COVID-19 Business Continuity Update

COVID-19 Business Continuity Update as of August 20, 2020

Dear Clients and Shareholders,

Thornburg Investment Management is a global investment firm with 250 employees in the U.S., Europe, and Asia. As we continue to monitor developments related to COVID-19, we remain focused on the health and safety of our employees and clients around the world – some of whom live and work in highly affected regions – as well as the continuity of our investment and business operations.

We are carefully adhering to the guidelines and protocols provided by the CDC and WHO, along with federal, state, and local governments. Nearly all Thornburg employees are working remotely, but for members of the team who need to come into the office due to the nature of their roles, we are adhering to a comprehensive set of precautionary and social distancing measures to help protect their health and wellbeing. Currently in New Mexico, the governor is permitting offices to operate with 25% of their maximum capacity while encouraging all employees, who are able, to work remotely. Thornburg is doing the following:

  1. Our office: Although Thornburg’s headquarters in Santa Fe, New Mexico, was deemed an essential business and has remained open since the stay-at-home instruction was put in place on March 23, 2020, nearly all employees are working remotely. In accordance with the governor’s latest instruction limiting offices to 25% of their maximum capacity, we could permit our entire team of 250 to work from our headquarters, which has a maximum capacity of 1,000 people. However, we continue to encourage employees, if they are able, to work remotely. The office continues to be terminal cleaned Monday through Friday.
  2. Technology: Employees are working remotely through secure connections to our corporate network and leveraging access to existing corporate technologies. Phones are able to be forwarded.
  3. Internal communication: We expanded our use of teleconferencing and videoconferencing in order to maintain day-to-day business operations.
  4. Travel: Approval is required for any business travel and must be in accordance with all applicable health orders. In some circumstances, employees or guests who travel in and out of New Mexico for personal or business purposes will be required to quarantine for 14 days and monitor themselves for any COVID-19 symptoms before coming to the office.
  5. Clients: All customer service lines are enabled for custom messaging to alert clients of possible delays in customer service and direct queries to website.

Thornburg has made considerable investments in technology that enable us to operate effectively in the event of an extended period of remote work. This operational infrastructure supports key functions including portfolio management, trading, operational support, compliance, and client service. In addition, we are in frequent communication with our third-party service providers to ensure appropriate service levels.

For the past 38 years and through a variety of market cycles, Thornburg has been a recognized leader in fixed income, global equity, and alternatives investing to help our clients reach their long-term financial goals. During these uncertain times, we remain focused on ensuring we are positioned to support our clients when they need us most.

For questions and inquiries, please reach out through your usual phone or email contacts or email info@thornburg.com.