Name
As of 04/25/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
1.8%
1 yr return
5.7%
3 Yr Avg Return
2.5%
5 Yr Avg Return
2.6%
Net Assets
$266 M
Holdings in Top 10
19.9%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 0.52%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
$2,500,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/25/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
TLDIX - Profile
Distributions
- YTD Total Return 1.8%
- 3 Yr Annualized Total Return 2.5%
- 5 Yr Annualized Total Return 2.6%
- Capital Gain Distribution Frequency N/A
- Net Income Ratio 1.40%
- Dividend Yield 5.5%
- Dividend Distribution Frequency Monthly
Fund Details
-
Legal NameThornburg Ultra Short Income Fund
-
Fund Family NameTHORNBURG
-
Inception DateDec 30, 2013
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerJason Brady
Fund Description
Thornburg Investment Management Inc. (“Thornburg”) actively manages the Fund’s holdings in pursuing the Fund’s investment goal. 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 prior to its scheduled maturity to enhance income or reduce loss, to change the portfolio’s average duration or average maturity, or to otherwise respond to current market conditions.
Under normal conditions, the Fund invests at least 80% of its net assets in (i) obligations of the U.S. government, its agencies and instrumentalities, and (ii) debt obligations rated at the time of purchase in one of the four highest ratings of S&P Global Ratings (AAA, AA, A, or BBB) or Moody’s Investors Services, Inc. (Aaa, Aa, A, or Baa) or, if no credit rating is available, judged to be of comparable quality by Thornburg. The Fund may purchase corporate debt, municipal securities, and short-term commercial paper and bankers’ acceptances, and the Fund may also purchase securities backed by an underlying pool of debt obligations, including mortgage-backed securities, asset-backed securities, collateralized mortgage obligations, and collateralized debt obligations (sometimes referred to collectively as “structured products”). The Fund may purchase foreign securities of the same types and quality as the domestic securities it purchases when Thornburg anticipates foreign securities offer more investment potential. The Fund may invest in debt obligations which are rated by S&P Global Ratings or Moody’s Investors Services, Inc. at the time of purchase as below investment grade (commonly referred to as “junk” or “high yield” bonds) or, if no credit rating is available, are judged to be of comparable quality by Thornburg, but such investments will be less than 20% of the Fund’s net assets under normal conditions. As used herein, the term “net assets” includes the amount of any borrowings made by the Fund for investment purposes.
The Fund may also purchase or sell futures contracts or purchase or sell interest rate swaps or credit default swaps to hedge against a decline in the value of the Fund’s other investments or to manage portfolio duration.
Because the magnitude of changes in the value of interest-bearing obligations is greater for obligations with longer durations given an equivalent change in interest rates, the Fund seeks to reduce changes in its share value compared to longer duration fixed income portfolios by maintaining a portfolio of investments with a dollar-weighted average duration of normally no more than one half (0.5) of a year. Duration is a measure of estimated sensitivity to interest rate changes, and a debt obligation or a portfolio of obligations with a higher duration will typically be more sensitive to interest rate changes than an obligation or a portfolio with a lower duration. Duration is commonly expressed as a number, which is the expected percentage change in an obligation’s price upon a 1% change in interest rates. For example, an obligation with a duration of 0.5 would be expected to change in price by approximately 0.5% in response to a 1% change in interest rates. There is no limitation on the duration or 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.
