Unsubscribe

Confirm you would like to unsubscribe from this list

You have unsaved changes on the page. Would you like to save them?

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 516 Short-Term Bond funds, based on risk-adjusted returns for class A shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 3 stars and 3 stars among 516, 486 and 367 funds, as of 31 Oct 2024.

As of 31 Oct 2024
Fund Assets
$6.3 B
As of 31 Oct 2024
NAV
$13.01
As of 9 Dec 2024
Change
$-0.02
As of 9 Dec 2024
YTD NAV Performance
5.17%
As of 9 Dec 2024
Asset Category:
Global Fixed Income
Fund Benchmark:
Bloomberg Intermediate U.S. Government/Credit Index

Portfolio Managers

Portfolio Manager and Managing Director
Head of Fixed Income 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-3Q24
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 Sep 2024)
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
3.05
7.56
0.34
1.75
2.07
4.34
Total Return without Sales Charge (%)
5.46
10.08
1.11
2.06
2.23
4.39
Bloomberg Intermediate U.S. Government/Credit Index (%)
4.68
9.45
0.17
1.26
1.96
4.27
Morningstar Category Avg. (%)
5.18
8.71
1.69
2.07
1.98
Morningstar Quartile
1
3
2
2
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
2.59
5.11
0.34
1.60
1.95
4.30
Total Return without Sales Charge (%)
4.99
7.54
1.11
1.92
2.11
4.35
Bloomberg Intermediate U.S. Government/Credit Index (%)
3.64
6.05
-0.01
1.01
1.74
4.22
Morningstar Category Avg. (%)
4.48
8.04
1.56
1.86
1.89
Morningstar Quartile
1
4
3
2
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
3.05
7.56
1.03
9.06
22.72
289.65
Total Return without Sales Charge (%)
5.46
10.08
3.36
10.74
24.63
295.70
Bloomberg Intermediate U.S. Government/Credit Index (%)
4.68
9.45
0.52
6.44
21.47
281.69
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
2.59
5.11
1.01
8.27
21.31
287.90
Total Return without Sales Charge (%)
4.99
7.54
3.36
9.95
23.20
293.93
Bloomberg Intermediate U.S. Government/Credit Index (%)
3.64
6.05
-0.03
5.13
18.83
277.92
2018
2019
2020
2021
2022
2023
Total Return with Sales Charge (%)
-0.50
3.79
5.72
-3.28
-9.44
3.85
Bloomberg Intermediate U.S. Government/Credit Index (%)
0.88
6.80
6.43
-1.44
-8.23
5.24
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
0.78
Net Expense Ratio (%)
0.78
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Nov 2024)
(Hypothetical Growth of $10,000 vs Bloomberg Intermediate U.S. Government/Credit Index)
Distributions

