Thornburg Strategic Income Fund
THORNBURG INVESTMENT TRUST · Series S000020097 · 7 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Gross | Net | As of |
|---|---|---|---|
| TSIAX | 1.00% | 1.00% | 2025 Q1 |
| TSICX | 1.75% | 1.75% | 2025 Q1 |
| TSIIX | 0.74% | 0.60% | 2025 Q1 |
| TSIRX | 3.37% | 1.25% | 2025 Q1 |
| TSRRX | 0.87% | 0.60% | 2025 Q1 |
| TSRIX | 2.07% | 1.25% | 2025 Q1 |
| TSRSX | 0.69% | 0.53% | 2025 Q1 |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 30.03% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Latest quarter
What changed since the fund's previous filing
Largest new: United States Treasury ×2, Fannie Mae ×2, Freddie Mac ×3, IMPERIAL BRANDS FIN PLC
Largest exited: United States Treasury ×2, SALESFORCE INC, EMERA INC, Government National Mortgage Association, Pretium Mortgage Credit Partners LLC, Freddie Mac, HIGHMARK INC
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +4.86% | +16.76% | +14.26% | 2.36% | -1.96% | |
| +4.11% | +14.30% | +10.29% | 2.35% | -2.14% | |
| +5.25% | +18.10% | +16.51% | 2.32% | -1.95% | |
| +4.58% | +15.87% | +12.89% | 2.36% | -2.02% | |
| +5.25% | +18.09% | +16.49% | 2.35% | -1.89% | |
| +4.50% | +15.78% | +12.86% | 2.32% | -2.02% | |
| +5.32% | +18.36% | +16.98% | 2.34% | -1.87% |
These classes hold the same portfolio, so the 6.68pp spread over 5 years is the cost difference between them — roughly 1.34pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | Thornburg Capital Management Fund | 2.91% | $10.00 | $293.13M | 29.3M |
| — | United States Treasury4.38% · due 2036-05-15 | 1.91% | — | $192.15M | — |
| — | United States Treasury1.38% · due 2040-11-15 | 1.33% | — | $133.99M | — |
| — | United States Treasury1.75% · due 2041-08-15 | 1.15% | — | $116.28M | — |
| — | United States Treasury1.13% · due 2040-08-15 | 1.02% | — | $103.19M | — |
| — | Government National Mortgage Association3.00% · due 2051-11-20 | 0.76% | — | $76.41M | — |
| — | United States Treasury0.13% · due 2051-02-15 | 0.66% | — | $66.51M | — |
| — | United States Treasury1.13% · due 2040-05-15 | 0.63% | — | $63.27M | — |
| — | Government National Mortgage Association3.00% · due 2052-06-20 | 0.61% | — | $61.93M | — |
| — | United States Treasury1.88% · 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.
Top 10 positions are 11.47% of net assets, top 25 16.74%, across 594 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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