ESG Investing: Practices, Progress and Challenges
Jake Walko, Thornburg’s Director of ESG Investing & Global Investment Stewardship, speaks about ESG integration and the benefits of active management when selecting ESG investments for portfolios.
Rethink How You Approach Fixed Income
Don’t doubt the importance of fixed income. Despite a low-yield environment, fixed income is relevant. Jason Brady discusses how to reframe the conversation.
ESG & Investing is Good for Everyone
Environmental, Social, and Governance (ESG) investing means different things to different people. We discuss what is ESG and how it integrates with investing.
Even As The Pandemic Rages On, Can We Sustain the Current Economic Trajectory?
Equity indices in most parts of the world are higher than they were going into the pandemic, so markets today don't just represent a return to normalization.
Where Are The Opportunities Despite Low Yields and Rising Rates?
With risks to both short and long duration securities, we discuss where investors may still find opportunities in the fixed income market.
Why Our Long-Term Outlook Remains Positive Despite Market Challenges
Inflation, global economic stimulus, interest rates, and unemployment are all impacting global markets. Hear why our long-term outlook remains positive.
CEO Jason Brady on Bloomberg TV
Jason Brady appeared on Bloomberg TV in studio to discuss what's driving markets, particularly the Fed and inflation.
Is Inflation Transitory or Will It Be Sustained
Supply chain challenges and shifts in the labor market are driving inflation higher which may be a multi-year dynamic.
Thornburg Launches Closed-End Fund
In July 2021, Thornburg successfully completed the initial public offering of Thornburg Income Builder Opportunities Trust (NASDAQ: TBLD). This marks the firm's first foray into closed-end funds, which comes after a sea change in how closed-end funds are structured to better benefit shareholders.
Episode 22: The Supply and Demand Effect on the Muni Market
Thornburg Municipal Bond Managers discuss the important topics impacting the municipal bond market, including supply and demand, infrastructure spending and cyber security.
Building Brand Relevance: Team Rebranding Toolkit
This webinar is designed for newly-formed financial advisory teams who need to build their branding from scratch or shift positioning in the marketplace. You’re sure to get useful tips from our speaker, Mike Fox, a long-time ad agency branding specialist. He will discuss how to build a brand reputation (everything from the name of a team to positioning against competitors) and how to build brand visibility (from digital ads to even office décor).
Looking Past the Pandemic: Opportunities in Global Equities
Thornburg Portfolio Manager Miguel Oleaga examines key sectors that have interesting go-forward investment opportunities created by the global pandemic.
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.
Commentary: Limited Term Income Fund (UCITS)
We have strong conviction within select areas of the fixed income market, particularly within the consumer space.
Commentary: Developing World Fund
While China dominated recent news headlines, it’s important to keep in mind that emerging markets are diverse and comprised of more than two dozen countries, each with their own currencies, central banks and unique political systems.
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.
Commentary: Small/Mid Cap Growth Fund
We appear to be shifting away from early cycle behavior with peaking economic conditions to more midcycle 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.
Commentary: Investment Income Builder Fund
We continue to be optimistic regarding the income and return potential of Thornburg Investment Income Builder’s assets.
Commentary: Better World International Fund
As bottom-up international stock pickers with a 23-year history, we know that market volatility always brings with it attractive businesses that are oversold and mispriced, and therefore opportunity in the months to come.
Commentary: Strategic Income Fund
We prefer to be defensively positioned in an environment where valuations suggest the reopening trade has been fully priced in.
Commentary: Income and U.S. Government Bond Funds
We have strong conviction within select areas of the fixed income market, particularly within the consumer space.
Commentary: International Equity Fund
As bottom-up international stock pickers with a 23-year history, we know that market volatility always brings with it attractive businesses that are oversold and mispriced, and therefore opportunity in the months to come.
Commentary: International Growth Fund
While higher rates can compress valuations of longer duration growth stocks, our process emphasizes paying a fair price for exceptional companies. No one can consistently call a bottom in more volatile markets, but we are confident that the companies in our portfolio have a bright future ahead.
Commentary: Municipal Bond Funds
Municipal credit has experienced a renaissance after showing incredible resiliency during the pandemic. Issuers have recovered faster than expected and are in the best financial position since 2007. Municipalities are flush with cash, and struggling to spend Federal aid but few seem interested addressing long-term issues.
Commentary: Investment Income Builder Fund (UCITS)
We continue to be optimistic regarding the income and return potential of Thornburg Investment Income Builder’s assets.
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.
Commentary: International Equity Fund (UCITS)
As bottom-up international stock pickers with a 23-year history, we know that market volatility always brings with it attractive businesses that are oversold and mispriced, and therefore opportunity in the months to come.
Commentary: Developing World Fund (UCITS)
While China dominated recent news headlines, it’s important to keep in mind that emerging markets are diverse and comprised of more than two dozen countries, each with their own currencies, central banks and unique political systems.
Commentary: International ADR Strategy
As bottom-up international stock pickers with a 23-year history, we know that market volatility always brings with it attractive businesses that are oversold and mispriced, and therefore opportunity in the months to come.
Commentary: International Growth ADR Strategy
While higher rates can compress valuations of longer duration growth stocks, our process emphasizes paying a fair price for exceptional companies. No one can consistently call a bottom in more volatile markets, but we are confident that the companies in our portfolio have a bright future ahead.
Commentary: Income and U.S. Government Bond Strategies
We have strong conviction within select areas of the fixed income market, particularly within the consumer space.
Commentary: Municipal Bond Strategies
Municipal credit has experienced a renaissance after showing incredible resiliency during the pandemic. Issuers have recovered faster than expected and are in the best financial position since 2007. Municipalities are flush with cash, and struggling to spend Federal aid but few seem interested addressing long-term issues.
Commentary: Strategic Income Fund (UCITS)
We prefer to be defensively positioned in an environment where valuations suggest the reopening trade has been fully priced in.
Commentary: Emerging Markets ADR Strategy
While China dominated recent news headlines, it’s important to keep in mind that emerging markets are diverse and comprised of more than two dozen countries, each with their own currencies, central banks and unique political systems.
Covid's Ongoing Impact on Global Equities
Covid continues to create opportunities for active managers who take a balanced and measured approach.
There’s Always Room for SMID
It's always time for SMID, but especially with a resurgent economy and accommodative monetary policy.
Paths to Success in Global Equities
Thornburg Chief Investment Strategist Brian McMahon discusses the lessons he’s learned throughout his 15 years managing the Global Opportunities Fund.
How Fixed Income's Role in a Portfolio is Changing
As fixed income markets evolve, so does the likelihood of interesting opportunities within a portfolio. Thornburg President and CEO Jason Brady discusses how Thornburg’s nimble and wholistic approach to fixed income can benefit investors during the current market environment.
Global Rates: Is There Room to Run?
Thornburg President and CEO Jason Brady discusses the interesting development of rates falling across the globe despite an improving growth and the different opportunities that could present on a country-by-country basis.
Outlook for Growth and Inflation with President and CEO Jason Brady
Thornburg President and CEO Jason Brady discusses the acceleration of economic growth in developed markets, particularly in the U.S., and how inflation could play a factor for investors going forward.
Building Brand Relevance: Connecting with Prospects in the Digital Age
Learn tactical ways to build your brand through digital prospecting including how to create a basic digital media strategy.
