Concord and Thornburg Launch Income Fund in Taiwan

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• Thornburg Limited Term Income Fund’s objective provides investors current income through U.S. dollar denominated short/intermediate investment grade bonds

TAIPEI, TAIWAN and SANTA, FE, NM — 14 September 2023 — Thornburg Investment Management (“Thornburg”), a global investment firm that oversees $42 billion in assets¹, and Concord Capital Management Corp. (“Concord”), a leading pioneer of master agent offshore funds in Taiwan, today announced the Taiwan launch of the Thornburg Limited Term Income (UCITS) Fund at an inauguration ceremony attended by industry officials, institutional clients, media and senior executives from both firms.

“I am pleased to partner with Thornburg in introducing this product to the Taiwan market,” said Concord CEO David Lay. “Thornburg is known for its suite of income generating, high-quality fund solutions, so it is appropriate that Thornburg Limited Term Income is the first to launch in Taiwan. With this partnership, we deepen our commitment to providing Taiwanese investors with a wide spectrum of offshore funds that meet their individual investment objectives.”

The fund launch is Thornburg’s first product introduction into the Taiwan market and follows the 17 August 2021 signing of a master agent agreement with Concord to collaborate on the distribution of Thornburg offshore funds registered for general sale in Taiwan.

Speaking at the inauguration ceremony, Jeff Klingelhofer, Thornburg’s Co-Head of Investments and a Portfolio Manager on the fund said, “We are excited to introduce this core investment income solution to the Taiwan market. We look forward to further collaboration with Concord to expand our reach and product offerings here. The partnership with Concord is consistent with our global distribution growth strategy and our ongoing commitment to expand our presence across Asia.”

Thornburg’s Limited Term Income Fund (UCITS) has an investment objective of providing investors as high a level of current income as is consistent with safety of capital through investments in US dollar denominated short/intermediate investment grade bonds. The UCITS fund was incepted on 3 May 2017. As of 31 July 2023, the fund has US$114.4 million in assets and was awarded four stars by Morningstar in the USD Corporate Bond–Short Term Funds category.²

Thornburg announced in August 2020 that it had appointed Concord as its private placement agent in Taiwan. Concord helps Thornburg market its global equities and fixed income UCITS funds and separately managed account solutions to institutions and high-net-worth investors in Taiwan.

About Thornburg

Founded in 1982, Thornburg Investment Management is a privately owned global investment firm that offers a range of multi-strategy solutions for institutions and financial advisors. A recognized leader in equity, fixed income, and multi-asset solutions, the firm oversees $42 billion¹ as of 30 June 2023 across mutual funds, closed-end funds, institutional accounts, separate accounts for high-net-worth investors and UCITS funds for non-U.S. investors. Thornburg is headquartered in Santa Fe, New Mexico, with additional offices in Hong Kong and Shanghai.

At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our culture is collaborative, and our investment solutions are highly active, high conviction and benchmark agnostic. When it comes to finding value for our clients, it’s more than what we do, it’s how we do it: how we think, how we invest and how we’re structured.

For more information, visit www.thornburg.com.

About Concord

Established in 1991, Concord Capital Management Corp. is a pioneer in the introduction and distribution of offshore funds in Taiwan. Concord is a local fund house holding a Securities Investment Consulting Enterprise (SICE) license and is currently appointed as the exclusive master agent for KBI Investors and Carmignac in offering registered offshore funds in Taiwan for retail distribution. Concord is based in Taipei, Taiwan.

Media Inquiries

Ting (Barry) Huang
Head of Product and Sales
Concord Capital Management Corp.
Tel: +886 2-27560757
Mobile: +886 910-156-597
Email: barry.huang@concords.com.tw

Michael Corrao
Director of Global Communications
Thornburg Investment Management
Tel: +1 (505) 467-5345
Mobile: +1 (917) 476-0781
Email: mcorrao@thornburg.com

Patrick Yu
General Manager, SVP and Partner
FleishmanHillard
Tel: +852 25867877
Mobile: +852 91098121
Email: patrick.yu@fleishman.com

Important Information

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small-and mid-capitalization companies may increase the risk of greater price fluctuations. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Unlike bonds, bond funds have ongoing fees and expenses. Investments in mortgage-backed securities (MBS) may bear additional risk.

Investments in the Fund are not insured, nor are they bank deposits or guaranteed by a bank or any other entity. For risks materially relevant to the Fund, please read the Fund’s Annual Report or Prospectus/Supplement available at www.thornburg.com/ucits.

The Fund is a sub-fund of Thornburg Global Investment plc (“TGI”), an open-ended investment company with variable capital constituted as an umbrella fund with segregated liability between sub-funds, authorized and regulated by the Central Bank of Ireland (“CBI”) as an Undertaking for Collective Investments in Transferable Securities (“UCITS”). Authorization of TGI by the CBI is not an endorsement or guarantee by the CBI nor is the CBI responsible for the contents of any marketing material or the Fund’s prospectus, supplement or applicable Key Information Document (“KID”). Authorization by the CBI shall not constitute a warranty as to the performance of TGI and the CBI shall not be liable for the performance of TGI.

