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Thornburg Investment Income Builder Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 351 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, 5 stars, 4 stars and 4 stars among 351, 333 and 241 funds, as of 30 Apr 2024.

As of 30 Apr 2024
Fund Assets
$12.7 B
As of 30 Apr 2024
NAV
$25.90
As of 17 May 2024
Change
$0.02
As of 17 May 2024
YTD NAV Performance
9.37%
As of 17 May 2024
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, Chief Investment Strategist and Managing Director
Portfolio Manager 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-1Q24
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 Mar 2024)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
5.74
18.38
8.37
8.67
6.60
9.29
Investment Income Builder Blend (%)
6.42
18.93
5.89
9.29
7.57
7.86
Morningstar Category Avg. (%)
4.38
11.51
2.78
5.31
4.27
Morningstar Quartile
1
1
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
4.39
13.90
7.29
7.73
6.34
9.19
Investment Income Builder Blend (%)
2.78
13.20
3.41
7.96
7.09
7.65
Morningstar Category Avg. (%)
4.38
11.51
2.78
5.31
4.27
Morningstar Quartile
1
1
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
5.74
18.38
27.25
51.52
89.44
561.30
Investment Income Builder Blend (%)
6.42
18.93
18.73
55.92
107.50
399.95
YTD
1y
3y
5y
10y
Inception
Total Return (%)
4.39
13.90
23.52
45.08
84.91
552.89
Investment Income Builder Blend (%)
2.78
13.20
10.60
46.68
98.47
382.86
2018
2019
2020
2021
2022
2023
Total Return (%)
-4.39
17.95
-0.39
20.29
-8.03
18.17
Investment Income Builder Blend (%)
-6.42
22.87
14.41
15.64
-16.67
19.05
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
0.92
Net Expense Ratio (%)
0.92
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Apr 2024)
(Hypothetical Growth of $10,000 vs Investment Income Builder Blend)
Distributions

