THLSX — Thornburg Long/Short Equity Fund

Data updated: 2021-05-25

THLSX — Thornburg Long/Short Equity Fund. Developed ex-US Blend / Core Equity · $17.64M AUM. Holdings, fees, performance and SEC filings.

THLSX Fund Overview

THLSX — Thornburg Long/Short Equity Fund is a US mutual fund managed by Thornburg Investment Trust, categorised as Developed ex-US Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

  • Type: US mutual fund
  • Manager: Thornburg Investment Trust
  • Category: Developed ex-US Blend / Core Equity
  • Assets under management: $17.64M
  • 1-year return: -6.0%
  • Ticker: THLSX
  • SEC CIK: 0000816153
  • SEC series ID: S000056004
  • Share class ID: C000176362

THLSX Investment Objective and Strategy

Thornburg Long/Short Equity Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Thornburg Investment Trust.

Investment objective

The Fund seeks long-term capital appreciation.

Principal investment strategy

Under normal market conditions the Fund pursues its investment goal by investing a significant amount of its assets in long and short positions in a broad range of equity securities. The Fund may invest in any stock or other equity security which the Funds investment advisor, Thornburg Investment Management, Inc. (Thornburg), believes may assist the Fund in pursuing its goal, including common stocks, preferred stocks, convertible securities, warrants, depositary receipts, partnership interests, equity trusts, and shares in exchange traded funds. The Fund may invest in companies of any size. The Funds portfolio may include investments in United States issuers and the securities of issuers domiciled outside the United States, including developing countries. The relative proportions of the Funds U.S.

and foreign investments will vary over time depending upon Thornburgs view of specific investment opportunities and macroeconomic factors, though under normal market conditions a significant portion of the Funds assets will be invested in U.S. issuers. A short sale involves the sale by the Fund of a security that the Fund does not own. The Fund borrows the security that it intends to sell from a broker or other institution, and at a later date the Fund completes the short sale by purchasing that same security on the open market and delivering it to the lending institution. Allocating the Funds portfolio among long and short positions is intended to permit the Fund to pursue its investment objective of long-term capital appreciation over a complete market cycle with lower volatility relative to broad equity indices.

While the Fund normally expects to invest a larger portion of its portfolio in long positions then short positions, the Fund expects to invest a significant portion of its assets in short positions. Investment decisions are based on individual issuer and industry analysis, and on consideration of domestic and international economic developments, outlooks for securities markets, interest rates and inflation, and the supply and demand for securities. The Fund generally takes long positions in investments that Thornburg believes will grow and are trading at a discount to their long-term value. The Fund typically categorizes its long equity positions in the following three categories: Growth Industry Leaders: Companies in this category often have leadership positions in growing markets. In some cases these companies may have dominant market share.

These companies tend to be larger and more established. Consistent Growers: Companies in this category generally exhibit steady earnings or revenue growth, or both. These companies often have subscription or other recurring revenue profiles. Given their business models, these companies may outperform in weak markets. Emerging Growth Companies: Companies often addressing a new market or carving out a niche in an existing market. Companies in this category may experience rapid growth, and tend to be smaller, earlier stage companies. Thornburg expects that companies in this category should generate high returns over time, but with higher volatility. The Fund generally takes short positions in investments that Thornburg believes to be overvalued or to hedge against the Funds long exposures. The Fund generally takes short positions in individual companies, though the Fund may also take short positions in exchange-traded funds.

The Fund typically categorizes its short equity positions in the following three categories: Cycle Victims: Cyclical companies that Thornburg believes to be facing deteriorating industry dynamics or risks specific to the company or industry, and that are also perceived by Thornburg to be overvalued. Stumbling Stalwarts: Companies that used to exhibit steady earnings or revenue growth, and which may appear undervalued, but which Thornburg expects to decline due to technological changes, weakening business economics, or other factors. Falling Stars: Fast growing companies with premium valuations that Thornburg expects to decline because of approaching market saturation, increasing competition, or other factors. Inclusion of any investment in any of the three described categories represents the opinion of the advisor concerning the characteristics and prospects of the investment.

There is no assurance that any company selected for investment will, once categorized in one of the investment categories described above, continue to have the positive characteristics or fulfill the expectations that the advisor had for the company when it was selected for investment, and any such company may not grow or may decline in earnings and size. The Fund may invest in derivative instruments to the extent Thornburg believes such investments may assist the Fund in pursuing its investment goal. Derivatives are financial instruments that derivate their value from an underlying asset, reference rate, or index. The Fund may invest in derivatives for risk management purposes, including to hedge against a decline in the value of certain investments. The Fund may also invest in derivatives for non-hedging purposes, including to obtain investment exposure to a particular asset class.

Examples of the types of derivatives in which the Fund may invest are options, futures contracts, options on futures contracts, and swap agreements. Debt obligations may be considered for investment if Thornburg believes them to be more attractive than equity alternatives, or to manage risk. The Fund may purchase debt obligations of any maturity and of any credit quality, including high yield or junk bonds. There is no minimum credit quality or rating of debt obligation the Fund may purchase. The Fund is classified as non-diversified under the Investment Company Act of 1940 (the 1940 Act), which means that the Fund may invest a greater proportion of its assets in a limited number of issuers, when compared to a diversified fund.

THLSX Performance

Total returns for THLSX (as of 2026-10-01), from SEC filings.

PeriodTotal return
1 year-6.0%

THLSX Risk Information

Risk metrics for THLSX, derived from monthly returns in SEC filings.

  • 1-year volatility (annualised): 11.3%

THLSX Costs and Fees

THLSX costs about $318 per $10,000 invested per year in fund expenses.

  • Net expense ratio: 3.18%
  • Gross expense ratio: 3.18%
  • Portfolio turnover: 69%
  • Brokerage commissions: 21.10 bps of average net assets (SEC N-CEN)

THLSX Cashflows

Over the 12 months to 2021-03, Thornburg Long/Short Equity Fund had net outflows of $101.87M, from monthly SEC N-PORT filings.

MonthNet flow
2021-03−$5.62M
2021-02−$606.11K
2021-01−$878.79K
2020-12−$2.28M
2020-11−$19.07M
2020-10−$3.92M

THLSX Debt Constituents

No individual debt constituents are reported in Thornburg Long/Short Equity Fund's latest SEC N-PORT filing.

THLSX Prospectus and SEC Filings

Official Thornburg Long/Short Equity Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

Related Funds

Other Developed ex-US Blend / Core Equity funds tracked on ABC INVEST:

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.