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Thornburg Strategic Income Fund (UCITS)

SYMBOL: THSIADU ID

Morningstar Rating • Info

Overall Morningstar Rating among 674 EAA Fund Global Flexible Bond funds, based on risk-adjusted returns for class A Dist shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 4 stars and 4 stars among 676, 546 and 252 funds, as of 31 Dec 2025.

As of 31 Dec 2025

Fund Assets

$95.9 M

As of 31 Dec 2025

NAV

$9.96

As of 29 Jan 2026

Change

$0.01

As of 29 Jan 2026

YTD NAV Performance

0.33%

As of 29 Jan 2026

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

All share classes may not be available in all jurisdictions.

Overview Fund Facts Performance Characteristics Portfolio Portfolio Managers Literature

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.

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Fund Facts

Fund Facts

(As of 31 Dec 2025)

Net Fund Assets

$95.9 M

Benchmark

Bloomberg U.S. Universal Index

Morningstar Category

EAA Fund Global Flexible Bond

Distribution Frequency

Monthly

SFDR

Article 8

Minimum Investment

$1,000

Ongoing Charges

1.45%

Management Fee

1.20%

Share Class

A Dist

Share Class Inception Date

28 Dec 2018

Fund Inception Date

28 Dec 2018

Bloomberg Ticker

THSIADU ID

ISIN

IE00BGPKTD28

Cusip

G8850P341

SEDOL

BGPKTD2

Performance

Performance

Returns

Name,Total Return (%),Bloomberg U.S. Universal Index (%),Bloomberg Global Aggregate Index (%)
2019,6.6,9.3,6.8
2020,6.8,7.6,9.2
2021,1.4,-1.1,-4.7
2022,-8.6,-13.0,-16.3
2023,7.4,6.2,5.7
2024,3.2,2.0,-1.7
2025,6.4,7.6,8.2

2019

2020

2021

2022

2023

2024

2025

Total Return (%)

6.60

6.82

1.36

-8.61

7.36

3.20

6.36

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

Name,Total Return (%),Bloomberg U.S. Universal Index (%),Bloomberg Global Aggregate Index (%)
YTD,6.4,7.6,8.2
1y,6.4,7.6,8.2
3y,5.6,5.2,4.0
5y,1.8,0.1,-2.2
10y,0.0,0.0,0.0
Inception,3.2,2.4,0.7

YTD

1y

3y

5y

Inception

Total Return (%)

6.36

6.36

5.63

1.77

3.15

Bloomberg U.S. Universal Index (%)

7.58

7.58

5.24

0.06

2.41

Bloomberg Global Aggregate Index (%)

8.17

8.17

3.98

-2.15

0.69

Morningstar Category Avg. (%)

11.93

11.93

6.83

0.88

—

Morningstar Quartile

—

4

3

2

—

Morningstar Quartile # of Funds

—

785

676

546

—

Name,Total Return (%),Bloomberg U.S. Universal Index (%),Bloomberg Global Aggregate Index (%)
YTD,6.4,7.6,8.2
1y,6.4,7.6,8.2
3y,5.6,5.2,4.0
5y,1.8,0.1,-2.2
10y,0.0,0.0,0.0
Inception,3.2,2.4,0.7

YTD

1y

3y

5y

Inception

Total Return (%)

6.36

6.36

5.63

1.77

3.15

Bloomberg U.S. Universal Index (%)

7.58

7.58

5.24

0.06

2.41

Bloomberg Global Aggregate Index (%)

8.17

8.17

3.98

-2.15

0.69

Morningstar Category Avg. (%)

11.93

11.93

6.83

0.88

—

Morningstar Quartile

—

4

3

2

—

Morningstar Quartile # of Funds

—

785

676

546

—

Name,Total Return (%),Bloomberg U.S. Universal Index (%),Bloomberg Global Aggregate Index (%)
YTD,6.4,7.6,8.2
1y,6.4,7.6,8.2
3y,17.8,16.6,12.4
5y,9.2,0.3,-10.3
10y,0.0,0.0,0.0
Inception,24.3,18.2,4.9

