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Thornburg Summit Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 454 Allocation--30% to 50% Equity funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three- and five-year ratings: respectively, 5 stars and 5 stars among 454 and 426 funds, as of 31 May 2025.

As of 31 May 2025
Fund Assets
$93.0 M
As of 31 May 2025
NAV
$13.84
As of 30 Jun 2025
Change
$0.04
As of 30 Jun 2025
YTD NAV Performance
8.83%
As of 30 Jun 2025
Asset Category:
Multi-Asset
Fund Benchmark:
Multi-Asset - Summit Fund Blended Index

Portfolio Managers

Portfolio Manager and Managing Director
Portfolio Manager 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 31 Mar 2025)
YTD
1y
3y
5y
Inception
Total Return (%)
0.64
6.40
5.55
13.01
10.50
Multi-Asset - Summit Fund Blended Index (%)
0.28
5.57
3.55
8.43
6.18
Morningstar Category Avg. (%)
-0.31
5.41
4.3
10.14
Morningstar Quartile
1
1
1
Morningstar Quartile # of Funds
461
454
426
YTD
1y
3y
5y
Inception
Total Return (%)
4.93
10.06
8.33
11.11
10.95
Multi-Asset - Summit Fund Blended Index (%)
5.39
11.08
7.79
7.41
6.86
Morningstar Category Avg. (%)
4.54
8.6
6.44
7.87
Morningstar Quartile
1
1
1
Morningstar Quartile # of Funds
461
454
426
YTD
1y
3y
5y
Inception
Total Return (%)
0.64
6.40
17.60
84.33
83.56
Multi-Asset - Summit Fund Blended Index (%)
0.28
5.57
11.03
49.90
44.03
YTD
1y
3y
5y
Inception
Total Return (%)
4.93
10.06
27.14
69.35
91.39
Multi-Asset - Summit Fund Blended Index (%)
5.39
11.08
25.25
42.96
51.38
2020
2021
2022
2023
2024
Total Return (%)
27.78
14.64
-9.78
12.86
11.41
Multi-Asset - Summit Fund Blended Index (%)
14.05
8.78
-17.33
15.43
9.49
Fund Fees

Fund Fees

(As of 1 Feb 2025)
Gross Expense Ratio (%)
1.17
Net Expense Ratio (%)
0.71
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 May 2025)
(Hypothetical Growth of $10,000 vs Multi-Asset - Summit Fund Blended Index)
Distributions

Distributions

(As of 17 Jun 2025)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Mar 2019
31 Mar 2019
0
21 Jun 2019
30 Jun 2019
0.05120
0.05120
20 Sep 2019
30 Sep 2019
0.02375
0.02375
14 Nov 2019
14 Nov 2019
0.04852
0.04852
0.00000
20 Dec 2019
31 Dec 2019
0.06778
0.06778
19 Mar 2020
31 Mar 2020
0.06534
0.06534
30 Jun 2020
30 Jun 2020
0
30 Sep 2020
30 Sep 2020
0
19 Nov 2020
19 Nov 2020
0.58471
0.47739
0.10732
17 Dec 2020
31 Dec 2020
0.01594
0.01594
18 Mar 2021
31 Mar 2021
0.20265
0.20265
30 Jun 2021
30 Jun 2021
0
30 Sep 2021
30 Sep 2021
0
18 Nov 2021
18 Nov 2021
2.16796
1.77863
0.38933
16 Dec 2021
31 Dec 2021
0.03483
0.03483
17 Mar 2022
31 Mar 2022
0.06401
0.06401
16 Jun 2022
30 Jun 2022
0.07110
0.07110
15 Sep 2022
30 Sep 2022
0.07327
0.07327
15 Dec 2022
31 Dec 2022
0.07852
0.07852
16 Mar 2023
31 Mar 2023
0.05540
0.05540
15 Jun 2023
30 Jun 2023
0.15036
0.15036
14 Sep 2023
30 Sep 2023
0.03206
0.03206
14 Dec 2023
31 Dec 2023
0.06310
0.06310
14 Mar 2024
31 Mar 2024
0.07121
0.07121
20 Jun 2024
30 Jun 2024
0.11328
0.11328
19 Sep 2024
30 Sep 2024
0.07709
0.07709
21 Nov 2024
21 Nov 2024
0.29065
0.02494
0.26571
19 Dec 2024
31 Dec 2024
0.07222
0.07222
20 Mar 2025
31 Mar 2025
0.04250
0.04250
17 Jun 2025
30 Jun 2025
0.10861
0.10861
Fund Facts