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.
Commentary: U.S. Equity Strategy
As the market recovery matures and moves into mid-cycle, we believe a more balanced market environment will benefit higher quality stocks.
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.
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.
Building Your Brand Through Prospect Segmentation
Mike Fox provides an introduction to building your brand through segmentation of your prospect audience.
The Power of Educational Programs in the Financial Industry
Jan Blakeley Holman, director of advisor education, discusses her work identifying and creating advisor education programs that support financial advisors as they work with their clients and prospects and how you can continue your own education.
CEO Jason Brady on Bloomberg TV
President and CEO Jason Brady joined Bloomberg to talk inflation, markets, and U.S. job data.
Citywire Engage Interviews Charlie Wilson
Citywire Engage sits down with Charlie Wilson to discuss all things emerging markets.
Income Producing Assets in a Low Rate World
The 60/40 investment portfolio worked well for 40 years. But as bond market yields have fallen to record lows, investors need other income solutions. Portfolio Manager Matt Burdett says global dividend-paying stocks can meet the income investing challenge.
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.
CEO Jason Brady on Bloomberg TV
President and CEO Jason Brady joined Bloomberg TV to discuss his outlook on fixed income and equity 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.
The Third Law of Investing
There is an inverse relationship between interest rates and bond prices.
The Second Law of Investing
By understanding more about compounding, investors can be well equipped to take advantage of the process available to all of us.
What's Your Brand Story? Building Brand Relevance
This one hour session will provide a simple system for building your brand. Mike Fox, founder of the Mullingar Group, will discuss how to effectively articulate your unique value to clients and prospects.
Episode 20: To Find Fertile Ground in Emerging Markets, Incorporate ESG
Portfolio Manager Charlie Wilson explains the importance of employing ESG analysis in identifying companies that are good stewards of their resources. They tend to be higher-performing firms, particularly in emerging markets.
Economist Nancy Lazar Sees Robust Rebound in Capex, Infrastructure and Consumer Spending
Cornerstone Macro forecasts 9 percent GDP growth by 4Q 2021.
Episode 19: Income Opportunities in a Low-Yield World
The past 40 years have been rewarding for fixed income investors, but as yields have fallen over time, the future looks far more challenging. Portfolio Manager Matt Burdett lays out compelling income options for flexible, nimble investors.
Federal Reserve Sees a “Transitory” Rise in Inflation
Longer-term U.S. Treasury yields have been rising alongside inflation expectations. Just how transitory an expected inflation “pop” proves matters as the economy reopens amid a gusher of fiscal stimulus.
It’s Always the Right Time for EM
Emerging market equities can provide both return and diversification benefits, but only with a consistent and meaningful portfolio allocation.
Taking the Measure of China's Stock Market and Economy
Foreign investors are increasingly streaming into China’s retail-driven equity market, benefiting both local and international money managers alike. As China’s economic and market drivers change rapidly, watch your step.
The Tailwinds Supporting Emerging Market Equities
From strongly rebounding economic growth to low global rates and manageable inflation dynamics, emerging market stocks are well positioned. But volatility mitigation remains a must.
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.
China’s Domestic Stock and Bond Markets a Vast New Frontier for Foreign Investors
Under-owned relative to the size of its economy and among foreign global money managers, the Middle Kingdom’s capital markets represent incredible opportunities, and new challenges. Tread carefully.
CEO Jason Brady Talks Markets on Bloomberg TV
President and CEO Jason Brady joined Bloomberg TV to discuss the fixed income and equity markets amid Fed action and the rise of the retail investor.
Episode 18: Don’t Get Complacent in Emerging Markets
The index comprises 26 countries with their own politics, monetary and fiscal policies and GDP growth drivers. But there are also strong, resilient companies in most of them and plenty of potential upside for returns.
Episode 17: China Carefully Opens Capital Markets as Shares of Global GDP, Trade Grow
U.S.-China rhetoric may de-escalate, if not actual bilateral tensions. Meanwhile, China's relaxation on investment restrictions encourages greater foreign portfolio inflows into local A-share equity and bond markets.
Co-Head of Investments Ben Kirby Tells Bloomberg TV He's Bullish on EM
Ben Kirby, co-head of investments, shares reasons to be bullish on emerging markets on Bloomberg TV.
Post-Pandemic Emerging Markets Set to Snap Back Strongly in 2021
Emerging market equities should catch a lift in the year ahead as tactical and structural tailwinds align to drive accelerating economic and earnings growth. But a stylistically balanced approach is crucial to handle inevitable market turbulence.
Dow 30,000: Power to the People
The Dow Jones Industrial Average has waned in usefulness as a benchmark for investors. Yet, for many investors, the Dow is the market. That's why, despite its fading utility, the history of the DJIA is fascinating.
5 Fixed Income Trends to Watch in 2021
Please join Jeff Klingelhofer, Thornburg co-head of investments and David Ashley, portfolio manager on Thornburg's municipal bond team as they discuss the fixed income landscape and five things investors should be looking for in 2021.
Episode 16: Is MMT Debt Monetization by Another Name?
"Deficits don't matter" may still be heresy among fiscal hawks. But unprecedented government debt spending amid ballooning central bank balance sheets and still-elusive inflation prompts fixed income PM Jeff Klingelhofer to examine the myths and assumptions around "modern monetary theory."
#NowMe Episode 13: How Valuable are Values: Part 2
Jan and Hollis talk about the results of their core values assessment. If you'd like to explore the assessment for yourself or your clients, visit Thornburg.com/personalcorevalues.
#NowMe Episode 12: How Valuable are Values: Part 1
Many of us don't think often about our values, but they can play a role in how we think about our money. Jan shares ideas about how to connect a client's values to the kinds of investment strategies they should consider.
2021: A Shot in the Arm for the Major Economies?
Cornerstone macro anticipates a Goldilocks environment post-COVID-19.
Episode 15: Jason Brady on Barron’s Live
Jason Brady, president and CEO of Thornburg Investment Management, joins Barron's to discuss the outlook for financial markets, industry sectors, and individual stocks.
Episode 14: Calling on Income
In the first of a two-part series, Thornburg Chief Investment Strategist Brian McMahon discusses the current income landscape as well as telecommunications companies in Thornburg Investment Income Builder Fund.
Managing China in Emerging Market Equity Portfolios
Chinese stocks, particularly China's tech stocks, garner huge weightings in emerging market equity indices, presenting both geographic and sector diversification challenges for investors seeking balanced portfolio exposures.
Keeping Portfolio Balance in Election-Driven Market Volatility
Electoral surprises spur stock and bond market turbulence, but sensibly diversified and balanced portfolios don't depend on political outcome.
Potential Impact of Biden’s Economic Plan on Tax-Exempt Munis
Under a Biden administration, municipal bonds could help make America green again.
#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.
Are Emerging Market Equity Strategies a Bet on China?
China and Chinese tech companies are a significant part of the emerging market equities index, and for good reason. But disciplined portfolio diversification and balance can effectively manage risk exposures.
Lost and Found
Advisors: If you have clients who are feeling lost after this emotional year, completing a values exercise may help them sharpen their life vision.
Fed Liquidity Buoys High-Yield Bonds Struggling to Stay Afloat
Distressed debt exchanges are rising rapidly while default risks remain elevated. Amid a gusher of bond issuance in choppy market conditions, investors need a steady hand on the tiller to find compelling risk-adjusted opportunities.