YTD

1y

3y

5y

Inception

Total Return (%)

6.36

6.36

17.84

9.17

24.31

Bloomberg U.S. Universal Index (%)

7.58

7.58

16.55

0.29

18.18

Bloomberg Global Aggregate Index (%)

8.17

8.17

12.42

-10.28

4.92

Name,Total Return (%),Bloomberg U.S. Universal Index (%),Bloomberg Global Aggregate Index (%)
YTD,6.4,7.6,8.2
1y,6.4,7.6,8.2
3y,17.8,16.6,12.4
5y,9.2,0.3,-10.3
10y,0.0,0.0,0.0
Inception,24.3,18.2,4.9

YTD

1y

3y

5y

Inception

Total Return (%)

6.36

6.36

17.84

9.17

24.31

Bloomberg U.S. Universal Index (%)

7.58

7.58

16.55

0.29

18.18

Bloomberg Global Aggregate Index (%)

8.17

8.17

12.42

-10.28

4.92

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

            Categories,AD Shares,Bloomberg U.S. Universal Index
            2018-12-28,10000,10000
2018-12-31,10000,10023
2019-01-31,10120,10161
2019-02-28,10161,10172
2019-03-31,10267,10356
2019-04-30,10319,10370
2019-05-31,10358,10529
2019-06-30,10465,10678
2019-07-31,10488,10710
2019-08-31,10573,10952
2019-09-30,10568,10905
2019-10-31,10597,10940
2019-11-30,10597,10938
2019-12-31,10660,10954
2020-01-31,10733,11151
2020-02-29,10755,11318
2020-03-31,10117,11096
2020-04-30,10426,11319
2020-05-31,10647,11424
2020-06-30,10838,11520
2020-07-31,11050,11722
2020-08-31,11109,11655
2020-09-30,11120,11634
2020-10-31,11124,11592
2020-11-30,11283,11743
2020-12-31,11387,11784
2021-01-31,11399,11710
2021-02-28,11402,11559
2021-03-31,11376,11424
2021-04-30,11441,11520
2021-05-31,11486,11564
2021-06-30,11540,11648
2021-07-31,11580,11765
2021-08-31,11579,11758
2021-09-30,11563,11657
2021-10-31,11530,11648
2021-11-30,11479,11662
2021-12-31,11542,11654
2022-01-31,11371,11398
2022-02-28,11197,11243
2022-03-31,11043,10941
2022-04-30,10784,10533
2022-05-31,10789,10591
2022-06-30,10455,10380
2022-07-31,10741,10640
2022-08-31,10584,10364
2022-09-30,10308,9917
2022-10-31,10337,9809
2022-11-30,10550,10174
2022-12-31,10549,10140
2023-01-31,10814,10454
2023-02-28,10684,10197
2023-03-31,10846,10437
2023-04-30,10861,10500
2023-05-31,10838,10391
2023-06-30,10866,10375
2023-07-31,10930,10386
2023-08-31,10931,10323
2023-09-30,10818,10077
2023-10-31,10722,9925
2023-11-30,11051,10372
2023-12-31,11325,10766
2024-01-31,11342,10740
2024-02-29,11276,10611
2024-03-31,11374,10715
2024-04-30,11207,10465
2024-05-31,11348,10638
2024-06-30,11434,10736
2024-07-31,11645,10979
2024-08-31,11784,11141
2024-09-30,11902,11294
2024-10-31,11723,11037
2024-11-30,11818,11154
2024-12-31,11687,10985
2025-01-31,11771,11051
2025-02-28,11945,11280
2025-03-31,11953,11277
2025-04-30,12022,11317
2025-05-31,11998,11260
2025-06-30,12123,11435
2025-07-31,12119,11419
2025-08-31,12248,11556
2025-09-30,12331,11678
2025-10-31,12384,11755
2025-11-30,12440,11826
2025-12-31,12431,11818

Hypothetical Growth of $10,000

(As of 31 Dec 2025)