Fund Facts

(As of 31 May 2025)
Net Fund Assets
$93.0 M
Benchmark
Multi-Asset - Summit Fund Blended Index
Morningstar Category
Allocation--30% to 50% Equity
Fund Symbol
TSUMX
Share Class
I
Share Class Inception Date
1 Mar 2019
Number of Holdings
185
Portfolio Turnover
67%
Distribution Frequency
Quarterly
30-Day SEC Yield (Subsidized)
2.35%
30-Day SEC Yield (Unsubsidized)
1.82%
Characteristics

Characteristics

Portfolio

(As of 31 May 2025)
Portfolio
Benchmark
Weighted Average Market Cap
$597.6 B
$675.5 B
Median Market Cap
$130.2 B
$15.2 B
Price to Earnings - Forward 1YR
16.9x
19.3x
Price to Earnings - Trailing 12 Months
19.5x
22.0x
Price to Cash Flow
9.7x
12.9x
Price to Book Value
2.5x
3.2x
Return on Assets - 5 YR
10.0%
13.0%
Portfolio
Benchmark
Return on Equity - 5 YR
23.2%
75.1%
Historical 3YR Sales Growth
18.5%
16.0%
Active Share
77.3%
Effective Duration
5.4 Yrs
6.5 Yrs
Average Effective Maturity
6.9 Yrs
8.4 Yrs
Weighted Average Coupon
3.6%
2.9%
Yield to Worst
6.2%
3.6%
Risk & Return Profile

Risk & Return Profile

(As of 31 May 2025)
3y
5y
Annualized Alpha (%)
1.67
4.57
Beta
0.84
0.85
R-Squared (%)
96.15
87.09
Standard Deviation (%)
10.33
10.48
Sharpe Ratio
0.36
0.79
Information Ratio
0.19
0.89
Up Capture (%)
86.44
100.82
Down Capture (%)
76.63
75.87
Portfolio

Portfolio

Top Holdings

(As of 30 Apr 2025)
Name
Ticker/Symbol
Sector
Weight %
Zegona Communications plc
ZEG
Communication Services
2.4
Amazon.com, Inc.
AMZN
Consumer Discretionary
2.2
Meta Platforms, Inc.
META
Communication Services
1.9
Orange S.A.
ORA
Communication Services
1.8
Samsung Electronics Co. Ltd.
005930
Information Technology
1.7
AT&T, Inc.
T
Communication Services
1.7
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
1.6
Roche Holding AG
ROG
Health Care
1.6
Visa, Inc.
V
Financials
1.6
Alphabet, Inc.
GOOGL
Communication Services
1.6
Name
Ticker/Symbol
Sector
Weight %
United States Treasury Inflation Indexed Bonds
91282CBF7
SE_TREASURY_DOMESTIC
2.3
United States Treasury Note/Bond
91282CJJ1
SE_TREASURY_DOMESTIC
1.2
United States Treasury Strip Coupon
912834MZ8
SE_TREASURY_DOMESTIC
1.1
Freddie Mac Pool
3132E0T85
SE_MORTGAGE_PASSTHROUGH
0.9
Fannie Mae Pool
3140XMZX7
SE_MORTGAGE_PASSTHROUGH
0.9
United States Treasury Note/Bond
912810TA6
SE_TREASURY_DOMESTIC
0.9
United States Treasury Note/Bond
91282CJZ5
SE_TREASURY_DOMESTIC
0.8
United States Treasury Note/Bond
91282CLW9
SE_TREASURY_DOMESTIC
0.7
Fannie Mae Pool
31418EAN0
SE_MORTGAGE_PASSTHROUGH
0.6
United States Treasury Note/Bond
91282CKQ3
SE_TREASURY_DOMESTIC
0.5
Exposure Breakdown

