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Welcome to Thornburg

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Thornburg Income Builder Opportunities Trust*

Closing NAV
$17.53
As of 5 Dec 2023
Closing Share Price
$15.36
As of 5 Dec 2023
Premium Discount
-12.38%
As of 5 Dec 2023
Distribution Rate
8.14%
As of 5 Dec 2023
Inception Date
27 Jul 2021
As of 5 Dec 2023

Portfolio Managers

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

Overview

Investment Rationale

The Trust’s investment objective is to provide current income and additional total return. There is no assurance that the Trust will achieve its investment objective. The Trust seeks to provide investors with the following potential benefits:

  • Current income stream and additional total return
  • Active global allocation to navigate increasingly volatile markets
  • Diversified income from global dividends and opportunistic fixed income
  • Regular monthly distributions

Download Investor Brochure

Investment Approach

The Trust seeks current income and additional total return by investing in a broad range of income-producing securities to include both equity and debt securities of companies located in the U.S. and around the globe. The Trust additionally expects to employ an options strategy to generate current income from options premiums and to improve risk-adjusted returns. There can be no assurance that the Trust will achieve its investment objective, and you could lose some or all of your investment.

Investment Strategy

The Trust will invest at least 80% of its Managed Assets, directly or indirectly, in a broad range of income-producing securities. The Trust will invest in both equity and debt securities of companies located in the United States and around the globe. The Trust may invest in companies of any market capitalization and may invest in both U.S. and non-U.S. countries, including up to 20% of its Managed Assets at the time of investment in equity and debt securities of emerging market companies. The Trust’s global equity allocation is expected to represent 75% of Managed Assets and may vary over time between 50% to 90% of Managed Assets. The Trust’s global debt allocation is expected to represent 25% of Managed Assets and may vary over time between 10% to 50% of Managed Assets.

The Trust’s options strategy is intended to generate current income from options premiums and to improve its risk-adjusted returns. The notional amount of the options strategy will be approximately 10% to 40% of the Trust’s Managed Assets.

The Trust does not intend to use leverage and has a 12-year term.§, ll

For term definitions and index descriptions, please access the glossary in the footer.

Fund Facts

Fund Facts

(As of 31 Jan 2024)
Common Net Assets
$579,767,677
Leverage
0.00%
Total Managed Assets
$579,767,677
Common Shares Outstanding
32,081,883
Average Daily Volume (last 30 days)
136,577
Fees & Expenses

Fees & Expenses

(As of 31 Jan 2024)
Management Fee1
1.25%
Administration Fee
0.09%
Other Expenses2
0.23%
Total Annual Expenses
1.57%
Performance

Performance

Total Returns

(As of 31 Jan 2024)
YTD
1y
Inception
Total Price (%)
16.72
16.72
-3.62
Total NAV (%)
18.04
18.04
2.67
Investment Income Builder Blend (%)
19.05
19.05
1.37
YTD
1y
Inception
Total Price (%)
1.49
8.76
-2.93
Total NAV (%)
0.47
11.58
2.77
Investment Income Builder Blend (%)
0.83
13.17
1.66
Pricing

Pricing

(As of 5 Dec 2023)
Date
Share Price ($)
NAV ($)
Premium/discount (%)
5 Dec 2023
15.36
17.53
-12.38
4 Dec 2023
15.26
17.53
-12.95
1 Dec 2023
15.27
17.58
-13.14
30 Nov 2023
15.23
17.51
-13.02
29 Nov 2023
15.18
17.49
-13.21
28 Nov 2023
15.10
17.44
-13.42
27 Nov 2023
15.11
17.41
-13.21
24 Nov 2023
15.19
17.40
-12.70
22 Nov 2023
15.09
17.36
-13.08
21 Nov 2023
14.89
17.34
-14.13
Distributions

Distributions

(As of 5 Dec 2023)
Distribution Rate on Market
8.14%
Distribution Rate on NAV
7.13%
Fiscal YTD Distributions per Share**
$0.31251
Inception to Date Distributions/Share
$2.91676
Distribution Summary

