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Welcome to Thornburg

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The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.

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Thornburg Limited Term Income Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 536 Short-Term Bond funds, based on risk-adjusted returns for class R5 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 4 stars and 4 stars among 536, 495 and 358 funds, as of 29 Feb 2024.

As of 29 Feb 2024
Fund Assets
$6.5 B
As of 29 Feb 2024
NAV
$12.79
As of 20 Mar 2024
Change
$0.02
As of 20 Mar 2024
YTD NAV Performance
0.55%
As of 20 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

Consistent Outperformance vs. Peers

The fund has navigated interest rate cycles and market volatility while delivering income and consistent total return over time versus peers. THIIX also has a history of providing:

  • Core Bond Like Returns with Less Volatility
  • Superior Risk-Adjust Returns
  • Consistent Outperformance versus Peers

To learn more, download our client-approved brochure or continue to explore the rest of the page.

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Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted. For performance current to the most recent month end, visit thornburg.com or call 877-215-1330. Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

LTI Batting Average-3Q23
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

(As of 31 Dec 2023)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
6.57
6.57
-0.59
2.25
2.26
4.59
BBG Int US Govt/Credit TR Value (%)
5.24
5.24
-1.63
1.59
1.72
4.23
Morningstar Category Avg. (%)
5.73
5.73
0.14
1.88
1.58
Morningstar Quartile
1
4
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
0.18
5.55
-0.31
2.09
2.11
4.57
BBG Int US Govt/Credit TR Value (%)
-0.79
4.38
-1.53
1.24
1.51
4.18
Morningstar Category Avg. (%)
0.53
4.79
0.28
1.82
1.59
Morningstar Quartile
3
4
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
6.57
6.57
-1.75
11.78
25.10
306.21
BBG Int US Govt/Credit TR Value (%)
5.24
5.24
-4.81
8.20
18.62
264.63
YTD
1y
3y
5y
10y
Inception
Total Return (%)
0.18
5.55
-0.92
10.88
23.21
306.93
BBG Int US Govt/Credit TR Value (%)
-0.79
4.38
-4.52
6.34
16.17
261.77
2018
2019
2020
2021
2022
2023
Total Return (%)
1.15
5.66
7.67
-0.80
-7.06
6.57
BBG Int US Govt/Credit TR Value (%)
0.88
6.80
6.43
-1.44
-8.23
5.24
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
0.74
Net Expense Ratio (%)
0.49
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)
Distributions

