Insight & Commentary

  • Economist Nancy Lazar Says Current Inflation is Transitory and Not Ingrained
    Inflation in the U.S. is transitory and not ingrained according to economist Nancy Lazar of Cornerstone Macro.
  • The Fourth Law of Investing
    If You Have Long-Term Goals, You Must Think Long-Term.
  • Will Biden’s Infrastructure Plan Hurt or Help the Municipal Bond Market?
    If enacted, the Biden infrastructure proposal could bring more municipal bond supply, while the personal income tax proposal could bring more demand.
Commentary: Small/Mid Cap Core Fund
We appear to be shifting away from early cycle behavior with peaking economic conditions to more mid-cycle behavior. During these periods, higher-quality stocks tend to perform relatively better, which would favor our general philosophy and current positioning of targeting higher-quality core and reasonably valued growth stocks.

2nd Quarter 2021

      Commentary: Developing World Fund
      Broadly, we view recent inflation spikes as transitory, primarily an outcome of shorter-term supply and demand imbalances, as economies find their post-COVID footing.

      2nd Quarter 2021

          Commentary: Global Opportunities Fund
          As the COVID-19 pandemic wanes, we believe people around the world will continue to buy goods and services and trade with each other, though there will be lasting differences from prior norms. We believe the Global Opportunities Fund's businesses will benefit as the world adjusts to an improving economic backdrop and continued stimulus.

          2nd Quarter 2021

              Commentary: Small/Mid Cap Growth Fund
              We appear to be shifting away from early cycle behavior with peaking economic conditions to more mid-cycle behavior. During these periods, higher quality stocks tend to perform relatively better, which would favor our general philosophy and current positioning of targeting higher quality growth stocks.

              2nd Quarter 2021

                  Commentary: Better World International Fund
                  We remain constructive about the outlook for international markets, and ESG, in the second half of the year. We believe in a balanced core position led by bottom-up stock selection, particularly in companies with superior or improving ESG performance.

                  2nd Quarter 2021

                      Commentary: International Equity Fund
                      We remain constructive about the outlook for international markets in the second half of the year. Though Value has outperformed, the fluctuating leadership between Value and Growth and Growth’s recent outperformance suggests a more balanced core position led by bottom-up stock selection.

                      2nd Quarter 2021

                          Commentary: International Growth Fund
                          We see the fundamentals of our companies as strong and in many cases strengthening. In spite of macroeconomic factors, such as rising inflation expectations, that can impact valuations, we believe that as economies normalize and we enter mid to later cycle conditions, this creates a favorable backdrop for high quality growth stocks.

                          2nd Quarter 2021

                              Commentary: Municipal Bond Funds
                              The reopening trade is priced into the municipal market but there is opportunity, as munis in general have performed better than other fixed income asset classes in rising rate and inflationary environments.

                              2nd Quarter 2021

                                  Commentary: Global Opportunities Fund (UCITS)
                                  As the COVID-19 pandemic wanes, we believe people around the world will continue to buy goods and services and trade with each other, though there will be lasting differences from prior norms. We believe the Global Opportunities Fund's businesses will benefit as the world adjusts to an improving economic backdrop and continued stimulus.

                                  2nd Quarter 2021

                                      Commentary: International Equity Fund (UCITS)
                                      We remain constructive about the outlook for international markets in the second half of the year. Though Value has outperformed, the fluctuating leadership between Value and Growth and Growth’s recent outperformance suggests a more balanced core position led by bottom-up stock selection.

                                      2nd Quarter 2021

                                          Commentary: International ADR Strategy
                                          We remain constructive about the outlook for international markets in the second half of the year. Though Value has outperformed, the fluctuating leadership between Value and Growth and Growth’s recent outperformance suggests a more balanced core position led by bottom-up stock selection.

                                          2nd Quarter 2021

                                              Commentary: International Growth ADR Strategy
                                              We see the fundamentals of our companies as strong and in many cases strengthening. In spite of macroeconomic factors, such as rising inflation expectations, that can impact valuations, we believe that as economies normalize and we enter mid to later cycle conditions, this creates a favorable backdrop for high quality growth stocks.

                                              2nd Quarter 2021

                                                  Commentary: Municipal Bond Strategies
                                                  The reopening trade is priced into the municipal market but there is opportunity, as munis in general have performed better than other fixed income asset classes in rising rate and inflationary environments.

                                                  2nd Quarter 2021

                                                      China: Then, Now and the Future
                                                      Evan Osnos, staff writer for The New Yorker and National Book Award Winner for his book, "Age of Ambition: Chasing Fortune, Truth, and Fait in the New China," joined Thornburg PMs Charlie Wilson and Matt Burdett to discuss the evolution of China’s macro and geopolitical landscape and the implications for investors seeking exposure to Chinese equities.
                                                      Episode 21: What's Next: Navigating Volatile Fixed Income Markets
                                                      The threat of inflation looms, rates are climbing, yields could be negative, and there is no longer safety in sovereign bonds. Central banks have committed to stay “on hold” as the global economy re-opens amid unprecedented government spending—leading us all to ask: what’s next for fixed income? Thornburg President & CEO, Jason Brady, discusses what all this means for bonds and why he is excited about the future of fixed income markets.

