• Navigating the Economic and Market Crosscurrents to Come
    January 2018 [Jason Brady, CFA]
    Why are U.S. financial conditions easing as the Fed tightens monetary policy? Is the Phillips Curve finally showing signs of life? Are ETFs liquid? What are today’s challenges to portfolio construction and asset allocation? Thornburg CEO Jason Brady answers these questions, and more.
  • Tax Reform Moves the Needle on U.S. Corporate Tax Competitiveness
    January 2018 [Charles Roth]
    If U.S. tax reform modestly boosts economic growth and deepens the fiscal deficit, its benefits for smaller companies are significant. It also ends incentives that spurred bigger U.S. firms to decamp to lower-tax jurisdictions abroad.
  • 2018 and Beyond: Riding Disruptive Innovation's Return Curve
    January 2018
    Disruptive technology is reshaping the world, driving efficiency and productivity up and costs down across all sectors of the economy. Companies that don’t keep up will be left behind. Which are leading the charge? Which are adapting? Which stand to benefit?

  • Overcoming Selection Bias in Assessing Long/Short Equity Strategies
    February 2018 [Stephen Jimenez, Long/Short Equity]
    The criteria for picking a long/short equity fund matter for investors who are serious about portfolio diversification, downside protection and hedging risk in equity markets that have gone from one record high to the next.
  • The Sun Also Shines on Highly Active Managers and Astute Financial Advisors
    January 2018 [Charles Roth]
    As robo advisors join passive investing’s parade, interested investors would be well advised to do their due diligence on robo shops and their reliance on passive products. Just as performance among financial advisors and active mutual fund managers varies, it also varies among robo advisors.

  • Long-Term Focus, Every Step of the Way
    Updated January 2018 [Global Opportunities Fund, Vinson Walden, CFA]
    Since 2006, we have built Thornburg Global Opportunities Fund on our core investment principles of flexibility, focus, and value. While a memorable anniversary has come and gone, we remain hard at work to ensure “what’s past...is prologue.”
  • Active Investment Synthesis: No Boundary, Comparative Advantage, Collaborative Success
    Updated January 2018 [Firm Insights]
    While deep industry knowledge is very important, investment outcomes are even more important. We believe the interdisciplinary approach leads to better investment decisions because we’re evaluating opportunities across sectors, geographies, industries.

  • Active Share: What is it, and What Does it Mean to Investors?
    December 31, 2017 [Equity Funds]
    Thornburg believes in the merits of truly active management, based on fundamental research of individual securities and the flexibility that our broad investment mandates allow. All of our equity funds have high active share.
  • Beware the Wolf in Sheep's Clothing
    Updated January 2017 [Jeff klingelhofer, CFA, Global Fixed Income]
    With global bond yields still suppressed by central banks, many so-called ‘unconstrained' bond funds today pull from a broad variety of asset classes in search of higher income, within and without U.S. markets. Many of them, at least from yards away, appear to be the most docile sheep. But in an effort to tame interest-rate risk, quite a few use leverage and derivatives, and these tactics often backfire, exposing investors to greater risks. That sheep of a global bond fund may indeed turn out to be a wolf.
  • Navigating Interest Rate Cycles with the Laddered Bond Portfolio
    Updated December 2017 [Limited Term Municipal Fund]
    How will your clients fare in a rising interest rate environment?

  • Building a Cash Flow Reserve Ladder
    December 2017 [Firm Insights]
    One of the challenges that confronts retirees and their advisors is how to prevent having to sell their hard earned retirement assets at the wrong time. We have all heard the age old investment adage “Buy Low and Sell High,” which tells us to buy assets when they are out of favor but to time the disposition of the assets when the markets are in your favor.
  • Flexible Global Investing at a Discount to Intrinsic Value
    Updated January 2018 [Global Opportunities, Vinson Walden, CFA]
    “Financial markets can move stock prices around far more dramatically than real changes in the underlying businesses. So there are always opportunities for us to uncover.”

  • From China’s New Growth Drivers to Europe’s Opportunities Beneath the Headlines
    Updated January 2018 [International Value Fund, Lei Wang, CFA]
    China’s economic rebalancing is happening at breakneck speed amid its transformational adoption of e-commerce, digital payments and other online platforms, generating reams of valuable data in the process. Elsewhere, investors should focus on Europe’s strengthening economic and corporate fundamentals, not its political noise.

