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Thornburg Limited Term Income Fund (UCITS)

Morningstar Rating  • Info

Overall Morningstar Rating among 146 EAA Fund USD Corporate Bond - Short Term funds, based on risk-adjusted returns for class I Dist shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 2 stars and 3 stars among 146, 131 and 68 funds, as of 30 Sep 2025.

As of 30 Sep 2025
Fund Assets
$72.7 M
As of 31 Aug 2025
NAV
$10.05
As of 13 Oct 2025
Change
$0.00
As of 13 Oct 2025
YTD NAV Performance
6.07%
As of 13 Oct 2025
Asset Category:
Global Fixed Income
Fund Benchmark:
Bloomberg Intermediate U.S. Government/Credit Index

Portfolio Managers

Portfolio Manager and Managing Director
Head of Fixed Income and Managing Director

Consistent Outperformance vs. Peers

The fund has navigated interest rate cycles and market volatility while delivering income and consistent total return over time versus peers. Thornburg Limited Term Income Fund also has a history of providing:

    • Core Bond Like Returns with Less Volatility
    • Superior Risk-Adjust Returns
    • Consistent Outperformance versus Peers

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted. For performance current to the most recent month end, visit thornburg.com or call 877-215-1330. Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

Read Transcript
Thornburg Limited Term Income Fund (UCITS)

This solution is one of Thornburg’s flagship strategies. The strategy leans on our strong history of active fixed income investing in the short-term bond market. For more than 30 years, the fund has addressed the uncertainty of global markets by uncovering relative value within and across sectors and structures. We have applied the same philosophy and process to generate alpha versus benchmarks and competitors, since inception.

Our process combines a bottom-up and top-down approach, leading to higher conviction ideas while seeking better investment outcomes. We employ a flexible approach to construct a U.S. dollar-denominated short and intermediate investment-grade bond portfolio.

The strategy is designed for stability, capital preservation, and moderate interest rate exposure. In a dynamically changing fixed income environment, we seek to drive returns through income and superior relative value issue selection.

The strategy pursues three primary outcomes in our portfolios:

  • First, we seek returns consistent with core fixed income but less volatile than core strategies.
  • Second, we look for a return stream with a low or negative correlation to risky assets such as equities.
  • And third, we focus on income consistent with the preservation of capital.

Investors seek to preserve capital through varied of market and economic conditions and this strategy has provided core bond-like returns. The strategy has delivered income and superior relative risk-adjusted returns through market volatility and interest rate cycles.

Our unique approach to assessing risk and reward across investment opportunities makes this solution distinctive.

Our investment approach, rooted in our ability to uncover relative value across different securities, allows us to exploit inefficiencies.

Our team brings deep expertise and experience across the fixed income universe. Putting our ideas together allows for a robust process, debate, and a focus on optimal investment outcomes. We analyze macroeconomic factors with our proprietary, fundamental credit research to select securities that align with fund objectives. Each idea is debated from multiple viewpoints to ensure that a high-conviction position is a decision we make together.

Risk is managed through qualitative and quantitative techniques within our portfolio, providing robust data on factor exposures, credit, interest rates, and volatility metrics. Investment risk is analyzed through intensive, bottom-up fundamental analysis and valuation for individual investments.

We deploy risk at attractive entry points when markets dislocate while defensively positioning when volatility is low. We employ lower turnover during normal market conditions, avoiding tactical decisions with less consistent positive outcomes.

We invest only in cash bonds, avoiding leverage and substantial exposure to derivatives. The portfolio is laddered, meaning we only purchase securities with a weighted average maturity between zero and 10 years. This provides us with a consistent source of natural liquidity while we pursue the most attractive, investment-grade fixed income opportunities.

We believe this strategy can outperform cash instruments such as Treasury bills and money market funds in a falling interest rate environment.

The strategy ideally provides a source of steady, high-quality income, serves as a ballast when equity markets are struggling, and is a robust complement to riskier areas of fixed income, such as high yield, bank loans, or emerging markets.

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.

