Unsubscribe

Confirm you would like to unsubscribe from this list

Exit without Saving?

You’ve selected one or more items to subscribe to but have not saved your updated subscriptions yet.

Click “Save” to save your preferences and proceed.

Click “Cancel” to return and revise your selections.

Click “Dont’ Save” to proceed without saving your changes.

Don't save
Cancel

Remove strategy

Confirm you would like to remove this strategy from your list

Welcome to Thornburg

Please select your location and role to help personalize the site.
Please review our Terms & Conditions

TERMS AND CONDITIONS OF USE

Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.

Disclaimers

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.

Reference to a fund or security anywhere on this website is not a recommendation to buy, sell or hold that or any other security. The information is not a complete analysis of every material fact concerning any market, industry, or investment, nor is it intended to predict the performance of any investment or market.

All opinions and estimates included on this website constitute judgements of Thornburg as at the date of this website and are subject to change without notice.

All information and contents of this website are furnished "as is." Data has been obtained from sources considered reliable, but Thornburg makes no representation as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg disclaims, to the fullest extent of the law, any implied or express warranty of any kind, including without limitation the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

If you live in a state that does not allow disclaimers of implied warranties, our disclaimer may not apply to you.

Although Thornburg intends the information contained in this website to be accurate and reliable, errors sometimes occur. Thornburg does not warrant that the information to be free of errors, that the functions contained in the site will be uninterrupted, that defects will be corrected or that the site and servers are free from viruses or other harmful components. You agree that you are responsible for the means you use to access this website and understand that your hardware, software, the Internet, your Internet service provider, and other third parties involved in connecting you to our website may not perform as intended or desired. We also disclaim responsibility for damages third parties may cause to you through the use of this website, whether intentional or unintentional. For example, you understand that hackers could breach our security procedures, and that we will not be responsible for any related damages.

Thornburg Investment Management, Inc. is regulated by the U.S. Securities and Exchange under U.S. laws which may differ materially from laws in other jurisdictions.

Online Privacy and Cookie Policy

Please review our Online Privacy and Cookie Policy, which is hereby incorporated by reference as part of these terms and conditions.

Third Party Content

Certain website's content has been obtained from sources that Thornburg believes to be reliable as of the date presented but Thornburg cannot guarantee the accuracy, timeliness, completeness, or suitability for use of such content. The content does not take into account individual investor's circumstances, objectives or needs. The content is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services, nor does it constitute investment advice and should not be used as the basis for any investment decision.

Suitability

No determination has been made regarding the suitability of any securities, financial instruments or strategies for any investor. The website's content is provided on the basis and subject to the explanations, caveats and warnings set out in this notice and elsewhere herein. The website's content does not purport to provide any legal, tax or accounting advice. Any discussion of risk management is intended to describe Thornburg's efforts to monitor and manage risk but does not imply low risk.

Limited License and Restrictions on Use

Except as otherwise stated in these terms of use or as expressly authorized by Thornburg in writing, you may not:

  • Modify, copy, distribute, transmit, post, display, perform, reproduce, publish, broadcast, license, create derivative works from, transfer, sell, or exploit any reports, data, information, content, software, RSS and podcast feeds, products, services, or other materials (collectively, "Materials") on, generated by or obtained from this website, whether through links or otherwise;
  • Redeliver any page, text, image or Materials on this website using "framing" or other technology;
  • Engage in any conduct that could damage, disable, or overburden (i) this website, (ii) any Materials or services provided through this website, or (iii) any systems, networks, servers, or accounts related to this website, including without limitation, using devices or software that provide repeated automated access to this website, other than those made generally available by Thornburg;
  • Probe, scan, or test the vulnerability of any Materials, services, systems, networks, servers, or accounts related to this website or attempt to gain unauthorized access to Materials, services, systems, networks, servers, or accounts connected or associated with this website through hacking, password or data mining, or any other means of circumventing any access-limiting, user authentication or security device of any Materials, services, systems, networks, servers, or accounts related to this website; or
  • Modify, copy, obscure, remove or display the Thornburg name, logo, trademarks, notices or images without Thornburg's express written permission. To obtain such permission, you may e-mail us at info@thornburg.com.

Severability, Governing Law

Failure by Thornburg to enforce any provision(s) of these terms and conditions shall not be construed as a waiver of any provision or right. This website is controlled and operated by Thornburg from its offices in Santa Fe, New Mexico. The laws of the State of New Mexico govern these terms and conditions. If you take legal action relating to these terms and conditions, you agree to file such action only in state or federal court in New Mexico and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.

