• International Growth
    4Q 2018 [Greg Dunn, Sean Koung Sun, CFA]
    We remain committed to our bottom-up process that emphasizes intensive fundamental research and believe that the collection of stocks we own in the portfolio today are fundamentally well positioned and offer compelling value over time.
  • Long/Short Equity
    4Q 2018 [Connor Browne, CFA]
    The good news: just like the Steelers, we have strong and steady organizational ownership (independent, employee owned) and a long-tenured coaching staff (founding PM still running the fund).
  • Developing World
    4Q 2018 [Ben Kirby, CFA, Charles Wilson, PHD]
    Our approach to emerging market investing is through a focused, yet diversified portfolio of attractively-priced, free-cash-flow generative stocks.
  • Municipal Bonds
    4Q 2018 [Christopher Ryon, CFA, Nicholos Venditti, CFA]
    The year ahead may provide more opportunities to do interesting things, but until that happens we will continue to manage our strategies prudently, particularly when the two occupants of the Fed’s Eccles Building and the Oval Office are apparently at odds.
  • Global Opportunities
    4Q 2018 [Brian McMahon, Vinson Walden, CFA]
    We believe the structure of the fund—built on our core investment principles of flexibility, focus, and value—gives us a durable framework for value-added investing.
  • Investment Income Builder
    4Q 2018 [Brian McMahon, Jason Brady, CFA, Ben Kirby, CFA]
    Shares of strong companies with higher dividend yields were more defensive during the fourth quarter.
  • Strategic Income
    3Q 2018 [Jason Brady, CFA, Lon Erickson, CFA, Christian Hoffmann, CFA, Jeff Klingelhofer, CFA]
    Our entire philosophy and process is built around delivering returns via a relative value framework, a small team with true collaboration is necessary to find value between the sectors and segments available.
  • Core Growth
    3Q 2018 [Greg Dunn]
    Our process and approach to investing remains consistent with a focus on high-quality companies with wide economic moats and low macro dependence.
  • Municipal Bonds
    4Q 2018 [Christopher Ryon, CFA, Nicholos Venditti, CFA]
    The year ahead may provide more opportunities to do interesting things, but until that happens we will continue to manage our strategies prudently, particularly when the two occupants of the Fed’s Eccles Building and the Oval Office are apparently at odds.
  • Income and Government Bonds
    3Q 2018 [Jason Brady, CFA, Lon Erickson, CFA, Jeff Klingelhofer, CFA]
    In general, we still prefer to be short and defensive, believing we’ll see more attractive buying opportunities down the road.
  • International Value
    3Q 2018 [Lei Wang, CFA, Di Zhou, CFA]
    Having been through many of these environments in the past, we believe that our patience and diligence can be rewarded when volatility creates valuation opportunities.
  • Value
    3Q 2018 [Connor Browne, CFA, Robert MacDonald, CFA]
    We are committed to our process and believe we remain on track toward delivering on our long-term goals.
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 thornburg.com. Read them carefully before investing.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. This effect is more pronounced for longer-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. Investments in mortgage-backed securities (MBS) may bear additional risk. Investments in lower rated and unrated bonds may be more sensitive to default, downgrades, and market volatility; these investments may also be less liquid than higher rated bonds. Investments in derivatives are subject to the risks associated with the securities or other assets underlying the pool of securities, including illiquidity and difficulty in valuation. A short position will lose value as the security's price increases. Theoretically, the loss on a short sale can be unlimited. Investments in the Funds are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

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.