Thornburg Equity Income Builder Fund

Investor Summary

Matt Burdett serves as lead equity manager since mid-2024, supported by Brian McMahon who provides strategic oversight with over 40 years of experience at Thornburg, and Christian Hoffmann, CFA, who manages the fixed income component since 2023. The team operates under CEO Mark Zinkula's flatter, consensus-driven structure emphasizing collaborative investment processes. Recent leadership transitions included Ben Kirby's departure in mid-2024 and Jason Brady's exit in 2023, resulting in a more collaborative decision-making framework. The management approach focuses on shared accountability for portfolio outcomes while maintaining Thornburg's long-established commitment to fundamental research and value creation through income-generating equity investments.

Fund Strategy

The Investment Income Builder Fund employs a multi-asset portfolio approach focusing on global dividend-paying stocks selected through bottom-up, fundamentals and valuation-sensitive processes. The strategy emphasizes active, research-driven stock selection targeting businesses with strong fundamentals, solid balance sheets, durable cash flow generation, and shareholder-friendly dividend policies. Under normal conditions, at least 80% of net assets are invested in income-producing securities and at least 50% in common stocks, with the primary objective of providing current income exceeding average U.S. stock yields while pursuing long-term capital appreciation as a secondary goal. The approach seeks high-quality companies worldwide demonstrating sustainable competitive advantages and consistent dividend-paying capabilities through rigorous fundamental analysis.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
10.21%	5.67%	16.15%

Executive Summary

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.

Forward Outlook

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.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 14 2026	2026 Q2	005930 KS, AVGO, BIRG.L, BNP.PA, C, CS.PA, DTE.DE, ELE.MC, ENEL.MI, KMB, KPN.AS, MRK, NN.AS, ORAN, T, TSCO.L, TSM, TTE, VOD.L, ZEG.L	dividends, financials, global, income, semiconductors, Telecommunications, Utilities, value	-	Thornburg Investment Income Builder delivered 16.15% YTD returns through Q2 2026, driven by strong performance from semiconductor holdings and European financials. The fund maintains a 3.5% dividend yield, more than double the MSCI Index, while trading at a 13.0x P/E versus 19.5x for the index. Despite elevated market valuations and macro uncertainty, the managers believe the portfolio's dividend-paying firms with resilient businesses offer significant intrinsic value.
Apr 18 2026	2026 Q1	005930 KS, AVGO, C, MRK, ORAN, T, TSM, TTE	dividends, energy, financials, global, income, technology, Telecommunications, Utilities	-	Thornburg Investment Income Builder delivered +9.93% in Q1 2026, outperforming benchmarks through exposure to dividend-paying companies with resilient businesses. The globally diversified portfolio emphasizes telecommunications, financials, and technology, with a 3.5% weighted average dividend yield. Despite macro headwinds, managers remain optimistic about return potential given attractive valuations and strong business fundamentals.
Jan 22 2026	2025 Q4	005930.KS, AVGO, AZN, BNP.PA, C, CME, DTEGY, ELE.MC, ENEL.MI, KPN.AS, MRK, NN.AS, NVS, ORAN, PFE, RHHBY, T, TSCO.L, TSM, TTE	dividends, financials, global, healthcare, Telecommunications, Utilities, value	-	Thornburg Equity Income Builder outperformed significantly in 2025 with a 36.96% return, focusing on dividend-paying companies with resilient businesses trading at attractive 14.3x P/E versus market's 21.6x. Despite macro uncertainties around inflation and trade policies, the manager remains optimistic given the portfolio's strong market positions, sustainable cash flows, and compelling valuations relative to history.
Sep 30 2025	2025 Q3	005930.KS, AVGO, AZN, BIRG.I, BNP.PA, C, CME, CSCO, DTE.DE, ELE.MC, ENEL.MI, EOAN.DE, GLEN.L, HD, INGA.AS, MRK, NN.AS, PFE, ROG.SW, T, TSCO.L, TSM, TTE, Z74.SI	dividends, financials, global, healthcare, income, Telecom, Utilities, value	-	Thornburg Equity Income Builder focuses on dividend-paying companies with resilient businesses and strong capital structures. The portfolio offers a 4.3% dividend yield at attractive 13.6x forward P/E valuation, significantly cheaper than broader markets. Despite near-term macro uncertainties including trade policy changes and elevated valuations, the manager remains optimistic about the portfolio's intrinsic value and future dividend growth potential.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 14 2026