  • Making Sense of the Currency Effect in Foreign Equities Investing
    November 2017 [Todd Wax, CFA]
    U.S. investors in international markets would be well advised to understand the impact that currency fluctuations have on their international portfolio, especially when translated back into U.S. dollars.
  • Unlocking Relative Value: Optimizing Team Structure for Multi-Sector Fixed Income Investing
    September 2017 [Jeff Klingelhofer, CFA, Josh Yafa, Global Fixed Income]
    Flexible cross-asset oriented investment teams are positioned to assess fundamentals and valuations across discreet asset classes, facilitating relative value tradeoffs and improving the potential for superior risk-adjusted returns.
  • Rally in Emerging Market Equities Peaking, or Just Beginning?
    September 2017 [Charles Wilson, PhD, Developing World]
    Emerging market stocks should be a permanent part of portfolio allocation. But for those wondering whether they’ve missed the opportunity to establish or build their exposure to the asset class, it appears the cycle tailwinds lifting developing country stocks have just begun.
  • Five Questions with Ben Kirby, CFA, on Risks and Opportunities in Today’s Global Market
    July 2017 [Investment Income Builder Fund, Ben Kirby, CFA]
    Portfolio Manager Ben Kirby, CFA talks opportunities and risks in today’s global markets, including areas especially attractive to active stock pickers, like Thornburg.

  • No Middle Ground: Passive, or Truly Active and Diversified
    The average actively managed U.S. equity fund often returns less than index-based strategies, according to research study, “Active Share and Mutual Fund Performance.” But actively managed funds that have high Active Share, the portion of a portfolio that diverges from its benchmark index, on average outperform index returns, the study indicated.

  • Laddered Bond Portfolios: Built to Perform in Rising Rate Environments
    Updated May 2017 [Josh Yafa, The Laddered Bond Portfolio]
    In this white paper, Josh Yafa, client portfolio manager, discusses the benefits of laddered bond portfolios and analyzes their performance vs. barbell and bullet bond strategies during periods of rising interest rates.
  • From “Newness” to Elusive Ghost Cities, China’s Rebalancing: a Work in Progress
    May 2017 [Equity Funds, China, William Fries, CFA ]
    Senior Advisor Bill Fries recently visited China at what is turning out to be a rather turbulent time. After spending nearly two decades investing in China, Bill discusses its economic “rebalancing” and turbulent capital markets.

  • Inside Thornburg Long/Short Equity Fund
    August 2017 [Connor Browne, CFA, Long Short Equity Fund]
    Portfolio Manager Connor Browne sits down for a Q&A to discuss Thornburg's new liquid alternative product.
  • The Fading Masters of the Universe and Their Liquid Alt Heirs
    February 2017 [Charles Roth]
    Rather than cut exposure to hedging strategies, diversification and risk mitigation may well be more important today for appropriate portfolio allocation than they have been for some time.
  • The Myth of Lost Fixed Income Purchase Premiums
    January 2017 [Daniel Petrush, CFA, Bond Funds]
    Bond Basics: Paying a premium for bonds is often a point of concern for mutual fund investors. While cash flows may differ, premium dollars are not lost in the final tally. Read why.
  • A Post-Election Discussion with the Muni Team Managers
    December 2016 [Municipal Bond Funds, Christopher Ryon, CFA, Nicholos Venditti, CFA]
    Municipal bond markets have seen significant volatility since the election. What has been driving this volatility, and how has Thornburg Investment Management's municipal bond team responded? To find out, we sat down with Thornburg's Municipal Bond Portfolio Managers Chris Ryon, CFA and Nick Venditti, CFA.
  • There is More to Dividends Than Just Yield
    This article discusses how there is more to dividend-oriented portfolios than buying high-yielding stocks. Rather, implementing a disciplined and comprehensive dividend strategy may provide significant benefits.
  • The Elevated Risks of Safe Stocks
    September 2016 [Charles Roth]
    Normally safe, dividend-paying stocks have attracted major inflows, spiking prices. But their now elevated valuation multiples aren’t supported by earnings growth. The risks of a correction in these “expensive defensives” are running increasingly high as the threat of rising interest rates grows.
  • Inside Thornburg's Municipal Bond Investment Process
    September 2016 [Sweta Singh]

    Since 1984, we have honed an active, repeatable process through a flexible team well versed in finding relative value within the vast universe of municipal bond issues.