This does not constitute or contain an offer, solicitation, recommendation or investment advice with respect to the purchase of the Funds described herein or any security. The Fund’s shares may not be sold to citizens or residents of the United States or in any other state, country or jurisdiction where it would be unlawful to offer, solicit an offer for, or sell the shares. For information regarding the jurisdictions in which the Fund is registered or passported, please contact Thornburg at contactglobal@thornburg.com or +1.855.732.9301. Fund shares may be sold on a private placement basis depending on the jurisdiction. This should not be used or distributed in any jurisdiction, other than in those in which the Fund is authorized, where authorization for distribution is required. Thornburg is authorized by the Fund to facilitate the distribution of shares of the Fund in certain jurisdictions through dealers, referral agents, sub-distributors and other financial intermediaries. Any entity forwarding this, which is produced by Thornburg in the United States, to other parties takes full responsibility for ensuring compliance with applicable securities laws in connection with its distribution.

Before investing, investors should review the Fund’s full prospectus and supplement, together with the applicable KID and the most recent annual and semi-annual reports.

Copies of the Fund’s prospectus and supplement can be obtained from State Street Fund Services (Ireland) Limited, by visiting www.thornburg.com/ucits or by contacting the local paying or representative agent or local distributor in the jurisdictions in which the Fund is available for distribution, and are available in English.

The KIDs can be obtained from www.thornburg.com/ucits and are available in one of the official languages of each of the EU Member States into which the Fund has been notified for marketing under the Directive 2009/65/EC (the UCITS Directive).

In addition, a summary of investor rights is available from www.thornburg.com/ucits. The summary is available in English.

The Fund is currently notified for marketing into a number of EU Member States under the UCITS Directive. The Fund can terminate such notifications for any share class and/or the Fund at any time using the process contained in Article 93a of the UCITS Directive.

No securities commission or regulatory authority has in any way passed upon the merits of an investment in the Fund or the accuracy or adequacy of this information or the material contained herein or otherwise. Neither this or the Offering Documents have been approved in any jurisdiction where the Fund has not been registered for public offer and sale. This information is not, and under no circumstances is to be construed as the Offering Documents, a public offering or an offering memorandum as defined under applicable securities legislation. Application for shares may only be made by way of the Fund’s most recent Offering Documents.

The Fund is actively managed and is not constrained by any benchmark.

The Fund is approved or approved by the FSB, but it does not mean that there is no risk. The economic forecasts mentioned herein do not necessarily represent the performance of the Fund and the performance of the Fund Manager’s past managers does not guarantee the minimum investment return of the Fund; The fund manager company is not responsible for the profit or loss of the fund and does not guarantee a minimum return, except for the duty of care of a good manager. The expenses to be borne by the fund (including distribution fees) have been disclosed in the fund’s public description and investor notice, investors should read the fund’s public description before applying, and can go to the company’s website (http://funds.concords.com.tw) or overseas fund information observation station (http://www.fundclear.com.tw) for inquiry. The fund’s distribution may be paid from the fund’s income or principal. Any portion involving principal expenses may result in a reduction in the original investment amount. The Fund does not deduct the relevant expenses payable before placing dividends. The Fund’s matching rate does not represent the Fund’s return rate, and the past distribution rate does not represent the future matching rate; The net value of the fund may fluctuate up and down due to market factors. When the fund invests in securities denominated in foreign currency, investors based on the Taiwan dollar are exposed to exchange rate risk, and investors should pay attention to the investment risks arising from changes in interest rates and exchange rates, market trends, economic and political factors. Please refer to the Fund’s Public Statement on Investment Risks.

Taking into account the Fund’s primary investment in global investment grade bonds and the volatility of past net worth, the risk return is RR2. The risk reward rating is compiled by the Company with reference to the “Fund Risk Return Classification Standard” of the Investment Trust Investment Advisory Association, which calculates the standard deviation of the net value volatility of the fund in the past 5 years, and classifies it into five levels of RR1-RR5 in the standard deviation interval, the larger the number, the higher the risk. This classification is based on general market conditions to reflect market price fluctuation risk, cannot cover all risks (such as: fund denominated currency exchange rate risk, investment target industry risk, credit risk, interest rate risk, liquidity risk, etc.), should not be used as the only basis for investment, investors should still pay attention to the individual risks of the invested funds. Investors should fully assess the investment risk of the fund, and relevant information (such as annualized standard deviation, alpha, beta and sharp value, etc.) can be found in the “Fund Performance and Evaluation Index Enquiry Zone” (https://www.sitca.org.tw/index_pc.aspx) on the website of the Securities Investment Trust and Advisors Business Association of the Republic of China. The information in this article is provided by Concord Securities Investment Advisors Inc. and, unless otherwise noted, is sourced from Thornburg Global Investment plc.

¹ Includes assets under management ($40.9B) and assets under advisement ($1.0B), as of 30 June 2023.

² OVERALL MORNINGSTAR RATING™ Morningstar Overall Rating™ among 163 USD Corporate Bond–Short Term Funds, based on risk-adjusted returns, uses a weighted average of the fund’s three-, five-, and ten-year ratings respectively, 2 stars, 3 stars, 5 stars, among 161, 132, 50 funds. Performance data provided to Morningstar for the period prior to the inception of the UCITS is hypothetical and was calculated from actual returns of the U.S. mutual fund adjusted for the expenses of the UCITS. Although the UCITS is managed by the same investment team and utilizes a similar investment process as the U.S. mutual fund, the performance and portfolio composition of the UCITS may have differed due to UCITS regulations.