Thornburg Summit Fund

SYMBOL: TSUMX

Morningstar Rating • Info

Overall Morningstar Rating among 706 Allocation--30% to 50% Equity funds, based on risk-adjusted returns for class I shares, using the fund's three-year rating: 5 stars among 706 funds, as of 31 May 2022.

As of 31 May 2022

Fund Assets

$66.4 M

As of 31 Dec 2022

NAV

$10.40

As of 17 Oct 2022

Change

$0.13

As of 17 Oct 2022

YTD NAV Performance

-15.37%

As of 17 Oct 2022

Asset Category:

Multi-Asset

Fund Benchmark:

Multi-Asset Blend

Portfolio Managers

Ben Kirby, CFA

Co-Head of Investments and Managing Director

Jeff Klingelhofer, CFA

Co-Head of Investments and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

Global, diversified multi-asset strategy that seeks to grow assets over time through a mix of capital appreciation and current income that is intended to exceed the rate of inflation.
Proven bottom-up fundamental research process that drives dynamic asset allocation and security selection to optimize equity, fixed income and commodity exposure and alpha generation across different market environments.
Real return philosophy that seeks to outperform the benchmark and deliver a real return exceeding the rate of inflation through market cycles and with lower volatility.

Investment Objective

The fund’s goal is to provide investors with capital appreciation and current income that is intended to exceed the rate of inflation.

Investment Approach

The fund applies a dynamic asset allocation, bottom-up fundamental research, macroeconomic perspective and factor insights to construct a global, multi-asset portfolio designed to deliver attractive real returns across various market environments.

Returns

(As of 31 Dec 2022)

YTD

Inception

Total Return (%)

-9.78

9.74

10.18

Multi-Asset Blend (%)

-17.33

0.84

3.39

Morningstar Category Avg. (%)

-13.64

2.89

—

Morningstar Quartile

—

YTD

Inception

Total Return (%)

5.09

-3.49

11.57

11.35

Multi-Asset Blend (%)

5.61

-9.28

2.75

4.77

Morningstar Category Avg. (%)

-13.64

2.89

—

Morningstar Quartile

—

YTD

Inception

Total Return (%)

-9.78

32.16

45.06

Multi-Asset Blend (%)

-17.33

2.55

13.65

YTD

Inception

Total Return (%)

5.09

-3.49

38.89

52.44

Multi-Asset Blend (%)

5.61

-9.28

8.47

20.03

2020

2021

2022

Total Return (%)

27.78

14.64

-9.78

Multi-Asset Blend (%)

14.05

8.78

-17.33

Morningstar Category Return (%)

8.24

Morningstar Quartile Rank (%)

Source: Confluence

Periods less than one year are not annualized.

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.

There is no up-front sales charge for class I shares.

Share class inception dates: A shares, 26 Jan 2022; I shares, 1 Mar 2019.

Prior to inception of class A shares, performance is hypothetical and was calculated from actual returns of the class I shares adjusted for the expenses of the newer share class.

Thornburg Summit Fund's Blended Index is composed of 60% MSCI ACWI Net Total Return USD Index and 40% Bloomberg Global-Aggregate Total Return Index Value Unhedged USD, rebalanced monthly.

Morningstar quartile ranking for Allocation--50% to 70% Equity category is based on total returns before sales charges for 1- and 3-years, among 753 and 699 funds, respectively, as of 30 Sep 2022.

Fund Fees

(As of 31 Dec 2022)

Gross Expense Ratio (%)

1.22

Net Expense Ratio (%)

0.73

Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

For more detailed information on fund expenses, please see the fund's prospectus.