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

                        Categories,AD Shares,Bloomberg U.S. Universal Index
                        2024-12-31,10000,10000
2025-01-31,10071,10060
2025-02-28,10220,10268
2025-03-31,10227,10266
2025-04-30,10287,10302
2025-05-31,10266,10250
2025-06-30,10373,10410
2025-07-31,10369,10395
2025-08-31,10480,10520
2025-09-30,10551,10631
2025-10-31,10597,10701
2025-11-30,10644,10766
2025-12-31,10636,10758

                        Categories,AD Shares,Bloomberg U.S. Universal Index
                        2022-12-31,10000,10000
2023-01-31,10252,10310
2023-02-28,10129,10057
2023-03-31,10282,10293
2023-04-30,10296,10356
2023-05-31,10275,10248
2023-06-30,10301,10232
2023-07-31,10362,10243
2023-08-31,10362,10181
2023-09-30,10255,9938
2023-10-31,10165,9789
2023-11-30,10476,10229
2023-12-31,10736,10617
2024-01-31,10752,10592
2024-02-29,10689,10465
2024-03-31,10783,10568
2024-04-30,10625,10321
2024-05-31,10758,10492
2024-06-30,10840,10588
2024-07-31,11039,10828
2024-08-31,11171,10987
2024-09-30,11283,11138
2024-10-31,11114,10885
2024-11-30,11204,11000
2024-12-31,11079,10834
2025-01-31,11158,10899
2025-02-28,11323,11124
2025-03-31,11331,11122
2025-04-30,11397,11161
2025-05-31,11374,11104
2025-06-30,11492,11277
2025-07-31,11488,11261
2025-08-31,11611,11397
2025-09-30,11690,11517
2025-10-31,11740,11593
2025-11-30,11793,11663
2025-12-31,11784,11655

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.

Distributions

            Categories,Total ($)
            2019-01-31,0.01051
2019-02-28,0.01641
2019-03-31,0.02116
2019-04-30,0.01890
2019-05-31,0.02607
2019-06-30,0.02282
2019-07-31,0.02415
2019-08-31,0.02482
2019-09-30,0.01830
2019-10-31,0.02078
2019-11-30,0.02078
2019-12-31,0.02144
2020-01-31,0.02132
2020-02-29,0.02482
2020-03-31,0.01970
2020-04-30,0.02398
2020-05-31,0.02513
2020-06-30,0.02431
2020-07-31,0.02671
2020-08-31,0.02109
2020-09-30,0.02357
2020-10-31,0.02143
2020-11-30,0.01975
2020-12-31,0.02181
2021-01-31,0.02227
2021-02-28,0.02509
2021-03-31,0.03217
2021-04-30,0.02205
2021-05-31,0.02118
2021-06-30,0.01784
2021-07-31,0.01825
2021-08-31,0.01528
2021-09-30,0.01898
2021-10-31,0.01243
2021-11-30,0.01923
2021-12-31,0.02037
2022-01-31,0.01849
2022-02-28,0.01770
2022-03-31,0.02024
2022-04-30,0.02374
2022-05-31,0.02233
2022-06-30,0.02305
2022-07-31,0.03666
2022-08-31,0.01781
2022-09-30,0.04638
2022-10-31,0.02295
2022-11-30,0.03919
2022-12-31,0.02942
2023-01-31,0.03346
2023-02-28,0.02452
2023-03-31,0.05424
2023-04-30,0.03960
2023-05-31,0.03472
2023-06-30,0.03648
2023-07-31,0.02999
2023-08-31,0.03121
2023-09-30,0.02639
2023-10-31,0.02606
2023-11-30,0.02761
2023-12-31,0.02471
2024-01-31,0.02288
2024-02-29,0.02517
2024-03-31,0.02649
2024-04-30,0.04031
2024-05-31,0.04416
2024-06-30,0.02834
2024-07-31,0.02807
2024-08-31,0.03009
2024-09-30,0.02920
2024-10-31,0.02977
2024-11-30,0
2024-12-31,0
2025-01-31,0.02563
2025-02-28,0.02688
2025-03-31,0.02778
2025-04-30,0.04942
2025-05-31,0.04297
2025-06-30,0.04673
2025-07-31,0.04578
2025-08-31,0.04779
2025-09-30,0.04310
2025-10-31,0.04431
2025-11-30,0.04285
2025-12-31,0.04250