Distribution Summary

(As of 11 Jan 2024)
Payable Date
Record Date
Ex-Date
Declaration Date
Amount ($)
20 Sep 2021
13 Sep 2021
10 Sep 2021
25 Aug 2021
0.10417
20 Oct 2021
11 Oct 2021
8 Oct 2021
1 Oct 2021
0.10417
22 Nov 2021
15 Nov 2021
12 Nov 2021
2 Nov 2021
0.10417
20 Dec 2021
13 Dec 2021
10 Dec 2021
1 Dec 2021
0.10417
20 Jan 2022
31 Dec 2021
30 Dec 2021
28 Dec 2021
0.10417
18 Feb 2022
11 Feb 2022
10 Feb 2022
1 Feb 2022
0.10417
21 Mar 2022
11 Mar 2022
10 Mar 2022
1 Mar 2022
0.10417
20 Apr 2022
11 Apr 2022
8 Apr 2022
1 Apr 2022
0.10417
20 May 2022
12 May 2022
11 May 2022
2 May 2022
0.10417
20 Jun 2022
13 Jun 2022
10 Jun 2022
1 Jun 2022
0.10417
20 Jul 2022
11 Jul 2022
8 Jul 2022
1 Jul 2022
0.10417
19 Aug 2022
11 Aug 2022
10 Aug 2022
1 Aug 2022
0.10417
20 Sep 2022
12 Sep 2022
9 Sep 2022
1 Sep 2022
0.10417
20 Oct 2022
11 Oct 2022
7 Oct 2022
3 Oct 2022
0.10417
21 Nov 2022
14 Nov 2022
10 Nov 2022
1 Nov 2022
0.10417
20 Dec 2022
12 Dec 2022
9 Dec 2022
1 Dec 2022
0.10417
23 Jan 2023
13 Jan 2023
12 Jan 2023
3 Jan 2023
0.10417
21 Feb 2023
13 Feb 2023
10 Feb 2023
1 Feb 2023
0.10417
20 Mar 2023
13 Mar 2023
10 Mar 2023
1 Mar 2023
0.10417
20 Apr 2023
13 Apr 2023
12 Apr 2023
3 Apr 2023
0.10417
19 May 2023
11 May 2023
10 May 2023
1 May 2023
0.10417
20 Jun 2023
12 Jun 2023
9 Jun 2023
1 Jun 2023
0.10417
20 Jul 2023
13 Jul 2023
12 Jul 2023
3 Jul 2023
0.10417
18 Aug 2023
11 Aug 2023
10 Aug 2023
1 Aug 2023
0.10417
20 Sep 2023
11 Sep 2023
8 Sep 2023
1 Sep 2023
0.10417
20 Oct 2023
12 Oct 2023
11 Oct 2023
2 Oct 2023
0.10417
20 Nov 2023
13 Nov 2023
10 Nov 2023
1 Nov 2023
0.10417
20 Dec 2023
11 Dec 2023
8 Dec 2023
1 Dec 2023
0.10417
22 Jan 2024
12 Jan 2024
11 Jan 2024
2 Jan 2024
0.10417
Portfolio Characteristics

Portfolio Characteristics

(As of 31 Jan 2024)
Portfolio
Benchmark
Net Fund Assets
$579.8 M
Number of Holdings
205
Weighted Average Market Cap
$189.2 B
$526.3 B
Median Market Cap
$71.0 B
$18.7 B
Price to Earnings - Forward 1YR
11.4x
18.3x
Price to Earnings - Trailing 12 Months
10.9x
19.5x
Price to Cash Flow
3.4x
11.6x
Price to Book Value
1.9x
3.1x
Portfolio
Benchmark
Return on Assets - 5 YR
9.2%
10.3%
Return on Equity - 5 YR
24.1%
30.5%
Historical 3YR Sales Growth
14.0%
15.5%
Active Share
89.6%
Effective Duration
4.4 Yrs
6.2 Yrs
Average Effective Maturity
7.1 Yrs
8.3 Yrs
Weighted Average Coupon
2.2%
3.1%
Weighted Average Price
$90.77
$92.26
Portfolio Top Holdings

Portfolio Top Holdings

(As of 31 Dec 2023)
Name
Ticker/Symbol
Sector
Weight %
Enel SpA
ENEL
Utilities
2.6
NN Group N.V.
NN
Financials
2.6
Meta Platforms, Inc.
META
Communication Services
2.3
BHP Group Ltd.
BHP
Materials
2.2
Endesa S.A.
ELE
Utilities
1.8
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
1.8
CME Group, Inc.
CME
Financials
1.8
Nintendo Co. Ltd.
7974
Communication Services
1.8
JPMorgan Chase & Co.
JPM
Financials
1.7
Pfizer, Inc.
PFE
Health Care
1.7
Name
Ticker/Symbol
Sector
Weight %
Vector Group Ltd.
92240MBJ6
Consumer, Non-cyclical
1.0
Freddie Mac Pool
Mortgage Securities
0.7
FirstCash, Inc.
Consumer, Cyclical
0.6
Matthews International Corp.
577128AA9
Consumer, Non-cyclical
0.6
United States Treasury Inflation Indexed Bonds
Government
0.6
Comision Federal de Electricidad
QZ7462430
Utilities
0.5
Nasdaq, Inc.
Financials
0.5
Tenet Healthcare Corp.
Consumer, Non-cyclical
0.5
CITGO Petroleum Corp.
17302XAK2
Energy
0.5
United Wholesale Mortgage, LLC
91153LAA5
Financials
0.5
Options Overlay