2026 Q2

005930 KS, AVGO, BIRG.L, BNP.PA, C, CS.PA, DTE.DE, ELE.MC, ENEL.MI, KMB, KPN.AS, MRK, NN.AS, ORAN, T, TSCO.L, TSM, TTE, VOD.L, ZEG.L

dividends, financials, global, income, semiconductors, Telecommunications, Utilities, value

Thornburg Investment Income Builder delivered 16.15% YTD returns through Q2 2026, driven by strong performance from semiconductor holdings and European financials. The fund maintains a 3.5% dividend yield, more than double the MSCI Index, while trading at a 13.0x P/E versus 19.5x for the index. Despite elevated market valuations and macro uncertainty, the managers believe the portfolio's dividend-paying firms with resilient businesses offer significant intrinsic value.

Apr 18 2026

2026 Q1

005930 KS, AVGO, C, MRK, ORAN, T, TSM, TTE

dividends, energy, financials, global, income, technology, Telecommunications, Utilities

Thornburg Investment Income Builder delivered +9.93% in Q1 2026, outperforming benchmarks through exposure to dividend-paying companies with resilient businesses. The globally diversified portfolio emphasizes telecommunications, financials, and technology, with a 3.5% weighted average dividend yield. Despite macro headwinds, managers remain optimistic about return potential given attractive valuations and strong business fundamentals.

Jan 22 2026

2025 Q4

005930.KS, AVGO, AZN, BNP.PA, C, CME, DTEGY, ELE.MC, ENEL.MI, KPN.AS, MRK, NN.AS, NVS, ORAN, PFE, RHHBY, T, TSCO.L, TSM, TTE

dividends, financials, global, healthcare, Telecommunications, Utilities, value

Thornburg Equity Income Builder outperformed significantly in 2025 with a 36.96% return, focusing on dividend-paying companies with resilient businesses trading at attractive 14.3x P/E versus market's 21.6x. Despite macro uncertainties around inflation and trade policies, the manager remains optimistic given the portfolio's strong market positions, sustainable cash flows, and compelling valuations relative to history.

Sep 30 2025

2025 Q3

005930.KS, AVGO, AZN, BIRG.I, BNP.PA, C, CME, CSCO, DTE.DE, ELE.MC, ENEL.MI, EOAN.DE, GLEN.L, HD, INGA.AS, MRK, NN.AS, PFE, ROG.SW, T, TSCO.L, TSM, TTE, Z74.SI

dividends, financials, global, healthcare, income, Telecom, Utilities, value

Thornburg Equity Income Builder focuses on dividend-paying companies with resilient businesses and strong capital structures. The portfolio offers a 4.3% dividend yield at attractive 13.6x forward P/E valuation, significantly cheaper than broader markets. Despite near-term macro uncertainties including trade policy changes and elevated valuations, the manager remains optimistic about the portfolio's intrinsic value and future dividend growth potential.

