
0.0
Asia Pacific ex Japan
Taiwan
2.3
0.0
Asia Pacific ex Japan
Spain
1.9
0.5
Europe ex UK
Top 10 Countries
Fund (%)
United States
39.0
France
12.6
United Kingdom
11.2
Germany
5.5
Italy
5.2
Netherlands
4.4
Switzerland
3.8
Korea, Republic of (South Korea)
2.5
Taiwan
2.3
Spain
1.9
Composition
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
Equity
79.4
75.0
Fixed Income
14.2
25.0
Cash & Cash Equivalents
5.3
Funds
0.9
Currency Forward
0.2
Composition
Fund (%)
Equity
79.4
Fixed Income
14.2
Cash & Cash Equivalents
5.3
Funds
0.9
Currency Forward
0.2
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
93.5
92.8
Mid Cap ($2.5 to $12 B)
3.1
7.1
Small Cap (< $2.5 B)
3.5
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
93.5
Mid Cap ($2.5 to $12 B)
3.1
Small Cap (< $2.5 B)
3.5
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
AAA
4.3
3.7
AA
1.2
2.9
A
4.5
11.2
BBB
37.8
11.5
BB
21.4
B
14.2
CCC
2.9
D
0.0
Not Rated
13.6
0.0
Credit Quality
Fund (%)
AAA
4.3
AA
1.2
A
4.5
BBB
37.8
BB
21.4
B
14.2
CCC
2.9
D
0.0
Not Rated
13.6
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
Year 1
5.7
0.9
Year 2
24.2
11.9
Year 3
8.2
10.2
Year 4
15.7
8.0
Year 5
6.7
8.1
Year 6
5.4
7.9
Year 7
2.8
7.1
Year 8
7.3
7.1
Year 9
2.6
7.4
Year 10+
21.3
31.4
Maturity
Fund (%)
Year 1
5.7
Year 2
24.2
Year 3
8.2
Year 4
15.7
Year 5
6.7
Year 6
5.4
Year 7
2.8
Year 8
7.3
Year 9
2.6
Year 10+
21.3
Portfolio Managers

Portfolio Managers

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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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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