Unsubscribe

Confirm you would like to unsubscribe from this list

Don't save
Cancel

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

For Institutional / Wholesale / Professional Clients

The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.

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 Limited Term Income Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 536 Short-Term Bond funds, based on risk-adjusted returns for class R3 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 3 stars and 3 stars among 536, 495 and 358 funds, as of 29 Feb 2024.

As of 29 Feb 2024
Fund Assets
$6.5 B
As of 29 Feb 2024
NAV
$12.83
As of 27 Mar 2024
Change
$0.02
As of 27 Mar 2024
YTD NAV Performance
0.75%
As of 27 Mar 2024
Asset Category:
Global Fixed Income
Fund Benchmark:
BBG Int US Govt/Credit TR Value

Portfolio Managers

Portfolio Manager and Managing Director
Co-Head of Investments and Managing Director
Portfolio Manager and Managing Director

Consistent Outperformance vs. Peers

The fund has navigated interest rate cycles and market volatility while delivering income and consistent total return over time versus peers. THIIX also has a history of providing:

  • Core Bond Like Returns with Less Volatility
  • Superior Risk-Adjust Returns
  • Consistent Outperformance versus Peers

To learn more, download our client-approved brochure or continue to explore the rest of the page.

Download Now

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted. For performance current to the most recent month end, visit thornburg.com or call 877-215-1330. Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

LTI Batting Average-Arial-4Q23
Overview

Overview

 

Why Invest in This Fund?

 

  • Flexible, active high-quality portfolio that consists primarily of U.S short- and intermediate-term investment grade bonds.
  • Proven bottom-up fundamental approach that seeks to identify attractive fixed income opportunities on a relative value basis.
  • Highly active strategy that seeks to deliver total return through income and preserve capital with moderate interest rate exposure.

Investment Objective

The fund’s goal is to provide investors as high a level of current income as is consistent with safety of capital. The fund also seeks to reduce changes in its share price compared to longer term portfolios.

Investment Approach

The fund employs a flexible and highly active approach to construct a portfolio of U.S. dollar–denominated short/intermediate investment grade bonds. It is designed for stability, capital preservation and moderate interest rate exposure. The fund seeks to drive returns through income and superior relative value issue selection in a dynamically changing fixed income environment.

Performance

Performance

Returns

(As of 31 Dec 2023)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
6.04
6.04
-1.08
1.75
1.84
4.19
BBG Int US Govt/Credit TR Value (%)
5.24
5.24
-1.63
1.59
1.72
4.23
Morningstar Category Avg. (%)
5.73
5.73
0.14
1.88
1.58
Morningstar Quartile
2
4
3
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
0.02
4.94
-0.83
1.56
1.67
4.17
BBG Int US Govt/Credit TR Value (%)
-0.79
4.38
-1.53
1.24
1.51
4.18
Morningstar Category Avg. (%)
0.26
5.33
0.23
1.72
1.53
Morningstar Quartile
3
4
3
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
6.04
6.04
-3.21
9.04
19.98
260.26
BBG Int US Govt/Credit TR Value (%)
5.24
5.24
-4.81
8.20
18.62
264.63
YTD
1y
3y
5y
10y
Inception
Total Return (%)
0.02
4.94
-2.47
8.06
18.04
260.32
BBG Int US Govt/Credit TR Value (%)
-0.79
4.38
-4.52
6.34
16.17
261.77
2018
2019
2020
2021
2022
2023
Total Return (%)
0.82
5.15
7.13
-1.30
-7.52
6.04
BBG Int US Govt/Credit TR Value (%)
0.88
6.80
6.43
-1.44
-8.23
5.24
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
1.06
Net Expense Ratio (%)
0.99
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 29 Feb 2024)
(Hypothetical Growth of $10,000 vs BBG Int US Govt/Credit TR Value)
Distributions