Hypothetical Growth of $10,000

            Categories,I Shares,Multi-Asset Blend
            2019-03-01,10000,10000
2019-03-31,10190,10108
2019-04-30,10390,10301
2019-05-31,10200,9990
2019-06-30,10461,10471
2019-07-31,10391,10478
2019-08-31,10511,10414
2019-09-30,10545,10503
2019-10-31,10606,10704
2019-11-30,10715,10828
2019-12-31,10976,11082
2020-01-31,10976,11065
2020-02-29,10630,10559
2020-03-31,9958,9609
2020-04-30,10737,10302
2020-05-31,11302,10589
2020-06-30,11660,10829
2020-07-31,12071,11311
2020-08-31,12635,11720
2020-09-30,12491,11476
2020-10-31,12286,11313
2020-11-30,13180,12232
2020-12-31,14025,12638
2021-01-31,13885,12559
2021-02-28,14843,12647
2021-03-31,14781,12753
2021-04-30,15316,13152
2021-05-31,15524,13324
2021-06-30,15622,13382
2021-07-31,15710,13509
2021-08-31,15972,13689
2021-09-30,15568,13253
2021-10-31,15983,13646
2021-11-30,15662,13433
2021-12-31,16078,13748
2022-01-31,15796,13230
2022-02-28,15565,12962
2022-03-31,15609,12972
2022-04-30,14886,12065
2022-05-31,15054,12087
2022-06-30,14126,11320
2022-07-31,14698,11891
2022-08-31,14386,11441
2022-09-30,13489,10548
2022-10-31,13855,10901
2022-11-30,14758,11614
2022-12-31,14506,11365
2023-01-31,15244,12003

Hypothetical Growth of $10,000

(As of 31 Jan 2023)

(Hypothetical Growth of $10,000 vs Multi-Asset Blend)

                        Categories,I Shares,Multi-Asset Blend
                        2022-01-31,10000,10000
2022-02-28,9854,9798
2022-03-31,9882,9806
2022-04-30,9424,9120
2022-05-31,9530,9136
2022-06-30,8943,8557
2022-07-31,9305,8988
2022-08-31,9107,8648
2022-09-30,8539,7973
2022-10-31,8771,8240
2022-11-30,9343,8779
2022-12-31,9184,8590
2023-01-31,9651,9072

                        Categories,I Shares,Multi-Asset Blend
                        2020-01-31,10000,10000
2020-02-29,9685,9542
2020-03-31,9073,8684
2020-04-30,9783,9310
2020-05-31,10297,9569
2020-06-30,10624,9787
2020-07-31,10997,10222
2020-08-31,11511,10591
2020-09-30,11380,10371
2020-10-31,11194,10224
2020-11-30,12008,11054
2020-12-31,12778,11422
2021-01-31,12650,11350
2021-02-28,13523,11430
2021-03-31,13467,11525
2021-04-30,13954,11886
2021-05-31,14144,12041
2021-06-30,14233,12094
2021-07-31,14313,12208
2021-08-31,14552,12371
2021-09-30,14183,11977
2021-10-31,14562,12332
2021-11-30,14269,12139
2021-12-31,14648,12424
2022-01-31,14391,11956
2022-02-28,14180,11714
2022-03-31,14221,11724
2022-04-30,13562,10904
2022-05-31,13715,10923
2022-06-30,12870,10230
2022-07-31,13391,10746
2022-08-31,13106,10339
2022-09-30,12289,9533
2022-10-31,12623,9852
2022-11-30,13445,10496
2022-12-31,13216,10271
2023-01-31,13889,10847

The Hypothetical Growth graph compares a hypothetical investment in the Fund to the performance of the Index for the stated time period. Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Distributions

            Categories,Total ($)
            2019-01-31,0
2019-02-28,0
2019-03-31,0
2019-04-30,0
2019-05-31,0
2019-06-30,0.05120
2019-07-31,0
2019-08-31,0
2019-09-30,0.02375
2019-10-31,0
2019-11-30,0.04852
2019-12-31,0.06778
2020-01-31,0
2020-02-29,0
2020-03-31,0.06534
2020-04-30,0
2020-05-31,0
2020-06-30,0
2020-07-31,0
2020-08-31,0
2020-09-30,0
2020-10-31,0
2020-11-30,0.58471
2020-12-31,0.01594
2021-01-31,0
2021-02-28,0
2021-03-31,0.20265
2021-04-30,0
2021-05-31,0
2021-06-30,0
2021-07-31,0
2021-08-31,0
2021-09-30,0
2021-10-31,0
2021-11-30,2.16796
2021-12-31,0.03483
2022-01-31,0
2022-02-28,0
2022-03-31,0.06401
2022-04-30,0
2022-05-31,0
2022-06-30,0.07110
2022-07-31,0
2022-08-31,0
2022-09-30,0.07327
2022-10-31,0
2022-11-30,0
2022-12-31,0.07852