Episode 13: Why Intangible Assets Drive More Real Value in a Digital World
Technology is disrupting traditional business models. Intangible assets now account for some 80% of S&P 500 Index assets. But traditional accounting poorly captures their value and return on investment, impacting earnings forecasts and shareholder returns.
Our Approach to a Suddenly Volatile Muni Market
Portfolio Manager Eve Lando explains Thornburg's approach to the unusually volatile muni market and the two key strategies muni investors should consider.
Accounting’s Mistreatment of Intangible Assets Distorts Equity Market Valuations
Intangible assets comprise some four-fifths of S&P 500 companies' total value, but they don't show up in balance sheet and valuation analysis unadjusted. About that growth-to-value market rotation…
Fed Fuels Record High-Yield Bond Market Issuance and Investor Inflows
Amid a massive return since the March low, the default rate has nearly tripled from year-ago levels as recovery rates deteriorate. "Kicking the can down the road" as vulnerability grows.
#NowMe Episode 10: Women & Job Loss
Losing your job is scary, but according to the Washington Post, for women aged 50 to 61, they are 18% less likely to find new work than women 25 to 34. And if they're 62 or older, they're 50% less likely to be rehired. In this episode, Jan explains what women can do to plan for circumstances like these.
The Art and Science of ESG in Fundamental Research
ESG analysis opens news fields of inquiry into corporate management's performance on key sustainability issues. ESG miners and energy companies? "Really interesting reinventions."
#NowMe Episode 9: Mattress Money
Keeping lots of cash at home is risky for many reasons. But that doesn't stop people from often following this depression-era bad habit. Find out from Jan how much you should keep on hand and what you should do with the rest.
Episode 12: Gaming and the Future of Social Interaction
Portfolio Manager Sean Sun dives into how gaming will drive social interaction and creativity on its long growth path.
As Inflows Grow and Skepticism Lingers, ESG Investing Comes of Age
Companies increasingly adopt ESG principles as investment managers integrate sustainability metrics into their investment process. But it's still "something of a wild west."
Monetary Policy Setting Stage for Stock Market Growth-to-Value Rotation?
Federal Reserve and other major central bank stimulus should benefit high-quality value stocks and foster inflation's "green shoots" as the global economy emerges from recession.
Three Steps to Building a Long-Term Investment Portfolio
In 1900 an individual's life expectancy was 47 years. Today, the average life expectancy for men and women in the United States is 78 years. Given the fact that many of us are living much longer, it's important to factor in longevity when you construct client investment portfolios.
Trump or Biden for Stronger U.S. Economic Growth?
Cornerstone Macro answers—Trump or Biden for stronger U.S. economic growth?
Episode 11: Growth Investing Amidst a Pandemic
Portfolio Manager Greg Dunn discusses why growth investing continues to perform in a challenging environment and the long-term themes driving it.
Episode 10: How ESG Enhances Analysis of a Firm's Evolution and Future Prospects
Properly parsing a company's internal ESG metrics alongside third-party data requires understanding the context and limitations of both data sets to better gauge the potential return.
Episode 9: Central Banks Throw Yield Curve Balls at Equity, Bond Markets
If the Bank of Japan, Federal Reserve and European Central Bank are enticing investors to swing for the fences with low or negative rates, focusing on the fundamentals of individual stocks and bonds is key to a strong investment batting average.
When Municipal Bonds Show Their Wild Side
Bottom-up credit research within a flexible, laddered municipal bond strategy can tame interest-rate risk and capitalize on market volatility to protect capital and grow income.
Are Municipal Market Investors Misreading the Fed’s Support?
The Fed's actions have suppressed yields and emboldened municipal bond investors to take more risk than they may realize.
The Bank of Japan’s “Hotel California” Monetary Policy
The Fed should soberly assess the addictive effects of zero-bound benchmark rates and yield curve control. "Like financial heroin…you always need one additional hit."
A Macroeconomic Snapshot from an Active Management Shop
Thornburg's investment team keeps an eye on the macro but focuses squarely on the fundamentals and portfolio fit of each stock and bond selected. This July 17 macro overview is a sample of an internal weekly note to our distribution team that features big-picture highlights from the week that was.
Episode 8: Why Good Credit Managers Like This Bifurcated Market
Federal Reserve's liquidity bazooka ended the "doom loop" of lower funding market values and forced selling. But liquidity-driven euphoria creates a disconnect between prices and still-challenged fundamentals. The price gravity of bankruptcy.
Dollar-Cost Averaging and Long-Term Investing
Jan Holman discusses the strategy of dollar-cost averaging and reminds investors to think for the long-term when approaching the market.
Another Muni Bond Project Defaults...
The low interest rate environment from COVID-19-related rate cuts is inciting municipal bond investors and funds to seek risky yields.
Episode 7: ESG Investing Not One Size Fits All
Integrating ESG factors is important for companies' financial performance and sustainability, and equally important for active managers' ESG investment analysis, including ESG "momentum" stocks.
V-Shaped Economic Rebound in Q3 to Usher in More Mature Phase of Globalization
Cornerstone Macro Expects V-Rebound in 3Q to Usher in More Mature Phase of Globalization.
#NowMe Episode 8: Pride in Investing
June is LGBTQ pride month. Find out from Jan what's changed for married LGBTQ couples, income inequality among them, and if there are any differences in the way LGBTQ people invest.
#NowMe Episode 7: Steps to Help Achieve Financial Security
Although everyone defines financial security differently, Jan walks through steps that many of us can take, and talks about some that might require the guidance of a financial advisor.
The Fed’s “Not Thinking” Singular Focus
Supporting the beaten-down labor market is the Federal Reserve's "major focus," not inflation nor risk asset prices. Doing "whatever we can and for as long as it takes."
Episode 6: The Muni Market’s Fed-sponsored Round Trip
Since the dizzying spring spikes in municipal market bond yields, the Federal Reserve's stimulus programs have fueled a rebound in muni market prices to all-time highs and yields back to historic lows. Despite the Fed's lifelines, muni market fundamentals remain challenged and price risk high.
International Growth Opportunities Accelerate with COVID-19
To fully capture the growth opportunity in digital technology accelerated by COVID-19, consider investing internationally.
India Advances as Option for Global Manufacturers, but Snags Remain
Digitization and greater foreign exchange stability help India's case as an alternative to China in the global supply chain, though heavy manufacturers still face some obstacles.
Episode 5: Examining China’s COVID-19 Recovery and Ailing US Relations
Some segments of China's economy have recovered to pre-coronavirus levels, while others lag and a few have seen accelerated growth. Portfolio Manager Lei Wang surveys China's re-opening, its fraying bilateral relations with the U.S. and the Eurozone's tentative first step toward fiscal cohesion.
You Asked About Income, Our PM Answered
Thornburg Investment Income Builder Portfolio Manager Ben Kirby answers your questions about where the team sees opportunities within the income landscape.
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.
Steering your portfolio clear of the silo trap
Why a generalist research approach can triumph over siloed team structures.
#NowMe Episode 6: Family Legacy Planning Part 2
Jan continues the discussion about how advisors can help their clients overcome the common roadblocks they have speaking to their heirs, and the importance of the family legacy letter.
