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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 17, 2026
Thornburg Investment Income Builder Fund delivered a 5.67% return in Q2 2026, bringing YTD returns to 16.15% and trailing 12-month returns to 32.96%. The fund paid ordinary dividends of $0.288 per share in Q2, up 5.5% year-over-year, with more than 70% of equity holdings increasing dividends in local currencies in 2025. Information technology firms, particularly semiconductors like Taiwan Semiconductor, Samsung, Broadcom, and Cisco, were the strongest contributors to quarterly performance. Diversified financials and insurers including BNP Paribas, Citigroup, Bank of Ireland, and NN Group also contributed positively. Telecommunications operators and integrated energy firms detracted from performance. The portfolio maintains exposure to dividend-paying firms with resilient businesses and strong capital structures. The weighted average equity dividend yield of 3.5% significantly exceeds the MSCI Index yield of 1.6%, while the portfolio's P/E ratio of 13.0x compares favorably to the index's 19.5x. Despite elevated U.S. equity valuations, ongoing inflation concerns, and geopolitical uncertainty, the managers believe the portfolio incorporates significant intrinsic value and is well-positioned to deliver attractive future returns through a combination of dividend growth and capital appreciation.
Thornburg Investment Income Builder Fund focuses on dividend-paying firms with resilient businesses, strong capital structures, and attractive valuations that can deliver growing income streams and capital appreciation over time.
The outlook for financial asset returns is uncertain. The managers are optimistic about the future return potential of the fund's assets because virtually all the businesses in the portfolio retain their market positions providing important products and services that generate cash flows to pay attractive dividends, today and in the future. They believe the holdings are valued attractively in relation to their own histories and relative to other assets. The portfolio incorporates significant intrinsic value with a weighted average P/E ratio of 13.0x versus 19.5x for the MSCI Index.
Moderate Conviction Bullish
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