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Thornburg Strategic Income Fund (UCITS)

SYMBOL: TSINUAU ID

Fund Assets

$88.3 M

As of 31 Jan 2026

NAV

$11.42

As of 19 Feb 2026

Change

$0.00

As of 19 Feb 2026

YTD NAV Performance

0.97%

As of 19 Feb 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 Jan 2026)

Net Fund Assets

$88.3 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

Name,Total Return (%),Bloomberg U.S. Universal Index (%),Bloomberg Global Aggregate Index (%)
2024,2.8,2.0,-1.7
2025,5.8,7.6,8.2

2024

2025

Total Return (%)

2.79

5.80

Bloomberg U.S. Universal Index (%)

2.04

7.58

Bloomberg Global Aggregate Index (%)

-1.69

8.17

Name,Total Return (%),Bloomberg U.S. Universal Index (%),Bloomberg Global Aggregate Index (%)
YTD,5.8,7.6,8.2
1y,5.8,7.6,8.2
3y,0.0,0.0,0.0
5y,0.0,0.0,0.0
10y,0.0,0.0,0.0
Inception,5.5,6.5,5.6

YTD

1y

Inception

Total Return (%)

5.80

5.80

5.51

Bloomberg U.S. Universal Index (%)

7.58

7.58

6.54

Bloomberg Global Aggregate Index (%)

8.17

8.17

5.61

Morningstar Category Avg. (%)

11.93

11.93

—

Morningstar Quartile

—

4

—

Morningstar Quartile # of Funds

—

785

—

Name,Total Return (%),Bloomberg U.S. Universal Index (%),Bloomberg Global Aggregate Index (%)
YTD,0.3,0.2,0.9
1y,5.5,7.1,8.6
3y,0.0,0.0,0.0
5y,0.0,0.0,0.0
10y,0.0,0.0,0.0
Inception,5.4,6.4,5.8

YTD

1y

Inception

Total Return (%)

0.27

5.49

5.43

Bloomberg U.S. Universal Index (%)

0.15

7.10

6.36

Bloomberg Global Aggregate Index (%)

0.93

8.56

5.82

Morningstar Category Avg. (%)

1.45

12.54

—

Morningstar Quartile

—

4

—

Morningstar Quartile # of Funds

—

782

—

Name,Total Return (%),Bloomberg U.S. Universal Index (%),Bloomberg Global Aggregate Index (%)
YTD,5.8,7.6,8.2
1y,5.8,7.6,8.2
3y,0.0,0.0,0.0
5y,0.0,0.0,0.0
10y,0.0,0.0,0.0
Inception,13.1,15.6,13.3

YTD

1y

Inception

Total Return (%)

5.80

5.80

13.10

Bloomberg U.S. Universal Index (%)

7.58

7.58

15.63

Bloomberg Global Aggregate Index (%)

8.17

8.17

13.33

Name,Total Return (%),Bloomberg U.S. Universal Index (%),Bloomberg Global Aggregate Index (%)
YTD,0.3,0.2,0.9
1y,5.5,7.1,8.6
3y,0.0,0.0,0.0
5y,0.0,0.0,0.0
10y,0.0,0.0,0.0
Inception,13.4,15.8,14.4

YTD

1y

Inception

Total Return (%)

0.27

5.49

13.40

Bloomberg U.S. Universal Index (%)

0.15

7.10

15.80

Bloomberg Global Aggregate Index (%)

0.93

8.56

14.39

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,NA Shares,Bloomberg U.S. Universal Index
            2023-09-15,10000,10000
2023-09-30,9960,9859
2023-10-31,9860,9711
2023-11-30,10160,10148
2023-12-31,10400,10533
2024-01-31,10410,10508
2024-02-29,10350,10382
2024-03-31,10440,10484
2024-04-30,10280,10239
2024-05-31,10400,10409
2024-06-30,10480,10504
2024-07-31,10670,10742
2024-08-31,10780,10900
2024-09-30,10900,11050
2024-10-31,10720,10799
2024-11-30,10800,10913
2024-12-31,10690,10748
2025-01-31,10750,10813
2025-02-28,10910,11036
2025-03-31,10910,11034
2025-04-30,10970,11073
2025-05-31,10940,11016
2025-06-30,11060,11188
2025-07-31,11050,11172
2025-08-31,11160,11306
2025-09-30,11230,11426
2025-10-31,11280,11502
2025-11-30,11330,11571
2025-12-31,11310,11563
2026-01-31,11340,11580

Hypothetical Growth of $10,000

(As of 31 Jan 2026)

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

                        Categories,NA Shares,Bloomberg U.S. Universal Index
                        2025-01-31,10000,10000
2025-02-28,10149,10207
2025-03-31,10149,10204
2025-04-30,10205,10240
2025-05-31,10177,10188
2025-06-30,10288,10347
2025-07-31,10279,10332
2025-08-31,10381,10457
2025-09-30,10447,10567
2025-10-31,10493,10637
2025-11-30,10540,10701
2025-12-31,10521,10694
2026-01-31,10549,10710

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.