            Ex Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
            2019-06-21,0.05120,0.05120,0,0
2019-09-20,0.02375,0.02375,0,0
2019-11-14,0.04852,0,0.04852,0.00000
2019-12-20,0.06778,0.06778,0,0
2020-03-19,0.06534,0.06534,0,0
2020-11-19,0.58471,0,0.47739,0.10732
2020-12-17,0.01594,0.01594,0,0
2021-03-18,0.20265,0.20265,0,0
2021-11-18,2.16796,0,1.77863,0.38933
2021-12-16,0.03483,0.03483,0,0
2022-03-17,0.06401,0.06401,0,0
2022-06-16,0.07110,0.07110,0,0
2022-09-15,0.07327,0.07327,0,0
2022-12-15,0.07852,0.07852,0,0

Distributions

(As of 31 Dec 2022)

Ex-Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

21 Jun 2019

0.05120

—

20 Sep 2019

0.02375

—

14 Nov 2019

0.04852

—

0.04852

0.00000

20 Dec 2019

0.06778

—

19 Mar 2020

0.06534

—

19 Nov 2020

0.58471

—

0.47739

0.10732

17 Dec 2020

0.01594

—

18 Mar 2021

0.20265

—

18 Nov 2021

2.16796

—

1.77863

0.38933

16 Dec 2021

0.03483

—

17 Mar 2022

0.06401

—

16 Jun 2022

0.07110

—

15 Sep 2022

0.07327

—

15 Dec 2022

0.07852

—

Fund Facts

(As of 31 Dec 2022)

Net Fund Assets

$66.4 M

Benchmark

Multi-Asset Blend

Morningstar Category

Allocation--30% to 50% Equity

Fund Symbol

TSUMX

Share Class

Share Class Inception Date

1 Mar 2019

Number of Holdings

141

Portfolio Turnover

129%

Distribution Frequency

Quarterly

30-Day SEC Yield (Subsidized)

1.96%

30-Day SEC Yield (Unsubsidized)

1.16%

Characteristics

Portfolio

(As of 31 Dec 2022)

Portfolio

Benchmark

Weighted Average Market Cap

$267.9 B

$273.0 B

Median Market Cap

$70.1 B

$10.7 B

Price to Earnings - Forward 1YR

11.8x

14.2x

Price to Earnings - Trailing 12 Months

11.1x

15.6x

Price to Cash Flow

8.4x

10.0x

Price to Book Value

2.2x

2.5x

Return on Assets - 5 YR

11.7%

10.3%

Portfolio

Benchmark

Return on Equity - 5 YR

74.8%

82.2%

Historical 3YR Sales Growth

10.4%

11.4%

Active Share

84.5%

—

Effective Duration

4.2 Yrs

6.7 Yrs

Average Effective Maturity

5.1 Yrs

8.5 Yrs

Weighted Average Coupon

2.3%

Yield to Worst

6.3%

3.7%

Risk & Return Profile

(As of 31 Dec 2022)

Annualized Alpha (%)

12.78

Beta

1.00

R-Squared (%)

84.82

Standard Deviation (%)

13.97

Sharpe Ratio

0.64

Information Ratio

1.38

Up Capture (%)

104.56

Down Capture (%)

92.45

Past performance does not guarantee future results.

Portfolio

Top Holdings

(As of 31 Dec 2022)

Name

Ticker/Symbol

Sector

Weight %

Microsoft Corp.

