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Thornburg Income Builder Opportunities Trust*

Closing NAV
$18.32
As of 20 Dec 2024
Closing Share Price
$16.22
As of 20 Dec 2024
Premium/Discount
-11.49%
As of 20 Dec 2024
Distribution Rate
7.71%
As of 20 Dec 2024
Inception Date
27 Jul 2021
As of 20 Dec 2024

Portfolio Managers

Head of Equities and Managing Director
Head of Fixed Income and Managing Director
Overview

Overview

Update: As of 30 August 2024, Ben Kirby will be stepping down from his portfolio management duties. View Press Release

Investment Rationale

The Trust’s investment objective is to provide current income and additional total return. There is no assurance that the Trust will achieve its investment objective. The Trust seeks to provide investors with the following potential benefits:

  • Current income stream and additional total return
  • Active global allocation to navigate increasingly volatile markets
  • Diversified income from global dividends and opportunistic fixed income
  • Regular monthly distributions

Download Investor Brochure

Investment Approach

The Trust seeks current income and additional total return by investing in a broad range of income-producing securities to include both equity and debt securities of companies located in the U.S. and around the globe. The Trust additionally expects to employ an options strategy to generate current income from options premiums and to improve risk-adjusted returns. There can be no assurance that the Trust will achieve its investment objective, and you could lose some or all of your investment.

Investment Strategy

The Trust will invest at least 80% of its Managed Assets, directly or indirectly, in a broad range of income-producing securities. The Trust will invest in both equity and debt securities of companies located in the United States and around the globe. The Trust may invest in companies of any market capitalization and may invest in both U.S. and non-U.S. countries, including up to 20% of its Managed Assets at the time of investment in equity and debt securities of emerging market companies. The Trust’s global equity allocation is expected to represent 75% of Managed Assets and may vary over time between 50% to 90% of Managed Assets. The Trust’s global debt allocation is expected to represent 25% of Managed Assets and may vary over time between 10% to 50% of Managed Assets.

The Trust’s options strategy is intended to generate current income from options premiums and to improve its risk-adjusted returns. The notional amount of the options strategy will be approximately 10% to 40% of the Trust’s Managed Assets.

The Trust has a 12-year term.§

For term definitions and index descriptions, please access the glossary in the footer.

Fund Facts

Fund Facts

(As of 30 Nov 2024)
Common Net Assets
$604,621,444
Leverage
0.00%
Total Managed Assets
$604,621,444
Common Shares Outstanding
32,081,883
Average Daily Volume (last 30 days)
60,437
Fees & Expenses

Fees & Expenses

(As of 30 Nov 2024)
Management Fee1
1.25%
Administration Fee
0.09%
Other Expenses2
0.25%
Total Annual Expenses
1.59%
Performance

Performance

Total Returns

(As of 30 Sep 2024)
YTD
1y
3y
Inception
Total Price (%)
20.64
30.50
3.05
3.13
Total NAV (%)
12.97
22.56
6.68
6.03
Investment Income Builder Blended Index (%)
15.13
26.96
6.52
5.63
YTD
1y
3y
Inception
Total Price (%)
15.11
17.92
4.19
1.54
Total NAV (%)
10.87
15.22
5.53
5.13
Investment Income Builder Blended Index (%)
16.88
22.31
6.15
5.82
Pricing

Pricing

(As of 20 Dec 2024)
Date
Share Price ($)
NAV ($)
Premium/discount (%)
20 Dec 2024
16.22
18.32
-11.49
19 Dec 2024
16.11
18.23
-11.63
18 Dec 2024
16.09
18.27
-11.93
17 Dec 2024
16.41
18.57
-11.63
16 Dec 2024
16.52
18.60
-11.21
13 Dec 2024
16.53
18.68
-11.51
12 Dec 2024
16.54
18.70
-11.55
11 Dec 2024
16.76
18.86
-11.13
10 Dec 2024
16.75
18.89
-11.33
9 Dec 2024
16.82
18.94
-11.19
Distributions

