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Thornburg Ultra Short Income Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 204 Ultrashort Bond funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 5 stars and 5 stars among 204, 182 and 108 funds, as of 29 Feb 2024.

As of 29 Feb 2024
Fund Assets
$267.4 M
As of 29 Feb 2024
NAV
$12.20
As of 18 Mar 2024
Change
$0.00
As of 18 Mar 2024
YTD NAV Performance
1.18%
As of 18 Mar 2024
Asset Category:
Global Fixed Income
Fund Benchmark:
ICE BofA US Treasury Bill

Portfolio Managers

Portfolio Manager and Managing Director
Co-Head of Investments and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Fund?

 

  • Actively managed short-term portfolio of high-quality taxable bonds with low interest-rate exposure.
  • Proven bottom-up fundamental approach that invests in a broad range of investment grade ultra-short fixed income and money market securities with a target duration of half a year (0.5).
  • Short-term strategy that seeks to provide income low interest-rate exposure with high-quality fixed income while minimizing volatility.

Investment Objective

The fund’s goal is to provide investors current income, consistent with preservation of capital.

Investment Approach

Designed to provide a solution to investors who may have a limited time horizon, the fund is an actively managed short-term portfolio of high-quality taxable bonds with low interest-rate exposure. The fund seeks to reduce changes in its share value compared to longer duration fixed income portfolios by maintaining a portfolio of investments with a duration of normally no more than one half (0.5) of a year.

Performance

Performance

Returns

(As of 31 Dec 2023)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
5.78
5.78
2.07
2.66
2.03
2.03
ICE BofA US Treasury Bill (%)
5.09
5.09
2.14
1.90
1.27
1.27
Morningstar Category Avg. (%)
5.96
5.96
1.97
2.09
1.53
Morningstar Quartile
2
2
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
0.90
5.80
2.34
2.70
2.04
2.09
ICE BofA US Treasury Bill (%)
0.82
5.26
2.41
1.98
1.35
1.33
Morningstar Category Avg. (%)
0.92
5.91
2.21
2.12
1.61
Morningstar Quartile
2
2
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
5.78
5.78
6.35
14.05
22.26
22.26
ICE BofA US Treasury Bill (%)
5.09
5.09
6.55
9.86
13.41
13.41
YTD
1y
3y
5y
10y
Inception
Total Return (%)
0.90
5.80
7.18
14.24
22.39
23.36
ICE BofA US Treasury Bill (%)
0.82
5.26
7.41
10.33
14.33
14.34
2018
2019
2020
2021
2022
2023
Total Return (%)
1.70
3.86
3.25
0.32
0.22
5.78
ICE BofA US Treasury Bill (%)
1.88
2.35
0.74
0.05
1.34
5.09
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
0.52
Net Expense Ratio (%)
0.30
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 29 Feb 2024)
(Hypothetical Growth of $10,000 vs ICE BofA US Treasury Bill)
Distributions

