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.
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.
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.
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.
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.