• View From the Bond Desk
    Associate Portfolio Manager David Ashley writes on the perils of the high-yield municipal asset class (dominated by Puerto Rico and tobacco bonds) and Analyst Ali Hassan outlines the broad, bottom-up process of credit selection in Strategic Income Fund.
  • Compelling Value: Thornburg's Quarterly Investment Review
    January 2015 [Brian McMahon, Brian Burrell]
    This quarter features: Q&A with Thornburg CEO & CIO Brian McMahon and The U.S. Dollar and Thornburg International Value Fund by Brian Burrell, Equity Research Analyst.
  • No Middle Ground: Passive, or Truly Active and Diversified
    Updated February 2015 [Mutual Funds, Institutional Strategies]
    The average actively managed U.S. equity fund often returns less than index-based strategies, according to research study, “Active Share and Mutual Fund Performance.” But actively managed funds that have high Active Share, the portion of a portfolio that diverges from its benchmark index, on average outperform index returns, the study indicated.

  • Compelling Value: Thornburg's Quarterly Investment Review
    Updated February 2015 [Global Opportunities Fund, Vinson Walden, CFA]
    This quarter features: No Middle Ground: Passive, or Truly Active and Diversified and Portfolio Manager Vinson Walden's Approach to Active Management.
  • Are Your Plan Fees Reasonable?
    Fees and expenses associated with the management of a qualified retirement plan have become a central issue with lawmakers, regulators and the courts. Plan sponsors have a fiduciary responsibility under ERISA to determine if the fees paid by a plan to its service providers are reasonable and necessary.
  • "Excuse me, did you say EPS?"
    February 2015 [Retirement Plan Advisors, Rocco DiBruno]
    Overview of the Education Policy Statement, an area that has grown in importance with plan sponsors since the global market meltdown of 2008 is the need for meaningful continuing education for their plan participants. An EPS helps clients develop an education process, while providing several benefits to all parties involved with ongoing education to plan participants.
  • Market Commentary
    Commentary on broad asset classes from the equity markets including global income-producing equities, international equities, U.S. equities, emerging-markets equities and fixed income markets including U.S. municipal bonds and global fixed income.
  • Portfolio Managers, "Be Prepared"
    January 2015 [Mutual Funds, Brian McMahon]
    Thornburg CEO and CIO Brian McMahon discusses the outlook for U.S. and global economic growth; the impact of diverging monetary policy among the world’s major central banks; the fallout from the collapse in energy prices; where investment opportunities may be found; and the state of active fund management.

  • Retiring Retirement: Longevity Planning: The Rationale
    Retiring the traditional retirement conversation and refocusing on the longevity journey doesn’t simplify life. It challenges us to broaden our perspective and increases the importance of the decisions we make relative to our health, our wealth, and how each of us uses our life’s wisdom to prepare for an abundant second half.
  • Retiring Retirement: Health
    Today, increases in longevity and the decisions associated with longer life are demanding that you help your clients prepare for the future. This may mean developing a plan that integrates health care, financial management and life goals into a strategy that supports and enhances their second half of life.
  • Retiring Retirement: Longevity Planning Outcomes
    Investors who focus solely on a stock’s current yield may miss the potential growth of the original investment and the actual dollar amount of the income generated that accompanies dividend investments.
  • Retiring Retirement: Wisdom
    The sum of our values, knowledge, life experiences and the lessons we’ve learned from our successes and failures, wisdom is a significant by-product of living a long life and one of the greatest gifts of longevity.
  • Why Santa Fe
    Updated January 2015 [Our Firm, History]
    Find out how Thornburg Investment Management came to be located in Santa Fe, New Mexico and why The City Different is a fundamental part of the company's corporate culture.
  • View From the Bond Desk
    September 2014 [Bond Funds, Bond Articles]
    This quarter we take a look at unconstrained bond funds and the hidden risk in the municipal market.
  • A Study of Real Real Returns
    Thornburg’s annual study examining the impact of inflation, taxes, and investment expenses on the returns of several asset classes. Focusing on nominal returns ignores the degrading impact of inflation, taxes, and investment expenses. And using a single asset-allocation plan ignores the potential benefits of different types of accounts. This, the 21st edition of our Study of Real Real Returns, outlines the three major factors beyond nominal returns that investors should use in planning
  • Retiring Retirement - The Era of Longevity
    Retiring the traditional retirement conversation and refocusing on the longevity journey doesn’t simplify life. Instead it forces us to make choices that are more deliberate and conscious. It challenges us to broaden our perspective and increases the importance of the decisions we make relative to our health, our wealth, and how each of us uses our life’s wisdom to prepare for an abundant second half.
  • View From the Bond Desk
    Thornburg’s periodic, in-depth look at the fast-evolving, increasingly diverse world of fixed income.
  • Reimagining Lives: Advising Women in Transition
    September 2013 [Financial Professionals]
    For advisors, working with women in transition is a good news/bad news proposition. The good news is that when women are in transition, money is in transition. The bad news is that transition is a time of uncertainty and vulnerability as she moves from the “the known” to the “unknown.” In this article Holman discusses how to be an effective advisor to women in transition.
  • U.S. Shale Oil: A Central Banker's Best Friend
    September 2013 [Charles Wilson, PhD]
    After nearly a decade of sustained high energy prices , U.S. oil and natural gas producers responded to the market’s call for supply with newly exploitable shale resources. The fresh supply helped reduce concerns about global spare production capacity – and limited upward pressure on energy prices. Central bankers around the world were able to maintain highly accommodative monetary policies for prolonged periods as a result.
  • On the Investment Process of a Global Generalist
    Updated February 2015 [Global Generalist, Jason Brady, CFA]
    At Thornburg, we tend to devote significant time to explaining the merits of our global generalist orientation. But what does it really mean? How is a global generalist orientation different from a traditional investment manager structure? Jason Brady, responsible for managing several Thornburg portfolios including Investment Income Builder Fund, Strategic Income Fund, and the global fixed income funds, writes on the subject.