Distributions

(As of 29 Feb 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 2012
31 Jan 2012
0
29 Feb 2012
29 Feb 2012
0
31 Mar 2012
31 Mar 2012
0
30 Apr 2012
30 Apr 2012
0
31 May 2012
31 May 2012
0.03543
0.03543
29 Jun 2012
30 Jun 2012
0.03581
0.03581
31 Jul 2012
31 Jul 2012
0.03451
0.03451
31 Aug 2012
31 Aug 2012
0.03557
0.03557
28 Sep 2012
30 Sep 2012
0.03530
0.03530
31 Oct 2012
31 Oct 2012
0.03493
0.03493
30 Nov 2012
30 Nov 2012
0.09405
0.03426
0.03515
0.02464
31 Dec 2012
31 Dec 2012
0.03310
0.03310
31 Jan 2013
31 Jan 2013
0.03244
0.03244
28 Feb 2013
28 Feb 2013
0.03035
0.03035
28 Mar 2013
31 Mar 2013
0.02905
0.02905
30 Apr 2013
30 Apr 2013
0.02867
0.02867
31 May 2013
31 May 2013
0.02900
0.02900
28 Jun 2013
30 Jun 2013
0.02774
0.02774
31 Jul 2013
31 Jul 2013
0.02972
0.02972
30 Aug 2013
31 Aug 2013
0.02856
0.02856
30 Sep 2013
30 Sep 2013
0.02942
0.02942
31 Oct 2013
31 Oct 2013
0.02684
0.02684
29 Nov 2013
30 Nov 2013
0.13714
0.02718
0.03557
0.07439
31 Dec 2013
31 Dec 2013
0.02910
0.02910
31 Jan 2014
31 Jan 2014
0.02787
0.02787
28 Feb 2014
28 Feb 2014
0.02882
0.02882
31 Mar 2014
31 Mar 2014
0.02873
0.02873
30 Apr 2014
30 Apr 2014
0.02989
0.02989
30 May 2014
31 May 2014
0.02895
0.02895
30 Jun 2014
30 Jun 2014
0.02642
0.02642
31 Jul 2014
31 Jul 2014
0.02621
0.02621
29 Aug 2014
31 Aug 2014
0.02576
0.02576
30 Sep 2014
30 Sep 2014
0.02471
0.02471
31 Oct 2014
31 Oct 2014
0.02549
0.02549
28 Nov 2014
30 Nov 2014
0.09599
0.02502
0.01311
0.05786
31 Dec 2014
31 Dec 2014
0.02545
0.02545
30 Jan 2015
31 Jan 2015
0.02533
0.02533
27 Feb 2015
28 Feb 2015
0.02572
0.02572
31 Mar 2015
31 Mar 2015
0.02565
0.02565
30 Apr 2015
30 Apr 2015
0.02432
0.02432
29 May 2015
31 May 2015
0.02406
0.02406
30 Jun 2015
30 Jun 2015
0.02479
0.02479
31 Jul 2015
31 Jul 2015
0.02375
0.02375
31 Aug 2015
31 Aug 2015
0.02475
0.02475
30 Sep 2015
30 Sep 2015
0.02590
0.02590
30 Oct 2015
31 Oct 2015
0.02410
0.02410
30 Nov 2015
30 Nov 2015
0.02365
0.02365
31 Dec 2015
31 Dec 2015
0.02382
0.02382
29 Jan 2016
31 Jan 2016
0.02295
0.02295
29 Feb 2016
29 Feb 2016
0.02374
0.02374
31 Mar 2016
31 Mar 2016
0.02516
0.02516
29 Apr 2016
30 Apr 2016
0.02507
0.02507
31 May 2016
31 May 2016
0.02501
0.02501
30 Jun 2016
30 Jun 2016
0.02418
0.02418
29 Jul 2016
31 Jul 2016
0.02326
0.02326
31 Aug 2016
31 Aug 2016
0.02254
0.02254
30 Sep 2016
30 Sep 2016
0.02038
0.02038
31 Oct 2016
31 Oct 2016
0.02100
0.02100
30 Nov 2016
30 Nov 2016
0.02211
0.02211
30 Dec 2016
31 Dec 2016
0.02259
0.02259
31 Jan 2017
31 Jan 2017
0.02206
0.02206
28 Feb 2017
28 Feb 2017
0.02246
0.02246
31 Mar 2017
31 Mar 2017
0.02303
0.02303
28 Apr 2017
30 Apr 2017
0.02319
0.02319
31 May 2017
31 May 2017
0.02233
0.02233
30 Jun 2017
30 Jun 2017
0.02325
0.02325
31 Jul 2017
31 Jul 2017
0.02333
0.02333
31 Aug 2017
31 Aug 2017
0.02388
0.02388
29 Sep 2017
30 Sep 2017
0.02425
0.02425
31 Oct 2017
31 Oct 2017
0.02379
0.02379
30 Nov 2017
30 Nov 2017
0.02482
0.02482
29 Dec 2017
31 Dec 2017
0.02389
0.02389
31 Jan 2018
31 Jan 2018
