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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Slightly lagging its benchmark due to underweight duration positioning. The managers are maintaining a high-quality, long-duration bias to navigate macroeconomic uncertainty, rate cuts, and rising tariff pressures."
In Q3 2025, the Thornburg Strategic Income Fund (I share class) returned 2.02%, trailing the Bloomberg U.S. Universal Index by 11 basis points. Year-to-date, the fund returned 6.29%, trailing the index by 2 basis points. Underperformance during the quarter was largely driven by the portfolio's underweight duration and yield curve positioning, which detracted 28 basis points as rates fell across the board and the curve steepened. Conversely, sector allocation and security selection (specifically treasury and corporate positioning, and overweights to BBB and BB-rated issues) contributed positively. The fund continues to operate with a longer duration and higher quality bias, utilizing its flexible mandate to dynamically manage volatility from tariffs, persistent inflation, and institutional risks.
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