QUARTER	THEMES	TAGS
2026 Q2	Dividends The fund focuses on dividend-paying firms with resilient businesses and strong capital structures. More than 70% of equity holdings increased dividends in local currencies in 2025. The portfolio's weighted average equity dividend yield of 3.5% significantly exceeds the MSCI Index yield of 1.6%, with a 5-year dividend growth rate across top holdings averaging mid-to-high single digits.	Dividend Growth Income Yield Cash Flow
	Telecommunications Telecommunications network operators represent a significant portion of the portfolio, including Orange, AT&T, Deutsche Telekom, Vodafone, and Zegona Communications. These firms occupy important market positions with large customer bases. Several telecom holdings were negative contributors to Q2 performance, though the sector weight increased year-over-year.	Wireless Broadband Network Infrastructure Telecom Services
	Semiconductors Information technology firms, particularly semiconductor companies, were among the most positive contributors to quarterly performance. Taiwan Semiconductor, Samsung Electronics, Broadcom, and Cisco Systems all delivered strong returns. The sector weight increased 2.8% year-over-year to 16.6% of the portfolio.	Chip Foundries Memory Semiconductor Equipment Digital Devices
	Financials Diversified financials and insurers were significant positive contributors, including BNP Paribas, Citigroup, Bank of Ireland, NN Group, Generali, Axa, and Equitable Holdings. The financials sector represents 24% of fund assets, the largest sector allocation, though down slightly from 24.9% a year prior.	Banks Insurance Capital Markets European Banks
	Utilities European utilities ENEL and Endesa were positive contributors to quarterly performance. The utilities sector weight decreased 2.2% year-over-year to 6.7% of the portfolio. These firms generate, distribute, and sell electricity and gas in Southern Europe and Latin America.	Power Generation Electricity Distribution European Utilities Regulated Utilities
	Energy Integrated energy firms TotalEnergies and Shell were negative contributors to quarterly performance. The energy sector weight decreased 1.2% year-over-year to 7.3% of the portfolio. The energy sector delivered approximately -13% returns in Q2 2026, the worst performing sector in the MSCI World Index.	Oil & Gas Integrated Energy Refiners Energy Infrastructure
	Valuation The fund's weighted average P/E ratio based on 2026 consensus estimates is 13.0x compared to 19.5x for the MSCI Index. The managers believe the portfolio incorporates significant intrinsic value and is valued attractively relative to its own history and other assets. Equity multiples for most U.S. market segments remain above historic averages.	P/E Ratio Intrinsic Value Relative Value Market Multiples
2026 Q1	Dividends The fund focuses on dividend-paying firms with resilient businesses and strong capital structures. More than 70% of equity holdings increased dividends in local currencies in 2025. The portfolio's 3.5% weighted average equity dividend yield significantly exceeds the 1.6% dividend yield of the MSCI Index.	Dividend Growth Dividend Yield Income Cash Flow Distribution
	Telecommunications Telecommunications represents the largest sector allocation at 25.1% of the portfolio. The fund holds major telecom operators including Orange, AT&T, Deutsche Telekom, Vodafone, and Singapore Telecommunications, which were among the top contributors to quarterly performance.	Telecom Infrastructure Wireless Network Operators 5G Broadband
	Energy Energy sector holdings include producers and infrastructure operators like TotalEnergies, Shell, ENI, TC Energy, and Enbridge. The energy sector delivered strong returns of around +37% for Q1 2026, contributing positively to portfolio performance.	Oil Natural Gas Energy Infrastructure Pipelines Integrated Oil
2025 Q4	Technology The Fund invests at least 80% of net assets in technology companies across multiple sub-industries including IT consulting, internet services, application software, communications equipment, semiconductors, and interactive media. The portfolio focuses on companies with sector-leading cash flows, attractive valuations, and sustainable profitability prospects.	Software Hardware Semiconductors Internet Communications
2025 Q3	Dividends The fund maintains exposure to dividend-paying firms with resilient businesses and strong capital structures. The weighted average equity portfolio dividend yield of 4.3% significantly exceeds the 1.8% dividend yield of the MSCI Index. Most holdings have made reasonable progress growing their bases of paying customers and distributable cash flows to support multi-year dividend growth.	Dividend Yield Dividend Growth Income Cash Flow Distribution
	Value The manager believes the portfolio incorporates significant intrinsic value with attractive current dividend yields and records of dividend growth indicating good value. The weighted harmonic average 2025 consensus expected price/earnings ratio for the equity portfolio was approximately 13.6x, well below the 20.8x price/earnings ratio of the MSCI All Country World equity index.	Valuation Price/Earnings Intrinsic Value Attractive Pricing Undervalued
	Resilience The fund focuses on firms with resilient businesses that occupy important positions in their respective markets and tend to be well capitalized. These businesses retain their market positions providing important products and services that generate cash flows to pay attractive dividends, today and in the future.	Business Quality Market Position Capitalization Defensive Stability

QUARTER

THEMES

Dividends

The fund focuses on dividend-paying firms with resilient businesses and strong capital structures. More than 70% of equity holdings increased dividends in local currencies in 2025. The portfolio's weighted average equity dividend yield of 3.5% significantly exceeds the MSCI Index yield of 1.6%, with a 5-year dividend growth rate across top holdings averaging mid-to-high single digits.

