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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.

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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.

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Thornburg Strategic Income Fund (UCITS)

Fund Assets
$55.5 M
As of 31 Oct 2022
NAV
$10.86
As of 30 Nov 2022
Change
$0.05
As of 30 Nov 2022
YTD NAV Performance
-8.04%
As of 30 Nov 2022
Inception Date
28 Dec 2018
Portfolio Managers
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Co-Head of Investments and Managing Director
Portfolio Manager and Managing Director
President and CEO
Overview

Overview

Why Invest in This Fund?

  • Highly active and flexible approach, designed to provide attractive risk-adjusted returns by investing in fixed income securities across sector, credit quality and geography.
  • Proven bottom-up fundamental approach to identify what we perceive to be the most attractive opportunities on a relative value basis.
  • Opportunistic, multi-sector bond strategy that seeks to provide a total return above that of core fixed income strategies with only incrementally higher risk.

Investment Objective

The fund’s goal is to provide investors with a high level of current income. The fund also seeks to provide some long-term capital appreciation.

Investment Approach

The fund is built around a highly active and flexible approach, able to invest in any income-producing security around the globe across sectors and issuers in order to identify the best relative value opportunities. Our collaborative process combines top-down macroeconomic considerations with deep, fundamental credit research for a comprehensive assessment of risk and reward across the fixed income universe.

Performance

Performance

Returns

(As of 30 Sep 2022)
YTD
1y
3y
Inception
Total Return (%)
-10.25
-10.25
-0.09
1.56
BBG US Universal TR Value (%)
-14.90
-14.92
-3.11
-0.22
Strategic Income Blend (%)
-16.77
-15.47
-1.49
1.54
Morningstar Category Avg. (%)
-13.25
-15.01
-2.31
Morningstar Quartile
1
1
YTD
1y
3y
Inception
Total Return (%)
-8.04
-7.50
0.59
2.13
BBG US Universal TR Value (%)
-12.70
-12.75
-2.38
0.44
Strategic Income Blend (%)
-12.82
-12.25
-0.38
2.68
Morningstar Category Avg. (%)
-13.25
-15.01
-2.31
Morningstar Quartile
1
1
YTD
1y
3y
Inception
Total Return (%)
-10.25
-10.25
-0.28
6.00
BBG US Universal TR Value (%)
-14.90
-14.92
-9.05
-0.83
Strategic Income Blend (%)
-16.77
-15.47
-4.41
5.92
YTD
1y
3y
Inception
Total Return (%)
-8.04
-7.50
1.78
8.60
BBG US Universal TR Value (%)
-12.70
-12.75
-6.98
1.74
Strategic Income Blend (%)
-12.82
-12.25
-1.13
10.95
2019
2020
2021
Total Return (%)
7.40
7.64
2.16
Strategic Income Blend (%)
12.45
9.68
2.85
BBG US Universal TR Value (%)
9.29
7.58
-1.10
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Nov 2022)
(Hypothetical Growth of $10,000 vs BBG US Universal TR Value)
Fund Facts

Fund Facts

(As of 31 Oct 2022)
Net Fund Assets
$55.5 M
Benchmark
BBG US Universal TR Value
Morningstar Category
EAA Fund Global Flexible Bond
Fund Symbol
THSIIAU ID
Share Class
I Acc
Share Class Inception Date
28 Dec 2018
Number of Holdings
420
Distribution Frequency
N/a
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2022)
Portfolio
Benchmark
Effective Duration
3.3 Yrs
5.9 Yrs
Average Effective Maturity
4.9 Yrs
8.1 Yrs
Portfolio
Benchmark
Weighted Average Coupon
4.2%
2.9%
Yield to Worst
7.4%
5.4%
Risk & Return Profile