Distributions

(As of 21 Mar 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Mar 2003
31 Mar 2003
0
30 Jun 2003
30 Jun 2003
0
30 Sep 2003
30 Sep 2003
0
31 Dec 2003
31 Dec 2003
0.14500
0.14500
31 Mar 2004
31 Mar 2004
0.11700
0.11700
30 Jun 2004
30 Jun 2004
0.13600
0.13600
30 Sep 2004
30 Sep 2004
0.16000
0.16000
17 Nov 2004
30 Nov 2004
0.00073
0.00063
0.00010
31 Dec 2004
31 Dec 2004
0.22700
0.22700
31 Mar 2005
31 Mar 2005
0.11589
0.11589
30 Jun 2005
30 Jun 2005
0.14193
0.14193
30 Sep 2005
30 Sep 2005
0.18030
0.18030
17 Nov 2005
30 Nov 2005
0.33324
0.04834
0.28490
31 Dec 2005
31 Dec 2005
0.29711
0.29711
31 Mar 2006
31 Mar 2006
0.14446
0.14446
28 Jun 2006
30 Jun 2006
0.17964
0.17964
27 Sep 2006
30 Sep 2006
0.21220
0.21220
17 Nov 2006
30 Nov 2006
0.51623
0.19367
0.32256
26 Dec 2006
31 Dec 2006
0.35020
0.35020
26 Mar 2007
31 Mar 2007
0.16190
0.16190
26 Jun 2007
30 Jun 2007
0.20630
0.20630
26 Sep 2007
30 Sep 2007
0.23570
0.23570
19 Nov 2007
30 Nov 2007
0.46552
0.24776
0.21776
26 Dec 2007
31 Dec 2007
0.39029
0.39029
26 Mar 2008
31 Mar 2008
0.19754
0.19754
26 Jun 2008
30 Jun 2008
0.23790
0.23790
26 Sep 2008
30 Sep 2008
0.27987
0.27987
26 Dec 2008
31 Dec 2008
0.38343
0.38343
26 Mar 2009
31 Mar 2009
0.19159
0.19159
26 Jun 2009
30 Jun 2009
0.25623
0.25623
25 Sep 2009
30 Sep 2009
0.29438
0.29438
24 Dec 2009
31 Dec 2009
0.36189
0.36189
26 Mar 2010
31 Mar 2010
0.21267
0.21267
25 Jun 2010
30 Jun 2010
0.26686
0.26686
24 Sep 2010
30 Sep 2010
0.33574
0.33574
27 Dec 2010
31 Dec 2010
0.37783
0.37783
25 Mar 2011
31 Mar 2011
0.22726
0.22726
24 Jun 2011
30 Jun 2011
0.27880
0.27880
26 Sep 2011
30 Sep 2011
0.33844
0.33844
23 Dec 2011
31 Dec 2011
0.39262
0.39262
26 Mar 2012
31 Mar 2012
0.23093
0.23093
25 Jun 2012
30 Jun 2012
0.27509
0.27509
24 Sep 2012
30 Sep 2012
0.30097
0.30097
24 Dec 2012
31 Dec 2012
0.37770
0.37770
22 Mar 2013
31 Mar 2013
0.23086
0.23086
24 Jun 2013
30 Jun 2013
0.27152
0.27152
24 Sep 2013
30 Sep 2013
0.26844
0.26844
24 Dec 2013
31 Dec 2013
0.26418
0.26418
25 Mar 2014
31 Mar 2014
0.24253
0.24253
24 Jun 2014
30 Jun 2014
0.25914
0.25914
24 Sep 2014
30 Sep 2014
0.28921
0.28921
24 Dec 2014
31 Dec 2014
0.27963
0.27963
25 Mar 2015
31 Mar 2015
0.18176
0.18176
24 Jun 2015
30 Jun 2015
0.21845
0.21845
24 Sep 2015
30 Sep 2015
0.21839
0.21839
24 Dec 2015
31 Dec 2015
0.27008
0.27008
24 Mar 2016
31 Mar 2016
0.18533
0.18533
24 Jun 2016
30 Jun 2016
0.20181
0.20181
26 Sep 2016
30 Sep 2016
0.21226
0.21226
23 Dec 2016
31 Dec 2016
0.23274
0.23274
24 Mar 2017
31 Mar 2017
0.18636
0.18636
23 Jun 2017
30 Jun 2017
0.21816
0.21816
22 Sep 2017
30 Sep 2017
0.27894
0.27894
27 Dec 2017
31 Dec 2017
0.31589
0.31589
23 Mar 2018
31 Mar 2018
0.19613
0.19613
22 Jun 2018
30 Jun 2018
0.21571
0.21571
21 Sep 2018
30 Sep 2018
0.25558
0.25558
26 Dec 2018
31 Dec 2018
0.29593
0.29593
22 Mar 2019
31 Mar 2019
0.20347
0.20347
21 Jun 2019
30 Jun 2019
0.22974
0.22974
20 Sep 2019
30 Sep 2019
0.26420
0.26420
27 Dec 2019
31 Dec 2019
0.31688
0.31688
19 Mar 2020
31 Mar 2020
0.20303
0.20303
18 Jun 2020
30 Jun 2020
0.20124
0.20124
17 Sep 2020
30 Sep 2020
0.22194
0.22194
28 Dec 2020
31 Dec 2020
0.30316
0.30316
18 Mar 2021
31 Mar 2021
0.23677
0.23677
17 Jun 2021
30 Jun 2021
0.29033
0.29033
16 Sep 2021
30 Sep 2021
0.32854
0.32854
27 Dec 2021
31 Dec 2021
0.38840
0.38840
6 Jan 2022
31 Jan 2022
0.06563
0.06563
17 Mar 2022
31 Mar 2022
0.21420
0.21420
16 Jun 2022
30 Jun 2022
0.26605
0.26605
15 Sep 2022
30 Sep 2022
0.30538
0.30538
27 Dec 2022
31 Dec 2022
0.40490
0.40490
16 Mar 2023
31 Mar 2023
0.22265
0.22265
15 Jun 2023
30 Jun 2023
0.26537
0.26537
14 Sep 2023
30 Sep 2023
0.30469
0.30469
26 Dec 2023
31 Dec 2023
0.38383
0.38383
21 Mar 2024
31 Mar 2024
0.23996
0.23996
Fund Facts