Digitization Drives Transformation of Key Sectors in Indian Economy
Digitization in banking and retail comes in the wake of a massive cellular network rollout, creating attractive investment opportunities in India.
Economic Perspectives: Out Of The Frying Pan Into The Fire?
Thornburg's Co-head of Investments Jeff Klingelhofer discusses what competing forces within the U.S. economy and unprecedented fiscal/monetary policy stimulus mean for investors.
#NowMe Episode 5: Family Legacy Planning Part 1
Individuals are often reluctant to speak to their heirs about the amount of wealth they will leave behind for a variety of reasons. Jan explains the common barriers and how advisors can help their clients overcome them.
Some Questions About Thornburg Investment Income Builder Answered
Hear Portfolio Manager Matt Burdett answer some questions from investors.
Restoring Client Confidence amid the COVID-19 Crisis
Help inspire the confidence and courage your clients need to believe the future is still a great investment.
Episode 3: Oil Market Volatility to Recede Slowly After Coronavirus Lockdowns
Oil prices have swung massively over the past several weeks, including a dip into negative pricing. Portfolio Manager Charlie Wilson breaks down what it means to the energy sector in the U.S. and globally.
The Salutary Effects of Coronavirus-Stricken Energy Prices
While energy investment retrenches in the wake of COVID-19's historic impact on oil and gas markets, consumers will benefit as economies reopen. Selective and patient investors should too.
What Will the U.S. Economic Recovery Look Like?
Cornerstone Macro's Nancy Lazar is optimistic about a recovery but points out risks.
#NowMe Episode 4: The Flight Instinct
Investing is simple but not easy. How to convince your clients over 50 not to sell during times of market stress – it's about understanding the flight instinct.
#NowMe Episode 3: Stabilizing Finances in an Unstable Time
All economic downturns are unique, and today's is no different. In the latest episode of #NowMe, Jan Holman discusses how investors should approach market volatility and the key points to consider when navigating your investment accounts.
Episode 2: Emerging Markets Investing in Uncertain Times
Keeping your balance in emerging markets equity investing means identifying strong businesses, balancing value and growth styles across the portfolio and minimizing currency risks.
#NowMe Episode 2: Advising Women Over 50 Part II - A Key Demographic
In a continued discussion from episode one, we learn why women over 50 are an important demographic for financial advisors going forward.
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.
#NowMe Episode 1: Advising Women Over 50
Find out why demographic trends and shared personality characteristics make women over 50 the ideal clients for financial advisors.
How COVID-19’s Deflation Shock May Spawn Inflation Outbreak
Coronavirus has sent economies swooning, toppling consumer price indices. Rebounds in stock and bond markets on policy stimulus don't mean market volatility is over, or that inflation is dead.
Keeping Your Clients Invested through Behavioral Finance
Advisors, behavioral finance provides an easy framework to keep clients from making poor investment decisions.
Emerging Markets Update With Portfolio Manager Charlie Wilson
In light of Covid-19 and recent volatility, Charlie Wilson provides an update on two key opportunities in emerging markets.
Jason Brady: Identifying Reliable Income Streams
In this podcast with Australian publication Investment Magazine, Jason Brady speaks about the scope of the challenge for investors and the potential opportunities that exist to navigate market turmoil.
Teaser-Be Unstoppable: Six Essential Actions while Working Remotely
In this preview video, Alden Mills, former Navy Seal and current author and inventor of the "Perfect Push-up," provides tips for working remotely in the unprecedented time.
Be Unstoppable: Six Essential Actions While Working Remotely
Alden Mills, former Navy Seal and current author and inventor of the "Perfect Push-up," provides tips for working remotely in the unprecedented time.
Advisors: Why a Dividend Strategy Matters to Your Clients
What if the solution you need is a strategy you've always known?
Co-Head of Investments Jeff Klingelhofer Provides Credit Markets Update
Thornburg Co-Head of Investments Jeff Klingelhofer talks about the dislocations in credit markets and the opportunities that are surfacing as a result.
Fed Opens Floodgates on COVID-19
The 3-minute take on the Federal Reserve's unprecedented actions
Market Update from Thornburg CEO
Amid the continued turmoil spawned by COVID-19, Thornburg President and CEO Jason Brady provides an update on how we are responding to market volatility.
Bear Market? Advisors: You've Got This
Financial advisors, you may not believe it, but you are prepared for a bear market. Just trust what you've learned, rely upon the basics and use these tips.
The State of the Credit Markets - What Lies Ahead
Hear our views on unfolding opportunities and risks across the credit spectrum—high yield, investment grade, leveraged loans and more-- as well as our assessment of market liquidity.
It's Not Easy Being a Green Muni
"Green" municipal bonds don't always show their true color.
Actively Managed Equities Funds Proved Resilient to COVID-19 Volatility
A review of academic research on actively managed funds backs data on active manager outperformance during February's coronavirus-fueled markets fallout.
Amid Market Selloff, Jeff Klingelhofer on Bloomberg TV
Co-Head of Investments and Portfolio Manager Jeff Klingelhofer joins Bloomberg TV to talk about the coronavirus-driven market selloff, the importance of defensive portfolio positioning, and when we can expect a market bottom and turnaround.
Will the U.S. enter a recession?
Nancy Lazar, head of economic research and founding partner at Cornerstone Macro, gives her 2020 U.S. economic forecast in this quick Q&A.
Watch Nancy Lazar's Macro Outlook
Nancy Lazar provides a macroeconomic outlook during Thornburg Investment Management's Global Research Summit.
On Coronavirus and Volatility in Equities and Bond Markets
COVID-19 and the socio-political responses to it present an opportunity for both market timers, those who try and trade around the shifts in market direction, and long-term 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.
CEO Update: Thornburg’s Approach to Markets Roiled by COVID-19
Thornburg CEO Jason Brady provides an update on how Thornburg is managing risks and opportunities created by the turbulent market.
Coronavirus Doesn’t Infect Emerging Markets’ Medium-term Outlook
Headlines about the COVID-19's impact on global GDP growth and earnings are worrying, but longer-term drivers in emerging market earnings should predominate before long.
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.
Episode 1: Inside China’s COVID-19 Lockdown
During an investment research trip, Portfolio Manager Lei Wang was caught on the ground during China's coronavirus outbreak and lockdown. He surveys the pandemic's economic impact and recovery outlook in the world's second-largest economy.
Prognosticating China's Coronavirus-struck Markets
If the novel coronavirus' spread hurts some industries, others are positioned to benefit from the fallout. Examining the short- and long-term implications of the virus' effect on global supply chains.
An Emerging Markets Strategy That's Always in Style
In EM, balance your style and let promising stocks lead the way.
#NowMe: Advising Women Over 50
Find out why demographic trends and shared personality characteristics make women over 50 the ideal clients for financial advisors.
Yet Another Year of Bullish Emerging Markets Calls? Why This Time Is Indeed Different
Exogenous factors often knock well-positioned markets temporarily off track, sometimes repeatedly. But dislocated share prices ultimately re-align with business fundamentals, earnings growth and attractive valuations.
5 Ways to Build Your Business This Year
Better ways to connect with Millennials to boost your practice.
Despite “Phase One,” U.S.-China Trade Dispute Likely to Linger
As “strategic competitors,” bilateral friction won’t go away anytime soon, but extensive economic integration and shared interests should facilitate longer-term accords and investment.
