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Thornburg Limited Term Income Fund (UCITS)

Morningstar Rating  • Info

Overall Morningstar Rating among 152 EAA Fund USD Corporate Bond - Short Term funds, based on risk-adjusted returns for class I Acc shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 3 stars and 4 stars among 152, 121 and 60 funds, as of 29 Feb 2024.

As of 29 Feb 2024
Fund Assets
$101.3 M
As of 29 Feb 2024
NAV
$11.21
As of 14 Mar 2024
Change
$-0.03
As of 14 Mar 2024
YTD NAV Performance
0.00%
As of 14 Mar 2024
Asset Category:
Global Fixed Income
Fund Benchmark:
BBG Int US Govt/Credit TR Value

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?

  • Flexible, active high-quality portfolio that consists primarily of U.S short- and intermediate-term investment grade bonds.
  • Proven bottom-up fundamental approach that seeks to identify attractive fixed income opportunities on a relative value basis.
  • Highly active strategy that seeks to deliver total return through income and preserve capital with moderate interest rate exposure.

Investment Objective

The fund’s goal is to provide investors as high a level of current income as is consistent with safety of capital. The fund also seeks to reduce changes in its share price compared to longer term portfolios.

Investment Approach

The fund employs a flexible and highly active approach to construct a portfolio of U.S. dollar–denominated short/intermediate investment grade bonds. It is designed for stability, capital preservation and moderate interest rate exposure. The fund seeks to drive returns through income and superior relative value issue selection in a dynamically changing fixed income environment.

Performance

Performance

Returns

2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Total Return (%)
1.09
5.10
7.09
-1.13
-6.87
6.05
BBG Int US Govt/Credit TR Value (%)
0.88
6.80
6.43
-1.44
-8.23
5.24
YTD
1y
3y
5y
Inception
Total Return (%)
6.05
6.05
-0.79
1.91
1.73
BBG Int US Govt/Credit TR Value (%)
5.24
5.24
-1.63
1.59
1.44
Morningstar Category Avg. (%)
5.73
5.73
0.38
1.82
Morningstar Quartile
2
4
3
YTD
1y
3y
5y
Inception
Total Return (%)
-0.09
4.97
-0.53
1.73
1.67
BBG Int US Govt/Credit TR Value (%)
-0.79
4.38
-1.53
1.24
1.29
Morningstar Category Avg. (%)
0.33
5.39
0.59
1.68
Morningstar Quartile
3
4
3
YTD
1y
3y
5y
Inception
Total Return (%)
6.05
6.05
-2.35
9.90
12.10
BBG Int US Govt/Credit TR Value (%)
5.24
5.24
-4.81
8.20
10.01
YTD
1y
3y
5y
Inception
Total Return (%)
-0.09
4.97
-1.58
8.95
12.00
BBG Int US Govt/Credit TR Value (%)
-0.79
4.38
-4.52
6.34
9.14
PRIIPS Performance Risk Scenario

PRIIPS Performance Risk Scenario

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Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 29 Feb 2024)
(Hypothetical Growth of $10,000 vs BBG Int US Govt/Credit TR Value)
Fund Facts

Fund Facts

(As of 29 Feb 2024)
Net Fund Assets
$101.3 M
Benchmark
BBG Int US Govt/Credit TR Value
Morningstar Category
EAA Fund USD Corporate Bond - Short Term
Fund Symbol
THLTIUA ID
Share Class
I Acc
Share Class Inception Date
3 May 2017
Number of Holdings
403
Distribution Frequency
N/a
Characteristics

Characteristics

Portfolio

(As of 29 Feb 2024)
Portfolio
Benchmark
Effective Duration
3.5 Yrs
3.7 Yrs
Average Effective Maturity
4.5 Yrs
4.2 Yrs
Portfolio
Benchmark
Weighted Average Coupon
3.3%
3.0%
Yield to Worst
5.4%
4.7%
Risk & Return Profile

Risk & Return Profile

(As of 29 Feb 2024)
3y
5y
Beta
0.85
0.86
R-Squared (%)
94.26
84.92
Standard Deviation (%)
4.00
3.75
Sharpe Ratio
-0.77
-0.08
Information Ratio
0.84
0.32
Up Capture (%)
90.64
95.30
Down Capture (%)
78.46
83.83
Portfolio

Portfolio

Top Holdings

(As of 31 Jan 2024)
Name
Ticker/Symbol
Sector
Weight %
United States Treasury Note/Bond
91282CHT1
Government
5.3
United States Treasury Note/Bond
91282CFV8
Government
4.8
United States Treasury Inflation Indexed Bonds
91282CGK1
Government
2.2
United States Treasury Note/Bond
91282CEP2
Government
2.1
Fannie Mae Pool
3140XMX27
Mortgage Securities
1.9
United States Treasury Inflation Indexed Bonds
912810PV4
Government
1.5
Fannie Mae Pool
3140XMZX7
Mortgage Securities
1.4
Fannie Mae Pool
3140X8PW1
Mortgage Securities
1.2
SBA Tower Trust
78403DAN0
Financials
1.2
Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd.
03880XAA4
Asset Backed Securities
1.1
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Corporate
46.5
30.8
Treasury-Domestic
19.4
62.1
Mortgage Passthrough
10.6
Collateralized Mortgage Obligation
9.5
Asset Backed Securities
8.0
0.0
Commercial Mortgage Backed Security
2.9
Cash & Cash Equivalents
1.8
Preferred Stock
0.5
Municipals
0.4
0.7
Agency Debenture
0.3
2.9
Treasury-Foreign
0.2
3.5
Sector Allocation
Fund (%)
Corporate
46.5
Treasury-Domestic
19.4
Mortgage Passthrough
10.6
Collateralized Mortgage Obligation
9.5
Asset Backed Securities
8.0
Commercial Mortgage Backed Security
2.9
Cash & Cash Equivalents
1.8
Preferred Stock
0.5
Municipals
0.4
Agency Debenture
0.3
Treasury-Foreign
0.2
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
35.5
64.8
AAA
11.9
2.7
AA
1.8
3.0
A
21.1
15.0
BBB
27.5
14.5
Below Invest. Grade
0.1
Not Rated
0.3
Cash & Cash Equivalents
1.8
Credit Quality
Fund (%)
U.S. Government
35.5
AAA
11.9
AA
1.8
A
21.1
BBB
27.5
Below Invest. Grade
0.1
Not Rated
0.3
Cash & Cash Equivalents
1.8
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
17.5
2.2
Year 2
11.1
21.8
Year 3
10.4
16.7
Year 4
8.6
13.6
Year 5
12.7
14.7
Year 6
5.4
7.3
Year 7
5.4
8.9
Year 8
3.5
4.9
Year 9
13.1
5.4
Year 10+
10.6
4.6
Cash
1.8
Maturity
Fund (%)
Year 1
17.5
Year 2
11.1
Year 3
10.4
Year 4
8.6
Year 5
12.7
Year 6
5.4
Year 7
5.4
Year 8
3.5
Year 9
13.1
Year 10+
10.6
Cash
1.8
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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