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2019-02-06,1548892800,0.01051,0.01051,0,0
2019-03-05,1551312000,0.01641,0.01641,0,0
2019-04-03,1553990400,0.02116,0.02116,0,0
2019-05-03,1556582400,0.01890,0.01890,0,0
2019-06-03,1559260800,0.02607,0.02607,0,0
2019-07-03,1561852800,0.02282,0.02282,0,0
2019-08-06,1564531200,0.02415,0.02415,0,0
2019-09-05,1567209600,0.02482,0.02482,0,0
2019-10-01,1569801600,0.01830,0.01830,0,0
2019-11-05,1572480000,0.02078,0.02078,0,0
2019-12-04,1575072000,0.02078,0.02078,0,0
2020-01-06,1577750400,0.02144,0.02144,0,0
2020-02-05,1580428800,0.02132,0.02132,0,0
2020-03-04,1582934400,0.02482,0.02482,0,0
2020-04-03,1585612800,0.01970,0.01970,0,0
2020-05-06,1588204800,0.02398,0.02398,0,0
2020-06-04,1590883200,0.02513,0.02513,0,0
2020-07-06,1593475200,0.02431,0.02431,0,0
2020-08-06,1596153600,0.02671,0.02671,0,0
2020-09-03,1598832000,0.02109,0.02109,0,0
2020-10-05,1601424000,0.02357,0.02357,0,0
2020-11-04,1604102400,0.02143,0.02143,0,0
2020-12-03,1606694400,0.01975,0.01975,0,0
2021-01-06,1609372800,0.02181,0.02181,0,0
2021-02-03,1612051200,0.02227,0.02227,0,0
2021-03-03,1614470400,0.02509,0.02509,0,0
2021-04-07,1617148800,0.03217,0.03217,0,0
2021-05-06,1619740800,0.02205,0.02205,0,0
2021-06-03,1622419200,0.02118,0.02118,0,0
2021-07-06,1625011200,0.01784,0.01784,0,0
2021-08-05,1627689600,0.01825,0.01825,0,0
2021-09-03,1630368000,0.01528,0.01528,0,0
2021-10-05,1632960000,0.01898,0.01898,0,0
2021-11-03,1635638400,0.01243,0.01243,0,0
2021-12-03,1638230400,0.01923,0.01923,0,0
2022-01-06,1640908800,0.02037,0.02037,0,0
2022-02-03,1643587200,0.01849,0.01849,0,0
2022-03-03,1646006400,0.01770,0.01770,0,0
2022-04-05,1648684800,0.02024,0.02024,0,0
2022-05-05,1651276800,0.02374,0.02374,0,0
2022-06-03,1653955200,0.02233,0.02233,0,0
2022-07-06,1656547200,0.02305,0.02305,0,0
2022-08-04,1659225600,0.03666,0.03666,0,0
2022-09-06,1661904000,0.01781,0.01781,0,0
2022-10-05,1664496000,0.04638,0.04638,0,0
2022-11-03,1667174400,0.02295,0.02295,0,0
2022-12-05,1669766400,0.03919,0.03919,0,0
2023-01-05,1672444800,0.02942,0.02942,0,0
2023-02-03,1675123200,0.03346,0.03346,0,0
2023-03-03,1677542400,0.02452,0.02452,0,0
2023-04-05,1680220800,0.05424,0.05424,0,0
2023-05-04,1682812800,0.03960,0.03960,0,0
2023-06-06,1685491200,0.03472,0.03472,0,0
2023-07-06,1688083200,0.03648,0.03648,0,0
2023-08-03,1690761600,0.02999,0.02999,0,0
2023-09-06,1693440000,0.03121,0.03121,0,0
2023-10-04,1696032000,0.02639,0.02639,0,0
2023-11-03,1698710400,0.02606,0.02606,0,0
2023-12-05,1701302400,0.02761,0.02761,0,0
2024-01-04,1703980800,0.02471,0.02471,0,0
2024-02-06,1706659200,0.02288,0.02288,0,0
2024-03-05,1709164800,0.02517,0.02517,0,0
2024-04-04,1711843200,0.02649,0.02649,0,0
2024-05-03,1714435200,0.04031,0.04031,0,0
2024-06-06,1717113600,0.04416,0.04416,0,0
2024-07-03,1719705600,0.02834,0.02834,0,0
2024-08-06,1722384000,0.02807,0.02807,0,0
2024-09-05,1725062400,0.03009,0.03009,0,0
2024-10-03,1727654400,0.02920,0.02920,0,0
2024-11-05,1730332800,0.02977,0.02977,0,0
2024-11-30,1732924800,0,0,0,0
2024-12-31,1735603200,0,0,0,0
2025-02-06,1738281600,0.02563,0.02563,0,0
2025-03-05,1740700800,0.02688,0.02688,0,0
2025-04-03,1743379200,0.02778,0.02778,0,0
2025-05-06,1745971200,0.04942,0.04942,0,0
2025-06-05,1748649600,0.04297,0.04297,0,0
2025-07-03,1751241600,0.04673,0.04673,0,0
2025-08-06,1753920000,0.04578,0.04578,0,0
2025-09-04,1756598400,0.04779,0.04779,0,0
2025-10-03,1759190400,0.04310,0.04310,0,0
2025-11-05,1761868800,0.04431,0.04431,0,0
2025-12-03,1764460800,0.04285,0.04285,0,0
2026-01-06,1767139200,0.04250,0.04250,0,0