ESG Investor Seeks Connection. Muni Bonds, Please Apply.
Most muni bonds issue proceeds are used to finance social and environmental needs, a mission match for ESG investors.
Give Your Clients the Gift That Keeps on Giving for Generations
When you ask your clients what they're interested in passing on to their heirs, you probably expect them to discuss their financial assets. After all, in our industry we've been trained to believe that wealthy individuals are primarily...
America’s Consumer, Today’s Fixed Income Hero?
When the going gets tough, look to the U.S. consumer.
Which Chinese Stocks Offer Shelter in Trade and Hong Kong Storms?
China's GDP is changing, and creating new investment opportunities. Portfolio Manager Lei Wang on which Chinese stocks should weather market turbulence, the market implications of the political turmoil in Hong Kong and prospects for European equities.
Europe: Finding the Bright Spots
Look behind the clouds for promising investment opportunities in Europe.
The Bright Side of China’s Equities amid Trade War, Hong Kong Protests and Slowing Growth
China's GDP is changing, and creating new investment opportunities. Thornburg PM Lei Wang discusses the outlook for Chinese stocks, the market implications of the political turmoil in Hong Kong and prospects for European equities.
The Problem with Investment Theories
Why most winners of the Nobel Prize in economics couldn't do an advisor's job.
Rising LNG Tide Changes How It’s Priced and Traded
Supply and demand growth in liquefied gas benefits some producers more than others. For investors in U.S. upstream gas producers and Gulf Coast LNG infrastructure, caveat emptor.
Thornburg CEO Jason Brady on Maria Bartiromo's Wall Street
Jason Brady sits down with Maria Bartiromo at Fox Business to discuss the benefit of global dividends, U.S.-China trade and the reaction to last month's Fed meeting.
Powell Tempers the Fed’s “Hawkish Cut”
While the Fed met expectations in its latest interest rate reduction, it signaled that hikes are a long way off.
Becoming an Expert
Some believe experts are made, not born. If that's true, what does it take to become an expert?
The Style of Consistent Balance in Emerging Markets Investing
Associate Portfolio Manager Josh Rubin discusses how disciplined security selection, sound portfolio construction and calibrated rebalancing can create a clear, consistent framework for value-added investing in emerging markets.
Repo Market Rate Spikes, Bank Regulation and the QE Misnomer
Recent stress in repo markets reflect the confluence of a shrunken Fed balance sheet amid steady economic growth and increasing capital and liquidity regulations on banks.
Don't Give Up the Yacht: Finding Income in a Low-Rate World
Three questions and answers about retirement income in a low-rate world.
What Your Clients Should do if Someone Yells, “Recession” in a Crowded Theater
There's been a lot of talk about recessions lately. Mostly pundits have been warning us that a recession is on the horizon. Recession is a word that appears to strike fear in the hearts of ordinary investors and while it's easy to understand why, that's entirely the opposite of the reaction they should have.
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.
Muni Bonds: Red Flags to Navigate
Sharp demand for yield has led to froth in the bond markets. Nowhere is this more evident than in the muni bond market, where some issuers are playing fast and loose with investor protections.
Drilling into Oil Market Investing after the Attack on Saudi Arabia
Longer-term investors should focus on an energy company's structural advantages in terms of asset base quality, operational efficiency and financial discipline, not the price of oil and gas.
What's Driving the Market Rotation from Growth to Value?
A rising Treasury yield amid better economic data, easing macro risk and a few more monetary injections may be spurring the rotation. Corroborating, so far, a "mid-cycle adjustment"?
Brazil's Flight of the Chicken
The market has bid up Brazilian assets in anticipation of economic reforms, but the optimism should be well measured and individual securities well picked.
Surviving the Silver Split
Advisors who understand the unique challenges women face can help keep clients experiencing divorce on track for long term financial health.
Rethinking Your Income Strategy?
In an era of low interest rates, the right equity dividend strategy can provide the income and total return that investors seek.
Thornburg's Reaction to the Fed Rate Cut
Portfolio Manager Jeff Klingelhofer provides his take on the 25-basis-point rate cut by the Fed. While it creates volatility short-term, more important to consider are long-term implications for investors.
CEO Jason Brady Speaks with Maria Bartiromo
Thornburg CEO Jason Brady went one-on-one with Maria Bartiromo on Maria Bartiromo's Wall Street. They discuss the Fed cut, the latest GDP number, the investing climate in Europe, and how investors should be positioned ahead of a spike in volatility.
Portfolio Allocation Amid the Tidal Effects of Renewed Fed Easing
The Fed is poised to join the global easing bandwagon, fueling a surge in risk asset prices. As market distortions from easy money grow, so does the importance of security selection and portfolio allocation.
Advising Clients During Life Transitions
Life transitions can often derail clients' plans and frequently result in clients choosing a new advisor. Be sure you know how to respond.
Putting the Short Back in Long/Short Strategies
A long/short equity strategy can help mitigate volatility and provide a differentiated return stream. But, there are issues to consider.
The Perils of Inflexible, Formulaic Investing
As downward pressure on negative bond yields builds, a flexible approach helps in the search for attractive, relative values.
Dollar Headwind to Emerging Markets Equities Lifting, Though Trade Dispute Still Drags
After a turbulent May, China and emerging markets appear poised to resume their ascent from the first quarter, even as trade-related air pockets remain likely.
The Fed’s Dueling Mandates
The Fed is tasked with keeping prices stable, unemployment low and long-term interest rates moderate. The monetary alchemy with such unstable elements is coming under review.
Aim Higher with Muni Bonds through Actively Managed Ladders
Give a boost to your muni portfolio.
The Missing Piece of the Equity Puzzle
Consider international growth stocks to solve your investment puzzle.
Smaller Muni SMAs Leave a Bad Taste in SALT-Seasoned Market
Big-ticket, ultra-short notes force muni SMAs with low minimums to buy longer-term paper at rich prices, likely giving clients more heartburn than total return.
No Regrets: Avoiding an Ultrashort Hangover
How to leave the ultrashort party without regrets.
A Tale of Two Definitions
Financial advisors and their clients often speak different languages when it comes to defining risk.
It’s as Simple as E-S-G
Sometimes a well-established approach is better when it comes to "good" investing.
Emerging Market Stocks Still Have Room to Run
Despite sprinting higher so far this year, developing country equities appear well positioned to sustain their momentum, and with less volatility.
Hanging 10 on the Triple B Wave
The swelling supply of BBB-rated corporate bonds could lead to different outcomes for investors.
Dividends: Get off the Couch, Go Global
Look outside the U.S. to capture all the benefits of dividend strategies.
VRDO: Four letters that help satisfy your muni needs
Consider adding VRDOs to your muni bond allocation.
How's My Market Timing?
Investors don't have a good track record timing the market on bank loans.
The Fed’s "Financial Conditions" Conundrum
Spectacular first-quarter market returns are quite a bounce back from the December 26 lows, when all anyone could think of was fleeing risk exposures. Many markets saw their best quarter...
An Advisor's Value: Bridging the Behavior Gap
A growing body of research shows that financial advisors help investors make better decisions, which increases their investment returns.
Rerating the Judgment Factor Amid Smart Beta's Derating
Turns out price matters for excess returns, and that what's worked before doesn't necessarily persist into the future. "Many factors aren't real."