Options Overlay

(As of 31 Jan 2024)
Type of Options
Calls
% of Portfolio Overwritten
11.7%
Average Call Strike vs. Spot Price
99.6
Weighted Average Days to Expiration
18
Exposure Breakdown

Exposure Breakdown

(As of 31 Jan 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
20.2
23.7
Financials
17.0
15.2
Communication Services
14.7
7.4
Energy
10.0
4.4
Materials
9.8
3.9
Utilities
8.3
2.5
Health Care
7.9
12.3
Consumer Discretionary
7.8
10.6
Consumer Staples
3.7
6.8
Industrials
0.6
11.0
Real Estate
0.0
2.3
Sector Allocation
Fund (%)
Information Technology
20.2
Financials
17.0
Communication Services
14.7
Energy
10.0
Materials
9.8
Utilities
8.3
Health Care
7.9
Consumer Discretionary
7.8
Consumer Staples
3.7
Industrials
0.6
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Materials
11.2
3.9
Energy
9.7
4.4
Semiconductors & Semiconductor Equipment
9.2
7.1
Utilities
8.0
2.5
Media & Entertainment
7.2
6.0
Telecommunication Services
7.1
1.4
Technology Hardware & Equipment
7.1
6.5
Pharmaceuticals, Biotechnology & Life Sciences
7.0
8.0
Insurance
7.0
3.2
Banks
6.2
5.6
Top 10 Industries
Fund (%)
Materials
11.2
Energy
9.7
Semiconductors & Semiconductor Equipment
9.2
Utilities
8.0
Media & Entertainment
7.2
Telecommunication Services
7.1
Technology Hardware & Equipment
7.1
Pharmaceuticals, Biotechnology & Life Sciences
7.0
Insurance
7.0
Banks
6.2
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
United States
43.5
75.8
North America
Netherlands
7.1
1.0
Europe ex UK
Italy
4.3
0.5
Europe ex UK
Japan
3.7
4.8
Japan
United Kingdom
3.6
3.4
UK
Canada
3.4
2.7
North America
Taiwan
3.1
0.0
Asia Pacific ex Japan
France
3.0
2.5
Europe ex UK
Australia
2.3
1.5
Asia Pacific ex Japan
Switzerland
2.1
2.0
Europe ex UK
Top 10 Countries
Fund (%)
United States
43.5
Netherlands
7.1
Italy
4.3
Japan
3.7
United Kingdom
3.6
Canada
3.4
Taiwan
3.1
France
3.0
Australia
2.3
Switzerland
2.1
Composition
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
Equity
56.5
75.0
Fixed Income
30.6
25.0
Cash & Cash Equivalents
13.1
Derivatives
-0.2
Composition
Fund (%)
Equity
56.5
Fixed Income
30.6
Cash & Cash Equivalents
13.1
Derivatives
-0.2
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
88.5
95.0
Mid Cap ($2.5 to $12 B)
10.8
5.0
Small Cap (< $2.5 B)
0.7
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
88.5
Mid Cap ($2.5 to $12 B)
10.8
Small Cap (< $2.5 B)
0.7
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
10.0
68.7
AAA
6.6
3.5
AA
0.8
4.3
A
4.7
11.9
BBB
20.9
11.6
BB
28.0
0.0
B
16.9
CCC
1.1
Not Rated
11.0
Credit Quality
Fund (%)
U.S. Government
10.0
AAA
6.6
AA
0.8
A
4.7
BBB
20.9
BB
28.0
B
16.9
CCC
1.1
Not Rated
11.0
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
12.6
1.0
Year 2
16.2
12.1
Year 3
4.2
9.8
Year 4
1.1
8.8
Year 5
11.7
10.2
Year 6
20.6
6.1
Year 7
1.0
7.5
Year 8
8.1
7.5
Year 9
4.1
8.3
Year 10+
20.4
28.6
Maturity
Fund (%)
Year 1
12.6
Year 2
16.2
Year 3
4.2
Year 4
1.1
Year 5
11.7
Year 6
20.6
Year 7
1.0
Year 8
8.1
Year 9
4.1
Year 10+
20.4
Portfolio Managers

Portfolio Managers

Ben Kirby, CFA

Ben Kirby, CFA

Co-Head of Investments and Managing Director
Ben Kirby is co-head of investments for Thornburg Investment Management. He is responsible for driving the investment process at the firm level. Ben is also a portfolio manager on multiple strategies. He joined Thornburg in 2008 as equity research analyst, was promoted to associate portfolio manager in 2011, and was named portfolio manager and managing director in 2013. Ben holds…
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Matt Burdett

Matt Burdett

Portfolio Manager and Managing Director
Matt Burdett is portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager and was promoted to portfolio manager in 2018. Matt spent several years as a senior vice president and portfolio manager at PIMCO, where he co-managed various dividend-oriented strategies. Prior to his time at PIMCO, Matt worked as an equity analyst…
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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…
Learn More

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