Distributions

(As of 6 Jan 2026)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

6 Feb 2019

31 Jan 2019

0.01051

0.01051

—

—

5 Mar 2019

28 Feb 2019

0.01641

0.01641

—

—

3 Apr 2019

31 Mar 2019

0.02116

0.02116

—

—

3 May 2019

30 Apr 2019

0.01890

0.01890

—

—

3 Jun 2019

31 May 2019

0.02607

0.02607

—

—

3 Jul 2019

30 Jun 2019

0.02282

0.02282

—

—

6 Aug 2019

31 Jul 2019

0.02415

0.02415

—

—

5 Sep 2019

31 Aug 2019

0.02482

0.02482

—

—

1 Oct 2019

30 Sep 2019

0.01830

0.01830

—

—

5 Nov 2019

31 Oct 2019

0.02078

0.02078

—

—

4 Dec 2019

30 Nov 2019

0.02078

0.02078

—

—

6 Jan 2020

31 Dec 2019

0.02144

0.02144

—

—

5 Feb 2020

31 Jan 2020

0.02132

0.02132

—

—

4 Mar 2020

29 Feb 2020

0.02482

0.02482

—

—

3 Apr 2020

31 Mar 2020

0.01970

0.01970

—

—

6 May 2020

30 Apr 2020

0.02398

0.02398

—

—

4 Jun 2020

31 May 2020

0.02513

0.02513

—

—

6 Jul 2020

30 Jun 2020

0.02431

0.02431

—

—

6 Aug 2020

31 Jul 2020

0.02671

0.02671

—

—

3 Sep 2020

31 Aug 2020

0.02109

0.02109

—

—

5 Oct 2020

30 Sep 2020

0.02357

0.02357

—

—

4 Nov 2020

31 Oct 2020

0.02143

0.02143

—

—

3 Dec 2020

30 Nov 2020

0.01975

0.01975

—

—

6 Jan 2021

31 Dec 2020

0.02181

0.02181

—

—

3 Feb 2021

31 Jan 2021

0.02227

0.02227

—

—

3 Mar 2021

28 Feb 2021

0.02509

0.02509

—

—

7 Apr 2021

31 Mar 2021

0.03217

0.03217

—

—

6 May 2021

30 Apr 2021

0.02205

0.02205

—

—

3 Jun 2021

31 May 2021

0.02118

0.02118

—

—

6 Jul 2021

30 Jun 2021

0.01784

0.01784

—

—

5 Aug 2021

31 Jul 2021

0.01825

0.01825

—

—

3 Sep 2021

31 Aug 2021

0.01528

0.01528

—

—

5 Oct 2021

30 Sep 2021

0.01898

0.01898

—

—

3 Nov 2021

31 Oct 2021

0.01243

0.01243

—

—

3 Dec 2021

30 Nov 2021

0.01923

0.01923

—

—

6 Jan 2022

31 Dec 2021

0.02037

0.02037

—

—

3 Feb 2022

31 Jan 2022

0.01849

0.01849

—

—

3 Mar 2022

28 Feb 2022

0.01770

0.01770

—

—

5 Apr 2022

31 Mar 2022

0.02024

0.02024

—

—

5 May 2022

30 Apr 2022

0.02374

0.02374

—

—

3 Jun 2022

31 May 2022

0.02233

0.02233

—

—

6 Jul 2022

30 Jun 2022

