• Better World International
    2Q 2019 [Jim Gassman, Di Zhou, CFA]
    Global equity markets continued their 2019 advance in the second quarter but May witnessed the first material market drawdown of the year, triggered by renewed trade friction between the U.S. and China and related concerns about global growth.
  • Global Opportunities
    2Q 2019 [Brian McMahon, Vinson Walden, CFA]
    We believe dispersion in equity returns and valuations across regions and sectors—such as we’ve seen recently—will present more opportunities ahead for our investment framework.
  • Strategic Income
    2Q 2019 [Jason Brady, CFA, Lon Erickson, CFA, Christian Hoffmann, CFA, Jeff Klingelhofer, CFA]
    In light of tight spreads, weakening corporate and consumer fundamentals, and a slowing global economic environment, we remain defensively positioned.
  • International Growth
    2Q 2019 [Greg Dunn, Sean Koung Sun, CFA]
    Through our repeatable bottom-up process that relies on deep fundamental research, we are, even in this environment, finding opportunities to deploy capital into businesses with franchise characteristics and durable growth drivers that can deliver compelling risk-adjusted returns over time.
  • Income and Government Bonds
    2Q 2019 [Jason Brady, CFA, Lon Erickson, CFA, Jeff Klingelhofer, CFA]
    Given our skeptical view on the Fed and its motives, the duration of the portfolio has remained constant through much of the second quarter as we have focused more on diversifying the portfolio to weather many economic outcomes.
  • Developing World
    2Q 2019 [Ben Kirby, CFA, Charles Wilson, PHD]
    Although recent macroeconomic conditions have been challenging within many emerging markets, we believe their prospects are improving and are excited about the near-term prospects for our holdings.
  • International Value
    2Q 2019 [Lei Wang, CFA, Di Zhou, CFA]
    With the promise of a resumption of trade negotiations between China and the U.S. after the G-20 Summit, markets rebounded in June and finished positively for the quarter.
  • Municipal Bonds
    2Q 2019 [David Ashley, CFA, Christopher Ryon, CFA, Nicholos Venditti, CFA]
    The municipal bond market is changing. Investors just haven’t realized yet. In our minds, it has led to a mispricing of risk broadly. As such, we are running portfolios more conservatively. Mindful of the fact that when price and fundamental value diverge, there tends to be a reckoning.
  • Investment Income Builder
    2Q 2019 [Jason Brady, CFA, Matt Burdett, Ben Kirby, CFA, Brian McMahon]
    While demographic trends continue to drive increased appetite for income-producing vehicles, global central bank policy continues to distort the relationship between stock and bond yields.
  • Long/Short Equity
    1Q 2019 [Connor Browne, CFA, Bimal Shah, CFA]
    Analysts at Thornburg are challenged to think about very different sorts of businesses and compare them to one another. This is different than how many of our competitors are organized.
  • Core Growth
    1Q 2019 [Ted Chang, Greg Dunn]
    We will be opportunistic in adding more of these attractive businesses at discounted valuations.
  • Value
    1Q 2019 [Connor Browne, CFA, Robert MacDonald, CFA]
    We have long focused on building a culture that supports great stock pickers in their pursuit of undervalued investment opportunities.
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.