TLDIX - Performance
Return Ranking - Trailing
Period | TLDIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.8% | -1.7% | 3.5% | 41.20% |
1 Yr | 5.7% | -0.5% | 12.6% | 48.37% |
3 Yr | 2.5%* | -2.2% | 5.9% | 39.02% |
5 Yr | 2.6%* | -1.0% | 3.9% | 9.04% |
10 Yr | 2.0%* | -4.5% | 27.5% | 15.38% |
* Annualized
Return Ranking - Calendar
Period | TLDIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 0.7% | -2.3% | 4.3% | 70.83% |
2022 | -2.1% | -6.5% | 0.5% | 55.02% |
2021 | -1.2% | -2.1% | 0.3% | 94.09% |
2020 | 0.9% | -3.1% | 1.8% | 9.28% |
2019 | 1.0% | -1.2% | 6.1% | 21.20% |
Total Return Ranking - Trailing
Period | TLDIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | 1.8% | -1.7% | 3.5% | 41.20% |
1 Yr | 5.7% | -0.5% | 12.6% | 48.37% |
3 Yr | 2.5%* | -2.2% | 5.9% | 39.02% |
5 Yr | 2.6%* | -1.0% | 3.9% | 9.04% |
10 Yr | 2.0%* | -4.5% | 27.5% | 15.38% |
* Annualized
Total Return Ranking - Calendar
Period | TLDIX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | 6.1% | 0.8% | 12.1% | 31.94% |
2022 | 0.3% | -5.1% | 2.5% | 35.41% |
2021 | 0.5% | -2.1% | 14.5% | 19.21% |
2020 | 3.5% | -1.0% | 3.6% | 1.03% |
2019 | 3.7% | 0.3% | 9.6% | 15.22% |
NAV & Total Return History
TLDIX - Holdings
Concentration Analysis
TLDIX | Category Low | Category High | TLDIX % Rank | |
---|---|---|---|---|
Net Assets | 266 M | 25.6 K | 22.6 B | 74.09% |
Number of Holdings | 317 | 2 | 1291 | 41.36% |
Net Assets in Top 10 | 56.8 M | 32.5 K | 17.3 B | 73.64% |
Weighting of Top 10 | 19.94% | 5.6% | 163.3% | 50.00% |
Top 10 Holdings
- Thornburg Capital Management Fund 7.97%
- United States Cash Management Bill - Reopening 2.09%
- United States Treasury Bill 1.73%
- TRISTATE INSURED CASH SWEEP 1.49%
- United States Treasury Bill- When Issued 1.41%
- United States Treasury Note/Bond 1.15%
- United States Treasury Note/Bond 1.05%
- United States Treasury Note/Bond 1.04%
- United States Treasury Note/Bond 1.04%
- United States Treasury Bill- When Issued 0.98%
Asset Allocation
Weighting | Return Low | Return High | TLDIX % Rank | |
---|---|---|---|---|
Bonds | 55.47% | 0.00% | 128.16% | 84.55% |
Other | 28.18% | -7.74% | 99.92% | 12.27% |
Cash | 9.42% | 0.00% | 109.89% | 33.18% |
Stocks | 7.97% | 0.00% | 97.29% | 3.64% |
Convertible Bonds | 0.13% | 0.00% | 15.25% | 74.43% |
Preferred Stocks | 0.00% | 0.00% | 0.00% | 33.64% |
Stock Sector Breakdown
Weighting | Return Low | Return High | TLDIX % Rank | |
---|---|---|---|---|
Utilities | 0.00% | 0.00% | 0.87% | N/A |
Technology | 0.00% | 0.00% | 32.06% | N/A |
Real Estate | 0.00% | 0.00% | 0.00% | N/A |
Industrials | 0.00% | 0.00% | 2.85% | N/A |
Healthcare | 0.00% | 0.00% | 4.23% | N/A |
Financial Services | 0.00% | 0.00% | 99.34% | N/A |
Energy | 0.00% | 0.00% | 100.00% | N/A |
Communication Services | 0.00% | 0.00% | 11.28% | N/A |
Consumer Defense | 0.00% | 0.00% | 4.16% | N/A |
Consumer Cyclical | 0.00% | 0.00% | 11.26% | N/A |
Basic Materials | 0.00% | 0.00% | 0.00% | N/A |
Stock Geographic Breakdown
Weighting | Return Low | Return High | TLDIX % Rank | |
---|---|---|---|---|
US | 7.97% | 0.00% | 97.29% | 3.64% |
Non US | 0.00% | 0.00% | 0.00% | 33.64% |
Bond Sector Breakdown
Weighting | Return Low | Return High | TLDIX % Rank | |
---|---|---|---|---|
Securitized | 60.51% | 0.00% | 100.00% | 12.79% |
Corporate | 12.56% | 0.00% | 99.91% | 75.80% |
Government | 10.58% | 0.00% | 100.00% | 31.96% |
Cash & Equivalents | 9.42% | 0.00% | 109.89% | 33.18% |
Municipal | 0.07% | 0.00% | 70.39% | 31.96% |
Derivative | 0.00% | -7.49% | 21.59% | 35.00% |
Bond Geographic Breakdown
Weighting | Return Low | Return High | TLDIX % Rank | |
---|---|---|---|---|
US | 55.47% | 0.00% | 128.16% | 81.82% |
Non US | 0.00% | 0.00% | 22.24% | 44.09% |
TLDIX - Expenses
Operational Fees
TLDIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 0.52% | 0.02% | 28.11% | 46.33% |
Management Fee | 0.25% | 0.00% | 1.19% | 46.36% |
12b-1 Fee | N/A | 0.00% | 1.00% | 1.34% |
Administrative Fee | 0.10% | 0.01% | 0.40% | 37.50% |
Sales Fees
TLDIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | 1.50% | 5.75% | N/A |
Deferred Load | N/A | 0.25% | 1.00% | N/A |
Trading Fees
TLDIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | 0.00% | 1.00% | 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.
