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Extract Maximum Income Using Active Management

26 Nov 2025
3 min read

Active management could be key for fixed income investors in a falling rate environment.

Fixed income investors have been basking in the sunlight of higher yields the past few years amid the Fed’s aggressive rate-hiking cycle. Fast forward to now, with the Fed instituting its second rate cut of the year. Active management now appeals to ETF investors looking to maximize their income.

Active management can be a fixed income investor’s best ally as the Fed mulls over the next rate decision. The data-dependent Fed has been getting mixed signals. Inflation remains stubborn yet data may provide evidence that the economy is slowing down. That said, uncertainty is still permeating the capital markets.

“While the Fed continues to have access to various data sources, such as direct conversations with businesses in its local districts, the available picture of the economy’s health was murkier than usual due to the government shutdown,” Thornburg portfolio manager and managing director Lon Erickson said in a recent market insight report. “Powell will likely downplay any impact, as market confidence in decision-making is important, but any mistake could trigger volatility.”

Prior to the second rate cut, the Fed was uncharacteristically more forthright with their projections lately. This time around, Powell reverted back to the Fed’s typical persona. He kept his proverbial cards close to his vest when addressing whether a rate cut will happen before year’s end. Currently, the CME Group’s FedWatch is predicting an over 60% likelihood the Fed will cut rates, but nothing is certain.

“Unlike most post-meeting press conferences, Chair Powell was clearly on a mission this time to reset the market’s expectations for a rate cut in December,” Erickson added.

Now that interest rate policy has made a 180-degree shift form previous years, fixed income investors may be wondering how to maintain the level of income they’ve been accustomed to the last few years. One way is took to seek other income sources outside of bonds. This is where a multi-sector bond ETF can be beneficial, but not just any ETF. An actively managed fund is ideal in this uncertain rate environment.

Get Diversified, Active Income

Given the current macro landscape, consider extracting additional income via the Thornburg Multi Sector Bond ETF (TMB). The actively managed fund allows its portfolio managers to tailor its holdings to extract the best income opportunities across various fixed income markets. This includes income derived from a diverse pool of fixed income assets, including Treasury futures. Regardless of whether the Fed is cutting, raising, or keeping rate steady, TMB is an all-weather solution for investors looking to maximize income.

Click here to learn more about TMB.

To get more insights on how Thornburg applies active management to their fixed income ETFs, watch the VettaFi Q3 Fixed Income Symposium. Thornburg’s Head of Fixed Income and Managing Director Christian Hoffmann joined TMX VettaFi’s Head of Research Todd Rosenbluth to discuss how active ETFs can adjust to the Fed’s new rate-cutting regime.

This article was written by Ben Hernandez and can be found on VettaFi’s Portfolio Strategies Hub.

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Important Information

For investment professional use only.

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 thornburg.com. Read them carefully before investing.

Exchange Traded Funds (ETF) are bought and sold through exchange trading at market prices (not NAV) and are not individually redeemed from a Fund. Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns.

Thornburg ETFs are actively managed and do not seek to replicate the performance of a specified index. To determine whether to buy or sell a security, the portfolio managers consider, among other things, various fund requirements and standards, along with economic conditions, alternative investments, interest rates and various credit metrics. If the portfolio manager considerations are inaccurate or misapplied, the fund’s performance may suffer.

Investments carry risks, including possible loss of principal.

Thornburg ETFs are distributed by ALPS Distributors, Inc.

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