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Trending ETFs

Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$11.81

$159 M

2.31%

$0.27

0.95%

Vitals

YTD Return

-0.1%

1 yr return

1.9%

3 Yr Avg Return

-1.6%

5 Yr Avg Return

-0.1%

Net Assets

$159 M

Holdings in Top 10

27.6%

52 WEEK LOW AND HIGH

$11.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.95%

SALES FEES

Front Load 2.25%

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$5,000

IRA

$2,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$11.81

$159 M

2.31%

$0.27

0.95%

LTUSX - Profile

Distributions

  • YTD Total Return -0.1%
  • 3 Yr Annualized Total Return -1.6%
  • 5 Yr Annualized Total Return -0.1%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.60%
DIVIDENDS
  • Dividend Yield 2.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Thornburg Limited Term U.S. Government Fund
  • Fund Family Name
    THORNBURG
  • Inception Date
    Jan 03, 1994
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jason Brady

Fund Description

Thornburg Investment Management, Inc. (“Thornburg”) actively manages the Fund’s portfolio in pursuing the Fund’s investment goals. While Thornburg follows domestic and international economic developments, outlooks for securities markets, interest rates and inflation, the supply and demand for debt obligations, and other factors, the Fund’s investments are determined by individual security analysis. The Fund ordinarily acquires and holds securities for investment rather than for realization of gains by short-term trading on market fluctuations. However, it may dispose of any security before its scheduled maturity to enhance income or reduce loss, to change the portfolio’s average maturity, or to otherwise respond to market conditions.

Limited Term U.S. Government Fund invests at least 80% of its net assets in U.S. Government Securities. For this purpose, “U.S. Government Securities” means:

Securities backed by the full faith and credit of the U.S. government, including direct obligations of the U.S. Treasury (such as U.S. Treasury Bonds) and obligations of U.S. government agencies and instrumentalities which are guaranteed by the U.S. Treasury (such as “Ginnie Mae” mortgage-backed certificates issued by the Government National Mortgage Association).

Securities issued or guaranteed by U.S. government agencies, instrumentalities or sponsored enterprises, but which are not backed by the full faith and credit of the U.S. government. These securities include mortgage-backed certificates, collateralized mortgage obligations (“CMOs”), and debentures issued by “Freddie Mac” (Federal Home Loan Mortgage Corporation) and “Fannie Mae” (Federal National Mortgage Association).

U.S. Government Securities include for this purpose repurchase agreements secured by the securities described above, and participations having economic characteristics similar to those securities. “Participations” are undivided interests in pools of securities where the underlying credit support passes through to the participants. As used herein, the term “net assets” includes the amount of any borrowings made by the Fund for investment purposes.

Because the magnitude of changes in the value of interest-bearing obligations is greater for obligations with longer terms given an equivalent change in interest rates, the Fund seeks to reduce changes in its share value by maintaining a portfolio of investments with a dollar-weighted average maturity or expected life of normally less than five years. There is no limitation on the maturity of any specific security the Fund may purchase, and the Fund may sell any security before it matures. The Fund also attempts to reduce changes in share value through credit analysis, selection and diversification.

The Fund ordinarily acquires and holds securities for investment rather than for realization of gains by short-term trading on market fluctuations. However, it may sell an investment prior to its scheduled maturity date to enhance income or reduce loss, to change the portfolio’s average duration or average maturity, to pursue other investment opportunities, in response to changes in the conditions or business of the investment’s issuer or changes in overall market conditions, or if, in Thornburg’s opinion, the investment no longer serves to achieve the Fund’s investment goals. The objective of preserving capital may prevent the Fund from obtaining the highest yields available.

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LTUSX - Performance

Return Ranking - Trailing

Period LTUSX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.1% -2.3% 1.5% 79.75%
1 Yr 1.9% 0.2% 5.5% 72.15%
3 Yr -1.6%* -3.2% 1.8% 84.62%
5 Yr -0.1%* -0.8% 1.6% 88.89%
10 Yr 0.6%* -0.4% 2.0% 64.06%

* Annualized

Return Ranking - Calendar

Period LTUSX Return Category Return Low Category Return High Rank in Category (%)
2023 1.5% -1.6% 4.4% 24.05%
2022 -9.5% -10.4% -1.0% 80.77%
2021 -3.0% -6.4% -0.2% 80.77%
2020 2.4% -1.8% 4.9% 29.73%
2019 1.8% -1.4% 3.3% 15.28%

Total Return Ranking - Trailing

Period LTUSX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.1% -2.3% 1.5% 79.75%
1 Yr 1.9% 0.2% 5.5% 72.15%
3 Yr -1.6%* -3.2% 1.8% 84.62%
5 Yr -0.1%* -0.8% 1.6% 88.89%
10 Yr 0.6%* -0.4% 2.0% 64.06%

* Annualized

Total Return Ranking - Calendar

Period LTUSX Return Category Return Low Category Return High Rank in Category (%)
2023 4.0% 2.4% 6.2% 64.56%
2022 -7.9% -9.3% 0.2% 89.74%
2021 -1.7% -3.1% 0.1% 79.49%
2020 3.9% 0.4% 6.0% 33.78%
2019 3.8% 1.1% 5.5% 30.56%

