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Welcome to Thornburg

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Thornburg Summit Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 703 Allocation--30% to 50% Equity funds, based on risk-adjusted returns for class I shares, using the fund's three-year rating: 4 stars among 703 funds, as of 31 Jan 2024.

As of 31 Jan 2024
Fund Assets
$94.3 M
As of 31 Jan 2024
NAV
$12.17
As of 24 Jan 2024
Change
$0.05
As of 24 Jan 2024
YTD NAV Performance
0.50%
As of 24 Jan 2024
Asset Category:
Multi-Asset
Fund Benchmark:
Multi-Asset Blend

Portfolio Managers

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

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.

Performance

Performance

Returns

(As of 31 Dec 2023)
YTD
1y
3y
Inception
Total Return (%)
12.86
12.86
5.29
10.73
Multi-Asset Blend (%)
15.43
15.43
1.25
5.77
Morningstar Category Avg. (%)
13.78
13.78
3.43
Morningstar Quartile
3
1
YTD
1y
3y
Inception
Total Return (%)
1.16
8.64
6.05
10.80
Multi-Asset Blend (%)
-0.20
9.07
1.39
5.63
Morningstar Category Avg. (%)
0.32
8.86
3.7
Morningstar Quartile
2
1
YTD
1y
3y
Inception
Total Return (%)
12.86
12.86
16.73
63.71
Multi-Asset Blend (%)
15.43
15.43
3.80
31.18
YTD
1y
3y
Inception
Total Return (%)
1.16
8.64
19.27
65.61
Multi-Asset Blend (%)
-0.20
9.07
4.24
30.92
2020
2021
2022
2023
Total Return (%)
27.78
14.64
-9.78
12.86
Multi-Asset Blend (%)
14.05
8.78
-17.33
15.43
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
1.23
Net Expense Ratio (%)
0.72
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Jan 2024)
(Hypothetical Growth of $10,000 vs Multi-Asset Blend)
Distributions

Distributions

(As of 14 Dec 2023)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Mar 2019
31 Mar 2019
0
21 Jun 2019
30 Jun 2019
0.05120
0.05120
20 Sep 2019
30 Sep 2019
0.02375
0.02375
14 Nov 2019
30 Nov 2019
0.04852
0.04852
0.00000
20 Dec 2019
31 Dec 2019
0.06778
0.06778
19 Mar 2020
31 Mar 2020
0.06534
0.06534
30 Jun 2020
30 Jun 2020
0
30 Sep 2020
30 Sep 2020
0
19 Nov 2020
30 Nov 2020
0.58471
0.47739
0.10732
17 Dec 2020
31 Dec 2020
0.01594
0.01594
18 Mar 2021
31 Mar 2021
0.20265
0.20265
30 Jun 2021
30 Jun 2021
0
30 Sep 2021
30 Sep 2021
0
18 Nov 2021
30 Nov 2021
2.16796
1.77863
0.38933
16 Dec 2021
31 Dec 2021
0.03483
0.03483
17 Mar 2022
31 Mar 2022
0.06401
0.06401
16 Jun 2022
30 Jun 2022
0.07110
0.07110
15 Sep 2022
30 Sep 2022
0.07327
0.07327
15 Dec 2022
31 Dec 2022
0.07852
0.07852
16 Mar 2023
31 Mar 2023
0.05540
0.05540
15 Jun 2023
30 Jun 2023
0.15036
0.15036
14 Sep 2023
30 Sep 2023
0.03206
0.03206
14 Dec 2023
31 Dec 2023
0.06310
0.06310
Fund Facts

Fund Facts

(As of 31 Jan 2024)
Net Fund Assets
$94.3 M
Benchmark
Multi-Asset Blend
Morningstar Category
Allocation--30% to 50% Equity
Fund Symbol
TSUMX
Share Class
I
Share Class Inception Date
1 Mar 2019
Number of Holdings
218
Portfolio Turnover
80%
Distribution Frequency
Quarterly
30-Day SEC Yield (Subsidized)
2.00%
30-Day SEC Yield (Unsubsidized)
1.60%
Characteristics

Characteristics

Portfolio

(As of 31 Jan 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$458.4 B
$484.6 B
Median Market Cap
$110.5 B
$11.1 B
Price to Earnings - Forward 1YR
17.8x
17.7x
Price to Earnings - Trailing 12 Months
18.5x
18.4x
Price to Cash Flow
10.5x
10.7x
Price to Book Value
2.7x
2.9x
Return on Assets - 5 YR
8.9%
10.0%
Portfolio
Benchmark
Return on Equity - 5 YR
31.6%
28.7%
Historical 3YR Sales Growth
20.2%
16.0%
Active Share
77.8%
Effective Duration
5.0 Yrs
6.6 Yrs
Average Effective Maturity
6.2 Yrs
8.4 Yrs
Weighted Average Coupon
3.6%
2.6%
Yield to Worst
5.8%
3.6%
Risk & Return Profile

Risk & Return Profile

(As of 31 Jan 2024)
3y
Annualized Alpha (%)
4.81
Beta
0.83
R-Squared (%)
87.03
Standard Deviation (%)
11.20
Sharpe Ratio
0.33
Information Ratio
1.01
Up Capture (%)
100.20
Down Capture (%)
74.46
Portfolio

