TSRSX: Thornburg Strategic Income R6

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TSRSX Thornburg Strategic Income R6


Profile

TSRSX - Profile

Vitals

  • YTD Return -6.8%
  • 3 Yr Annualized Return N/A
  • 5 Yr Annualized Return N/A
  • Net Assets $1.72 B
  • Holdings in Top 10 18.6%

52 WEEK LOW AND HIGH

$11.14
$10.89
$12.05

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.98%

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) $0
  • IRA N/A

Fund Classification

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

Distributions

  • YTD Total Return -6.8%
  • 3 Yr Annualized Total Return N/A
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 3.98%
DIVIDENDS
  • Dividend Yield 1.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Thornburg Strategic Income Fund
  • Fund Family Name
    Thornburg
  • Inception Date
    Apr 10, 2017
  • Shares Outstanding
    N/A
  • Share Class
    Retirement
  • 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. The manager expects, under normal conditions, to invest a majority of its assets in the debt obligations. The fund also may invest in derivative instruments to the extent Thornburg believes such investments may assist the fund in pursuing its investment goal.


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Categories

Performance

TSRSX - Performance

Return Ranking - Trailing

Period TSRSX Return Category Return Low Category Return High Rank in Category (%)
YTD -6.8% -50.8% 3.2% 23.68%
1 Yr -5.3% -50.1% 152.8% 28.77%
3 Yr N/A* -35.9% 33.8% 5.69%
5 Yr N/A* -35.8% 18.3% 8.40%
10 Yr N/A* -6.3% 4.4% 2.80%

* Annualized

Return Ranking - Calendar

Period TSRSX Return Category Return Low Category Return High Rank in Category (%)
2019 3.8% -35.1% 156.4% 80.00%
2018 -2.6% -48.0% 0.8% 9.06%
2017 N/A -14.8% 11.2% N/A
2016 N/A -11.2% 19.1% N/A
2015 N/A -51.1% 4.0% N/A

Total Return Ranking - Trailing

Period TSRSX Return Category Return Low Category Return High Rank in Category (%)
YTD -6.8% -50.8% 3.2% 23.68%
1 Yr -5.3% -50.1% 154.8% 28.77%
3 Yr N/A* -35.9% 37.9% 7.69%
5 Yr N/A* -35.8% 22.2% 11.20%
10 Yr N/A* -6.3% 4.8% 3.50%

* Annualized

Total Return Ranking - Calendar

Period TSRSX Return Category Return Low Category Return High Rank in Category (%)
2019 3.8% -35.1% 158.4% 81.45%
2018 -2.6% -48.0% 4.8% 25.31%
2017 N/A -14.8% 14.0% N/A
2016 N/A -11.2% 22.5% N/A
2015 N/A -51.1% 4.0% N/A

NAV & Total Return History


Holdings

TSRSX - Holdings

Concentration Analysis

TSRSX Category Low Category High TSRSX % Rank
Net Assets 1.72 B 351 K 137 B 29.78%
Number of Holdings 471 6 7410 44.69%
Net Assets in Top 10 313 M -41 B 6.16 B 24.25%
Weighting of Top 10 18.60% 4.1% 214.0% 60.50%

Top 10 Holdings

  1. Thornburg Capital Management 12.85%
  2. Sprint Corporation 9.25% 0.78%
  3. CPS Auto Receivables Trust 2.09% 0.73%
  4. SBA Tower Trust 3.16% 0.70%
  5. Aqua Finance Trust 2019-A 4.01% 0.64%
  6. Freddie Mac Seasoned Credit Risk Transfer Trust 3.5% 0.63%
  7. Comcast Corp 2 % Zero Premium Option Note Exchangeable Secs 1999-15.10.29 B 0.60%
  8. COLT MORTGAGE LOAN TRUST 2.49% 0.59%
  9. Sirius XM Holdings Inc 3.88% 0.55%
  10. Gls Auto Receivables Trust 2.68% 0.54%

Asset Allocation

Weighting Return Low Return High TSRSX % Rank
Bonds
82.47% 31.46% 195.17% 81.57%
Cash
13.54% -102.73% 49.23% 10.63%
Convertible Bonds
2.09% 0.00% 12.05% 33.24%
Preferred Stocks
1.90% 0.00% 54.19% 14.99%
Stocks
0.00% -9.73% 27.98% 93.22%
Other
0.00% -32.79% 30.50% 89.10%

Bond Sector Breakdown

Weighting Return Low Return High TSRSX % Rank
Corporate
50.67% 0.00% 94.01% 34.88%
Securitized
34.50% 0.00% 99.12% 25.34%
Cash & Equivalents
13.54% 0.62% 48.65% 16.62%
Municipal
0.84% 0.00% 36.27% 19.62%
Government
0.46% 0.00% 99.36% 85.56%
Derivative
0.00% -1.18% 43.63% 91.28%

Bond Geographic Breakdown

Weighting Return Low Return High TSRSX % Rank
US
69.22% 14.90% 194.76% 49.32%
Non US
13.25% -15.80% 72.18% 69.21%

Expenses

TSRSX - Expenses

Operational Fees

TSRSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.98% 0.06% 24.26% 67.22%
Management Fee 0.69% 0.00% 2.25% 69.97%
12b-1 Fee 0.00% 0.00% 1.00% 11.96%
Administrative Fee 0.10% 0.01% 0.50% 58.87%

Sales Fees

TSRSX 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

TSRSX 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.

TSRSX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 31.55% 0.00% 472.00% 21.26%

Distributions

TSRSX - Distributions

Dividend Yield Analysis

TSRSX Category Low Category High TSRSX % Rank
Dividend Yield 1.44% 0.00% 5.91% 5.73%

Dividend Distribution Analysis

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

Net Income Ratio Analysis

TSRSX Category Low Category High TSRSX % Rank
Net Income Ratio 3.98% 0.87% 10.10% 42.38%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

TSRSX - Fund Manager Analysis

Managers

Jason Brady


Start Date

Tenure

Tenure Rank

Dec 19, 2007

12.21

12.2%

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

5.08

5.1%

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

5.08

5.1%

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.

Christian Hoffmann


Start Date

Tenure

Tenure Rank

Feb 02, 2018

2.07

2.1%

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
0.17 28.81 5.54 3.67