Distributions

(As of 29 Feb 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 2014
31 Jan 2014
0.01294
0.01294
28 Feb 2014
28 Feb 2014
0.01465
0.01465
31 Mar 2014
31 Mar 2014
0.01357
0.01357
30 Apr 2014
30 Apr 2014
0.01233
0.01233
30 May 2014
31 May 2014
0.01129
0.01129
30 Jun 2014
30 Jun 2014
0.01756
0.01756
31 Jul 2014
31 Jul 2014
0.01066
0.01066
29 Aug 2014
31 Aug 2014
0.00892
0.00892
30 Sep 2014
30 Sep 2014
0.00943
0.00943
31 Oct 2014
31 Oct 2014
0.00960
0.00960
28 Nov 2014
30 Nov 2014
0.00974
0.00974
31 Dec 2014
31 Dec 2014
0.00909
0.00909
30 Jan 2015
31 Jan 2015
0.00895
0.00895
27 Feb 2015
28 Feb 2015
0.00955
0.00955
31 Mar 2015
31 Mar 2015
0.00903
0.00903
30 Apr 2015
30 Apr 2015
0.00861
0.00861
29 May 2015
31 May 2015
0.00856
0.00856
30 Jun 2015
30 Jun 2015
0.00864
0.00864
31 Jul 2015
31 Jul 2015
0.00844
0.00844
31 Aug 2015
31 Aug 2015
0.00899
0.00899
30 Sep 2015
30 Sep 2015
0.00914
0.00914
30 Oct 2015
31 Oct 2015
0.00809
0.00809
30 Nov 2015
30 Nov 2015
0.00947
0.00947
31 Dec 2015
31 Dec 2015
0.01263
0.01263
29 Jan 2016
31 Jan 2016
0.01099
0.01099
29 Feb 2016
29 Feb 2016
0.01027
0.01027
31 Mar 2016
31 Mar 2016
0.01232
0.01232
29 Apr 2016
30 Apr 2016
0.01260
0.01260
31 May 2016
31 May 2016
0.01390
0.01390
30 Jun 2016
30 Jun 2016
0.01426
0.01426
29 Jul 2016
31 Jul 2016
0.01359
0.01359
31 Aug 2016
31 Aug 2016
0.01356
0.01356
30 Sep 2016
30 Sep 2016
0.01033
0.01033
31 Oct 2016
31 Oct 2016
0.01287
0.01287
30 Nov 2016
30 Nov 2016
0.01434
0.01434
30 Dec 2016
31 Dec 2016
0.01399
0.01399
31 Jan 2017
31 Jan 2017
0.01280
0.01280
28 Feb 2017
28 Feb 2017
0.01442
0.01442
31 Mar 2017
31 Mar 2017
0.01749
0.01749
28 Apr 2017
30 Apr 2017
0.01698
0.01698
31 May 2017
31 May 2017
0.01494
0.01494
30 Jun 2017
30 Jun 2017
0.01728
0.01728
31 Jul 2017
31 Jul 2017
0.01664
0.01664
31 Aug 2017
31 Aug 2017
0.01705
0.01705
29 Sep 2017
30 Sep 2017
0.01842
0.01842
31 Oct 2017
31 Oct 2017
0.01801
0.01801
30 Nov 2017
30 Nov 2017
0.01957
0.01957
29 Dec 2017
31 Dec 2017
0.01720
0.01720
31 Jan 2018
31 Jan 2018
0.01792
0.01792
28 Feb 2018
28 Feb 2018
0.01738
0.01738
29 Mar 2018
31 Mar 2018
0.02151
0.02151
30 Apr 2018
30 Apr 2018
0.02253
0.02253
31 May 2018
31 May 2018
0.02156
0.02156
29 Jun 2018
30 Jun 2018
0.02311
0.02311
31 Jul 2018
31 Jul 2018
0.02356
0.02356
31 Aug 2018
31 Aug 2018
0.02294
0.02294
28 Sep 2018
30 Sep 2018
0.02147
0.02147
31 Oct 2018
31 Oct 2018
0.02307
0.02307
30 Nov 2018
30 Nov 2018
0.02547
0.02547
31 Dec 2018
31 Dec 2018
0.02637
0.02637
31 Jan 2019
31 Jan 2019