Fund Facts

Fund Facts

(As of 31 Aug 2025)
Net Fund Assets
$72.7 M
Benchmark
Bloomberg Intermediate U.S. Government/Credit Index
Morningstar Category
EAA Fund USD Corporate Bond - Short Term
Distribution Frequency
Monthly
SFDR
Article 8
Minimum Investment
$1,000,000
Ongoing Charges
0.60%
Management Fee
0.45%
Share Class
I Dist
Share Class Inception Date
3 May 2017
Fund Inception Date
3 May 2017
Bloomberg Ticker
THLTIUD ID
ISIN
IE00BF1ZC359
Cusip
G8850P 226
SEDOL
BF1ZC35
Performance

Performance

Returns

2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Total Return (%)
1.02
5.13
7.06
-1.12
-6.97
6.17
4.20
Bloomberg Intermediate U.S. Government/Credit Index (%)
0.88
6.80
6.43
-1.44
-8.23
5.24
3.00
YTD
1y
3y
5y
Inception
Total Return (%)
5.58
4.38
5.84
1.59
2.53
Bloomberg Intermediate U.S. Government/Credit Index (%)
5.70
4.01
5.18
0.81
2.17
Morningstar Category Avg. (%)
3.03
5.91
4.79
2.31
Morningstar Quartile
1
3
4
Morningstar Quartile # of Funds
184
146
131
YTD
1y
3y
5y
Inception
Total Return (%)
5.58
4.38
5.84
1.59
2.53
Bloomberg Intermediate U.S. Government/Credit Index (%)
5.70
4.01
5.18
0.81
2.17
Morningstar Category Avg. (%)
4
4.98
5.02
2.33
Morningstar Quartile
2
3
4
Morningstar Quartile # of Funds
184
146
131
YTD
1y
3y
5y
Inception
Total Return (%)
5.58
4.38
18.58
8.23
23.36
Bloomberg Intermediate U.S. Government/Credit Index (%)
5.70
4.01
16.35
4.13
19.77
YTD
1y
3y
5y
Inception
Total Return (%)
5.58
4.38
18.58
8.23
23.36
Bloomberg Intermediate U.S. Government/Credit Index (%)
5.70
4.01
16.35
4.13
19.77
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Sep 2025)
(Hypothetical Growth of $10,000 vs Bloomberg Intermediate U.S. Government/Credit Index)
Distributions

