Confirm or change your location

Please verify your location. This page is not intended for United States investors.
By continuing you agree to the Terms Of Use of this site.

Decline

Unsubscribe

Confirm you would like to unsubscribe from this list

Don't save
Cancel

Remove strategy

Confirm you would like to remove this strategy from your list

Welcome to Thornburg

Please select your location and role to help personalize the site.
Please review our Terms & Conditions

For Institutional / Wholesale / Professional Clients

The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.

TERMS AND CONDITIONS OF USE

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

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.

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.

All information and contents of this website are furnished "as is." Data has been obtained from sources considered reliable, but Thornburg makes no representation as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg disclaims, to the fullest extent of the law, any implied or express warranty of any kind, including without limitation the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

If you live in a state that does not allow disclaimers of implied warranties, our disclaimer may not apply to you.

Although Thornburg intends the information contained in this website to be accurate and reliable, errors sometimes occur. Thornburg does not warrant that the information to be free of errors, that the functions contained in the site will be uninterrupted, that defects will be corrected or that the site and servers are free from viruses or other harmful components. You agree that you are responsible for the means you use to access this website and understand that your hardware, software, the Internet, your Internet service provider, and other third parties involved in connecting you to our website may not perform as intended or desired. We also disclaim responsibility for damages third parties may cause to you through the use of this website, whether intentional or unintentional. For example, you understand that hackers could breach our security procedures, and that we will not be responsible for any related damages.

Thornburg Investment Management, Inc. is regulated by the U.S. Securities and Exchange under U.S. laws which may differ materially from laws in other jurisdictions.

Online Privacy and Cookie Policy

Please review our Online Privacy and Cookie Policy, which is hereby incorporated by reference as part of these terms and conditions.

Third Party Content

Certain website's content has been obtained from sources that Thornburg believes to be reliable as of the date presented but Thornburg cannot guarantee the accuracy, timeliness, completeness, or suitability for use of such content. The content does not take into account individual investor's circumstances, objectives or needs. The content is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services, nor does it constitute investment advice and should not be used as the basis for any investment decision.

Suitability

No determination has been made regarding the suitability of any securities, financial instruments or strategies for any investor. The website's content is provided on the basis and subject to the explanations, caveats and warnings set out in this notice and elsewhere herein. The website's content does not purport to provide any legal, tax or accounting advice. Any discussion of risk management is intended to describe Thornburg's efforts to monitor and manage risk but does not imply low risk.

Limited License and Restrictions on Use

Except as otherwise stated in these terms of use or as expressly authorized by Thornburg in writing, you may not:

  • Modify, copy, distribute, transmit, post, display, perform, reproduce, publish, broadcast, license, create derivative works from, transfer, sell, or exploit any reports, data, information, content, software, RSS and podcast feeds, products, services, or other materials (collectively, "Materials") on, generated by or obtained from this website, whether through links or otherwise;
  • Redeliver any page, text, image or Materials on this website using "framing" or other technology;
  • Engage in any conduct that could damage, disable, or overburden (i) this website, (ii) any Materials or services provided through this website, or (iii) any systems, networks, servers, or accounts related to this website, including without limitation, using devices or software that provide repeated automated access to this website, other than those made generally available by Thornburg;
  • Probe, scan, or test the vulnerability of any Materials, services, systems, networks, servers, or accounts related to this website or attempt to gain unauthorized access to Materials, services, systems, networks, servers, or accounts connected or associated with this website through hacking, password or data mining, or any other means of circumventing any access-limiting, user authentication or security device of any Materials, services, systems, networks, servers, or accounts related to this website; or
  • Modify, copy, obscure, remove or display the Thornburg name, logo, trademarks, notices or images without Thornburg's express written permission. To obtain such permission, you may e-mail us at info@thornburg.com.

Severability, Governing Law

Failure by Thornburg to enforce any provision(s) of these terms and conditions shall not be construed as a waiver of any provision or right. This website is controlled and operated by Thornburg from its offices in Santa Fe, New Mexico. The laws of the State of New Mexico govern these terms and conditions. If you take legal action relating to these terms and conditions, you agree to file such action only in state or federal court in New Mexico and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.

Termination

You acknowledge and agree that Thornburg may restrict, suspend or terminate these terms and conditions or your access to, and use, of the all or any part this website, including any links to third-party sites, at any time, with or without cause, including but not limited to any breach of these terms and conditions, in Thornburg's absolute discretion and without prior notice or liability.

Decline
Give Us a Call

Fund Operations
800.847.0200

FIND ANOTHER CONTACT

Thornburg Investment Income Builder Fund (UCITS)

Morningstar Rating  • Info

Overall Morningstar Rating among 409 EAA Fund USD Aggressive Allocation funds, based on risk-adjusted returns for class I Acc shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 5 stars, 5 stars and 5 stars among 409, 298 and 139 funds, as of 30 Apr 2024.

