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Thornburg Equity Income Builder Fund (UCITS)

Morningstar Rating  • Info

Overall Morningstar Rating among 1147 EAA Fund Global Equity Income funds, based on risk-adjusted returns for class A Dist shares, using a weighted average of the funds three- and five-year ratings: respectively, 5 stars and 5 stars among 1147 and 915 funds, as of 31 Aug 2025.

As of 31 Aug 2025
Fund Assets
$167.9 M
As of 31 Aug 2025
NAV
$18.07
As of 16 Sep 2025
Change
$-0.04
As of 16 Sep 2025
YTD NAV Performance
26.38%
As of 16 Sep 2025
Asset Category:
Global Equity
Fund Benchmark:
MSCI World Index

Portfolio Managers

Head of Equities and Managing Director
Vice Chairman, Chief Investment Strategist and Managing Director
Head of Fixed Income and Managing Director
Overview

Overview

Why Invest in This Fund?

  • Global portfolio of dividend-paying companies – Seeks to provide an attractive and growing income stream by investing in high-quality companies worldwide with strong dividend potential.
  • Proven bottom-up research process – Focuses on companies with strong cash flows and financial stability that have both the ability and willingness to pay and grow their dividends over time.
  • Highly active and flexible approach – Unconstrained by benchmarks, allowing the strategy to seek the best income opportunities across global equity markets.

Investment Objective

The fund’s investment objective  is to provide long-term income growth and capital appreciation.

Investment Approach

The fund is a globally focused, actively managed portfolio that invests in dividend-paying companies with strong cash flows and a commitment to growing their dividends over time. Using a disciplined, bottom-up research process, we identify companies with both the ability and willingness to pay and grow their dividends while maintaining financial stability. Investors should expect a strategy that prioritizes current income while offering the potential for dividend growth and long-term capital appreciation.

Fund Facts

Fund Facts

(As of 31 Aug 2025)
Net Fund Assets
$167.9 M
Benchmark
MSCI World Index
Morningstar Category
EAA Fund Global Equity Income
Distribution Frequency
Quarterly
SFDR
Article 8
Minimum Investment
$1,000
Ongoing Charges
1.75%
Management Fee
1.50%
Share Class
A Dist
Share Class Inception Date
19 Apr 2017
Fund Inception Date
28 Jun 2012
Bloomberg Ticker
THIIBAD ID
ISIN
IE00BYV9V778
Cusip
G8850P 184
SEDOL
BYV9V77
Performance

Performance

Returns

2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Total Return (%)
-5.68
17.38
1.33
16.55
-6.81
18.43
11.55
MSCI World Index (%)
-8.71
27.67
15.90
21.82
-18.14
23.79
18.67
YTD
1y
3y
5y
Inception
Total Return (%)
19.30
22.40
18.54
15.28
9.57
MSCI World Index (%)
9.47
16.26
18.31
14.55
11.75
Morningstar Category Avg. (%)
12.44
15.18
12.82
11.35
Morningstar Quartile
1
1
1
Morningstar Quartile # of Funds
1397
1147
915
YTD
1y
3y
5y
Inception
Total Return (%)
13.61
8.75
12.27
9.95
7.80
Total Return (%)
24.50
20.08
20.51
15.23
9.92
MSCI World Index (%)
13.78
15.68
18.50
12.89
12.02
Morningstar Category Avg. (%)
15.4
11.41
13.91
10.2
Morningstar Quartile
1
1
1
Morningstar Quartile # of Funds
1397
1147
915
YTD
1y
3y
5y
Inception
Total Return (%)
19.30
22.40
66.57
103.56
112.38
MSCI World Index (%)
9.47
16.26
65.60
97.24
149.88
YTD
1y
3y
5y
Inception
Total Return (%)
13.61
8.75
41.51
60.66
88.07
Total Return (%)
24.50
20.08
75.00
103.18
121.62
MSCI World Index (%)
13.78
15.68
66.40
83.38
159.70
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Aug 2025)
(Hypothetical Growth of $10,000 vs MSCI World Index)
Distributions

Distributions

(As of 3 Jul 2025)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
7 Jul 2017
30 Jun 2017
0.14317
0.14317
5 Oct 2017
30 Sep 2017
0.06382
0.06382
5 Jan 2018
31 Dec 2017
0.03593
0.03593
6 Apr 2018
31 Mar 2018
0.02595
0.02595
6 Jul 2018
30 Jun 2018
0.14159
0.14159
4 Oct 2018
30 Sep 2018
0.05854
0.05854
7 Jan 2019
31 Dec 2018
0.02471
0.02471
3 Apr 2019
31 Mar 2019
0.04815
0.04815
3 Jul 2019
30 Jun 2019
0.14999
0.14999
1 Oct 2019
30 Sep 2019
0.02330
0.02330
6 Jan 2020
31 Dec 2019
0.02614
0.02614
3 Apr 2020
31 Mar 2020
0.03655
0.03655
6 Jul 2020
30 Jun 2020
0.06575
0.06575
5 Oct 2020
30 Sep 2020
0.03529
0.03529
6 Jan 2021
31 Dec 2020
0.01282
0.01282
7 Apr 2021
31 Mar 2021
0.14833
0.14833
6 Jul 2021
30 Jun 2021
0.11650
0.11650
5 Oct 2021
30 Sep 2021
0.01259
0.01259
6 Jan 2022
31 Dec 2021
0.00878
0.00878
5 Apr 2022
31 Mar 2022
0.04002
0.04002
6 Jul 2022
30 Jun 2022
0.18905
0.18905
5 Oct 2022
30 Sep 2022
0.03922
0.03922
5 Jan 2023
31 Dec 2022
0.04294
0.04294
5 Apr 2023
31 Mar 2023
0.04243
0.04243
6 Jul 2023
30 Jun 2023
0.28296
0.28296
4 Oct 2023
30 Sep 2023
0.05127
0.05127
4 Jan 2024
31 Dec 2023
0.05243
0.05243
4 Apr 2024
31 Mar 2024
0.03749
0.03749
3 Jul 2024
30 Jun 2024
0.24073
0.24073
3 Oct 2024
30 Sep 2024
0.05138
0.05138
6 Jan 2025
31 Dec 2024
0.20258
0.20258
3 Apr 2025
31 Mar 2025
0.05981
0.05981
3 Jul 2025
30 Jun 2025
0.40705
0.40705
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2025)
Portfolio
Benchmark
Number of Holdings
66
Weighted Average Market Cap
$173.8 B
$903.5 B
Median Market Cap
$59.3 B
$25.5 B
Annual Portfolio Turnover
30%
Price to Earnings - Forward 1YR
13.3x
20.9x
Dividend Yield
4.1%
1.6%
Portfolio
Benchmark
Price to Earnings - Trailing 12 Months
14.6x
24.8x
Price to Cash Flow
6.0x
15.0x
Price to Book Value
1.6x
3.7x
Return on Equity - 5 YR
14.6%
33.3%
Historical 3YR Sales Growth
6.1%
16.7%
Active Share
92.5%
Risk & Return Profile