The Downside of Being Overinformed
We're drowning in information. According to Scientific American, the amount of data that we produce doubles each year. In his book, The Behavioral Investor, Daniel Crosby made that idea tangible by adding that "in 2016, humankind...
Muni Bond Sales Surge as Issuers Ride Demand Wave
Caveat emptor: current technical supply and demand flows favor issuers more than buyers. But diligent, disciplined investors can always find attractively priced, fundamentally sound bonds.
Understanding the Brexit Quandary
While investors should be cognizant of the complexities and risks around Brexit, they should be just as aware of the opportunities in select U.K.-based businesses.
After Falling Back to Earth, Emerging Markets Ready to Take off Again
Will emerging markets stocks rebound in 2019? Attractive valuations, strong forecast earnings growth, structural reforms, and an abating dollar headwind suggest they will.
Suffering Liquidity Withdrawal Syndrome, Market Gets Its Fix
It appears the "Powell Put" has been exercised as the Fed chief declares no "pre-set" course on rates and no "hesitation" to change its balance sheet runoff. But does the economy still need Fed accommodation, or do markets just want it?
The Head and the Heart: The Investment Connection
Every so often, a book linking spirituality to investing hits the market. While some of us consider any instance where we part with a sizeable chunk of change a spiritual experience, that isn't the essence of spiritual investing.
Not Dovish Enough? Thornburg’s Brady on the Fed and Markets
The U.S. Federal Reserve has roiled markets with its latest rate hike and comments from Chairman Jerome Powell, who disappointed many investors as insufficiently dovish in his December 19 remarks.
CEO Jason Brady Looks to Fundamentals During Volatility
President and CEO Jason Brady says it's important for investors to look at the fundamentals of a company during volatility instead of the headlines in an in-studio interview with Bloomberg TV.
The Presidential Put, the Powell Put, and China’s New Playbook
The trade conflict and Fed rate policy are buffeting markets at a time China was already grappling with debt challenges at home. But the volatility may be masking good economic fundamentals globally, reform efforts in China, and attractive investment opportunities.
Investing on U.S. Election Results? Caveat Emptor
Conventional market wisdom two years ago didn't look right for long, as gains in industries seen as politically favored faded while one sector expected to suffer quickly rebounded.
This Holiday Season Give Your Clients the Gift That Keeps on Giving...for Generations
When you ask your clients what they're interested in passing on to their heirs, you probably expect them to discuss their financial assets. After all, in our industry we've been trained to believe that wealthy individuals are primarily...
From China to Mexico to Brazil, Headline Noise Obscures Underlying Emerging Market Drivers
Positive catalysts are in place in all three countries, and across emerging markets valuations and earnings expectations make for a potential rebound in 2019.
Hurricanes, the Muni Market, and the Duct Tape Effect
Preparations ahead of a hurricane and rebuilding after it temporarily boost tax receipts in affected areas. But longer-term effects on muni markets are usually negligible.
Market Rout May Spur Rotation from Growth to Value
Even before the market selloff, downtrodden value stocks were perking up as pricey growth stocks stumbled. But durable index-level shifts are harder to call than individual stock price disconnects from business fundamentals.
Who’s Afraid of an Emerging Markets Meltdown?
Deep declines are usually followed by rebounds that leave emerging market stocks with gains by year end, as the structural tailwinds are driven by steadily expanding middle classes. Meaningful, consistent exposures to the asset class are key to capitalizing on the long-run double-digit returns.
Beware High Yield’s Siren Song
High-yield returns have been great lately, as technical flows, fundamental factors and good economic growth align. But tight spreads, lofty net leverage and event risk don't make for smooth sailing ahead.
Assessing the Crash 10 Years Later
Now that we've experienced the longest bull market on record, pundits are on the outlook for the next sector or market that will bring everything crashing to the ground.
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.
The Efficiency Factor in Stock vs. Index Picking
If the efficient markets hypothesis is questionable at the stock level, it's more so at the index level. As the number of indices skyrockets, the number of companies declines, and passive flows grow, active price discovery becomes more and more valuable.
What Investors Want to Hear From Powell at Jackson Hole
CEO Jason Brady talks with Bloomberg TV about a range of topics, from all-time market highs, the Fed's Jackson Hole symposium, and opportunities in emerging markets.
Thornburg CEO Sees 'Knock-on Effects' from Turkish Turmoil
CEO Jason Brady discusses the impact of the Turkey crisis on financial markets with Bloomberg's Shery Ahn and Julie Hyman on "Bloomberg Markets"
Stock Market Dog Days
This is the time of year we call the "Dog Days of Summer." It's said that expression comes from the Romans who associated the hottest and most humid summer days with the brightest and hottest star, Sirius.
The two-way floating of the RMB exchange rate is a step toward a stable road
CEO Jason Brady tells Chinese media outlet Caixin that he believes that the main reason for the recent devaluation of the renminbi is the Fed's rate hike. On another level, the depreciation of the renminbi is not entirely a bad thing, but two-way floating is an important step in its journey to stability.
Report from Turkey: Cheap Asset Prices May Not Be Cheap Enough
Turkish asset prices have plummeted this year, bringing their valuations to historically low levels. That presents potentially attractive opportunities to investors looking for quality stocks at bargain-basement prices.
VRDOs Give Muni Investors Ammo to Protect Against Rising Rates
The volatility of short-term rates, however, means the variable rate structure isn't a silver bullet.
Oil Price Shifts Into Overdrive
Supply and demand dynamics, along with political fuel injection, may keep crude prices running hot.
Emerging Markets Rise, Fall, Repeat
Emerging market stocks are trading near bear market territory, but that's par for the course for longer-run, rising returns.
Women, Transition, and Financial Advisors
For years, 70% has been the often-quoted percentage of women in a traditional marriage who leave their financial advisors after divorce or the death of their spouse.
The Beautiful Game: Surprising Insights from the World Cup about Strategy and Teamwork
Team performance matters more than star players or a large resource base. And in a rapidly changing world, Totaalvoetbal can help teams adapt.
Hedging Foreign Currency Exposure vs. Accepting Unmitigated Foreign Currency Risk
Many forces undercut and bolster the greenback. Rather than accepting unknown risk around its near- or long-term direction, dollar-based equity investors may be better served using currency hedges so they can focus more on the individual merits of overseas securities.
Italy’s Politics Drives a Wedge Between Its Stocks and Sovereign Bonds
Risk to the euro resurfaces in an unlikely governing coalition and challenging economic agenda, but Italy's top stocks don't face the same perils as its government bonds.
The Importance of Quarterly Guidance
Portfolio Manager Jeff Klingelhofer says a "long history of doing the right thing" is an important way to look at companies, but quarterly guidance can be helpful for active investors too, on CNBC Asia's "Squawk Box".
You Have the Answer
In this year's annual report, the Trustees of Social Security and Medicare informed us that for the first time since 1982 the amount the programs are paying out will exceed the revenue they're taking in.
Portfolio Allocation When Safe Havens Get Stormy
High-quality bonds and defensive stocks are on the ropes. And U.S. blue-chips look poised to roll over, if history is any guide. But what if it isn't?
CEO Jason Brady tell Bloomberg TV that 60/40 Hasn't Been Working This Year
Thornburg President and CEO Jason Brady discusses markets, volatility and the 60/40 portfolio allocation strategy on "Bloomberg Markets."
