Mutual Funds Commentary

Commentary: Value Fund

A tide of exuberance has washed over the equity market and lifted all boats. We’re confident those in the Value Fund’s portfolio are most seaworthy.

2nd Quarter 2020

      Commentary: Global Opportunities Fund

      The Thornburg Global Opportunities Fund continues to follow its core investment principles of flexibility, focus and value, as it has done since the fund’s inception in 2006.

      2nd Quarter 2020

          Commentary: Core Growth Fund

          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.

          2nd Quarter 2020

              Commentary: Better World International Fund

              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.

              2nd Quarter 2020

                  Commentary: Strategic Income Fund

                  We’ve started trimming some of the risk we added in Q2, and it seems more likely than not we’ll continue to do so while searching for those diamonds in the rough.

                  2nd Quarter 2020

                      Commentary: Income and U.S. Government Bond Funds

                      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.

                      2nd Quarter 2020

                          Commentary: International Value Fund

                          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.

                          2nd Quarter 2020

                              Commentary: International Growth Fund

                              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.

                              2nd Quarter 2020

                                  Commentary: Long/Short Equity Fund

                                  We are optimistic that our bottom-up selections in both the long and short books position the portfolio favorably, whether the economic recovery is shaped like a “V”, “U” or some other letter.

                                  2nd Quarter 2020

                                      Commentary: Municipal Bond Funds

                                      In these turbulent times it is our duty to invest prudently, commensurate with our clients’ risk tolerances. We believe the patience we’ve long exhibited will pay-off again, and we appreciate that successful investing is not a sprint so much as a marathon.

                                      2nd Quarter 2020

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