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.

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IE00BF1ZC243

Thornburg Limited Term Income Fund(IE00BF1ZC243)

Fixed income
Investment grade
US
USD Cash
Accumulating

Invest with

USD Cash

Payout type

Accumulating

Risk rating

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

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.

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.

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.

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.

Cost

Access to institutional share class with no trailer fees to achieve the lowest possible fees

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.

Invest in this fund

Performance

Returns

NAV

Shows the total return of this accumulating fund, which includes dividends reinvested.

Total returns

Cumulative

Annualised

All Time

24.26%

YTD

0.32%

1 month

-1.03%

6 month

1.46%

1 year

4.77%

3 year

15.60%

5 year

10.89%

As of Mar 2026

Distributions

This is an accumulating fund, so dividends are re-invested at the fund level.

Yield

4.88%As of Mar 2026

Risk metrics

Max drawdown

-9.67%As of Mar 2026

Volatility

3.18%As of Mar 2026

Calendar returns

Year	Total	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026	-	0.3%	1.0%	-1.0%	-	-	-	-	-	-	-	-	-
2025	6.8%	0.6%	1.4%	0.3%	0.5%	-0.1%	1.1%	0.1%	1.2%	0.5%	0.5%	0.5%	0.2%
2024	4.2%	0.4%	-0.5%	0.7%	-1.2%	1.3%	0.7%	1.8%	1.0%	1.1%	-1.3%	0.7%	-0.6%
2023	6.1%	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%
Load more		5 of 10

Top Exposures

Holdings

Regions

Sectors

Federal National Mortgage Association (2037-03-01 Maturity)	2.15%
Federal Home Loan Mortgage Corp. (2052-05-01 Maturity)	2.06%
Federal Home Loan Mortgage Corp. (2052-04-01 Maturity)	1.91%
United States Treasury Notes (2036-01-15 Maturity)	1.88%
United States Treasury Bills (2026-04-28 Maturity)	1.83%
Federal National Mortgage Association (2035-12-01 Maturity)	1.42%
New Residential Mortgage Loan Trust (2062-04-25 Maturity)	1.33%
Federal Home Loan Mortgage Corp. (2030-09-25 Maturity)	1.06%
Federal National Mortgage Association (2052-04-01 Maturity)	1.01%
Government National Mortgage Association (2052-06-20 Maturity)	0.99%
CSMC 2022-NQM1 TRUST (2066-11-25 Maturity)	0.89%
Equitable Financial Life Global Funding (2026-07-12 Maturity)	0.85%
Government National Mortgage Association (2051-11-20 Maturity)	0.83%
Comision Federal de Electricidad (2031-02-09 Maturity)	0.78%
United States Treasury Notes (2029-05-31 Maturity)	0.76%

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$68.3M

As of 16 Apr 2026

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.

Opinions Any forward-looking statements, prediction, projection or forecast on the economy, stock market, bond market or economic trends of the markets contained in this material are subject to market influences and contingent upon matters outside the control of Endowus HK Limited (“Endowus”) and therefore may not be realised in the future. Further, any opinion or estimate is made on a general basis and subject to change without notice. In presenting the information above, none of Endowus HK Limited, its affiliates, directors, employees, representatives or agents have given any consideration to, nor have made any investigation of the objective, financial situation or particular need of any user, reader, any specific person or group of persons. Therefore, no representation is made as to the completeness and adequacy of the information to make an informed decision. You should carefully consider (i) whether any investment views and products/ services are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances. You may also wish to seek financial advice through a financial advisor or the Endowus platform and independent legal, accounting, regulatory or tax advice, as appropriate.

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