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Fund Operations
800.847.0200

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THSIAAU ID

Thornburg Strategic Income Fund (UCITS)

Morningstar Rating  • Info

Overall Morningstar Rating among 641 EAA Fund Global Flexible Bond funds, based on risk-adjusted returns for class A Acc shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 4 stars and 4 stars among 641, 550 and 263 funds, as of 31 Aug 2026.

As of 31 Aug 2026
Fund Assets
$84.4 M
As of 31 Aug 2026
NAV
$12.43
As of 17 Sep 2026
Change
$0.04
As of 17 Sep 2026
YTD NAV Performance
0.00%
As of 17 Sep 2026
Asset Category:
Global Fixed Income
Fund Benchmark:
Bloomberg U.S. Universal Index

Portfolio Managers

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

All share classes may not be available in all jurisdictions.

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.

Fund Facts

Fund Facts

(As of 31 Aug 2026)
Net Fund Assets
$84.4 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
Ongoing Charges
1.45%
Management Fee
1.20%
Share Class
A Acc
Share Class Inception Date
28 Dec 2018
Fund Inception Date
28 Dec 2018
Bloomberg Ticker
THSIAAU ID
ISIN
IE00BGPKTC11
Cusip
G8850P333
SEDOL
BGPKTC1
Performance

Performance

Returns

(As of 30 Jun 2026)
YTD
1y
3y
5y
Inception
Total Return (%)
1.05
3.54
4.97
1.73
3.08
Bloomberg U.S. Universal Index (%)
0.77
4.15
4.70
0.44
2.36
Bloomberg Global Aggregate Index (%)
-0.22
0.62
3.41
-1.55
0.61
Morningstar Category Avg. (%)
0.29
2.62
5.94
1.04
Morningstar Quartile
2
3
2
Morningstar Quartile # of Funds
751
644
548
YTD
1y
3y
5y
Inception
Total Return (%)
0.64
2.21
4.60
1.56
2.96
Bloomberg U.S. Universal Index (%)
-0.03
2.23
4.60
0.10
2.20
Bloomberg Global Aggregate Index (%)
-0.30
0.60
3.62
-1.74
0.59
Morningstar Category Avg. (%)
0.71
2.27
6.02
1.02
Morningstar Quartile
2
4
2
Morningstar Quartile # of Funds
751
641
550
2019
2020
2021
2022
2023
2024
2025
Total Return (%)
6.60
6.85
1.32
-8.58
7.30
3.27
6.33
Bloomberg U.S. Universal Index (%)
9.29
7.58
-1.10
-12.99
6.17
2.04
7.58
Bloomberg Global Aggregate Index (%)
6.84
9.20
-4.71
-16.25
5.72
-1.69
8.17
YTD
1y
3y
5y
Inception
Total Return (%)
1.05
3.54
15.65
8.93
25.60
Bloomberg U.S. Universal Index (%)
0.77
4.15
14.79
2.24
19.10
Bloomberg Global Aggregate Index (%)
-0.22
0.62
10.59
-7.50
4.70
YTD
1y
3y
5y
Inception
Total Return (%)
0.64
2.21
14.46
8.03
25.10
Bloomberg U.S. Universal Index (%)
-0.03
2.23
14.44
0.48
18.14
Bloomberg Global Aggregate Index (%)
-0.30
0.60
11.27
-8.41
4.61
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Aug 2026)
(Hypothetical Growth of $10,000 vs Bloomberg U.S. Universal Index)
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2026)
Portfolio
Benchmark
Number of Holdings
452
Effective Duration
4.2 Yrs
5.6 Yrs
Average Effective Maturity
5.0 Yrs
7.9 Yrs
Portfolio
Benchmark
Weighted Average Coupon
4.4%
4.1%
Yield to Worst
5.6%
5.1%
Risk & Return Profile

