Thornburg Capital Management Fund
As of its 2026 Q2 report, Thornburg Capital Management Fund held 181 positions with $2.76B in net assets. Its ten largest holdings made up 24.5% of the fund. Over the 12 months to May 2026, it returned 4.3%, with dividends reinvested. In 2026 Q2 it added 180 new positions and exited 148.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
State Street Bank & Trust Co. | 5.23% | $144.50M | — |
The Williams Cos Inc | 2.39% | $66.00M | — |
Reckitt Benckiser Treasury Services PLC | 2.39% | $65.94M | — |
HCA Inc | 2.32% | $64.00M | — |
Imperial Brands Finance PLC | 2.24% | $62.00M | — |
WEC Energy Group Inc | 2.10% | $57.88M | — |
Oglethorpe Power Corp | 2.06% | $56.95M | — |
The Mosaic Co | 1.99% | $54.92M | — |
Equifax Inc | 1.99% | $54.87M | — |
American Honda Finance Corp | 1.80% | $49.81M | — |
All 181 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Cash & short-term | 100.28% |
How it has done
C000161463 share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.09%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
This fund files no prospectus profile. Unit investment trusts and closed-end funds register on forms that carry no objective or fee tagging, and some fund families file without it — a gap in what was filed, not a fund without an objective or without fees.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
180 new· the largest 8
148 exited· the largest 8
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
This fund filed the credit-spread disclosure and reported no sensitivity — measured, and the answer is none.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 100% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.04 yr | 4% |
| 1 yr | 0.00 yr | 0% |
| 10 yr | 0.28 yr | 28% |
| 30 yr | 0.70 yr | 69% |
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.04 | +0.00 | +0.00 | $0 | $0 |
| 1 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 5 yr | +0.00 | +0.00 | +0.00 | $0 | $0 |
| 10 yr | +0.28 | +0.00 | +0.00 | $0 | $0 |
| 30 yr | +0.70 | +0.00 | +0.00 | $0 | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
- “Where do my funds overlap — this fund, QQQ and the fund in my 401(k)?”
- “How do this fund’s ten biggest holdings stack up against each other?”
- “For my target-date fund, what’s the real stock-and-bond mix once you look through it?”