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Thornburg Summit Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 707 Allocation--30% to 50% Equity funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 5 stars, star and star among 707, 647 and 480 funds, as of 31 Aug 2022.

As of 31 Aug 2022
Fund Assets
$61.8 M
As of 31 Aug 2022
NAV
$10.32
As of 27 Sep 2022
Change
$-0.02
As of 27 Sep 2022
YTD NAV Performance
-16.02%
As of 27 Sep 2022
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 Jun 2022)
YTD
1y
3y
Inception
Total Return (%)
-12.14
-9.58
10.53
10.92
Multi-Asset Blend (%)
-17.66
-15.41
2.63
3.79
Morningstar Category Avg. (%)
-14.43
-11.07
4.54
Morningstar Quartile
2
1
YTD
1y
3y
Inception
Total Return (%)
-10.53
-9.93
11.03
10.94
Multi-Asset Blend (%)
-16.78
-16.43
3.18
3.92
Morningstar Category Avg. (%)
-12.72
-11.29
5.24
Morningstar Quartile
2
1
YTD
1y
3y
Inception
Total Return (%)
-12.14
-9.58
35.03
41.26
Multi-Asset Blend (%)
-17.66
-15.41
8.11
13.20
YTD
1y
3y
Inception
Total Return (%)
-10.53
-9.93
36.86
43.86
Multi-Asset Blend (%)
-16.78
-16.43
9.86
14.41
2020
2021
Total Return (%)
27.78
14.64
Multi-Asset Blend (%)
14.05
8.78
Fund Fees

Fund Fees

(As of 30 Jun 2022)
Gross Expense Ratio (%)
1.22
Net Expense Ratio (%)
0.73
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Aug 2022)
(Hypothetical Growth of $10,000 vs Multi-Asset Blend)
Distributions

Distributions

(As of 30 Sep 2022)
Ex-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
Fund Facts

Fund Facts

(As of 31 Aug 2022)
Net Fund Assets
$61.8 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
129
Portfolio Turnover
155%
Distribution Frequency
Quarterly
30-Day SEC Yield (Subsidized)
1.82%
30-Day SEC Yield (Unsubsidized)
1.34%
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2022)
Portfolio
Benchmark
Weighted Average Market Cap
$349.7 B
$345.3 B
Median Market Cap
$83.1 B
$10.7 B
Price to Earnings - Forward 1YR
12.7x
14.3x
Price to Earnings - Trailing 12 Months
12.0x
15.9x
Price to Cash Flow
9.2x
10.5x
Price to Book Value
2.5x
2.6x
Return on Assets - 5 YR
12.0%
10.1%
Portfolio
Benchmark
Return on Equity - 5 YR
65.8%
25.4%
Historical 3YR Sales Growth
9.6%
11.4%
Active Share
83.3%
Effective Duration
4.1 Yrs
6.9 Yrs
Average Effective Maturity
5.2 Yrs
8.6 Yrs
Weighted Average Coupon
1.1%
2.2%
Yield to Worst
5.5%
3.1%
Risk & Return Profile

Risk & Return Profile

(As of 31 Jul 2022)
3y
Annualized Alpha (%)
11.13
Beta
1.00
R-Squared (%)
83.64
Standard Deviation (%)
13.04
Sharpe Ratio
0.90
Information Ratio
1.27
Up Capture (%)
104.35
Down Capture (%)
92.38
Portfolio

