1Q 2019Generally, taking potential volatility out of portfolios in both credit and rates makes sense while the cost of doing so is currently minimal.
1Q 2019At this stage of the credit cycle, individual security selection across industries, credit quality, maturities and region are likely to be key drivers of investor results.
1Q 2019Following the largest annual price declines since 2008 for U.S. and many other equity markets in the December 2018 quarter, prices bounced back by double-digit percentages in most global equity markets in the March quarter.
1Q 2019Given our focus on fundamental progress and the intrinsic values of the businesses in the portfolio, we remain constructive about the long-term outlook for the strategy.
1Q 2019We construct the portfolio, as always, on a diversified basis with risk mitigation in mind.
1Q 2019We continue to evaluate the attractiveness of and allocation to each stock from a fundamental bottom-up perspective.
1Q 2018Structural, long-term capital opportunities exist across emerging market equities, but can be accompanied by short-term volatility. We believe great companies can still rise to the challenge and distinguish themselves over the long term.
1Q 2019Analysts at Thornburg are challenged to think about very different sorts of businesses and compare them to one another. This is different than how many of our competitors are organized.
Investments carry risks, including possible loss of principal. Additional risks may be associated with investments in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Unlike bonds, bond funds have ongoing fees and expenses. Investments in mortgage-backed securities (MBS) may bear additional risk. Investments in the Fund are not insured, nor are they bank deposits or guaranteed by a bank or any other entity.
The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management, Inc. This information should not be relied upon as a recommendation or investment advice and is not intended to predict the performance of any investment or market.
Any securities, sectors, or countries mentioned are for illustration purposes only. Holdings are subject to change. Under no circumstances does the information contained within represent a recommendation to buy or sell any security.
The Fund is a sub-fund of Thornburg Global Investment plc, an open-ended umbrella type investment company with segregated liability between sub-funds, authorised by the Central Bank of Ireland (CBI) on 25 November 2011 as an investment company pursuant to the UCITS Regulations. Authorisation of the Company by the CBI is not an endorsement or guarantee of the Company by the CBI nor is the CBI responsible for the contents of the Prospectus or KIID.
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The Fund is offered solely to non-U.S. investors under the terms and conditions of the Fund’s current Prospectus. A copy of the full Prospectus and KIID for the Fund may be obtained by contacting the local Paying Agent through the Fund’s Transfer Agent, Brown Brothers Harriman Fund Administrator Services (Ireland) Limited or in the forms and literature section of this website. The Prospectus and KIID contain important information about the Fund and should be read carefully before investing.
This communication and any investment or service to which this material may relate does not constitute an offer or solicitation to invest in the Fund and is exclusively intended for persons who are Professional Clients or Eligible Counterparties for the purposes of the FCA Rules and other persons should not act or rely on it. This communication is not intended for use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.
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Administrator: Brown Brothers Harriman Fund Administration Services (Ireland) Limited, Ireland, BBH.Dublin.TA@bbh.com +353.1.603.6490