0.02500
0.02500
28 Feb 2019
28 Feb 2019
0.02449
0.02449
29 Mar 2019
31 Mar 2019
0.02631
0.02631
30 Apr 2019
30 Apr 2019
0.02584
0.02584
31 May 2019
31 May 2019
0.02859
0.02859
28 Jun 2019
30 Jun 2019
0.02699
0.02699
31 Jul 2019
31 Jul 2019
0.02664
0.02664
31 Aug 2019
31 Aug 2019
0.02618
0.02618
30 Sep 2019
30 Sep 2019
0.02560
0.02560
31 Oct 2019
31 Oct 2019
0.02488
0.02488
30 Nov 2019
30 Nov 2019
0.06509
0.02442
0.03680
0.00387
31 Dec 2019
31 Dec 2019
0.02487
0.02487
31 Jan 2020
31 Jan 2020
0.02342
0.02342
29 Feb 2020
29 Feb 2020
0.02302
0.02302
31 Mar 2020
31 Mar 2020
0.02382
0.02382
30 Apr 2020
30 Apr 2020
0.02428
0.02428
31 May 2020
31 May 2020
0.02314
0.02314
30 Jun 2020
30 Jun 2020
0.01971
0.01971
31 Jul 2020
31 Jul 2020
0.01911
0.01911
31 Aug 2020
31 Aug 2020
0.01926
0.01926
30 Sep 2020
30 Sep 2020
0.01871
0.01871
30 Oct 2020
31 Oct 2020
0.01805
0.01805
30 Nov 2020
30 Nov 2020
0.05775
0.02123
0.00477
0.03175
31 Dec 2020
31 Dec 2020
0.01971
0.01971
29 Jan 2021
31 Jan 2021
0.01777
0.01777
26 Feb 2021
28 Feb 2021
0.01619
0.01619
31 Mar 2021
31 Mar 2021
0.01588
0.01588
30 Apr 2021
30 Apr 2021
0.01996
0.01996
28 May 2021
31 May 2021
0.01572
0.01572
30 Jun 2021
30 Jun 2021
0.01525
0.01525
30 Jul 2021
31 Jul 2021
0.01542
0.01542
31 Aug 2021
31 Aug 2021
0.01459
0.01459
30 Sep 2021
30 Sep 2021
0.01581
0.01581
29 Oct 2021
31 Oct 2021
0.01400
0.01400
30 Nov 2021
30 Nov 2021
0.01441
0.01441
31 Dec 2021
31 Dec 2021
0.01469
0.01469
31 Jan 2022
31 Jan 2022
0.01407
0.01407
28 Feb 2022
28 Feb 2022
0.01362
0.01362
31 Mar 2022
31 Mar 2022
0.01388
0.01388
29 Apr 2022
30 Apr 2022
0.01655
0.01655
31 May 2022
31 May 2022
0.01657
0.01657
30 Jun 2022
30 Jun 2022
0.01970
0.01970
29 Jul 2022
31 Jul 2022
0.02236
0.02236
31 Aug 2022
31 Aug 2022
0.02614
0.02614
30 Sep 2022
30 Sep 2022
0.02885
0.02885
31 Oct 2022
31 Oct 2022
0.03358
0.03358
30 Nov 2022
30 Nov 2022
0.03770
0.03770
30 Dec 2022
31 Dec 2022
0.04151
0.04151
31 Jan 2023
31 Jan 2023
0.04287
0.04287
28 Feb 2023
28 Feb 2023
0.04346
0.04346
31 Mar 2023
31 Mar 2023
0.04724
0.04724
28 Apr 2023
30 Apr 2023
0.04801
0.04801
31 May 2023
31 May 2023
0.04982
0.04982
30 Jun 2023
30 Jun 2023
0.05017
0.05017
31 Jul 2023
31 Jul 2023
0.05092
0.05092
31 Aug 2023
31 Aug 2023
0.05296
0.05296
29 Sep 2023
30 Sep 2023
0.05261
0.05261
31 Oct 2023
31 Oct 2023
0.05360
0.05360
30 Nov 2023
30 Nov 2023
0.05037
0.05037
29 Dec 2023
31 Dec 2023
0.06259
0.06259
31 Jan 2024
31 Jan 2024
0.05519
0.05519
29 Feb 2024
29 Feb 2024
0.05445
0.05445
Fund Facts