Portfolio

Top Holdings

(As of 31 Dec 2023)
Name
Ticker/Symbol
Sector
Weight %
Alphabet, Inc.
GOOGL
Communication Services
2.2
AT&T, Inc.
T
Communication Services
1.9
Amazon.com, Inc.
AMZN
Consumer Discretionary
1.6
Microsoft Corp.
MSFT
Information Technology
1.6
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
1.5
Visa, Inc.
V
Financials
1.4
The Charles Schwab Corp.
SCHW
Financials
1.3
United States Oil Fund L.P.
USO
Unassigned
1.3
NVIDIA Corp.
NVDA
Information Technology
1.3
Galaxy Entertainment Group Ltd.
27
Consumer Discretionary
1.3
Name
Ticker/Symbol
Sector
Weight %
United States Treasury Inflation Indexed Bonds
Government
2.8
United States Treasury Note/Bond
91282CBL4
Government
1.1
Freddie Mac Pool
Mortgage Securities
1.0
Fannie Mae Pool
Mortgage Securities
1.0
United States Treasury Note/Bond
Government
1.0
United States Treasury Note/Bond
Government
0.9
Fannie Mae Pool
Mortgage Securities
0.7
Amur Equipment Finance Receivables IX, LLC
03237KAG9
Asset Backed Securities
0.6
United States Treasury Note/Bond
Government
0.6
Freddie Mac Pool
Mortgage Securities
0.6
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
26.5
23.5
Financials
15.6
16.0
Communication Services
13.7
7.5
Health Care
12.2
11.4
Consumer Discretionary
10.8
10.7
Energy
8.0
4.5
Industrials
7.8
10.5
Consumer Staples
3.2
6.7
Materials
2.2
4.2
Real Estate
0.0
2.3
Utilities
0.0
2.5
Sector Allocation
Fund (%)
Information Technology
26.5
Financials
15.6
Communication Services
13.7
Health Care
12.2
Consumer Discretionary
10.8
Energy
8.0
Industrials
7.8
Consumer Staples
3.2
Materials
2.2
Real Estate
0.0
Utilities
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Semiconductors & Semiconductor Equipment
12.0
7.4
Pharmaceuticals, Biotechnology & Life Sciences
10.0
7.4
Software & Services
9.6
9.3
Telecommunication Services
8.9
1.6
Financial Services
7.7
6.1
Energy
7.5
4.5
Unassigned
6.4
Consumer Discretionary Distribution & Retail
6.0
4.6
Banks
4.4
6.8
Capital Goods
4.2
7.1
Top 10 Industries
Fund (%)
Semiconductors & Semiconductor Equipment
12.0
Pharmaceuticals, Biotechnology & Life Sciences
10.0
Software & Services
9.6
Telecommunication Services
8.9
Financial Services
7.7
Energy
7.5
Unassigned
6.4
Consumer Discretionary Distribution & Retail
6.0
Banks
4.4
Capital Goods
4.2
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
United States
68.5
53.9
North America
United Kingdom
4.0
4.0
UK
Japan
3.9
7.7
Japan
France
3.5
3.9
Europe ex UK
Canada
3.1
3.1
North America
Netherlands
2.4
1.5
Europe ex UK
Switzerland
1.7
1.7
Europe ex UK
Taiwan
1.6
1.0
Asia Pacific ex Japan
China
1.4
5.2
Asia Pacific ex Japan
Korea, Republic of (South Korea)
1.4
1.3
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
United States
68.5
United Kingdom
4.0
Japan
3.9
France
3.5
Canada
3.1
Netherlands
2.4
Switzerland
1.7
Taiwan
1.6
China
1.4
Korea, Republic of (South Korea)
1.4
Composition
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
Equity
51.9
60.0
Fixed Income
42.3
40.0
Funds
3.5
Cash & Cash Equivalents
2.3
Currency Forward
0.0
Composition
Fund (%)
Equity
51.9
Fixed Income
42.3
Funds
3.5
Cash & Cash Equivalents
2.3
Currency Forward
0.0
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
84.4
92.6
Mid Cap ($2.5 to $12 B)
9.1
7.3
Small Cap (< $2.5 B)
6.5
0.1
Capitalization
Fund (%)
Large Cap (> $12 B)
84.4
Mid Cap ($2.5 to $12 B)
9.1
Small Cap (< $2.5 B)
6.5
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
U.S. Government
35.3
28.4
AAA
14.1
12.2
AA
2.8
14.3
A
10.0
30.7
BBB
20.1
14.5
BB
9.8
0.0
B
4.3
CCC
0.5
Not Rated
3.0
Credit Quality
Fund (%)
U.S. Government
35.3
AAA
14.1
AA
2.8
A
10.0
BBB
20.1
BB
9.8
B
4.3
CCC
0.5
Not Rated
3.0
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
10.3
1.0
Year 2
7.7
12.9
Year 3
7.6
11.2
Year 4
6.1
9.6
Year 5
11.7
10.0
Year 6
7.8
6.5
Year 7
9.3
7.0
Year 8
6.4
6.4
Year 9
3.3
6.7
Year 10+
29.8
28.7
Maturity
Fund (%)
Year 1
10.3
Year 2
7.7
Year 3
7.6
Year 4
6.1
Year 5
11.7
Year 6
7.8
Year 7
9.3
Year 8
6.4
Year 9
3.3
Year 10+
29.8
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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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

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.
Young man checks his airline status against his mobile ticket.
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.
United States capital building.
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.
The silent generation represented by two ladies hugging.
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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