Fund Facts

(As of 30 Apr 2024)
Net Fund Assets
$12.7 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
350
Portfolio Turnover
26%
Distribution Frequency
Quarterly
30-Day SEC Yield (Subsidized)
3.49%
30-Day SEC Yield (Unsubsidized)
3.49%
Characteristics

Characteristics

Portfolio

(As of 30 Apr 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$157.7 B
$551.5 B
Median Market Cap
$65.1 B
$18.9 B
Price to Earnings - Forward 1YR
10.6x
18.5x
Price to Earnings - Trailing 12 Months
10.7x
20.9x
Price to Cash Flow
5.0x
13.1x
Price to Book Value
1.4x
3.2x
Return on Assets - 5 YR
6.2%
9.1%
Portfolio
Benchmark
Return on Equity - 5 YR
15.9%
30.6%
Historical 3YR Sales Growth
11.3%
16.5%
Active Share
91.4%
Effective Duration
3.6 Yrs
6.1 Yrs
Average Effective Maturity
6.4 Yrs
8.4 Yrs
Weighted Average Coupon
2.9%
3.2%
Yield to Worst
9.2%
5.3%
Risk & Return profile

Risk & Return profile

(As of 31 Mar 2024)
3y
5y
10y
Annualized Alpha (%)
3.54
-0.42
-0.76
Beta
0.81
1.02
1.01
R-Squared (%)
76.97
79.44
80.49
Standard Deviation (%)
12.91
16.38
13.05
Sharpe Ratio
0.43
0.40
0.40
Information Ratio
0.37
-0.08
-0.17
Up Capture (%)
90.55
95.56
95.01
Down Capture (%)
75.09
96.70
99.50
Portfolio