Risk & Return Profile

(As of 31 Aug 2026)
3y
5y
Annualized Alpha (%)
2.38
2.26
Beta
0.66
0.67
R-Squared (%)
97.77
90.69
Standard Deviation (%)
3.54
4.35
Sharpe Ratio
0.20
-0.33
Information Ratio
0.46
0.92
Tracking Error (%)
1.89
2.46
Up Capture (%)
82.17
79.52
Down Capture (%)
50.47
52.43
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2026)
Name
Ticker/Symbol
Weight %
United States Treasury Strip Coupon
912834MT2
5.1
United States Treasury Note/Bond
91282CQQ7
2.3
Ginnie Mae II Pool
36179W7K8
1.2
United States Treasury Note/Bond
912810TA6
1.1
Freddie Mac Pool
3132DU5J2
1.0
Ginnie Mae II Pool
36179WR34
0.7
United States Treasury Inflation Indexed Bonds
91282CPU9
0.7
SBA Tower Trust
78403DAT7
0.6
Fannie Mae Pool
3140Q0DR0
0.6
United States Treasury Inflation Indexed Bonds
912810UH9
0.5
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2026)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
Corporate Bond
47.0
30.2
Collateralized Mortgage Obligation
20.3
Treasury Domestic
10.4
39.5
Mortgage Passthrough
8.1
20.0
Asset Backed Securities
7.2
0.4
Short-Term Investments, Other Assets & Liabilities
1.9
Treasury-Foreign
1.5
4.8
Loan Participation
1.4
Commercial Mortgage Backed Security
1.1
1.2
Preferred Stock
1.1
Municipals
0.0
0.8
Currency Forward
0.0
Sector Allocation
Fund (%)
Corporate Bond
47.0
Collateralized Mortgage Obligation
20.3
Treasury Domestic
10.4
Mortgage Passthrough
8.1
Asset Backed Securities
7.2
Short-Term Investments, Other Assets & Liabilities
1.9
Treasury-Foreign
1.5
Loan Participation
1.4
Commercial Mortgage Backed Security
1.1
Preferred Stock
1.1
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
87.2
86.2
North America
Canada
2.0
1.4
North America
United Kingdom
1.3
1.2
UK
Saudi Arabia
1.0
0.3
Other
Mexico
1.0
0.6
Latin America
France
0.9
0.7
Europe ex UK
Australia
0.6
0.4
Asia Pacific ex Japan
Germany
0.6
0.3
Europe ex UK
Bermuda
0.5
0.1
Other
Italy
0.5
0.1
Europe ex UK
Top 10 Countries
Fund (%)
United States
87.2
Canada
2.0
United Kingdom
1.3
Saudi Arabia
1.0
Mexico
1.0
France
0.9
Australia
0.6
Germany
0.6
Bermuda
0.5
Italy
0.5
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
U.S. Government
25.3
59.9
AAA
13.1
3.0
AA
4.0
5.6
A
10.5
12.1
BBB
26.9
12.7
BB
13.2
3.5
B
2.3
2.5
CCC
0.2
0.6
Not Rated
2.8
0.0
Short-Term Investments, Other Assets & Liabilities
1.9
Credit Quality
Fund (%)
U.S. Government
25.3
AAA
13.1
AA
4.0
A
10.5
BBB
26.9
BB
13.2
B
2.3
CCC
0.2
Not Rated
2.8
Short-Term Investments, Other Assets & Liabilities
1.9
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
14.5
1.5
Year 2
12.0
12.9
Year 3
12.8
11.4
Year 4
12.0
9.7
Year 5
10.7
10.2
Year 6
8.2
6.1
Year 7
4.7
7.6
Year 8
2.7
7.5
Year 9
2.0
8.9
Year 10+
18.5
24.2
Short-Term Investments, Other Assets & Liabilities
1.9
Maturity
Fund (%)
Year 1
14.5
Year 2
12.0
Year 3
12.8
Year 4
12.0
Year 5
10.7
Year 6
8.2
Year 7
4.7
Year 8
2.7
Year 9
2.0
Year 10+
18.5
Short-Term Investments, Other Assets & Liabilities
1.9
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, Portfolio Manager 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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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…
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