• Bond Correlations and Interest Rates, Not Always a Straight Line
    Updated January 2017 [Josh Yafa, Bonds]
    Thornburg's Josh Yafa examines why duration alone may not adequately gauge interest rate risk in fixed income strategies. And how relative value and diversification are vital to creating best outcomes for investors.


  • Active Share: What is it, and What Does it Mean to Investors?
    December 31, 2016 [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.
  • 10 Years of Global Opportunities
    Updated February 2017 [Global Opportunities Fund, Vinson Walden, CFA, Elias Erickson]
    Built on our core investment principles of flexibility, focus, and value, the fund enjoys a durable framework for value-added investing.


  • No Middle Ground: Passive, or Truly Active and Diversified
    Updated January 2017 [Mutual Funds, Institutional Strategies]
    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.


  • Market Commentary
    Portfolio manager commentary on various asset classes, including global fixed income, U.S. equities, emerging markets equities, government and investment-grade fixed income, international equities, and U.S. municipal bonds.


  • Inside Thornburg Long/Short Equity Fund
    January 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.
  • Stretched Valuations, Faster Growth and Noisy Politics Ahead
    January 2017 [Brian McMahon, CIO, William Fries, CFA]
    A Conversation with CIO Brian McMahon and Senior Advisor Bill Fries, CFA—After a volatile 2016, investors should gird for more volatility in 2017.


  • 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 Chris Ryon, CFA and Nick Venditti, CFA, managers of Thornburg's municipal bond portfolios.
  • 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.
  • Compelling Value
    October 2016 [Charles Roth, Rolf Kelly, CFA, Todd Wax, CFA, Sweta Singh]
    This issue features excerpts from four recent Thornburg-produced white papers on current topics of interest. Click here to read the full articles.
  • 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.


  • Japanese Corporate Governance: The Sun Starts to Shine
    September 2016 [Todd Wax, CFA]
    Abenomics' “three arrows” reform package aims to kick-start the economy and put it on a sustainable, higher growth track. One component of the third arrow—corporate governance—reflects a monumental change in Japan.


  • Focused, Flexible, Bottom-up Value Investing Adds Value
    Market turmoil isn't easy for investors, but for long-term fund managers with a flexible, yet disciplined approach, challenging market environments can create opportunities.




  • 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.


  • Steps Ahead of a Looming Liquidity Challenge
    Updated June 2016 [Nicholos Venditti, CFA, Bonds]
    Long familiar and some new conditions in fixed-income markets could spell a swift and devastating liquidity crisis if a major sell-off occurs. Bond Portfolio Manager Nicholos Venditti shows why Thornburg is keeping duration down and quality up to help insulate his portfolios from just such a liquidity risk.
  • Why We Ladder Short- and Intermediate-Term Bonds
    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 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.
  • Beware the Wolf in Sheep's Clothing
    Updated May 2016 [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.
  • View From the Bond Desk
    March 2016 [Nicholos Venditti, CFA, Josh Yafa]
    Featuring: Steps Ahead of a Looming Liquidity Challenge and Bond Correlations and Interest Rates, Not Always a Straight Line
  • Navigating Interest Rate Cycles with the Laddered Bond Portfolio
    How will your clients fare in a rising interest rate environment?


  • The Case for a High and Growing Dividend Stock Strategy in Retirement Portfolios
    Updated March 2016 [Investment Income Builder Fund]
    Comparison of the total returns for the high dividend paying stocks of the S&P 500 (The Top 100 Dividend Payers) to those of the S&P 500 itself — over various time periods that simulate actual retirement spans. The results are striking.
  • 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..
  • Thornburg's Income-Seeking Solutions
    Over our 30-year history, Thornburg has developed a range of income-seeking solutions, each tailored to the needs of specific income-oriented investors. Every investment uses the intensive, bottom-up research on which Thornburg Investment Management has built its reputation.
  • Cultivating the Growth of the Dividend
    A discussion of the benefits of dividend-paying stocks; dividends, valuation and corporate governance; dividend-paying equities as an all-weather strategy; and putting dividends to work for you.
  • Structuring Distribution Strategies for Retirees in a Bear Market
    Updated December 2014 [Thornburg's Income-Seeking Solutions]
    This article uses two bear markets (2000–2002 and 2008) to test two retirement income planning strategies and see how they would impact a retirement portfolio’s withdrawal rates and sustainability.
  • Individual Bonds vs. Bond Funds
    June 2012 [Bond Funds]
    Paper discusses the advantages of bond funds over buying individual bonds.
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 those of Thornburg Investment Management. These views are subject to change at any time in response to changing circumstances in the markets and are not intended to predict or guarantee the future performance of any individual security or the markets generally, nor are they intended to predict the future performance of any Thornburg Investment Management account, strategy or fund.

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.