Unsubscribe

Confirm you would like to unsubscribe from this list

Remove strategy

Confirm you would like to remove this strategy from your list

Welcome to Thornburg

Please select your location and role to help personalize the site.
Please review our Terms & Conditions

TERMS AND CONDITIONS OF USE

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.

Disclaimers

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.

Reference to a fund or security anywhere on this website is not a recommendation to buy, sell or hold that or any other security. The information is not a complete analysis of every material fact concerning any market, industry, or investment, nor is it intended to predict the performance of any investment or market.

All opinions and estimates included on this website constitute judgements of Thornburg as at the date of this website and are subject to change without notice.

All information and contents of this website are furnished "as is." Data has been obtained from sources considered reliable, but Thornburg makes no representation as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg disclaims, to the fullest extent of the law, any implied or express warranty of any kind, including without limitation the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

If you live in a state that does not allow disclaimers of implied warranties, our disclaimer may not apply to you.

Although Thornburg intends the information contained in this website to be accurate and reliable, errors sometimes occur. Thornburg does not warrant that the information to be free of errors, that the functions contained in the site will be uninterrupted, that defects will be corrected or that the site and servers are free from viruses or other harmful components. You agree that you are responsible for the means you use to access this website and understand that your hardware, software, the Internet, your Internet service provider, and other third parties involved in connecting you to our website may not perform as intended or desired. We also disclaim responsibility for damages third parties may cause to you through the use of this website, whether intentional or unintentional. For example, you understand that hackers could breach our security procedures, and that we will not be responsible for any related damages.

Thornburg Investment Management, Inc. is regulated by the U.S. Securities and Exchange under U.S. laws which may differ materially from laws in other jurisdictions.

Online Privacy and Cookie Policy

Please review our Online Privacy and Cookie Policy, which is hereby incorporated by reference as part of these terms and conditions.

Third Party Content

Certain website's content has been obtained from sources that Thornburg believes to be reliable as of the date presented but Thornburg cannot guarantee the accuracy, timeliness, completeness, or suitability for use of such content. The content does not take into account individual investor's circumstances, objectives or needs. The content is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services, nor does it constitute investment advice and should not be used as the basis for any investment decision.

Suitability

No determination has been made regarding the suitability of any securities, financial instruments or strategies for any investor. The website's content is provided on the basis and subject to the explanations, caveats and warnings set out in this notice and elsewhere herein. The website's content does not purport to provide any legal, tax or accounting advice. Any discussion of risk management is intended to describe Thornburg's efforts to monitor and manage risk but does not imply low risk.

Limited License and Restrictions on Use

Except as otherwise stated in these terms of use or as expressly authorized by Thornburg in writing, you may not:

  • Modify, copy, distribute, transmit, post, display, perform, reproduce, publish, broadcast, license, create derivative works from, transfer, sell, or exploit any reports, data, information, content, software, RSS and podcast feeds, products, services, or other materials (collectively, "Materials") on, generated by or obtained from this website, whether through links or otherwise;
  • Redeliver any page, text, image or Materials on this website using "framing" or other technology;
  • Engage in any conduct that could damage, disable, or overburden (i) this website, (ii) any Materials or services provided through this website, or (iii) any systems, networks, servers, or accounts related to this website, including without limitation, using devices or software that provide repeated automated access to this website, other than those made generally available by Thornburg;
  • Probe, scan, or test the vulnerability of any Materials, services, systems, networks, servers, or accounts related to this website or attempt to gain unauthorized access to Materials, services, systems, networks, servers, or accounts connected or associated with this website through hacking, password or data mining, or any other means of circumventing any access-limiting, user authentication or security device of any Materials, services, systems, networks, servers, or accounts related to this website; or
  • Modify, copy, obscure, remove or display the Thornburg name, logo, trademarks, notices or images without Thornburg's express written permission. To obtain such permission, you may e-mail us at info@thornburg.com.

