Confirm you would like to unsubscribe from this list

Don't save

Remove strategy

Confirm you would like to remove this strategy from your list

Welcome to Thornburg

Please select your location and role to help personalize the site.
Please review our Terms & Conditions

For Institutional / Wholesale / Professional Clients

The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.


Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.


Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.

Reference to a fund or security anywhere on this website is not a recommendation to buy, sell or hold that or any other security. The information is not a complete analysis of every material fact concerning any market, industry, or investment, nor is it intended to predict the performance of any investment or market.

All opinions and estimates included on this website constitute judgements of Thornburg as at the date of this website and are subject to change without notice.

All information and contents of this website are furnished "as is." Data has been obtained from sources considered reliable, but Thornburg makes no representation as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg disclaims, to the fullest extent of the law, any implied or express warranty of any kind, including without limitation the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

If you live in a state that does not allow disclaimers of implied warranties, our disclaimer may not apply to you.

Although Thornburg intends the information contained in this website to be accurate and reliable, errors sometimes occur. Thornburg does not warrant that the information to be free of errors, that the functions contained in the site will be uninterrupted, that defects will be corrected or that the site and servers are free from viruses or other harmful components. You agree that you are responsible for the means you use to access this website and understand that your hardware, software, the Internet, your Internet service provider, and other third parties involved in connecting you to our website may not perform as intended or desired. We also disclaim responsibility for damages third parties may cause to you through the use of this website, whether intentional or unintentional. For example, you understand that hackers could breach our security procedures, and that we will not be responsible for any related damages.

Thornburg Investment Management, Inc. is regulated by the U.S. Securities and Exchange under U.S. laws which may differ materially from laws in other jurisdictions.

Online Privacy and Cookie Policy

Please review our Online Privacy and Cookie Policy, which is hereby incorporated by reference as part of these terms and conditions.

Third Party Content

Certain website's content has been obtained from sources that Thornburg believes to be reliable as of the date presented but Thornburg cannot guarantee the accuracy, timeliness, completeness, or suitability for use of such content. The content does not take into account individual investor's circumstances, objectives or needs. The content is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services, nor does it constitute investment advice and should not be used as the basis for any investment decision.


No determination has been made regarding the suitability of any securities, financial instruments or strategies for any investor. The website's content is provided on the basis and subject to the explanations, caveats and warnings set out in this notice and elsewhere herein. The website's content does not purport to provide any legal, tax or accounting advice. Any discussion of risk management is intended to describe Thornburg's efforts to monitor and manage risk but does not imply low risk.

Limited License and Restrictions on Use

Except as otherwise stated in these terms of use or as expressly authorized by Thornburg in writing, you may not:

  • Modify, copy, distribute, transmit, post, display, perform, reproduce, publish, broadcast, license, create derivative works from, transfer, sell, or exploit any reports, data, information, content, software, RSS and podcast feeds, products, services, or other materials (collectively, "Materials") on, generated by or obtained from this website, whether through links or otherwise;
  • Redeliver any page, text, image or Materials on this website using "framing" or other technology;
  • Engage in any conduct that could damage, disable, or overburden (i) this website, (ii) any Materials or services provided through this website, or (iii) any systems, networks, servers, or accounts related to this website, including without limitation, using devices or software that provide repeated automated access to this website, other than those made generally available by Thornburg;
  • Probe, scan, or test the vulnerability of any Materials, services, systems, networks, servers, or accounts related to this website or attempt to gain unauthorized access to Materials, services, systems, networks, servers, or accounts connected or associated with this website through hacking, password or data mining, or any other means of circumventing any access-limiting, user authentication or security device of any Materials, services, systems, networks, servers, or accounts related to this website; or
  • Modify, copy, obscure, remove or display the Thornburg name, logo, trademarks, notices or images without Thornburg's express written permission. To obtain such permission, you may e-mail us at info@thornburg.com.

Severability, Governing Law

Failure by Thornburg to enforce any provision(s) of these terms and conditions shall not be construed as a waiver of any provision or right. This website is controlled and operated by Thornburg from its offices in Santa Fe, New Mexico. The laws of the State of New Mexico govern these terms and conditions. If you take legal action relating to these terms and conditions, you agree to file such action only in state or federal court in New Mexico and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.


You acknowledge and agree that Thornburg may restrict, suspend or terminate these terms and conditions or your access to, and use, of the all or any part this website, including any links to third-party sites, at any time, with or without cause, including but not limited to any breach of these terms and conditions, in Thornburg's absolute discretion and without prior notice or liability.

Give Us a Call

Fund Operations

A bear statue sits on a table, bear markets
Retirement Planning

Bear Market? Advisors, You’ve Got This

Jan Blakeley Holman, CFP, CIMA, ChFC, CDFA, CFS, GFS
Director of Advisor Education
20 Mar 2020
3 min read
Sorry, but you do not have permission to view this content.

