Thornburg Strategic Income Fund (UCITS)

SYMBOL: THSIIAU ID

Morningstar Rating • Info

Overall Morningstar Rating among 689 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 689, 544 and 242 funds, as of 31 Jul 2025.

As of 31 Jul 2025

Fund Assets

$94.2 M

As of 31 Jul 2025

NAV

$12.85

As of 2 Sep 2025

Change

$-0.02

As of 2 Sep 2025

YTD NAV Performance

5.07%

As of 2 Sep 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

Seeking to Deliver on the Promise of Income + Growth

The fund has delivered strong outperformance while taking below-average risk across standard time periods compared to peers in the Morningstar Multisector Bond category.

Strategic Income also has a history of providing:

Outperformance during rising rates
Downside protection
Enhanced total return potential

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. For performance current to the most recent month end, visit thornburg.com or call 877-215-1330. Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

Overview Fund Facts Performance Characteristics Portfolio Portfolio Managers Literature

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.

Returns

Name,Total Return (%),Bloomberg U.S. Universal Index (%)
2019,7.4,9.3
2020,7.6,7.6
2021,2.2,-1.1
2022,-8.0,-13.0
2023,8.2,6.2
2024,4.0,2.0

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

Name,Total Return (%),Bloomberg U.S. Universal Index (%)
YTD,4.2,4.1
1y,6.9,6.5
3y,5.9,3.3
5y,3.1,-0.2
10y,0.0,0.0
Inception,3.8,2.1

YTD

Inception

Total Return (%)

4.17

6.88

5.86

3.06

3.79

Bloomberg U.S. Universal Index (%)

4.10

6.51

3.28

-0.15

2.08

Morningstar Category Avg. (%)

9.35

10.7

6.37

2.19

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

802

689

544

—

Name,Total Return (%),Bloomberg U.S. Universal Index (%)
YTD,4.2,4.0
1y,4.9,4.0
3y,4.9,2.4
5y,2.7,-0.5
10y,0.0,0.0
Inception,3.7,2.0

YTD

Inception

Total Return (%)

4.17

4.86

4.92

2.65

3.74

Bloomberg U.S. Universal Index (%)

3.95

4.00

2.38

-0.52

2.03

Morningstar Category Avg. (%)

8.3

7.58

5.68

1.24

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

802

689

544

—

Name,Total Return (%),Bloomberg U.S. Universal Index (%)
YTD,4.2,4.1
1y,6.9,6.5
3y,18.6,10.2
5y,16.2,-0.7
10y,0.0,0.0
Inception,27.4,14.4

YTD

Inception

Total Return (%)

4.17

6.88

18.62

16.24

27.40

Bloomberg U.S. Universal Index (%)

4.10

6.51

10.17

-0.74

14.35

Name,Total Return (%),Bloomberg U.S. Universal Index (%)
YTD,4.2,4.0
1y,4.9,4.0
3y,15.5,7.3
5y,14.0,-2.6
10y,0.0,0.0
Inception,27.4,14.2

YTD

Inception

Total Return (%)

4.17

4.86

15.50

13.95

27.40

Bloomberg U.S. Universal Index (%)

3.95

4.00

7.31

-2.59

14.19

Source: Confluence

Periods less than one year are not annualized.

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

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

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,I Shares,Bloomberg U.S. Universal Index
            2018-12-28,10000,10000
2018-12-31,10000,10023
2019-01-31,10120,10161
2019-02-28,10170,10172
2019-03-31,10290,10356
2019-04-30,10340,10370
2019-05-31,10390,10529
2019-06-30,10500,10678
2019-07-31,10540,10710
2019-08-31,10620,10952
2019-09-30,10630,10905
2019-10-31,10660,10940
2019-11-30,10670,10938
2019-12-31,10740,10954
2020-01-31,10820,11151
2020-02-29,10850,11318
2020-03-31,10210,11096
2020-04-30,10530,11319
2020-05-31,10760,11424
2020-06-30,10960,11520
2020-07-31,11180,11722
2020-08-31,11250,11655
2020-09-30,11270,11634
2020-10-31,11280,11592
2020-11-30,11450,11743
2020-12-31,11560,11784
2021-01-31,11580,11710
2021-02-28,11590,11559
2021-03-31,11570,11424
2021-04-30,11650,11520
2021-05-31,11690,11564
2021-06-30,11750,11648
2021-07-31,11810,11765
2021-08-31,11820,11758
2021-09-30,11810,11657
2021-10-31,11780,11648
2021-11-30,11740,11662
2021-12-31,11810,11654
2022-01-31,11630,11398
2022-02-28,11460,11243
2022-03-31,11320,10941
2022-04-30,11060,10533
2022-05-31,11070,10591
2022-06-30,10740,10380
2022-07-31,11030,10640
2022-08-31,10890,10364
2022-09-30,10600,9917
2022-10-31,10640,9809
2022-11-30,10860,10174
2022-12-31,10870,10140
2023-01-31,11150,10454
2023-02-28,11030,10197
2023-03-31,11200,10437
2023-04-30,11230,10500
2023-05-31,11200,10391
2023-06-30,11240,10375
2023-07-31,11320,10386
2023-08-31,11320,10323
2023-09-30,11220,10077
2023-10-31,11120,9925
2023-11-30,11470,10372
2023-12-31,11760,10766
2024-01-31,11780,10740
2024-02-29,11730,10611
2024-03-31,11840,10715
2024-04-30,11670,10465
2024-05-31,11820,10638
2024-06-30,11920,10736
2024-07-31,12150,10979
2024-08-31,12290,11141
2024-09-30,12430,11294
2024-10-31,12250,11037
2024-11-30,12350,11154
2024-12-31,12230,10985
2025-01-31,12320,11051
2025-02-28,12520,11280
2025-03-31,12530,11277
2025-04-30,12610,11317
2025-05-31,12590,11260
2025-06-30,12740,11435
2025-07-31,12740,11419

