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Thornburg Investment Income Builder Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 340 World Allocation funds, based on risk-adjusted returns for class A shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 5 stars, 4 stars and 4 stars among 340, 327 and 244 funds, as of 30 Sep 2024.

As of 30 Sep 2024
Fund Assets
$13.9 B
As of 30 Sep 2024
NAV
$26.15
As of 31 Oct 2024
Change
$-0.23
As of 31 Oct 2024
YTD NAV Performance
13.40%
As of 31 Oct 2024
Asset Category:
Multi-Asset
Fund Benchmark:
Investment Income Builder Blended Index

Portfolio Managers

Head of Equities and Managing Director
Vice Chairman, Chief Investment Strategist and Managing Director
Head of Fixed Income and Managing Director

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-3Q24
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 2024)
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
10.08
19.24
8.73
8.37
6.46
8.93
Total Return without Sales Charge (%)
15.25
24.85
10.41
9.37
6.95
9.16
Investment Income Builder Blended Index (%)
15.13
26.96
6.52
9.97
8.15
8.06
Morningstar Category Avg. (%)
11.06
19.88
3.79
6.18
4.82
Morningstar Quartile
1
1
1
1
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
10.08
19.24
8.73
8.37
6.46
8.93
Total Return without Sales Charge (%)
15.25
24.85
10.41
9.37
6.95
9.16
Investment Income Builder Blended Index (%)
15.13
26.96
6.52
9.97
8.15
8.06
Morningstar Category Avg. (%)
11.06
19.88
3.79
6.18
4.82
Morningstar Quartile
1
1
1
1
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
10.08
19.24
28.53
49.45
86.96
543.76
Total Return without Sales Charge (%)
15.25
24.85
34.58
56.46
95.79
573.96
Investment Income Builder Blended Index (%)
15.13
26.96
20.87
60.81
119.00
440.88
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
10.08
19.24
28.53
49.45
86.96
543.76
Total Return without Sales Charge (%)
15.25
24.85
34.58
56.46
95.79
573.96
Investment Income Builder Blended Index (%)
15.13
26.96
20.87
60.81
119.00
440.88
2018
2019
2020
2021
2022
2023
Total Return with Sales Charge (%)
-8.90
12.39
-5.10
14.62
-12.40
12.60
Investment Income Builder Blended Index (%)
-6.42
22.87
14.41
15.64
-16.67
19.05
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
1.17
Net Expense Ratio (%)
1.17
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Sep 2024)
(Hypothetical Growth of $10,000 vs Investment Income Builder Blended Index)
Distributions