Fund Facts

(As of 29 Feb 2024)
Net Fund Assets
$267.4 M
Benchmark
ICE BofA US Treasury Bill
Morningstar Category
Ultrashort Bond
Fund Symbol
TLDIX
Share Class
I
Share Class Inception Date
30 Dec 2013
Number of Holdings
300
Portfolio Turnover
29%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
4.99%
30-Day SEC Yield (Unsubsidized)
4.73%
Annualized Distribution Yield
5.52%
Characteristics

Characteristics

Portfolio

(As of 29 Feb 2024)
Portfolio
Benchmark
Effective Duration
0.5 Yrs
0.3 Yrs
Average Effective Maturity
0.6 Yrs
0.3 Yrs
Portfolio
Benchmark
Weighted Average Coupon
3.0%
Yield to Worst
5.8%
5.3%
Risk & Return Profile

Risk & Return Profile

(As of 29 Feb 2024)
3y
5y
10y
Beta
1.27
0.54
0.66
R-Squared (%)
76.74
3.44
5.87
Standard Deviation (%)
0.97
1.72
1.30
Sharpe Ratio
-0.21
0.40
0.53
Information Ratio
-0.13
0.42
0.55
Up Capture (%)
102.92
139.69
153.91
Down Capture (%)
347.38
15.66
-915.03
Portfolio

Portfolio

Top Holdings

(As of 31 Jan 2024)
Name
Ticker/Symbol
Sector
Weight %
United States Treasury Bill
912797JN8
Government
1.5
United States Treasury Note/Bond
91282CHD6
Government
1.1
United States Treasury Note/Bond
9128286Z8
Government
1.1
United States Treasury Note/Bond
9128282N9
Government
1.1
United States Treasury Bill
912797JQ1
SE_TREASURY_DOMESTIC
1.0
United States Treasury Note/Bond
912828XT2
Government
1.0
United States Treasury Note/Bond
9128286R6
Government
1.0
VMware, LLC
928563AH8
Technology
1.0
7-Eleven, Inc.
817826AB6
Consumer, Cyclical
0.9
Avery Dennison Corp.
053611AL3
Consumer, Non-cyclical
0.9
Exposure Breakdown

Exposure Breakdown

(As of 29 Feb 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Corporate
46.2
Asset Backed Securities
27.6
Cash & Cash Equivalents
17.2
Treasury-Domestic
7.5
100.0
Collateralized Mortgage Obligation
1.1
Commercial Mortgage Backed Security
0.4
Municipals
0.0
Mortgage Passthrough
0.0
Agency Debenture
0.0
Sector Allocation
Fund (%)
Corporate
46.2
Asset Backed Securities
27.6
Cash & Cash Equivalents
17.2
Treasury-Domestic
7.5
Collateralized Mortgage Obligation
1.1
Commercial Mortgage Backed Security
0.4
Municipals
0.0
Mortgage Passthrough
0.0
Agency Debenture
0.0
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
U.S. Government
7.6
100.0
AAA
17.7
AA
5.6
A
19.1
BBB
30.6
Below Invest. Grade
1.2
Not Rated
1.1
Cash & Cash Equivalents
17.2
Credit Quality
Fund (%)
U.S. Government
7.6
AAA
17.7
AA
5.6
A
19.1
BBB
30.6
Below Invest. Grade
1.2
Not Rated
1.1
Cash & Cash Equivalents
17.2
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Year 1
65.4
100.0
Year 2
14.7
Year 3
2.1
Year 4
0.1
Year 5+
0.4
Cash
17.2
Maturity
Fund (%)
Year 1
65.4
Year 2
14.7
Year 3
2.1
Year 4
0.1
Year 5+
0.4
Cash
17.2
Portfolio Managers

Portfolio Managers

Lon Erickson, CFA

Lon Erickson, CFA

Portfolio Manager and Managing Director
Lon Erickson is portfolio manager for Thornburg Investment Management. He joined Thornburg in 2008 and was made portfolio manager in 2010. Lon earned a BA in business administration with a minor in economics from Illinois Wesleyan University and an MBA from the University of Chicago Booth School of Business. He is a CFA charterholder. Prior to joining Thornburg Investment Management,…
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Jeff Klingelhofer, CFA

Jeff Klingelhofer, CFA

Co-Head of Investments and Managing Director
Jeff Klingelhofer is co-head of investments for Thornburg Investment Management. He is responsible for driving the investment process at the firm level. Jeff is also a portfolio manager on multiple strategies. He joined the firm in 2010, then was promoted to associate portfolio manager in 2012. In 2015, Jeff was made portfolio manager and managing director. Jeff earned a BA…
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Christian Hoffmann, CFA

Christian Hoffmann, CFA

Portfolio Manager and Managing Director
Christian Hoffmann is portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as a fixed income securities analyst and was promoted to associate portfolio manager in 2014, then portfolio manager in 2018. Christian graduated cum laude from New York University with a BA in economics. He is also a CFA charterholder. Prior to joining Thornburg, he served…
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