Distributions

(As of 3 Oct 2025)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 2017
31 Jan 2017
0
28 Feb 2017
28 Feb 2017
0
31 Mar 2017
31 Mar 2017
0
30 Apr 2017
30 Apr 2017
0
7 Jun 2017
31 May 2017
0.00489
0.00489
7 Jul 2017
30 Jun 2017
0.01059
0.01059
4 Aug 2017
31 Jul 2017
0.01343
0.01343
7 Sep 2017
31 Aug 2017
0.01487
0.01487
5 Oct 2017
30 Sep 2017
0.01365
0.01365
6 Nov 2017
31 Oct 2017
0.01476
0.01476
6 Dec 2017
30 Nov 2017
0.01537
0.01537
5 Jan 2018
31 Dec 2017
0.01546
0.01546
6 Feb 2018
31 Jan 2018
0.01763
0.01763
6 Mar 2018
28 Feb 2018
0.01323
0.01323
6 Apr 2018
31 Mar 2018
0.01734
0.01734
4 May 2018
30 Apr 2018
0.01721
0.01721
7 Jun 2018
31 May 2018
0.01726
0.01726
6 Jul 2018
30 Jun 2018
0.01843
0.01843
7 Aug 2018
31 Jul 2018
0.01858
0.01858
7 Sep 2018
31 Aug 2018
0.01801
0.01801
4 Oct 2018
30 Sep 2018
0.01755
0.01755
6 Nov 2018
31 Oct 2018
0.01870
0.01870
7 Dec 2018
30 Nov 2018
0.01981
0.01981
7 Jan 2019
31 Dec 2018
0.02054
0.02054
6 Feb 2019
31 Jan 2019
0.02064
0.02064
5 Mar 2019
28 Feb 2019
0.01878
0.01878
3 Apr 2019
31 Mar 2019
0.01989
0.01989
3 May 2019
30 Apr 2019
0.01893
0.01893
3 Jun 2019
31 May 2019
0.02021
0.02021
3 Jul 2019
30 Jun 2019
0.01876
0.01876
6 Aug 2019
31 Jul 2019
0.02237
0.02237
5 Sep 2019
31 Aug 2019
0.01898
0.01898
1 Oct 2019
30 Sep 2019
0.01776
0.01776
5 Nov 2019
31 Oct 2019
0.01793
0.01793
4 Dec 2019
30 Nov 2019
0.01793
0.01793
6 Jan 2020
31 Dec 2019
0.01784
0.01784
5 Feb 2020
31 Jan 2020
0.01681
0.01681
4 Mar 2020
29 Feb 2020
0.01898
0.01898
3 Apr 2020
31 Mar 2020
0.01648
0.01648
6 May 2020
30 Apr 2020
0.01907
0.01907
4 Jun 2020
31 May 2020
0.01672
0.01672
6 Jul 2020
30 Jun 2020
0.01309
0.01309
6 Aug 2020
31 Jul 2020
0.01546
0.01546
3 Sep 2020
31 Aug 2020
0.01420
0.01420
5 Oct 2020
30 Sep 2020
0.01494
0.01494
4 Nov 2020
31 Oct 2020
0.01241
0.01241
3 Dec 2020
30 Nov 2020
0.00997
0.00997
6 Jan 2021
31 Dec 2020
0.01043
0.01043
3 Feb 2021
31 Jan 2021
0.00798
0.00798
3 Mar 2021
28 Feb 2021
0.01070
0.01070
7 Apr 2021
31 Mar 2021
0.01162
0.01162
6 May 2021
30 Apr 2021
0.01298
0.01298
3 Jun 2021
31 May 2021
0.01007
0.01007
6 Jul 2021
30 Jun 2021
0.01192
0.01192
5 Aug 2021
31 Jul 2021
0.01148
0.01148
3 Sep 2021
31 Aug 2021
0.01044
0.01044
5 Oct 2021
30 Sep 2021
0.01072
0.01072
3 Nov 2021
31 Oct 2021
0.01238
0.01238
3 Dec 2021
30 Nov 2021
0.01031
0.01031
6 Jan 2022
31 Dec 2021
0.01225
0.01225
3 Feb 2022
31 Jan 2022
0.01040
0.01040
3 Mar 2022
28 Feb 2022
0.01106
0.01106
5 Apr 2022
31 Mar 2022
0.01313
0.01313
5 May 2022
30 Apr 2022
0.01464
0.01464
3 Jun 2022
31 May 2022
0.01465
0.01465
6 Jul 2022
30 Jun 2022
0.01560
0.01560
4 Aug 2022
31 Jul 2022
0.01896
0.01896
6 Sep 2022
31 Aug 2022
0.02042
0.02042
5 Oct 2022
30 Sep 2022
0.01729
0.01729
3 Nov 2022
31 Oct 2022
0.01648
0.01648
5 Dec 2022
30 Nov 2022
0.01942
0.01942
5 Jan 2023
31 Dec 2022
0.02387
0.02387
3 Feb 2023
31 Jan 2023
0.01876
0.01876
3 Mar 2023
28 Feb 2023
0.01965
0.01965
5 Apr 2023
31 Mar 2023
0.02772
0.02772
4 May 2023
30 Apr 2023
0.02453
0.02453
6 Jun 2023
31 May 2023
0.02408
0.02408
6 Jul 2023
30 Jun 2023
0.02784
0.02784
3 Aug 2023
31 Jul 2023
0.02312
0.02312
6 Sep 2023
31 Aug 2023
0.02549
0.02549
4 Oct 2023
30 Sep 2023
0.02419
0.02419
3 Nov 2023
31 Oct 2023
0.02741
0.02741
5 Dec 2023
30 Nov 2023
0.03063
0.03063
4 Jan 2024
31 Dec 2023
0.02871
0.02871
6 Feb 2024
31 Jan 2024
0.02703
0.02703
5 Mar 2024
29 Feb 2024
0.02740
0.02740
4 Apr 2024
31 Mar 2024
0.03219
0.03219
3 May 2024
30 Apr 2024
0.04065
0.04065
6 Jun 2024
31 May 2024
0.05295
0.05295
3 Jul 2024
30 Jun 2024
0.02996
0.02996
6 Aug 2024
31 Jul 2024
0.03395
0.03395
5 Sep 2024
31 Aug 2024
0.03487
0.03487
3 Oct 2024
30 Sep 2024
0.03266
0.03266
5 Nov 2024
31 Oct 2024
0.03263
0.03263
4 Dec 2024
30 Nov 2024
0.03138
0.03138
6 Jan 2025
31 Dec 2024
0.03191
0.03191
6 Feb 2025
31 Jan 2025
0.03471
0.03471
5 Mar 2025
28 Feb 2025
0.02953
0.02953
3 Apr 2025
31 Mar 2025
0.03204
0.03204
6 May 2025
30 Apr 2025
0.03844
0.03844
5 Jun 2025
31 May 2025
0.03529
0.03529
3 Jul 2025
30 Jun 2025
0.03731
0.03731
6 Aug 2025
31 Jul 2025
0.03841
0.03841
4 Sep 2025
31 Aug 2025
0.04143
0.04143
3 Oct 2025
30 Sep 2025
0.03696
0.03696
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2025)
Portfolio
Benchmark
Number of Holdings
349
Effective Duration
3.4 Yrs
3.7 Yrs
Average Effective Maturity
4.3 Yrs
4.2 Yrs
Portfolio
Benchmark
Weighted Average Coupon
3.4%
3.6%
Yield to Worst
4.7%
4.0%
Risk & Return Profile

