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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.
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Overall Morningstar Rating among 525 Short-Term Bond funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 3 stars and 4 stars among 525, 490 and 370 funds, as of 31 Aug 2024.
As of 31 Aug 2024
Fund Assets
$6.4 B
As of 31 Aug 2024
NAV
$13.05
As of 7 Oct 2024
Change
$-0.02
As of 7 Oct 2024
YTD NAV Performance
5.05%
As of 7 Oct 2024
Asset Category:
Global Fixed Income
Fund Benchmark:
Bloomberg Intermediate U.S. Government/Credit Index
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.
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.
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.
Bloomberg Intermediate U.S. Government/Credit Index (%)
4.68
9.45
0.17
1.26
1.96
4.27
Morningstar Category Avg. (%)
1.95
5.96
0.67
1.59
1.64
—
Morningstar Quartile
—
2
3
2
1
—
YTD
1y
3y
5y
10y
Inception
Total Return (%)
5.68
10.38
1.39
2.33
2.54
4.72
Bloomberg Intermediate U.S. Government/Credit Index (%)
4.68
9.45
0.17
1.26
1.96
4.27
Morningstar Category Avg. (%)
4.24
7.42
1.33
1.87
1.86
—
Morningstar Quartile
—
1
3
2
1
—
YTD
1y
3y
5y
10y
Inception
Total Return (%)
5.68
10.38
4.23
12.21
28.55
336.79
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 (%)
5.68
10.38
4.23
12.21
28.55
336.79
Bloomberg Intermediate U.S. Government/Credit Index (%)
4.68
9.45
0.52
6.44
21.47
281.69
2018
2019
2020
2021
2022
2023
Total Return (%)
1.22
5.75
7.59
-0.80
-7.00
6.49
Bloomberg Intermediate U.S. Government/Credit Index (%)
0.88
6.80
6.43
-1.44
-8.23
5.24
Source: Confluence
Periods less than one year are not annualized.
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.
The maximum sales charge for the fund’s A shares is 2.25%. C shares include a 0.50% contingent deferred sales charge (CDSC) for the first year only. There is no up-front sales charge for class I or R shares.
Morningstar quartile ranking for Short-Term Bond category is based on total returns before sales charges for 1, 3, 5 and 10 years, among 555, 522, 482 and 354 funds, respectively, as of 30 Jun 2024, and 557, 525, 490 and 370 funds, respectively, as of 31 Aug 2024.
Prior to inception of I and R share classes, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.
Share class inception dates: A shares, 1 Oct 1992; C shares, 1 Sep 1994; I shares, 5 Jul 1996; R3 shares, 1 Jul 2003; R4 shares, 1 Feb 2014; R5 shares, 1 May 2012; R6 shares, 10 Apr 2017.
Fund Fees
Fund Fees
(As of 1 Feb 2024)
Gross Expense Ratio (%)
0.54
Net Expense Ratio (%)
0.49
Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least February 1, 2025, for some of the share classes; these are reflected in the net expense ratio. For more detailed information on fund expenses and waivers/reimbursements, please see the fund's prospectus.
Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.
The Hypothetical Growth graph compares a hypothetical investment in the Fund to the performance of the Index for the stated time period. Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.
Credit quality ratings use the highest rating available from either S&P Global Ratings or Moody's Investors Service. Unrated securities are evaluated by the firm using available data and their own analysis that may be similar to that of a nationally recognized rating agency; however, such determination is not equivalent to a national agency credit rating. "NR" = Not Rated.
Cash includes cash and cash equivalents. Weights are percentages of total portfolio unless otherwise noted.
Percentages may not add up to 100 due to rounding.
Portfolio Managers
Portfolio Managers
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…
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…
This communication is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
Investments carry risks, including possible loss of principal. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Unlike bonds, bond funds have ongoing fees and expenses. Investments in mortgage-backed securities (MBS) may bear additional risk. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.
A bond credit rating assesses the financial ability of a debt issuer to make timely payments of principal and interest. Ratings of AAA (the highest), AA, A, and BBB are investment-grade quality. Ratings of BB, B, CCC, CC, C and D (the lowest) are considered below investment grade, speculative grade, or junk bonds.
The performance of any index is not indicative of the performance of any particular investment. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index.
Class R shares are limited to retirement platforms only.
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.
There is no guarantee that the Fund will meet its investment objectives.
To determine a fund's Morningstar Rating™, funds and other managed products with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a managed product's monthly excess performance (excluding sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics.
Please see our glossary for a definition of terms.
Thornburg mutual funds are distributed by Thornburg Securities LLC.
Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities LLC (TSL) does not act as broker of record for investors.
The Fed looks set to cut interest rates this week, prompting a re-evaluation of fixed income strategies. There are strategies and opportunities in fixed income to exploit.
While cash instruments were attractive during the Fed hiking cycle, bonds have historically outperformed cash both prior to and when the Fed began cutting rates.
Thornburg Portfolio Manager Brian Burrell draws a parallel between the Olympics and portfolio investing.
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