Dividend Growth Income Yield Cash Flow

Telecommunications

Telecommunications network operators represent a significant portion of the portfolio, including Orange, AT&T, Deutsche Telekom, Vodafone, and Zegona Communications. These firms occupy important market positions with large customer bases. Several telecom holdings were negative contributors to Q2 performance, though the sector weight increased year-over-year.

Wireless Broadband Network Infrastructure Telecom Services

Semiconductors

Information technology firms, particularly semiconductor companies, were among the most positive contributors to quarterly performance. Taiwan Semiconductor, Samsung Electronics, Broadcom, and Cisco Systems all delivered strong returns. The sector weight increased 2.8% year-over-year to 16.6% of the portfolio.

Chip Foundries Memory Semiconductor Equipment Digital Devices

Financials

Diversified financials and insurers were significant positive contributors, including BNP Paribas, Citigroup, Bank of Ireland, NN Group, Generali, Axa, and Equitable Holdings. The financials sector represents 24% of fund assets, the largest sector allocation, though down slightly from 24.9% a year prior.

Banks Insurance Capital Markets European Banks

Utilities

European utilities ENEL and Endesa were positive contributors to quarterly performance. The utilities sector weight decreased 2.2% year-over-year to 6.7% of the portfolio. These firms generate, distribute, and sell electricity and gas in Southern Europe and Latin America.

Power Generation Electricity Distribution European Utilities Regulated Utilities

Energy

Integrated energy firms TotalEnergies and Shell were negative contributors to quarterly performance. The energy sector weight decreased 1.2% year-over-year to 7.3% of the portfolio. The energy sector delivered approximately -13% returns in Q2 2026, the worst performing sector in the MSCI World Index.

Oil & Gas Integrated Energy Refiners Energy Infrastructure

Valuation

The fund's weighted average P/E ratio based on 2026 consensus estimates is 13.0x compared to 19.5x for the MSCI Index. The managers believe the portfolio incorporates significant intrinsic value and is valued attractively relative to its own history and other assets. Equity multiples for most U.S. market segments remain above historic averages.

P/E Ratio Intrinsic Value Relative Value Market Multiples

2026 Q1

Dividends

The fund focuses on dividend-paying firms with resilient businesses and strong capital structures. More than 70% of equity holdings increased dividends in local currencies in 2025. The portfolio's 3.5% weighted average equity dividend yield significantly exceeds the 1.6% dividend yield of the MSCI Index.

Dividend Growth Dividend Yield Income Cash Flow Distribution

Telecommunications

Telecommunications represents the largest sector allocation at 25.1% of the portfolio. The fund holds major telecom operators including Orange, AT&T, Deutsche Telekom, Vodafone, and Singapore Telecommunications, which were among the top contributors to quarterly performance.

Telecom Infrastructure Wireless Network Operators 5G Broadband

Energy

Energy sector holdings include producers and infrastructure operators like TotalEnergies, Shell, ENI, TC Energy, and Enbridge. The energy sector delivered strong returns of around +37% for Q1 2026, contributing positively to portfolio performance.

Oil Natural Gas Energy Infrastructure Pipelines Integrated Oil

2025 Q4

Technology

The Fund invests at least 80% of net assets in technology companies across multiple sub-industries including IT consulting, internet services, application software, communications equipment, semiconductors, and interactive media. The portfolio focuses on companies with sector-leading cash flows, attractive valuations, and sustainable profitability prospects.

Software Hardware Semiconductors Internet Communications

2025 Q3

Dividends

The fund maintains exposure to dividend-paying firms with resilient businesses and strong capital structures. The weighted average equity portfolio dividend yield of 4.3% significantly exceeds the 1.8% dividend yield of the MSCI Index. Most holdings have made reasonable progress growing their bases of paying customers and distributable cash flows to support multi-year dividend growth.