Distributions

(As of 19 Sep 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Mar 2003
31 Mar 2003
0.09200
0.09200
30 Jun 2003
30 Jun 2003
0.11200
0.11200
30 Sep 2003
30 Sep 2003
0.12400
0.12400
31 Dec 2003
31 Dec 2003
0.17500
0.17500
31 Mar 2004
31 Mar 2004
0.10200
0.10200
30 Jun 2004
30 Jun 2004
0.12500
0.12500
30 Sep 2004
30 Sep 2004
0.15000
0.15000
17 Nov 2004
17 Nov 2004
0.00073
0.00063
0.00010
31 Dec 2004
31 Dec 2004
0.21800
0.21800
31 Mar 2005
31 Mar 2005
0.11000
0.11000
30 Jun 2005
30 Jun 2005
0.13600
0.13600
30 Sep 2005
30 Sep 2005
0.17400
0.17400
17 Nov 2005
17 Nov 2005
0.33324
0.04834
0.28490
31 Dec 2005
31 Dec 2005
0.29000
0.29000
31 Mar 2006
31 Mar 2006
0.12500
0.12500
28 Jun 2006
30 Jun 2006
0.16000
0.16000
27 Sep 2006
30 Sep 2006
0.19200
0.19200
17 Nov 2006
17 Nov 2006
0.51623
0.19367
0.32256
26 Dec 2006
31 Dec 2006
0.33000
0.33000
26 Mar 2007
31 Mar 2007
0.14200
0.14200
26 Jun 2007
30 Jun 2007
0.18500
0.18500
26 Sep 2007
30 Sep 2007
0.21500
0.21500
19 Nov 2007
19 Nov 2007
0.46552
0.24776
0.21776
26 Dec 2007
31 Dec 2007
0.36800
0.36800
26 Mar 2008
31 Mar 2008
0.17900
0.17900
26 Jun 2008
30 Jun 2008
0.21750
0.21750
26 Sep 2008
30 Sep 2008
0.26000
0.26000
26 Dec 2008
31 Dec 2008
0.36800
0.36800
26 Mar 2009
31 Mar 2009
0.18000
0.18000
26 Jun 2009
30 Jun 2009
0.24200
0.24200
25 Sep 2009
30 Sep 2009
0.28000
0.28000
24 Dec 2009
31 Dec 2009
0.34500
0.34500
26 Mar 2010
31 Mar 2010
0.19800
0.19800
25 Jun 2010
30 Jun 2010
0.25000
0.25000
24 Sep 2010
30 Sep 2010
0.32000
0.32000
27 Dec 2010
31 Dec 2010
0.36000
0.36000
25 Mar 2011
31 Mar 2011
0.21000
0.21000
24 Jun 2011
30 Jun 2011
0.26000
0.26000
26 Sep 2011
30 Sep 2011
0.32000
0.32000
23 Dec 2011
31 Dec 2011
0.37500
0.37500
26 Mar 2012
31 Mar 2012
0.21500
0.21500
25 Jun 2012
30 Jun 2012
0.26000
0.26000
24 Sep 2012
30 Sep 2012
0.28500
0.28500
24 Dec 2012
31 Dec 2012
0.36000
0.36000
22 Mar 2013
31 Mar 2013
0.21500
0.21500
24 Jun 2013
30 Jun 2013
0.25250
0.25250
24 Sep 2013
30 Sep 2013
0.24999
0.24999
24 Dec 2013
31 Dec 2013
0.24500
0.24500
25 Mar 2014
31 Mar 2014
0.22500
0.22500
24 Jun 2014
30 Jun 2014
0.24000
0.24000
24 Sep 2014
30 Sep 2014
0.27000
0.27000
24 Dec 2014
31 Dec 2014
0.26000
0.26000
25 Mar 2015
31 Mar 2015
0.16500
0.16500
24 Jun 2015
30 Jun 2015
0.20000
0.20000
24 Sep 2015
30 Sep 2015
0.20000
0.20000
24 Dec 2015
31 Dec 2015
0.25250
0.25250
24 Mar 2016
31 Mar 2016
0.17000
0.17000
24 Jun 2016
30 Jun 2016
0.18500
0.18500
26 Sep 2016
30 Sep 2016
0.19500
0.19500
23 Dec 2016
31 Dec 2016
0.21500
0.21500
24 Mar 2017
31 Mar 2017
0.17000
0.17000
23 Jun 2017
30 Jun 2017
0.20000
0.20000
22 Sep 2017
30 Sep 2017
0.26000
0.26000
27 Dec 2017
31 Dec 2017
0.29500
0.29500
23 Mar 2018
31 Mar 2018
0.18000
0.18000
22 Jun 2018
30 Jun 2018
0.20000
0.20000
21 Sep 2018
30 Sep 2018
0.24000
0.24000
26 Dec 2018
31 Dec 2018
0.28000
0.28000
22 Mar 2019
31 Mar 2019
0.19000
0.19000
21 Jun 2019
30 Jun 2019
0.21500
0.21500
20 Sep 2019
30 Sep 2019
0.25000
0.25000
27 Dec 2019
31 Dec 2019
0.30000
0.30000
19 Mar 2020
31 Mar 2020
0.19000
0.19000
18 Jun 2020
30 Jun 2020
0.19000
0.19000
17 Sep 2020
30 Sep 2020
0.21000
0.21000
28 Dec 2020
31 Dec 2020
0.29000
0.29000
18 Mar 2021
31 Mar 2021
0.22500
0.22500
17 Jun 2021
30 Jun 2021
0.27500
0.27500
16 Sep 2021
30 Sep 2021
0.31000
0.31000
27 Dec 2021
31 Dec 2021
0.37000
0.37000
6 Jan 2022
31 Jan 2022
0.06500
0.06500
17 Mar 2022
31 Mar 2022
0.20000
0.20000
16 Jun 2022
30 Jun 2022
0.25000
0.25000
15 Sep 2022
30 Sep 2022
0.29000
0.29000
27 Dec 2022
31 Dec 2022
0.38750
0.38750
16 Mar 2023
31 Mar 2023
0.21000
0.21000
15 Jun 2023
30 Jun 2023
0.25000
0.25000
14 Sep 2023
30 Sep 2023
0.29000
0.29000
26 Dec 2023
31 Dec 2023
0.36500
0.36500
21 Mar 2024
31 Mar 2024
0.22500
0.22500
20 Jun 2024
30 Jun 2024
0.25500
0.25500
19 Sep 2024
30 Sep 2024
0.29000
0.29000
Fund Facts

Fund Facts

(As of 30 Sep 2024)
Net Fund Assets
$13.9 B
Benchmark
Investment Income Builder Blended Index
Morningstar Category
World Allocation
Fund Symbol
TIBAX
Share Class
A
Share Class Inception Date
24 Dec 2002
Number of Holdings
342
Portfolio Turnover
26%
Distribution Frequency
Quarterly
30-Day SEC Yield (Subsidized)
2.93%
30-Day SEC Yield (Unsubsidized)
2.93%
Characteristics

