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Thornburg Ultra Short Income Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 216 Ultrashort Bond funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three- and five-year ratings: respectively, 5 stars and 5 stars among 216 and 177 funds, as of 30 Jun 2022.

As of 30 Jun 2022
Fund Assets
$136.4 M
As of 30 Jun 2022
NAV
$12.14
As of 5 Aug 2022
Change
$-0.01
As of 5 Aug 2022
YTD NAV Performance
-0.97%
As of 5 Aug 2022
Asset Category:
Global Fixed Income
Fund Benchmark:
ICE BofA US Treasury Bill
Portfolio Managers
President and CEO
Portfolio Manager and Managing Director
Co-Head of Investments and Managing Director
Overview

Overview

Why Invest in This Fund?

  • Actively managed short-term portfolio of high-quality taxable bonds with low interest-rate exposure.
  • Proven bottom-up fundamental approach that invests in a broad range of investment grade ultra-short fixed income and money market securities with a target duration of half a year (0.5).
  • Short-term strategy that seeks to provide income low interest-rate exposure with high-quality fixed income while minimizing volatility.

Investment Objective

The fund’s goal is to provide investors current income, consistent with preservation of capital.

Investment Approach

Designed to provide a solution to investors who may have a limited time horizon, the fund is an actively managed short-term portfolio of high-quality taxable bonds with low interest-rate exposure. The fund seeks to reduce changes in its share value compared to longer duration fixed income portfolios by maintaining a portfolio of investments with a duration of normally no more than one half (0.5) of a year.

Performance

Performance

Returns

(As of 30 Jun 2022)
YTD
1y
3y
5y
Inception
Total Return (%)
-1.10
-1.03
1.22
1.68
1.56
ICE BofA US Treasury Bill (%)
0.05
0.07
0.63
1.11
0.75
Morningstar Category Avg. (%)
-1.26
-1.35
0.51
1.1
Morningstar Quartile
2
1
1
YTD
1y
3y
5y
Inception
Total Return (%)
-0.92
-0.89
1.24
1.68
1.57
ICE BofA US Treasury Bill (%)
0.12
0.14
0.59
1.11
0.75
Morningstar Category Avg. (%)
-1.26
-1.35
0.51
1.1
Morningstar Quartile
2
1
1
YTD
1y
3y
5y
Inception
Total Return (%)
-1.10
-1.03
3.71
8.70
14.06
ICE BofA US Treasury Bill (%)
0.05
0.07
1.89
5.68
6.54
YTD
1y
3y
5y
Inception
Total Return (%)
-0.92
-0.89
3.76
8.67
14.27
ICE BofA US Treasury Bill (%)
0.12
0.14
1.78
5.68
6.62
2016
2017
2018
2019
2020
2021
Total Return (%)
1.90
1.39
1.70
3.86
3.25
0.32
ICE BofA US Treasury Bill (%)
0.37
0.81
1.88
2.35
0.74
0.05
Fund Fees

Fund Fees

(As of 30 Jun 2022)
Gross Expense Ratio (%)
0.76
Net Expense Ratio (%)
0.30
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Jun 2022)
(Hypothetical Growth of $10,000 vs ICE BofA US Treasury Bill)
Distributions