0.02452
0.02452
28 Feb 2018
28 Feb 2018
0.02484
0.02484
29 Mar 2018
31 Mar 2018
0.02579
0.02579
30 Apr 2018
30 Apr 2018
0.02671
0.02671
31 May 2018
31 May 2018
0.02725
0.02725
29 Jun 2018
30 Jun 2018
0.02843
0.02843
31 Jul 2018
31 Jul 2018
0.02821
0.02821
31 Aug 2018
31 Aug 2018
0.02778
0.02778
28 Sep 2018
30 Sep 2018
0.02773
0.02773
31 Oct 2018
31 Oct 2018
0.02879
0.02879
30 Nov 2018
30 Nov 2018
0.02938
0.02938
31 Dec 2018
31 Dec 2018
0.03008
0.03008
31 Jan 2019
31 Jan 2019
0.02939
0.02939
28 Feb 2019
28 Feb 2019
0.03107
0.03107
29 Mar 2019
31 Mar 2019
0.03249
0.03249
30 Apr 2019
30 Apr 2019
0.03255
0.03255
31 May 2019
31 May 2019
0.03243
0.03243
28 Jun 2019
30 Jun 2019
0.03258
0.03258
31 Jul 2019
31 Jul 2019
0.03083
0.03083
31 Aug 2019
31 Aug 2019
0.02963
0.02963
30 Sep 2019
30 Sep 2019
0.02987
0.02987
31 Oct 2019
31 Oct 2019
0.02842
0.02842
30 Nov 2019
30 Nov 2019
0.12318
0.02802
0.06730
0.02786
31 Dec 2019
31 Dec 2019
0.02841
0.02841
31 Jan 2020
31 Jan 2020
0.02642
0.02642
29 Feb 2020
29 Feb 2020
0.02506
0.02506
31 Mar 2020
31 Mar 2020
0.02790
0.02790
30 Apr 2020
30 Apr 2020
0.02954
0.02954
31 May 2020
31 May 2020
0.02700
0.02700
30 Jun 2020
30 Jun 2020
0.02501
0.02501
31 Jul 2020
31 Jul 2020
0.02481
0.02481
31 Aug 2020
31 Aug 2020
0.02455
0.02455
30 Sep 2020
30 Sep 2020
0.02403
0.02403
30 Oct 2020
31 Oct 2020
0.02200
0.02200
30 Nov 2020
30 Nov 2020
0.18840
0.02014
0.15003
0.01823
31 Dec 2020
31 Dec 2020
0.01920
0.01920
29 Jan 2021
31 Jan 2021
0.01834
0.01834
26 Feb 2021
28 Feb 2021
0.01898
0.01898
31 Mar 2021
31 Mar 2021
0.01882
0.01882
30 Apr 2021
30 Apr 2021
0.01882
0.01882
28 May 2021
31 May 2021
0.01879
0.01879
30 Jun 2021
30 Jun 2021
0.01847
0.01847
30 Jul 2021
31 Jul 2021
0.01780
0.01780
31 Aug 2021
31 Aug 2021
0.01813
0.01813
30 Sep 2021
30 Sep 2021
0.01743
0.01743
29 Oct 2021
31 Oct 2021
0.01639
0.01639
30 Nov 2021
30 Nov 2021
0.01708
0.01708
31 Dec 2021
31 Dec 2021
0.01855
0.01855
31 Jan 2022
31 Jan 2022
0.01753
0.01753
28 Feb 2022
28 Feb 2022
0.01767
0.01767
31 Mar 2022
31 Mar 2022
0.02057
0.02057
29 Apr 2022
30 Apr 2022
0.02253
0.02253
31 May 2022
31 May 2022
0.02540
0.02540
30 Jun 2022
30 Jun 2022
0.02493
0.02493
29 Jul 2022
31 Jul 2022
0.02839
0.02839
31 Aug 2022
31 Aug 2022
0.03330
0.03330
30 Sep 2022
30 Sep 2022
0.02506
0.02506
31 Oct 2022
31 Oct 2022
0.02637
0.02637
30 Nov 2022
30 Nov 2022
0.02974
0.02974
30 Dec 2022
31 Dec 2022
0.03343
0.03343
31 Jan 2023
31 Jan 2023
0.02720
0.02720
28 Feb 2023
28 Feb 2023
0.02572
0.02572
31 Mar 2023
31 Mar 2023
0.03860
0.03860
28 Apr 2023
30 Apr 2023
0.03799
0.03799
31 May 2023
31 May 2023
0.03738
0.03738
30 Jun 2023
30 Jun 2023
0.03783
0.03783
31 Jul 2023
31 Jul 2023
0.03621
0.03621
31 Aug 2023
31 Aug 2023
0.03771
0.03771
29 Sep 2023
30 Sep 2023
0.03674
0.03674
31 Oct 2023
31 Oct 2023
0.04096
0.04096
30 Nov 2023
30 Nov 2023
0.03916
0.03916
29 Dec 2023
31 Dec 2023
0.03739
0.03739
31 Jan 2024
31 Jan 2024
0.03526
0.03526
29 Feb 2024
29 Feb 2024
0.03736
0.03736
Fund Facts

