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Thornburg Equity Income Builder SMA

Strategy Overview
The Equity Income Builder Strategy employs a flexible bottom-up research process to identify dividend-paying companies with strong cash flows that have both the ability and willingness to pay and grow their dividends over time. Highly active and benchmark agnostic, the strategy prioritizes current income while preserving the opportunity for income growth and capital appreciation over time. At least 80% of the portfolio is invested in income-producing securities and considers the entire universe of global equities.
Strategy Inception Date
1 May 2019

Portfolio Managers

Vice Chairman, Chief Investment Strategist, Portfolio Manager and Managing Director
Head of Equities, Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Strategy?

 

  • Global, diversified multi-asset portfolio of income-producing stocks that seeks to deliver an attractive and growing income stream.
  • Proven bottom-up fundamental research process to identify dividend-paying companies with strong cash flows that have both the ability and willingness to pay and grow their dividends over time.
  • Highly active, flexible approach that allows us to go anywhere in the world to seek income.
Key Facts

Key Facts

(As of 28 Feb 2026)
Assets
$69.3 M*
Benchmark
MSCI World Index
Performance

Performance

Returns

(As of 31 Dec 2025)
YTD
1y
3y
5y
Inception
Thornburg Equity Income Builder Strategy - Gross (%)
41.10
41.10
24.22
15.39
13.05
Thornburg Equity Income Builder Strategy - Net (%)
40.47
40.47
23.49
14.65
12.34
MSCI World Index (%)
21.09
21.09
21.17
12.15
12.96
YTD
1y
3y
5y
Inception
Thornburg Equity Income Builder Strategy - Gross (%)
11.82
44.94
26.61
17.66
14.57
Thornburg Equity Income Builder Strategy - Net (%)
11.78
44.28
25.86
16.93
13.86
MSCI World Index (%)
2.99
21.33
20.58
12.46
13.11
2020
2021
2022
2023
2024
2025
Thornburg Equity Income Builder Strategy - Gross (%)
1.92
17.87
-9.43
21.91
11.55
41.10
Thornburg Equity Income Builder Strategy - Net (%)
1.34
17.03
-10.10
21.04
10.89
40.47
MSCI World Index (%)
15.90
21.82
-18.14
23.79
18.67
21.09
Characteristics

Characteristics

Portfolio

(As of 28 Feb 2026)
Portfolio
Benchmark
Number of Holdings
52
Weighted Average Market Cap
$302.0 B
$909.8 B
Median Market Cap
$83.9 B
$28.9 B
Annual Portfolio Turnover
5%
Price to Earnings - Forward 1YR
14.9x
20.5x
Portfolio
Benchmark
Price to Earnings - Trailing 12 Months
17.7x
24.8x
Price to Cash Flow
7.5x
14.9x
Price to Book Value
2.2x
3.9x
Active Share
91.5%
Portfolio

Portfolio

Top Holdings

(As of 28 Feb 2026)
Name
Ticker/Symbol
Sector
Weight %
Orange S.A.
ORANY
Communication Services
5.8
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
5.6
Broadcom, Inc.
AVGO
Information Technology
4.4
Enel SpA
ENLAY
Utilities
4.1
NN Group N.V.
NNGRY
Financials
3.7
BNP Paribas S.A.
BNPQY
Financials
3.6
Deutsche Telekom AG
DTEGY
Communication Services
3.4
TotalEnergies SE
TTE
Energy
3.2
Endesa S.A.
ELEZY
Utilities
3.1
Generali
ARZGY
Financials
2.9
Exposure Breakdown

Exposure Breakdown

(As of 28 Feb 2026)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
21.0
16.4
Communication Services
15.1
8.5
Health Care
13.9
9.9
Utilities
13.3
2.8
Information Technology
11.8
25.1
Energy
7.8
4.0
Industrials
6.5
12.3
Consumer Staples
3.4
5.8
Cash & Equivalents
2.6
Materials
2.6
3.8
Consumer Discretionary
2.2
9.4
Real Estate
0.0
1.9
Sector Allocation
Portfolio (%)
Financials
21.0
Communication Services
15.1
Health Care
13.9
Utilities
13.3
Information Technology
11.8
Energy
7.8
Industrials
6.5
Consumer Staples
3.4
Cash & Equivalents
2.6
Materials
2.6
Consumer Discretionary
2.2
Real Estate
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Telecommunication Services
15.1
1.5
Utilities
13.3
2.8
Pharmaceuticals, Biotechnology & Life Sciences
12.7
6.9
Semiconductors & Semiconductor Equipment
10.0
11.2
Insurance
8.6
3.0
Banks
8.2
7.3
Energy
7.8
4.0
Capital Goods
4.5
9.6
Financial Services
4.2
6.2
Materials
2.6
3.8
Top 10 Industries
Portfolio (%)
Telecommunication Services
15.1
Utilities
13.3
Pharmaceuticals, Biotechnology & Life Sciences
12.7
Semiconductors & Semiconductor Equipment
10.0
Insurance
8.6
Banks
8.2
Energy
7.8
Capital Goods
4.5
Financial Services
4.2
Materials
2.6
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
United States
21.8
70.0
North America
France
18.3
2.7
Europe ex UK
United Kingdom
11.7
3.9
UK
Germany
9.8
2.4
Europe ex UK
Italy
8.5
0.8
Europe ex UK
Switzerland
6.6
2.5
Europe ex UK
Netherlands
5.8
1.4
Europe ex UK
Taiwan
5.6
Asia Pacific ex Japan
Spain
3.1
1.0
Europe ex UK
Canada
1.9
3.6
North America
Top 10 Countries
Portfolio (%)
United States
21.8
France
18.3
United Kingdom
11.7
Germany
9.8
Italy
8.5
Switzerland
6.6
Netherlands
5.8
Taiwan
5.6
Spain
3.1
Canada
1.9
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
98.2
98.3
Mid Cap ($2.5 to $12 B)
1.1
1.7
Small Cap (< $2.5 B)
0.6
Capitalization
Portfolio (%)
Large Cap (> $12 B)
98.2
Mid Cap ($2.5 to $12 B)
1.1
Small Cap (< $2.5 B)
0.6
Portfolio Managers

Portfolio Managers

Brian McMahon

Vice Chairman, Chief Investment Strategist, Portfolio Manager and Managing Director
Brian McMahon is chief investment strategist and a portfolio manager for Thornburg Investment Management. Brian is deeply respected for his market and investment insight and serves as a key voice for the investment team and Thornburg clients. He also co-manages Thornburg’s global equity portfolios and serves as vice chairman of Thornburg. Brian joined Thornburg in 1984 as chief investment officer;…
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Matt Burdett

Head of Equities, Portfolio Manager and Managing Director
Matt Burdett is head of equities and a portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager. Matt was named a managing director and was promoted to portfolio manager in 2018 and to head of equities in 2024. Matt spent several years as a senior vice president and portfolio manager at PIMCO,…
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