  • Staying Flexible Helps Manage around Possible Liquidity Challenges
    July 2016 [Nicholos Venditti, CFA, Bonds]
    Nicholos Venditti, portfolio manager and managing director at Thornburg, shares how he stays steps ahead of the next potential crisis in fixed income.
  • Brexit Roils Markets, Creating Risks and Opportunities
    June 2016 [Firm Insights]
    Britain's vote to leave the E.U. sent shockwaves through global markets, generating real risks for both the U.K. and the euro zone. Long-term investors should carefully examine the risks as they seek to capitalize on the bottom-up opportunities being created.

  • Rather Than Tackling Underlying Challenges, Central Banks’ Playbook Makes Them Worse
    June 2016 [Jeff Klingelhofer, CFA, Charles Roth, Global Fixed Income]
    Major central banks have spent trillions of dollars and several years trying to stoke structurally challenged economic growth, but their efforts have resulted in inflated asset prices, increased market volatility and heavier debt loads that weigh on growth.

  • Endowment Spending Policy
    June 2016 [Firm Insights]
    Retirees and their advisors should thoughtfully establish a spending plan to balance the desire to maintain a consistent lifestyle with preserving assets for a retirement that could last 30 to 40 years. To achieve this balance, a spending policy should be developed to determine what percentage of the retirement savings will be spent initially and how this amount will change over time to reflect the effects of inflation and the performance of the underlying investment portfolio.
  • Sustainable Investing as Performance Investing
    Updated May 2016 [Rolf Kelly, CFA, Better World International]
    Empirical evidence demonstrates that Environmental, Social and Governance (ESG) investing can outperform non-ESG strategies over time.
  • The Value of Dividends in Retirement
    June 2016 [Firm Insights]
    Over the past eighty-seven years, dividends have accounted for over 40% of the total return for the S&P 500 Index. The importance of dividends has been an often overlooked part of investing, but will continue to come to the forefront as baby boomers prepare for retirement and look for high and growing income-generating investments.
  • The Benefits of Active Bond Laddering
    May 2016 [Christopher Ryon, CFA, Tax-Exempt Bonds]
    One of the tools we use at Thornburg to manage fixed income is laddering. Laddering is not exclusively a passive investment strategy. Rather, it is simply one of many techniques managers have at their disposal to control duration. See how a hypothetical ladder structure outperforms barbell structure over a 16-year period.
  • New Fund Focuses on Sustainable Investing within the ESG Space
    Updated February 2016 [Better World International Fund, Rolf Kelly, CFA]
    Thornburg now offers a unique approach to environmental, social, and governance (ESG) investing within an international mutual fund and institutional strategy. The portfolio offers a distinct approach to ESG investing overseas, where more and more companies are making strides to minimize carbon footprint, diversify management, effectively deploy capital and other meaningful initiatives to ensure sustainability and profitability.
  • The Laddered Bond Portfolio
    2016 [Bond Funds]
    Many financial advisors recommend bonds and bond funds as a part of their clients' investment portfolios, both for their perceived safety and yield. However, not all bonds and bond funds are the same, and investors are often lured by higher yields into high-risk bond strategies, only to expose themselves to increased losses..
  • Beta Isn't Better
    January 2016 [Charles Wilson, PhD, Developing World, Emerging Views]
    Analyzing the relationship between beta and returns reveals that investors generally aren’t compensated for the risks associated with higher beta stocks. Over time, lower beta stocks tend to offer the most attractive returns, our research shows.

Important Information
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 our literature center. Read them carefully before investing.

There is no guarantee that the investment objectives will be met.

The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management, Inc. This information should not be relied upon as a recommendation or investment advice and is not intended to predict the performance of any investment or market.

Any securities, sectors, or countries mentioned are for illustration purposes only. Holdings are subject to change. Under no circumstances does the information contained within represent a recommendation to buy or sell any security.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities Corporation.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities Corporation (TSC) does not act as broker of record for investors.