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Thornburg Strategic Income Fund (UCITS)

Morningstar Rating  • Info

Overall Morningstar Rating among 630 EAA Fund Global Flexible Bond 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, 4 stars, 4 stars and 5 stars among 630, 438 and 176 funds, as of 29 Feb 2024.

As of 29 Feb 2024
Fund Assets
$61.0 M
As of 29 Feb 2024
NAV
$11.75
As of 15 Mar 2024
Change
$0.00
As of 15 Mar 2024
YTD NAV Performance
-0.09%
As of 15 Mar 2024
Asset Category:
Global Fixed Income
Fund Benchmark:
BBG US Universal TR Value

Portfolio Managers

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

Overview

Why Invest in This Fund?

  • Highly active and flexible approach, designed to provide attractive risk-adjusted returns by investing in fixed income securities across sector, credit quality and geography.
  • Proven bottom-up fundamental approach to identify what we perceive to be the most attractive opportunities on a relative value basis.
  • Opportunistic, multi-sector bond strategy that seeks to provide a total return above that of core fixed income strategies with only incrementally higher risk.

Investment Objective

The fund’s goal is to provide investors with a high level of current income. The fund also seeks to provide some long-term capital appreciation.

Investment Approach

The fund is built around a highly active and flexible approach, able to invest in any income-producing security around the globe across sectors and issuers in order to identify the best relative value opportunities. Our collaborative process combines top-down macroeconomic considerations with deep, fundamental credit research for a comprehensive assessment of risk and reward across the fixed income universe.

Performance

Performance

Returns

2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Total Return (%)
7.40
7.64
2.16
-7.96
8.19
BBG US Universal TR Value (%)
9.29
7.58
-1.10
-12.99
6.17
Strategic Income Blend (%)
12.45
9.68
2.85
-13.87
9.04
YTD
1y
3y
5y
Inception
Total Return (%)
8.19
8.19
0.57
3.30
3.29
BBG US Universal TR Value (%)
6.17
6.17
-2.97
1.44
1.48
Strategic Income Blend (%)
9.04
9.04
-1.15
3.56
3.62
Morningstar Category Avg. (%)
8.17
8.17
-2.59
1.24
Morningstar Quartile
2
1
1
YTD
1y
3y
5y
Inception
Total Return (%)
-0.26
6.35
0.40
2.90
3.13
BBG US Universal TR Value (%)
-1.44
4.06
-2.81
0.85
1.15
Strategic Income Blend (%)
-0.26
7.43
-0.77
2.90
3.46
Morningstar Category Avg. (%)
-1.32
6.01
-2.8
0.49
Morningstar Quartile
2
1
1
YTD
1y
3y
5y
Inception
Total Return (%)
8.19
8.19
1.73
17.60
17.60
BBG US Universal TR Value (%)
6.17
6.17
-8.64
7.41
7.66
Strategic Income Blend (%)
9.04
9.04
-3.42
19.11
19.52
YTD
1y
3y
5y
Inception
Total Return (%)
-0.26
6.35
1.21
15.34
17.30
BBG US Universal TR Value (%)
-1.44
4.06
-8.20
4.32
6.11
Strategic Income Blend (%)
-0.26
7.43
-2.29
15.37
19.20
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 US Universal TR Value)
Fund Facts

Fund Facts

(As of 29 Feb 2024)
Net Fund Assets
$61.0 M
Benchmark
BBG US Universal TR Value
Morningstar Category
EAA Fund Global Flexible Bond
Fund Symbol
THSIIAU ID
Share Class
I Acc
Share Class Inception Date
28 Dec 2018
Number of Holdings
384
Distribution Frequency
N/a
Characteristics

Characteristics

Portfolio

(As of 29 Feb 2024)
Portfolio
Benchmark
Effective Duration
3.8 Yrs
5.9 Yrs
Average Effective Maturity
5.3 Yrs
8.1 Yrs
Portfolio
Benchmark
Weighted Average Coupon
3.8%
3.5%
Yield to Worst
6.0%
5.2%
Risk & Return Profile

Risk & Return Profile

(As of 29 Feb 2024)
3y
5y
Beta
0.65
0.70
R-Squared (%)
87.92
68.30
Standard Deviation (%)
4.87
5.18
Sharpe Ratio
-0.44
0.19
Information Ratio
1.07
0.63
Up Capture (%)
71.43
84.09
Down Capture (%)
49.26
54.65
Portfolio

