Investment Objectives
The Strategy seeks to provide the highest level of income as in consistent, in the view of Thornburg, with preservation of principal. A secondary objective of the Strategy is to reduce expected fluctuations in the portfolio's value compared to longer intermediate and long-term portfolios. There is no guarantee that the Strategy will meet its objectives.
Principal Investment Strategies
The Strategy is a laddered portfolio of short/intermediate investment grade obligations with an average maturity normally less than five years. Laddering involves building a portfolio of bonds with staggered maturities so that a portion of the portfolio matures each year; cash from maturing bonds is typically invested in bonds with longer maturities at the far end of the ladder. The portfolio is invested in securities rated at the time of investment in the four highest categories of ratings services such as S&P, Moody’s, or Fitch, or in unrated securities judged by Thornburg to be comparable to securities rated in the four highest ratings categories.
Supplemental Information as of 12/31/2011
| Returns (annualized for periods over one year) | |||||||
|---|---|---|---|---|---|---|---|
| QTR | YTD | 1-Year | 3-Year | 5-Year | 10-Year | Inception† | |
| Limited Term Income Composite (Net) | 0.86% | 5.41% | 5.41% | 8.75% | 5.99% | 5.02% | 5.63% |
| Limited Term Income Composite (Gross) | 1.02% | 6.04% | 6.04% | 9.62% | 6.86% | 5.93% | 6.56% |
| Barclays Capital Intermediate US Government/Credit Index | 0.84% | 5.80% | 5.80% | 5.65% | 5.88% | 5.20% | 5.86% |
AAA
AA
A
BBB
Below Investment Grade
Not Rated† Inception 2/1/1993
Valuations are computed and performance is reported in U.S. dollars.
Source: Advent/APX, FactSet, and Thornburg.
Portfolio characteristics are derived using currently available data from independent research resources that are believed to be accurate.
1The performance data quoted represents past performance; it does not guarantee future results. The data provided is derived from gross-of-fee performance and does not reflect the deduction of management fees.
The Barclays Intermediate Government/Credit Bond Index is an unmanaged, market-weighted index generally representative of intermediate government and investment-grade corporate debt securities having maturities from one up to ten years.
Thornburg Investment Management, Inc. (the “Firm”) is an independent investment adviser registered under the Investment Advisers Act of 1940. The Firm’s clientele consists of mutual funds, commingled funds and taxable and non-taxable separately managed accounts in U.S., non-U.S. and global equity strategies and in U.S. fixed income strategies. The Firm been independently verified for the period July 1, 1998 through December 31, 2010. The verification reports are available upon request. Policies for valuing portfolios, calculating performance, and preparing compliant presentations are available upon request.
Thornburg Investment Management claims compliance with the Global Investment Performance Standards (GIPS®)
Click here to view the Limited Term Income Composite GIPS compliant presentation.
To receive a complete list and description of Thornburg Investment Management's composites please contact MCG at mcg@thornburg.com.
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