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Home Investments UCITS Funds Thornburg Strategic Income Fund (UCITS) THSIIAU-ID
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Thornburg Strategic Income Fund (UCITS)

Morningstar Rating  • Info

Overall Morningstar Rating among 676 EAA Fund Global Flexible Bond funds, based on risk-adjusted returns for class I Acc shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 4 stars and 5 stars among 676, 551 and 251 funds, as of 30 Nov 2025.

As of 30 Nov 2025
Fund Assets
$92.6 M
As of 30 Nov 2025
NAV
$13.11
As of 18 Dec 2025
Change
$0.02
As of 18 Dec 2025
YTD NAV Performance
7.20%
As of 18 Dec 2025
Asset Category:
Global Fixed Income
Fund Benchmark:
Bloomberg U.S. Universal Index

Portfolio Managers

Lon Erickson, CFA
Portfolio Manager and Managing Director
Christian Hoffmann, CFA
Head of Fixed Income and Managing Director
Ali Hassan, CFA, FRM
Portfolio Manager and Managing Director

For non-U.S. currency share classes, from 30 September through 3 November, the USD NAV and USD YTD NAV performance were displayed. As of 3 November, the firm is reporting both figures in appropriate share class currency.

OverviewFund FactsPerformanceCharacteristicsPortfolioPortfolio ManagersLiterature
Overview

Overview

Why Invest in This Fund?

  • Highly active and flexible approach – Designed to deliver attractive risk-adjusted returns by investing across sectors, credit qualities, and geographies within the global fixed income market.
  • Proven bottom-up fundamental process – Anchored in deep credit research to uncover what we believe are the most compelling opportunities based on relative value.
  • Opportunistic, multi-sector bond strategy – Seeks to outperform traditional core fixed income strategies with only modestly higher risk through selective, risk-aware positioning.

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 takes a flexible, opportunistic approach to global fixed income, implementing deep bottom-up credit research to uncover the most compelling relative value opportunities. Grounded in a disciplined, conservative philosophy, the strategy maintains a generally defensive posture to protect capital, seeking to participate in the upside while limiting the downside. The strategy also rotates into areas where fundamentals remain strong but valuations are dislocated, aiming to deliver consistent, risk-adjusted returns over time.

Related Content

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Fund Facts

Fund Facts

(As of 30 Nov 2025)
Net Fund Assets
$92.6 M
Benchmark
Bloomberg U.S. Universal Index
Morningstar Category
EAA Fund Global Flexible Bond
Distribution Frequency
N/A
SFDR
Article 8
Minimum Investment
$1,000,000
Ongoing Charges
0.75%
Management Fee
0.60%
Share Class
I Acc
Share Class Inception Date
28 Dec 2018
Fund Inception Date
28 Dec 2018
Bloomberg Ticker
THSIIAU ID
ISIN
IE00BGPKTH65
Cusip
G8850P424
SEDOL
BGPKTH6
Performance

Performance

Returns

Calendar Year
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Total Return (%)
—
—
—
—
7.40
7.64
2.16
-7.96
8.19
4.00
Bloomberg U.S. Universal Index (%)
—
—
—
—
9.29
7.58
-1.10
-12.99
6.17
2.04
Bloomberg Global Aggregate Index (%)
—
—
—
—
6.84
9.20
-4.71
-16.25
5.72
-1.69
YTD
1y
3y
5y
Inception
Total Return (%)
6.05
4.34
6.96
2.85
3.92
Bloomberg U.S. Universal Index (%)
6.31
3.40
5.60
0.08
2.32
Bloomberg Global Aggregate Index (%)
7.91
2.40
5.45
-1.56
0.68
Morningstar Category Avg. (%)
11.14
6.35
8.86
1.72
—
Morningstar Quartile
—
4
3
2
—
Morningstar Quartile # of Funds
—
805
688
554
—
YTD
1y
3y
5y
Inception
Total Return (%)
7.20
6.15
6.48
2.74
3.99
Bloomberg U.S. Universal Index (%)
7.66
6.03
5.14
0.14
2.45
Bloomberg Global Aggregate Index (%)
7.89
5.57
4.08
-1.94
0.66
Morningstar Category Avg. (%)
11.05
9.34
7.09
1.06
—
Morningstar Quartile
—
4
3
1
—
Morningstar Quartile # of Funds
—
793
676
551
—
YTD
1y
3y
5y
Inception
Total Return (%)
6.05
4.34
22.36
15.08
29.70
Bloomberg U.S. Universal Index (%)
6.31
3.40
17.76
0.38
16.78
Bloomberg Global Aggregate Index (%)
7.91
2.40
17.25
-7.55
4.67
YTD
1y
3y
5y
Inception
Total Return (%)
7.20
6.15
20.72
14.50
31.10
Bloomberg U.S. Universal Index (%)
7.66
6.03
16.24
0.71
18.26
Bloomberg Global Aggregate Index (%)
7.89
5.57
12.73
-9.31
4.65