A More Demanding Powell Put to Test EM’s Strengthened Mettle
The Fed chairman makes clear the bar for slowing monetary tightening is higher nowadays, and argues emerging markets are much better positioned to handle higher U.S. yields than they were before.
The Upside of Munis’ Down Market
Bond supply is plummeting, but so is demand. And rates are rising. Where are the silver linings?
The Case for Real Teaming
If there were such a thing as a contest for the best advisory practice structure, teaming would be the winner. For the past 10 years more advisors have created or joined advisory teams than ever before.
10-Year Treasury Yield Upshifts past 3% as Fear of Curve Inversion Grows
Stocks slide on rising rates and yield curve inversion concerns, but a recession doesn't look likely, judging by other economic data and the high-yield bond market.
The Challenge for Markets Now is Repricing Risks
Investors are right to be optimistic about the global economy, but need to accept that volatility will be part of the ride, says Global Fixed Income Portfolio Manager Jeff Klingelhofer.
The Weak U.S. Dollar Puffs Up Overseas Equity Returns
Yet the earnings potential of developed and emerging markets stocks is real, since they are at earlier points in their respective business cycles.
After #ZuckerbergHearing, Investors Don’t Unfriend Facebook
Facebook's margins could ebb this year, but they remain at elevated levels and profits could still grow meaningfully.
Reinventing Your Business
Ask any colleague who has built a booming business and he or she will tell you that at some time or another, maybe more than once, they've had to reinvent their business.
Regulators Seeking to Tax or Break Up U.S. Tech Giants Face Tough Task
While U.S. tech giants are effective monopolies, they are so in an unconventional way, making taxing them easier than breaking them up.
Understanding The Confucian in Xi's Populism
China has dropped norms to allow President Xi Jinping to remain in power after his second term ends. While worrisome at first blush, the populist turn and consolidation of power likely has near-term economic and financial market benefits, and longer-term political risks.
Who’s Afraid of Higher Wages Driving Inflation?
Not necessarily the Fed, whose own research suggests wage growth is not a reliable indicator of future inflation. But markets, it appears, aren't sure what to think.
Managing Legacy Wealth
The old adage, "From shirtsleeves to shirtsleeves in three generations", describes the challenge of sustaining family wealth. While it makes sense to take adages with a grain of salt...
Emerging Market ETFs Traded Reliably During Selloff. But What about their NAV Disconnects?
EM ETFs suffered deviations in their market prices relative to their net asset values, with their total returns materially underperforming the broad emerging market index.
U.S. Stocks Fall into Correction Territory, But Investors Should Keep Their Chins Up
Investors worried about wage and inflation data should appreciate the underlying strength of the economy, not to mention strong corporate earnings. The market volatility is creating better entry points for longer-term investors.
Interested in Improving Your Business Development Results? Find Out What’s Working for Other Advisors
It probably isn't lost on you that you've chosen one of the most competitive careers around. And you have less time than ever to look for new clients . . .
Why Samsung Can Be an Apple of Investors’ Eyes
Samsung is no longer a stodgy conglomerate (or chaebol in Korea) that just makes consumer and industrial electronic devices and equipment, along with some home appliances. Its sales of semiconductor chips and panels account for nearly half of total revenues.
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.
Mexico’s Central Bank Hikes Key Rate In Hawkish Turn
The Central Bank of Mexico has raised the policy rate a quarter point to 7.25%, its highest level in nearly nine years. Banxico, as the Mexican monetary authority is known, had been widely expected to...
Emerging Market Performance Dispersion Set to Rise After Strong 2017
Emerging market assets have mostly had a gangbuster 2017 across the board, from stocks to bonds and currencies. But some macroeconomic headwinds and "idiosyncratic" or country-specific risks...
A Megatrend is Underway
Four-hundred million Chinese millennials will soon account for more than half of China's domestic consumption. As a group, they are larger than the working populations of the U.S. and Western Europe...
India Takes a Page Out of the TARP Playbook
In an unexpected move, the government of India has announced a $32 billion plan to recapitalize the country's sour-loan laden public sector banks, its biggest step so far in addressing a lingering problem...
China's Central Bank Chief Warns of "Minsky Moment"
Investors have looked beyond divisive, populist politics in the U.S., the U.K., Spain, and elsewhere in Europe, focusing instead on accelerating global economic growth and surging industrial metals prices...
Falling Correlations Put Stock-Specific Attributes in Driver’s Seat
As third-quarter earnings season gets underway in earnest this week, equity market participants are expecting company fundamentals and reported results to be larger drivers of performance for large...
As India Crosses the Digital Divide, a New Era of Investment Opportunities Dawns
When can a country's bluechip stocks be a bargain if they're trading at historically high forward earnings valuations after posting world-beating returns over the last two decades? Right now, if they're Indian ...
As Fed’s QE Dismantling Begins, Questions Around Growth, Asset Prices Linger
The U.S. Federal Reserve has announced the October start of the slow reversal in the unprecedented expansion of its balance sheet following the 2008 Global Financial Crisis. Chairwoman Janet Yellen...
Tough Sledding in Multisector Bond Investing? It Depends on the Team.
The Iditarod is considered one of the world's most grueling and dangerous races. Sled dogs travel 1,100 miles through increasingly treacherous arctic terrain. The dogs and mushers traditionally run the entire day and then rest at night...
Investing In EV Carmakers and Supply Chains? Utility Work Ahead
Future growth projections for electric vehicles vary dramatically, but all reflect real opportunities for fundamentals-focused investors surveying the links in supply and production chains.
A Long/Short Bridge Between Stocks and Bonds
Can long/short alternative equity strategies work as a "bridge" between equity and fixed income? It's an interesting question recently posed to us by a wealth advisory team. Both asset classes become...
As Perceived Risks Rise, Limited-Term U.S. Government Funds Offer Shelter
Most U.S. risk asset prices have enjoyed a long ride higher amid slow-but-steady economic growth, scant inflation and still ample central bank monetary support. But if fund flows are any indication of...
Yes, ADRs Do Carry Foreign Currency Risks
A common misperception is that American depositary receipts, which bundle ordinary shares of an overseas-listed company into a U.S.-traded security, don't carry currency risk. Driving the confusion is...
North Korea, U.S. Rhetoric Rattle Markets, But Investors Should Ignore the Noise
Geopolitics is shaking global markets, with the epicenter of the latest tremors coming from the Korean Peninsula. Fiery rhetoric out of Pyongyang is nothing new. But it is certainly novel coming from the...
“Death by Amazon” a Real, Though Not Indiscriminate Threat
When the curators at Merriam-Webster convene to select their Word of the Year for 2017, they might consider "Amazonization" for their short list. Since the June 15th announcement of Amazon's...
Are Low Vol ETFs as Smart as They Sound?
"Smart Beta" ETFs and their low-volatility ETF progeny may deliver a lower beta against their relevant benchmarks, but they're not immune to bouts of volatility, and their returns frequently come up short.
On Chaos, Butterflies, and Robustness
In the early 1960s, a meteorologist undertook a mission to predict the weather. Unique to his approach at the time was his extensive use of computers to assist in the predictions. He began running...
Breaking Down the Presumed Correlation Between Commodities and Emerging Markets
Among the lingering misconceptions about emerging markets is that they are proxy plays on commodities, prices of which presumably drive returns in developing country stocks. Historical...