Termination

You acknowledge and agree that Thornburg may restrict, suspend or terminate these terms and conditions or your access to, and use, of the all or any part this website, including any links to third-party sites, at any time, with or without cause, including but not limited to any breach of these terms and conditions, in Thornburg's absolute discretion and without prior notice or liability.

Decline
Give Us a Call

Fund Operations
800.847.0200

FIND ANOTHER CONTACT

Thornburg Ultra Short Income Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 205 Ultrashort Bond funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three- and five-year ratings: respectively, 4 stars and 5 stars among 205 and 181 funds, as of 31 Jul 2023.

As of 31 Jul 2023
Fund Assets
$264.2 M
As of 31 Aug 2023
NAV
$12.16
As of 30 Aug 2023
Change
$0.00
As of 30 Aug 2023
YTD NAV Performance
3.55%
As of 30 Aug 2023
Asset Category:
Global Fixed Income
Fund Benchmark:
ICE BofA US Treasury Bill

Portfolio Managers

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

Overview

Why Invest in This Fund?

  • Actively managed short-term portfolio of high-quality taxable bonds with low interest-rate exposure.
  • Proven bottom-up fundamental approach that invests in a broad range of investment grade ultra-short fixed income and money market securities with a target duration of half a year (0.5).
  • Short-term strategy that seeks to provide income low interest-rate exposure with high-quality fixed income while minimizing volatility.

Investment Objective

The fund’s goal is to provide investors current income, consistent with preservation of capital.

Investment Approach

Designed to provide a solution to investors who may have a limited time horizon, the fund is an actively managed short-term portfolio of high-quality taxable bonds with low interest-rate exposure. The fund seeks to reduce changes in its share value compared to longer duration fixed income portfolios by maintaining a portfolio of investments with a duration of normally no more than one half (0.5) of a year.

Performance

Performance

Returns

(As of 30 Jun 2023)
YTD
1y
3y
5y
Inception
Total Return (%)
2.59
3.96
1.39
2.29
1.81
ICE BofA US Treasury Bill (%)
2.28
3.60
1.24
1.57
1.05
Morningstar Category Avg. (%)
2.54
3.78
1.14
1.58
Morningstar Quartile
2
2
1
YTD
1y
3y
5y
Inception
Total Return (%)
3.56
4.52
1.52
2.39
1.88
ICE BofA US Treasury Bill (%)
3.17
4.26
1.52
1.67
1.12
Morningstar Category Avg. (%)
3.13
4.07
1.24
1.64
Morningstar Quartile
2
2
1
YTD
1y
3y
5y
Inception
Total Return (%)
2.59
3.96
4.24
11.99
18.58
ICE BofA US Treasury Bill (%)
2.28
3.60
3.78
8.08
10.38
YTD
1y
3y
5y
Inception
Total Return (%)
3.56
4.52
4.64
12.53
19.69
ICE BofA US Treasury Bill (%)
3.17
4.26
4.64
8.64
11.33
2017
2018
2019
2020
2021
2022
Total Return (%)
1.39
1.70
3.86
3.25
0.32
0.22
ICE BofA US Treasury Bill (%)
0.81
1.88
2.35
0.74
0.05
1.34
Fund Fees

Fund Fees

(As of 1 Feb 2023)
Gross Expense Ratio (%)
0.60
Net Expense Ratio (%)
0.30
Distributions