0.02305

0.02305

—

—

4 Aug 2022

31 Jul 2022

0.03666

0.03666

—

—

6 Sep 2022

31 Aug 2022

0.01781

0.01781

—

—

5 Oct 2022

30 Sep 2022

0.04638

0.04638

—

—

3 Nov 2022

31 Oct 2022

0.02295

0.02295

—

—

5 Dec 2022

30 Nov 2022

0.03919

0.03919

—

—

5 Jan 2023

31 Dec 2022

0.02942

0.02942

—

—

3 Feb 2023

31 Jan 2023

0.03346

0.03346

—

—

3 Mar 2023

28 Feb 2023

0.02452

0.02452

—

—

5 Apr 2023

31 Mar 2023

0.05424

0.05424

—

—

4 May 2023

30 Apr 2023

0.03960

0.03960

—

—

6 Jun 2023

31 May 2023

0.03472

0.03472

—

—

6 Jul 2023

30 Jun 2023

0.03648

0.03648

—

—

3 Aug 2023

31 Jul 2023

0.02999

0.02999

—

—

6 Sep 2023

31 Aug 2023

0.03121

0.03121

—

—

4 Oct 2023

30 Sep 2023

0.02639

0.02639

—

—

3 Nov 2023

31 Oct 2023

0.02606

0.02606

—

—

5 Dec 2023

30 Nov 2023

0.02761

0.02761

—

—

4 Jan 2024

31 Dec 2023

0.02471

0.02471

—

—

6 Feb 2024

31 Jan 2024

0.02288

0.02288

—

—

5 Mar 2024

29 Feb 2024

0.02517

0.02517

—

—

4 Apr 2024

31 Mar 2024

0.02649

0.02649

—

—

3 May 2024

30 Apr 2024

0.04031

0.04031

—

—

6 Jun 2024

31 May 2024

0.04416

0.04416

—

—

3 Jul 2024

30 Jun 2024

0.02834

0.02834

—

—

6 Aug 2024

31 Jul 2024

0.02807

0.02807

—

—

5 Sep 2024

31 Aug 2024

0.03009

0.03009

—

—

3 Oct 2024

30 Sep 2024

0.02920

0.02920

—

—

5 Nov 2024

31 Oct 2024

0.02977

0.02977

—

—

30 Nov 2024

30 Nov 2024

0

—

—

—

31 Dec 2024

31 Dec 2024

0

—

—

—

6 Feb 2025

31 Jan 2025

0.02563

0.02563

—

—

5 Mar 2025

28 Feb 2025

0.02688

0.02688

—

—

3 Apr 2025

31 Mar 2025

0.02778

0.02778

—

—

6 May 2025

30 Apr 2025

0.04942

0.04942

—

—

5 Jun 2025

31 May 2025

0.04297

0.04297

—

—

3 Jul 2025

30 Jun 2025

0.04673

0.04673

—

—

6 Aug 2025

31 Jul 2025

0.04578

0.04578

—

—

4 Sep 2025

31 Aug 2025

0.04779

0.04779

—

—

3 Oct 2025

30 Sep 2025

0.04310

0.04310

—

—

5 Nov 2025

31 Oct 2025

0.04431

0.04431

—

—

3 Dec 2025

30 Nov 2025

0.04285

0.04285

—

—

6 Jan 2026

31 Dec 2025

0.04250

0.04250

—

—

Characteristics

Characteristics

Portfolio

(As of 31 Dec 2025)

