Important risk disclosure

Please click here and read carefully the summary of the key features and risks specific to this fund stated in the offering document prepared by the relevant fund house before making any investment decision.

You should not rely solely on the information contained on this webpage to make investment decisions. You should read carefully and understand the relevant fund's offering documents before making any investment decision.

IE00BF1ZC243
Thornburg Limited Term Income Fund

  • Fixed income
  • US
  • USD Cash
  • Accumulating
Invest with
USD Cash
Payout type
Accumulating
Risk rating
2
About this fund
Description
The Fund seeks to provide investors as high a level of current income as is consistent with safety of capital. The fund also seeks to reduce changes in its share price compared to longer term portfolios.
Key information
Annual report
Key fact sheet
Prospectus
Factsheet
Our perspective
Why we think this fund is best-in-class
product
Product
Offers exposure to a diversified, multi-sector portfolio of U.S. dollar-denominated short/intermediate investment-grade bonds. Targets a high level of current income as is consistent to the stability and safety of capital. Managed by Thornburg, a reputable U.S.-based asset manager known for its active fundamental investing style and managing over US$40 billion in assets. The Thornburg Limited Term Income Fund is an established strategy in the U.S., attracting over US$7 billion in strategy-level assets.
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people
People
Helmed by three experienced portfolio managers with an average industry experience of more than 21 years. Having worked on the strategy together for more than 10 years, they are also supported by a team of seasoned analysts. The team is uniquely structured to break down cross-sector silos, focusing on seeking, identifying, and investing where attractive relative value exists.
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performance
Performance
Desired outcome is to deliver returns consistent with core bond strategies while employing less volatility. Have historically outperformed the benchmark while realising lower volatility. As the strategy focuses on finding the best relative value, the most challenging environment is one characterised by sustained market rallies and there is little differentiation in value across securities.
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process
Process
Employs a relative-value driven, bottom-up heavy approach. Top down assessment on macro environment is incorporated to help prioritise the bottom-up research agenda. Maintains pure cash bond exposure without using derivatives.
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cost
Cost
Access to institutional share class with no trailer fees to achieve the lowest possible fees
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selectionCriteria
How it fits in a portfolio
Suitable for investors seeking a conservative, pure investment-grade bond portfolio, and can be a component of an investor's core bond portfolio. Complements riskier assets such as equities and high-yield bonds due to its lower relative risk and low correlation with riskier assets. Investors should carefully consider their investment objectives and risk tolerance before making any investment decisions.
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Invest in this fund
Performance
Shows the total return of this accumulating fund, which includes dividends reinvested.
Total returns
All Time
21.88%
YTD
5.14%
1 month
1.15%
6 month
3.11%
1 year
5.05%
3 year
15.20%
5 year
7.81%
As of Aug 2025
Distributions
This is an accumulating fund, so dividends are re-invested at the fund level.
Yield
4.83%As of Jul 2025
Risk metrics
Max drawdown
-9.67%As of Aug 2025
Volatility
3.24%As of Aug 2025
Calendar returns
YearTotalJanFebMarAprMayJunJulAugSepOctNovDec
2025-0.6%1.4%0.3%0.5%-0.1%1.1%0.1%1.2%----
20244.2%0.4%-0.5%0.7%-1.2%1.3%0.7%1.8%1.0%1.1%-1.3%0.7%-0.6%
20236.1%2.1%-1.1%1.5%0.6%-0.6%-0.2%0.4%-0.1%-1.0%-0.7%2.7%2.3%
2022-6.9%-1.1%-1.3%-1.8%-1.7%0.4%-1.1%1.4%-1.0%-2.4%-0.3%1.9%0.0%
2021-1.1%-0.2%-0.7%-0.8%0.5%0.4%0.1%0.5%-0.1%-0.4%-0.3%-0.2%0.0%
Load more5 of 9
Top Exposures
Federal Home Loan Mortgage Corp. 3% (2052-05-01 Maturity)2.94%
Federal Home Loan Mortgage Corp. 2.5% (2052-04-01 Maturity)2.89%
United States Treasury Bills 0% (2025-08-21 Maturity)2.54%
United States Treasury Bills 0% (2025-08-07 Maturity)2.29%
Federal National Mortgage Association 2% (2037-03-01 Maturity)2.27%
United States Treasury Notes 4.25% (2035-05-15 Maturity)1.62%
United States Treasury Bills 0% (2025-08-26 Maturity)1.54%
Federal National Mortgage Association 2% (2035-12-01 Maturity)1.45%
United States Treasury Notes 1.75% (2034-01-15 Maturity)1.36%
NEW RESIDENTIAL MORTGAGE LOAN TRUST 2022-NQM3 3.9% (2062-04-25 Maturity)1.35%
United States Treasury Bonds 2.5% (2029-01-15 Maturity)1.06%
Bayer US Finance II LLC 4.25% (2025-12-15 Maturity)1.04%
United States Treasury Notes 2.125% (2029-04-15 Maturity)1.02%
Federal National Mortgage Association 3.5% (2052-04-01 Maturity)0.96%
CSMC 2022-NQM1 TRUST 2.265% (2066-11-25 Maturity)0.90%
Top exposures represent up to 15 of the fund's largest exposures for each category. Allocation percentages may not sum up to 100% and can include negative values due to rounding or trading activities by the underlying fund managers, including short positions.
Fund fees
0.65% p.a.
Fund facts
ISIN
IE00BF1ZC243
Fund house
Thornburg
Fund size
US$72.6M
As of 16 Sep 2025
Fund inception date
03 May 2017
Fund class currency
USD
Oldest share inception date
03 May 2017
Pricing frequency
Daily

Warning statements

  • All investments involve risks (including the possibility of loss of the capital invested) and the price of fund units may go up as well as down.
  • Past performance is not indicative of future performance.
  • Although this fund has been authorised by the Hong Kong Securities and Futures Commission (“SFC”), it does not imply an official recommendation or endorsement by the SFC nor does it guarantee the commercial merits of the fund or its performance.
  • If you are in any doubt, you should clarify with us or seek independent professional advice.

Risk Warnings Investment involves risk. Past performance is not an indicator nor a guarantee of future performance or returns. Projected performance or returns are not guaranteed to materialise. The value of investments and the income from them can go down as well as up, and you may not get the full amount you invested. Rates of exchange may cause the value of investments to go up or down. Individual stock performance does not represent the return of a fund.

The value of the fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount or all of your investment could be lost.

Generic risk warnings relating to collective investment schemes

Funds are not a bank deposit and not capital guaranteed, and is subject to investment risks, including the possible loss of the principal amount invested. There is no assurance that a fund will have sufficient liquidity to meet redemption requests and that the fund's investment objectives and strategies will be achieved.

The funds' investment may involve substantial market, currency, volatility, liquidity, regulatory and political risks. Some funds may use derivatives, whether for hedging or for investment purposes. The risks associated with derivatives include counterparty/credit, liquidity, valuation, volatility and market risks. The fund's volatility may increase or decrease from its derivative usage and such fund may suffer losses from its derivative usage. Do not invest in these funds unless you fully understand and are willing to assume the risks associated with them.

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