Distributions

(As of 29 Nov 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 1992
31 Jan 1992
0
29 Feb 1992
29 Feb 1992
0
31 Mar 1992
31 Mar 1992
0
30 Apr 1992
30 Apr 1992
0
31 May 1992
31 May 1992
0
30 Jun 1992
30 Jun 1992
0
31 Jul 1992
31 Jul 1992
0
31 Aug 1992
31 Aug 1992
0
30 Sep 1992
30 Sep 1992
0
30 Oct 1992
31 Oct 1992
0.06721
0.06721
30 Nov 1992
30 Nov 1992
0.06836
0.06836
31 Dec 1992
31 Dec 1992
0.06832
0.06832
29 Jan 1993
31 Jan 1993
0.06820
0.06820
26 Feb 1993
28 Feb 1993
0.07246
0.07246
31 Mar 1993
31 Mar 1993
0.06732
0.06732
30 Apr 1993
30 Apr 1993
0.06376
0.06376
28 May 1993
31 May 1993
0.06228
0.06228
30 Jun 1993
30 Jun 1993
0.06223
0.06223
30 Jul 1993
31 Jul 1993
0.05986
0.05986
31 Aug 1993
31 Aug 1993
0.05962
0.05962
30 Sep 1993
30 Sep 1993
0.05155
0.05155
29 Oct 1993
31 Oct 1993
0.05441
0.05441
30 Nov 1993
30 Nov 1993
0.05327
0.05327
31 Dec 1993
31 Dec 1993
0.05342
0.05342
31 Jan 1994
31 Jan 1994
0.05347
0.05347
28 Feb 1994
28 Feb 1994
0.05382
0.05382
31 Mar 1994
31 Mar 1994
0.05387
0.05387
29 Apr 1994
30 Apr 1994
0.06143
0.06143
31 May 1994
31 May 1994
0.05971
0.05971
30 Jun 1994
30 Jun 1994
0.05855
0.05855
29 Jul 1994
31 Jul 1994
0.05900
0.05900
31 Aug 1994
31 Aug 1994
0.05382
0.05382
30 Sep 1994
30 Sep 1994
0.05487
0.05487
31 Oct 1994
31 Oct 1994
0.05429
0.05429
30 Nov 1994
30 Nov 1994
0.06323
0.06323
30 Dec 1994
31 Dec 1994
0.06444
0.06444
31 Jan 1995
31 Jan 1995
0.06404
0.06404
28 Feb 1995
28 Feb 1995
0.06386
0.06386
31 Mar 1995
31 Mar 1995
0.06549
0.06549
28 Apr 1995
30 Apr 1995
0.06502
0.06502
31 May 1995
31 May 1995
0.06473
0.06473
30 Jun 1995
30 Jun 1995
0.06369
0.06369
31 Jul 1995
31 Jul 1995
0.06506
0.06506
31 Aug 1995
31 Aug 1995
0.06470
0.06470
29 Sep 1995
30 Sep 1995
0.06460
0.06460
31 Oct 1995
31 Oct 1995
0.06485
0.06485
30 Nov 1995
30 Nov 1995
0.06393
0.06393
29 Dec 1995
31 Dec 1995
0.06370
0.06370
31 Jan 1996
31 Jan 1996
0.06374
0.06374
29 Feb 1996
29 Feb 1996
0.06258
0.06258
29 Mar 1996
31 Mar 1996
0.06397
0.06397
30 Apr 1996
30 Apr 1996
0.06336
0.06336
31 May 1996
31 May 1996
0.06347
0.06347
28 Jun 1996
30 Jun 1996
0.06308
0.06308
31 Jul 1996
31 Jul 1996
0.06390
0.06390
30 Aug 1996
31 Aug 1996
0.06372
0.06372
30 Sep 1996
30 Sep 1996
0.06440
0.06440
31 Oct 1996
31 Oct 1996
0.06421
0.06421
29 Nov 1996
30 Nov 1996
0.06351
0.06351
31 Dec 1996
31 Dec 1996
0.06481
0.06481
31 Jan 1997
31 Jan 1997
0.06484
0.06484
28 Feb 1997
28 Feb 1997
0.06252
0.06252
31 Mar 1997
31 Mar 1997
0.06389
0.06389
30 Apr 1997
30 Apr 1997
0.06322
0.06322
30 May 1997
31 May 1997
0.06323
0.06323
30 Jun 1997
30 Jun 1997
0.06275
0.06275
31 Jul 1997
31 Jul 1997
0.06322
0.06322
29 Aug 1997
31 Aug 1997
0.06250
0.06250
30 Sep 1997