As of 30 Apr 2024
Fund Assets
$46.4 M
As of 30 Apr 2024
NAV
$26.48
As of 16 May 2024
Change
$-0.04
As of 16 May 2024
YTD NAV Performance
10.10%
As of 16 May 2024
Asset Category:
Multi-Asset
Fund Benchmark:
Investment Income Builder Blend

Portfolio Managers

Portfolio Manager and Managing Director
Co-Head of Investments and Managing Director
Vice Chairman, Chief Investment Strategist and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Fund?

  • Global, diversified multi-asset portfolio of income-producing stocks and bonds that seeks to deliver an attractive and growing income stream.
  • Proven bottom-up fundamental research process to identify dividend-paying companies with strong cash flows that have both the ability and willingness to pay and grow their dividends over time.
  • Highly active, flexible approach that allows us to go anywhere in the world to seek income.

Investment Objective

The fund’s goal is to provide investors with a level of current income which exceeds the average yield on U.S. stocks generally, and which will grow, subject to periodic fluctuations, over the years on a per share basis.

Investment Approach

The strategy is a multi-asset portfolio of global dividend-paying stocks selected via a bottom-up, fundamentals and valuation-sensitive process. The strategy seeks to generate an attractive and growing income stream, with capital appreciation over time by building a portfolio of companies that have the ability and willingness to generate cash flow and distribute dividends to its shareholders.

Performance

Performance

Returns

2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Total Return (%)
6.26
-4.36
9.92
14.99
-4.81
18.42
2.30
17.62
-6.02
19.41
Investment Income Builder Blend (%)
5.25
-0.33
6.41
17.42
-6.42
22.87
14.41
15.64
-16.67
19.05
YTD
1y
3y
5y
10y
Inception
Total Return (%)
6.24
19.28
9.50
9.69
7.23
8.31
Investment Income Builder Blend (%)
6.42
18.93
5.89
9.29
7.57
8.78
Morningstar Category Avg. (%)
5.26
13.5
3.01
6.01
4.64
Morningstar Quartile
1
1
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
4.70
14.61
8.49
8.68
7.02
8.11
Investment Income Builder Blend (%)
2.78
13.20
3.41
7.96
7.09
8.40
Morningstar Category Avg. (%)
5.26
13.5
3.01
6.01
4.64
Morningstar Quartile
1
1
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
6.24
19.28
31.30
58.79
101.02
155.50
Investment Income Builder Blend (%)
6.42
18.93
18.73
55.92
107.50
168.96
YTD
1y
3y
5y
10y
Inception
Total Return (%)
4.70
14.61
27.69
51.60
97.03
151.80
Investment Income Builder Blend (%)
2.78
13.20
10.60
46.68
98.47
159.77
PRIIPS Performance Risk Scenario

PRIIPS Performance Risk Scenario

Loading, please wait...
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Apr 2024)
(Hypothetical Growth of $10,000 vs Investment Income Builder Blend)
Fund Facts

Fund Facts

(As of 30 Apr 2024)
Net Fund Assets
$46.4 M
Benchmark
Investment Income Builder Blend
Morningstar Category
EAA Fund USD Aggressive Allocation
Fund Symbol
TBIIBUI ID
Share Class
I Acc
Share Class Inception Date
29 Jun 2012
Number of Holdings
62
Distribution Frequency
N/a
Characteristics

Characteristics

Portfolio

(As of 30 Apr 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$173.4 B
$551.5 B
Median Market Cap
$69.4 B
$18.9 B
Price to Earnings - Forward 1YR
10.6x
18.5x
Dividend Yield
4.7%
1.9%
Price to Earnings - Trailing 12 Months
11.5x
20.9x
Price to Cash Flow
5.5x
13.1x
Portfolio
Benchmark
Price to Book Value
1.5x
3.2x
Return on Assets - 5 YR
6.6%
9.1%
Return on Equity - 5 YR
18.8%
30.6%
Historical 3YR Sales Growth
12.4%
16.5%
Active Share
91.5%
Risk & Return Profile

Risk & Return Profile

(As of 31 Mar 2024)
3y
5y
10y
Annualized Alpha (%)
4.39
0.17
-0.43
Beta
0.85
1.06
1.04
R-Squared (%)
77.57
80.47
81.29
Standard Deviation (%)
13.47
16.88
13.46
Sharpe Ratio
0.50
0.45
0.43
Information Ratio
0.54
0.05
-0.06
Up Capture (%)
97.61
102.45
100.61
Down Capture (%)
78.63
101.46
103.49
Portfolio

Portfolio

Top Holdings

(As of 31 Mar 2024)
Name
Ticker/Symbol
Sector
Weight %
Broadcom, Inc.
AVGO
Information Technology
4.6
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
4.1
Orange S.A.
ORA
Communication Services
3.8
BNP Paribas S.A.
BNP
Financials
3.5
NN Group N.V.
NN
Financials
3.5
TotalEnergies SE
TTE
Energy
3.1
AT&T, Inc.
T
Communication Services
2.8
Enel SpA
ENEL
Utilities
2.8
Samsung Electronics Co. Ltd.
005930
Information Technology
2.7
Roche Holding AG
ROG
Health Care
2.7
Exposure Breakdown