Severability, Governing Law

Failure by Thornburg to enforce any provision(s) of these terms and conditions shall not be construed as a waiver of any provision or right. This website is controlled and operated by Thornburg from its offices in Santa Fe, New Mexico. The laws of the State of New Mexico govern these terms and conditions. If you take legal action relating to these terms and conditions, you agree to file such action only in state or federal court in New Mexico and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.

Termination

You acknowledge and agree that Thornburg may restrict, suspend or terminate these terms and conditions or your access to, and use, of the all or any part this website, including any links to third-party sites, at any time, with or without cause, including but not limited to any breach of these terms and conditions, in Thornburg's absolute discretion and without prior notice or liability.

Decline

Give Us a Call

Fund Operations
800.847.0200

FIND ANOTHER CONTACT

Thornburg Investment Income Builder Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 401 World Allocation funds, based on risk-adjusted returns for class R6 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 4 stars and 4 stars among 401, 359 and 256 funds, as of 31 Dec 2022.

As of 31 Dec 2022
Fund Assets
$10.4 B
As of 31 Dec 2022
NAV
$22.64
As of 27 Jan 2023
Change
$0.00
As of 27 Jan 2023
YTD NAV Performance
6.39%
As of 27 Jan 2023
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 31 Dec 2022)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-7.91
-7.91
3.40
4.55
6.29
8.73
Investment Income Builder Blend (%)
-16.67
-16.67
3.30
4.86
7.05
7.10
Morningstar Category Avg. (%)
-12.34
-12.34
1.21
2.25
4.09
Morningstar Quartile
1
1
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-7.91
-7.91
3.40
4.55
6.29
8.73
Investment Income Builder Blend (%)
-16.67
-16.67
3.30
4.86
7.05
7.10
Morningstar Category Avg. (%)
-12.34
-12.34
1.21
2.25
4.09
Morningstar Quartile
1
1
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-7.91
-7.91
10.55
24.91
84.11
433.95
Investment Income Builder Blend (%)
-16.67
-16.67
10.24
26.77
97.59
294.61
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-7.91
-7.91
10.55
24.91
84.11
433.95
Investment Income Builder Blend (%)
-16.67
-16.67
10.24
26.77
97.59
294.61
2017
2018
2019
2020
2021
2022
Total Return (%)
14.97
-4.31
18.08
-0.28
20.38
-7.91
Investment Income Builder Blend (%)
17.42
-6.42
22.87
14.41
15.64
-16.67
Fund Fees

Fund Fees

(As of 31 Dec 2022)
Gross Expense Ratio (%)
0.89
Net Expense Ratio (%)
0.85
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Dec 2022)
(Hypothetical Growth of $10,000 vs Investment Income Builder Blend)
Distributions

Distributions

(As of 31 Dec 2022)
Ex-Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
23 Jun 2017
0.22121
0.22121
22 Sep 2017
0.29198
0.29198
27 Dec 2017
0.31763
0.31763
23 Mar 2018
0.19908
0.19908
22 Jun 2018
0.21881
0.21881
21 Sep 2018
0.25829
0.25829
26 Dec 2018
0.29891
0.29891
22 Mar 2019
0.20632
0.20632
21 Jun 2019
0.23359
0.23359
20 Sep 2019
0.26767
0.26767
27 Dec 2019
0.31966
0.31966
19 Mar 2020
0.20509
0.20509
18 Jun 2020
0.20811
0.20811
17 Sep 2020
0.22832
0.22832
28 Dec 2020
0.30977
0.30977
18 Mar 2021
0.24145
0.24145
17 Jun 2021
0.29456
0.29456
16 Sep 2021
0.33036
0.33036
27 Dec 2021
0.39303
0.39303
6 Jan 2022
0.06548
0.06548
17 Mar 2022
0.21712
0.21712
16 Jun 2022
0.27011
0.27011
15 Sep 2022
0.30915
0.30915
27 Dec 2022
0.40881
0.40881
Fund Facts