Hypothetical Growth of $10,000

(As of 31 Jul 2025)

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

                        Categories,I Shares,Bloomberg U.S. Universal Index
                        2024-07-31,10000,10000
2024-08-31,10115,10147
2024-09-30,10230,10286
2024-10-31,10082,10053
2024-11-30,10165,10159
2024-12-31,10066,10005
2025-01-31,10140,10066
2025-02-28,10305,10274
2025-03-31,10313,10271
2025-04-30,10379,10308
2025-05-31,10362,10255
2025-06-30,10486,10415
2025-07-31,10486,10400

                        Categories,I Shares,Bloomberg U.S. Universal Index
                        2022-07-31,10000,10000
2022-08-31,9873,9740
2022-09-30,9610,9320
2022-10-31,9646,9218
2022-11-30,9846,9562
2022-12-31,9855,9529
2023-01-31,10109,9825
2023-02-28,10000,9584
2023-03-31,10154,9808
2023-04-30,10181,9868
2023-05-31,10154,9766
2023-06-30,10190,9751
2023-07-31,10263,9761
2023-08-31,10263,9702
2023-09-30,10172,9470
2023-10-31,10082,9328
2023-11-30,10399,9748
2023-12-31,10662,10118
2024-01-31,10680,10093
2024-02-29,10635,9972
2024-03-31,10734,10070
2024-04-30,10580,9835
2024-05-31,10716,9998
2024-06-30,10807,10089
2024-07-31,11015,10318
2024-08-31,11142,10470
2024-09-30,11269,10614
2024-10-31,11106,10373
2024-11-30,11197,10482
2024-12-31,11088,10324
2025-01-31,11170,10386
2025-02-28,11351,10601
2025-03-31,11360,10598
2025-04-30,11432,10636
2025-05-31,11414,10582
2025-06-30,11550,10747
2025-07-31,11550,10731

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.

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

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

Portfolio

(As of 31 Jul 2025)

Portfolio

Benchmark

Effective Duration

4.1 Yrs

5.8 Yrs

Average Effective Maturity

5.3 Yrs

8.0 Yrs

Portfolio

Benchmark

Weighted Average Coupon

4.1%

3.9%

Yield to Worst

5.4%

4.8%

Risk & Return Profile

(As of 31 Jul 2025)

Beta

0.62

0.66

R-Squared (%)

96.21

88.54

Standard Deviation (%)

4.34

4.30

Sharpe Ratio

0.02

-0.07

Information Ratio

0.93

1.23

Tracking Error (%)

2.74

2.57

Up Capture (%)

77.54

79.86

Down Capture (%)

42.16

44.40

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 31 Jul 2025)

Name

Ticker/Symbol

Weight %

United States Treasury Note/Bond

91282CNC1

8.1

Freddie Mac Pool

3132DU5J2

4.7

United States Treasury Strip Coupon

912834MT2

2.7

Freddie Mac Pool

31427MKG5

1.8

United States Treasury Inflation Indexed Bonds

91282CML2

1.4

United States Treasury Note/Bond

912810UF3

1.3

United States Treasury Inflation Indexed Bonds

91282CNB3

1.3

Fannie Mae Pool

31418ED64

1.1

Ginnie Mae II Pool

36179WR34

0.7

New Residential Mortgage Loan Trust 2022-NQM3

64831QAA1

0.6

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Jul 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

Corporate

43.6

30.0

Treasury-Domestic

15.2

38.6

Collateralized Mortgage Obligation

14.5

—

Mortgage Passthrough

11.1

20.9

Cash & Cash Equivalents

5.5

—

Asset Backed Securities

5.4

0.4

Treasury-Foreign

1.4

4.6

Commercial Mortgage Backed Security

1.2

1.3

Bank Loan

1.2

—

Preferred Stock

1.0

—

Municipals

0.0

0.9

Currency Forward

0.0

—

Sector Allocation

Fund (%)