Portfolio

Benchmark

Number of Holdings

419

—

Effective Duration

3.9 Yrs

5.7 Yrs

Average Effective Maturity

5.0 Yrs

7.9 Yrs

Portfolio

Benchmark

Weighted Average Coupon

4.1%

4.0%

Yield to Worst

4.9%

4.5%

Risk & Return Profile

Risk & Return Profile

(As of 31 Dec 2025)

3y

5y

Beta

0.64

0.65

R-Squared (%)

96.79

89.35

Standard Deviation (%)

3.71

4.27

Sharpe Ratio

0.40

-0.17

Information Ratio

0.59

0.99

Tracking Error (%)

2.19

2.56

Up Capture (%)

80.53

77.27

Down Capture (%)

40.79

47.08

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 30 Nov 2025)

Name

Ticker/Symbol

Weight %

United States Treasury Note/Bond

91282CPJ4

7.4

Freddie Mac Pool

3132DU5J2

3.2

United States Treasury Strip Coupon

912834MT2

3.0

Freddie Mac Pool

31427MKG5

1.9

Ginnie Mae II Pool

36179W7K8

1.6

United States Treasury Inflation Indexed Bonds

91282CML2

1.5

United States Treasury Inflation Indexed Bonds

91282CNB3

1.3

United States Treasury Note/Bond

912810UF3

1.0

Ginnie Mae II Pool

36179WR34

0.7

Fannie Mae Pool

3140Q0DR0

0.5

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 31 Dec 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

10%

20%

30%

40%

50%

Corporate Bond

43.3

29.9

Collateralized Mortgage Obligation

15.3

—

Treasury Domestic

15.0

39.0

Mortgage Passthrough

10.0

20.7

Asset Backed Securities

6.8

0.4

Short-Term Investments, Other Assets & Liabilities

5.3

—

Commercial Mortgage Backed Security

1.3

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

43.3

Collateralized Mortgage Obligation

15.3

Treasury Domestic

15.0

Mortgage Passthrough

10.0

Asset Backed Securities

6.8

Short-Term Investments, Other Assets & Liabilities

5.3

Commercial Mortgage Backed Security

1.3

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

89.3

86.2

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

0.4

0.3

Other

Top 10 Countries

Fund (%)

United States

89.3

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

0.4

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

10%

20%

30%

40%

50%

60%

70%

U.S. Government

31.3

60.7

AAA

11.9

2.5

AA

2.6

5.4

A

8.9

11.9

BBB

21.7

12.9

BB

13.3

3.3

B

2.9

2.2

CCC

0.1

0.9

D

0.1

0.0

Not Rated

1.8

0.1

Short-Term Investments, Other Assets & Liabilities

5.3

—

Credit Quality

Fund (%)

U.S. Government

31.3

AAA

11.9

AA

2.6

A

8.9

BBB

21.7

BB

13.3

B

2.9

CCC

0.1

D

0.1

Not Rated

1.8

Short-Term Investments, Other Assets & Liabilities

5.3

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

5%

10%

15%

20%

25%

30%

Year 1

17.8

1.6

Year 2

9.9

12.2

Year 3

9.1

12.4

Year 4

10.4

10.1

Year 5

9.5

11.2

Year 6

5.6

6.5

Year 7

3.8

7.1

Year 8

2.3

5.5

Year 9

1.2

7.0

Year 10+

24.9

26.7

Short-Term Investments, Other Assets & Liabilities

5.3

—

Maturity

Fund (%)

Year 1

17.8

Year 2

9.9

Year 3

9.1

Year 4

10.4

Year 5

9.5

Year 6

5.6

Year 7

3.8

Year 8

2.3

Year 9

1.2

Year 10+

24.9

Short-Term Investments, Other Assets & Liabilities

5.3

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

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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