Distributions

(As of 20 Dec 2024)
Distribution Rate on Market
7.71%
Distribution Rate on NAV
6.82%
Fiscal YTD Distributions per Share**
$0.31251
Inception to Date Distributions/Share
$4.16680
Distribution Summary

Distribution Summary

(As of 12 Nov 2024)
Payable Date
Record Date
Ex-Date
Declaration Date
Amount ($)
20 Sep 2021
13 Sep 2021
10 Sep 2021
25 Aug 2021
0.10417
20 Oct 2021
11 Oct 2021
8 Oct 2021
1 Oct 2021
0.10417
22 Nov 2021
15 Nov 2021
12 Nov 2021
2 Nov 2021
0.10417
20 Dec 2021
13 Dec 2021
10 Dec 2021
1 Dec 2021
0.10417
20 Jan 2022
31 Dec 2021
30 Dec 2021
28 Dec 2021
0.10417
18 Feb 2022
11 Feb 2022
10 Feb 2022
1 Feb 2022
0.10417
21 Mar 2022
11 Mar 2022
10 Mar 2022
1 Mar 2022
0.10417
20 Apr 2022
11 Apr 2022
8 Apr 2022
1 Apr 2022
0.10417
20 May 2022
12 May 2022
11 May 2022
2 May 2022
0.10417
20 Jun 2022
13 Jun 2022
10 Jun 2022
1 Jun 2022
0.10417
20 Jul 2022
11 Jul 2022
8 Jul 2022
1 Jul 2022
0.10417
19 Aug 2022
11 Aug 2022
10 Aug 2022
1 Aug 2022
0.10417
20 Sep 2022
12 Sep 2022
9 Sep 2022
1 Sep 2022
0.10417
20 Oct 2022
11 Oct 2022
7 Oct 2022
3 Oct 2022
0.10417
21 Nov 2022
14 Nov 2022
10 Nov 2022
1 Nov 2022
0.10417
20 Dec 2022
12 Dec 2022
9 Dec 2022
1 Dec 2022
0.10417
23 Jan 2023
13 Jan 2023
12 Jan 2023
3 Jan 2023
0.10417
21 Feb 2023
13 Feb 2023
10 Feb 2023
1 Feb 2023
0.10417
20 Mar 2023
13 Mar 2023
10 Mar 2023
1 Mar 2023
0.10417
20 Apr 2023
13 Apr 2023
12 Apr 2023
3 Apr 2023
0.10417
19 May 2023
11 May 2023
10 May 2023
1 May 2023
0.10417
20 Jun 2023
12 Jun 2023
9 Jun 2023
1 Jun 2023
0.10417
20 Jul 2023
13 Jul 2023
12 Jul 2023
3 Jul 2023
0.10417
18 Aug 2023
11 Aug 2023
10 Aug 2023
1 Aug 2023
0.10417
20 Sep 2023
11 Sep 2023
8 Sep 2023
1 Sep 2023
0.10417
20 Oct 2023
12 Oct 2023
11 Oct 2023
2 Oct 2023
0.10417
20 Nov 2023
13 Nov 2023
10 Nov 2023
1 Nov 2023
0.10417
20 Dec 2023
11 Dec 2023
8 Dec 2023
1 Dec 2023
0.10417
22 Jan 2024
12 Jan 2024
11 Jan 2024
2 Jan 2024
0.10417
20 Feb 2024
12 Feb 2024
9 Feb 2024
1 Feb 2024
0.10417
20 Mar 2024
11 Mar 2024
8 Mar 2024
1 Mar 2024
0.10417
19 Apr 2024
11 Apr 2024
10 Apr 2024
1 Apr 2024
0.10417
20 May 2024
13 May 2024
10 May 2024
1 May 2024
0.10417
21 Jun 2024
13 Jun 2024
13 Jun 2024
3 Jun 2024
0.10417
19 Jul 2024
11 Jul 2024
11 Jul 2024
1 Jul 2024
0.10417
20 Aug 2024
12 Aug 2024
12 Aug 2024
1 Aug 2024
0.10417
20 Sep 2024
13 Sep 2024
13 Sep 2024
3 Sep 2024
0.10417
21 Oct 2024
11 Oct 2024
11 Oct 2024
1 Oct 2024
0.10417
20 Nov 2024
12 Nov 2024
12 Nov 2024
1 Nov 2024
0.10417
Portfolio Characteristics