MSFT

Information Technology

2.1

TotalEnergies SE

TTE

Energy

1.9

Mastercard, Inc.

Information Technology

1.6

Visa, Inc.

Information Technology

1.5

NN Group N.V.

Financials

1.4

SPDR Gold Shares

GLD

Unassigned

1.4

LyondellBasell Industries N.V.

LYB

Materials

1.4

BNP Paribas S.A.

BNP

Financials

1.4

L3Harris Technologies, Inc.

LHX

Industrials

1.3

Chesapeake Energy Corp.

CHK

Energy

1.3

Name

Ticker/Symbol

Sector

Weight %

United States Treasury Inflation Indexed Bonds

912828ZZ6

Government

3.8

United States Treasury Note/Bond

—

Government

1.8

United States Treasury Note/Bond

—

Government

1.5

United States Treasury Note/Bond

91282CBL4

Government

1.5

United States Treasury Note/Bond

—

Government

1.3

United States Treasury Inflation Indexed Bonds

—

Government

1.1

Nissan Auto Receivables 2019-C Owner Trust

—

Asset Backed Securities

0.9

Harley-Davidson Motorcycle Trust 2021-B

—

Asset Backed Securities

0.9

United States Treasury Note/Bond

—

Government

0.8

Amur Equipment Finance Receivables IX, LLC

03237KAG9

Asset Backed Securities

0.8

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Dec 2022)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

Information Technology

30.1

20.0

Financials

16.9

15.2

Communication Services

11.5

6.8

Consumer Discretionary

8.7

10.4

Energy

8.2

5.6

Health Care

8.0

13.4

Materials

6.8

5.0

Industrials

6.5

10.2

Consumer Staples

2.0

7.7

Real Estate

1.4

2.6

Utilities

0.0

3.2

Sector Allocation

Fund (%)

Information Technology

30.1

Financials

16.9

Communication Services

11.5

Consumer Discretionary

8.7

Energy

8.2

Health Care

8.0

Materials

6.8

Industrials

6.5

Consumer Staples

2.0

Real Estate

1.4

Utilities

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Software & Services

16.5

9.2

Unassigned

7.8

—

Banks

7.6

7.3

Energy

7.5

5.6

Pharmaceuticals, Biotechnology & Life Sciences

7.4

8.8

Materials

6.2

5.0

Technology Hardware & Equipment

5.6

6.2

Telecommunication Services

5.6

1.9

Semiconductors & Semiconductor Equipment

5.6

4.6

Capital Goods

5.2

7.0

Top 10 Industries

Fund (%)

Software & Services

16.5

Unassigned

7.8

Banks

7.6

Energy

7.5

Pharmaceuticals, Biotechnology & Life Sciences

7.4

Materials

6.2

Technology Hardware & Equipment

5.6

Telecommunication Services

5.6

Semiconductors & Semiconductor Equipment

5.6

Capital Goods

5.2

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

20%

30%

40%

50%

60%

70%

United States

65.7

52.2

North America

France

4.3

3.9

Europe ex UK

Japan

4.0

8.4

Japan

Netherlands

3.6

1.4

Europe ex UK

China

2.7

5.8

Asia Pacific ex Japan

Germany

2.7

2.9

Europe ex UK

Switzerland

2.1

1.8

Europe ex UK

Canada

1.8

3.2

North America

Hong Kong

0.9

0.6

Asia Pacific ex Japan

United Kingdom

0.7

4.2

Top 10 Countries

Fund (%)

United States

65.7

France

4.3

Japan

4.0

Netherlands

3.6

China

2.7

Germany

2.7

Switzerland

2.1

Canada

1.8

Hong Kong

0.9

United Kingdom

0.7

Composition

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

Equity

50.3

60.0

Fixed Income

36.0

40.0

Cash & Cash Equivalents

8.9

—

Funds

4.3

—

Currency Forward

0.3

—

Derivatives

0.2

—

Composition

Fund (%)