Exposure Breakdown

(As of 30 Apr 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
23.0
15.4
Information Technology
16.3
23.2
Energy
11.9
4.7
Communication Services
11.7
7.5
Health Care
11.5
12.0
Utilities
8.2
2.5
Industrials
5.9
11.3
Consumer Discretionary
4.4
10.6
Consumer Staples
3.6
6.7
Materials
3.5
3.9
Real Estate
0.0
2.2
Sector Allocation
Fund (%)
Financials
23.0
Information Technology
16.3
Energy
11.9
Communication Services
11.7
Health Care
11.5
Utilities
8.2
Industrials
5.9
Consumer Discretionary
4.4
Consumer Staples
3.6
Materials
3.5
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Semiconductors & Semiconductor Equipment
11.0
8.1
Energy
10.9
4.7
Telecommunication Services
10.7
1.3
Pharmaceuticals, Biotechnology & Life Sciences
10.5
7.8
Banks
9.4
5.8
Utilities
7.5
2.5
Insurance
6.9
3.1
Financial Services
4.6
6.4
Capital Goods
4.1
7.9
Technology Hardware & Equipment
3.8
5.8
Top 10 Industries
Fund (%)
Semiconductors & Semiconductor Equipment
11.0
Energy
10.9
Telecommunication Services
10.7
Pharmaceuticals, Biotechnology & Life Sciences
10.5
Banks
9.4
Utilities
7.5
Insurance
6.9
Financial Services
4.6
Capital Goods
4.1
Technology Hardware & Equipment
3.8
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
United States
26.3
76.1
North America
France
12.8
2.4
Europe ex UK
United Kingdom
12.7
3.5
UK
Italy
7.8
0.5
Europe ex UK
Switzerland
7.1
1.8
Europe ex UK
Germany
6.0
1.8
Europe ex UK
Netherlands
5.4
1.0
Europe ex UK
Taiwan
4.2
0.0
Asia Pacific ex Japan
Korea, Republic of (South Korea)
2.6
0.0
Asia Pacific ex Japan
Canada
1.8
2.6
North America
Top 10 Countries
Fund (%)
United States
26.3
France
12.8
United Kingdom
12.7
Italy
7.8
Switzerland
7.1
Germany
6.0
Netherlands
5.4
Taiwan
4.2
Korea, Republic of (South Korea)
2.6
Canada
1.8
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
98.6
95.3
Mid Cap ($2.5 to $12 B)
0.4
4.7
Small Cap (< $2.5 B)
0.9
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
98.6
Mid Cap ($2.5 to $12 B)
0.4
Small Cap (< $2.5 B)
0.9
Portfolio Managers

Portfolio Managers

Matt Burdett

Matt Burdett

Portfolio Manager and Managing Director
Matt Burdett is portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager and was promoted to portfolio manager in 2018. Matt spent several years as a senior vice president and portfolio manager at PIMCO, where he co-managed various dividend-oriented strategies. Prior to his time at PIMCO, Matt worked as an equity analyst…
Learn More
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…
Learn More
Brian McMahon

Brian McMahon

Vice Chairman, Chief Investment Strategist and Managing Director
Brian McMahon is chief investment strategist for Thornburg Investment Management. Brian is deeply respected for his market and investment insight and serves as a key voice for the investment team and Thornburg clients. He also co-manages Thornburg’s global equity portfolios and serves as vice chairman of Thornburg. Brian joined Thornburg in 1984 as chief investment officer; a role he held…
Learn More
Christian Hoffmann, CFA

Christian Hoffmann, CFA

Portfolio Manager and Managing Director
Christian Hoffmann is portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as a fixed income securities analyst and was promoted to associate portfolio manager in 2014, then portfolio manager in 2018. Christian graduated cum laude from New York University with a BA in economics. He is also a CFA charterholder. Prior to joining Thornburg, he served…
Learn More

More Insights

Racers at the finish line on a track
Global Equity

Forget the Magnificent 7 – Why You Should Invest in Europe’s Fantastic 5

Europe has its own crop of market-beating growth stocks that are overlooked compared to the Magnificent Seven in the US.
Choosing between an older advisor and a younger advisor.
Investor Advice

Should You Opt for an Older or Younger Financial Adviser?

Do you want the wisdom that comes with age or the innovation that comes with youth? Maybe you can have both with an advisory team.
Markets & Economy

Observations: The Value of Dividends and Munis to Stoke Income

Our Co-Heads of Investments make the case for dividend-paying stocks and the tax-free feature of Munis as tax hikes are possible, given our government debt levels.
Markets & Economy

Observations: Market Concentration and the Fed’s Policy Outlook

Our Co-Heads of Investments discuss whether the equity market rally is finally broadening and whether the Fed's forecast for three rate cuts makes sense.
Markets & Economy

Observations: Are Investors Too Complacent?

Our Co-Heads of Investments discuss whether the financial markets' substantial gains following last autumn's 'Fed pivot' left investors smug amid potential dangers.
Woman with her smart phone and plexus connection
Global Equity

Avoiding Concentration Risk in AI: Is It Time for a Reality Check?

Overexuberance for all things AI can create concentration risk. See how we’re curating diversified exposure designed to perform over the long term.