Dividend Yield Dividend Growth Income Cash Flow Distribution

Value

The manager believes the portfolio incorporates significant intrinsic value with attractive current dividend yields and records of dividend growth indicating good value. The weighted harmonic average 2025 consensus expected price/earnings ratio for the equity portfolio was approximately 13.6x, well below the 20.8x price/earnings ratio of the MSCI All Country World equity index.

Valuation Price/Earnings Intrinsic Value Attractive Pricing Undervalued

Resilience

The fund focuses on firms with resilient businesses that occupy important positions in their respective markets and tend to be well capitalized. These businesses retain their market positions providing important products and services that generate cash flows to pay attractive dividends, today and in the future.

Business Quality Market Position Capitalization Defensive Stability

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
No Elevator Pitches found

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TICKER	COMMENTARY
ORAN	Multinational telecommunications network operator, home market is France Telecom. +13.0% in 1H 2026, +67.2% in calendar 2025. Dividend yield 4.54% at 30 Jun 2026 price. 5-year local currency dividend growth rate +4.5%/year. Negative contributor to quarterly performance.
TSM	Leading semiconductor chip foundry, fabricating chips used in many digital devices. +53.4% in 1H 2026, +50.5% in calendar 2025. Dividend yield 1.00% at 30 Jun 2026 price. 5-year local currency dividend growth rate +17.1%/year. Most positive equity contributor to quarterly performance.
BNP.PA	Multinational commercial & capital markets bank. Operations centered in Europe. +23.0% in 1H 2026, +54.7% in calendar 2025. Dividend yield 5.03% at 30 Jun 2026 price. 5-year local currency dividend growth rate +14.9%/year. Most positive equity contributor to quarterly performance.
005930.KS	Manufacturers consumer & industrial electronic products, leading semiconductor producer. +157.2% in 1H 2026, +131.4% in calendar 2025. Dividend yield 0.50% at 30 Jun 2026 price. 5-year local currency dividend growth rate +3.0%/year. Most positive equity contributor to quarterly performance.
C	U.S. based global capital markets & retail bank and treasury services provider. +19.9% in 1H 2026, +65.8% in calendar 2025. Dividend yield 1.72% at 30 Jun 2026 price. 5-year local currency dividend growth rate +3.3%/year. Most positive equity contributor to quarterly performance.
NN.AS	Netherlands based life and casualty insurer, with market leading positions in Netherlands. +13.4% in 1H 2026, +77.2% in calendar 2025. Dividend yield 5.06% at 30 Jun 2026 price. 5-year local currency dividend growth rate +10.7%/year. Most positive equity contributor to quarterly performance.
T	U.S. based wireless & wireline services. 113 million wireless, 14 million broadband customers. -16.7% in 1H 2026, +9.1% in calendar 2025. Dividend yield 5.36% at 30 Jun 2026 price. 5-year local currency dividend growth rate -11.8%/year. Negative contributor to quarterly performance.
TTE	Produces, refines, transports, and markets oil and natural gas products globally. +19.0% in 1H 2026, +18.9% in calendar 2025. Dividend yield 5.07% at 30 Jun 2026 price. 5-year local currency dividend growth rate +5.2%/year. Negative contributor to quarterly performance.
AVGO	Develops and markets digital and analogue application specific semiconductors. +9.1% in 1H 2026, +49.3% in calendar 2025. Dividend yield 0.70% at 30 Jun 2026 price. 5-year local currency dividend growth rate +12.6%/year. Most positive equity contributor to quarterly performance.
ENEL.MI	Generates, distributes, and sells electricity and gas in Southern Europe & Latam. +10.0% in 1H 2026, +46.2% in calendar 2025. Dividend yield 4.87% at 30 Jun 2026 price. 5-year local currency dividend growth rate +7.2%/year. Positive contributor to quarterly performance.
KMB	Global health & hygiene product producer. +8.8% in 1H 2026, -23.0% in calendar 2025. Dividend yield 4.65% at 30 Jun 2026 price. 5-year local currency dividend growth rate +2.8%/year. Most positive equity contributor to quarterly performance.
ZEG.L	Startup company that acquired Vodafone Espana from Vodafone PLC in 2024. +12.4% in 1H 2026, +258.6% in calendar 2025. Dividend yield 10.2% at 30 Jun 2026 price. Positive contributor to quarterly performance.
TSCO.L	UK based food & general merchandise retailer. +2.3% in 1H 2026, +28.9% in calendar 2025. Dividend yield 3.40% at 30 Jun 2026 price. 5-year local currency dividend growth rate +8.1%/year.
ELE.MC	Generates, distributes, and sells electricity and gas in Spain & Latam. +26.6% in 1H 2026, +67.2% in calendar 2025. Dividend yield 4.00% at 30 Jun 2026 price. 5-year local currency dividend growth rate -2.3%/year. Positive contributor to quarterly performance.
VOD.L	Multinational telecom network operator. 255 million wireless, 18 million broadband customers. -0.8% in 1H 2026, +55.5% in calendar 2025. Dividend yield 4.05% at 30 Jun 2026 price. 5-year local currency dividend growth rate -12.6%/year. Negative contributor to quarterly performance.
MRK	Global health care company develops and sells medicines, vaccines, biologic therapies. +22.1% in 1H 2026, +5.8% in calendar 2025. Dividend yield 2.65% at 30 Jun 2026 price. 5-year local currency dividend growth rate +5.6%/year. Positive contributor to quarterly performance.
DTE.DE	Multinational telecom network operator, owns majority of T-Mobile (USA). -16.3% in 1H 2026, +8.3% in calendar 2025. Dividend yield 4.20% at 30 Jun 2026 price. 5-year local currency dividend growth rate +10.7%/year. Negative contributor to quarterly performance.
BIRG.L	Diversified financial services provider serving Ireland and UK customers. +3.5% in 1H 2026, +110.9% in calendar 2025. Dividend yield 4.02% at 30 Jun 2026 price. 5-year local currency dividend growth rate +12x. Most positive equity contributor to quarterly performance.
CS.PA	Multinational insurer and financial services provider. +4.1% in 1H 2026, +35.3% in calendar 2025. Dividend yield 5.29% at 30 Jun 2026 price. 5-year local currency dividend growth rate +10.1%/year. Most positive equity contributor to quarterly performance.
KPN.AS	Netherlands telecommunications services provider. +5.6% in 1H 2026, +28.3% in calendar 2025. Dividend yield 4.22% at 30 Jun 2026 price. 5-year local currency dividend growth rate +7.0%/year.

