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Welcome to Thornburg

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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

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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.

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Thornburg Summit Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 686 Allocation--30% to 50% Equity funds, based on risk-adjusted returns for class I shares, using the fund's three-year rating: 5 stars among 686 funds, as of 31 Aug 2023.

As of 31 Aug 2023
Fund Assets
$83.4 M
As of 31 Aug 2023
NAV
$11.25
As of 2 Oct 2023
Change
$-0.06
As of 2 Oct 2023
YTD NAV Performance
4.29%
As of 2 Oct 2023
Asset Category:
Multi-Asset
Fund Benchmark:
Multi-Asset Blend

Portfolio Managers

Co-Head of Investments and Managing Director
Co-Head of Investments and Managing Director
Overview

Overview

Why Invest in This Fund?

 

  • Global, diversified multi-asset strategy that seeks to grow assets over time through a mix of capital appreciation and current income that is intended to exceed the rate of inflation.
  • Proven bottom-up fundamental research process that drives dynamic asset allocation and security selection to optimize equity, fixed income and commodity exposure and alpha generation across different market environments.
  • Real return philosophy that seeks to outperform the benchmark and deliver a real return exceeding the rate of inflation through market cycles and with lower volatility.

Investment Objective

The fund’s goal is to provide investors with capital appreciation and current income that is intended to exceed the rate of inflation.

Investment Approach

The fund applies a dynamic asset allocation, bottom-up fundamental research, macroeconomic perspective and factor insights to construct a global, multi-asset portfolio designed to deliver attractive real returns across various market environments.

Performance

Performance

Returns

(As of 30 Sep 2023)
YTD
1y
3y
Inception
Total Return (%)
4.76
12.66
6.75
9.56
Multi-Asset Blend (%)
5.05
13.18
1.33
3.94
Morningstar Category Avg. (%)
7.51
8.56
6.44
Morningstar Quartile
2
1
YTD
1y
3y
Inception
Total Return (%)
4.76
12.66
6.75
9.56
Multi-Asset Blend (%)
5.05
13.18
1.33
3.94
Morningstar Category Avg. (%)
9.91
5.57
5.88
Morningstar Quartile
1
1
YTD
1y
3y
Inception
Total Return (%)
4.76
12.66
21.66
51.96
Multi-Asset Blend (%)
5.05
13.18
4.03
19.39
YTD
1y
3y
Inception
Total Return (%)
4.76
12.66
21.66
51.96
Multi-Asset Blend (%)
5.05
13.18
4.03
19.39
2020
2021
2022
Total Return (%)
27.78
14.64
-9.78
Multi-Asset Blend (%)
14.05
8.78
-17.33
Fund Fees

Fund Fees

(As of 1 Feb 2023)
Gross Expense Ratio (%)
1.25
Net Expense Ratio (%)
0.72
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Aug 2023)
(Hypothetical Growth of $10,000 vs Multi-Asset Blend)
Distributions

Distributions

(As of 14 Sep 2023)
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
21 Jun 2019
0.05120
0.05120
20 Sep 2019
0.02375
0.02375
14 Nov 2019
0.04852
0.04852
0.00000
20 Dec 2019
0.06778
0.06778
19 Mar 2020
0.06534
0.06534
19 Nov 2020
0.58471
0.47739
0.10732
17 Dec 2020
0.01594
0.01594
18 Mar 2021
0.20265
0.20265
18 Nov 2021
2.16796
1.77863
0.38933
16 Dec 2021
0.03483
0.03483
17 Mar 2022
0.06401
0.06401
16 Jun 2022
0.07110
0.07110
15 Sep 2022
0.07327
0.07327
15 Dec 2022
0.07852
0.07852
16 Mar 2023
0.05540
0.05540
15 Jun 2023
0.15036
0.15036
14 Sep 2023
0.03206
0.03206
Fund Facts

Fund Facts

(As of 31 Aug 2023)
Net Fund Assets
$83.4 M
Benchmark
Multi-Asset Blend
Morningstar Category
Allocation--30% to 50% Equity
Fund Symbol
TSUMX
Share Class
I
Share Class Inception Date
1 Mar 2019
Number of Holdings
186
Portfolio Turnover
129%
Distribution Frequency
Quarterly
30-Day SEC Yield (Subsidized)
2.33%
30-Day SEC Yield (Unsubsidized)
1.90%
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2023)
Portfolio
Benchmark
Weighted Average Market Cap
$441.8 B
$440.9 B
Median Market Cap
$107.5 B
$11.0 B
Price to Earnings - Forward 1YR
17.9x
16.9x
Price to Earnings - Trailing 12 Months
16.8x
17.7x
Price to Cash Flow
10.9x
9.9x
Price to Book Value
3.1x
2.7x
Return on Assets - 5 YR
10.7%
10.0%
Portfolio
Benchmark
Return on Equity - 5 YR
49.3%
28.1%
Historical 3YR Sales Growth
15.9%
15.9%
Active Share
78.6%
Effective Duration
5.0 Yrs
6.6 Yrs
Average Effective Maturity
6.4 Yrs
8.5 Yrs
Weighted Average Coupon
3.3%
2.5%
Yield to Worst
6.4%
3.9%
Risk & Return Profile

