Fund Evaluator:
Thornburg Summit A (TSAMX)
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Best Performing in Global Moderate Allocation Over the Last Year
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Fund Details
Thornburg Summit A Overview
Thornburg Summit A (TSAMX) is an actively managed Allocation Global Moderate Allocation fund. Thornburg launched the fund in 2022.
The investment seeks to grow real wealth over time. The fund's investments are expected to emphasize long positions in equity securities and fixed income obligations, though the fund may also invest a significant amount of its assets in short positions. There are no specific percentage limitations on the amount of the fund's portfolio that may be invested in a particular asset class, and the proportions of the fund's assets that are invested in the respective asset classes are expected to vary over time and from time to time depending upon Thornburg's perceptions of which types of investments represent better values and opportunities.
About Thornburg Summit A (TSAMX)
There are 2 members of the management team with an average tenure of 1.92 years: Lon Erickson (2024), Neal BasuMullick (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and Bloomberg Global Aggregate TR USD index with a weighting of 100%. Thornburg Summit A has 224 securities in its portfolio. The top 10 holdings constitute 26.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Thornburg Summit A is part of the Allocation global asset class and is within the Allocation fund group. Thornburg Summit A has 39.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 28.0%. There is 36.0% allocated to foreign stock, and 1.2% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 34.1% (30.6% domestic bond, 3.6% foreign bond and 0.0% convertible bond). Thornburg Summit A has 0.6% of the portfolio in cash.
Assets Under Management
The fund has $16 million in total assets, which is below the $947 million average for the Global Moderate Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
TSAMX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Thornburg Summit A expense ratio is high compared to funds in the Global Moderate Allocation category. Thornburg Summit A has an expense ratio of 0.95%, which is 9% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Thornburg Summit A has a portfolio turnover rate of 32%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 64% for the Global Moderate Allocation category.
Recently, in the month of July 2026, Thornburg Summit A returned 1.6%, which earned it a grade of B, as the Global Moderate Allocation category had an average return of 0.3%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Thornburg Summit A has a trailing yield of 2.51%, which is below the 2.61% category average. The fund normally distributes its income quarterly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Thornburg Summit A Grades
Year to date, the fund has returned 8.7%, 0.5 percentage points better than the category, which translates into a grade of B. The fund has returned 18.2% over the past year (grade of B), 14.3% over the past three years (grade of A) and 8.5% per year over the past five years (grade of A).
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TSAMX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| TSAMX Return (NAV) | 1.6% | 1.6% | 18.2% | 14.3% | 8.5% | na |
| TSAMX Grade | B | D | B | A | A | na |
| +/- Category | 1.4% | -0.5% | 2.2% | 2.4% | 2.3% | na |
| Global Moderate Allocation Avg | 0.3% | 2.1% | 16.0% | 11.9% | 6.2% | 7.3% |
| TSAMX Tax Cost Ratio | na | na | 2.0% | 1.3% | na | na |
TSAMX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| TSAMX Return (NAV) | 8.7% | 20.3% | 11.1% | 12.5% | -10.0% | 14.4% | 27.5% | na | na | na | na |
| TSAMX Grade | B | A | A | C | B | A | A | na | na | na | na |
| +/- Category | 0.5% | 4.2% | 2.7% | 0.3% | 3.4% | 2.7% | 17.7% | na | na | na | na |
| Global Moderate Allocation Avg | 8.1% | 16.1% | 8.4% | 12.2% | -13.4% | 11.6% | 9.8% | 17.7% | -7.1% | 14.0% | 6.6% |
| Risk Measures | |
| Standard Deviation: | 8.4% |
| Total Risk Index: | 0.69 - Below Average |
| Category Risk Index: | 0.92 - Low |
| Category Risk Grade: | A (14% Rank) |
| Beta: | 0.82 |
| R-Squared: | 83% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Blend |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 2.5% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $111 Mil |
| Fund Total Assets: | $ 16 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 33% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 1.9 years | |||
| Average Tenure: 1.9 years | |||
| Managers (Year): Erickson Lon (2024), BasuMullick Neal (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 224 |
| % in Top 10 Holdings: | 26.3% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 39.6% |
Portfolio Allocation |
|
| Domestic Stock: | 28.0% |
| Foreign Stock: | 36.0% |
| Preferred Stock: | 1.2% |
| Domestic Bond: | 30.6% |
| Foreign Bond: | 3.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.6% |
Purchase Information
| Fund Family: | Thornburg |
| Phone Number: | 800-847-0200 |
| Website: | www.thornburg.com |
| Status: | Open |
| Inception Date: | February 1, 2022 |
| Min. Initial Purchase: | $5,000 |
| Min. Initial IRA Purchase: | $2,000 |
| True No-Load: | No |
| Front Load Maximum: | 4.50% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.95% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.04% |
| Share Class: | Thornburg Summit I |
| Min. Subsequent Purchase: | $ 100 |
| Min. Subsequent IRA Purchase: | $ 100 |
