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Thornburg Strategic Income Fund (UCITS)

Fund Assets
$75.0 M
As of 31 May 2022
NAV
$10.73
As of 29 Jun 2022
Change
$-0.01
As of 29 Jun 2022
YTD NAV Performance
-9.14%
As of 29 Jun 2022
Inception Date
28 Dec 2018
Portfolio Managers
President and CEO
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Co-Head of Investments and Managing Director
Portfolio Manager and Managing Director
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 31 Mar 2022)
YTD
1y
3y
Inception
Total Return (%)
-4.15
-2.16
3.23
3.88
BBG US Universal TR Value (%)
-6.11
-4.23
1.85
2.80
Strategic Income Blend (%)
-5.75
-1.35
4.48
5.75
Morningstar Category Avg. (%)
-4.78
-5.48
1.25
Morningstar Quartile
1
1
YTD
1y
3y
Inception
Total Return (%)
-6.27
-5.30
2.14
3.02
BBG US Universal TR Value (%)
-9.12
-8.41
0.20
1.69
Strategic Income Blend (%)
-9.70
-7.44
2.66
4.15
Morningstar Category Avg. (%)
-8.9
-10.61
-0.38
Morningstar Quartile
1
1
YTD
1y
3y
Inception
Total Return (%)
-4.15
-2.16
10.01
13.20
BBG US Universal TR Value (%)
-6.11
-4.23
5.65
9.41
Strategic Income Blend (%)
-5.75
-1.35
14.05
19.96
YTD
1y
3y
Inception
Total Return (%)
-6.27
-5.30
6.54
10.70
BBG US Universal TR Value (%)
-9.12
-8.41
0.59
5.91
Strategic Income Blend (%)
-9.70
-7.44
8.19
14.93
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 31 May 2022)
(Hypothetical Growth of $10,000 vs BBG US Universal TR Value)
Fund Facts

Fund Facts

(As of 31 May 2022)
Net Fund Assets
$75.0 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
465
Distribution Frequency
N/a
Characteristics

Characteristics

Portfolio

(As of 31 May 2022)
Portfolio
Benchmark
Effective Duration
3.0 Yrs
6.2 Yrs
Average Effective Maturity
4.5 Yrs
8.3 Yrs
Portfolio
Benchmark
Weighted Average Coupon
3.6%
2.8%
Yield to Worst
4.9%
3.7%
Risk & Return Profile

Risk & Return Profile

(As of 31 May 2022)
3y
Beta
0.39
R-Squared (%)
28.40
Standard Deviation (%)
3.05
Sharpe Ratio
0.51
Information Ratio
0.45
Up Capture (%)
36.79
Down Capture (%)
28.16
Portfolio

Portfolio

Top Holdings

(As of 30 Apr 2022)
Name
Ticker/Symbol
Sector
Weight %
New Residential Mortgage Loan Trust
Mortgage Securities
1.0
LendingPoint Pass-Through Trust Series 2022-ST1
Asset Backed Securities
0.9
IAA, Inc.
449253AB9
Consumer, Cyclical
0.9
Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd.
Asset Backed Securities
0.8
Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance plc
03969YAA6
Industrials
0.8
Vector Group Ltd.
92240MBJ6
Consumer, Non-cyclical
0.7
Antares Holdings L.P.
03666HAA9
Financials
0.7
Sensata Technologies BV
81725WAG8
Industrials
0.7
Central American Bottling Corp. / CBC Bottling Holdco SL / Beliv Holdco SL
Consumer, Non-cyclical
0.7
Invitation Homes 2018-SFR1 Trust
46185JAA6
Asset Backed Securities
0.7
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Corporate
67.8
31.1
Asset Backed Securities
12.6
0.3
Cash & Cash Equivalents
7.4
Collateralized Mortgage Obligation
5.0
Commercial Mortgage Backed Security
2.4
1.7
Bank Loan
1.9
Mortgage Passthrough
1.0
23.4
Preferred Stock
0.9
Treasury-Foreign
0.5
4.5
Municipals
0.2
1.0
Treasury-Domestic
0.1
33.5
Currency Forward
0.0
Sector Allocation
Fund (%)
Corporate
67.8
Asset Backed Securities
12.6
Cash & Cash Equivalents
7.4
Collateralized Mortgage Obligation
5.0
Commercial Mortgage Backed Security
2.4
Bank Loan
1.9
Mortgage Passthrough
1.0
Preferred Stock
0.9
Treasury-Foreign
0.5
Municipals
0.2
Treasury-Domestic
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
67.6
84.7
North America
Ireland
8.0
0.3
Europe ex UK
Canada
2.9
1.5
North America
Cayman Islands
1.4
Other
United Kingdom
1.3
1.4
UK
Mexico
1.1
0.6
Latin America
Brazil
1.1
0.2
Latin America
Belgium
1.0
0.0
Europe ex UK
China
0.7
0.6
Asia Pacific ex Japan
Guatemala
0.7
0.0
Latin America
Top 10 Countries
Fund (%)
United States
67.6
Ireland
8.0
Canada
2.9
Cayman Islands
1.4
United Kingdom
1.3
Mexico
1.1
Brazil
1.1
Belgium
1.0
China
0.7
Guatemala
0.7
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
U.S. Government
1.9
59.4
AAA
7.5
3.1
AA
1.6
4.0
A
8.3
12.6
BBB
26.8
14.2
BB
30.9
3.6
B
11.2
2.3
CCC
0.4
0.6
Not Rated
4.0
0.1
Cash & Cash Equivalents
7.4
Credit Quality
Fund (%)
U.S. Government
1.9
AAA
7.5
AA
1.6
A
8.3
BBB
26.8
BB
30.9
B
11.2
CCC
0.4
Not Rated
4.0
Cash & Cash Equivalents
7.4
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
6.4
1.4
Year 2
9.5
11.1
Year 3
13.8
10.4
Year 4
9.0
8.6
Year 5
15.7
8.9
Year 6
10.9
9.6
Year 7
8.8
8.4
Year 8
5.9
7.4
Year 9
3.7
6.2
Year 10+
9.0
28.2
Cash
7.4
Maturity
Fund (%)
Year 1
6.4
Year 2
9.5
Year 3
13.8
Year 4
9.0
Year 5
15.7
Year 6
10.9
Year 7
8.8
Year 8
5.9
Year 9
3.7
Year 10+
9.0
Cash
7.4
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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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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