Distributions

(As of 29 Feb 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 2003
31 Jan 2003
0
28 Feb 2003
28 Feb 2003
0
31 Mar 2003
31 Mar 2003
0
30 Apr 2003
30 Apr 2003
0
31 May 2003
31 May 2003
0
30 Jun 2003
30 Jun 2003
0
31 Jul 2003
31 Jul 2003
0.06062
0.06062
29 Aug 2003
31 Aug 2003
0.06561
0.06561
30 Sep 2003
30 Sep 2003
0.04315
0.04315
31 Oct 2003
31 Oct 2003
0.04647
0.04647
28 Nov 2003
30 Nov 2003
0.04118
0.04118
31 Dec 2003
31 Dec 2003
0.04450
0.04450
30 Jan 2004
31 Jan 2004
0.03634
0.03634
27 Feb 2004
29 Feb 2004
0.03575
0.03575
31 Mar 2004
31 Mar 2004
0.03427
0.03427
30 Apr 2004
30 Apr 2004
0.03427
0.03427
28 May 2004
31 May 2004
0.03436
0.03436
30 Jun 2004
30 Jun 2004
0.03503
0.03503
30 Jul 2004
31 Jul 2004
0.03523
0.03523
31 Aug 2004
31 Aug 2004
0.03601
0.03601
30 Sep 2004
30 Sep 2004
0.03651
0.03651
29 Oct 2004
31 Oct 2004
0.03584
0.03584
30 Nov 2004
30 Nov 2004
0.03537
0.03537
31 Dec 2004
31 Dec 2004
0.03902
0.03902
31 Jan 2005
31 Jan 2005
0.03678
0.03678
28 Feb 2005
28 Feb 2005
0.03783
0.03783
31 Mar 2005
31 Mar 2005
0.03708
0.03708
29 Apr 2005
30 Apr 2005
0.03798
0.03798
31 May 2005
31 May 2005
0.03717
0.03717
30 Jun 2005
30 Jun 2005
0.03784
0.03784
29 Jul 2005
31 Jul 2005
0.03838
0.03838
31 Aug 2005
31 Aug 2005
0.05611
0.05611
30 Sep 2005
30 Sep 2005
0.04081
0.04081
31 Oct 2005
31 Oct 2005
0.03865
0.03865
30 Nov 2005
30 Nov 2005
0.04070
0.04070
30 Dec 2005
31 Dec 2005
0.04162
0.04162
31 Jan 2006
31 Jan 2006
0.04294
0.04294
28 Feb 2006
28 Feb 2006
0.03908
0.03908
31 Mar 2006
31 Mar 2006
0.04085
0.04085
28 Apr 2006
30 Apr 2006
0.04177
0.04177
31 May 2006
31 May 2006
0.04227
0.04227
30 Jun 2006
30 Jun 2006
0.04240
0.04240
31 Jul 2006
31 Jul 2006
0.04254
0.04254
31 Aug 2006
31 Aug 2006
0.04346
0.04346
29 Sep 2006
30 Sep 2006
0.04443
0.04443
31 Oct 2006
31 Oct 2006
0.04413
0.04413
30 Nov 2006
30 Nov 2006
0.04296
0.04296
29 Dec 2006
31 Dec 2006
0.04433
0.04433
31 Jan 2007
31 Jan 2007
0.03946
0.03946
28 Feb 2007
28 Feb 2007
0.03989
0.03989
30 Mar 2007
31 Mar 2007
0.04010
0.04010
30 Apr 2007
30 Apr 2007
0.04200
0.04200
31 May 2007
31 May 2007
0.04137
0.04137
29 Jun 2007
30 Jun 2007
0.04286
0.04286
31 Jul 2007
31 Jul 2007
0.04357
0.04357
31 Aug 2007
31 Aug 2007
0.04298
0.04298
28 Sep 2007
30 Sep 2007
0.04268
0.04268
31 Oct 2007
31 Oct 2007
0.04320
0.04320
30 Nov 2007
30 Nov 2007
0.04346
0.04346
31 Dec 2007
31 Dec 2007
0.04454
0.04454
31 Jan 2008
31 Jan 2008
0.04429
0.04429
29 Feb 2008
29 Feb 2008
0.04470
0.04470
31 Mar 2008
31 Mar 2008
0.04614
0.04614
30 Apr 2008
30 Apr 2008
0.04574
0.04574
30 May 2008
