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Thornburg Limited Term Income Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 550 Short-Term Bond funds, based on risk-adjusted returns for class R6 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 4 stars, 4 stars and 5 stars among 550, 487 and 335 funds, as of 31 Aug 2022.

As of 31 Aug 2022
Fund Assets
$8.5 B
As of 31 Aug 2022
NAV
$12.36
As of 27 Sep 2022
Change
$-0.03
As of 27 Sep 2022
YTD NAV Performance
-8.57%
As of 27 Sep 2022
Asset Category:
Global Fixed Income
Fund Benchmark:
BBG Int US Govt/Credit TR Value
Portfolio Managers
President and CEO
Portfolio Manager and Managing Director
Co-Head of Investments and Managing Director
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 30 Jun 2022)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-6.32
-6.52
0.62
1.66
2.29
4.81
BBG Int US Govt/Credit TR Value (%)
-6.77
-7.28
-0.16
1.13
1.45
4.32
Morningstar Category Avg. (%)
-4.86
-5.19
0.18
1.08
1.26
Morningstar Quartile
4
1
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-6.01
-6.66
0.31
1.52
2.15
4.79
BBG Int US Govt/Credit TR Value (%)
-7.14
-8.20
-0.87
0.84
1.29
4.28
Morningstar Category Avg. (%)
-4.64
-5.23
-0.03
1
1.16
Morningstar Quartile
4
2
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-6.32
-6.52
1.86
8.56
25.43
304.47
BBG Int US Govt/Credit TR Value (%)
-6.77
-7.28
-0.49
5.79
15.52
252.00
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-6.01
-6.66
0.92
7.81
23.70
305.83
BBG Int US Govt/Credit TR Value (%)
-7.14
-8.20
-2.58
4.26
13.73
250.59
2016
2017
2018
2019
2020
2021
Total Return (%)
3.55
3.16
1.37
5.75
7.73
-0.73
BBG Int US Govt/Credit TR Value (%)
2.08
2.14
0.88
6.80
6.43
-1.44
Fund Fees

Fund Fees

(As of 30 Jun 2022)
Gross Expense Ratio (%)
0.43
Net Expense Ratio (%)
0.42
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Aug 2022)
(Hypothetical Growth of $10,000 vs BBG Int US Govt/Credit TR Value)
Distributions

Distributions

(As of 31 Aug 2022)
Ex-Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
28 Apr 2017
0.03055
0.03055
31 May 2017
0.03690
0.03690
30 Jun 2017
0.03467
0.03467
31 Jul 2017
0.04203
0.04203
31 Aug 2017
0.02623
0.02623
29 Sep 2017
0.02640
0.02640
31 Oct 2017
0.02642
0.02642
30 Nov 2017
0.02738
0.02738
29 Dec 2017
0.02625
0.02625
31 Jan 2018
0.02688
0.02688
28 Feb 2018
0.02689
0.02689
29 Mar 2018
0.02882
0.02882
30 Apr 2018
0.02926
0.02926
31 May 2018
0.02978
0.02978
29 Jun 2018
0.03085
0.03085
31 Jul 2018
0.03074
0.03074
31 Aug 2018
0.03028
0.03028
28 Sep 2018
0.03022
0.03022
31 Oct 2018
0.03123
0.03123
30 Nov 2018
0.03185
0.03185
31 Dec 2018
0.03265
0.03265
31 Jan 2019
0.03199
0.03199
28 Feb 2019
0.03187
0.03187
29 Mar 2019
0.03336
0.03336
30 Apr 2019
0.03340
0.03340
31 May 2019
0.03330
0.03330
28 Jun 2019
0.03344
0.03344
31 Jul 2019
0.03174
0.03174
31 Aug 2019
0.03051
0.03051
30 Sep 2019
0.03073
0.03073
31 Oct 2019
0.02930
0.02930
30 Nov 2019
0.12402
0.02886
0.06730
0.02786
31 Dec 2019
0.02928
0.02928
31 Jan 2020
0.02730
0.02730
29 Feb 2020
0.02588
0.02588
31 Mar 2020
0.02873
0.02873
30 Apr 2020
0.03040
0.03040
31 May 2020
0.02789
0.02789
30 Jun 2020
0.02586
0.02586
31 Jul 2020
0.02564
0.02564
31 Aug 2020
0.02545
0.02545
30 Sep 2020
0.02490
0.02490
30 Oct 2020
0.02289
0.02289
30 Nov 2020
0.18925
0.02099
0.15003
0.01823
31 Dec 2020
0.02008
0.02008
29 Jan 2021
0.01923
0.01923
26 Feb 2021
0.01977
0.01977
31 Mar 2021
0.01967
0.01967
30 Apr 2021
0.01967
0.01967
28 May 2021
0.01966
0.01966
30 Jun 2021
0.01937
0.01937
30 Jul 2021
0.01868
0.01868
31 Aug 2021
0.01901
0.01901
30 Sep 2021
0.01828
0.01828
29 Oct 2021
0.01732
0.01732
30 Nov 2021
0.01792
0.01792
31 Dec 2021
0.01944
0.01944
31 Jan 2022
0.01841
0.01841
28 Feb 2022
0.01843
0.01843
31 Mar 2022
0.02141
0.02141
29 Apr 2022
0.02333
0.02333
31 May 2022
0.02622
0.02622
30 Jun 2022
0.02572
0.02572
29 Jul 2022
0.02921
0.02921
31 Aug 2022
0.03413
0.03413
Fund Facts

