Mutual Funds Commentary

We appear to be shifting away from early cycle behavior with peaking economic conditions to more mid-cycle behavior. During these periods, higher-quality stocks tend to perform relatively better, which would favor our general philosophy and current positioning of targeting higher-quality core and reasonably valued growth stocks.

While China dominated recent news headlines, it’s important to keep in mind that emerging markets are diverse and comprised of more than two dozen countries, each with their own currencies, central banks and unique political systems.

As the Covid-19 pandemic wanes, we believe people around the world will continue to buy goods and services and trade with each other, though there will be lasting differences from prior norms. We believe the Global Opportunities Fund's businesses will benefit as the world adjusts to an improving economic backdrop and continued stimulus.

We appear to be shifting away from early cycle behavior with peaking economic conditions to more midcycle behavior. During these periods, higher quality stocks tend to perform relatively better, which would favor our general philosophy and current positioning of targeting higher quality growth stocks.

We continue to be optimistic regarding the income and return potential of Thornburg Investment Income Builder’s assets.

As bottom-up international stock pickers with a 23-year history, we know that market volatility always brings with it attractive businesses that are oversold and mispriced, and therefore opportunity in the months to come.

As bottom-up international stock pickers with a 23-year history, we know that market volatility always brings with it attractive businesses that are oversold and mispriced, and therefore opportunity in the months to come.

While higher rates can compress valuations of longer duration growth stocks, our process emphasizes paying a fair price for exceptional companies. No one can consistently call a bottom in more volatile markets, but we are confident that the companies in our portfolio have a bright future ahead.