Exposure Breakdown

(As of 31 May 2025)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
24.7
24.8
Communication Services
16.1
8.4
Financials
15.6
18.0
Health Care
13.2
9.1
Consumer Discretionary
12.2
10.7
Energy
8.1
3.5
Industrials
6.2
11.0
Materials
2.9
3.6
Consumer Staples
0.9
6.2
Real Estate
0.0
2.0
Utilities
0.0
2.7
Sector Allocation
Fund (%)
Information Technology
24.7
Communication Services
16.1
Financials
15.6
Health Care
13.2
Consumer Discretionary
12.2
Energy
8.1
Industrials
6.2
Materials
2.9
Consumer Staples
0.9
Real Estate
0.0
Utilities
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Pharmaceuticals, Biotechnology & Life Sciences
11.5
5.9
Semiconductors & Semiconductor Equipment
10.8
9.1
Telecommunication Services
9.8
1.6
Financial Services
8.7
6.8
Software & Services
8.5
9.4
Energy
8.4
3.6
Consumer Discretionary Distribution & Retail
7.7
4.9
Media & Entertainment
6.3
6.8
Banks
6.2
7.8
Technology Hardware & Equipment
5.2
6.1
Top 10 Industries
Fund (%)
Pharmaceuticals, Biotechnology & Life Sciences
11.5
Semiconductors & Semiconductor Equipment
10.8
Telecommunication Services
9.8
Financial Services
8.7
Software & Services
8.5
Energy
8.4
Consumer Discretionary Distribution & Retail
7.7
Media & Entertainment
6.3
Banks
6.2
Technology Hardware & Equipment
5.2
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
United States
66.0
54.5
North America
United Kingdom
5.3
3.8
UK
Canada
4.4
3.2
North America
France
4.3
3.6
Europe ex UK
Japan
2.6
6.9
Japan
Taiwan
1.9
1.1
Asia Pacific ex Japan
Korea, Republic of (South Korea)
1.8
1.1
Asia Pacific ex Japan
Switzerland
1.6
1.6
Europe ex UK
India
1.4
1.2
Asia Pacific ex Japan
Netherlands
1.0
1.4
Europe ex UK
Top 10 Countries
Fund (%)
United States
66.0
United Kingdom
5.3
Canada
4.4
France
4.3
Japan
2.6
Taiwan
1.9
Korea, Republic of (South Korea)
1.8
Switzerland
1.6
India
1.4
Netherlands
1.0
Composition
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Equity
61.7
60.0
Fixed Income
35.8
40.0
Cash & Cash Equivalents
2.5
Currency Forward
0.0
Composition
Fund (%)
Equity
61.7
Fixed Income
35.8
Cash & Cash Equivalents
2.5
Currency Forward
0.0
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
84.3
95.3
Mid Cap ($2.5 to $12 B)
12.6
4.7
Small Cap (< $2.5 B)
3.1
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
84.3
Mid Cap ($2.5 to $12 B)
12.6
Small Cap (< $2.5 B)
3.1
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
U.S. Government
46.8
28.5
AAA
15.2
12.3
AA
2.7
13.9
A
7.0
29.9
BBB
10.0
14.2
BB
11.4
B
3.1
CCC
0.4
Not Rated
3.4
1.2
Credit Quality
Fund (%)
U.S. Government
46.8
AAA
15.2
AA
2.7
A
7.0
BBB
10.0
BB
11.4
B
3.1
CCC
0.4
Not Rated
3.4
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
Year 1
18.5
0.2
Year 2
5.4
12.8
Year 3
4.8
11.3
Year 4
7.3
9.8
Year 5
6.6
10.2
Year 6
7.5
7.0
Year 7
3.7
6.8
Year 8
2.1
5.8
Year 9
12.6
6.2
Year 10+
31.6
29.8
Maturity
Fund (%)
Year 1
18.5
Year 2
5.4
Year 3
4.8
Year 4
7.3
Year 5
6.6
Year 6
7.5
Year 7
3.7
Year 8
2.1
Year 9
12.6
Year 10+
31.6
Portfolio Managers

Portfolio Managers

Neal BasuMullick, CFA

Neal BasuMullick, CFA

Portfolio Manager and Managing Director
Neal BasuMullick is a portfolio manager at Thornburg Investment Management. He joined the firm in 2020 as an equity research analyst, was promoted to senior equity analyst then associate portfolio manager in 2022 and to portfolio manager in 2024. Prior to joining Thornburg, Neal worked in equity research at Columbia Threadneedle Investments where he covered the business services and consumer…
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Lon Erickson, CFA

Lon Erickson, CFA

Portfolio Manager and Managing Director
Lon Erickson is a 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…
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