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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 Investment Income Builder Fund (UCITS)

Morningstar Rating  • Info

Overall Morningstar Rating among 382 EAA Fund USD Aggressive Allocation funds, based on risk-adjusted returns for class I Acc shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 5 stars, 4 stars and 5 stars among 382, 290 and 136 funds, as of 31 Jan 2024.

As of 31 Jan 2024
Fund Assets
$43.9 M
As of 31 Jan 2024
NAV
$24.13
As of 24 Jan 2024
Change
$0.11
As of 24 Jan 2024
YTD NAV Performance
0.33%
As of 24 Jan 2024
Asset Category:
Multi-Asset
Fund Benchmark:
Investment Income Builder Blend

Portfolio Managers

Portfolio Manager and Managing Director
Co-Head of Investments and Managing Director
Vice Chairman and Chief Investment Strategist
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Fund?

  • Global, diversified multi-asset portfolio of income-producing stocks and bonds that seeks to deliver an attractive and growing income stream.
  • Proven bottom-up fundamental research process to identify dividend-paying companies with strong cash flows that have both the ability and willingness to pay and grow their dividends over time.
  • Highly active, flexible approach that allows us to go anywhere in the world to seek income.

Investment Objective

The fund’s goal is to provide investors with a level of current income which exceeds the average yield on U.S. stocks generally, and which will grow, subject to periodic fluctuations, over the years on a per share basis.

Investment Approach

The strategy is a multi-asset portfolio of global dividend-paying stocks selected via a bottom-up, fundamentals and valuation-sensitive process. The strategy seeks to generate an attractive and growing income stream, with capital appreciation over time by building a portfolio of companies that have the ability and willingness to generate cash flow and distribute dividends to its shareholders.

Performance

Performance

Returns

2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Total Return (%)
6.26
-4.36
9.92
14.99
-4.81
18.42
2.30
17.62
-6.02
19.41
Investment Income Builder Blend (%)
5.25
-0.33
6.41
17.42
-6.42
22.87
14.41
15.64
-16.67
19.05
YTD
1y
3y
5y
10y
Inception
Total Return (%)
19.41
19.41
9.70
9.84
6.94
7.92
Investment Income Builder Blend (%)
19.05
19.05
4.68
10.03
7.06
8.39
Morningstar Category Avg. (%)
12.29
12.29
2.39
6.7
4.14
Morningstar Quartile
1
1
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
0.21
12.83
9.95
9.00
7.27
7.88
Investment Income Builder Blend (%)
0.83
13.17
5.30
8.91
7.41
8.40
Morningstar Category Avg. (%)
0.22
6.9
2.41
5.53
4.44
Morningstar Quartile
1
1
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
19.41
19.41
32.00
59.91
95.53
140.50
Investment Income Builder Blend (%)
19.05
19.05
14.72
61.27
97.82
152.74
YTD
1y
3y
5y
10y
Inception
Total Return (%)
0.21
12.83
32.93
53.90
101.67
141.00
Investment Income Builder Blend (%)
0.83
13.17
16.75
53.26
104.39
154.84
PRIIPS Performance Risk Scenario

PRIIPS Performance Risk Scenario

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Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Jan 2024)
(Hypothetical Growth of $10,000 vs Investment Income Builder Blend)
Fund Facts

Fund Facts

(As of 31 Jan 2024)
Net Fund Assets
$43.9 M
Benchmark
Investment Income Builder Blend
Morningstar Category
EAA Fund USD Aggressive Allocation
Fund Symbol
TBIIBUI ID
Share Class
I Acc
Share Class Inception Date
29 Jun 2012
Number of Holdings
63
Distribution Frequency
N/a
Characteristics

Characteristics

Portfolio

(As of 31 Jan 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$152.4 B
$526.3 B
Median Market Cap
$69.4 B
$18.7 B
Price to Earnings - Forward 1YR
10.2x
18.3x
Dividend Yield
4.9%
1.9%
Price to Earnings - Trailing 12 Months
10.4x
19.5x
Price to Cash Flow
5.1x
11.6x
Portfolio
Benchmark
Price to Book Value
1.4x
3.1x
Return on Assets - 5 YR
7.2%
10.3%
Return on Equity - 5 YR
18.8%
30.5%
Historical 3YR Sales Growth
11.9%
15.5%
Active Share
91.2%
Risk & Return Profile