30 Sep 1997
0.06078
0.06078
31 Oct 1997
31 Oct 1997
0.06205
0.06205
28 Nov 1997
30 Nov 1997
0.06113
0.06113
31 Dec 1997
31 Dec 1997
0.05960
0.05960
30 Jan 1998
31 Jan 1998
0.06041
0.06041
27 Feb 1998
28 Feb 1998
0.06021
0.06021
31 Mar 1998
31 Mar 1998
0.05955
0.05955
30 Apr 1998
30 Apr 1998
0.05866
0.05866
29 May 1998
31 May 1998
0.05900
0.05900
30 Jun 1998
30 Jun 1998
0.05893
0.05893
31 Jul 1998
31 Jul 1998
0.05880
0.05880
31 Aug 1998
31 Aug 1998
0.05948
0.05948
30 Sep 1998
30 Sep 1998
0.05843
0.05843
30 Oct 1998
31 Oct 1998
0.05793
0.05793
30 Nov 1998
30 Nov 1998
0.05763
0.05763
31 Dec 1998
31 Dec 1998
0.05804
0.05804
29 Jan 1999
31 Jan 1999
0.05789
0.05789
26 Feb 1999
28 Feb 1999
0.05872
0.05872
31 Mar 1999
31 Mar 1999
0.05802
0.05802
30 Apr 1999
30 Apr 1999
0.05744
0.05744
28 May 1999
31 May 1999
0.05780
0.05780
30 Jun 1999
30 Jun 1999
0.05795
0.05795
30 Jul 1999
31 Jul 1999
0.05730
0.05730
31 Aug 1999
31 Aug 1999
0.05763
0.05763
30 Sep 1999
30 Sep 1999
0.05696
0.05696
29 Oct 1999
31 Oct 1999
0.05791
0.05791
30 Nov 1999
30 Nov 1999
0.05863
0.05863
31 Dec 1999
31 Dec 1999
0.05976
0.05976
31 Jan 2000
31 Jan 2000
0.05907
0.05907
29 Feb 2000
29 Feb 2000
0.06005
0.06005
31 Mar 2000
31 Mar 2000
0.06068
0.06068
28 Apr 2000
30 Apr 2000
0.06252
0.06252
31 May 2000
31 May 2000
0.06258
0.06258
30 Jun 2000
30 Jun 2000
0.06288
0.06288
31 Jul 2000
31 Jul 2000
0.06282
0.06282
31 Aug 2000
31 Aug 2000
0.06280
0.06280
29 Sep 2000
30 Sep 2000
0.06291
0.06291
31 Oct 2000
31 Oct 2000
0.06274
0.06274
30 Nov 2000
30 Nov 2000
0.06268
0.06268
29 Dec 2000
31 Dec 2000
0.06232
0.06232
31 Jan 2001
31 Jan 2001
0.06239
0.06239
28 Feb 2001
28 Feb 2001
0.06205
0.06205
30 Mar 2001
31 Mar 2001
0.06219
0.06219
30 Apr 2001
30 Apr 2001
0.06126
0.06126
31 May 2001
31 May 2001
0.06103
0.06103
29 Jun 2001
30 Jun 2001
0.06165
0.06165
31 Jul 2001
31 Jul 2001
0.05954
0.05954
31 Aug 2001
31 Aug 2001
0.05775
0.05775
28 Sep 2001
30 Sep 2001
0.05591
0.05591
31 Oct 2001
31 Oct 2001
0.05575
0.05575
30 Nov 2001
30 Nov 2001
0.05489
0.05489
31 Dec 2001
31 Dec 2001
0.05264
0.05264
31 Jan 2002
31 Jan 2002
0.05242
0.05242
28 Feb 2002
28 Feb 2002
0.05023
0.05023
28 Mar 2002
31 Mar 2002
0.05161
0.05161
30 Apr 2002
30 Apr 2002
0.05153
0.05153
31 May 2002
31 May 2002
0.05159
0.05159
28 Jun 2002
30 Jun 2002
0.05078
0.05078
31 Jul 2002
31 Jul 2002
0.04777
0.04777
30 Aug 2002
31 Aug 2002
0.04645
0.04645
30 Sep 2002
30 Sep 2002
0.04656
0.04656
31 Oct 2002
31 Oct 2002
0.04699
0.04699
29 Nov 2002
30 Nov 2002
0.04577
0.04577
31 Dec 2002
31 Dec 2002
0.04344
0.04344
31 Jan 2003
31 Jan 2003
0.04120
0.04120
28 Feb 2003
28 Feb 2003
0.03866
0.03866
31 Mar 2003
31 Mar 2003
0.04238
0.04238
30 Apr 2003