TLDIX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | 0.00% | 369.54% | 59.91% |
TLDIX - Distributions
Dividend Yield Analysis
TLDIX | Category Low | Category High | TLDIX % Rank | |
---|---|---|---|---|
Dividend Yield | 5.46% | 0.00% | 8.07% | 30.91% |
Dividend Distribution Analysis
TLDIX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | Monthly | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
TLDIX | Category Low | Category High | TLDIX % Rank | |
---|---|---|---|---|
Net Income Ratio | 1.40% | -1.30% | 14.86% | 5.66% |
Capital Gain Distribution Analysis
TLDIX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency | Annually | Annually | Annually |
Distributions History
Date | Amount | Type |
---|---|---|
Mar 28, 2024 | $0.056 | OrdinaryDividend |
Feb 29, 2024 | $0.054 | OrdinaryDividend |
Jan 31, 2024 | $0.055 | OrdinaryDividend |
Dec 29, 2023 | $0.063 | OrdinaryDividend |
Nov 30, 2023 | $0.050 | OrdinaryDividend |
Oct 31, 2023 | $0.054 | OrdinaryDividend |
Sep 29, 2023 | $0.053 | OrdinaryDividend |
Aug 31, 2023 | $0.053 | OrdinaryDividend |
Jul 31, 2023 | $0.051 | OrdinaryDividend |
Jun 30, 2023 | $0.050 | OrdinaryDividend |
May 31, 2023 | $0.050 | OrdinaryDividend |
Apr 28, 2023 | $0.048 | OrdinaryDividend |
Mar 31, 2023 | $0.047 | OrdinaryDividend |
Feb 28, 2023 | $0.043 | OrdinaryDividend |
Jan 31, 2023 | $0.043 | OrdinaryDividend |
Dec 30, 2022 | $0.042 | OrdinaryDividend |
Nov 30, 2022 | $0.038 | DailyAccrualFund |
Oct 31, 2022 | $0.034 | DailyAccrualFund |
Sep 30, 2022 | $0.029 | DailyAccrualFund |
Aug 31, 2022 | $0.026 | DailyAccrualFund |
Jul 29, 2022 | $0.022 | DailyAccrualFund |
Jun 30, 2022 | $0.020 | DailyAccrualFund |
May 31, 2022 | $0.017 | DailyAccrualFund |
Apr 29, 2022 | $0.017 | DailyAccrualFund |
Mar 31, 2022 | $0.014 | DailyAccrualFund |
Feb 28, 2022 | $0.014 | DailyAccrualFund |
Jan 31, 2022 | $0.014 | DailyAccrualFund |
Dec 31, 2021 | $0.015 | DailyAccrualFund |
Nov 30, 2021 | $0.014 | DailyAccrualFund |
Oct 29, 2021 | $0.014 | DailyAccrualFund |
Sep 30, 2021 | $0.016 | DailyAccrualFund |
Aug 31, 2021 | $0.015 | DailyAccrualFund |
Jul 30, 2021 | $0.015 | DailyAccrualFund |
Jun 30, 2021 | $0.015 | DailyAccrualFund |
May 28, 2021 | $0.016 | DailyAccrualFund |
Apr 30, 2021 | $0.020 | DailyAccrualFund |
Mar 31, 2021 | $0.016 | DailyAccrualFund |
Feb 26, 2021 | $0.016 | DailyAccrualFund |
Jan 29, 2021 | $0.018 | DailyAccrualFund |
Dec 31, 2020 | $0.020 | DailyAccrualFund |
Nov 30, 2020 | $0.021 | DailyAccrualFund |
Oct 30, 2020 | $0.018 | DailyAccrualFund |
Sep 30, 2020 | $0.019 | DailyAccrualFund |
Aug 31, 2020 | $0.019 | DailyAccrualFund |
Jul 31, 2020 | $0.019 | DailyAccrualFund |
Jun 30, 2020 | $0.020 | DailyAccrualFund |
May 29, 2020 | $0.023 | DailyAccrualFund |
Apr 30, 2020 | $0.024 | DailyAccrualFund |
Mar 31, 2020 | $0.024 | DailyAccrualFund |
Feb 28, 2020 | $0.023 | DailyAccrualFund |
Jan 31, 2020 | $0.023 | DailyAccrualFund |
Dec 31, 2019 | $0.025 | DailyAccrualFund |
Nov 29, 2019 | $0.024 | DailyAccrualFund |
Oct 31, 2019 | $0.025 | DailyAccrualFund |
Sep 30, 2019 | $0.026 | DailyAccrualFund |
Aug 30, 2019 | $0.026 | DailyAccrualFund |