Characteristics

Portfolio

(As of 30 Sep 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$183.7 B
$707.0 B
Median Market Cap
$55.8 B
$21.7 B
Price to Earnings - Forward 1YR
10.9x
20.4x
Price to Earnings - Trailing 12 Months
14.4x
23.4x
Price to Cash Flow
5.6x
14.4x
Price to Book Value
1.5x
3.5x
Return on Assets - 5 YR
5.9%
10.2%
Portfolio
Benchmark
Return on Equity - 5 YR
15.7%
32.0%
Historical 3YR Sales Growth
10.1%
16.8%
Active Share
92.0%
Effective Duration
3.7 Yrs
6.2 Yrs
Average Effective Maturity
6.6 Yrs
8.3 Yrs
Weighted Average Coupon
2.9%
3.3%
Yield to Worst
8.6%
4.2%
Risk & Return profile

Risk & Return profile

(As of 30 Sep 2024)
3y
5y
10y
Annualized Alpha (%)
5.22
-0.04
-0.64
Beta
0.81
1.01
1.00
R-Squared (%)
77.53
78.15
79.91
Standard Deviation (%)
12.98
16.12
13.09
Sharpe Ratio
0.54
0.45
0.43
Information Ratio
0.63
-0.04
-0.15
Up Capture (%)
95.03
93.90
94.45
Down Capture (%)
72.38
92.41
97.90
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2024)
Name
Ticker/Symbol
Sector
Weight %
Orange S.A.
ORA
Communication Services
5.3
Broadcom, Inc.
AVGO
Information Technology
4.2
TotalEnergies SE
TTE
Energy
4.1
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
3.9
AT&T, Inc.
T
Communication Services
3.4
NN Group N.V.
NN
Financials
3.3
BNP Paribas S.A.
BNP
Financials
3.3
Enel SpA
ENEL
Utilities
3.1
Tesco plc
TSCO
Consumer Staples
2.8
Citigroup, Inc.
C
Financials
2.7
Name
Ticker/Symbol
Sector
Weight %
Telefonica Emisiones S.A.
87938WAC7
SE_CORPORATE_BOND
0.7
Digicel Intermediate Holdings Ltd. / Digicel International Finance Ltd. / Difl US
ZF7746216
SE_CORPORATE_BOND
0.3
Vector Group Ltd.
92240MBJ6
SE_CORPORATE_BOND
0.2
Transcontinental Gas Pipe Line Co., LLC
893574AH6
SE_CORPORATE_BOND
0.2
Deutsche Telekom International Finance BV
25156PAC7
SE_CORPORATE_BOND
0.2
LendingPoint 2020-REV1 Asset Securitization Trust
52606YAC8
Asset Backed Securities
0.2
Kinder Morgan, Inc.
49456BAG6
SE_CORPORATE_BOND
0.2
KeHE Distributors, LLC/ KeHE Finance Corp. / NextWave Distribution, Inc.
487526AC9
SE_CORPORATE_BOND
0.2
Enstar Finance, LLC
29360AAA8
SE_CORPORATE_BOND
0.1
Homeward Opportunities Fund Trust 2024-RTL1
43789FAA1
SE_COLLAT_MORTGAGE_OBLIGATION
0.1
Exposure Breakdown

