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: Value Fund
While we are operating in uncharted economic territory, we remain excited about the fundamentals of the businesses we own.
Commentary: Developing World Fund
The global economy is grinding to a halt, and we're expecting increased company-level bifurcation as the
virus dissipates.
Commentary: Global Opportunities Fund
We continue to seek long term capital appreciation through valuation-sensitive investments in promising businesses exhibiting durable competitive advantages.
Commentary: Core Growth Fund
We believe our portfolio represents a collection of high-quality businesses that can survive the current global disruption and emerge on the other side well positioned to compete and grow.
Commentary: Better World International Fund
The 1st quarter of 2020 saw the largest quarterly loss in the history of the MSCI ACWI ex USA Index and also some of the highest return correlations between stocks, leading to significant valuation disparities.
Commentary: Strategic Income Fund
A plethora of governmental action will certainly dampen negative economic effects, but we continue to sail in uncharted waters.
Commentary: Income and U.S. Government Bond Funds
Current markets are volatile and fast. The outlook is uncertain and unpleasant. As portfolio managers we seek balance.
Commentary: International Value Fund
In the first quarter, the fund raised cash in January and then gradually upgraded the portfolio over the remainder of the quarter by buying higher-quality international companies trading at attractive valuations due to the COVID-19 crisis.
Commentary: International Growth Fund
Many of the stocks we own are well positioned for where we believe the world is headed, as events of this past quarter accelerated the adoption of some companies' products and services.
Commentary: Long/Short Equity Fund
Despite being in unprecedented times, we remain excited about our portfolio's ability to protect against, and take advantage of, any future volatility.
Commentary: Municipal Bond Funds
After a multi-year rally, the municipal market reminded investors of how quickly and violently things can turn.
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