Bank Loans Beat High Yield Amid Rising Rates? Don’t Bank on It
Bank loan funds have been widely touted as a great way to help fixed income investors ride out a rising interest rate cycle. Also known as levered loan or senior loan funds, they are, after all, high...
The Incentive Factor Behind MSCI’s China A Shares Index Inclusion
If China is a master of incremental reforms to gain admission to select economic and financial circles, only to bend the rules after access is granted, MSCI appears well aware of its playbook. Whether...
More Overseas Outperformance May Be In Store
After years of excellent equity returns at home, U.S. investors appear increasingly interested in moving their chips into less crowded trades abroad, where economic growth is on the upswing, earnings cycle...
Yellen at the Markets: Don’t Worry. Low Unemployment to Trump Transitory Low Inflation
Despite weaker economic data of late, the U.S. Federal Reserve matched market expectations in raising its benchmark interest rate June 14, 2017 a quarter point, setting its new range to a still highly...
China's Steel Industry Shrinks to Grow More Efficient
China's Baosteel Group is now the second-largest steel company in the world after ArcelorMittal, but it is the undisputed leader in the Middle Kingdom, where roughly half the world's steel is produced. I...
Goodhart’s Law, Greenwashing and ESG
"When a measure becomes a target, it ceases to be a good measure." This insight comes from economist Charles Goodhart, whose precept refers to the tendency of individuals or organizations...
Brazilian Markets Tumble as Political Turmoil Returns
Brazilian asset prices tanked May 18 following a local media report implicating President Michel Temer in alleged hush-money payments to former lower house Speaker Eduardo Cunha, who is now...
Mexican Market’s Reprieve from Political Ferment to Be Short-lived
The political squalls blowing from north of Mexico's border took a heavy toll on the Aztec nation's asset prices at the beginning of the year, but as we noted a few days after Donald Trump, whose...
South Korea Tacks Left With New President, But Stocks Have Other Drivers
After nearly a decade of conservative administrations, South Koreans have elected a leftist human rights lawyer as president. Moon Jae-in's pledges to take a conciliatory tact with Kim Jong-un's volatile regime...
Underinvestment and Demand Growth Will Help Sliding Oil Prices Recover Footing
After falling more than 6% in a week, oil prices pared their losses Friday, May 5, rebounding 1.6% as the "tug of war" between Organization of Petroleum Exporting Countries (OPEC) and U.S. shale...
The Mirror Image of the Weak Q1 GDP Reading
It's the Rorschach economy. After much weaker-than-expected U.S. first-quarter gross domestic product (GDP) data, it seems economists' views range from....
Trump Trade? The More Likely Reflation Trade is in Europe
European asset prices have surged since independent Emmanuel Macron emerged as the decisive winner in the first round of the French presidential election...
Tailwinds to Emerging Markets Resurgence?
In contrast to last year's volatility in the first quarter, global equity markets showed strong returns during the first three months of 2017. Economic indicators and earnings around the world are beating...
ETFs’ Total Costs Underappreciated
Morningstar's director of exchange-traded fund research penned an interesting article April 12 on the total cost of ETF ownership, which we also wrote about in a recent article examining the latest...
Managing Risk Exposures Amid Fed Balance Sheet Normalization
The U.S. Federal Reserve has released the minutes from its March monetary policy meeting, suggesting that the unwinding of trillions of dollars in debt on its balance sheet could start later this...
China’s Li Keqiang Index Flexing its Muscle
Chinese Premier Li Keqiang once told a U.S. diplomat that China's official GDP data was "man made," according to Bloomberg. To glean more accurate measures of growth, he instead looked at...
Investors Should Look Beyond South Africa's Unfolding Political Drama Now
South Africa's political tensions intensified on March 30 following President Jacob Zuma's sweeping cabinet reshuffle, which included replacements of respected finance minister Pravin Gordhan and his deputy ...
U.S.’s So-so Hard Economic Data May Weigh on Buoyant Consumer Sentiment
Recently, much has been made about the divergence between hard and soft data on economic fundamentals in the U.S. On March 28, the Conference Board reported that its consumer confidence...
The Fed’s Regime Change
The U.S. Federal Reserve shifted gears at its March 15, 2017, monetary policy meeting, lifting its key Federal funds rate a quarter-point to a 0.75-1.00% range. Although the increase was widely flagged...
Market Shrugs off Fed Rate Hike Warning
After leaving its benchmark interest rate near zero for eight years and then lifting it just once in each of the last two, the market has grown accustomed to discounting U.S. Federal Reserve indications...
Energy Goldilocks? Growing Oil Demand, High OPEC Compliance Meet High Inventories and Growing Non-OPEC Output
The International Energy Agency (IEA) Friday reported the best compliance on an oil output cut agreement in the history of the Organization of Petroleum Exporting Countries (OPEC). While this is...
India's Pragmatic Populism
For a country steeped in its customs, India's government and central bank have taken a liking to the element of surprise. The policy announcements have been far from pleasant, causing people...
Trump Trade to Trump Fade
In the wake of Donald Trump's November electoral victory, investors focused on his pro-growth agenda of tax reform, deregulation and infrastructure spending, not on his protectionist and...
What’s Worked Lately in EM isn’t What’s Worked Long Term
Over the last 10- and 15-year periods, the MSCI emerging market consumer discretionary, consumer staples, and health care sectors have massively outperformed energy and materials. This...
Ride the Dollar Tide at Your Risk
After three straight years of declines, developing country stocks regained some ground in 2016. Yet the MSCI Emerging Market Index's 11.2% total return in 2016 came with marked volatility along...
What’s Past isn’t Prologue So Far in 2017
Markets this year have gotten off on the right foot. Over the first three weeks of 2017, the S&P 500 Index added 1.3% to its 12% gain in calendar 2016, while the Bloomberg Barclays U.S. Aggregate...
Can Bank Loan Funds Float to a Narrow Outcome?
Many investors might see bank loans as "fixed income" without duration risk, given their floating-rate structure. They may use them as a way to reduce their exposure to rising risk-free rates without...
The Flip Side of the Muni Market Selloff
Recent municipal bond market movements mark a transition from a period of significant overvaluation to fair or even under-valuation. This can be a painful process for muni market...
December Jobs Data and Defensive Fixed Income Positioning amid Lurking Inflation Risks
The December U.S. jobs report wasn't particularly surprising, though a couple of nuances are worth considering for fixed income investors. While the economy added 156,000 jobs, which was a bit...
4 Steps to Funding an Education: Prepare, Plan, Prioritize and Persevere
One obstacle stands between our goal of educating our children and our ability to achieve it: money.
Dividend-Paying Stocks: The Investor’s Swiss Army Knife
Dividend-Paying Stocks: The Investor’s Swiss Army Knife
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.
When it Comes to Investment Advice, Humans Beat Computers
Robo advisers offer some advantages, but the most comprehensive financial guidance still requires human touch.
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.
What Investors Can Learn from the 2016 Presidential Election
Beyond the candidates, we're seeing a spotlight on globalization and demographics—two forces sure to steer the economy for years to come.
Three Overlooked Rewards of Living Longer Lives
Making your retirement savings last multiple decades may be financially daunting, but living to a ripe, old age can be well worth it for individuals, families and the economy.
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.
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