30 Apr 2003
0.04546
0.04546
30 May 2003
31 May 2003
0.04446
0.04446
30 Jun 2003
30 Jun 2003
0.03946
0.03946
31 Jul 2003
31 Jul 2003
0.03825
0.03825
29 Aug 2003
31 Aug 2003
0.03999
0.03999
30 Sep 2003
30 Sep 2003
0.04043
0.04043
31 Oct 2003
31 Oct 2003
0.03779
0.03779
28 Nov 2003
30 Nov 2003
0.03728
0.03728
31 Dec 2003
31 Dec 2003
0.03585
0.03585
30 Jan 2004
31 Jan 2004
0.03504
0.03504
27 Feb 2004
29 Feb 2004
0.03568
0.03568
31 Mar 2004
31 Mar 2004
0.03413
0.03413
30 Apr 2004
30 Apr 2004
0.03476
0.03476
28 May 2004
31 May 2004
0.03424
0.03424
30 Jun 2004
30 Jun 2004
0.03466
0.03466
30 Jul 2004
31 Jul 2004
0.03501
0.03501
31 Aug 2004
31 Aug 2004
0.03627
0.03627
30 Sep 2004
30 Sep 2004
0.03785
0.03785
29 Oct 2004
31 Oct 2004
0.03688
0.03688
30 Nov 2004
30 Nov 2004
0.03641
0.03641
31 Dec 2004
31 Dec 2004
0.03914
0.03914
31 Jan 2005
31 Jan 2005
0.03672
0.03672
28 Feb 2005
28 Feb 2005
0.03777
0.03777
31 Mar 2005
31 Mar 2005
0.03704
0.03704
29 Apr 2005
30 Apr 2005
0.03789
0.03789
31 May 2005
31 May 2005
0.03711
0.03711
30 Jun 2005
30 Jun 2005
0.03778
0.03778
29 Jul 2005
31 Jul 2005
0.03832
0.03832
31 Aug 2005
31 Aug 2005
0.05603
0.05603
30 Sep 2005
30 Sep 2005
0.04074
0.04074
31 Oct 2005
31 Oct 2005
0.03862
0.03862
30 Nov 2005
30 Nov 2005
0.04067
0.04067
30 Dec 2005
31 Dec 2005
0.04159
0.04159
31 Jan 2006
31 Jan 2006
0.04291
0.04291
28 Feb 2006
28 Feb 2006
0.03905
0.03905
31 Mar 2006
31 Mar 2006
0.04082
0.04082
28 Apr 2006
30 Apr 2006
0.04174
0.04174
31 May 2006
31 May 2006
0.04224
0.04224
30 Jun 2006
30 Jun 2006
0.04237
0.04237
31 Jul 2006
31 Jul 2006
0.04250
0.04250
31 Aug 2006
31 Aug 2006
0.04343
0.04343
29 Sep 2006
30 Sep 2006
0.04440
0.04440
31 Oct 2006
31 Oct 2006
0.04411
0.04411
30 Nov 2006
30 Nov 2006
0.04293
0.04293
29 Dec 2006
31 Dec 2006
0.04430
0.04430
31 Jan 2007
31 Jan 2007
0.03944
0.03944
28 Feb 2007
28 Feb 2007
0.03986
0.03986
30 Mar 2007
31 Mar 2007
0.04008
0.04008
30 Apr 2007
30 Apr 2007
0.04197
0.04197
31 May 2007
31 May 2007
0.04134
0.04134
29 Jun 2007
30 Jun 2007
0.04284
0.04284
31 Jul 2007
31 Jul 2007
0.04355
0.04355
31 Aug 2007
31 Aug 2007
0.04295
0.04295
28 Sep 2007
30 Sep 2007
0.04265
0.04265
31 Oct 2007
31 Oct 2007
0.04318
0.04318
30 Nov 2007
30 Nov 2007
0.04343
0.04343
31 Dec 2007
31 Dec 2007
0.04452
0.04452
31 Jan 2008
31 Jan 2008
0.04426
0.04426
29 Feb 2008
29 Feb 2008
0.04468
0.04468
31 Mar 2008
31 Mar 2008
0.04611
0.04611
30 Apr 2008
30 Apr 2008
0.04572
0.04572
30 May 2008
31 May 2008
0.04515
0.04515
30 Jun 2008
30 Jun 2008
0.04570
0.04570
31 Jul 2008
31 Jul 2008
0.04604
0.04604
29 Aug 2008
31 Aug 2008
0.05132
0.05132
30 Sep 2008
30 Sep 2008
0.04680
0.04680
31 Oct 2008
31 Oct 2008
0.05072
0.05072
28 Nov 2008
30 Nov 2008