TICKER

COMMENTARY

ORAN

Multinational telecommunications network operator, home market is France Telecom. +13.0% in 1H 2026, +67.2% in calendar 2025. Dividend yield 4.54% at 30 Jun 2026 price. 5-year local currency dividend growth rate +4.5%/year. Negative contributor to quarterly performance.

TSM

Leading semiconductor chip foundry, fabricating chips used in many digital devices. +53.4% in 1H 2026, +50.5% in calendar 2025. Dividend yield 1.00% at 30 Jun 2026 price. 5-year local currency dividend growth rate +17.1%/year. Most positive equity contributor to quarterly performance.

BNP.PA

Multinational commercial & capital markets bank. Operations centered in Europe. +23.0% in 1H 2026, +54.7% in calendar 2025. Dividend yield 5.03% at 30 Jun 2026 price. 5-year local currency dividend growth rate +14.9%/year. Most positive equity contributor to quarterly performance.

005930.KS

Manufacturers consumer & industrial electronic products, leading semiconductor producer. +157.2% in 1H 2026, +131.4% in calendar 2025. Dividend yield 0.50% at 30 Jun 2026 price. 5-year local currency dividend growth rate +3.0%/year. Most positive equity contributor to quarterly performance.

U.S. based global capital markets & retail bank and treasury services provider. +19.9% in 1H 2026, +65.8% in calendar 2025. Dividend yield 1.72% at 30 Jun 2026 price. 5-year local currency dividend growth rate +3.3%/year. Most positive equity contributor to quarterly performance.

NN.AS

Netherlands based life and casualty insurer, with market leading positions in Netherlands. +13.4% in 1H 2026, +77.2% in calendar 2025. Dividend yield 5.06% at 30 Jun 2026 price. 5-year local currency dividend growth rate +10.7%/year. Most positive equity contributor to quarterly performance.