Characteristics

Characteristics

Portfolio

(As of 31 Jan 2026)

Portfolio

Benchmark

Number of Holdings

419

—

Effective Duration

4.0 Yrs

5.7 Yrs

Average Effective Maturity

5.0 Yrs

7.8 Yrs

Portfolio

Benchmark

Weighted Average Coupon

4.2%

4.0%

Yield to Worst

5.0%

4.5%

Risk & Return Profile

Risk & Return Profile

(As of 31 Jan 2026)

3y

5y

Beta

0.63

0.65

R-Squared (%)

96.77

89.50

Standard Deviation (%)

3.52

4.27

Sharpe Ratio

0.21

-0.17

Information Ratio

0.72

0.95

Tracking Error (%)

2.16

2.55

Up Capture (%)

81.17

77.91

Down Capture (%)

40.79

48.24

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 31 Dec 2025)

Name

Ticker/Symbol

Weight %

United States Treasury Note/Bond

91282CPJ4

8.3

Freddie Mac Pool

3132DU5J2

3.1

United States Treasury Strip Coupon

912834MT2

2.8

Freddie Mac Pool

31427MKG5

1.8

Ginnie Mae II Pool

36179W7K8

1.5

United States Treasury Inflation Indexed Bonds

91282CML2

1.4

United States Treasury Inflation Indexed Bonds

91282CNB3

1.3

United States Treasury Note/Bond

912810UF3

0.9

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 Jan 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

10%

20%

30%

40%

50%

Corporate Bond

46.6

29.8

Collateralized Mortgage Obligation

16.7

—

Treasury Domestic

12.3

39.2

Mortgage Passthrough

8.9

20.7

Asset Backed Securities

7.8

0.4

Short-Term Investments, Other Assets & Liabilities

3.0

—

Commercial Mortgage Backed Security

1.5

1.3

Treasury-Foreign

1.3

4.7

Loan Participation

1.2

—

Preferred Stock

0.7

—

Municipals

0.0

0.8

Currency Forward

0.0

—

Sector Allocation

Fund (%)

Corporate Bond

46.6

Collateralized Mortgage Obligation

16.7

Treasury Domestic

12.3

Mortgage Passthrough

8.9

Asset Backed Securities

7.8

Short-Term Investments, Other Assets & Liabilities

3.0

Commercial Mortgage Backed Security

1.5

Treasury-Foreign

1.3

Loan Participation

1.2

Preferred Stock

0.7

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

88.1

86.3

North America

Canada

2.0

1.3

North America

Mexico

1.3

0.5

Latin America

Saudi Arabia

1.0

0.3

Other

United Kingdom

0.7

1.2

UK

Australia

0.6

0.4

Asia Pacific ex Japan

Germany

0.6

0.3

Europe ex UK

France

0.5

0.6

Europe ex UK

Turkey

0.5

0.3

Europe ex UK

Italy

0.5

0.1

Europe ex UK

Top 10 Countries

Fund (%)

United States

88.1

Canada

2.0

Mexico

1.3

Saudi Arabia

1.0

United Kingdom

0.7

Australia

0.6

Germany

0.6

France

0.5

Turkey

0.5

Italy

0.5

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

10%

20%

30%

40%

50%

60%

70%

U.S. Government

28.0

60.2

AAA

13.4

3.1

AA

2.3

4.6

A

9.7

11.9

BBB

24.3

12.8

BB

14.2

3.3

B

3.0

2.1

CCC

0.1

0.8

D

0.1

—

Not Rated

1.9

1.1

Short-Term Investments, Other Assets & Liabilities

3.0

—

Credit Quality

Fund (%)

U.S. Government

28.0

AAA

13.4

AA

2.3

A

9.7

BBB

24.3

BB

14.2

B

3.0

CCC

0.1

D

0.1

Not Rated

1.9

Short-Term Investments, Other Assets & Liabilities

3.0

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

5%

10%

15%

20%

25%

30%

Year 1

18.9

2.0

Year 2

10.5

12.3

Year 3

10.0

12.2

Year 4

11.8

10.2

Year 5

9.0

11.7

Year 6

5.8

5.8

Year 7

4.5

6.9

Year 8

3.3

5.9

Year 9

2.4

6.6

Year 10+

20.7

26.5

Short-Term Investments, Other Assets & Liabilities

3.0

—

Maturity

Fund (%)

Year 1

18.9

Year 2

10.5

Year 3

10.0

Year 4

11.8

Year 5

9.0

Year 6

5.8

Year 7

4.5

Year 8

3.3

Year 9

2.4

Year 10+

20.7

Short-Term Investments, Other Assets & Liabilities

3.0

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

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)

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