0.05203
0.05203
31 Dec 2008
31 Dec 2008
0.05076
0.05076
30 Jan 2009
31 Jan 2009
0.04958
0.04958
27 Feb 2009
28 Feb 2009
0.04992
0.04992
31 Mar 2009
31 Mar 2009
0.04988
0.04988
30 Apr 2009
30 Apr 2009
0.05103
0.05103
29 May 2009
31 May 2009
0.05148
0.05148
30 Jun 2009
30 Jun 2009
0.05071
0.05071
31 Jul 2009
31 Jul 2009
0.04991
0.04991
31 Aug 2009
31 Aug 2009
0.04962
0.04962
30 Sep 2009
30 Sep 2009
0.05006
0.05006
30 Oct 2009
31 Oct 2009
0.04881
0.04881
30 Nov 2009
30 Nov 2009
0.04714
0.04714
31 Dec 2009
31 Dec 2009
0.04624
0.04624
29 Jan 2010
31 Jan 2010
0.04530
0.04530
26 Feb 2010
28 Feb 2010
0.04494
0.04494
31 Mar 2010
31 Mar 2010
0.04206
0.04206
30 Apr 2010
30 Apr 2010
0.04165
0.04165
28 May 2010
31 May 2010
0.04013
0.04013
30 Jun 2010
30 Jun 2010
0.04012
0.04012
30 Jul 2010
31 Jul 2010
0.03999
0.03999
31 Aug 2010
31 Aug 2010
0.04102
0.04102
30 Sep 2010
30 Sep 2010
0.04087
0.04087
29 Oct 2010
31 Oct 2010
0.04061
0.04061
19 Nov 2010
19 Nov 2010
0.04067
0.00000
0.04067
30 Nov 2010
30 Nov 2010
0.04080
0.04080
31 Dec 2010
31 Dec 2010
0.03987
0.03987
31 Jan 2011
31 Jan 2011
0.04045
0.04045
28 Feb 2011
28 Feb 2011
0.04115
0.04115
31 Mar 2011
31 Mar 2011
0.03907
0.03907
29 Apr 2011
30 Apr 2011
0.03863
0.03863
31 May 2011
31 May 2011
0.03712
0.03712
30 Jun 2011
30 Jun 2011
0.03744
0.03744
29 Jul 2011
31 Jul 2011
0.03691
0.03691
31 Aug 2011
31 Aug 2011
0.03675
0.03675
30 Sep 2011
30 Sep 2011
0.03810
0.03810
31 Oct 2011
31 Oct 2011
0.03781
0.03781
18 Nov 2011
18 Nov 2011
0.09254
0.01648
0.07606
30 Nov 2011
30 Nov 2011
0.04080
0.04080
30 Dec 2011
31 Dec 2011
0.04120
0.04120
31 Jan 2012
31 Jan 2012
0.03575
0.03575
29 Feb 2012
29 Feb 2012
0.03600
0.03600
30 Mar 2012
31 Mar 2012
0.03453
0.03453
30 Apr 2012
30 Apr 2012
0.03396
0.03396
31 May 2012
31 May 2012
0.03379
0.03379
29 Jun 2012
30 Jun 2012
0.03308
0.03308
31 Jul 2012
31 Jul 2012
0.03193
0.03193
31 Aug 2012
31 Aug 2012
0.03241
0.03241
28 Sep 2012
30 Sep 2012
0.03219
0.03219
31 Oct 2012
31 Oct 2012
0.03223
0.03223
20 Nov 2012
20 Nov 2012
0.05979
0.03515
0.02464
30 Nov 2012
30 Nov 2012
0.03201
0.03201
31 Dec 2012
31 Dec 2012
0.03093
0.03093
31 Jan 2013
31 Jan 2013
0.03022
0.03022
28 Feb 2013
28 Feb 2013
0.02838
0.02838
28 Mar 2013
31 Mar 2013
0.02676
0.02676
30 Apr 2013
30 Apr 2013
0.02634
0.02634
31 May 2013
31 May 2013
0.02654
0.02654
28 Jun 2013
30 Jun 2013
0.02509
0.02509
31 Jul 2013
31 Jul 2013
0.02544
0.02544
30 Aug 2013
31 Aug 2013
0.02564
0.02564
30 Sep 2013
30 Sep 2013
0.02682
0.02682
31 Oct 2013
31 Oct 2013
0.02449
0.02449
19 Nov 2013
19 Nov 2013
0.10996
0.03557
0.07439
29 Nov 2013
30 Nov 2013
0.02498
0.02498
31 Dec 2013
31 Dec 2013
0.02675
0.02675
31 Jan 2014
31 Jan 2014
0.02547