Risk & Return Profile

(As of 31 Aug 2025)
3y
5y
Beta
0.87
0.86
R-Squared (%)
96.80
95.27
Standard Deviation (%)
3.84
3.60
Sharpe Ratio
-0.02
-0.42
Information Ratio
0.87
0.82
Tracking Error (%)
0.88
0.98
Up Capture (%)
95.80
93.33
Down Capture (%)
75.50
77.59
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2025)
Name
Ticker/Symbol
Weight %
Freddie Mac Pool
3132DU5J2
2.9
Freddie Mac Pool
31427MKG5
2.9
Fannie Mae Pool
3140XMX27
2.2
United States Treasury Note/Bond
91282CNC1
1.6
Fannie Mae Pool
3140X8PW1
1.4
United States Treasury Inflation Indexed Bonds
91282CJY8
1.4
New Residential Mortgage Loan Trust 2022-NQM3
64831QAA1
1.4
United States Treasury Inflation Indexed Bonds
912810PZ5
1.1
Bayer US Finance II, LLC
07274NAJ2
1.0
United States Treasury Inflation Indexed Bonds
91282CKL4
1.0
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Corporate
39.0
29.1
Collateralized Mortgage Obligation
19.2
Mortgage Passthrough
17.8
Treasury-Domestic
8.1
64.9
Asset Backed Securities
7.4
0.0
Cash & Cash Equivalents
4.3
Commercial Mortgage Backed Security
2.8
Preferred Stock
0.7
Agency Debenture
0.3
2.1
Treasury-Foreign
0.2
3.3
Municipals
0.1
0.6
Sector Allocation
Fund (%)
Corporate
39.0
Collateralized Mortgage Obligation
19.2
Mortgage Passthrough
17.8
Treasury-Domestic
8.1
Asset Backed Securities
7.4
Cash & Cash Equivalents
4.3
Commercial Mortgage Backed Security
2.8
Preferred Stock
0.7
Agency Debenture
0.3
Treasury-Foreign
0.2
Municipals
0.1
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
37.4
67.0
AAA
14.5
2.2
AA
3.4
3.3
A
15.1
13.9
BBB
24.6
13.6
Not Rated
0.7
Cash & Cash Equivalents
4.3
Credit Quality
Fund (%)
U.S. Government
37.4
AAA
14.5
AA
3.4
A
15.1
BBB
24.6
Not Rated
0.7
Cash & Cash Equivalents
4.3
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
16.7
2.2
Year 2
8.8
20.9
Year 3
8.9
17.8
Year 4
14.7
13.4
Year 5
12.2
14.4
Year 6
6.5
8.2
Year 7
6.0
8.2
Year 8
3.8
4.8
Year 9
4.0
5.5
Year 10+
14.1
4.6
Cash
4.3
Maturity
Fund (%)
Year 1
16.7
Year 2
8.8
Year 3
8.9
Year 4
14.7
Year 5
12.2
Year 6
6.5
Year 7
6.0
Year 8
3.8
Year 9
4.0
Year 10+
14.1
Cash
4.3
Portfolio Managers

Portfolio Managers

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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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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