Portfolio

Top Holdings

(As of 31 Jan 2024)
Name
Ticker/Symbol
Sector
Weight %
United States Treasury Note/Bond
91282CJJ1
Government
5.5
Fannie Mae Pool
3140XMY42
Mortgage Securities
2.7
United States Treasury Bill
912797JN8
Government
2.5
United States Treasury Note/Bond
91282CGM7
Government
1.4
Fannie Mae Pool
3140XMBR6
Mortgage Securities
1.3
United States Treasury Inflation Indexed Bonds
912810PV4
Government
1.1
Fannie Mae Pool
3140XMZX7
Mortgage Securities
1.0
New Residential Mortgage Loan Trust 2022-NQM3
64831QAA1
Mortgage Securities
1.0
Arbor Realty Commercial Real Estate Notes 2022-FL1 Ltd.
03880XAA4
Asset Backed Securities
1.0
Greystone CRE Notes 2021-FL3 Ltd.
39809PAA3
Asset Backed Securities
0.8
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
10%
20%
30%
40%
50%
Corporate
48.8
30.7
Treasury-Domestic
15.6
35.7
Asset Backed Securities
8.5
0.4
Mortgage Passthrough
7.9
22.4
Cash & Cash Equivalents
7.3
Collateralized Mortgage Obligation
5.5
Commercial Mortgage Backed Security
3.2
1.4
Treasury-Foreign
1.3
4.6
Preferred Stock
0.9
Bank Loan
0.8
Municipals
0.1
0.9
Currency Forward
0.0
Sector Allocation
Fund (%)
Corporate
48.8
Treasury-Domestic
15.6
Asset Backed Securities
8.5
Mortgage Passthrough
7.9
Cash & Cash Equivalents
7.3
Collateralized Mortgage Obligation
5.5
Commercial Mortgage Backed Security
3.2
Treasury-Foreign
1.3
Preferred Stock
0.9
Bank Loan
0.8
Municipals
0.1
Currency Forward
0.0
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
United States
86.3
85.3
North America
Canada
2.3
1.5
North America
Mexico
1.1
0.5
Latin America
Cayman Islands
1.1
0.5
Other
United Kingdom
0.9
1.3
UK
Australia
0.8
0.5
Asia Pacific ex Japan
Japan
0.8
0.8
Japan
Brazil
0.7
0.2
Latin America
United Arab Emirates
0.7
0.3
Other
Nigeria
0.6
0.1
Other
Top 10 Countries
Fund (%)
United States
86.3
Canada
2.3
Mexico
1.1
Cayman Islands
1.1
United Kingdom
0.9
Australia
0.8
Japan
0.8
Brazil
0.7
United Arab Emirates
0.7
Nigeria
0.6
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
U.S. Government
25.5
59.1
AAA
7.5
3.1
AA
1.2
5.2
A
10.7
13.2
BBB
26.9
13.4
BB
13.5
3.1
B
4.3
2.1
CCC
0.3
0.7
Not Rated
2.7
0.1
Cash & Cash Equivalents
7.3
Credit Quality
Fund (%)
U.S. Government
25.5
AAA
7.5
AA
1.2
A
10.7
BBB
26.9
BB
13.5
B
4.3
CCC
0.3
Not Rated
2.7
Cash & Cash Equivalents
7.3
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
11.0
1.4
Year 2
8.9
12.6
Year 3
8.6
10.5
Year 4
11.3
9.3
Year 5
9.8
10.5
Year 6
6.4
6.7
Year 7
4.9
7.1
Year 8
4.3
7.0
Year 9
5.3
7.8
Year 10+
22.2
27.1
Cash
7.3
Maturity
Fund (%)
Year 1
11.0
Year 2
8.9
Year 3
8.6
Year 4
11.3
Year 5
9.8
Year 6
6.4
Year 7
4.9
Year 8
4.3
Year 9
5.3
Year 10+
22.2
Cash
7.3
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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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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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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Ali Hassan, CFA, FRM

Ali Hassan, CFA, FRM

Portfolio Manager and Managing Director
Ali Hassan is portfolio manager for Thornburg Investment Management. He joined the firm in 2013 as a fixed income analyst, became senior fixed income analyst in 2017 and was promoted to portfolio manager in 2021. Ali graduated from Stanford University with a BA in economics and a BS in mathematical & computational science. Prior to his joining Thornburg, Ali worked…
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