Fund Facts

(As of 31 Aug 2022)
Net Fund Assets
$8.5 B
Benchmark
BBG Int US Govt/Credit TR Value
Morningstar Category
Short-Term Bond
Fund Symbol
THRLX
Share Class
R6
Share Class Inception Date
10 Apr 2017
Number of Holdings
787
Portfolio Turnover
33%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
3.77%
30-Day SEC Yield (Unsubsidized)
3.74%
Annualized Distribution Yield
3.11%
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2022)
Portfolio
Benchmark
Effective Duration
3.0 Yrs
3.9 Yrs
Average Effective Maturity
4.1 Yrs
4.2 Yrs
Portfolio
Benchmark
Weighted Average Coupon
2.5%
2.1%
Yield to Worst
4.7%
3.8%
Risk & Return Profile

Risk & Return Profile

(As of 31 Jul 2022)
3y
5y
10y
Beta
0.69
0.68
0.69
R-Squared (%)
82.93
83.02
83.06
Standard Deviation (%)
2.39
2.03
1.88
Sharpe Ratio
0.15
0.30
0.80
Information Ratio
0.31
0.23
0.49
Up Capture (%)
70.07
68.54
71.28
Down Capture (%)
69.21
67.11
67.74
Portfolio

Portfolio

Top Holdings

(As of 31 Jul 2022)
Name
Ticker/Symbol
Sector
Weight %
United States Treasury Note/Bond
91282CAZ4
Government
1.6
United States Treasury Inflation Indexed Bonds
9128287D6
Government
1.5
United States Treasury Inflation Indexed Bonds
Government
1.0
United States Treasury Note/Bond
912828YM6
Government
1.0
United States Treasury Inflation Indexed Bonds
9128282L3
Government
0.9
United States Treasury Inflation Indexed Bonds
9128285W6
Government
0.7
New Residential Advance Receivables Trust Advance Receivables Backed 2020-T1
62942QCR2
Asset Backed Securities
0.7
United States Treasury Note/Bond
912828YS3
Government
0.7
Ocwen Master Advance Receivables Trust
67575NBW2
Asset Backed Securities
0.6
United States Treasury Note/Bond
912828P46
Government
0.6
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Corporate
41.8
29.9
Asset Backed Securities
19.6
0.0
Collateralized Mortgage Obligation
15.3
Treasury-Domestic
12.8
62.4
Cash & Cash Equivalents
4.0
Mortgage Passthrough
2.9
Commercial Mortgage Backed Security
1.7
Bank Loan
0.8
Agency Debenture
0.5
3.6
Preferred Stock
0.3
Municipals
0.2
0.7
Treasury-Foreign
0.1
3.4
Sector Allocation
Fund (%)
Corporate
41.8
Asset Backed Securities
19.6
Collateralized Mortgage Obligation
15.3
Treasury-Domestic
12.8
Cash & Cash Equivalents
4.0
Mortgage Passthrough
2.9
Commercial Mortgage Backed Security
1.7
Bank Loan
0.8
Agency Debenture
0.5
Preferred Stock
0.3
Municipals
0.2
Treasury-Foreign
0.1
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
20.1
65.9
AAA
19.4
2.6
AA
5.1
2.7
A
22.3
14.4
BBB
27.8
14.3
Below Invest. Grade
0.6
0.0
Not Rated
0.7
Cash & Cash Equivalents
4.0
Credit Quality
Fund (%)
U.S. Government
20.1
AAA
19.4
AA
5.1
A
22.3
BBB
27.8
Below Invest. Grade
0.6
Not Rated
0.7
Cash & Cash Equivalents
4.0
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
11.5
1.9
Year 2
13.6
20.5
Year 3
14.8
17.8
Year 4
15.3
13.5
Year 5
10.8
12.9
Year 6
6.7
9.5
Year 7
8.0
8.2
Year 8
5.5
5.5
Year 9
2.0
5.5
Year 10+
7.8
4.7
Cash
4.0
Maturity
Fund (%)
Year 1
11.5
Year 2
13.6
Year 3
14.8
Year 4
15.3
Year 5
10.8
Year 6
6.7
Year 7
8.0
Year 8
5.5
Year 9
2.0
Year 10+
7.8
Cash
4.0
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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