Distributions

(As of 31 Aug 2023)
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 2014
0.01294
0.01294
28 Feb 2014
0.01465
0.01465
31 Mar 2014
0.01357
0.01357
30 Apr 2014
0.01233
0.01233
30 May 2014
0.01129
0.01129
30 Jun 2014
0.01756
0.01756
31 Jul 2014
0.01066
0.01066
29 Aug 2014
0.00892
0.00892
30 Sep 2014
0.00943
0.00943
31 Oct 2014
0.00960
0.00960
28 Nov 2014
0.00974
0.00974
31 Dec 2014
0.00909
0.00909
30 Jan 2015
0.00895
0.00895
27 Feb 2015
0.00955
0.00955
31 Mar 2015
0.00903
0.00903
30 Apr 2015
0.00861
0.00861
29 May 2015
0.00856
0.00856
30 Jun 2015
0.00864
0.00864
31 Jul 2015
0.00844
0.00844
31 Aug 2015
0.00899
0.00899
30 Sep 2015
0.00914
0.00914
30 Oct 2015
0.00809
0.00809
30 Nov 2015
0.00947
0.00947
31 Dec 2015
0.01263
0.01263
29 Jan 2016
0.01099
0.01099
29 Feb 2016
0.01027
0.01027
31 Mar 2016
0.01232
0.01232
29 Apr 2016
0.01260
0.01260
31 May 2016
0.01390
0.01390
30 Jun 2016
0.01426
0.01426
29 Jul 2016
0.01359
0.01359
31 Aug 2016
0.01356
0.01356
30 Sep 2016
0.01033
0.01033
31 Oct 2016
0.01287
0.01287
30 Nov 2016
0.01434
0.01434
30 Dec 2016
0.01399
0.01399
31 Jan 2017
0.01280
0.01280
28 Feb 2017
0.01442
0.01442
31 Mar 2017
0.01749
0.01749
28 Apr 2017
0.01698
0.01698
31 May 2017
0.01494
0.01494
30 Jun 2017
0.01728
0.01728
31 Jul 2017
0.01664
0.01664
31 Aug 2017
0.01705
0.01705
29 Sep 2017
0.01842
0.01842
31 Oct 2017
0.01801
0.01801
30 Nov 2017
0.01957
0.01957
29 Dec 2017
0.01720
0.01720
31 Jan 2018
0.01792
0.01792
28 Feb 2018
0.01738
0.01738
29 Mar 2018
0.02151
0.02151
30 Apr 2018
0.02253
0.02253
31 May 2018
0.02156
0.02156
29 Jun 2018
0.02311
0.02311
31 Jul 2018
0.02356
0.02356
31 Aug 2018
0.02294
0.02294
28 Sep 2018
0.02147
0.02147
31 Oct 2018
0.02307
0.02307
30 Nov 2018
0.02547
0.02547
31 Dec 2018
0.02637
0.02637
31 Jan 2019
0.02500
0.02500
28 Feb 2019
0.02449
0.02449
29 Mar 2019
0.02631
0.02631
30 Apr 2019
0.02584
0.02584
31 May 2019
0.02859
0.02859
28 Jun 2019
0.02699
0.02699
31 Jul 2019
0.02664
0.02664
31 Aug 2019
0.02618
0.02618
30 Sep 2019
0.02560
0.02560
31 Oct 2019
0.02488
0.02488
30 Nov 2019
0.06509
0.02442
0.03680
0.00387
31 Dec 2019
0.02487
0.02487
31 Jan 2020
0.02342
0.02342
29 Feb 2020
0.02302
0.02302
31 Mar 2020
0.02382
0.02382
30 Apr 2020
0.02428
0.02428
31 May 2020
0.02314
0.02314
30 Jun 2020
0.01971
0.01971
31 Jul 2020
0.01911
0.01911
31 Aug 2020
0.01926
0.01926
30 Sep 2020
0.01871
0.01871
30 Oct 2020
0.01805
0.01805
30 Nov 2020
0.05775
0.02123
0.00477
0.03175
31 Dec 2020
0.01971
0.01971
29 Jan 2021
0.01777
0.01777
26 Feb 2021
0.01619
0.01619
31 Mar 2021
0.01588
0.01588
30 Apr 2021
0.01996
0.01996
28 May 2021
0.01572
0.01572
30 Jun 2021
0.01525
0.01525
30 Jul 2021
0.01542
0.01542
31 Aug 2021
0.01459
0.01459
30 Sep 2021
0.01581
0.01581
29 Oct 2021
0.01400
0.01400
30 Nov 2021
0.01441
0.01441
31 Dec 2021
0.01469
0.01469
31 Jan 2022
0.01407
0.01407
28 Feb 2022
0.01362
0.01362
31 Mar 2022
0.01388
0.01388
29 Apr 2022
0.01655
0.01655
31 May 2022
0.01657
0.01657
30 Jun 2022
0.01970
0.01970
29 Jul 2022
0.02236
0.02236
31 Aug 2022
0.02614
0.02614
30 Sep 2022
0.02885
0.02885
31 Oct 2022
0.03358
0.03358
30 Nov 2022
0.03770
0.03770
30 Dec 2022
0.04151
0.04151
31 Jan 2023
0.04287
0.04287
28 Feb 2023
0.04346
0.04346
31 Mar 2023
0.04724
0.04724
28 Apr 2023
0.04801
0.04801
31 May 2023
0.04982
0.04982
30 Jun 2023
0.05017
0.05017
31 Jul 2023
0.05092
0.05092
31 Aug 2023
0.05296
0.05296
Fund Facts

