• Sustainable Investing as Performance Investing
    Updated May 2016 [Rolf Kelly, CFA, Better World International]
    Empirical evidence demonstrates that Environmental, Social and Governance (ESG) investing can outperform non-ESG strategies over time.
  • 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.
  • The Case for a High and Growing Dividend Stock Strategy in Retirement Portfolios
    Updated March 2016 [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.
  • No Middle Ground: Passive, or Truly Active and Diversified
    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.

  • Market Commentary
    Portfolio manager commentary on various asset classes, including global fixed income, U.S. equities, emerging markets equities, government and investment-grade fixed income, international equities, and U.S. municipal bonds.
  • Compelling Value
    Updated April 2016 [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.
  • Compelling Value
    This quarter features: On Emerging Markets: The Post-Rally Hunt for Value and Sustainable Investing as Performance Investing
  • View From the Bond Desk
    March 2016 [Nicholos Venditti, Josh Yafa]
    Featuring: Steps Ahead of a Looming Liquidity Challenge and Bond Correlations and Interest Rates, Not Always a Straight Line
  • Margin of Safety: Tactical Rebalancing and Strategic Allocation in Overseas Equities
    U.S. stocks have had a great run for half a dozen years. Why should U.S. investors cut exposure to a winner and increase it to overseas stocks now? For plenty of near-term and structural reasons, including downside protection,
  • Selection Effect: Taking the Measure of Turbulent Markets, Focusing on Value
    January 2016 [Jason Brady, CFA, CEO, Global Fixed income]
    In his first interview as new CEO, Brady shares his take on global economic malaise, central bank influencers, oil’s collapse and other challenges helping to pave the way for active, bottom-up value managers like Thornburg.

  • Compelling Value
    This quarter features: Beta Isn't Better: Risks and Returns in Emerging Market Equities and Stormy Markets Ahead: Rising U.S. Rates, Global QE Tides
  • Sustainable Investing as Performance Investing
    January 2016 [Rolf Kelly, CFA, Better World International]
    Empirical evidence demonstrates that Environmental, Social and Governance (ESG) investing can outperform non-ESG strategies over time.
  • Beta Isn't Better
    January 2016 [Charles Wilson, PhD, Developing World, Emerging Views]
    Analyzing the relationship between beta and returns reveals that investors generally aren’t compensated for the risks associated with higher beta stocks. Over time, lower beta stocks tend to offer the most attractive returns, our research shows.

  • Re-emerging at Last? The Contrarian Case for Emerging Market Equities
    Highly attractive equity valuations, low penetration of goods and services, and structural demand driven by growing middle classes and rising wages make a compelling case for emerging market stocks.

  • 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.
  • Are Your Plan Fees Reasonable?
    Updated February 2015 [Retirement Plan Advisors, Fiduciary Tools]
    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]
    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.
  • 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.
  • 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.
  • 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.
  • Structuring Distribution Strategies for Retirees in a Bear Market
    Updated december 2014 [Thornburg's Income-Seeking Solutions]
    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.
  • 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.
  • Global Opportunities: The Next Leap Forward for Defined Contribution Investment Menus
    Defined Contribution retirement plans need to modernize their investment options well beyond standard target-date series. Most DC plan menus are too concentrated in U.S.-focused debt and equity funds. Adding international and global fixed income and equity options can lower correlation to U.S. markets and offer improved risk diversification and return potential.
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.