0.02547
28 Feb 2014
28 Feb 2014
0.02607
0.02607
31 Mar 2014
31 Mar 2014
0.02624
0.02624
30 Apr 2014
30 Apr 2014
0.02674
0.02674
30 May 2014
31 May 2014
0.02640
0.02640
30 Jun 2014
30 Jun 2014
0.02397
0.02397
31 Jul 2014
31 Jul 2014
0.02255
0.02255
29 Aug 2014
31 Aug 2014
0.02199
0.02199
30 Sep 2014
30 Sep 2014
0.02182
0.02182
31 Oct 2014
31 Oct 2014
0.02173
0.02173
19 Nov 2014
19 Nov 2014
0.07097
0.01311
0.05786
28 Nov 2014
30 Nov 2014
0.02203
0.02203
31 Dec 2014
31 Dec 2014
0.02271
0.02271
30 Jan 2015
31 Jan 2015
0.02329
0.02329
27 Feb 2015
28 Feb 2015
0.02368
0.02368
31 Mar 2015
31 Mar 2015
0.02342
0.02342
30 Apr 2015
30 Apr 2015
0.02223
0.02223
29 May 2015
31 May 2015
0.02201
0.02201
30 Jun 2015
30 Jun 2015
0.02272
0.02272
31 Jul 2015
31 Jul 2015
0.02137
0.02137
31 Aug 2015
31 Aug 2015
0.02208
0.02208
30 Sep 2015
30 Sep 2015
0.02246
0.02246
30 Oct 2015
31 Oct 2015
0.02042
0.02042
30 Nov 2015
30 Nov 2015
0.02010
0.02010
31 Dec 2015
31 Dec 2015
0.02051
0.02051
29 Jan 2016
31 Jan 2016
0.01980
0.01980
29 Feb 2016
29 Feb 2016
0.02134
0.02134
31 Mar 2016
31 Mar 2016
0.02308
0.02308
29 Apr 2016
30 Apr 2016
0.02318
0.02318
31 May 2016
31 May 2016
0.02301
0.02301
30 Jun 2016
30 Jun 2016
0.02205
0.02205
29 Jul 2016
31 Jul 2016
0.02112
0.02112
31 Aug 2016
31 Aug 2016
0.02014
0.02014
30 Sep 2016
30 Sep 2016
0.01792
0.01792
31 Oct 2016
31 Oct 2016
0.01856
0.01856
30 Nov 2016
30 Nov 2016
0.01988
0.01988
30 Dec 2016
31 Dec 2016
0.02026
0.02026
31 Jan 2017
31 Jan 2017
0.01963
0.01963
28 Feb 2017
28 Feb 2017
0.02012
0.02012
31 Mar 2017
31 Mar 2017
0.02041
0.02041
28 Apr 2017
30 Apr 2017
0.02092
0.02092
31 May 2017
31 May 2017
0.02013
0.02013
30 Jun 2017
30 Jun 2017
0.02079
0.02079
31 Jul 2017
31 Jul 2017
0.02069
0.02069
31 Aug 2017
31 Aug 2017
0.02143
0.02143
29 Sep 2017
30 Sep 2017
0.02138
0.02138
31 Oct 2017
31 Oct 2017
0.02147
0.02147
30 Nov 2017
30 Nov 2017
0.02256
0.02256
29 Dec 2017
31 Dec 2017
0.02150
0.02150
31 Jan 2018
31 Jan 2018
0.02209
0.02209
28 Feb 2018
28 Feb 2018
0.02304
0.02304
29 Mar 2018
31 Mar 2018
0.02449
0.02449
30 Apr 2018
30 Apr 2018
0.02499
0.02499
31 May 2018
31 May 2018
0.02551
0.02551
29 Jun 2018
30 Jun 2018
0.02685
0.02685
31 Jul 2018
31 Jul 2018
0.02652
0.02652
31 Aug 2018
31 Aug 2018
0.02621
0.02621
28 Sep 2018
30 Sep 2018
0.02586
0.02586
31 Oct 2018
31 Oct 2018
0.02691
0.02691
30 Nov 2018
30 Nov 2018
0.02765
0.02765
31 Dec 2018
31 Dec 2018
0.02826
0.02826
31 Jan 2019
31 Jan 2019
0.02768
0.02768
28 Feb 2019
28 Feb 2019
0.02759
0.02759
29 Mar 2019
31 Mar 2019
0.02858
0.02858
30 Apr 2019
30 Apr 2019
0.02836
0.02836
31 May 2019
31 May 2019
0.02808
0.02808
28 Jun 2019
30 Jun 2019
0.02837
0.02837
31 Jul 2019
31 Jul 2019