U.S. based wireless & wireline services. 113 million wireless, 14 million broadband customers. -16.7% in 1H 2026, +9.1% in calendar 2025. Dividend yield 5.36% at 30 Jun 2026 price. 5-year local currency dividend growth rate -11.8%/year. Negative contributor to quarterly performance.

TTE

Produces, refines, transports, and markets oil and natural gas products globally. +19.0% in 1H 2026, +18.9% in calendar 2025. Dividend yield 5.07% at 30 Jun 2026 price. 5-year local currency dividend growth rate +5.2%/year. Negative contributor to quarterly performance.

AVGO

Develops and markets digital and analogue application specific semiconductors. +9.1% in 1H 2026, +49.3% in calendar 2025. Dividend yield 0.70% at 30 Jun 2026 price. 5-year local currency dividend growth rate +12.6%/year. Most positive equity contributor to quarterly performance.

ENEL.MI

Generates, distributes, and sells electricity and gas in Southern Europe & Latam. +10.0% in 1H 2026, +46.2% in calendar 2025. Dividend yield 4.87% at 30 Jun 2026 price. 5-year local currency dividend growth rate +7.2%/year. Positive contributor to quarterly performance.

KMB

Global health & hygiene product producer. +8.8% in 1H 2026, -23.0% in calendar 2025. Dividend yield 4.65% at 30 Jun 2026 price. 5-year local currency dividend growth rate +2.8%/year. Most positive equity contributor to quarterly performance.

ZEG.L

Startup company that acquired Vodafone Espana from Vodafone PLC in 2024. +12.4% in 1H 2026, +258.6% in calendar 2025. Dividend yield 10.2% at 30 Jun 2026 price. Positive contributor to quarterly performance.

TSCO.L

UK based food & general merchandise retailer. +2.3% in 1H 2026, +28.9% in calendar 2025. Dividend yield 3.40% at 30 Jun 2026 price. 5-year local currency dividend growth rate +8.1%/year.

ELE.MC

Generates, distributes, and sells electricity and gas in Spain & Latam. +26.6% in 1H 2026, +67.2% in calendar 2025. Dividend yield 4.00% at 30 Jun 2026 price. 5-year local currency dividend growth rate -2.3%/year. Positive contributor to quarterly performance.

VOD.L

Multinational telecom network operator. 255 million wireless, 18 million broadband customers. -0.8% in 1H 2026, +55.5% in calendar 2025. Dividend yield 4.05% at 30 Jun 2026 price. 5-year local currency dividend growth rate -12.6%/year. Negative contributor to quarterly performance.

MRK

Global health care company develops and sells medicines, vaccines, biologic therapies. +22.1% in 1H 2026, +5.8% in calendar 2025. Dividend yield 2.65% at 30 Jun 2026 price. 5-year local currency dividend growth rate +5.6%/year. Positive contributor to quarterly performance.

DTE.DE

Multinational telecom network operator, owns majority of T-Mobile (USA). -16.3% in 1H 2026, +8.3% in calendar 2025. Dividend yield 4.20% at 30 Jun 2026 price. 5-year local currency dividend growth rate +10.7%/year. Negative contributor to quarterly performance.

BIRG.L

Diversified financial services provider serving Ireland and UK customers. +3.5% in 1H 2026, +110.9% in calendar 2025. Dividend yield 4.02% at 30 Jun 2026 price. 5-year local currency dividend growth rate +12x. Most positive equity contributor to quarterly performance.

CS.PA

Multinational insurer and financial services provider. +4.1% in 1H 2026, +35.3% in calendar 2025. Dividend yield 5.29% at 30 Jun 2026 price. 5-year local currency dividend growth rate +10.1%/year. Most positive equity contributor to quarterly performance.

KPN.AS

Netherlands telecommunications services provider. +5.6% in 1H 2026, +28.3% in calendar 2025. Dividend yield 4.22% at 30 Jun 2026 price. 5-year local currency dividend growth rate +7.0%/year.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Dividends

Telecommunications

Semiconductors

Financials

Utilities

Energy

Valuation

Dividends

Telecommunications

Energy

Technology

Dividends

Value

Resilience

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

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Matt Burdett Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

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Thornburg Equity Income Builder Fund