Corporate

43.6

Treasury-Domestic

15.2

Collateralized Mortgage Obligation

14.5

Mortgage Passthrough

11.1

Cash & Cash Equivalents

5.5

Asset Backed Securities

5.4

Treasury-Foreign

1.4

Commercial Mortgage Backed Security

1.2

Bank Loan

1.2

Preferred Stock

1.0

Municipals

0.0

Currency Forward

0.0

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

United States

88.9

85.9

North America

Canada

2.2

1.5

North America

Saudi Arabia

0.9

0.3

Other

Mexico

0.9

0.5

Latin America

Australia

0.8

0.4

Asia Pacific ex Japan

United Kingdom

0.7

1.2

Turkey

0.5

0.3

Europe ex UK

Italy

0.5

0.1

Europe ex UK

United Arab Emirates

0.4

Other

China

0.4

0.3

Asia Pacific ex Japan

Top 10 Countries

Fund (%)

United States

88.9

Canada

2.2

Saudi Arabia

0.9

Mexico

0.9

Australia

0.8

United Kingdom

0.7

Turkey

0.5

Italy

0.5

United Arab Emirates

0.4

China

0.4

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

U.S. Government

30.8

60.4

AAA

11.3

2.7

1.8

5.6

7.5

12.4

BBB

21.3

12.9

14.9

3.3

3.9

1.8

CCC

0.1

0.7

Not Rated

3.2

0.1

Cash & Cash Equivalents

5.3

—

Credit Quality

Fund (%)

U.S. Government

30.8

AAA

11.3

1.8

7.5

BBB

21.3

14.9

3.9

CCC

0.1

Not Rated

3.2

Cash & Cash Equivalents

5.3

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Year 1

13.3

1.4

Year 2

10.4

12.4

Year 3

11.2

Year 4

9.3

9.9

Year 5

10.9

11.3

Year 6

3.2

5.8

Year 7

5.0

6.6

Year 8

3.5

6.1

Year 9

1.6

6.5

Year 10+

26.2

28.7

Cash

5.3

—

Maturity

Fund (%)

Year 1

13.3

Year 2

10.4

Year 3

11.2

Year 4

9.3

Year 5

10.9

Year 6

3.2

Year 7

5.0

Year 8

3.5

Year 9

1.6

Year 10+

26.2

Cash

5.3

Portfolio holdings are subject to change daily.

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.

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

Cash includes cash and cash equivalents. Weights are percentages of total portfolio unless otherwise noted.

Percentages may not add up to 100 due to rounding.

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…

Learn More

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

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)

More Insights

Advising Clients

Strictly Necessary Cookies
Whilst these cookies cannot be turned off (as they are needed to run our website securely), they do not store any personal data about you. If you are reluctant to accept use of them, we advise you navigate away from this website.
Statistics Cookies
These cookies gather information about how you use our website, for example which pages you visit most often. The information collected is completely anonymous and used only for the purpose of improving user experience for our website visitors.
Marketing Cookies
These cookies gather information about your browsing habits and allow us to better understand your interests. They remember that you've visited our website and share this information with our partners, such as advertisers.
Preferences Cookies
These cookies allow our website to remember the choices you make (such as language or location selection) and tailor the experience to provide enhanced features and relevant content for you.

Create an account to save this article or product.

Thornburg Strategic Income Fund (UCITS)

Portfolio Managers

Seeking to Deliver on the Promise of Income + Growth

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Fund Facts

Performance

Returns

Hypothetical Growth of $10,000

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Lon Erickson, CFA

Christian Hoffmann, CFA

Ali Hassan, CFA, FRM

Literature

Transparency Statement Translations

Related Content

More Insights

Retirement Resources: The Endowment Spending Policy

The Enduring Role of Active Investment Management

Active Investing in a Passive World

Solving the Hunt for Yield Amid Rate Volatility and Compressed Spreads

Thornburg Investment Insights: A Deep Dive Into Fixed Income Markets

The Essential Role of Dividends in Retirement

Unsubscribe

Unsaved Changes

Remove strategy

Create an account to save this article or product.

Thornburg Strategic Income Fund (UCITS)

Portfolio Managers

Seeking to Deliver on the Promise of Income + Growth

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Fund Facts

Performance

Returns

Hypothetical Growth of $10,000

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Lon Erickson, CFA

Christian Hoffmann, CFA

Ali Hassan, CFA, FRM

Literature

Transparency Statement Translations

Related Content

More Insights

Retirement Resources: The Endowment Spending Policy

The Enduring Role of Active Investment Management

Active Investing in a Passive World

Solving the Hunt for Yield Amid Rate Volatility and Compressed Spreads

Thornburg Investment Insights: A Deep Dive Into Fixed Income Markets

The Essential Role of Dividends in Retirement