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Thornburg Strategic Income Fund (UCITS)

Fund Assets
$95.0 M
As of 30 Jun 2025
NAV
$11.07
As of 29 Jul 2025
Change
$0.03
As of 29 Jul 2025
YTD NAV Performance
3.55%
As of 29 Jul 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
Overview

Overview

Why Invest in This Fund?

  • Highly active and flexible approach, designed to provide attractive risk-adjusted returns by investing in fixed income securities across sector, credit quality and geography.
  • Proven bottom-up fundamental approach to identify what we perceive to be the most attractive opportunities on a relative value basis.
  • Opportunistic, multi-sector bond strategy that seeks to provide a total return above that of core fixed income strategies with only incrementally higher risk.

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 is built around a highly active and flexible approach, able to invest in any income-producing security around the globe across sectors and issuers in order to identify the best relative value opportunities. Our collaborative process combines top-down macroeconomic considerations with deep, fundamental credit research for a comprehensive assessment of risk and reward across the fixed income universe.

Fund Facts

Fund Facts

(As of 30 Jun 2025)
Net Fund Assets
$95.0 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
1.95%
Management Fee
1.70%
Share Class
N Acc
Share Class Inception Date
15 Sep 2023
Fund Inception Date
28 Dec 2018
Bloomberg Ticker
TSINUAU ID
ISIN
IE000L3CHKK7
Cusip
G8850N395
SEDOL
0L3CHKK
Performance

Performance

Returns

2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Total Return (%)
2.79
Bloomberg U.S. Universal Index (%)
2.04
YTD
1y
Inception
Total Return (%)
3.46
5.53
5.78
Bloomberg U.S. Universal Index (%)
4.10
6.51
6.47
Morningstar Category Avg. (%)
9.35
10.7
Morningstar Quartile
4
Morningstar Quartile # of Funds
802
YTD
1y
Inception
Total Return (%)
3.46
5.53
5.78
Bloomberg U.S. Universal Index (%)
4.10
6.51
6.47
Morningstar Category Avg. (%)
9.35
10.7
Morningstar Quartile
4
Morningstar Quartile # of Funds
802
YTD
1y
Inception
Total Return (%)
3.46
5.53
10.60
Bloomberg U.S. Universal Index (%)
4.10
6.51
11.88
YTD
1y
Inception
Total Return (%)
3.46
5.53
10.60
Bloomberg U.S. Universal Index (%)
4.10
6.51
11.88
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

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

Characteristics

Portfolio

(As of 30 Jun 2025)
Portfolio
Benchmark
Effective Duration
4.1 Yrs
5.8 Yrs
Average Effective Maturity
5.5 Yrs
8.0 Yrs
Portfolio
Benchmark
Weighted Average Coupon
4.3%
3.9%
Yield to Worst
5.4%
4.7%
Risk & Return Profile

Risk & Return Profile

(As of 30 Jun 2025)
3y
5y
Beta
0.63
0.66
R-Squared (%)
95.44
88.55
Standard Deviation (%)
4.52
4.37
Sharpe Ratio
0.24
0.04
Information Ratio
0.94
1.24
Tracking Error (%)
2.74
2.57
Up Capture (%)
79.68
81.30
Down Capture (%)
42.41
44.56
Portfolio

Portfolio

Top Holdings

(As of 31 May 2025)
Name
Ticker/Symbol
Weight %
United States Treasury Note/Bond
91282CNC1
9.7
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
0.8
New Residential Mortgage Loan Trust 2022-NQM3
64831QAA1
0.6
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
10%
20%
30%
40%
50%
Corporate
43.7
30.1
Treasury-Domestic
15.2
38.5
Collateralized Mortgage Obligation
14.8
Mortgage Passthrough
11.2
21.0
Asset Backed Securities
5.9
0.4
Cash & Cash Equivalents
4.6
Commercial Mortgage Backed Security
1.5
1.3
Treasury-Foreign
1.4
4.5
Bank Loan
0.9
Preferred Stock
0.7
Municipals
0.0
0.9
Currency Forward
-0.1
Sector Allocation
Fund (%)
Corporate
43.7
Treasury-Domestic
15.2
Collateralized Mortgage Obligation
14.8
Mortgage Passthrough
11.2
Asset Backed Securities
5.9
Cash & Cash Equivalents
4.6
Commercial Mortgage Backed Security
1.5
Treasury-Foreign
1.4
Bank Loan
0.9
Preferred Stock
0.7
Municipals
0.0
Currency Forward
-0.1
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
United States
89.2
86.0
North America
Canada
2.1
1.5
North America
Saudi Arabia
0.9
0.3
Other
Australia
0.8
0.4
Asia Pacific ex Japan
United Kingdom
0.7
1.2
UK
Mexico
0.6
0.5
Latin America
Turkey
0.5
0.3
Europe ex UK
Italy
0.4
0.1
Europe ex UK
China
0.4
0.3
Asia Pacific ex Japan
United Arab Emirates
0.4
0.4
Other
Top 10 Countries
Fund (%)
United States
89.2
Canada
2.1
Saudi Arabia
0.9
Australia
0.8
United Kingdom
0.7
Mexico
0.6
Turkey
0.5
Italy
0.4
China
0.4
United Arab Emirates
0.4
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
30.8
60.4
AAA
11.7
2.7
AA
1.8
5.6
A
8.5
12.4
BBB
20.9
12.8
BB
14.7
3.1
B
3.8
2.0
CCC
0.1
0.7
Not Rated
3.5
0.1
Cash & Cash Equivalents
4.1
Credit Quality
Fund (%)
U.S. Government
30.8
AAA
11.7
AA
1.8
A
8.5
BBB
20.9
BB
14.7
B
3.8
CCC
0.1
Not Rated
3.5
Cash & Cash Equivalents
4.1
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
13.5
1.5
Year 2
11.9
12.4
Year 3
10.5
11.1
Year 4
8.9
10.0
Year 5
9.6
11.5
Year 6
4.3
5.9
Year 7
4.9
6.8
Year 8
3.0
6.0
Year 9
2.5
6.2
Year 10+
26.8
28.5
Cash
4.1
Maturity
Fund (%)
Year 1
13.5
Year 2
11.9
Year 3
10.5
Year 4
8.9
Year 5
9.6
Year 6
4.3
Year 7
4.9
Year 8
3.0
Year 9
2.5
Year 10+
26.8
Cash
4.1
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…
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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…
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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…
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