Commentary: Small/Mid Cap Core Fund
We expect style factor dominated markets to subside in lieu of a more balanced market that rewards the long-term earnings power of the companies we favor.
Commentary: Global Opportunities Fund
Global Opportunities Fund's more cyclical businesses continued performing in 2021 as the world adjusts to an improving economic backdrop and continued stimulus.
Commentary: Small/Mid Cap Growth Fund
We expect style factor dominated markets to subside in lieu of a more balanced market that rewards the long-term earnings power of the companies we favor.
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 remain constructive about the outlook for international markets, and ESG, over the remainder of 2021. Value may continue to outperform Growth, but the sharpest part of the bounce may be behind us and we believe a balanced and flexible core position is still the best one in this market.
Commentary: International Growth Fund
We retain a long-term focus in our investment horizon and remain true to our core set of repeatable investment principles of finding high-quality stocks that can sustainably create business value over the long run and a general avoidance of trying to time or trade around short-term shifts in investor positioning or sentiment.
Commentary: Developing World Fund
Entering 2021, we believe strong growth opportunities for emerging markets remain intact. A global injection of liquidity, low interest rates and a stable dollar is a very favorable cyclical setup as we recover from the global pandemic.
Commentary: Strategic Income Fund
We sought to reduce risk, which has the positioned portfolio tackle a dicey environment, while balancing both upside potential and downside protection.
Commentary: Income and U.S. Government Bond Funds
We continued the work that began over the summer by fine-tuning risk exposures and shifting allocations as COVID-19 cases rose, election-related volatility increased, and leverage across corporations and governments rose. Our ability to find value helped boost quarterly results despite the concerns over government stimulus and unemployment.
Commentary: International Value Fund
We are constructive about the outlook for international markets in 2021. While the bounce in Value versus Growth and a number of other underperforming markets may have a ways to run, we believe a balanced but flexible core stance is still the best one in this market.
Commentary: Long/Short Equity Fund
The market forces investors to adapt, and current market conditions have accelerated many changes that were already in motion. We welcome market volatility, which plays to our strengths, but it has become more fleeting with every day.
Commentary: Municipal Bond Funds
Muni performance was strong as an accommodative Fed, strong demand for muni mutual funds and a flat year for tax-exempt issuance converged to create a challenging yield environment.
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