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Thornburg Limited Term Income Fund (UCITS)

Fund Assets
$129.8 M
As of 31 May 2022
NAV
$10.59
As of 29 Jun 2022
Change
$0.02
As of 29 Jun 2022
YTD NAV Performance
-6.70%
As of 29 Jun 2022
Inception Date
3 May 2017
Portfolio Managers
President and CEO
Portfolio Manager and Managing Director
Co-Head of Investments and Managing Director
Overview

Overview

Why Invest in This Fund?

  • Flexible, active high-quality portfolio that consists primarily of U.S short- and intermediate-term investment grade bonds.
  • Proven bottom-up fundamental approach that seeks to identify attractive fixed income opportunities on a relative value basis.
  • Highly active strategy that seeks to deliver total return through income and preserve capital with moderate interest rate exposure.

Investment Objective

The fund’s goal is to provide investors as high a level of current income as is consistent with safety of capital. The fund also seeks to reduce changes in its share price compared to longer term portfolios.

Investment Approach

The fund employs a flexible and highly active approach to construct a portfolio of U.S. dollar–denominated short/intermediate investment grade bonds. It is designed for stability, capital preservation and moderate interest rate exposure. The fund seeks to drive returns through income and superior relative value issue selection in a dynamically changing fixed income environment.

Performance

Performance

Returns

(As of 31 Mar 2022)
YTD
1y
3y
Inception
Total Return (%)
-4.14
-3.63
1.55
1.73
Total Return (%)
-4.03
-7.24
BBG Int US Govt/Credit TR Value (%)
-4.51
-4.10
1.50
1.73
BBG Int US Govt/Credit TR Value (%)
-4.51
-8.82
Morningstar Category Avg. (%)
-4.42
-4.46
-0.3
Morningstar Quartile
3
1
YTD
1y
3y
5y
Inception
Total Return (%)
-5.37
-5.71
0.79
1.38
1.42
BBG Int US Govt/Credit TR Value (%)
-5.72
-6.16
0.57
1.32
1.41
BBG Int US Govt/Credit TR Value (%)
-5.72
Morningstar Category Avg. (%)
-3.36
-3.57
0.63
1.17
Morningstar Quartile
4
2
3
YTD
1y
3y
Inception
Total Return (%)
-4.14
-3.63
4.72
8.80
Total Return (%)
-4.03
-4.80
BBG Int US Govt/Credit TR Value (%)
-4.51
-5.86
BBG Int US Govt/Credit TR Value (%)
-4.51
-4.10
4.56
8.77
YTD
1y
3y
5y
Inception
Total Return (%)
-5.37
-5.71
2.38
7.08
7.40
BBG Int US Govt/Credit TR Value (%)
-5.72
BBG Int US Govt/Credit TR Value (%)
-5.72
-6.16
1.71
6.79
7.39
2018
2019
2020
2021
Total Return (%)
1.09
5.10
7.09
-1.13
BBG Int US Govt/Credit TR Value (%)
0.88
6.80
6.43
-1.44
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 May 2022)
(Hypothetical Growth of $10,000 vs BBG Int US Govt/Credit TR Value)
Fund Facts

Fund Facts

(As of 31 May 2022)
Net Fund Assets
$129.8 M
Benchmark
BBG Int US Govt/Credit TR Value
Morningstar Category
EAA Fund USD Corporate Bond - Short Term
Fund Symbol
THLTIUA ID
Share Class
I Acc
Share Class Inception Date
3 May 2017
Number of Holdings
484
Distribution Frequency
N/a
Characteristics

Characteristics

Portfolio

(As of 31 May 2022)
Portfolio
Benchmark
Effective Duration
3.0 Yrs
3.9 Yrs
Average Effective Maturity
4.0 Yrs
4.2 Yrs
Portfolio
Benchmark
Weighted Average Coupon
2.3%
2.0%
Yield to Worst
3.7%
3.1%
Risk & Return Profile

