Thornburg Equity Income Builder SMA
BENCHMARK: MSCI World Index
Strategy Overview
The Equity Income Builder Strategy employs a flexible bottom-up research process to identify dividend-paying companies with strong cash flows that have both the ability and willingness to pay and grow their dividends over time. Highly active and benchmark agnostic, the strategy prioritizes current income while preserving the opportunity for income growth and capital appreciation over time. At least 80% of the portfolio is invested in income-producing securities and considers the entire universe of global equities.
Strategy Inception Date
1 May 2019
Portfolio Managers
Vice Chairman, Chief Investment Strategist and Managing Director
Head of Equities and Managing Director
Overview
Key Facts
Key Facts
(As of 31 Jan 2026)Assets
$61.8 M*
Benchmark
MSCI World Index
Performance
Performance
Returns
(As of 31 Dec 2025)2020
2021
2022
2023
2024
2025
Thornburg Equity Income Builder Strategy - Gross (%)
1.92
17.87
-9.43
21.91
11.55
41.10
Thornburg Equity Income Builder Strategy - Net (%)
1.34
17.03
-10.10
21.04
10.89
40.47
MSCI World Index (%)
15.90
21.82
-18.14
23.79
18.67
21.09
Characteristics
Characteristics
Portfolio
(As of 31 Jan 2026)Portfolio
Benchmark
Number of Holdings
52
—
Weighted Average Market Cap
$284.4 B
$1,010.8 B
Median Market Cap
$80.8 B
$27.3 B
Annual Portfolio Turnover
5%
—
Price to Earnings - Forward 1YR
14.7x
21.7x
Portfolio
Benchmark
Price to Earnings - Trailing 12 Months
15.8x
24.7x
Price to Cash Flow
6.9x
15.3x
Price to Book Value
2.0x
3.9x
Active Share
91.8%
—
Portfolio
Portfolio
Top Holdings
(As of 31 Dec 2025)Name
Ticker/Symbol
Sector
Weight %
Broadcom, Inc.
AVGO
Information Technology
5.3
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
5.1
Orange S.A.
ORANY
Communication Services
5.1
Enel SpA
ENLAY
Utilities
4.0
NN Group N.V.
NNGRY
Financials
3.9
BNP Paribas S.A.
BNPQY
Financials
3.4
Generali
ARZGY
Financials
3.3
Endesa S.A.
ELEZY
Utilities
3.1
TotalEnergies SE
TTE
Energy
2.9
Roche Holding AG
RHHBY
Health Care
2.8
Exposure Breakdown
Exposure Breakdown
(As of 31 Jan 2026)Sector Allocation
Portfolio (%)
Financials
22.1
Communication Services
14.3
Health Care
13.8
Utilities
12.9
Information Technology
12.0
Energy
7.6
Industrials
6.6
Consumer Staples
3.2
Cash & Equivalents
2.7
Materials
2.5
Consumer Discretionary
2.4
Real Estate
0.0
Top 10 Industries
Portfolio (%)
Telecommunication Services
14.3
Utilities
12.9
Pharmaceuticals, Biotechnology & Life Sciences
12.5
Semiconductors & Semiconductor Equipment
10.1
Insurance
8.9
Banks
8.8
Energy
7.6
Capital Goods
4.5
Financial Services
4.4
Materials
2.5
Top 10 Countries
Portfolio (%)
United States
23.1
France
17.6
United Kingdom
11.5
Germany
9.6
Italy
8.4
Switzerland
6.4
Netherlands
6.1
Taiwan
5.3
Spain
3.1
Canada
1.8
Capitalization
Portfolio (%)
Large Cap (> $12 B)
99.2
Mid Cap ($2.5 to $12 B)
0.1
Small Cap (< $2.5 B)
0.7
Portfolio Managers
Portfolio Managers
Brian McMahon
Vice Chairman, Chief Investment Strategist and Managing Director
Brian McMahon is chief investment strategist for Thornburg Investment Management. Brian is deeply respected for his market and investment insight and serves as a key voice for the investment team and Thornburg clients. He also co-manages Thornburg’s global equity portfolios and serves as vice chairman of Thornburg. Brian joined Thornburg in 1984 as chief investment officer; a role he held…
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Matt Burdett
Head of Equities and Managing Director
Matt Burdett is head of equities and a portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager. Matt was named a managing director and was promoted to portfolio manager in 2018 and to head of equities in 2024. Matt spent several years as a senior vice president and portfolio manager at PIMCO,…
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