31 May 2008
0.04518
0.04518
30 Jun 2008
30 Jun 2008
0.04573
0.04573
31 Jul 2008
31 Jul 2008
0.04604
0.04604
29 Aug 2008
31 Aug 2008
0.05135
0.05135
30 Sep 2008
30 Sep 2008
0.04667
0.04667
31 Oct 2008
31 Oct 2008
0.05063
0.05063
28 Nov 2008
30 Nov 2008
0.05206
0.05206
31 Dec 2008
31 Dec 2008
0.05080
0.05080
30 Jan 2009
31 Jan 2009
0.04962
0.04962
27 Feb 2009
28 Feb 2009
0.04996
0.04996
31 Mar 2009
31 Mar 2009
0.04991
0.04991
30 Apr 2009
30 Apr 2009
0.05106
0.05106
29 May 2009
31 May 2009
0.05152
0.05152
30 Jun 2009
30 Jun 2009
0.05075
0.05075
31 Jul 2009
31 Jul 2009
0.04995
0.04995
31 Aug 2009
31 Aug 2009
0.04959
0.04959
30 Sep 2009
30 Sep 2009
0.05010
0.05010
30 Oct 2009
31 Oct 2009
0.04883
0.04883
30 Nov 2009
30 Nov 2009
0.04716
0.04716
31 Dec 2009
31 Dec 2009
0.04622
0.04622
29 Jan 2010
31 Jan 2010
0.04521
0.04521
26 Feb 2010
28 Feb 2010
0.04490
0.04490
31 Mar 2010
31 Mar 2010
0.04209
0.04209
30 Apr 2010
30 Apr 2010
0.04168
0.04168
28 May 2010
31 May 2010
0.04016
0.04016
30 Jun 2010
30 Jun 2010
0.04014
0.04014
30 Jul 2010
31 Jul 2010
0.04002
0.04002
31 Aug 2010
31 Aug 2010
0.04105
0.04105
30 Sep 2010
30 Sep 2010
0.04101
0.04101
29 Oct 2010
31 Oct 2010
0.04063
0.04063
30 Nov 2010
30 Nov 2010
0.08150
0.04083
0.00000
0.04067
31 Dec 2010
31 Dec 2010
0.03954
0.03954
31 Jan 2011
31 Jan 2011
0.04012
0.04012
28 Feb 2011
28 Feb 2011
0.04067
0.04067
31 Mar 2011
31 Mar 2011
0.03879
0.03879
29 Apr 2011
30 Apr 2011
0.03842
0.03842
31 May 2011
31 May 2011
0.03680
0.03680
30 Jun 2011
30 Jun 2011
0.03759
0.03759
29 Jul 2011
31 Jul 2011
0.03678
0.03678
31 Aug 2011
31 Aug 2011
0.03678
0.03678
30 Sep 2011
30 Sep 2011
0.03821
0.03821
31 Oct 2011
31 Oct 2011
0.03729
0.03729
30 Nov 2011
30 Nov 2011
0.13265
0.04011
0.01648
0.07606
30 Dec 2011
31 Dec 2011
0.04038
0.04038
31 Jan 2012
31 Jan 2012
0.03500
0.03500
29 Feb 2012
29 Feb 2012
0.03560
0.03560
30 Mar 2012
31 Mar 2012
0.03398
0.03398
30 Apr 2012
30 Apr 2012
0.03342
0.03342
31 May 2012
31 May 2012
0.03304
0.03304
29 Jun 2012
30 Jun 2012
0.03230
0.03230
31 Jul 2012
31 Jul 2012
0.03085
0.03085
31 Aug 2012
31 Aug 2012
0.03194
0.03194
28 Sep 2012
30 Sep 2012
0.03177
0.03177
31 Oct 2012
31 Oct 2012
0.03121
0.03121
30 Nov 2012
30 Nov 2012
0.09044
0.03065
0.03515
0.02464
31 Dec 2012
31 Dec 2012
0.02938
0.02938
31 Jan 2013
31 Jan 2013
0.02871
0.02871
28 Feb 2013
28 Feb 2013
0.02699
0.02699
28 Mar 2013
31 Mar 2013
0.02533
0.02533
30 Apr 2013
30 Apr 2013
0.02506
0.02506
31 May 2013
31 May 2013
0.02527
0.02527
28 Jun 2013
30 Jun 2013
0.02418
0.02418
31 Jul 2013
31 Jul 2013
0.02457
0.02457
30 Aug 2013