Portfolio Characteristics

(As of 30 Nov 2024)
Portfolio
Benchmark
Net Fund Assets
$604.6 M
Number of Holdings
192
Weighted Average Market Cap
$198.1 B
$759.0 B
Median Market Cap
$58.7 B
$22.2 B
Price to Earnings - Forward 1YR
12.2x
21.2x
Price to Earnings - Trailing 12 Months
14.2x
24.6x
Price to Cash Flow
6.1x
15.2x
Price to Book Value
1.7x
3.6x
Portfolio
Benchmark
Return on Assets - 5 YR
6.5%
12.5%
Return on Equity - 5 YR
16.2%
97.1%
Historical 3YR Sales Growth
13.4%
17.3%
Active Share
91.5%
Effective Duration
4.3 Yrs
6.1 Yrs
Average Effective Maturity
7.2 Yrs
8.4 Yrs
Weighted Average Coupon
2.3%
3.4%
Weighted Average Price
$90.22
$93.33
Portfolio Top Holdings

Portfolio Top Holdings

(As of 31 Oct 2024)
Name
Ticker/Symbol
Sector
Weight %
Enel SpA
ENEL
Utilities
3.3
Orange SA
ORA
Communication Services
3.2
AT&T Inc
T
Communication Services
3.1
Roche Holding AG
ROG
Health Care
2.5
NN Group NV
NN
Financials
2.1
Pfizer Inc
PFE
Health Care
2.0
Samsung Electronics Co Ltd
005930
Information Technology
1.9
Taiwan Semiconductor Manufacturing Co Ltd
TSM
Information Technology
1.8
Endesa SA
ELE
Utilities
1.8
CME Group Inc
CME
Financials
1.8
Name
Ticker/Symbol
Sector
Weight %
FirstCash Inc
33767DAD7
SE_CORPORATE_BOND
0.6
Freddie Mac Pool
3132DWJS3
SE_MORTGAGE_PASSTHROUGH
0.6
Vector Group Ltd
92240MBJ6
SE_CORPORATE_BOND
0.6
United States Treasury Strip Coupon
912834FB9
SE_TREASURY_DOMESTIC
0.5
Tenet Healthcare Corp
88033GDU1
SE_CORPORATE_BOND
0.5
CITGO Petroleum Corp
17302XAK2
SE_CORPORATE_BOND
0.5
Cleveland-Cliffs Inc
185899AM3
SE_CORPORATE_BOND
0.5
United Wholesale Mortgage LLC
91153LAA5
SE_CORPORATE_BOND
0.5
Dominican Republic International Bond
25714PFA1
SE_TREASURY_FOREIGN
0.5
Comision Federal de Electricidad
QZ7462430
SE_CORPORATE_BOND
0.5
Options Overlay

Options Overlay

(As of 30 Nov 2024)
Type of Options
Calls
% of Portfolio Overwritten
0.6%
Average Call Strike vs. Spot Price
100.7
Weighted Average Days to Expiration
20
Exposure Breakdown