Distributions

(As of 30 Jun 2022)
Ex-Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 2014
0.01294
0.01294
28 Feb 2014
0.01465
0.01465
31 Mar 2014
0.01357
0.01357
30 Apr 2014
0.01233
0.01233
30 May 2014
0.01129
0.01129
30 Jun 2014
0.01756
0.01756
31 Jul 2014
0.01066
0.01066
29 Aug 2014
0.00892
0.00892
30 Sep 2014
0.00943
0.00943
31 Oct 2014
0.00960
0.00960
28 Nov 2014
0.00974
0.00974
31 Dec 2014
0.00909
0.00909
30 Jan 2015
0.00895
0.00895
27 Feb 2015
0.00955
0.00955
31 Mar 2015
0.00903
0.00903
30 Apr 2015
0.00861
0.00861
29 May 2015
0.00856
0.00856
30 Jun 2015
0.00864
0.00864
31 Jul 2015
0.00844
0.00844
31 Aug 2015
0.00899
0.00899
30 Sep 2015
0.00914
0.00914
30 Oct 2015
0.00809
0.00809
30 Nov 2015
0.00947
0.00947
31 Dec 2015
0.01263
0.01263
29 Jan 2016
0.01099
0.01099
29 Feb 2016
0.01027
0.01027
31 Mar 2016
0.01232
0.01232
29 Apr 2016
0.01260
0.01260
31 May 2016
0.01390
0.01390
30 Jun 2016
0.01426
0.01426
29 Jul 2016
0.01359
0.01359
31 Aug 2016
0.01356
0.01356
30 Sep 2016
0.01033
0.01033
31 Oct 2016
0.01287
0.01287
30 Nov 2016
0.01434
0.01434
30 Dec 2016
0.01399
0.01399
31 Jan 2017
0.01280
0.01280
28 Feb 2017
0.01442
0.01442
31 Mar 2017
0.01749
0.01749
28 Apr 2017
0.01698
0.01698
31 May 2017
0.01494
0.01494
30 Jun 2017
0.01728
0.01728
31 Jul 2017
0.01664
0.01664
31 Aug 2017
0.01705
0.01705
29 Sep 2017
0.01842
0.01842
31 Oct 2017
0.01801
0.01801
30 Nov 2017
0.01957
0.01957
29 Dec 2017
0.01720
0.01720
31 Jan 2018
0.01792
0.01792
28 Feb 2018
0.01738
0.01738
29 Mar 2018
0.02151
0.02151
30 Apr 2018
0.02253
0.02253
31 May 2018
0.02156
0.02156
29 Jun 2018
0.02311
0.02311
31 Jul 2018
0.02356
0.02356
31 Aug 2018
0.02294
0.02294
28 Sep 2018
0.02147
0.02147
31 Oct 2018
0.02307
0.02307
30 Nov 2018
0.02547
0.02547
31 Dec 2018
0.02637
0.02637
31 Jan 2019
0.02500
0.02500
28 Feb 2019
0.02449
0.02449
29 Mar 2019
0.02631
0.02631
30 Apr 2019
0.02584
0.02584
31 May 2019
0.02859
0.02859
28 Jun 2019
0.02699
0.02699
31 Jul 2019
0.02664
0.02664
31 Aug 2019
0.02618
0.02618
30 Sep 2019
0.02560
0.02560
31 Oct 2019
0.02488
0.02488
30 Nov 2019
0.06509
0.02442
0.03680
0.00387
31 Dec 2019
0.02487
0.02487
31 Jan 2020
0.02342
0.02342
29 Feb 2020
0.02302
0.02302
31 Mar 2020
0.02382
0.02382
30 Apr 2020
0.02428
0.02428
31 May 2020
0.02314
0.02314
30 Jun 2020
0.01971
0.01971
31 Jul 2020
0.01911
0.01911
31 Aug 2020
0.01926
0.01926
30 Sep 2020
0.01871
0.01871
30 Oct 2020
0.01805
0.01805
30 Nov 2020
0.05775
0.02123
0.00477
0.03175
31 Dec 2020
0.01971
0.01971
29 Jan 2021
0.01777
0.01777
26 Feb 2021
0.01619
0.01619
31 Mar 2021
0.01588
0.01588
30 Apr 2021
0.01996
0.01996
28 May 2021
0.01572
0.01572
30 Jun 2021
0.01525
0.01525
30 Jul 2021
0.01542
0.01542
31 Aug 2021
0.01459
0.01459
30 Sep 2021
0.01581
0.01581
29 Oct 2021
0.01400
0.01400
30 Nov 2021
0.01441
0.01441
31 Dec 2021
0.01469
0.01469
31 Jan 2022
0.01407
0.01407
28 Feb 2022
0.01362
0.01362
31 Mar 2022
0.01388
0.01388
29 Apr 2022
0.01655
0.01655
31 May 2022
0.01657
0.01657
30 Jun 2022
0.01970
0.01970
Fund Facts

Fund Facts

(As of 30 Jun 2022)
Net Fund Assets
$136.4 M
Benchmark
ICE BofA US Treasury Bill
Morningstar Category
Ultrashort Bond
Fund Symbol
TLDIX
Share Class
I
Share Class Inception Date
30 Dec 2013
Number of Holdings
318
Portfolio Turnover
38%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
2.07%
30-Day SEC Yield (Unsubsidized)
1.79%
Annualized Distribution Yield
2.14%
Characteristics