Equity

50.3

Fixed Income

36.0

Cash & Cash Equivalents

8.9

Funds

4.3

Currency Forward

0.3

Derivatives

0.2

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

88.4

90.5

Mid Cap ($2.5 to $12 B)

6.3

9.4

Small Cap (< $2.5 B)

5.3

0.1

Capitalization

Fund (%)

Large Cap (> $12 B)

88.4

Mid Cap ($2.5 to $12 B)

6.3

Small Cap (< $2.5 B)

5.3

Credit Quality

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

U.S. Government

41.3

29.0

AAA

22.4

11.8

0.6

13.1

7.0

30.9

BBB

12.0

14.5

8.7

0.0

3.9

—

CCC

0.5

—

Not Rated

3.6

0.7

Credit Quality

Fund (%)

U.S. Government

41.3

AAA

22.4

0.6

7.0

BBB

12.0

8.7

3.9

CCC

0.5

Not Rated

3.6

Maturity

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Year 1

24.5

0.1

Year 2

16.3

12.5

Year 3

5.1

11.3

Year 4

8.7

9.5

Year 5

4.4

9.4

Year 6

3.0

7.6

Year 7

1.9

7.3

Year 8

12.7

7.1

Year 9

7.7

5.6

Year 10+

15.6

29.7

Maturity

Fund (%)

Year 1

24.5

Year 2

16.3

Year 3

5.1

Year 4

8.7

Year 5

4.4

Year 6

3.0

Year 7

1.9

Year 8

12.7

Year 9

7.7

Year 10+

15.6

Holdings with the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Cash includes cash and cash equivalents. Weights are percentages of total portfolio unless otherwise noted.

The percentages may not add up to 100 due to rounding.

Portfolio Managers

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…

Learn More

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

Literature

Fact Sheet

Summary Prospectus

Annual Report

Semi-annual report

Prospectus

Statement of Additional Information (SAI)

Important Information

This communication is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

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.

There is no guarantee that the Fund will meet its investment objectives.

A bond credit rating assesses the financial ability of a debt issuer to make timely payments of principal and interest. Ratings of AAA (the highest), AA, A, and BBB are investment-grade quality. Ratings of BB, B, CCC, CC, C and D (the lowest) are considered below investment grade, speculative grade, or junk bonds.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities Corporation.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities Corporation (TSC) does not act as broker of record for investors.

Portfolio attributes and holdings can and do vary. Weights are percent of total portfolio, unless otherwise noted.

Short Sale Risk – A short sale involves the sale by the Fund of a security that the Fund has borrowed, but does not own, in anticipation of purchasing that same security at a lower price in the future in order to close the short position. If the value of the borrowed security increases between the date the Fund enters into the short sale and the date that the Fund buys that security to cover its short position, the Fund may experience a loss.

Derivatives Risk – The Fund’s investments in futures, interest rate swaps, and credit default swaps involve the risks associated with the securities or other assets underlying those derivatives, including the risk of changes in the value of the underlying assets between the date that the Fund enters into the derivatives transaction and the date that the Fund closes out that transaction. The Fund’s investments in futures, interest rate swaps, and credit default swaps also involve the risk that the other party to the transaction will be unable or unwilling to perform its obligations to the Fund, that the Fund will be unable to sell or close its positions in such derivatives or will be delayed in doing so, and that the Fund will have difﬁculty valuing such derivatives.

Commodities-Related Investment Risk – Investments that expose the Fund to the commodities market, such as commodity-linked derivatives instruments or exchange traded funds or other investment vehicles that invest in commodities, may subject the Fund to greater volatility than investments in other securities. The value of a commodity-related investment may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, risks affecting derivatives when used to obtain commodities exposure, or factors affecting a particular industry or commodity.

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Thornburg Summit Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Ben Kirby, CFA

Jeff Klingelhofer, CFA

Literature

Important Information

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Thornburg Summit Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Ben Kirby, CFA

Jeff Klingelhofer, CFA

Literature

Important Information

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