TSIIX: Thornburg Strategic Income I

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TSIIX Thornburg Strategic Income I

  • Fund
  • TSIIX
  • Price as of: Jan 16, 2020
  • $11.93
    - $0.00 - 0.00%

Profile

TSIIX - Profile

Vitals

  • YTD Return 0.2%
  • 3 Yr Annualized Return 1.1%
  • 5 Yr Annualized Return 0.4%
  • Net Assets $1.63 B
  • Holdings in Top 10 17.1%

52 WEEK LOW AND HIGH

$11.93
$11.56
$11.93

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.91%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 31.55%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

  • Standard (Taxable) $2,500,000
  • IRA N/A

Fund Classification

  • Primary Caregory
  • Fund Type Open End Mutual Fund
  • Investment Style Multisector Bond

Distributions

  • YTD Total Return 0.2%
  • 3 Yr Annualized Total Return 1.1%
  • 5 Yr Annualized Total Return 0.4%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 3.89%
DIVIDENDS
  • Dividend Yield 1.0%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Thornburg Strategic Income Fund Class I
  • Fund Family Name
    Thornburg
  • Inception Date
    Dec 19, 2007
  • Shares Outstanding
    N/A
  • Share Class
    Inst
  • Currency
    USD
  • Domiciled Country
    United States
  • Manager
    Jason Brady

Fund Description

The fund pursues its investment goals by investing in a broad range of income-producing investments from throughout the world, primarily including debt obligations and income-producing stocks. The managers expect, under normal conditions, to invest a majority of its assets in the debt obligations, but the relative proportions of the fund's investments in debt obligations and in income producing stocks can be expected to vary over time.


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Categories

Performance

TSIIX - Performance

Return Ranking - Trailing

Period TSIIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.2% -2.4% 4.5% 88.59%
1 Yr 3.3% -36.6% 178.1% 78.69%
3 Yr 1.1%* -34.6% 40.6% 39.00%
5 Yr 0.4%* -34.3% 21.5% 42.52%
10 Yr 0.0%* -3.6% 7.2% 79.55%

* Annualized

Return Ranking - Calendar

Period TSIIX Return Category Return Low Category Return High Rank in Category (%)
2019 3.8% -35.1% 177.6% 78.96%
2018 -2.6% -48.0% 0.8% 11.49%
2017 2.7% -14.8% 11.2% 40.40%
2016 4.4% -11.2% 19.1% 27.21%
2015 -6.2% -51.1% 4.0% 60.00%

Total Return Ranking - Trailing

Period TSIIX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.2% -2.4% 4.5% 88.59%
1 Yr 3.3% -36.6% 178.1% 78.41%
3 Yr 1.1%* -34.6% 40.6% 63.00%
5 Yr 0.4%* -34.3% 22.2% 58.27%
10 Yr 0.0%* -3.6% 7.2% 89.39%

* Annualized

Total Return Ranking - Calendar

Period TSIIX Return Category Return Low Category Return High Rank in Category (%)
2019 3.8% -35.1% 177.6% 80.12%
2018 -2.6% -48.0% 4.8% 27.02%
2017 2.7% -14.8% 14.0% 59.60%
2016 4.4% -11.2% 22.5% 44.17%
2015 -6.2% -51.1% 4.0% 70.61%

NAV & Total Return History


Holdings

TSIIX - Holdings

Concentration Analysis

TSIIX Category Low Category High TSIIX % Rank
Net Assets 1.63 B 100 K 134 B 31.02%
Number of Holdings 466 6 7570 47.22%
Net Assets in Top 10 269 M -42.1 B 5.96 B 26.39%
Weighting of Top 10 17.13% 4.5% 410.5% 62.50%

Top 10 Holdings

  1. Thornburg Capital Management 11.65%
  2. Sprint Corporation 9.25% 0.84%
  3. SBA Tower Trust 3.16% 0.75%
  4. Freddie Mac Seasoned Credit Risk Transfer Trust 3.5% 0.68%
  5. Comcast Corp 2 % Zero Premium Option Note Exchangeable Secs 1999-15.10.29 B 0.64%
  6. Micron Technology Inc. 4.18% 0.56%
  7. LKQ Corporation 4.75% 0.52%
  8. Bravo Residential Funding Trust 2019-1 3.5% 0.50%
  9. Firstcash inc 5.38% 0.50%
  10. LENDINGPOINT 2019-2 ASSET SECURITIZATION TRUST 3.07% 0.49%

Asset Allocation

Weighting Return Low Return High TSIIX % Rank
Bonds
84.67% 31.46% 157.00% 77.35%
Cash
11.99% -76.54% 46.21% 14.17%
Preferred Stocks
1.67% 0.00% 54.19% 17.50%
Convertible Bonds
1.67% 0.00% 11.31% 38.33%
Stocks
0.00% -1.06% 22.96% 82.87%
Other
0.00% -32.79% 26.24% 66.11%

Bond Sector Breakdown

Weighting Return Low Return High TSIIX % Rank
Corporate
54.37% 0.00% 96.88% 24.44%
Securitized
32.91% 0.00% 98.45% 24.72%
Cash & Equivalents
11.99% 0.28% 47.61% 22.22%
Municipal
0.42% 0.00% 36.36% 26.39%
Government
0.31% 0.00% 99.36% 86.67%
Derivative
0.00% -1.18% 44.06% 74.17%

Bond Geographic Breakdown

Weighting Return Low Return High TSIIX % Rank
US
70.78% 13.75% 140.38% 50.56%
Non US
13.89% -8.93% 74.05% 68.61%

Expenses

TSIIX - Expenses

Operational Fees

TSIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.91% 0.00% 76.93% 70.23%
Management Fee 0.71% 0.00% 2.25% 73.88%
12b-1 Fee 0.00% 0.00% 1.00% 9.66%
Administrative Fee 0.10% 0.01% 0.50% 50.00%

Sales Fees

TSIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 1.00% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

TSIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 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.

TSIIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 31.55% 2.00% 899.00% 20.06%

Distributions

TSIIX - Distributions

Dividend Yield Analysis

TSIIX Category Low Category High TSIIX % Rank
Dividend Yield 0.98% 0.00% 6.32% 43.27%

Dividend Distribution Analysis

TSIIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

TSIIX Category Low Category High TSIIX % Rank
Net Income Ratio 3.89% 0.87% 10.10% 50.58%

Capital Gain Distribution Analysis

TSIIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Dividend Payout History

View More +

Fund Manager Analysis

TSIIX - Fund Manager Analysis

Managers

Jason Brady


Start Date

Tenure

Tenure Rank

Dec 19, 2007

12.04

12.0%

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.

Jeff Klingelhofer


Start Date

Tenure

Tenure Rank

Feb 01, 2015

4.92

4.9%

Jeff Klingelhofer is portfolio manager for Thornburg Investment Management. 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’s 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 commercial mortgage-backed securities intern with ratings agency DBRS, and interned with the CalPERS alternative assets team.

Lon Erickson


Start Date

Tenure

Tenure Rank

Feb 01, 2015

4.92

4.9%

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.

Christian Hoffmann


Start Date

Tenure

Tenure Rank

Feb 02, 2018

1.91

1.9%

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 as a senior credit analyst with H.I.G. Capital in Miami, Florida, where he specialized in distressed debt investments and credit driven special situations. Christian began his career in the investment banking division of Lehman Brothers and later spent several years working on the high yield research desk at Lehman Brothers.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 28.65 5.5 5.0