Characteristics

Portfolio

(As of 30 Jun 2022)
Portfolio
Benchmark
Effective Duration
0.5 Yrs
0.3 Yrs
Average Effective Maturity
0.9 Yrs
0.3 Yrs
Portfolio
Benchmark
Weighted Average Coupon
2.0%
Yield to Worst
3.6%
1.8%
Risk & Return Profile

Risk & Return Profile

(As of 30 Jun 2022)
3y
5y
Beta
0.79
1.02
R-Squared (%)
0.57
1.27
Standard Deviation (%)
1.19
1.02
Sharpe Ratio
0.55
0.57
Information Ratio
0.41
0.45
Up Capture (%)
86.75
92.91
Down Capture (%)
-103.50
-65.79
Portfolio

Portfolio

Top Holdings

(As of 30 Jun 2022)
Name
Ticker/Symbol
Sector
Weight %
Affirm Asset Securitization Trust 2020-Z1
00832PAA6
Asset Backed Securities
1.1
New Residential Advance Receivables Trust Advance Receivables Backed Notes
64831JAA7
Asset Backed Securities
1.0
SBA Tower Trust
78403DAM2
Financials
1.0
Barry Callebaut Services N.V.
EJ7066339
Consumer, Non-cyclical
1.0
Laurel Road Prime Student Loan Trust 2017-C
Asset Backed Securities
1.0
Carvana Auto Receivables Trust 2021-P4
Asset Backed Securities
1.0
Mizuho Financial Group, Inc.
60687YBC2
Financials
1.0
Consumer Loan Underlying Bond Credit Trust 2019-P1
21054AAC2
Asset Backed Securities
0.9
Towd Point Mortgage Trust 2018-6
89176LAA2
Mortgage Securities
0.9
Daimler Finance North America, LLC
233851DL5
Consumer, Cyclical
0.9
Exposure Breakdown

Exposure Breakdown

(As of 30 Jun 2022)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Asset Backed Securities
51.1
Corporate
24.0
Treasury-Domestic
10.6
100.0
Cash & Cash Equivalents
9.9
Collateralized Mortgage Obligation
3.2
Commercial Mortgage Backed Security
1.0
Municipals
0.1
Mortgage Passthrough
0.0
Agency Debenture
0.0
Sector Allocation
Fund (%)
Asset Backed Securities
51.1
Corporate
24.0
Treasury-Domestic
10.6
Cash & Cash Equivalents
9.9
Collateralized Mortgage Obligation
3.2
Commercial Mortgage Backed Security
1.0
Municipals
0.1
Mortgage Passthrough
0.0
Agency Debenture
0.0
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
U.S. Government
10.8
100.0
AAA
31.0
AA
8.7
A
20.5
BBB
15.9
Below Invest. Grade
2.2
Not Rated
1.0
Cash & Cash Equivalents
9.9
Credit Quality
Fund (%)
U.S. Government
10.8
AAA
31.0
AA
8.7
A
20.5
BBB
15.9
Below Invest. Grade
2.2
Not Rated
1.0
Cash & Cash Equivalents
9.9
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Year 1
65.5
100.0
Year 2
17.1
Year 3
3.5
Year 4
3.0
Year 5+
1.0
Cash
9.9
Maturity
Fund (%)
Year 1
65.5
Year 2
17.1
Year 3
3.5
Year 4
3.0
Year 5+
1.0
Cash
9.9
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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Lon Erickson, CFA
Lon Erickson, CFA
Portfolio Manager and Managing Director
Lon Erickson is portfolio manager for Thornburg Investment Management. He joined Thornburg in 2008 and was made portfolio manager in 2010. Lon earned a BA in business administration with a minor in economics from Illinois Wesleyan University and an MBA from the University of Chicago Booth School of Business. He is a CFA charterholder. Prior to joining Thornburg Investment Management,…
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Jeff Klingelhofer, CFA
Jeff Klingelhofer, CFA
Co-Head of Investments and Managing Director
Jeff Klingelhofer is co-head of investments for Thornburg Investment Management. He is responsible for driving the investment process at the firm level. Jeff is also a portfolio manager on multiple strategies. He joined the firm in 2010, then was promoted to associate portfolio manager in 2012. In 2015, Jeff was made portfolio manager and managing director. Jeff earned a BA…
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