Risk & Return Profile

(As of 31 May 2022)
3y
5y
Beta
0.69
0.67
R-Squared (%)
67.07
67.51
Standard Deviation (%)
2.43
2.07
Sharpe Ratio
0.09
0.15
Information Ratio
0.11
0.03
Up Capture (%)
69.73
67.45
Down Capture (%)
67.23
63.74
Portfolio

Portfolio

Top Holdings

(As of 30 Apr 2022)
Name
Ticker/Symbol
Sector
Weight %
United States Treasury Note/Bond
Government
3.3
United States Treasury Note/Bond
Government
1.6
Telefonaktiebolaget LM Ericsson
294829AA4
Communications
1.4
United States Treasury Note/Bond
91282CAZ4
Government
1.4
United States Treasury Inflation Indexed Bonds
9128285W6
Government
1.4
Fannie Mae Pool
31418DT77
Mortgage Securities
1.2
United States Treasury Note/Bond
91282CAU5
Government
1.1
New Residential Mortgage Loan Trust
Mortgage Securities
1.0
Fannie Mae Pool
3140QFJQ3
Mortgage Securities
1.0
Freddie Mac Pool
3133L8A39
Mortgage Securities
1.0
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Corporate
51.2
30.3
Asset Backed Securities
12.2
0.0
Treasury-Domestic
9.0
61.7
Collateralized Mortgage Obligation
8.6
Mortgage Passthrough
8.5
Cash & Cash Equivalents
5.5
Commercial Mortgage Backed Security
2.9
Bank Loan
1.0
Preferred Stock
0.4
Municipals
0.3
0.7
Agency Debenture
0.3
3.7
Treasury-Foreign
0.1
3.6
Sector Allocation
Fund (%)
Corporate
51.2
Asset Backed Securities
12.2
Treasury-Domestic
9.0
Collateralized Mortgage Obligation
8.6
Mortgage Passthrough
8.5
Cash & Cash Equivalents
5.5
Commercial Mortgage Backed Security
2.9
Bank Loan
1.0
Preferred Stock
0.4
Municipals
0.3
Agency Debenture
0.3
Treasury-Foreign
0.1
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
21.8
65.3
AAA
14.6
2.8
AA
3.6
2.9
A
21.5
14.5
BBB
32.5
14.5
Below Invest. Grade
0.3
Not Rated
0.3
0.0
Cash & Cash Equivalents
5.5
Credit Quality
Fund (%)
U.S. Government
21.8
AAA
14.6
AA
3.6
A
21.5
BBB
32.5
Below Invest. Grade
0.3
Not Rated
0.3
Cash & Cash Equivalents
5.5
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
10.0
2.3
Year 2
13.9
20.3
Year 3
14.5
17.5
Year 4
14.5
13.3
Year 5
16.4
13.0
Year 6
5.0
9.2
Year 7
7.0
8.8
Year 8
2.8
5.0
Year 9
3.4
5.8
Year 10+
7.0
4.6
Cash
5.5
Maturity
Fund (%)
Year 1
10.0
Year 2
13.9
Year 3
14.5
Year 4
14.5
Year 5
16.4
Year 6
5.0
Year 7
7.0
Year 8
2.8
Year 9
3.4
Year 10+
7.0
Cash
5.5
Portfolio Managers

Portfolio Managers

Jason Brady, CFA
Jason Brady, CFA
President and CEO
Jason Brady is president and CEO of Thornburg Investment Management. He is responsible for the company’s overall strategy and direction. He is also portfolio manager on multiple strategies. He joined the firm in 2006, was made portfolio manager and managing director in 2007, and president and CEO in 2016. His book Income Investing: An Intelligent Approach to Profiting from Bonds,…
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Lon Erickson, CFA
Lon Erickson, CFA
Portfolio Manager and Managing Director
Lon Erickson is portfolio manager for Thornburg Investment Management. He joined Thornburg in 2008 and was made portfolio manager in 2010. Lon earned a BA in business administration with a minor in economics from Illinois Wesleyan University and an MBA from the University of Chicago Booth School of Business. He is a CFA charterholder. Prior to joining Thornburg Investment Management,…
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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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