Fund Facts

(As of 31 Dec 2022)
Net Fund Assets
$10.4 B
Benchmark
Investment Income Builder Blend
Morningstar Category
World Allocation
Fund Symbol
TIBOX
Share Class
R6
Share Class Inception Date
10 Apr 2017
Number of Holdings
326
Portfolio Turnover
25%
Distribution Frequency
Quarterly
30-Day SEC Yield (Subsidized)
4.77%
30-Day SEC Yield (Unsubsidized)
4.74%
Characteristics

Characteristics

Portfolio

(As of 31 Dec 2022)
Portfolio
Benchmark
Weighted Average Market Cap
$129.0 B
$295.8 B
Median Market Cap
$59.2 B
$16.4 B
Price to Earnings - Forward 1YR
8.1x
14.8x
Price to Earnings - Trailing 12 Months
9.5x
16.5x
Price to Cash Flow
4.4x
10.8x
Price to Book Value
1.4x
2.7x
Return on Assets - 5 YR
7.4%
10.6%
Portfolio
Benchmark
Return on Equity - 5 YR
18.0%
91.3%
Historical 3YR Sales Growth
3.8%
10.1%
Active Share
90.8%
Effective Duration
3.9 Yrs
6.2 Yrs
Average Effective Maturity
6.3 Yrs
8.4 Yrs
Weighted Average Coupon
2.6%
2.7%
Yield to Worst
10.0%
4.7%
Risk & Return profile

Risk & Return profile

(As of 31 Dec 2022)
3y
5y
10y
Annualized Alpha (%)
-1.81
-2.61
-3.56
Beta
1.11
1.09
1.10
R-Squared (%)
81.85
81.96
82.66
Standard Deviation (%)
19.94
16.57
13.50
Sharpe Ratio
0.12
0.19
0.40
Information Ratio
-0.01
-0.06
-0.13
Up Capture (%)
99.12
98.71
101.36
Down Capture (%)
100.84
101.21
105.40
Portfolio