Exposure Breakdown

(As of 30 Nov 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Communication Services
19.6
7.7
Information Technology
14.3
25.3
Financials
13.6
16.3
Utilities
13.4
2.6
Energy
12.1
3.9
Health Care
8.5
10.7
Materials
8.3
3.4
Consumer Discretionary
7.0
10.6
Industrials
2.3
11.0
Consumer Staples
0.9
6.2
Real Estate
0.0
2.2
Sector Allocation
Fund (%)
Communication Services
19.6
Information Technology
14.3
Financials
13.6
Utilities
13.4
Energy
12.1
Health Care
8.5
Materials
8.3
Consumer Discretionary
7.0
Industrials
2.3
Consumer Staples
0.9
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Utilities
13.2
2.6
Energy
12.0
3.9
Telecommunication Services
11.2
1.4
Materials
8.2
3.4
Media & Entertainment
8.1
6.4
Technology Hardware & Equipment
7.3
6.8
Pharmaceuticals, Biotechnology & Life Sciences
7.1
6.8
Insurance
5.2
3.2
Banks
4.1
6.0
Software & Services
4.0
9.8
Top 10 Industries
Fund (%)
Utilities
13.2
Energy
12.0
Telecommunication Services
11.2
Materials
8.2
Media & Entertainment
8.1
Technology Hardware & Equipment
7.3
Pharmaceuticals, Biotechnology & Life Sciences
7.1
Insurance
5.2
Banks
4.1
Software & Services
4.0
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
United States
45.3
78.9
North America
Italy
6.2
0.5
Europe ex UK
Canada
5.2
2.6
North America
France
4.7
1.9
Europe ex UK
Germany
3.6
1.6
Europe ex UK
Japan
3.6
4.1
Japan
Netherlands
3.5
0.8
Europe ex UK
Switzerland
2.9
1.7
Europe ex UK
United Kingdom
2.4
2.8
UK
Taiwan
2.3
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
United States
45.3
Italy
6.2
Canada
5.2
France
4.7
Germany
3.6
Japan
3.6
Netherlands
3.5
Switzerland
2.9
United Kingdom
2.4
Taiwan
2.3
Composition
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
Equity
64.8
75.0
Fixed Income
30.0
25.0
Cash & Cash Equivalents
5.2
Option
0.0
Composition
Fund (%)
Equity
64.8
Fixed Income
30.0
Cash & Cash Equivalents
5.2
Option
0.0
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Unassigned
0.7
Large Cap (> $12 B)
90.5
96.7
Mid Cap ($2.5 to $12 B)
7.1
3.3
Small Cap (< $2.5 B)
1.8
Capitalization
Fund (%)
Unassigned
0.7
Large Cap (> $12 B)
90.5
Mid Cap ($2.5 to $12 B)
7.1
Small Cap (< $2.5 B)
1.8
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
U.S. Government
13.7
69.6
AAA
8.1
3.2
AA
1.1
3.1
A
4.8
11.5
BBB
19.6
11.6
BB
26.6
B
9.7
Not Rated
16.4
1.0
Credit Quality
Fund (%)
U.S. Government
13.7
AAA
8.1
AA
1.1
A
4.8
BBB
19.6
BB
26.6
B
9.7
Not Rated
16.4
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
16.9
0.1
Year 2
13.1
12.3
Year 3
6.7
10.0
Year 4
10.3
9.6
Year 5
13.2
11.1
Year 6
5.6
6.3
Year 7
6.0
7.8
Year 8
4.7
6.5
Year 9
0.9
8.3
Year 10+
22.5
28.1
Maturity
Fund (%)
Year 1
16.9
Year 2
13.1
Year 3
6.7
Year 4
10.3
Year 5
13.2
Year 6
5.6
Year 7
6.0
Year 8
4.7
Year 9
0.9
Year 10+
22.5
Portfolio Managers

Portfolio Managers

Matt Burdett

Matt Burdett

Head of Equities and Managing Director
Matt Burdett is head of equities and a portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager. Matt was named a managing director and was promoted to portfolio manager in 2018 and to head of equities in 2024. Matt spent several years as a senior vice president and portfolio manager at PIMCO,…
Learn More
Christian Hoffmann, CFA

Christian Hoffmann, CFA

Head of Fixed Income and Managing Director
Christian Hoffmann is head of fixed income and a portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as a fixed income analyst and was promoted to associate portfolio manager in 2014. Christian was named a managing director in 2017, was promoted to portfolio manager in 2018, and to head of fixed income in 2024. Prior to…
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