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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 R5 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 3 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
$13.01
As of 9 Dec 2024
Change
$-0.02
As of 9 Dec 2024
YTD NAV Performance
5.45%
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 (%)
5.68
10.38
1.39
2.35
2.48
4.66
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
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
5.26
7.84
1.39
2.20
2.36
4.62
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 (%)
5.68
10.38
4.23
12.29
27.79
329.29
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 (%)
5.26
7.84
4.24
11.50
26.32
327.57
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 (%)
1.15
5.66
7.67
-0.80
-7.06
6.57
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 (%)
0.74
Net Expense Ratio (%)
0.49
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 2012
31 Jan 2012
0
29 Feb 2012
29 Feb 2012
0
31 Mar 2012
31 Mar 2012
0
30 Apr 2012
30 Apr 2012
0
31 May 2012
31 May 2012
0.03543
0.03543
29 Jun 2012
30 Jun 2012
0.03581
0.03581
31 Jul 2012
31 Jul 2012
0.03451
0.03451
31 Aug 2012
31 Aug 2012
0.03557
0.03557
28 Sep 2012
30 Sep 2012
0.03530
0.03530
31 Oct 2012
31 Oct 2012
0.03493
0.03493
20 Nov 2012
20 Nov 2012
0.05979
0.03515
0.02464
30 Nov 2012
30 Nov 2012
0.03426
0.03426
31 Dec 2012
31 Dec 2012
0.03310
0.03310
31 Jan 2013
31 Jan 2013
0.03244
0.03244
28 Feb 2013
28 Feb 2013
0.03035
0.03035
28 Mar 2013
31 Mar 2013
0.02905
0.02905
30 Apr 2013
30 Apr 2013
0.02867
0.02867
31 May 2013
31 May 2013
0.02900
0.02900
28 Jun 2013
30 Jun 2013
0.02774
0.02774
31 Jul 2013
31 Jul 2013
0.02972
0.02972
30 Aug 2013
31 Aug 2013
0.02856
0.02856
30 Sep 2013
30 Sep 2013
0.02942
0.02942
31 Oct 2013
31 Oct 2013
0.02684
0.02684
19 Nov 2013
19 Nov 2013
0.10996
0.03557
0.07439
29 Nov 2013
30 Nov 2013
0.02718
0.02718
31 Dec 2013
31 Dec 2013
0.02910
0.02910
31 Jan 2014
31 Jan 2014
0.02787
0.02787
28 Feb 2014
28 Feb 2014
0.02882
0.02882
31 Mar 2014
31 Mar 2014
0.02873
0.02873
30 Apr 2014
30 Apr 2014
0.02989
0.02989
30 May 2014
31 May 2014
0.02895
0.02895
30 Jun 2014
30 Jun 2014
0.02642
0.02642
31 Jul 2014
31 Jul 2014
0.02621
0.02621
29 Aug 2014
31 Aug 2014
0.02576
0.02576
30 Sep 2014
30 Sep 2014
0.02471
0.02471
31 Oct 2014
31 Oct 2014
0.02549
0.02549
19 Nov 2014
19 Nov 2014
0.07097
0.01311
0.05786
28 Nov 2014
30 Nov 2014
0.02502
0.02502
31 Dec 2014
31 Dec 2014
0.02545
0.02545
30 Jan 2015
31 Jan 2015
0.02533
0.02533
27 Feb 2015
28 Feb 2015
0.02572
0.02572
31 Mar 2015
31 Mar 2015
