Mutual Funds Commentary

Commentary: Global Opportunities Fund

We believe the Global Opportunities Fund's businesses will benefit as the world adjusts to an improving economic backdrop, and that most of the businesses owned have emerged from the 2020 economic valley with their competitive positions intact or improved.

4th Quarter 2021

Commentary: Small/Mid Cap Core Fund

We believe a shift toward later cycle behavior will generally favor our philosophy and positioning of targeting higher quality core and growth stocks.

4th Quarter 2021

Commentary: Small/Mid Cap Growth Fund

We believe a shift toward later cycle behavior will generally favor our philosophy and current positioning of targeting higher quality growth stocks.

4th Quarter 2021

Commentary: Investment Income Builder Fund

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

4th Quarter 2021

Commentary: International Growth Fund

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.

4th Quarter 2021

Commentary: Developing World Fund

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.

3rd Quarter 2021

Commentary: Better World International Fund

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.

3rd Quarter 2021

Commentary: Strategic Income Fund

We prefer to be defensively positioned in an environment where valuations suggest the reopening trade has been fully priced in.

3rd Quarter 2021

Commentary: Income and U.S. Government Bond Funds

We have strong conviction within select areas of the fixed income market, particularly within the consumer space.

3rd Quarter 2021

Commentary: International Equity Fund

3rd Quarter 2021

Commentary: Municipal Bond Funds

Municipal credit has experienced a renaissance after showing incredible resiliency during the pandemic. Issuers have recovered faster than expected and are in the best financial position since 2007. Municipalities are flush with cash, and struggling to spend Federal aid but few seem interested addressing long-term issues.

3rd Quarter 2021

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