NAV & Total Return History


LTUSX - Holdings

Concentration Analysis

LTUSX Category Low Category High LTUSX % Rank
Net Assets 159 M 11.1 M 25.7 B 70.73%
Number of Holdings 166 7 1102 46.34%
Net Assets in Top 10 45.2 M 1.81 M 9.39 B 74.39%
Weighting of Top 10 27.65% 14.9% 100.0% 80.49%

Top 10 Holdings

  1. United States Treasury Inflation Indexed Bonds 6.43%
  2. Fannie Mae Pool 3.85%
  3. TRISTATE INSURED CASH SWEEP 3.10%
  4. United States Treasury Note/Bond 2.33%
  5. FARM 21-1 Mortgage Trust 2.14%
  6. Freddie Mac Multifamily Structured Pass Through Certificates 2.11%
  7. United States Treasury Inflation Indexed Bonds 2.04%
  8. Caledonia Generating LLC 1.91%
  9. Fannie Mae Pool 1.89%
  10. United States Treasury Note/Bond 1.84%

Asset Allocation

Weighting Return Low Return High LTUSX % Rank
Bonds
95.39% 64.98% 127.29% 81.71%
Other
4.20% -8.75% 33.59% 15.85%
Cash
0.41% 0.00% 13.77% 81.71%
Stocks
0.00% 0.00% 4.55% 37.80%
Preferred Stocks
0.00% 0.00% 0.04% 36.59%
Convertible Bonds
0.00% 0.00% 0.00% 32.10%

Bond Sector Breakdown

Weighting Return Low Return High LTUSX % Rank
Securitized
62.32% 0.00% 100.00% 35.80%
Government
23.29% 0.00% 99.96% 69.14%
Corporate
3.30% 0.00% 34.19% 6.17%
Derivative
0.00% -0.51% 13.93% 48.78%
Cash & Equivalents
0.00% 0.00% 13.77% 90.24%
Municipal
0.00% 0.00% 6.22% 43.21%

Bond Geographic Breakdown

Weighting Return Low Return High LTUSX % Rank
US
95.39% 64.98% 127.29% 81.71%
Non US
0.00% 0.00% 0.00% 32.93%

LTUSX - Expenses

Operational Fees

LTUSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.95% 0.03% 2.91% 35.37%
Management Fee 0.37% 0.03% 0.80% 50.62%
12b-1 Fee 0.25% 0.00% 1.00% 47.22%
Administrative Fee 0.10% 0.10% 0.45% 36.36%

Sales Fees

LTUSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 2.25% 1.50% 4.75% 37.50%
Deferred Load N/A 0.50% 1.00% N/A

Trading Fees

LTUSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 0.00% 0.25% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

LTUSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 466.00% 22.86%

LTUSX - Distributions

Dividend Yield Analysis

LTUSX Category Low Category High LTUSX % Rank
Dividend Yield 2.31% 0.00% 5.68% 80.49%

Dividend Distribution Analysis

LTUSX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

LTUSX Category Low Category High LTUSX % Rank
Net Income Ratio 0.60% -0.78% 3.29% 35.44%

Capital Gain Distribution Analysis

LTUSX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

Distributions History

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LTUSX - Fund Manager Analysis

Managers

Jason Brady


Start Date

Tenure

Tenure Rank

Feb 01, 2007

15.34

15.3%

Jason Brady is president and CEO of Thornburg Investment Management. He is responsible for the company’s overall strategy and direction. He is also the head of the firm’s global fixed income investment team and a portfolio manager on multiple strategies. He joined the firm in 2006, was made portfolio manager and managing director in 2007, and president and CEO in 2016. His book Income Investing: An Intelligent Approach to Profiting from Bonds, Stocks and Money Markets is a step-by-step guide to income investing. Jason holds a BA with honors in English and environmental biology from Dartmouth College, and an MBA with concentrations in analytical finance and accounting from Northwestern’s Kellogg Graduate School of Management. He is a CFA charterholder. Prior to joining Thornburg, Jason was a portfolio manager with Fortis Investments in Boston, and has held various positions at Fidelity Investments and Lehman Brothers. Jason holds a BA with honors in English and environmental biology from Dartmouth College, and an MBA with concentrations in analytical finance and accounting from Northwestern’s Kellogg Graduate School of Management. He is a CFA charterholder. Prior to joining Thornburg, Jason was a portfolio manager with Fortis Investments in Boston, and has held various positions at Fidelity Investments and Lehman Brothers.

Lon Erickson


Start Date

Tenure

Tenure Rank

Feb 01, 2015

7.33

7.3%

Lon Erickson is portfolio manager for Thornburg Investment Management. He joined Thornburg in 2008 and was made portfolio manager and managing director in 2010. Lon earned a BA in business administration with a minor in economics from Illinois Wesleyan University and an MBA from the University of Chicago’s Graduate School of Business. He is a CFA charterholder. 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.

Jeff Klingelhofer


Start Date

Tenure

Tenure Rank

Feb 01, 2015

7.33

7.3%

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 in economics with a minor in business from the University of California at Irvine, and an MBA from the University of Chicago Booth School of Business in 2010. He is also a CFA charterholder. Prior to joining Thornburg Investment Management, Jeff spent four years with PIMCO, where he was responsible for monitoring portfolio leverage and risk tolerances. Jeff also worked as a commercial mortgage-backed securities intern with ratings agency DBRS and interned with the CalPERS alternative assets team.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.49 32.44 10.28 7.33