  • The Case for a High and Growing Dividend Stock Strategy in Retirement Portfolios
    Updated April 2012 [Investment Income Builder Fund]
    Comparison of the total returns for the high dividend paying stocks of the S&P 500 (The Top 100 Dividend Payers) to those of the S&P 500 itself — over various time periods that simulate actual retirement spans. The results are striking.
  • Investing in Retirement Using a Global Dividend Income Strategy
    Discussion on how to structure, allocate and monitor the results of a tangible investment strategy for clients nearing or entering the distribution phase of retirement.
  • Structuring Distribution Strategies for Retirees in a Bear Market
    This article uses two bear markets (2000–2002 and 2008) to test two retirement income planning strategies and see how they would impact a retirement portfolio’s withdrawal rates and sustainability.
  • Language of Retirement Income Planning
    The oldest of the baby-boomer generation is now over 65 years old and has arrived at the age when a “traditional” retirement would begin. Much has been written on the impact the baby-boomer generation has had on society and what retirement will look like for them going forward, but there hasn’t been enough written on the topic of retirement income planning from a process point of view.
  • Converting Savings into Monthly Spending
    Retiring baby-boomers, who can expect to spend 30 to 40 years in retirement, will likely need a framework for converting their savings into a sustainable monthly income stream. Investors who are on the road of retirement all share some common fears including spending too much, principal loss from market volatility, loss of purchasing power due to inflation, and the biggest fear of all, running out of money.
  • Sequence of Returns & Reverse Dollar Cost Averaging
    Re-ordering the sequence of annual returns on an investment provides great insight for planning a retirement distribution strategy. While this would have no effect on an investment of a buy-and-hold investor, the effect on a retirement portfolio under the stress of systematic withdrawals can be quite dramatic.
  • The Value of Dividends in Retirement
    Over the past eighty-seven years, dividends have accounted for over 40% of the total return for the S&P 500 Index. The importance of dividends has been an often overlooked part of investing, but will continue to come to the forefront as baby boomers prepare for retirement and look for high and growing income-generating investments.
  • Preserving Purchasing Power
    Given the ongoing advances in medical research, a client considering a retirement plan should prepare for the possibility of a retirement that could last 30 or 40 years. Over this lengthy span of time, the steady erosion of purchasing power due to the effects of inflation should be of more concern to retirees than shorter-term market volatility.
  • Endowment Spending Policy
    Retirees and their advisors should thoughtfully establish a spending plan to balance the desire to maintain a consistent lifestyle with preserving assets for a retirement that could last 30 to 40 years. To achieve this balance, a spending policy should be developed to determine what percentage of the retirement savings will be spent initially and how this amount will change over time to reflect the effects of inflation and the performance of the underlying investment portfolio.
  • Building a Cash Flow Reserve Ladder
    One of the challenges that confronts retirees and their advisors is how to prevent having to sell their hard earned retirement assets at the wrong time. We have all heard the age old investment adage “Buy Low and Sell High,” which tells us to buy assets when they are out of favor but to time the disposition of the assets when the markets are in your favor.
  • Thornburg’s Income-Seeking Solutions
    Over our 30-year history, Thornburg has developed a range of income-seeking solutions, each tailored to the needs of specific income-oriented investors. Every investment uses the intensive, bottom-up research on which Thornburg Investment Management has built its reputation.
Important Information
Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit our literature center. Read them carefully before investing.

There is no guarantee that the investment objectives will be met.

The views expressed are those of Thornburg Investment Management. These views are subject to change at anytime in response to changing circumstances in the markets and are not intended to predict or guarantee the future performance of any individual security or the markets generally, nor are they intended to predict the future performance of any Thornburg Investment Management account, strategy or fund.

Any securities, sectors, or countries mentioned are for illustration purposes only. Holdings are subject to change. Under no circumstances does the information contained within represent a recommendation to buy or sell any security.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities Corporation.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities Corporation (TSC) does not act as broker of record for investors.