Fund Facts

(As of 29 Feb 2024)
Net Fund Assets
$6.5 B
Benchmark
BBG Int US Govt/Credit TR Value
Morningstar Category
Short-Term Bond
Fund Symbol
THRRX
Share Class
R5
Share Class Inception Date
1 May 2012
Number of Holdings
665
Portfolio Turnover
38%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
3.70%
30-Day SEC Yield (Unsubsidized)
3.50%
Annualized Distribution Yield
3.17%
Characteristics

Characteristics

Portfolio

(As of 29 Feb 2024)
Portfolio
Benchmark
Effective Duration
3.5 Yrs
3.7 Yrs
Average Effective Maturity
4.6 Yrs
4.2 Yrs
Portfolio
Benchmark
Weighted Average Coupon
3.1%
3.0%
Yield to Worst
5.4%
4.7%
Risk & Return Profile

Risk & Return Profile

(As of 29 Feb 2024)
3y
5y
10y
Beta
0.84
0.86
0.81
R-Squared (%)
93.00
81.48
80.98
Standard Deviation (%)
3.97
3.80
2.85
Sharpe Ratio
-0.72
0.01
0.29
Information Ratio
0.94
0.48
0.48
Up Capture (%)
91.82
99.06
92.70
Down Capture (%)
76.25
81.44
69.71
Portfolio

Portfolio

Top Holdings

(As of 31 Jan 2024)
Name
Ticker/Symbol
Sector
Weight %
United States Treasury Note/Bond
91282CFF3
Government
2.7
United States Treasury Inflation Indexed Bonds
91282CEJ6
Government
1.9
Freddie Mac Pool
3132E0T85
Mortgage Securities
1.7
Fannie Mae Pool
3140XMZX7
Mortgage Securities
1.7
United States Treasury Note/Bond
91282CGM7
Government
1.7
United States Treasury Inflation Indexed Bonds
91282CBF7
Government
1.6
United States Treasury Inflation Indexed Bonds
912810PV4
Government
1.6
United States Treasury Note/Bond
91282CHT1
Government
1.3
United States Treasury Note/Bond
91282CJJ1
Government
1.3
United States Treasury Inflation Indexed Bonds
91282CDX6
Government
1.2
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Corporate
35.9
30.8
Collateralized Mortgage Obligation
17.1
Treasury-Domestic
16.4
62.1
Asset Backed Securities
13.8
0.0
Cash & Cash Equivalents
6.8
Mortgage Passthrough
6.7
Commercial Mortgage Backed Security
2.2
Preferred Stock
0.4
Agency Debenture
0.3
2.9
Municipals
0.3
0.7
Treasury-Foreign
0.1
3.5
Sector Allocation
Fund (%)
Corporate
35.9
Collateralized Mortgage Obligation
17.1
Treasury-Domestic
16.4
Asset Backed Securities
13.8
Cash & Cash Equivalents
6.8
Mortgage Passthrough
6.7
Commercial Mortgage Backed Security
2.2
Preferred Stock
0.4
Agency Debenture
0.3
Municipals
0.3
Treasury-Foreign
0.1
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
28.3
64.8
AAA
18.2
2.7
AA
4.2
3.0
A
19.6
15.0
BBB
22.3
14.5
Below Invest. Grade
0.3
Not Rated
0.3
Cash & Cash Equivalents
6.7
Credit Quality
Fund (%)
U.S. Government
28.3
AAA
18.2
AA
4.2
A
19.6
BBB
22.3
Below Invest. Grade
0.3
Not Rated
0.3
Cash & Cash Equivalents
6.7
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
13.7
2.2
Year 2
8.9
21.8
Year 3
10.2
16.7
Year 4
10.3
13.6
Year 5
9.2
14.7
Year 6
6.0
7.3
Year 7
8.0
8.9
Year 8
5.5
4.9
Year 9
7.9
5.4
Year 10+
13.7
4.6
Cash
6.7
Maturity
Fund (%)
Year 1
13.7
Year 2
8.9
Year 3
10.2
Year 4
10.3
Year 5
9.2
Year 6
6.0
Year 7
8.0
Year 8
5.5
Year 9
7.9
Year 10+
13.7
Cash
6.7
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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More Insights

Markets & Economy

Observations: Value Vs. Growth, Does Another Fed Hike Matter?

Co-Heads of Investments Ben Kirby and Jeff Klingelhofer discuss the tug-of-war between value and growth stocks and the possibility of another Fed tightening.
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Economy

Observations: Recession and Reversion to the Mean

Co-Heads of Investments Ben Kirby and Jeff Klingelhofer discuss the wait for a recession in the U.S. and the relative attraction of international equities.
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Municipal Bonds

Stability + Reserves + Yields = Opportunities in Munis

Munis are attractive again as Investors are finally getting paid with higher yields and the tax advantage. However, diligent research sets active managers apart.
Large Fed building against bright blue sky
Municipal Bonds

It’s Not All About the Fed, Munis Are Swayed by Weak Issuance

Munis are not in lockstep with Treasuries, as supply plays a crucial role in how Munis react in a rising rate environment.
Municipal Bonds

Municipal Revenues Hold Up Well, But Watch for Slower Growth

Municipal revenues remain firm, even as operating income for some entities deteriorates. However, recession and resulting slower growth are potential risks.
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Build Your Business

Managing Legacy Wealth Part 1 The Wealth Holders

Become an expert in Managing Legacy Wealth and position yourself for success
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