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Thornburg Limited Term Income Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 516 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, 2 stars, 4 stars and 4 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
$13.04
As of 9 Dec 2024
Change
$-0.02
As of 9 Dec 2024
YTD NAV Performance
5.60%
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.

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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 (%)
5.81
10.53
1.47
2.42
2.67
4.83
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
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
5.40
7.90
1.47
2.27
2.55
4.80
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
3
2
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
5.81
10.53
4.47
12.69
30.09
352.86
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 (%)
5.40
7.90
4.47
11.90
28.59
351.10
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 (%)
1.37
5.75
7.73
-0.73
-6.98
6.56
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 (%)
0.46
Net Expense Ratio (%)
0.42
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 2017
31 Jan 2017
0
28 Feb 2017
28 Feb 2017
0
31 Mar 2017
31 Mar 2017
0
28 Apr 2017
30 Apr 2017
0.03055
0.03055
31 May 2017
31 May 2017
0.03690
0.03690
30 Jun 2017
30 Jun 2017
0.03467
0.03467
31 Jul 2017
31 Jul 2017
0.04203
0.04203
31 Aug 2017
31 Aug 2017
0.02623
0.02623
29 Sep 2017
30 Sep 2017
0.02640
0.02640
31 Oct 2017
31 Oct 2017
0.02642
0.02642
30 Nov 2017
30 Nov 2017
0.02738
0.02738
29 Dec 2017
31 Dec 2017
0.02625
0.02625
31 Jan 2018
31 Jan 2018
0.02688
0.02688
28 Feb 2018
28 Feb 2018
0.02689
0.02689
29 Mar 2018
31 Mar 2018
0.02882
0.02882
30 Apr 2018
30 Apr 2018
0.02926
0.02926
31 May 2018
31 May 2018
0.02978
0.02978
29 Jun 2018
30 Jun 2018
0.03085
0.03085
31 Jul 2018
31 Jul 2018
0.03074
0.03074
31 Aug 2018
31 Aug 2018
0.03028
0.03028
28 Sep 2018
30 Sep 2018
0.03022
0.03022
31 Oct 2018
31 Oct 2018
0.03123
0.03123
30 Nov 2018
30 Nov 2018
0.03185
0.03185
31 Dec 2018
31 Dec 2018
0.03265
0.03265
31 Jan 2019
31 Jan 2019
0.03199
0.03199
28 Feb 2019
28 Feb 2019
0.03187
0.03187
29 Mar 2019
31 Mar 2019
0.03336
0.03336
30 Apr 2019
30 Apr 2019
0.03340
0.03340
31 May 2019
31 May 2019
0.03330
0.03330
28 Jun 2019
30 Jun 2019
0.03344
0.03344
31 Jul 2019
31 Jul 2019
0.03174
0.03174
31 Aug 2019
31 Aug 2019
0.03051
0.03051
30 Sep 2019
30 Sep 2019
0.03073
0.03073
31 Oct 2019
31 Oct 2019
0.02930
0.02930
14 Nov 2019
14 Nov 2019
0.09516
0.06730
0.02786
30 Nov 2019
30 Nov 2019
0.02886
0.02886
31 Dec 2019
31 Dec 2019
0.02928
0.02928
31 Jan 2020
31 Jan 2020
0.02730
0.02730
29 Feb 2020
29 Feb 2020
0.02588
0.02588
31 Mar 2020
31 Mar 2020
0.02873
0.02873
30 Apr 2020
30 Apr 2020
0.03040
0.03040
31 May 2020
31 May 2020
0.02789
0.02789
30 Jun 2020
30 Jun 2020
0.02586
0.02586
31 Jul 2020
31 Jul 2020
0.02564
0.02564
31 Aug 2020
31 Aug 2020
0.02545
0.02545
30 Sep 2020
30 Sep 2020
0.02490
0.02490
30 Oct 2020
31 Oct 2020
0.02289
0.02289
19 Nov 2020
19 Nov 2020
0.16826
0.15003
0.01823
30 Nov 2020
30 Nov 2020
0.02099
0.02099
31 Dec 2020
31 Dec 2020
0.02008
0.02008
29 Jan 2021
31 Jan 2021
0.01923
0.01923
26 Feb 2021
28 Feb 2021
0.01977
0.01977
31 Mar 2021
31 Mar 2021
0.01967
0.01967
30 Apr 2021
30 Apr 2021
0.01967
0.01967
28 May 2021
31 May 2021
0.01966
0.01966
30 Jun 2021
30 Jun 2021
0.01937
0.01937
30 Jul 2021
31 Jul 2021
0.01868
0.01868
31 Aug 2021
31 Aug 2021
0.01901
0.01901
30 Sep 2021
30 Sep 2021
0.01828
0.01828
29 Oct 2021
31 Oct 2021
0.01732
0.01732
30 Nov 2021
30 Nov 2021
0.01792
0.01792
31 Dec 2021
31 Dec 2021
0.01944
0.01944
31 Jan 2022
31 Jan 2022
0.01841
0.01841
28 Feb 2022
28 Feb 2022
0.01843
0.01843
31 Mar 2022
31 Mar 2022
0.02141
0.02141
29 Apr 2022
30 Apr 2022
0.02333
0.02333
31 May 2022
31 May 2022
0.02622
0.02622
30 Jun 2022
30 Jun 2022
0.02572
0.02572
29 Jul 2022
31 Jul 2022
0.02921
0.02921
31 Aug 2022
31 Aug 2022
0.03413
0.03413
30 Sep 2022
30 Sep 2022
0.02584
0.02584
31 Oct 2022
31 Oct 2022
0.02717
0.02717
30 Nov 2022
30 Nov 2022
0.03051
0.03051
30 Dec 2022
31 Dec 2022
0.03425
0.03425
31 Jan 2023
31 Jan 2023
0.02803
0.02803
28 Feb 2023
28 Feb 2023
0.02646
0.02646
31 Mar 2023
31 Mar 2023
0.03943
0.03943
28 Apr 2023
30 Apr 2023
0.03881
0.03881
31 May 2023
31 May 2023
0.03820
0.03820
30 Jun 2023
30 Jun 2023
0.03864
0.03864
31 Jul 2023
31 Jul 2023
0.03704
0.03704
31 Aug 2023
31 Aug 2023
0.03854
0.03854
29 Sep 2023
30 Sep 2023
0.03754
0.03754
31 Oct 2023
31 Oct 2023
0.04177
0.04177
30 Nov 2023
30 Nov 2023
0.03995
0.03995
29 Dec 2023
31 Dec 2023
0.03819
0.03819
31 Jan 2024
31 Jan 2024
0.03609
0.03609
29 Feb 2024
29 Feb 2024
0.03814
0.03814
28 Mar 2024
31 Mar 2024
0.04441
0.04441
30 Apr 2024
30 Apr 2024
0.04688
0.04688
31 May 2024
31 May 2024
0.04907
0.04907
28 Jun 2024
30 Jun 2024
0.04732
0.04732
31 Jul 2024
31 Jul 2024
0.04680
0.04680
30 Aug 2024
31 Aug 2024
0.04562
0.04562
30 Sep 2024
30 Sep 2024
0.04771
0.04771
31 Oct 2024
31 Oct 2024
0.04437
0.04437
29 Nov 2024
30 Nov 2024
0.04424
0.04424
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
THRLX
Share Class
R6
Share Class Inception Date
10 Apr 2017
Number of Holdings
660
Portfolio Turnover
59%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
3.93%
30-Day SEC Yield (Unsubsidized)
3.88%
Annualized Distribution Yield
4.08%
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…
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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

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