0.02826
0.02826
31 Aug 2019
31 Aug 2019
0.02705
0.02705
30 Sep 2019
30 Sep 2019
0.02739
0.02739
31 Oct 2019
31 Oct 2019
0.02556
0.02556
14 Nov 2019
14 Nov 2019
0.09516
0.06730
0.02786
30 Nov 2019
30 Nov 2019
0.02517
0.02517
31 Dec 2019
31 Dec 2019
0.02548
0.02548
31 Jan 2020
31 Jan 2020
0.02333
0.02333
29 Feb 2020
29 Feb 2020
0.02217
0.02217
31 Mar 2020
31 Mar 2020
0.02471
0.02471
30 Apr 2020
30 Apr 2020
0.02578
0.02578
31 May 2020
31 May 2020
0.02327
0.02327
30 Jun 2020
30 Jun 2020
0.02130
0.02130
31 Jul 2020
31 Jul 2020
0.02148
0.02148
31 Aug 2020
31 Aug 2020
0.02138
0.02138
30 Sep 2020
30 Sep 2020
0.02095
0.02095
30 Oct 2020
31 Oct 2020
0.01891
0.01891
19 Nov 2020
19 Nov 2020
0.16826
0.15003
0.01823
30 Nov 2020
30 Nov 2020
0.01720
0.01720
31 Dec 2020
31 Dec 2020
0.01620
0.01620
29 Jan 2021
31 Jan 2021
0.01528
0.01528
26 Feb 2021
28 Feb 2021
0.01625
0.01625
31 Mar 2021
31 Mar 2021
0.01570
0.01570
30 Apr 2021
30 Apr 2021
0.01572
0.01572
28 May 2021
31 May 2021
0.01558
0.01558
30 Jun 2021
30 Jun 2021
0.01532
0.01532
30 Jul 2021
31 Jul 2021
0.01408
0.01408
31 Aug 2021
31 Aug 2021
0.01437
0.01437
30 Sep 2021
30 Sep 2021
0.01373
0.01373
29 Oct 2021
31 Oct 2021
0.01373
0.01373
30 Nov 2021
30 Nov 2021
0.01444
0.01444
31 Dec 2021
31 Dec 2021
0.01579
0.01579
31 Jan 2022
31 Jan 2022
0.01450
0.01450
28 Feb 2022
28 Feb 2022
0.01487
0.01487
31 Mar 2022
31 Mar 2022
0.01738
0.01738
29 Apr 2022
30 Apr 2022
0.01899
0.01899
31 May 2022
31 May 2022
0.02168
0.02168
30 Jun 2022
30 Jun 2022
0.02130
0.02130
29 Jul 2022
31 Jul 2022
0.02552
0.02552
31 Aug 2022
31 Aug 2022
0.03041
0.03041
30 Sep 2022
30 Sep 2022
0.02220
0.02220
31 Oct 2022
31 Oct 2022
0.02345
0.02345
30 Nov 2022
30 Nov 2022
0.02685
0.02685
30 Dec 2022
31 Dec 2022
0.03039
0.03039
31 Jan 2023
31 Jan 2023
0.02394
0.02394
28 Feb 2023
28 Feb 2023
0.02275
0.02275
31 Mar 2023
31 Mar 2023
0.03521
0.03521
28 Apr 2023
30 Apr 2023
0.03515
0.03515
31 May 2023
31 May 2023
0.03442
0.03442
30 Jun 2023
30 Jun 2023
0.03497
0.03497
31 Jul 2023
31 Jul 2023
0.03325
0.03325
31 Aug 2023
31 Aug 2023
0.03473
0.03473
29 Sep 2023
30 Sep 2023
0.03385
0.03385
31 Oct 2023
31 Oct 2023
0.03819
0.03819
30 Nov 2023
30 Nov 2023
0.03645
0.03645
29 Dec 2023
31 Dec 2023
0.03452
0.03452
31 Jan 2024
31 Jan 2024
0.03218
0.03218
29 Feb 2024
29 Feb 2024
0.03443
0.03443
28 Mar 2024
31 Mar 2024
0.04044
0.04044
30 Apr 2024
30 Apr 2024
0.04316
0.04316
31 May 2024
31 May 2024
0.04522
0.04522
28 Jun 2024
30 Jun 2024
0.04355
0.04355
31 Jul 2024
31 Jul 2024
0.04301
0.04301
30 Aug 2024
31 Aug 2024
0.04181
0.04181
30 Sep 2024
30 Sep 2024
0.04402
0.04402
31 Oct 2024
31 Oct 2024
0.04032
0.04032
29 Nov 2024
30 Nov 2024
0.04032
0.04032
Fund Facts