Portfolio

Top Holdings

(As of 31 Mar 2024)
Name
Ticker/Symbol
Sector
Weight %
Orange S.A.
ORA
Communication Services
4.8
TotalEnergies SE
TTE
Energy
4.4
Broadcom, Inc.
AVGO
Information Technology
3.8
BNP Paribas S.A.
BNP
Financials
3.7
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
3.5
NN Group N.V.
NN
Financials
3.3
Citigroup, Inc.
C
Financials
2.9
Enel SpA
ENEL
Utilities
2.8
AT&T, Inc.
T
Communication Services
2.6
Vodafone Group plc
VOD
Communication Services
2.6
Name
Ticker/Symbol
Sector
Weight %
Telefonica Emisiones S.A.
87938WAC7
Communications
0.7
The Williams Cos, Inc.
969457BW9
Energy
0.5
Vector Group Ltd.
92240MBJ6
Consumer, Non-cyclical
0.3
Digicel Intermediate Holdings Ltd. / Digicel International Finance Ltd. / Difl US
ZF7746216
Communications
0.3
Transcontinental Gas Pipe Line Co., LLC
893574AH6
Energy
0.3
Deutsche Telekom International Finance BV
25156PAC7
Communications
0.2
LendingPoint 2020-REV1 Asset Securitization Trust
52606YAC8
Asset Backed Securities
0.2
SeaWorld Parks & Entertainment, Inc.
81282UAC6
Consumer, Cyclical
0.2
Kinder Morgan, Inc.
49456BAG6
Energy
0.2
KeHE Distributors, LLC/ KeHE Finance Corp. / NextWave Distribution, Inc.
487526AC9
Consumer, Non-cyclical
0.2
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
23.6
15.4
Communication Services
16.9
7.5
Information Technology
13.1
23.2
Health Care
11.8
12.0
Energy
11.2
4.7
Utilities
6.8
2.5
Materials
5.0
3.9
Consumer Staples
4.3
6.7
Consumer Discretionary
3.5
10.6
Industrials
3.3
11.3
Real Estate
0.3
2.2
Sector Allocation
Fund (%)
Financials
23.6
Communication Services
16.9
Information Technology
13.1
Health Care
11.8
Energy
11.2
Utilities
6.8
Materials
5.0
Consumer Staples
4.3
Consumer Discretionary
3.5
Industrials
3.3
Real Estate
0.3
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Telecommunication Services
16.7
1.3
Banks
12.4
5.8
Energy
11.2
4.7
Pharmaceuticals, Biotechnology & Life Sciences
10.6
7.8
Semiconductors & Semiconductor Equipment
9.0
8.1
Utilities
6.7
2.5
Insurance
6.2
3.1
Financial Services
5.7
6.4
Materials
5.0
3.9
Technology Hardware & Equipment
3.6
5.8
Top 10 Industries
Fund (%)
Telecommunication Services
16.7
Banks
12.4
Energy
11.2
Pharmaceuticals, Biotechnology & Life Sciences
10.6
Semiconductors & Semiconductor Equipment
9.0
Utilities
6.7
Insurance
6.2
Financial Services
5.7
Materials
5.0
Technology Hardware & Equipment
3.6
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
United States
34.7
76.1
North America
France
14.6
2.4
Europe ex UK
United Kingdom
11.7
3.5
UK
Italy
5.4
0.5
Europe ex UK
Germany
5.1
1.8
Europe ex UK
Netherlands
4.8
1.0
Europe ex UK
Switzerland
4.1
1.8
Europe ex UK
Taiwan
3.6
0.0
Asia Pacific ex Japan
Korea, Republic of (South Korea)
2.6
0.0
Asia Pacific ex Japan
Spain
2.0
0.6
Europe ex UK
Top 10 Countries
Fund (%)
United States
34.7
France
14.6
United Kingdom
11.7
Italy
5.4
Germany
5.1
Netherlands
4.8
Switzerland
4.1
Taiwan
3.6
Korea, Republic of (South Korea)
2.6
Spain
2.0
Composition
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Equity
83.8
75.0
Fixed Income
11.7
25.0
Cash & Cash Equivalents
3.2
Funds
0.9
Currency Forward
0.3
Composition
Fund (%)
Equity
83.8
Fixed Income
11.7
Cash & Cash Equivalents
3.2
Funds
0.9
Currency Forward
0.3
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Unassigned
0.0
Large Cap (> $12 B)
94.4
95.3
Mid Cap ($2.5 to $12 B)
2.8
4.7
Small Cap (< $2.5 B)
2.8
0.0
Capitalization
Fund (%)
Unassigned
0.0
Large Cap (> $12 B)
94.4
Mid Cap ($2.5 to $12 B)
2.8
Small Cap (< $2.5 B)
2.8
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
AAA
4.5
3.5
AA
1.0
4.2
A
4.7
12.0
BBB
38.8
11.7
BB
23.1
B
14.1
CCC
0.1
Not Rated
13.7
Credit Quality
Fund (%)
AAA
4.5
AA
1.0
A
4.7
BBB
38.8
BB
23.1
B
14.1
CCC
0.1
Not Rated
13.7
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
20.3
1.2
Year 2
10.7
12.4
Year 3
4.2
9.7
Year 4
14.1
8.1
Year 5
13.0
10.1
Year 6
4.1
6.3
Year 7
5.8
7.4
Year 8
3.6
6.1
Year 9
2.4
9.0
Year 10+
21.8
29.8
Maturity
Fund (%)
Year 1
20.3
Year 2
10.7
Year 3
4.2
Year 4
14.1
Year 5
13.0
Year 6
4.1
Year 7
5.8
Year 8
3.6
Year 9
2.4
Year 10+
21.8
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, 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

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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Europe has its own crop of market-beating growth stocks that are overlooked compared to the Magnificent Seven in the US.
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Should You Opt for an Older or Younger Financial Adviser?

Do you want the wisdom that comes with age or the innovation that comes with youth? Maybe you can have both with an advisory team.
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Observations: The Value of Dividends and Munis to Stoke Income

Our Co-Heads of Investments make the case for dividend-paying stocks and the tax-free feature of Munis as tax hikes are possible, given our government debt levels.
Markets & Economy

Observations: Market Concentration and the Fed’s Policy Outlook

Our Co-Heads of Investments discuss whether the equity market rally is finally broadening and whether the Fed's forecast for three rate cuts makes sense.
Markets & Economy

Observations: Are Investors Too Complacent?

Our Co-Heads of Investments discuss whether the financial markets' substantial gains following last autumn's 'Fed pivot' left investors smug amid potential dangers.
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Global Equity

Avoiding Concentration Risk in AI: Is It Time for a Reality Check?

Overexuberance for all things AI can create concentration risk. See how we’re curating diversified exposure designed to perform over the long term.