SECTOR ALLOCATION as of 9/30/2018

  • Financials19.7%
  • Health Care13.2%
  • Information Technology13.0%
  • Communication Services11.8%
  • Consumer Discretionary10.3%
  • Energy7.8%
  • Consumer Staples6.8%
  • Materials4.4%
  • Industrials3.9%
  • Utilities0.7%
  • Cash and Cash Equivalents8.3%


Weighted Average Dividend Yield1.8%
Weighted Average Forward Est. P/E14.7x
Median Market Capitalization$10.6 B
Weighted Average Market Capitalization$146.7 B
Active Share (vs. S&P 500 Index)87.6%

Ten Largest Holdings as of 8/31/2018

Thermo Fisher Scientific, Inc.4.6%
JPMorgan Chase & Co.4.1%
Alphabet, Inc.4.0%
US Foods Holding Corp.4.0%
Gilead Sciences, Inc.3.9%
Assured Guaranty Ltd.3.7%
Apple, Inc.3.0%
RPC Group plc3.0%
Devon Energy Corp.2.9%
Nomad Foods Ltd.2.9%


  • Basic Value40.0%
  • Consistent Earners43.4%
  • Emerging Franchises8.4%
  • Cash & Cash Equivalents8.3%
The percentages may not add up to 100 due to rounding.

MARKET CAP BREAKOUT as of 9/30/2018

  • Large Cap (> $12 B)59.5%
  • Mid Cap ($2.5 to $12 B)32.8%
  • Small Cap (< $2.5 B)7.7%
The percentages may not add up to 100 due to rounding.
Portfolio holdings and characteristics shown herein are from a representative account managed within the investment composite. The representative account is selected based on account characteristics that Thornburg believes accurately represent the investment strategy as a whole. Should these characteristics change materially, Thornburg may select a different representative account. Holdings may change daily and may vary among accounts, which may contribute to different investment results. The representative account information is supplemental to the strategy’s composite and GIPS compliant presentation.
Important Information

Investments in the Strategy carry risks, including possible loss of principal. Special risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small capitalization companies may increase the risk of greater price fluctuations. 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.

The information provided herein should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account's portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed may not represent an account's entire portfolio and in the aggregate may represent only a small percentage of an account's portfolio holdings. It should not be assumed that any of the securities transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

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.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

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

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. Investors may not make direct investments into any index.

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

Source: Advent/APX, FactSet, APL, Vestmark, and Thornburg.

View the U.S. Equity Composite GIPS compliant presentation.

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

Please see our glossary for a definition of terms.