31 Aug 2013
0.02494
0.02494
30 Sep 2013
30 Sep 2013
0.02611
0.02611
31 Oct 2013
31 Oct 2013
0.02319
0.02319
29 Nov 2013
30 Nov 2013
0.13361
0.02365
0.03557
0.07439
31 Dec 2013
31 Dec 2013
0.02548
0.02548
31 Jan 2014
31 Jan 2014
0.02426
0.02426
28 Feb 2014
28 Feb 2014
0.02553
0.02553
31 Mar 2014
31 Mar 2014
0.02509
0.02509
30 Apr 2014
30 Apr 2014
0.02556
0.02556
30 May 2014
31 May 2014
0.02529
0.02529
30 Jun 2014
30 Jun 2014
0.02287
0.02287
31 Jul 2014
31 Jul 2014
0.02127
0.02127
29 Aug 2014
31 Aug 2014
0.02095
0.02095
30 Sep 2014
30 Sep 2014
0.02116
0.02116
31 Oct 2014
31 Oct 2014
0.02040
0.02040
28 Nov 2014
30 Nov 2014
0.09190
0.02093
0.01311
0.05786
31 Dec 2014
31 Dec 2014
0.02130
0.02130
30 Jan 2015
31 Jan 2015
0.02169
0.02169
27 Feb 2015
28 Feb 2015
0.02243
0.02243
31 Mar 2015
31 Mar 2015
0.02201
0.02201
30 Apr 2015
30 Apr 2015
0.02078
0.02078
29 May 2015
31 May 2015
0.02041
0.02041
30 Jun 2015
30 Jun 2015
0.02128
0.02128
31 Jul 2015
31 Jul 2015
0.02012
0.02012
31 Aug 2015
31 Aug 2015
0.02113
0.02113
30 Sep 2015
30 Sep 2015
0.02160
0.02160
30 Oct 2015
31 Oct 2015
0.01895
0.01895
30 Nov 2015
30 Nov 2015
0.01871
0.01871
31 Dec 2015
31 Dec 2015
0.01913
0.01913
29 Jan 2016
31 Jan 2016
0.01838
0.01838
29 Feb 2016
29 Feb 2016
0.01993
0.01993
31 Mar 2016
31 Mar 2016
0.02155
0.02155
29 Apr 2016
30 Apr 2016
0.02157
0.02157
31 May 2016
31 May 2016
0.02139
0.02139
30 Jun 2016
30 Jun 2016
0.02175
0.02175
29 Jul 2016
31 Jul 2016
0.01960
0.01960
31 Aug 2016
31 Aug 2016
0.01888
0.01888
30 Sep 2016
30 Sep 2016
0.01685
0.01685
31 Oct 2016
31 Oct 2016
0.01734
0.01734
30 Nov 2016
30 Nov 2016
0.01854
0.01854
30 Dec 2016
31 Dec 2016
0.01881
0.01881
31 Jan 2017
31 Jan 2017
0.01819
0.01819
28 Feb 2017
28 Feb 2017
0.01881
0.01881
31 Mar 2017
31 Mar 2017
0.01916
0.01916
28 Apr 2017
30 Apr 2017
0.01965
0.01965
31 May 2017
31 May 2017
0.01869
0.01869
30 Jun 2017
30 Jun 2017
0.01950
0.01950
31 Jul 2017
31 Jul 2017
0.01941
0.01941
31 Aug 2017
31 Aug 2017
0.02003
0.02003
29 Sep 2017
30 Sep 2017
0.02053
0.02053
31 Oct 2017
31 Oct 2017
0.02014
0.02014
30 Nov 2017
30 Nov 2017
0.02125
0.02125
29 Dec 2017
31 Dec 2017
0.02008
0.02008
31 Jan 2018
31 Jan 2018
0.02071
0.02071
28 Feb 2018
28 Feb 2018
0.02136
0.02136
29 Mar 2018
31 Mar 2018
0.02270
0.02270
30 Apr 2018
30 Apr 2018
0.02323
0.02323
31 May 2018
31 May 2018
0.02368
0.02368
29 Jun 2018
30 Jun 2018
0.02494
0.02494
31 Jul 2018
31 Jul 2018
0.02461
0.02461
31 Aug 2018
31 Aug 2018
0.02418
0.02418
28 Sep 2018
30 Sep 2018
0.02425
0.02425
31 Oct 2018
31 Oct 2018
0.02524
0.02524
30 Nov 2018
30 Nov 2018
0.02595