                                                      June 15, 2021

                                                        Improving the Odds in EM Investing: Cap Connect Virtual Event Replay
                                                        Investment success in emerging markets requires preparation and a willingness to accept risk. Julia Sze, impact investor and member of Thornburg’s Board of Directors, moderates a conversation with portfolio managers Charlie Wilson and Josh Rubin as they tackle the themes and processes they use to improve the odds for outperformance in emerging markets.
                                                        What's Next Navigating Volatile Fixed Income Markets
                                                        The threat of inflation looms, rates are climbing, yields could be negative, and there is no longer safety in sovereign bonds. Central banks have committed to stay “on hold” as the global economy re-opens amid unprecedented government spending—leading us all to ask: what’s next for fixed income? Thornburg President & CEO, Jason Brady, discusses what all this means for bonds and why he is excited about the future of fixed income markets.
                                                        What's Next: EM is More than "Exposure" - Active Investing Enhances Opportunities
                                                        Emerging markets have been off to a fast start and are poised for continued growth this year. However, investing in EM often requires a balanced approach to fully capture the opportunity. Please join Thornburg’s EM equity team breaks down the sector’s recent performance, ESG factors in identifying risks and how to effectively use EM strategies within your portfolio.
                                                        #NowMe Episode 11: The Keys to Successful Family Wealth Planning
                                                        Jan Blakeley Holman recently appeared on Advisor Perspectives' podcast and we're grateful to them for allowing us to share the episode. Jan talks about family wealth planning, the common barriers to those discussions, and what advisors can do to help their clients overcome them. Jan also tells Bob Huebscher about what prompted her to create her podcast, #NowMe.
                                                        Episode 4: India's Digital Transformation
                                                        India has leap-frogged into the digital era with an astounding set of thoughtful initiatives that have major implications for its telecoms, financial services and retail sectors, among others.

                                                        June 2, 2020

                                                          Fed Update with Jeff Klingelhofer
                                                          Earlier today the Fed held a press conference and spoke about the current economic condition and offered their forecast. Co-head of Investments and Portfolio Manager Jeff Klingelhofer gives his take on what the Fed's guidance and Q1 GDP number mean for investors.
                                                          Don’t Fight the Fed, as the Fed Fights Coronavirus
                                                          The Fed chopped its key rate after equities and bond markets tanked last week. The move risks fueling already frothy risk asset prices amid weakening global growth due to COVID-19, which has badly disrupted global supply chains and increasingly damped some services industries.
                                                          Market Selloff Goes Viral, Injecting More Value into Prices
                                                          Coronavirus-induced market volatility is another in a long string of blows to the global economic recovery. But investors should look through the disruptions for free-cash-flow companies with healthy balance sheets and resilient, if not robust earnings.
                                                          Fed Walks the Line on Rates, Steps into Repo Market
                                                          Portfolio Manager Lon Erickson provides his take on the latest 25-basis-point rate cut by the Fed. Lower rates for longer means risks continue to build in the financial system, as the Fed places a band-aid on the short-term funding market.

                                                          September 2019

                                                              Parsing Long/Short Equity Liquid Alts Performance, Fees and Net Exposures
                                                              Investors interested in long/short equity mutual funds would be well advised to consider more than their much-more competitive fees vs. private hedge fund peers. To genuinely hedge the long components of a portfolio, look for lower net long exposures in a long/short equity allocation, and added value on the short side even in rising equity markets.
                                                              Guess What Delivered in Spades in Thornburg’s Internal 2017 Global 3 Stock/Security Competition?
                                                              At the beginning of every year, a number of investment professionals at Thornburg voluntarily place their informal, internal-only bets on which three securities—from stocks to currencies or other financial assets—might together produce the best beta-adjusted returns in the year ahead. In 2017, the winner was Sean Sun, whose three picks included bitcoin. The cryptocurrency skyrocketed last year, of course, helping Sean win the prizeless competition by a wide margin.
                                                              A Distinctive Approach to Emerging Markets
                                                              Thornburg Developing World strategy is an active investment portfolio that utilizes a flexible, bottom-up research process to uncover the best investment opportunities in the emerging markets. In this video, Portfolio Managers Ben Kirby and Charlie Wilson discuss their approach to emerging market investing.
                                                              Actively Managed. Structured for Excellence
                                                              Far from the groupthink of Wall Street, Thornburg offers a broader view of the financial landscape. We have a disciplined approach to portfolio construction, a flexible perspective that crosses boundaries, and an adherence to access and transparency. We believe this helps investors reach their long-term goals.

                                                              June 1, 2016

                                                                  Vision Mission and Values
                                                                  Garrett Thornburg describes how our Vision, Mission and Values support our goals of excellence through continual improvement and adding value for our clients.

                                                                  January 1, 2016

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