Fund Facts

(As of 31 Oct 2024)
Net Fund Assets
$6.3 B
Benchmark
Bloomberg Intermediate U.S. Government/Credit Index
Morningstar Category
Short-Term Bond
Fund Symbol
THIFX
Share Class
A
Share Class Inception Date
1 Oct 1992
Number of Holdings
660
Portfolio Turnover
59%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
3.49%
30-Day SEC Yield (Unsubsidized)
3.49%
Annualized Distribution Yield
3.64%
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2024)
Portfolio
Benchmark
Effective Duration
3.4 Yrs
3.7 Yrs
Average Effective Maturity
4.4 Yrs
4.2 Yrs
Portfolio
Benchmark
Weighted Average Coupon
3.2%
3.3%
Yield to Worst
5.2%
4.4%
Risk & Return Profile

Risk & Return Profile

(As of 31 Oct 2024)
3y
5y
10y
Beta
0.83
0.88
0.81
R-Squared (%)
93.99
83.60
82.46
Standard Deviation (%)
4.28
3.95
2.97
Sharpe Ratio
-0.62
-0.10
0.23
Information Ratio
0.97
0.72
0.47
Up Capture (%)
93.13
103.87
92.80
Down Capture (%)
75.81
81.73
70.91
Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2024)
Name
Ticker/Symbol
Weight %
United States Treasury Note/Bond
91282CFF3
3.6
United States Treasury Inflation Indexed Bonds
91282CBF7
1.7
United States Treasury Inflation Indexed Bonds
912810PV4
1.7
Freddie Mac Pool
3132E0T85
1.7
United States Treasury Inflation Indexed Bonds
91282CEJ6
1.7
Fannie Mae Pool
3140XMZX7
1.6
United States Treasury Note/Bond
91282CLF6
1.4
United States Treasury Inflation Indexed Bonds
91282CDX6
0.9
Rate Mortgage Trust 2022-J1
75410RAJ5
0.6
United States Treasury Note/Bond
91282CKQ3
0.6
Exposure Breakdown

Exposure Breakdown

(As of 31 Oct 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Corporate
31.2
29.9
Collateralized Mortgage Obligation
20.7
Asset Backed Securities
13.5
0.0
Treasury-Domestic
13.1
63.8
Mortgage Passthrough
10.8
Cash & Cash Equivalents
6.2
Commercial Mortgage Backed Security
3.4
Preferred Stock
0.6
Agency Debenture
0.3
2.4
Treasury-Foreign
0.1
3.3
Municipals
0.1
0.7
Sector Allocation
Fund (%)
Corporate
31.2
Collateralized Mortgage Obligation
20.7
Asset Backed Securities
13.5
Treasury-Domestic
13.1
Mortgage Passthrough
10.8
Cash & Cash Equivalents
6.2
Commercial Mortgage Backed Security
3.4
Preferred Stock
0.6
Agency Debenture
0.3
Treasury-Foreign
0.1
Municipals
0.1
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
30.7
66.0
AAA
20.4
2.4
AA
4.6
2.9
A
17.1
14.2
BBB
20.4
14.4
Below Invest. Grade
0.1
Not Rated
0.5
Cash & Cash Equivalents
6.2
Credit Quality
Fund (%)
U.S. Government
30.7
AAA
20.4
AA
4.6
A
17.1
BBB
20.4
Below Invest. Grade
0.1
Not Rated
0.5
Cash & Cash Equivalents
6.2
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
13.2
1.7
Year 2
11.2
21.4
Year 3
10.3
16.8
Year 4
9.6
14.1
Year 5
10.6
14.0
Year 6
7.3
8.1
Year 7
5.6
8.2
Year 8
8.2
5.0
Year 9
2.6
5.2
Year 10+
15.1
5.4
Cash
6.2
Maturity
Fund (%)
Year 1
13.2
Year 2
11.2
Year 3
10.3
Year 4
9.6
Year 5
10.6
Year 6
7.3
Year 7
5.6
Year 8
8.2
Year 9
2.6
Year 10+
15.1
Cash
6.2
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 named a managing director and was promoted to portfolio manager in 2010. Prior to joining Thornburg Investment Management, Lon spent almost 11 years as an analyst for State Farm Insurance in the equity and corporate bond departments. Lon earned a bachelor’s degree in business…
Learn More
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…
Learn More

More Insights

The United States Treasury Department in Washington D.C.
Fixed Income

The Decline of US Treasuries? What Treasury Auctions Reveal

Despite the perceived weakness, we believe there are three critical indicators that reveal the strength of investor demand for U.S. government debt.
Man smiles as he walks through an office space with his laptop open
Real Estate

Restructuring and Refinancing Opportunities in Commercial Real Estate

Certain sectors of commercial real estate are stressed, but pockets of opportunity exist. Learn how investors can capitalize on debt restructuring & refinancing.
Woman sits at her desk analyzing financial forecasts
Markets & Economy

Market Concentration and the Fed’s Policy Outlook

Explore the recent trends in market concentration and examine the implications of the Federal Reserve's policy decisions for the rest of 2024.
Two men stand in a desert holding a rope pulling against each other
Markets & Economy

Value vs. Growth: Does Another Fed Hike Matter?

Discover why value and income-oriented stocks are set to outperform in today's market dominated by rising interest rates and persistent inflation.
Woman calculates some financial decisions over her desk.
Markets & Economy

The Value of Dividends and Munis to Stoke Income

Explore the impact of high dividend stocks and municipal bonds in a rising rate environment amid increasing government debt and new administrative policies.
A few people using a map and a compass to pinpoint their current location and future destination.
Economy

Navigating Recession, the Fed, Inflation and Borrowing

Examine the current economic complexities while considering consumer demand, corporate resilience, and interest rates to anticipate market risks in 2024.