0.02595
31 Dec 2018
31 Dec 2018
0.02655
0.02655
31 Jan 2019
31 Jan 2019
0.02580
0.02580
28 Feb 2019
28 Feb 2019
0.02598
0.02598
29 Mar 2019
31 Mar 2019
0.02686
0.02686
30 Apr 2019
30 Apr 2019
0.02707
0.02707
31 May 2019
31 May 2019
0.02673
0.02673
28 Jun 2019
30 Jun 2019
0.02705
0.02705
31 Jul 2019
31 Jul 2019
0.02509
0.02509
31 Aug 2019
31 Aug 2019
0.02385
0.02385
30 Sep 2019
30 Sep 2019
0.02427
0.02427
31 Oct 2019
31 Oct 2019
0.02268
0.02268
30 Nov 2019
30 Nov 2019
0.11764
0.02248
0.06730
0.02786
31 Dec 2019
31 Dec 2019
0.02271
0.02271
31 Jan 2020
31 Jan 2020
0.02069
0.02069
29 Feb 2020
29 Feb 2020
0.01967
0.01967
31 Mar 2020
31 Mar 2020
0.02226
0.02226
30 Apr 2020
30 Apr 2020
0.02403
0.02403
31 May 2020
31 May 2020
0.02113
0.02113
30 Jun 2020
30 Jun 2020
0.01929
0.01929
31 Jul 2020
31 Jul 2020
0.01879
0.01879
31 Aug 2020
31 Aug 2020
0.01855
0.01855
30 Sep 2020
30 Sep 2020
0.01824
0.01824
30 Oct 2020
31 Oct 2020
0.01602
0.01602
30 Nov 2020
30 Nov 2020
0.18263
0.01437
0.15003
0.01823
31 Dec 2020
31 Dec 2020
0.01326
0.01326
29 Jan 2021
31 Jan 2021
0.01239
0.01239
26 Feb 2021
28 Feb 2021
0.01361
0.01361
31 Mar 2021
31 Mar 2021
0.01293
0.01293
30 Apr 2021
30 Apr 2021
0.01312
0.01312
28 May 2021
31 May 2021
0.01289
0.01289
30 Jun 2021
30 Jun 2021
0.01279
0.01279
30 Jul 2021
31 Jul 2021
0.01189
0.01189
31 Aug 2021
31 Aug 2021
0.01223
0.01223
30 Sep 2021
30 Sep 2021
0.01173
0.01173
29 Oct 2021
31 Oct 2021
0.01059
0.01059
30 Nov 2021
30 Nov 2021
0.01143
0.01143
31 Dec 2021
31 Dec 2021
0.01277
0.01277
31 Jan 2022
31 Jan 2022
0.01178
0.01178
28 Feb 2022
28 Feb 2022
0.01250
0.01250
31 Mar 2022
31 Mar 2022
0.01497
0.01497
29 Apr 2022
30 Apr 2022
0.01720
0.01720
31 May 2022
31 May 2022
0.01994
0.01994
30 Jun 2022
30 Jun 2022
0.01970
0.01970
29 Jul 2022
31 Jul 2022
0.02299
0.02299
31 Aug 2022
31 Aug 2022
0.02786
0.02786
30 Sep 2022
30 Sep 2022
0.01991
0.01991
31 Oct 2022
31 Oct 2022
0.02116
0.02116
30 Nov 2022
30 Nov 2022
0.02467
0.02467
30 Dec 2022
31 Dec 2022
0.02813
0.02813
31 Jan 2023
31 Jan 2023
0.02187
0.02187
28 Feb 2023
28 Feb 2023
0.02087
0.02087
31 Mar 2023
31 Mar 2023
0.03327
0.03327
28 Apr 2023
30 Apr 2023
0.03277
0.03277
31 May 2023
31 May 2023
0.03202
0.03202
30 Jun 2023
30 Jun 2023
0.03269
0.03269
31 Jul 2023
31 Jul 2023
0.03090
0.03090
31 Aug 2023
31 Aug 2023
0.03242
0.03242
29 Sep 2023
30 Sep 2023
0.03163
0.03163
31 Oct 2023
31 Oct 2023
0.03577
0.03577
30 Nov 2023
30 Nov 2023
0.03408
0.03408
29 Dec 2023
31 Dec 2023
0.03199
0.03199
31 Jan 2024
31 Jan 2024
0.02986
0.02986
29 Feb 2024
29 Feb 2024
0.03230
0.03230
Fund Facts