Periods less than one year are not annualized.

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.

Source: Confluence

Morningstar quartile ranking for EAA Fund Global Flexible Bond category is based on total returns before sales charges.

Performance data shown does not reflect the deduction of any applicable sales charges, including initial sales charges or contingent deferred sales charges (CDSCS).

Share class inception dates: A Acc shares, C Acc shares, I Acc shares, A Dist shares, 28 Dec 2018; I Dist shares, 12 Jun 2021; X Acc shares 10 Jun 21.

Click here for PRIIPS Performance Risk Scenario information.

Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Nov 2025)
(Hypothetical Growth of $10,000 vs Bloomberg U.S. Universal Index)

The performance data quoted represents past performance; it does not guarantee future results.

The Hypothetical Growth graph compares a hypothetical investment in the Fund to the performance of the Index for the stated time period. Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Since the Fund has a limited performance history, data for the Thornburg Strategic Income Fund, a U.S. mutual fund, is shown. Although the Fund is managed by the same investment team and utilizes a similar investment process as the U.S. mutual fund, the performance and portfolio composition of the Fund may differ due to UCITS regulations.

Characteristics

Characteristics

Portfolio

(As of 30 Nov 2025)
Portfolio
Benchmark
Number of Holdings
411
—
Effective Duration
4.0 Yrs
5.8 Yrs
Average Effective Maturity
5.2 Yrs
7.9 Yrs
Portfolio
Benchmark
Weighted Average Coupon
4.2%
4.0%
Yield to Worst
4.9%
4.4%
Risk & Return Profile

Risk & Return Profile

(As of 30 Nov 2025)
3y
5y
Beta
0.64
0.65
R-Squared (%)
96.97
89.17
Standard Deviation (%)
3.71
4.28
Sharpe Ratio
0.42
-0.10
Information Ratio
0.66
1.04
Tracking Error (%)
2.19
2.57
Up Capture (%)
80.53
78.93
Down Capture (%)
39.14
46.98

Past performance does not guarantee future results.

Risk & Return Profile metrics are based on the I Accumulating share class.

Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2025)
Name
Ticker/Symbol
Weight %
United States Treasury Note/Bond
91282CNC1
5.5
Freddie Mac Pool
3132DU5J2
3.3
United States Treasury Strip Coupon
912834MT2
3.1
Freddie Mac Pool
31427MKG5
1.9
United States Treasury Note/Bond
91282CNT4
1.8
Ginnie Mae II Pool
36179W7K8
1.6
United States Treasury Inflation Indexed Bonds
91282CML2
1.5
United States Treasury Inflation Indexed Bonds
91282CNB3
1.4
United States Treasury Note/Bond
912810UF3
1.0
Ginnie Mae II Pool
36179WR34
0.8
Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 30 Nov 2025)
Sector
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
Corporate Bond
43.9
—
Collateralized Mortgage Obligation
15.5
—
Treasury Domestic
14.5
39.0
Mortgage Passthrough
10.4
20.8
Asset Backed Securities
7.7
0.4
Short-Term Investments, Other Assets & Liabilities
3.5
—
Commercial Mortgage Backed Security
1.4
1.3
Treasury-Foreign
1.2
4.7
Loan Participation
1.2
—
Preferred Stock
0.6
—
Municipals
0.0
0.9
Currency Forward
0.0
—
Sector Allocation
Fund (%)
Corporate Bond
43.9
Collateralized Mortgage Obligation
15.5
Treasury Domestic
14.5
Mortgage Passthrough
10.4
Asset Backed Securities
7.7
Short-Term Investments, Other Assets & Liabilities
3.5
Commercial Mortgage Backed Security
1.4
Treasury-Foreign
1.2
Loan Participation
1.2
Preferred Stock
0.6
Municipals
0.0
Currency Forward
0.0
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
United States
89.2
86.1
North America
Canada
1.9
1.4
North America
Mexico
1.2
0.5
Latin America
Saudi Arabia
0.9
0.3
Other
United Kingdom
0.6
1.2
UK
Germany
0.6
0.3
Europe ex UK
Australia
0.6
0.4
Asia Pacific ex Japan
Turkey
0.5
0.3
Europe ex UK
Italy
0.5
0.1
Europe ex UK
United Arab Emirates
0.5
0.4
Other
Top 10 Countries
Fund (%)
United States
89.2
Canada
1.9
Mexico
1.2
Saudi Arabia
0.9
United Kingdom
0.6
Germany
0.6
Australia
0.6
Turkey
0.5
Italy
0.5
United Arab Emirates
0.5
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
31.2
60.8
AAA
12.6
2.5
AA
2.6
4.5
A
9.1
11.9
BBB
21.3
12.8
BB
14.4
3.3
B
3.2
2.1
CCC
0.1
0.8
D
0.1
—
Not Rated
2.0
1.2
Short-Term Investments, Other Assets & Liabilities
3.5
—
Credit Quality
Fund (%)
U.S. Government
31.2
AAA
12.6
AA
2.6
A
9.1
BBB
21.3
BB
14.4
B
3.2
CCC
0.1
D
0.1
Not Rated
2.0
Short-Term Investments, Other Assets & Liabilities
3.5
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
17.2
1.8
Year 2
9.6
12.0
Year 3
10.3
12.3
Year 4
12.0
10.6
Year 5
8.7
11.4
Year 6
5.8
5.9
Year 7
3.5
6.8
Year 8
2.4
5.6
Year 9
1.6
6.8
Year 10+
25.4
26.7
Short-Term Investments, Other Assets & Liabilities
3.5
—
Maturity
Fund (%)
Year 1
17.2
Year 2
9.6
Year 3
10.3
Year 4
12.0
Year 5
8.7
Year 6
5.8
Year 7
3.5
Year 8
2.4
Year 9
1.6
Year 10+
25.4
Short-Term Investments, Other Assets & Liabilities
3.5

Holdings within the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Portfolio holdings are subject to change daily.

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Short-Term Investments, Other Assets & Liabilities includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

A bond credit rating assesses the financial ability of a debt issuer to make timely payments of principal and interest. Ratings of AAA (the highest), AA, A, and BBB are investment-grade quality. Ratings of BB, B, CCC, CC, C and D (the lowest) are considered below investment grade, speculative grade, or junk bonds. Credit quality ratings use the highest rating available from either S&P Global Ratings or Moody's Investors Service. Unrated securities are evaluated by the firm using available data and their own analysis that may be similar to that of a nationally recognized rating agency; however, such determination is not equivalent to a national agency credit rating. "NR" = Not Rated.

Portfolio Managers

Portfolio Managers

Lon Erickson, CFA

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…
Learn More
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…
Learn More
Ali Hassan, CFA, FRM

Ali Hassan, CFA, FRM

Portfolio Manager and Managing Director
Ali Hassan is a 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…
Learn More

Literature

Fact Sheet - EN
Fact Sheet - ES
Commentary - EN
Commentary - ES
Prospectus Supplement
Operational Facts
Prospectus
Annual Report
Semi-Annual Report
Article 10 Transparency Statement

Transparency Statement Translations

Article 10 Transparency Statement (Danish)
Article 10 Transparency Statement (Dutch)
Article 10 Transparency Statement (German)
Article 10 Transparency Statement (Italian)
Article 10 Transparency Statement (Spanish)
Article 10 Transparency Statement (Swedish)

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