Commentary: Value Fund
A tide of exuberance has washed over the equity market and lifted all boats. We’re confident those in the Value Fund’s portfolio are most seaworthy.
Commentary: Developing World Fund
While uncertainty remains high, compelling EM opportunities remain amid the market turbulence.
Commentary: Global Opportunities Fund
The Thornburg Global Opportunities Fund continues to follow its core investment principles of flexibility, focus and value, as it has done since the fund’s inception in 2006.
Commentary: Core Growth Fund
We believe our exposure to idiosyncratic, secular growth themes are well positioned to benefit from our new normal environment of working and entertaining from home or at a distance. Market dislocation can be a driver of disruption and innovation as well as providing great opportunities to invest in or add to excellent businesses at attractive valuations.
Commentary: Investment Income Builder Fund
We believe Thornburg Investment Income Builder has resilient businesses with strong capital structures, representing excellent value at current prices.
Commentary: Better World International Fund
We believe that the central proposition of the fund will continue to be true, which is that companies which observe and practice ESG principles will be more profitable and efficient and operate with less risk, leading to better risk-adjusted returns over the long run.
Commentary: Strategic Income Fund
We’ve started trimming some of the risk we added in Q2, and it seems more likely than not we’ll continue to do so while searching for those diamonds in the rough.
Commentary: Income and U.S. Government Bond Funds
As we march forward into the second half of 2020, we’ll remain focused on our guiding tenet: only take risk when you are getting paid to do so. In action, this means staying nimble, focusing on horizon risks, appropriately managing liquidity and most importantly remaining humble.
Commentary: International Value Fund
We believe that bottom-up, high conviction active managers like Thornburg will continue to perform well relative to the index and passive managers, given the level of dislocation created during international markets’ abrupt decline and sharp rebound so far this year.
Commentary: International Growth Fund
We believe our portfolio is well positioned given its exposure to secular trends and idiosyncratic growth drivers. As we have seen in the past, market dislocation can be a driver of disruption and innovation as well as providing great opportunities to invest in or add to excellent businesses at attractive valuations.
Commentary: Long/Short Equity Fund
We are optimistic that our bottom-up selections in both the long and short books position the portfolio favorably, whether the economic recovery is shaped like a “V”, “U” or some other letter.
Commentary: Municipal Bond Funds
In these turbulent times it is our duty to invest prudently, commensurate with our clients’ risk tolerances. We believe the patience we’ve long exhibited will pay-off again, and we appreciate that successful investing is not a sprint so much as a marathon.
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