Thornburg Strategic Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Thornburg Strategic Income Fund held 1,218 positions with $10.09B in net assets. Its ten largest holdings made up 11.5% of the fund. The TSIAX share class costs 1% a year. Over the 12 months to May 2026, TSIAX returned 5.1%, with dividends reinvested. In 2026 Q2 it added 79 new positions and exited 81.
The Funds primary investment goal is to seek a high level of current income.
The fund seeks high current income by investing across a broad range of debt securities worldwide, including corporate bonds of any quality, mortgage and asset-backed securities, government obligations, structured notes, and municipal bonds, with selection based on issuer and industry analysis and macroeconomic outlook. The fund may sell holdings before maturity to enhance income, reduce losses, adjust portfolio duration, or pursue other opportunities. Because returns depend on the manager's security selection and timing decisions, performance will diverge from any benchmark.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Thornburg Capital Management Fund | 2.91% | $293.13M | 29.3M | $10.00 |
United States Treasury 4.38% · due 2036-05-15 | 1.91% | $192.15M | — | — |
United States Treasury 1.38% · due 2040-11-15 | 1.33% | $133.99M | — | — |
United States Treasury 1.75% · due 2041-08-15 | 1.15% | $116.28M | — | — |
United States Treasury 1.13% · due 2040-08-15 | 1.02% | $103.19M | — | — |
Government National Mortgage Association 3.00% · due 2051-11-20 | 0.76% | $76.41M | — | — |
United States Treasury 0.13% · due 2051-02-15 | 0.66% | $66.51M | — | — |
United States Treasury 1.13% · due 2040-05-15 | 0.63% | $63.27M | — | — |
Government National Mortgage Association 3.00% · due 2052-06-20 | 0.61% | $61.93M | — | — |
United States Treasury 1.88% · due 2036-01-15 | 0.50% | $50.50M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
The 200 largest of 1,218 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%.
| Bonds | 57.48% |
| Securitized | 36.75% |
| Cash & short-term | 3.46% |
| Loans | 2.49% |
| 2 smaller | 0.55% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified.
By sector
- Securitized
- 36.5%
- Other
- 18.4%
- Government
- 14.5%
- International
- 9.7%
- 12 other sectors
- 21.0%
- Securitized
- 36.5%
- Other
- 18.4%
- Government
- 14.5%
- International
- 9.7%
- Financials
- 5.5%
- Utilities
- 3.6%
- Industrials
- 2.5%
- Information Technology
- 2.4%
- Consumer Staples
- 1.5%
- Health Care
- 1.3%
- Materials
- 1.2%
- Energy
- 0.8%
- Consumer Discretionary
- 0.7%
- Cash
- 0.5%
- Communication Services
- 0.5%
- Real Estate
- 0.4%
How it has done
TSIAX share class · total returns with dividends reinvested
Volatility over the last 12 months: 2.34%. 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.
The 7 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 1.00% | +5.10% | +17.35% | +14.17% | -1.96% | |
| 1.75% | +4.37% | +14.88% | +10.14% | -2.14% | |
| 0.60% | +5.41% | +18.68% | +16.33% | -1.95% | |
| 1.25% | +4.84% | +16.46% | +12.72% | -2.02% | |
| 0.60% | +5.50% | +18.79% | +16.32% | -1.89% | |
| 1.25% | +4.76% | +16.47% | +12.69% | -2.02% | |
| 0.53% | +5.57% | +19.05% | +16.79% | -1.87% |
These classes hold the same portfolio, so the 6.65pp spread over 5 years is the cost difference between them — roughly 1.33pp a year — not a difference in what they own.
Fees & fund details
Thornburg Strategic Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.53% – 1.75%· TSIAX 1.00%
- Portfolio turnover
- 30.03% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
79 new· the largest 4
81 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 79.6% |
| Floating rate | 17.5% |
| Zero-coupon or unclassified | 3.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 6.1% |
| 1-3y | 18.5% |
| 3-5y | 14.9% |
| 5-10y | 21.1% |
| 10y+ | 39.3% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
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 | 64% |
| Credit spreads | 36% |
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 the fund's spread duration carried by each credit tier.
| Investment grade | +1.60 yr |
| High yield | +0.65 yr |
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 | 1% |
| 1 yr | 0.54 yr | 13% |
| 5 yr | 1.12 yr | 27% |
| 10 yr | 1.75 yr | 43% |
| 30 yr | 0.63 yr | 16% |
| 3 mo | 0.04 yr | 2% |
| 1 yr | 0.46 yr | 21% |
| 5 yr | 1.00 yr | 45% |
| 10 yr | 0.61 yr | 27% |
| 30 yr | 0.13 yr | 6% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.04 | +0.02 | +0.01 | $22.2k | $14.9k |
| 1 yr | +0.54 | +0.29 | +0.17 | $293.9k | $174.2k |
| 5 yr | +1.12 | +0.71 | +0.30 | $715.1k | $297.9k |
| 10 yr | +1.75 | +0.48 | +0.13 | $489.0k | $131.1k |
| 30 yr | +0.63 | +0.09 | +0.04 | $93.7k | $40.7k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 4.08 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Understand how this fund fits with the rest.
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