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Welcome to Thornburg

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Thornburg Multi-Asset Strategy

Strategy Overview
The Multi-Asset Strategy is a 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.  The strategy applies a dynamic asset allocation, bottom-up fundamental research, a macroeconomic perspective and factor insights to construct a global, multi-asset portfolio designed to deliver attractive real returns across various market environments with lower volatility.
Strategy Inception Date
1 Apr 2019

Portfolio Managers

Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This strategy?

  • 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.
Performance

Performance

Returns

(As of 30 Sep 2024)
YTD
1y
3y
5y
Inception
Thornburg Multi-Asset Strategy - Gross (%)
14.06
23.09
6.88
12.94
12.50
Thornburg Multi-Asset Strategy - Net (%)
13.44
22.19
6.09
12.11
11.67
Multi-Asset - Summit Fund Blended Index (%)
12.46
23.57
3.64
7.03
7.12
YTD
1y
3y
5y
Inception
Thornburg Multi-Asset Strategy - Gross (%)
14.06
23.09
6.88
12.94
12.50
Thornburg Multi-Asset Strategy - Net (%)
13.44
22.19
6.09
12.11
11.67
Multi-Asset - Summit Fund Blended Index (%)
12.46
23.57
3.64
7.03
7.12
2020
2021
2022
2023
Thornburg Multi-Asset Strategy - Gross (%)
29.02
15.76
-9.01
13.63
Thornburg Multi-Asset Strategy - Net (%)
28.07
14.91
-9.68
12.79
Multi-Asset - Summit Fund Blended Index (%)
14.04
8.78
-13.64
20.68
Strategy Facts

Strategy Facts

(As of 30 Sep 2024)
Strategy Assets
$112.3 M
Benchmark
Multi-Asset - Summit Fund Blended Index
Number of Holdings
201
Characteristics

Characteristics

Portfolio

(As of 30 Sep 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$586.5 B
$648.7 B
Median Market Cap
$115.7 B
$14.1 B
Price to Earnings - Forward 1YR
19.9x
19.4x
Price to Earnings - Trailing 12 Months
26.0x
22.4x
Price to Cash Flow
13.3x
13.5x
Price to Book Value
3.2x
3.2x
Return on Assets - 5 YR
10.0%
9.9%
Portfolio
Benchmark
Return on Equity - 5 YR
20.0%
29.5%
Historical 3YR Sales Growth
21.4%
17.1%
Active Share
76.9%
Effective Duration
4.8 Yrs
6.6 Yrs
Average Effective Maturity
6.1 Yrs
8.4 Yrs
Weighted Average Coupon
3.5%
2.8%
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2024)
Name
Ticker/Symbol
Sector
Weight %
Amazon.com, Inc.
AMZN
Consumer Discretionary
2.0
Meta Platforms, Inc.
META
Communication Services
1.8
Roche Holding AG
ROG
Health Care
1.7
NVIDIA Corp.
NVDA
Information Technology
1.6
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
1.5
Samsung Electronics Co. Ltd.
005930
Information Technology
1.4
Microsoft Corp.
MSFT
Information Technology
1.4
Broadcom, Inc.
AVGO
Information Technology
1.4
Alphabet, Inc.
GOOGL
Communication Services
1.3
Orange S.A.
ORA
Communication Services
1.2
Name
Ticker/Symbol
Sector
Weight %
United States Treasury Inflation Indexed Bonds
91282CBF7
SE_TREASURY_DOMESTIC
2.4
United States Treasury Note/Bond
9128283J7
SE_TREASURY_DOMESTIC
1.8
United States Treasury Note/Bond
91282CJJ1
SE_TREASURY_DOMESTIC
1.2
United States Treasury Note/Bond
91282CBL4
SE_TREASURY_DOMESTIC
0.9
Freddie Mac Pool
3132E0T85
SE_MORTGAGE_PASSTHROUGH
0.8
Fannie Mae Pool
3140XMZX7
SE_MORTGAGE_PASSTHROUGH
0.8
United States Treasury Note/Bond
91282CJZ5
SE_TREASURY_DOMESTIC
0.7
Fannie Mae Pool
3140XCTQ1
SE_MORTGAGE_PASSTHROUGH
0.7
Fannie Mae Pool
31418EAN0
SE_MORTGAGE_PASSTHROUGH
0.6
Australia Government Bond
BV8650343
SE_TREASURY_FOREIGN
0.6
Exposure Breakdown