Jul 31, 2019 | $0.027 | DailyAccrualFund |
Jun 28, 2019 | $0.027 | DailyAccrualFund |
May 31, 2019 | $0.029 | DailyAccrualFund |
Apr 30, 2019 | $0.026 | DailyAccrualFund |
Mar 29, 2019 | $0.026 | DailyAccrualFund |
Feb 28, 2019 | $0.025 | DailyAccrualFund |
Jan 31, 2019 | $0.025 | DailyAccrualFund |
Dec 31, 2018 | $0.026 | DailyAccrualFund |
Nov 30, 2018 | $0.026 | DailyAccrualFund |
Oct 31, 2018 | $0.023 | DailyAccrualFund |
Aug 31, 2018 | $0.023 | DailyAccrualFund |
Jul 31, 2018 | $0.024 | DailyAccrualFund |
Jun 29, 2018 | $0.023 | DailyAccrualFund |
May 31, 2018 | $0.022 | DailyAccrualFund |
Apr 30, 2018 | $0.023 | DailyAccrualFund |
Mar 29, 2018 | $0.022 | DailyAccrualFund |
Feb 28, 2018 | $0.017 | DailyAccrualFund |
Jan 31, 2018 | $0.018 | DailyAccrualFund |
Dec 29, 2017 | $0.017 | DailyAccrualFund |
Nov 30, 2017 | $0.020 | DailyAccrualFund |
Oct 31, 2017 | $0.018 | DailyAccrualFund |
Sep 29, 2017 | $0.018 | DailyAccrualFund |
Aug 31, 2017 | $0.017 | DailyAccrualFund |
Jul 31, 2017 | $0.017 | DailyAccrualFund |
Jun 30, 2017 | $0.017 | DailyAccrualFund |
May 31, 2017 | $0.015 | DailyAccrualFund |
Apr 28, 2017 | $0.017 | DailyAccrualFund |
Mar 31, 2017 | $0.018 | DailyAccrualFund |
Feb 28, 2017 | $0.014 | DailyAccrualFund |
Jan 31, 2017 | $0.013 | DailyAccrualFund |
Dec 30, 2016 | $0.014 | DailyAccrualFund |
Nov 30, 2016 | $0.014 | DailyAccrualFund |
Oct 31, 2016 | $0.013 | DailyAccrualFund |
Sep 30, 2016 | $0.010 | DailyAccrualFund |
Aug 31, 2016 | $0.014 | DailyAccrualFund |
Jul 29, 2016 | $0.014 | DailyAccrualFund |
Jun 30, 2016 | $0.014 | DailyAccrualFund |
May 31, 2016 | $0.014 | DailyAccrualFund |
Apr 29, 2016 | $0.013 | DailyAccrualFund |
Mar 31, 2016 | $0.012 | DailyAccrualFund |
Feb 29, 2016 | $0.010 | DailyAccrualFund |
Jan 29, 2016 | $0.011 | DailyAccrualFund |
Dec 31, 2015 | $0.013 | DailyAccrualFund |
Nov 30, 2015 | $0.010 | DailyAccrualFund |
Oct 30, 2015 | $0.008 | DailyAccrualFund |
Sep 30, 2015 | $0.009 | DailyAccrualFund |
Aug 31, 2015 | $0.009 | DailyAccrualFund |
Jul 31, 2015 | $0.008 | DailyAccrualFund |
Jun 30, 2015 | $0.009 | DailyAccrualFund |
May 29, 2015 | $0.009 | DailyAccrualFund |
Apr 30, 2015 | $0.009 | DailyAccrualFund |
Mar 31, 2015 | $0.009 | DailyAccrualFund |
Feb 27, 2015 | $0.010 | DailyAccrualFund |
Jan 30, 2015 | $0.009 | DailyAccrualFund |
Dec 31, 2014 | $0.009 | DailyAccrualFund |
Nov 28, 2014 | $0.010 | DailyAccrualFund |
Oct 31, 2014 | $0.010 | DailyAccrualFund |
Sep 30, 2014 | $0.009 | DailyAccrualFund |
Aug 29, 2014 | $0.009 | DailyAccrualFund |
Jul 31, 2014 | $0.011 | DailyAccrualFund |
Jun 30, 2014 | $0.018 | DailyAccrualFund |
May 30, 2014 | $0.011 | DailyAccrualFund |
Apr 30, 2014 | $0.012 | DailyAccrualFund |
Mar 31, 2014 | $0.014 | DailyAccrualFund |
Feb 28, 2014 | $0.015 | DailyAccrualFund |
Jan 31, 2014 | $0.013 | DailyAccrualFund |
TLDIX - Fund Manager Analysis
Managers
Jason Brady
Start Date
Tenure
Tenure Rank
Dec 30, 2013
8.42
8.4%
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
Dec 30, 2013
8.42
8.4%
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 |
---|---|---|---|
0.08 | 32.44 | 6.56 | 0.13 |