Exposure Breakdown

(As of 30 Sep 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
22.2
15.4
Communication Services
19.1
7.6
Information Technology
14.1
24.8
Health Care
12.0
11.7
Energy
10.3
3.9
Utilities
7.6
2.7
Materials
4.6
3.8
Consumer Staples
4.4
6.5
Industrials
2.9
11.1
Consumer Discretionary
2.4
10.3
Real Estate
0.4
2.3
Sector Allocation
Fund (%)
Financials
22.2
Communication Services
19.1
Information Technology
14.1
Health Care
12.0
Energy
10.3
Utilities
7.6
Materials
4.6
Consumer Staples
4.4
Industrials
2.9
Consumer Discretionary
2.4
Real Estate
0.4
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Telecommunication Services
18.9
1.4
Banks
11.5
5.7
Pharmaceuticals, Biotechnology & Life Sciences
10.5
7.7
Energy
10.4
3.9
Semiconductors & Semiconductor Equipment
9.9
8.7
Utilities
7.5
2.7
Financial Services
5.7
6.5
Insurance
5.6
3.2
Materials
4.6
3.8
Consumer Staples Distribution & Retail
3.7
1.8
Top 10 Industries
Fund (%)
Telecommunication Services
18.9
Banks
11.5
Pharmaceuticals, Biotechnology & Life Sciences
10.5
Energy
10.4
Semiconductors & Semiconductor Equipment
9.9
Utilities
7.5
Financial Services
5.7
Insurance
5.6
Materials
4.6
Consumer Staples Distribution & Retail
3.7
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
United States
35.0
77.3
North America
France
13.1
2.2
Europe ex UK
United Kingdom
11.1
3.0
UK
Italy
5.3
0.5
Europe ex UK
Netherlands
5.0
1.0
Europe ex UK
Germany
4.4
1.8
Europe ex UK
Taiwan
3.9
Asia Pacific ex Japan
Switzerland
3.4
1.9
Europe ex UK
Spain
2.5
0.6
Europe ex UK
Canada
2.4
2.6
North America
Top 10 Countries
Fund (%)
United States
35.0
France
13.1
United Kingdom
11.1
Italy
5.3
Netherlands
5.0
Germany
4.4
Taiwan
3.9
Switzerland
3.4
Spain
2.5
Canada
2.4
Composition
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Equity
84.4
75.0
Fixed Income
10.8
25.0
Cash & Cash Equivalents
4.9
Currency Forward
-0.1
Composition
Fund (%)
Equity
84.4
Fixed Income
10.8
Cash & Cash Equivalents
4.9
Currency Forward
-0.1
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Unassigned
0.0
Large Cap (> $12 B)
93.8
96.5
Mid Cap ($2.5 to $12 B)
4.1
3.5
Small Cap (< $2.5 B)
2.1
0.0
Capitalization
Fund (%)
Unassigned
0.0
Large Cap (> $12 B)
93.8
Mid Cap ($2.5 to $12 B)
4.1
Small Cap (< $2.5 B)
2.1
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
AAA
4.8
3.3
AA
0.9
4.0
A
4.8
11.7
BBB
37.6
11.6
BB
21.7
0.0
B
14.4
CCC
0.1
Not Rated
15.8
Credit Quality
Fund (%)
AAA
4.8
AA
0.9
A
4.8
BBB
37.6
BB
21.7
B
14.4
CCC
0.1
Not Rated
15.8
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
17.4
1.1
Year 2
12.9
11.9
Year 3
5.8
11.0
Year 4
15.3
9.3
Year 5
8.7
10.6
Year 6
7.5
6.2
Year 7
5.3
7.2
Year 8
1.6
6.8
Year 9
3.0
8.7
Year 10+
22.4
27.3
Maturity
Fund (%)
Year 1
17.4
Year 2
12.9
Year 3
5.8
Year 4
15.3
Year 5
8.7
Year 6
7.5
Year 7
5.3
Year 8
1.6
Year 9
3.0
Year 10+
22.4
Portfolio Managers

Portfolio Managers

Matt Burdett

Matt Burdett

Head of Equities and Managing Director
Matt Burdett is head of equities and a portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager. Matt was named a managing director and was promoted to portfolio manager in 2018 and to head of equities in 2024. Matt spent several years as a senior vice president and portfolio manager at PIMCO,…
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Brian McMahon

Brian McMahon

Vice Chairman, Chief Investment Strategist and Managing Director
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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Christian Hoffmann, CFA

Christian Hoffmann, CFA

Head of Fixed Income and Managing Director
Christian Hoffmann is head of fixed income and a portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as a fixed income analyst and was promoted to associate portfolio manager in 2014. Christian was named a managing director in 2017, was promoted to portfolio manager in 2018, and to head of fixed income in 2024. Prior to…
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More Insights

Cut to the Chase webcast

Cut to the Chase: Seizing Fixed Income Opportunities

The Fed looks set to cut interest rates this week, prompting a re-evaluation of fixed income strategies. There are strategies and opportunities in fixed income to exploit.
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Markets & Economy

Finding Income, Opportunities and Defense in Today’s Markets

Gain insights on how to position fixed income portfolios for yield and ballast given mixed signals on consumer health and policy outlook.
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Global Equity

Generative AI: Finding Undervalued Investment Opportunities

Are there ways to invest in Generative AI that can help diversify the risk besides putting all the eggs in the U.S. large cap basket?
Cash is losing its crown and no longer a bandaid for investors.
Interest Rates

Will Cash Be Dethroned? Why Bonds Should Reign Going Forward

While cash instruments were attractive during the Fed hiking cycle, bonds have historically outperformed cash both prior to and when the Fed began cutting rates.
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International Equities

Finding Investment Opportunities in Healthcare Innovation

Emily Leveille explores companies exposed to growing mega-trends, with proven R&D track records, and the picks and shovels enabling drug development.
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International Equities

The Analogy of the Olympics and International Investing

Thornburg Portfolio Manager Brian Burrell draws a parallel between the Olympics and portfolio investing.