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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Thornburg Equity Income Builder Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"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."
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.
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