Exposure Breakdown

(As of 30 Sep 2024)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
26.5
24.5
Consumer Discretionary
17.8
10.6
Financials
14.7
16.2
Health Care
14.4
10.9
Communication Services
13.0
7.8
Industrials
6.5
10.6
Energy
2.9
4.0
Materials
2.8
4.1
Consumer Staples
1.3
6.4
Real Estate
0.0
2.2
Utilities
0.0
2.7
Sector Allocation
Portfolio (%)
Information Technology
26.5
Consumer Discretionary
17.8
Financials
14.7
Health Care
14.4
Communication Services
13.0
Industrials
6.5
Energy
2.9
Materials
2.8
Consumer Staples
1.3
Real Estate
0.0
Utilities
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Pharmaceuticals, Biotechnology & Life Sciences
12.5
7.1
Semiconductors & Semiconductor Equipment
10.3
9.0
Software & Services
9.2
8.7
Consumer Discretionary Distribution & Retail
7.9
4.8
Financial Services
7.5
6.2
Telecommunication Services
6.6
1.5
Consumer Services
6.0
2.0
Media & Entertainment
5.7
6.2
Technology Hardware & Equipment
5.7
6.8
Unassigned
5.2
Top 10 Industries
Portfolio (%)
Pharmaceuticals, Biotechnology & Life Sciences
12.5
Semiconductors & Semiconductor Equipment
10.3
Software & Services
9.2
Consumer Discretionary Distribution & Retail
7.9
Financial Services
7.5
Telecommunication Services
6.6
Consumer Services
6.0
Media & Entertainment
5.7
Technology Hardware & Equipment
5.7
Unassigned
5.2
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
United States
61.9
54.7
North America
France
3.6
3.6
Europe ex UK
United Kingdom
3.1
3.7
UK
Canada
2.8
3.1
North America
Japan
2.7
7.2
Japan
India
2.7
1.3
Asia Pacific ex Japan
Netherlands
1.7
1.4
Europe ex UK
Switzerland
1.5
1.6
Europe ex UK
Taiwan
1.5
1.1
Asia Pacific ex Japan
Korea, Republic of (South Korea)
1.4
1.2
Asia Pacific ex Japan
Top 10 Countries
Portfolio (%)
United States
61.9
France
3.6
United Kingdom
3.1
Canada
2.8
Japan
2.7
India
2.7
Netherlands
1.7
Switzerland
1.5
Taiwan
1.5
Korea, Republic of (South Korea)
1.4
Composition
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
Equity
52.6
60.0
Fixed Income
33.6
40.0
Cash & Cash Equivalents
10.2
Funds
2.9
Currency Forward
0.7
Composition
Portfolio (%)
Equity
52.6
Fixed Income
33.6
Cash & Cash Equivalents
10.2
Funds
2.9
Currency Forward
0.7
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
84.4
94.4
Mid Cap ($2.5 to $12 B)
10.1
5.6
Small Cap (< $2.5 B)
5.5
0.0
Capitalization
Portfolio (%)
Large Cap (> $12 B)
84.4
Mid Cap ($2.5 to $12 B)
10.1
Small Cap (< $2.5 B)
5.5
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
U.S. Government
46.2
28.4
AAA
17.2
12.3
AA
1.6
14.2
A
6.7
30.9
BBB
11.4
14.3
BB
11.0
0.0
B
1.9
CCC
0.3
Not Rated
3.6
0.0
Credit Quality
Portfolio (%)
U.S. Government
46.2
AAA
17.2
AA
1.6
A
6.7
BBB
11.4
BB
11.0
B
1.9
CCC
0.3
Not Rated
3.6
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
Year 1
13.7
1.5
Year 2
6.9
12.8
Year 3
3.1
11.1
Year 4
6.8
9.7
Year 5
9.4
10.2
Year 6
2.1
6.5
Year 7
13.3
7.0
Year 8
2.5
6.1
Year 9
4.8
6.9
Year 10+
37.5
28.2
Maturity
Portfolio (%)
Year 1
13.7
Year 2
6.9
Year 3
3.1
Year 4
6.8
Year 5
9.4
Year 6
2.1
Year 7
13.3
Year 8
2.5
Year 9
4.8
Year 10+
37.5
Portfolio Managers

Portfolio Managers

Neal BasuMullick, CFA

Neal BasuMullick, CFA

Portfolio Manager and Managing Director
Neal BasuMullick is portfolio manager at Thornburg Investment Management. He joined the firm in 2020 as an equity research analyst, was promoted to senior equity analyst then associate portfolio manager in 2022 and to portfolio manager in 2024. Prior to joining Thornburg, Neal worked in equity research at Columbia Threadneedle Investments where he covered the business services and consumer staples…
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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 named a managing director and was promoted to portfolio manager in 2010. Prior to joining Thornburg Investment Management, Lon spent almost 11 years as an analyst for State Farm Insurance in the equity and corporate bond departments. Lon earned a bachelor’s degree in business…
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