Thornburg Limited Term Income Strategy

Annualized Total Returns as of

QTD YTD 1-YR 3-YR 5-YR 10-YR 15-YR INCEPTION*
Limited Term Income Composite (Net) 1.89% 4.06% 5.66% 2.75% 2.68% 4.34% 4.19% 4.98%
Limited Term Income Composite (Gross) 1.98% 4.23% 6.01% 3.09% 3.04% 4.82% 4.81% 5.74%
Bloomberg Barclays Intermediate U.S. Government/Credit Index 2.59% 4.97% 6.93% 1.99% 2.39% 3.24% 3.68% 4.84%

Annual Return Performance Summary

Net Return Gross Return Bloomberg Barclays Intermediate U.S. Government/Credit Index
2018 1.38% 1.72% 0.88%
2017 2.89% 3.22% 2.14%
2016 3.63% 3.99% 2.08%
2015 0.98% 1.34% 1.07%
2014 3.89% 4.28% 3.13%
Show All Years

*Inception 2/1/1993.

Risk Metrics vs Bloomberg Barclays Intermediate U.S. Government/Credit Index as of

3-YR 5-YR 10-YR
Sharpe Ratio 1.31 1.58 2.10
Info Ratio 1.22 0.68 1.49
Tracking Error 0.91 0.95 1.06
R-Squared 95.72 89.74 78.67

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

Important Information

Investments in the strategy carry risks, including possible loss of principal. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The principal value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Unlike bonds, bond portfolios have ongoing fees and expenses. Investments in mortgage-backed securities (MBS) may bear additional risk. Carefully consider the strategy’s investment objectives, risks, fees and expenses before investing. There is no guarantee that the strategy will meet its investment objectives.

Weight percentages are of the total portfolio unless otherwise noted.

Portfolio characteristics are derived using currently available data from independent research resources that are believed to be accurate. Portfolio attributes can and do vary.

The laddering strategy does not assure or guarantee better performance than a non-laddered portfolio and cannot eliminate the risk of investment losses.

Portfolios invested in a limited number of holdings may expose an investor to greater volatility.

Neither the payment of, or increase in, dividends is guaranteed.

Credit quality ratings for Thornburg’s global fixed income portfolios used ratings from Moody’s Investors Service. Where Moody’s ratings are not available, we have used S&P Global Ratings. Where neither rating is available, we have used ratings from other nationally recognized statistical rating organizations (NRSROs).

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.

Portfolio construction will have significant differences from that of a benchmark index in terms of security holdings, industry weightings, asset allocations and number of positions held, all of which may contribute to performance, characteristics and volatility differences. Investors may not make direct investments into any index.

Valuations are computed and reported in U.S. dollars.

Source: Advent/APX, FactSet and Thornburg.

View the Limited Term Income Composite GIPS compliant presentation.

To receive a complete list and description of Thornburg Investment Management's composites, please contact the Business Development Group at bdg@thornburg.com

Please see our glossary for a definition of terms.

IN THE UNITED KINGDOM: This communication is issued by Thornburg Investment Management Ltd. (“TIM Ltd.”) and approved by Robert Quinn Advisory LLP which is authorised and regulated by the UK Financial Conduct Authority (“FCA”). TIM Ltd. is an appointed representative of Robert Quinn Advisory LLP.

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