Portfolio

Top Holdings

(As of 30 Nov 2022)
Name
Ticker/Symbol
Sector
Weight %
TotalEnergies SE
TTE
Energy
5.2
Orange S.A.
ORA
Communication Services
4.3
Broadcom, Inc.
AVGO
Information Technology
3.4
BNP Paribas S.A.
BNP
Financials
3.3
Pfizer, Inc.
PFE
Health Care
3.0
CME Group, Inc.
CME
Financials
3.0
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
2.9
Vodafone Group plc
VOD
Communication Services
2.8
Glencore plc
GLEN
Materials
2.7
Samsung Electronics Co. Ltd.
005930
Information Technology
2.7
Name
Ticker/Symbol
Sector
Weight %
Telefonica Emisiones S.A.
87938WAC7
Communications
0.8
The Williams Cos, Inc.
969457BW9
Energy
0.6
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
0.3
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
0.2
LendingPoint 2020-REV1 Asset Securitization Trust
52606YAC8
Asset Backed Securities
0.2
Kinder Morgan, Inc.
49456BAG6
Energy
0.2
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
25.5
14.3
Information Technology
13.9
20.2
Health Care
12.8
14.5
Communication Services
11.2
6.4
Energy
10.8
5.7
Utilities
7.1
3.2
Materials
6.5
4.5
Industrials
4.8
10.7
Consumer Discretionary
3.8
10.0
Consumer Staples
3.2
7.9
Real Estate
0.5
2.7
Sector Allocation
Fund (%)
Financials
25.5
Information Technology
13.9
Health Care
12.8
Communication Services
11.2
Energy
10.8
Utilities
7.1
Materials
6.5
Industrials
4.8
Consumer Discretionary
3.8
Consumer Staples
3.2
Real Estate
0.5
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Pharmaceuticals, Biotechnology & Life Sciences
12.6
9.5
Telecommunication Services
11.1
1.7
Energy
10.8
5.7
Banks
10.3
6.2
Semiconductors & Semiconductor Equipment
9.6
4.2
Diversified Financials
8.6
4.7
Insurance
7.4
3.5
Utilities
7.0
3.2
Materials
6.4
4.5
Technology Hardware & Equipment
4.1
6.0
Top 10 Industries
Fund (%)
Pharmaceuticals, Biotechnology & Life Sciences
12.6
Telecommunication Services
11.1
Energy
10.8
Banks
10.3
Semiconductors & Semiconductor Equipment
9.6
Diversified Financials
8.6
Insurance
7.4
Utilities
7.0
Materials
6.4
Technology Hardware & Equipment
4.1
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
United States
37.8
74.2
North America
France
14.0
2.6
Europe ex UK
United Kingdom
12.4
3.8
UK
Italy
6.3
0.5
Europe ex UK
Germany
6.2
1.8
Europe ex UK
Switzerland
4.2
2.2
Europe ex UK
Netherlands
3.0
1.0
Europe ex UK
Taiwan
2.7
0.0
Asia Pacific ex Japan
Korea, Republic of (South Korea)
2.5
0.0
Asia Pacific ex Japan
Spain
2.1
0.6
Europe ex UK
Top 10 Countries
Fund (%)
United States
37.8
France
14.0
United Kingdom
12.4
Italy
6.3
Germany
6.2
Switzerland
4.2
Netherlands
3.0
Taiwan
2.7
Korea, Republic of (South Korea)
2.5
Spain
2.1
Composition
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Equity
83.4
75.0
Fixed Income
13.5
25.0
Cash & Cash Equivalents
3.0
Funds
0.9
Currency Forward
-0.9
Composition
Fund (%)
Equity
83.4
Fixed Income
13.5
Cash & Cash Equivalents
3.0
Funds
0.9
Currency Forward
-0.9
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
94.9
93.1
Mid Cap ($2.5 to $12 B)
2.3
6.9
Small Cap (< $2.5 B)
2.8
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
94.9
Mid Cap ($2.5 to $12 B)
2.3
Small Cap (< $2.5 B)
2.8
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
AAA
3.5
3.6
AA
1.1
3.0
A
4.4
11.2
BBB
38.9
11.7
BB
21.4
B
14.0
CCC
2.7
D
0.8
Not Rated
13.2
0.0
Credit Quality
Fund (%)
AAA
3.5
AA
1.1
A
4.4
BBB
38.9
BB
21.4
B
14.0
CCC
2.7
D
0.8
Not Rated
13.2
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
9.8
0.0
Year 2
23.3
11.8
Year 3
12.3
10.2
Year 4
8.7
7.9
Year 5
6.4
8.8
Year 6
3.7
8.3
Year 7
4.7
8.3
Year 8
6.6
8.8
Year 9
4.9
5.9
Year 10+
19.6
29.9
Maturity
Fund (%)
Year 1
9.8
Year 2
23.3
Year 3
12.3
Year 4
8.7
Year 5
6.4
Year 6
3.7
Year 7
4.7
Year 8
6.6
Year 9
4.9
Year 10+
19.6
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…
Learn More
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…
Learn More
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…
Learn More
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,…
Learn More

More Insights

Markets

2022 in Perspective

Inflation, rising rates, and geopolitical events wreaked havoc on markets last year, it's time to put those events, and your investments, into perspective.
Fixed Income

Fed Pivot in the Cards? Why the Third Mandate Matters

When will the Fed pivot from its aggressive tightening? Co-Head of Investments Jeff Klingelhofer thinks the Fed’s little known “third mandate” provides insight.
Advising Clients

This Year, Give the Gift of Generations

Now that the holiday season is over, it’s time to give a gift that will be treasured by future generations.
Feedback