0.02565
0.02565
30 Apr 2015
30 Apr 2015
0.02432
0.02432
29 May 2015
31 May 2015
0.02406
0.02406
30 Jun 2015
30 Jun 2015
0.02479
0.02479
31 Jul 2015
31 Jul 2015
0.02375
0.02375
31 Aug 2015
31 Aug 2015
0.02475
0.02475
30 Sep 2015
30 Sep 2015
0.02590
0.02590
30 Oct 2015
31 Oct 2015
0.02410
0.02410
30 Nov 2015
30 Nov 2015
0.02365
0.02365
31 Dec 2015
31 Dec 2015
0.02382
0.02382
29 Jan 2016
31 Jan 2016
0.02295
0.02295
29 Feb 2016
29 Feb 2016
0.02374
0.02374
31 Mar 2016
31 Mar 2016
0.02516
0.02516
29 Apr 2016
30 Apr 2016
0.02507
0.02507
31 May 2016
31 May 2016
0.02501
0.02501
30 Jun 2016
30 Jun 2016
0.02418
0.02418
29 Jul 2016
31 Jul 2016
0.02326
0.02326
31 Aug 2016
31 Aug 2016
0.02254
0.02254
30 Sep 2016
30 Sep 2016
0.02038
0.02038
31 Oct 2016
31 Oct 2016
0.02100
0.02100
30 Nov 2016
30 Nov 2016
0.02211
0.02211
30 Dec 2016
31 Dec 2016
0.02259
0.02259
31 Jan 2017
31 Jan 2017
0.02206
0.02206
28 Feb 2017
28 Feb 2017
0.02246
0.02246
31 Mar 2017
31 Mar 2017
0.02303
0.02303
28 Apr 2017
30 Apr 2017
0.02319
0.02319
31 May 2017
31 May 2017
0.02233
0.02233
30 Jun 2017
30 Jun 2017
0.02325
0.02325
31 Jul 2017
31 Jul 2017
0.02333
0.02333
31 Aug 2017
31 Aug 2017
0.02388
0.02388
29 Sep 2017
30 Sep 2017
0.02425
0.02425
31 Oct 2017
31 Oct 2017
0.02379
0.02379
30 Nov 2017
30 Nov 2017
0.02482
0.02482
29 Dec 2017
31 Dec 2017
0.02389
0.02389
31 Jan 2018
31 Jan 2018
0.02452
0.02452
28 Feb 2018
28 Feb 2018
0.02484
0.02484
29 Mar 2018
31 Mar 2018
0.02579
0.02579
30 Apr 2018
30 Apr 2018
0.02671
0.02671
31 May 2018
31 May 2018
0.02725
0.02725
29 Jun 2018
30 Jun 2018
0.02843
0.02843
31 Jul 2018
31 Jul 2018
0.02821
0.02821
31 Aug 2018
31 Aug 2018
0.02778
0.02778
28 Sep 2018
30 Sep 2018
0.02773
0.02773
31 Oct 2018
31 Oct 2018
0.02879
0.02879
30 Nov 2018
30 Nov 2018
0.02938
0.02938
31 Dec 2018
31 Dec 2018
0.03008
0.03008
31 Jan 2019
31 Jan 2019
0.02939
0.02939
28 Feb 2019
28 Feb 2019
0.03107
0.03107
29 Mar 2019
31 Mar 2019
0.03249
0.03249
30 Apr 2019
30 Apr 2019
0.03255
0.03255
31 May 2019
31 May 2019
0.03243
0.03243
28 Jun 2019
30 Jun 2019
0.03258
0.03258
31 Jul 2019
31 Jul 2019
0.03083
0.03083
31 Aug 2019
31 Aug 2019
0.02963
0.02963
30 Sep 2019
30 Sep 2019
0.02987
0.02987
31 Oct 2019
31 Oct 2019
0.02842
0.02842
14 Nov 2019
14 Nov 2019
0.09516
0.06730
0.02786
30 Nov 2019
30 Nov 2019
0.02802
0.02802
31 Dec 2019
31 Dec 2019
0.02841
0.02841
31 Jan 2020
31 Jan 2020
0.02642
0.02642
29 Feb 2020
29 Feb 2020
0.02506
0.02506
31 Mar 2020
31 Mar 2020
0.02790
0.02790
30 Apr 2020
30 Apr 2020
0.02954
0.02954
31 May 2020
31 May 2020
0.02700
0.02700
30 Jun 2020
30 Jun 2020
0.02501
