Unsubscribe

Confirm you would like to unsubscribe from this list

You have unsaved changes on the page. Would you like to save them?

Remove strategy

Confirm you would like to remove this strategy from your list
Give Us a Call

Fund Operations
800.847.0200

FIND ANOTHER CONTACT

Thornburg Equity Income Builder SMA

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

Overview

Why Invest in This Strategy?

 

  • Global, diversified multi-asset portfolio of income-producing stocks that seeks to deliver an attractive and growing income stream.
  • Proven bottom-up fundamental 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, flexible approach that allows us to go anywhere in the world to seek income.
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)
YTD
1y
3y
5y
Inception
Thornburg Equity Income Builder Strategy - Gross (%)
41.10
41.10
24.22
15.39
13.05
Thornburg Equity Income Builder Strategy - Net (%)
40.47
40.47
23.49
14.65
12.34
MSCI World Index (%)
21.09
21.09
21.17
12.15
12.96
YTD
1y
3y
5y
Inception
Thornburg Equity Income Builder Strategy - Gross (%)
4.98
40.96
23.47
16.89
13.70
Thornburg Equity Income Builder Strategy - Net (%)
4.96
40.32
22.74
16.13
12.99
MSCI World Index (%)
2.24
19.58
19.31
12.87
13.16
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 (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
22.1
16.7
Communication Services
14.3
9.0
Health Care
13.8
9.7
Utilities
12.9
2.6
Information Technology
12.0
26.2
Energy
7.6
3.7
Industrials
6.6
11.6
Consumer Staples
3.2
5.4
Cash & Equivalents
2.7
Materials
2.5
3.4
Consumer Discretionary
2.4
9.8
Real Estate
0.0
1.8
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 (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Telecommunication Services
14.3
1.4
Utilities
12.9
2.6
Pharmaceuticals, Biotechnology & Life Sciences
12.5
6.7
Semiconductors & Semiconductor Equipment
10.1
11.7
Insurance
8.9
2.9
Banks
8.8
7.3
Energy
7.6
3.7
Capital Goods
4.5
9.0
Financial Services
4.4
6.5
Materials
2.5
3.4
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 (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
United States
23.1
71.1
North America
France
17.6
2.6
Europe ex UK
United Kingdom
11.5
3.8
UK
Germany
9.6
2.4
Europe ex UK
Italy
8.4
0.8
Europe ex UK
Switzerland
6.4
2.4
Europe ex UK
Netherlands
6.1
1.4
Europe ex UK
Taiwan
5.3
Asia Pacific ex Japan
Spain
3.1
1.0
Europe ex UK
Canada
1.8
3.4
North America
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 (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
99.2
98.2
Mid Cap ($2.5 to $12 B)
0.1
1.8
Small Cap (< $2.5 B)
0.7
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…
Learn More

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,…
Learn More

Literature

More Insights

Real Estate

Real Estate Market Recap: Trends, Challenges, and What Comes Next

The U.S. real estate market is both vast and diverse, and it continues to evolve.
Investor Advice

Beyond the Hype—Building Smarter Private Credit Portfolios

Private credit’s growth to $2T brings new risks. Learn where to find better risk adjusted returns—and how to navigate cov-lite, redemption pressure, and mega fund concentration.
Markets & Economy

Structural Forces Are Driving the Current Investment Environment

The current investment environment is primarily being shaped by three structural forces—disruption, decoupling, and dislocation—amid a weakening US dollar.
Economy

Finding Opportunity Amid Imbalance: 2026 Market Outlook

Entering 2026, markets appear imbalanced, with equity returns becoming increasingly concentrated, while fixed income offers asymmetric outcomes with limited downside protection. Opportunity still exists, just not where it’s most crowded. In 30 minutes, we cut through the noise and focus on what’s working, what’s changing, and where to position client portfolios now.
Markets & Economy

Will the Real Kevin Warsh Please Stand Up?

Short‑term calm may lead to long‑term volatility: A seeming hawk‑turned‑dove now confronts a labor market and inflation backdrop that remain far from ideal.
Image of a metal mesh framework artistically warped into a honeycomb walkway in the city to describe Outlook 2023
Markets & Economy

FOMC Update: Fed Holds Rates Steady After Three Successive Cuts

Ali Hassan shares his perspective on the Fed’s stance and the potential impact of monetary policy.