Fund Facts

(As of 29 Feb 2024)
Net Fund Assets
$6.5 B
Benchmark
BBG Int US Govt/Credit TR Value
Morningstar Category
Short-Term Bond
Fund Symbol
THIRX
Share Class
R3
Share Class Inception Date
1 Jul 2003
Number of Holdings
665
Portfolio Turnover
38%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
3.29%
30-Day SEC Yield (Unsubsidized)
3.17%
Annualized Distribution Yield
3.12%
Characteristics

Characteristics

Portfolio

(As of 29 Feb 2024)
Portfolio
Benchmark
Effective Duration
3.5 Yrs
3.7 Yrs
Average Effective Maturity
4.6 Yrs
4.2 Yrs
Portfolio
Benchmark
Weighted Average Coupon
3.1%
3.0%
Yield to Worst
5.4%
4.7%
Risk & Return Profile

Risk & Return Profile

(As of 29 Feb 2024)
3y
5y
10y
Beta
0.84
0.86
0.81
R-Squared (%)
93.00
81.48
80.98
Standard Deviation (%)
3.97
3.80
2.85
Sharpe Ratio
-0.72
0.01
0.29
Information Ratio
0.94
0.48
0.48
Up Capture (%)
91.82
99.06
92.70
Down Capture (%)
76.25
81.44
69.71
Portfolio

Portfolio

Top Holdings

(As of 31 Jan 2024)
Name
Ticker/Symbol
Sector
Weight %
United States Treasury Note/Bond
91282CFF3
Government
2.7
United States Treasury Inflation Indexed Bonds
91282CEJ6
Government
1.9
Freddie Mac Pool
3132E0T85
Mortgage Securities
1.7
Fannie Mae Pool
3140XMZX7
Mortgage Securities
1.7
United States Treasury Note/Bond
91282CGM7
Government
1.7
United States Treasury Inflation Indexed Bonds
91282CBF7
Government
1.6
United States Treasury Inflation Indexed Bonds
912810PV4
Government
1.6
United States Treasury Note/Bond
91282CHT1
Government
1.3
United States Treasury Note/Bond
91282CJJ1
Government
1.3
United States Treasury Inflation Indexed Bonds
91282CDX6
Government
1.2
Exposure Breakdown