Risk & Return Profile

(As of 30 Jun 2023)
3y
Annualized Alpha (%)
6.06
Beta
0.86
R-Squared (%)
85.83
Standard Deviation (%)
11.85
Sharpe Ratio
0.75
Information Ratio
1.18
Up Capture (%)
108.54
Down Capture (%)
77.67
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2023)
Name
Ticker/Symbol
Sector
Weight %
BioMarin Pharmaceutical, Inc.
BMRN
Health Care
2.1
Alphabet, Inc.
GOOGL
Communication Services
1.9
Visa, Inc.
V
Financials
1.7
United States Oil Fund L.P.
USO
Unassigned
1.7
Amazon.com, Inc.
AMZN
Consumer Discretionary
1.6
Microsoft Corp.
MSFT
Information Technology
1.5
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
1.5
NN Group N.V.
NN
Financials
1.5
NVIDIA Corp.
NVDA
Information Technology
1.4
Apple, Inc.
AAPL
Information Technology
1.3
Name
Ticker/Symbol
Sector
Weight %
United States Treasury Inflation Indexed Bonds
Government
3.0
United States Treasury Note/Bond
Government
1.8
United States Treasury Note/Bond
91282CBL4
Government
1.2
United States Treasury Note/Bond
Government
1.1
United States Treasury Note/Bond
Government
1.0
Fannie Mae Pool
Mortgage Securities
0.8
United States Treasury Note/Bond
Government
0.7
United States Treasury Inflation Indexed Bonds
Government
0.7
Amur Equipment Finance Receivables IX, LLC
03237KAG9
Asset Backed Securities
0.7
United States Treasury Note/Bond
Government
0.7
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2023)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
26.8
22.1
Financials
17.5
15.4
Health Care
14.3
11.8
Consumer Discretionary
12.0
11.3
Energy
8.8
4.9
Communication Services
7.4
7.5
Consumer Staples
5.6
7.2
Materials
4.0
4.5
Industrials
3.5
10.4
Utilities
0.0
2.6
Real Estate
0.0
2.3
Sector Allocation
Fund (%)
Information Technology
26.8
Financials
17.5
Health Care
14.3
Consumer Discretionary
12.0
Energy
8.8
Communication Services
7.4
Consumer Staples
5.6
Materials
4.0
Industrials
3.5
Utilities
0.0
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Semiconductors & Semiconductor Equipment
12.0
6.5
Pharmaceuticals, Biotechnology & Life Sciences
11.7
7.8
Financial Services
9.2
5.9
Software & Services
8.9
8.4
Energy
8.2
4.9
Unassigned
7.4
Consumer Discretionary Distribution & Retail
5.7
4.6
Banks
4.3
6.5
Food, Beverage & Tobacco
4.3
3.8
Media & Entertainment
4.3
6.0
Top 10 Industries
Fund (%)
Semiconductors & Semiconductor Equipment
12.0
Pharmaceuticals, Biotechnology & Life Sciences
11.7
Financial Services
9.2
Software & Services
8.9
Energy
8.2
Unassigned
7.4
Consumer Discretionary Distribution & Retail
5.7
Banks
4.3
Food, Beverage & Tobacco
4.3
Media & Entertainment
4.3
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
United States
67.6
53.5
North America
Netherlands
3.2
1.4
Europe ex UK
Japan
3.1
7.9
Japan
France
2.6
3.9
Europe ex UK
Switzerland
2.5
1.7
Europe ex UK
China
2.4
5.5
Asia Pacific ex Japan
Canada
2.4
3.1
North America
United Kingdom
2.1
4.0
UK
India
1.7
0.9
Asia Pacific ex Japan
Taiwan
1.5
1.0
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
United States
67.6
Netherlands
3.2
Japan
3.1
France
2.6
Switzerland
2.5
China
2.4
Canada
2.4
United Kingdom
2.1
India
1.7
Taiwan
1.5
Composition
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
Equity
50.6
60.0
Fixed Income
39.1
40.0
Cash & Cash Equivalents
6.3
Funds
4.1
Currency Forward
-0.1
Composition
Fund (%)
Equity
50.6
Fixed Income
39.1
Cash & Cash Equivalents
6.3
Funds
4.1
Currency Forward
-0.1
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
86.0
91.9
Mid Cap ($2.5 to $12 B)
8.6
8.0
Small Cap (< $2.5 B)
5.4
0.1
Capitalization
Fund (%)
Large Cap (> $12 B)
86.0
Mid Cap ($2.5 to $12 B)
8.6
Small Cap (< $2.5 B)
5.4
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
U.S. Government
42.0
28.7
AAA
12.7
12.1
AA
1.4
13.6
A
7.9
30.8
BBB
17.9
14.7
BB
8.9
0.0
B
5.5
0.0
CCC
0.3
Not Rated
3.4
Credit Quality
Fund (%)
U.S. Government
42.0
AAA
12.7
AA
1.4
A
7.9
BBB
17.9
BB
8.9
B
5.5
CCC
0.3
Not Rated
3.4
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
Year 1
12.3
0.9
Year 2
4.1
12.7
Year 3
9.6
11.3
Year 4
7.8
9.1
Year 5
9.7
9.8
Year 6
3.2
6.6
Year 7
4.1
7.0
Year 8
14.9
6.6
Year 9
2.9
6.8
Year 10+
31.4
29.3
Maturity
Fund (%)
Year 1
12.3
Year 2
4.1
Year 3
9.6
Year 4
7.8
Year 5
9.7
Year 6
3.2
Year 7
4.1
Year 8
14.9
Year 9
2.9
Year 10+
31.4
Portfolio Managers

Portfolio Managers

Ben Kirby, CFA

Ben Kirby, CFA

Co-Head of Investments and Managing Director
Ben Kirby is co-head of investments for Thornburg Investment Management. He is responsible for driving the investment process at the firm level. Ben is also a portfolio manager on multiple strategies. He joined Thornburg in 2008 as equity research analyst, was promoted to associate portfolio manager in 2011, and was named portfolio manager and managing director in 2013. Ben holds…
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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…
Learn More

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