0.02501
31 Jul 2020
31 Jul 2020
0.02481
0.02481
31 Aug 2020
31 Aug 2020
0.02455
0.02455
30 Sep 2020
30 Sep 2020
0.02403
0.02403
30 Oct 2020
31 Oct 2020
0.02200
0.02200
19 Nov 2020
19 Nov 2020
0.16826
0.15003
0.01823
30 Nov 2020
30 Nov 2020
0.02014
0.02014
31 Dec 2020
31 Dec 2020
0.01920
0.01920
29 Jan 2021
31 Jan 2021
0.01834
0.01834
26 Feb 2021
28 Feb 2021
0.01898
0.01898
31 Mar 2021
31 Mar 2021
0.01882
0.01882
30 Apr 2021
30 Apr 2021
0.01882
0.01882
28 May 2021
31 May 2021
0.01879
0.01879
30 Jun 2021
30 Jun 2021
0.01847
0.01847
30 Jul 2021
31 Jul 2021
0.01780
0.01780
31 Aug 2021
31 Aug 2021
0.01813
0.01813
30 Sep 2021
30 Sep 2021
0.01743
0.01743
29 Oct 2021
31 Oct 2021
0.01639
0.01639
30 Nov 2021
30 Nov 2021
0.01708
0.01708
31 Dec 2021
31 Dec 2021
0.01855
0.01855
31 Jan 2022
31 Jan 2022
0.01753
0.01753
28 Feb 2022
28 Feb 2022
0.01767
0.01767
31 Mar 2022
31 Mar 2022
0.02057
0.02057
29 Apr 2022
30 Apr 2022
0.02253
0.02253
31 May 2022
31 May 2022
0.02540
0.02540
30 Jun 2022
30 Jun 2022
0.02493
0.02493
29 Jul 2022
31 Jul 2022
0.02839
0.02839
31 Aug 2022
31 Aug 2022
0.03330
0.03330
30 Sep 2022
30 Sep 2022
0.02506
0.02506
31 Oct 2022
31 Oct 2022
0.02637
0.02637
30 Nov 2022
30 Nov 2022
0.02974
0.02974
30 Dec 2022
31 Dec 2022
0.03343
0.03343
31 Jan 2023
31 Jan 2023
0.02720
0.02720
28 Feb 2023
28 Feb 2023
0.02572
0.02572
31 Mar 2023
31 Mar 2023
0.03860
0.03860
28 Apr 2023
30 Apr 2023
0.03799
0.03799
31 May 2023
31 May 2023
0.03738
0.03738
30 Jun 2023
30 Jun 2023
0.03783
0.03783
31 Jul 2023
31 Jul 2023
0.03621
0.03621
31 Aug 2023
31 Aug 2023
0.03771
0.03771
29 Sep 2023
30 Sep 2023
0.03674
0.03674
31 Oct 2023
31 Oct 2023
0.04096
0.04096
30 Nov 2023
30 Nov 2023
0.03916
0.03916
29 Dec 2023
31 Dec 2023
0.03739
0.03739
31 Jan 2024
31 Jan 2024
0.03526
0.03526
29 Feb 2024
29 Feb 2024
0.03736
0.03736
28 Mar 2024
31 Mar 2024
0.04355
0.04355
30 Apr 2024
30 Apr 2024
0.04606
0.04606
31 May 2024
31 May 2024
0.04821
0.04821
28 Jun 2024
30 Jun 2024
0.04649
0.04649
31 Jul 2024
31 Jul 2024
0.04595
0.04595
30 Aug 2024
31 Aug 2024
0.04477
0.04477
30 Sep 2024
30 Sep 2024
0.04687
0.04687
31 Oct 2024
31 Oct 2024
0.04351
0.04351
29 Nov 2024
30 Nov 2024
0.04341
0.04341
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
THRRX
Share Class
R5
Share Class Inception Date
1 May 2012
Number of Holdings
660
Portfolio Turnover
59%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
3.86%
30-Day SEC Yield (Unsubsidized)
3.64%
Annualized Distribution Yield
4.01%
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…
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