Fund Facts

(As of 31 Aug 2023)
Net Fund Assets
$264.2 M
Benchmark
ICE BofA US Treasury Bill
Morningstar Category
Ultrashort Bond
Fund Symbol
TLDIX
Share Class
I
Share Class Inception Date
30 Dec 2013
Number of Holdings
314
Portfolio Turnover
39%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
4.88%
30-Day SEC Yield (Unsubsidized)
4.66%
Annualized Distribution Yield
4.89%
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2023)
Portfolio
Benchmark
Effective Duration
0.5 Yrs
0.3 Yrs
Average Effective Maturity
0.6 Yrs
0.3 Yrs
Portfolio
Benchmark
Weighted Average Coupon
2.7%
Yield to Worst
6.0%
5.4%
Risk & Return Profile

Risk & Return Profile

(As of 30 Jun 2023)
3y
5y
Beta
1.11
0.26
R-Squared (%)
54.31
0.50
Standard Deviation (%)
0.80
1.69
Sharpe Ratio
0.08
0.43
Information Ratio
0.28
0.42
Up Capture (%)
122.70
150.95
Down Capture (%)
141.02
-117.54
Portfolio

Portfolio

Top Holdings

(As of 31 Jul 2023)
Name
Ticker/Symbol
Sector
Weight %
United States Treasury Bill
Government
2.3
United States Treasury Note/Bond
912828V80
Government
1.3
United States Treasury Bill
Government
1.2
United States Treasury Note/Bond
Government
1.1
United States Treasury Note/Bond
91282CBA8
Government
1.1
United States Treasury Note/Bond
Government
1.1
United States Treasury Note/Bond
Government
1.1
7-Eleven, Inc.
817826AB6
Consumer, Cyclical
0.9
American Electric Power Co., Inc.
Utilities
0.9
Eversource Energy
Utilities
0.8
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2023)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Corporate
42.7
Asset Backed Securities
25.0
Cash & Cash Equivalents
16.6
Treasury-Domestic
14.0
100.0
Collateralized Mortgage Obligation
1.3
Commercial Mortgage Backed Security
0.4
Mortgage Passthrough
0.0
Municipals
0.0
Agency Debenture
0.0
Sector Allocation
Fund (%)
Corporate
42.7
Asset Backed Securities
25.0
Cash & Cash Equivalents
16.6
Treasury-Domestic
14.0
Collateralized Mortgage Obligation
1.3
Commercial Mortgage Backed Security
0.4
Mortgage Passthrough
0.0
Municipals
0.0
Agency Debenture
0.0
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
U.S. Government
14.1
100.0
AAA
16.8
AA
5.0
A
17.0
BBB
28.7
Below Invest. Grade
1.5
Not Rated
0.4
Cash & Cash Equivalents
16.6
Credit Quality
Fund (%)
U.S. Government
14.1
AAA
16.8
AA
5.0
A
17.0
BBB
28.7
Below Invest. Grade
1.5
Not Rated
0.4
Cash & Cash Equivalents
16.6
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Year 1
63.5
100.0
Year 2
17.4
Year 3
2.1
Year 4
0.3
Year 5+
0.2
Cash
16.6
Maturity
Fund (%)
Year 1
63.5
Year 2
17.4
Year 3
2.1
Year 4
0.3
Year 5+
0.2
Cash
16.6
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,…
Learn More
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…
Learn More
Jason Brady, CFA

Jason Brady, CFA

President and CEO
Jason Brady is president and CEO of Thornburg Investment Management. He is responsible for the company’s overall strategy and direction. He is also portfolio manager on multiple strategies. He joined the firm in 2006, was made portfolio manager and managing director in 2007, and president and CEO in 2016. His book Income Investing: An Intelligent Approach to Profiting from Bonds,…
Learn More

More Insights

ESG Momentum: Investing Isn’t One Dimensional

Investors should consider ESG momentum investing that enables active managers to consider misunderstood companies as opportunities for alpha generation.

Why are so few stocks driving the market this year?

International Growth Portfolio Manager Nick Anderson reminds investors that while this year's market breadth is narrower than usual, market breadth is a myth.
Outlook

Volatility Will Persist–Focus on Income, Fundamentals and Valuations

Reasonable valuations and weak currencies create an improving landscape for non-U.S. equities and investors shouldn't overlook the income component of total return.

Public vs. Private Credit: How We Assess Both Opportunities

Portfolio Manager Ali Hassan walks us through the potential opportunities and pitfalls of private and public credit, along with what investors should consider.
Global Equity

Beneficiaries of Europe’s REPower Plan

As the European Union rethinks its energy supplies, we believe the shift away from Russian gas may create significant growth opportunities for investors.
Global Equity

Emerging Markets Confront Political Hurdles in the Near Term

Portfolio Manager Josh Rubin discusses significant political events in emerging markets that may impact investors.
Feedback