Thornburg Strategic Income Fund (UCITS)
SYMBOL: TSIIEAH ID
Fund Assets
$90.0 M
As of 31 Oct 2025
NAV
€10.10
As of 10 Dec 2025
Change
€0.02
As of 10 Dec 2025
YTD NAV Performance
1.00%
As of 10 Dec 2025
Asset Category:
Global Fixed Income
Fund Benchmark:
Bloomberg U.S. Universal Index
Portfolio Managers
Portfolio Manager and Managing Director
Head of Fixed Income and Managing Director
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.
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 Oct 2025)Net Fund Assets
$90.0 M
Benchmark
Bloomberg U.S. Universal Index
Morningstar Category
EAA Fund Global Flexible Bond
Distribution Frequency
N/A
SFDR
Article 8
Share Class
I Acc EUR Hedged
Share Class Inception Date
29 Aug 2025
Fund Inception Date
28 Dec 2018
Bloomberg Ticker
TSIIEAH ID
ISIN
IE000T1A7J09
Cusip
G8850N379
SEDOL
0T1A7J0
Characteristics
Characteristics
Portfolio
(As of 31 Oct 2025)Portfolio
Benchmark
Number of Holdings
400
—
Effective Duration
4.0 Yrs
5.8 Yrs
Average Effective Maturity
5.1 Yrs
7.9 Yrs
Portfolio
Benchmark
Weighted Average Coupon
4.3%
4.0%
Yield to Worst
5.1%
4.5%
Risk & Return Profile
Risk & Return Profile
(As of 31 Oct 2025)3y
5y
Beta
0.62
0.66
R-Squared (%)
96.51
89.15
Standard Deviation (%)
3.81
4.31
Sharpe Ratio
0.56
-0.04
Information Ratio
0.38
1.06
Tracking Error (%)
2.41
2.56
Up Capture (%)
77.77
79.89
Down Capture (%)
39.14
46.98
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
Exposure Breakdown
Exposure Breakdown
(As of 31 Oct 2025)Sector Allocation
Fund (%)
Corporate Bond
41.7
Collateralized Mortgage Obligation
15.7
Treasury-Domestic
14.7
Mortgage Pass Through Security
10.8
Asset Backed Securities
7.2
Short-Term Investments, Other Assets & Liabilities
5.4
Commercial Mortgage Backed Security
1.4
Loan Participation
1.3
Treasury-Foreign
1.3
Preferred Stock
0.6
Municipals
0.0
Currency Forward
0.0
Top 10 Countries
Fund (%)
United States
88.3
Canada
2.3
Mexico
1.3
Saudi Arabia
1.0
United Kingdom
0.7
Germany
0.6
Australia
0.6
Turkey
0.5
Italy
0.5
United Arab Emirates
0.5
Credit Quality
Fund (%)
U.S. Government
31.7
AAA
11.9
AA
2.2
A
7.8
BBB
19.9
BB
15.4
B
3.5
CCC
0.1
D
0.1
Not Rated
2.1
Short-Term Investments, Other Assets & Liabilities
5.4
Maturity
Fund (%)
Year 1
13.6
Year 2
11.5
Year 3
10.4
Year 4
12.0
Year 5
8.6
Year 6
5.1
Year 7
4.5
Year 8
2.5
Year 9
1.6
Year 10+
24.7
Short-Term Investments, Other Assets & Liabilities
5.4
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 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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