Risk & Return Profile

(As of 31 Jan 2024)
3y
5y
10y
Annualized Alpha (%)
5.29
-0.10
-0.26
Beta
0.86
1.06
1.04
R-Squared (%)
78.25
80.86
81.69
Standard Deviation (%)
13.44
16.78
13.47
Sharpe Ratio
0.56
0.42
0.44
Information Ratio
0.71
0.01
-0.02
Up Capture (%)
101.82
101.33
101.57
Down Capture (%)
78.63
101.46
103.49
Portfolio

Portfolio

Top Holdings

(As of 31 Dec 2023)
Name
Ticker/Symbol
Sector
Weight %
Broadcom, Inc.
AVGO
Information Technology
4.2
Orange S.A.
ORA
Communication Services
4.0
BNP Paribas S.A.
BNP
Financials
3.7
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
3.4
Enel SpA
ENEL
Utilities
3.4
TotalEnergies SE
TTE
Energy
3.3
NN Group N.V.
NN
Financials
3.3
Samsung Electronics Co. Ltd.
005930
Information Technology
3.0
AT&T, Inc.
T
Communication Services
2.9
CME Group, Inc.
CME
Financials
2.5
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
22.1
15.2
Information Technology
15.3
23.7
Communication Services
12.6
7.4
Energy
11.8
4.4
Health Care
10.1
12.3
Utilities
8.8
2.5
Industrials
6.6
11.0
Consumer Discretionary
4.5
10.6
Materials
4.2
3.9
Consumer Staples
3.9
6.8
Real Estate
0.0
2.3
Sector Allocation
Fund (%)
Financials
22.1
Information Technology
15.3
Communication Services
12.6
Energy
11.8
Health Care
10.1
Utilities
8.8
Industrials
6.6
Consumer Discretionary
4.5
Materials
4.2
Consumer Staples
3.9
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Telecommunication Services
11.7
1.4
Energy
10.9
4.4
Semiconductors & Semiconductor Equipment
10.2
7.1
Pharmaceuticals, Biotechnology & Life Sciences
9.3
8.0
Banks
9.2
5.6
Utilities
8.1
2.5
Insurance
6.7
3.2
Capital Goods
4.6
7.4
Financial Services
4.6
6.5
Technology Hardware & Equipment
4.1
6.5
Top 10 Industries
Fund (%)
Telecommunication Services
11.7
Energy
10.9
Semiconductors & Semiconductor Equipment
10.2
Pharmaceuticals, Biotechnology & Life Sciences
9.3
Banks
9.2
Utilities
8.1
Insurance
6.7
Capital Goods
4.6
Financial Services
4.6
Technology Hardware & Equipment
4.1
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
United States
26.6
75.8
North America
France
13.0
2.5
Europe ex UK
United Kingdom
12.4
3.4
UK
Italy
8.1
0.5
Europe ex UK
Germany
7.3
1.8
Europe ex UK
Switzerland
6.1
2.0
Europe ex UK
Netherlands
5.1
1.0
Europe ex UK
Taiwan
3.6
0.0
Asia Pacific ex Japan
Korea, Republic of (South Korea)
2.7
0.0
Asia Pacific ex Japan
Canada
2.0
2.7
North America
Top 10 Countries
Fund (%)
United States
26.6
France
13.0
United Kingdom
12.4
Italy
8.1
Germany
7.3
Switzerland
6.1
Netherlands
5.1
Taiwan
3.6
Korea, Republic of (South Korea)
2.7
Canada
2.0
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
91.8
95.0
Mid Cap ($2.5 to $12 B)
7.4
5.0
Small Cap (< $2.5 B)
0.8
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
91.8
Mid Cap ($2.5 to $12 B)
7.4
Small Cap (< $2.5 B)
0.8
Portfolio Managers

Portfolio Managers

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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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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Brian McMahon

Brian McMahon

Vice Chairman and Chief Investment Strategist
Brian McMahon is chief investment strategist for Thornburg Investment Management. Brian is deeply respected for his market and investment insight and serves as a key voice for the investment team and Thornburg clients. He also co-manages Thornburg’s global equity portfolios and serves as vice chairman of Thornburg. Brian joined Thornburg in 1984 as chief investment officer; a role he held…
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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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