Exposure Breakdown

(As of 29 Feb 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Corporate
35.9
30.8
Collateralized Mortgage Obligation
17.1
Treasury-Domestic
16.4
62.1
Asset Backed Securities
13.8
0.0
Cash & Cash Equivalents
6.8
Mortgage Passthrough
6.7
Commercial Mortgage Backed Security
2.2
Preferred Stock
0.4
Agency Debenture
0.3
2.9
Municipals
0.3
0.7
Treasury-Foreign
0.1
3.5
Sector Allocation
Fund (%)
Corporate
35.9
Collateralized Mortgage Obligation
17.1
Treasury-Domestic
16.4
Asset Backed Securities
13.8
Cash & Cash Equivalents
6.8
Mortgage Passthrough
6.7
Commercial Mortgage Backed Security
2.2
Preferred Stock
0.4
Agency Debenture
0.3
Municipals
0.3
Treasury-Foreign
0.1
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
28.3
64.8
AAA
18.2
2.7
AA
4.2
3.0
A
19.6
15.0
BBB
22.3
14.5
Below Invest. Grade
0.3
Not Rated
0.3
Cash & Cash Equivalents
6.7
Credit Quality
Fund (%)
U.S. Government
28.3
AAA
18.2
AA
4.2
A
19.6
BBB
22.3
Below Invest. Grade
0.3
Not Rated
0.3
Cash & Cash Equivalents
6.7
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
13.7
2.2
Year 2
8.9
21.8
Year 3
10.2
16.7
Year 4
10.3
13.6
Year 5
9.2
14.7
Year 6
6.0
7.3
Year 7
8.0
8.9
Year 8
5.5
4.9
Year 9
7.9
5.4
Year 10+
13.7
4.6
Cash
6.7
Maturity
Fund (%)
Year 1
13.7
Year 2
8.9
Year 3
10.2
Year 4
10.3
Year 5
9.2
Year 6
6.0
Year 7
8.0
Year 8
5.5
Year 9
7.9
Year 10+
13.7
Cash
6.7
Portfolio Managers

Portfolio Managers

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,…
Learn More
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…
Learn More
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…
Learn More

More Insights

Plastic multi-color tanks and dice on a map
International Equities

A New Era of Navigating Geopolitical Shocks and Risks

Portfolio Manager Joe Salmond points out that staying invested and diversified might feel painful during times of turbulence, but it is more important than ever.
The Indian flag overlays some cash bills from India
Emerging Markets

Spotlight on India: High Valuations and Other Risks to Watch

Portfolio Manager Josh Rubin reviews risks associated with investing in India, such as valuation disconnects, currency fragility and the urban/rural imbalance.
Women cheering with jerseys on in a crowd
Advising Clients

March Is Women’s History Month. It’s Time to Celebrate the Ladies.

It's Women's History Month let's celebrate women's historic successes and acknowledge the history they're making today.
Businessman on a call walks along a ridge in front of the Taj Mahal.
Emerging Markets

Spotlight on India: Opportunities Abound, but Valuations Are High

Portfolio Manager Josh Rubin believes high valuations favor attractive “derivative” opportunities in specific sectors such as housing, health care and financials.
View from the ground looking up at office buildings
Fixed Income

Considering Private Credit? The Value of a “Cross-Silo” Approach

Private credit can add value to an overall portfolio, but allocators may find more opportunities by breaking down the credit market’s traditional investment silos.
Prominent building in Mexico
Global Equity

Spotlight on India: Changing Demographics and Political Stability

Portfolio Manager Josh Rubin thinks demographics and stable economic policies are essential starting points when analyzing Indian equities.