In terms of points, the market’s recent volatility is unparalleled. It’s hard to imagine a time when a 300-point drop in the market caused widespread alarm. Not anymore! We’ve gotten used to hundred-point swings in the market, but now we’re seeing the Dow move in thousand-point increments. This market volatility is enough to drive unprecedented demand for antacids that’s as great as the demand we’re seeing for antibacterial wipes, toilet paper and bottled water.

Not surprisingly, significant market drops like these are disconcerting to anyone who has a vested interest in the markets. That means all of us. The challenge for you, as a financial advisor, is to convince your clients to “stay the course,” particularly when there is so much confusion and fear about there not being an end in sight.

You may not believe it, but you are prepared for this. Just trust what you’ve learned, rely upon the basics and do the following:

  • Have Faith in Our System
    The cornerstone of every investment that’s made is faith. Faith in the company being invested in, faith that the equity markets will function legally and properly, and ultimately, faith in our country and in our capitalist system. If we Americans didn’t have faith that our system were secure, none of us would make investments. In situations like this, where the outcome is unknown, having faith is challenging. Your clients are relying on you. This is one of those times where the faith you have in the American system and how you convey that to your clients will make a difference in whether or not they “stay the course,” or give up. If they give up now, they may be giving up on their future, when the equity market does recover.
  • Rely on the Cash Reserve
    At times like these, we hear that, “the market doesn’t like uncertainty.” That really means that human beings don’t like uncertainty. If your clients are calling, expressing their concern and asking for guidance, remember that they are reacting to the most primitive of all human instincts – fight or flight. Remind them of their goals, that long-term really means long-term. Most clients will be investing for decades. You’ve probably created a cash reserve or emergency fund in their portfolio. If they are thinking of selling their investments, remind them that they have that cushion and talk them back from the edge.
  • Focus on the Number of Shares, Not the Prices
    Access to up-to-the-minute investment prices and portfolio values is the best and worst innovation the financial services industry has ever created. It’s the best because nothing is hidden and investors can instantly monitor the value of their investments and gauge the progress they’re making relative to their goals any time of the day. It’s the worst innovation for the same reason.Because investment prices are changing so rapidly, it makes sense to tell your clients not to look at their investment accounts for a while, not because there’s anything to hide, but because over shorter periods of time prices are more volatile. If anything, clients should continue to invest because they will be buying more shares, so during the price recovery they will benefit that much more.
  • Take Advantage of Lower Stock Prices
    When we joined this industry, one of the first strategies we learned was called dollar-cost averaging. Now is a great time to use that strategy. Retirement accounts offer the best example of accounts your clients are dollar-cost averaging into. This may be a time to suggest that clients focus on the number of shares they’re accumulating instead of the price of the shares. The more shares they accumulate, the more money they will have when the markets recover.

We’re in uncharted territory in some ways, and in other ways, we’ve been here before. We’ve gone through recessions, depressions, wars, assassinations, impeachments, and everything else that’s possible. We will get through this uncertainty. There will be challenges and sadness, but on the other side, there also will be positive outcomes that are the result of keeping your clients invested. Keep the faith!

Discover more about:

Stay Connected

Subscribe now to stay up-to-date with Thornburg’s news and insights.

More Insights

Racers at the finish line on a track
Global Equity

Forget the Magnificent 7 – Why You Should Invest in Europe’s Fantastic 5

Europe has its own crop of market-beating growth stocks that are overlooked compared to the Magnificent Seven in the US.
Choosing between an older advisor and a younger advisor.
Investor Advice

Should You Opt for an Older or Younger Financial Adviser?

Do you want the wisdom that comes with age or the innovation that comes with youth? Maybe you can have both with an advisory team.
Markets & Economy

Observations: The Value of Dividends and Munis to Stoke Income

Our Co-Heads of Investments make the case for dividend-paying stocks and the tax-free feature of Munis as tax hikes are possible, given our government debt levels.
Markets & Economy

Observations: Market Concentration and the Fed’s Policy Outlook

Our Co-Heads of Investments discuss whether the equity market rally is finally broadening and whether the Fed's forecast for three rate cuts makes sense.
Markets & Economy

Observations: Are Investors Too Complacent?

Our Co-Heads of Investments discuss whether the financial markets' substantial gains following last autumn's 'Fed pivot' left investors smug amid potential dangers.
Woman with her smart phone and plexus connection
Global Equity

Avoiding Concentration Risk in AI: Is It Time for a Reality Check?

Overexuberance for all things AI can create concentration risk. See how we’re curating diversified exposure designed to perform over the long term.

Our insights. Your inbox.

Sign up to receive timely market commentary and perspectives from our financial experts delivered to your inbox weekly.