Portfolio

Top Holdings

(As of 31 Jul 2022)
Name
Ticker/Symbol
Sector
Weight %
Alphabet, Inc.
GOOGL
Communication Services
3.4
Microsoft Corp.
MSFT
Information Technology
2.4
Capital One Financial Corp.
COF
Financials
2.0
SPDR Gold Shares
GLD
Unassigned
1.8
Merck & Co., Inc.
MRK
Health Care
1.7
Apple, Inc.
AAPL
Information Technology
1.6
TotalEnergies SE
TTE
Energy
1.5
Fair Isaac Corp.
FICO
Information Technology
1.3
NN Group N.V.
NN
Financials
1.3
ASML Holding N.V.
ASML
Information Technology
1.3
Name
Ticker/Symbol
Sector
Weight %
United States Treasury Inflation Indexed Bonds
912828ZZ6
Government
4.2
United States Treasury Note/Bond
Government
2.3
United States Treasury Note/Bond
912828V23
Government
2.1
United States Treasury Note/Bond
Government
1.4
United States Treasury Note/Bond
91282CBM2
Government
1.2
Volkswagen Auto Lease Trust 2020-A
Asset Backed Securities
0.9
United States Treasury Note/Bond
Government
0.9
United States Treasury Note/Bond
91282CAZ4
Government
0.9
Amur Equipment Finance Receivables IX, LLC
03237KAG9
Asset Backed Securities
0.8
United States Treasury Note/Bond
Government
0.8
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2022)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
29.0
21.4
Financials
14.6
14.3
Communication Services
14.3
7.6
Health Care
10.4
12.2
Consumer Discretionary
9.6
11.6
Materials
7.0
4.6
Energy
5.9
5.2
Consumer Staples
4.7
7.5
Industrials
4.4
9.6
Utilities
0.0
3.2
Real Estate
0.0
2.7
Sector Allocation
Fund (%)
Information Technology
29.0
Financials
14.6
Communication Services
14.3
Health Care
10.4
Consumer Discretionary
9.6
Materials
7.0
Energy
5.9
Consumer Staples
4.7
Industrials
4.4
Utilities
0.0
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Software & Services
12.8
9.7
Pharmaceuticals, Biotechnology & Life Sciences
9.5
7.9
Unassigned
8.9
Technology Hardware & Equipment
7.7
7.0
Telecommunication Services
7.0
1.9
Materials
6.4
4.6
Media & Entertainment
6.1
5.7
Semiconductors & Semiconductor Equipment
6.0
4.8
Energy
5.4
5.2
Diversified Financials
5.4
4.4
Top 10 Industries
Fund (%)
Software & Services
12.8
Pharmaceuticals, Biotechnology & Life Sciences
9.5
Unassigned
8.9
Technology Hardware & Equipment
7.7
Telecommunication Services
7.0
Materials
6.4
Media & Entertainment
6.1
Semiconductors & Semiconductor Equipment
6.0
Energy
5.4
Diversified Financials
5.4
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
United States
70.5
53.4
North America
France
3.5
3.6
Europe ex UK
Japan
3.0
8.3
Japan
Germany
2.7
2.7
Europe ex UK
Netherlands
2.7
1.3
Europe ex UK
Switzerland
2.3
1.7
Europe ex UK
China
1.7
5.7
Asia Pacific ex Japan
Taiwan
1.6
1.0
Asia Pacific ex Japan
Korea, Republic of (South Korea)
1.3
1.3
Asia Pacific ex Japan
United Kingdom
0.7
4.1
UK
Top 10 Countries
Fund (%)
United States
70.5
France
3.5
Japan
3.0
Germany
2.7
Netherlands
2.7
Switzerland
2.3
China
1.7
Taiwan
1.6
Korea, Republic of (South Korea)
1.3
United Kingdom
0.7
Composition
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
Equity Long
48.3
60.0
Fixed Income
39.2
40.0
Cash & Cash Equivalents
7.9
Funds
4.7
Currency Forward
-0.1
Composition
Fund (%)
Equity Long
48.3
Fixed Income
39.2
Cash & Cash Equivalents
7.9
Funds
4.7
Currency Forward
-0.1
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
87.7
90.9
Mid Cap ($2.5 to $12 B)
6.1
8.9
Small Cap (< $2.5 B)
6.3
0.2
Capitalization
Fund (%)
Large Cap (> $12 B)
87.7
Mid Cap ($2.5 to $12 B)
6.1
Small Cap (< $2.5 B)
6.3
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
U.S. Government
45.4
29.5
AAA
18.5
11.6
AA
1.3
13.2
A
7.7
30.8
BBB
10.7
14.7
BB
7.4
0.0
B
3.8
Not Rated
5.3
0.0
Credit Quality
Fund (%)
U.S. Government
45.4
AAA
18.5
AA
1.3
A
7.7
BBB
10.7
BB
7.4
B
3.8
Not Rated
5.3
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
Year 1
17.1
1.0
Year 2
20.2
12.0
Year 3
3.9
10.7
Year 4
9.6
9.7
Year 5
7.3
8.9
Year 6
4.7
7.7
Year 7
0.0
7.1
Year 8
12.5
6.8
Year 9
3.2
5.4
Year 10+
21.4
30.7
Maturity
Fund (%)
Year 1
17.1
Year 2
20.2
Year 3
3.9
Year 4
9.6
Year 5
7.3
Year 6
4.7
Year 7
0.0
Year 8
12.5
Year 9
3.2
Year 10+
21.4
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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