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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 5, 2026
Thornburg Investment Income Builder Fund pursues long-term income and capital appreciation by investing across global equities and debt securities, with an emphasis on dividend-paying companies featuring resilient business models and sound balance sheets. For the third quarter of 2026, the fund's Class I shares generated a return of -0.04% net of fees, modestly lagging its blended benchmark return of 0.51%, while its year-to-date net return reached 16.11% and the trailing 12-month return stood at 23.95% net of fees. Performance across worldwide equity indices remained mixed despite solid corporate earnings, while fixed income delivered negative quarterly returns due to rising Treasury yields and widening credit spreads. Key risks confronting the portfolio include elevated macroeconomic volatility, potential Federal Reserve rate increases driven by persistent inflation, surging sovereign debt issuance, and ongoing geopolitical tensions. In response, the portfolio maintained an 86% allocation to equities with attractive dividend yields and lower valuation multiples relative to global indices, complemented by a 14% holding in debt and near-cash instruments.
Investing in resilient, well-capitalized companies that produce essential goods and services with sustainable, growing dividend streams delivers compelling risk-adjusted income and long-term capital preservation across global market cycles.
The outlook for financial asset returns remains uncertain as near-term global economic expansion faces headwinds from geopolitical conflict and high interest rates. While valuation multiples for most segments of the U.S. equity market sit above historical norms, dividend-paying equities offer superior intrinsic value and reliable distributions. Traded asset volatility is expected to persist as markets digest shifting expectations surrounding AI adoption, sovereign borrowing supply, and central bank policy paths.
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