Risk & Return Profile

(As of 31 Oct 2022)
3y
Beta
0.42
R-Squared (%)
36.69
Standard Deviation (%)
3.46
Sharpe Ratio
-0.21
Information Ratio
0.88
Up Capture (%)
38.95
Down Capture (%)
34.42
Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2022)
Name
Ticker/Symbol
Sector
Weight %
New Residential Mortgage Loan Trust 2022-NQM3
Mortgage Securities
1.2
Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd.
Asset Backed Securities
1.0
United States Treasury Inflation Indexed Bonds
Government
1.0
Vector Group Ltd.
92240MBJ6
Consumer, Non-cyclical
0.9
LendingPoint Pass-Through Trust Series 2022-ST1
Asset Backed Securities
0.9
Greystone CRE Notes 2021-FL3 Ltd.
39809PAA3
Asset Backed Securities
0.8
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL
Consumer, Non-cyclical
0.8
Foursight Capital Automobile Receivables Trust 2022-1
Asset Backed Securities
0.8
MercadoLibre, Inc.
58733RAE2
Communications
0.8
MF1 2022-FL8 Ltd.
Asset Backed Securities
0.8
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
Corporate
70.4
30.2
Asset Backed Securities
12.6
0.4
Collateralized Mortgage Obligation
5.2
Commercial Mortgage Backed Security
3.1
1.7
Cash & Cash Equivalents
3.1
Bank Loan
2.3
Preferred Stock
1.0
Treasury-Domestic
1.0
34.8
Treasury-Foreign
0.8
4.3
Municipals
0.3
1.0
Mortgage Passthrough
0.1
23.4
Currency Forward
0.0
Sector Allocation
Fund (%)
Corporate
70.4
Asset Backed Securities
12.6
Collateralized Mortgage Obligation
5.2
Commercial Mortgage Backed Security
3.1
Cash & Cash Equivalents
3.1
Bank Loan
2.3
Preferred Stock
1.0
Treasury-Domestic
1.0
Treasury-Foreign
0.8
Municipals
0.3
Mortgage Passthrough
0.1
Currency Forward
0.0
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
United States
75.7
85.4
North America
Canada
3.1
1.5
North America
Cayman Islands
1.8
Other
Mexico
1.5
0.5
Latin America
Brazil
1.4
0.2
Latin America
United Kingdom
1.3
1.3
UK
Belgium
1.3
0.0
Europe ex UK
Russia
1.0
Europe ex UK
Guatemala
0.8
0.0
Latin America
Australia
0.8
0.4
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
United States
75.7
Canada
3.1
Cayman Islands
1.8
Mexico
1.5
Brazil
1.4
United Kingdom
1.3
Belgium
1.3
Russia
1.0
Guatemala
0.8
Australia
0.8
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
2.1
60.6
AAA
7.4
3.2
AA
1.2
3.9
A
9.8
12.5
BBB
27.4
13.6
BB
30.7
3.3
B
12.0
2.2
CCC
0.5
0.6
Not Rated
5.9
0.1
Cash & Cash Equivalents
3.1
Credit Quality
Fund (%)
U.S. Government
2.1
AAA
7.4
AA
1.2
A
9.8
BBB
27.4
BB
30.7
B
12.0
CCC
0.5
Not Rated
5.9
Cash & Cash Equivalents
3.1
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
6.2
0.9
Year 2
9.1
12.0
Year 3
14.6
10.9
Year 4
13.6
8.9
Year 5
12.1
8.6
Year 6
13.3
8.0
Year 7
9.3
7.3
Year 8
5.8
7.2
Year 9
5.4
7.1
Year 10+
7.5
29.2
Cash
3.1
Maturity
Fund (%)
Year 1
6.2
Year 2
9.1
Year 3
14.6
Year 4
13.6
Year 5
12.1
Year 6
13.3
Year 7
9.3
Year 8
5.8
Year 9
5.4
Year 10+
7.5
Cash
3.1
Portfolio Managers

Portfolio Managers

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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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…
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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…
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Ali Hassan, CFA, FRM
Ali Hassan, CFA, FRM
Portfolio Manager and Managing Director
Ali Hassan is portfolio manager for Thornburg Investment Management. He joined the firm in 2013 as a fixed income analyst, became senior fixed income analyst in 2017 and was promoted to portfolio manager in 2021. Ali graduated from Stanford University with a BA in economics and a BS in mathematical & computational science. Prior to his joining Thornburg, Ali worked…
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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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