Risk & Return Profile

(As of 31 Aug 2025)
3y
5y
10y
Annualized Alpha (%)
8.41
5.96
0.95
Beta
0.68
0.77
0.80
R-Squared (%)
71.46
73.49
78.82
Standard Deviation (%)
11.28
13.91
13.43
Sharpe Ratio
1.48
0.95
0.61
Information Ratio
0.42
0.42
-0.20
Tracking Error (%)
7.54
7.99
6.86
Up Capture (%)
81.91
85.21
79.64
Down Capture (%)
41.43
58.18
74.15
Portfolio

Portfolio

Top Holdings

(As of 31 Jul 2025)
Name
Ticker/Symbol
Sector
Weight %
Orange S.A.
ORA
Communication Services
4.1
BNP Paribas S.A.
BNP
Financials
3.6
Samsung Electronics Co. Ltd.
005930
Information Technology
3.4
Broadcom, Inc.
AVGO
Information Technology
3.1
TotalEnergies SE
TTE
Energy
3.0
Citigroup, Inc.
C
Financials
2.9
Merck & Co., Inc.
MRK
Health Care
2.4
Enel SpA
ENEL
Utilities
2.3
AstraZeneca plc
AZN
Health Care
2.2
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
2.2
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
19.3
17.2
Communication Services
17.3
8.6
Health Care
11.9
9.3
Utilities
9.5
2.6
Information Technology
9.4
26.3
Industrials
7.7
11.3
Cash & Cash Equivalents
7.0
Energy
6.7
3.5
Materials
4.4
3.3
Consumer Discretionary
3.5
10.3
Consumer Staples
3.2
5.7
Real Estate
0.0
2.0
Sector Allocation
Fund (%)
Financials
19.3
Communication Services
17.3
Health Care
11.9
Utilities
9.5
Information Technology
9.4
Industrials
7.7
Cash & Cash Equivalents
7.0
Energy
6.7
Materials
4.4
Consumer Discretionary
3.5
Consumer Staples
3.2
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Telecommunication Services
17.3
1.5
Banks
10.4
6.8
Pharmaceuticals, Biotechnology & Life Sciences
10.4
6.0
Utilities
9.5
2.6
Energy
6.7
3.5
Capital Goods
6.4
8.3
Semiconductors & Semiconductor Equipment
4.8
10.0
Technology Hardware & Equipment
4.6
6.3
Insurance
4.5
3.2
Materials
4.4
3.3
Top 10 Industries
Fund (%)
Telecommunication Services
17.3
Banks
10.4
Pharmaceuticals, Biotechnology & Life Sciences
10.4
Utilities
9.5
Energy
6.7
Capital Goods
6.4
Semiconductors & Semiconductor Equipment
4.8
Technology Hardware & Equipment
4.6
Insurance
4.5
Materials
4.4
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
United States
26.7
72.0
North America
France
15.1
2.7
Europe ex UK
United Kingdom
11.4
3.6
UK
Germany
8.4
2.5
Europe ex UK
Italy
5.9
0.8
Europe ex UK
Netherlands
5.1
1.1
Europe ex UK
Switzerland
4.5
2.3
Europe ex UK
Korea, Republic of (South Korea)
3.0
Asia Pacific ex Japan
Canada
2.1
3.3
North America
Singapore
2.1
0.4
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
United States
26.7
France
15.1
United Kingdom
11.4
Germany
8.4
Italy
5.9
Netherlands
5.1
Switzerland
4.5
Korea, Republic of (South Korea)
3.0
Canada
2.1
Singapore
2.1
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
97.9
97.6
Mid Cap ($2.5 to $12 B)
1.6
2.4
Small Cap (< $2.5 B)
0.4
Capitalization
Fund (%)
Large Cap (> $12 B)
97.9
Mid Cap ($2.5 to $12 B)
1.6
Small Cap (< $2.5 B)
0.4
Portfolio Managers

Portfolio Managers

Matt Burdett

Matt Burdett

Head of Equities and Managing Director
Matt Burdett is head of equities and a portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager. Matt was named a managing director and was promoted to portfolio manager in 2018 and to head of equities in 2024. Matt spent several years as a senior vice president and portfolio manager at PIMCO,…
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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…
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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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