In the News

  • What is a Stock Rerating?
    July 8, 2019 [Jason Brady, CFA]
    In an interview with The Wall Street Journal, Thornburg President and CEO Jason Brady defines and explains the term, “stock rerating,” which refers to investor sentiment.
  • Stocks down after yesterday's market rally, here's what to watch
    July 2, 2019 [Jason Brady, CFA]
    Thornburg President and CEO Jason Brady appeared on CNBC to discuss the long recovery since 2008, cautioning that the European Central Bank’s extreme low rates are not a model the Fed should follow.
  • Clock on the Wall Says It's Past Midnight in These Stock Beacons
    June 25, 2019 [Long/Short Equity Fund, Connor Browne, CFA]
    Portfolio Manager Connor Browne speaks about the concerns he has about the equity market and compelling reasons to discuss Thornburg Long/Short Equity Fund.
  • Race to Public Markets Continues Despite Uber, Lyft Flops
    June 16, 2019 [Bimal Shah]
    Bimal Shah speaks to the Wall Street Journal about the boom of new IPOs as excitement and anxiety grow about the gap between sub-optimal performance of ride-sharing companies and the hotly anticipated tech IPOs of 2019.
  • Second Half 2019 Outlook Amid Tariff Talks
    June 13, 2019 [Jason Brady, CFA]
    Thornburg President and CEO Jason Brady tells CNBC’s Kelly Evans he’s focused more on the health of the global economy, not the direct impacts of possible trade tariffs.
  • Thornburg Funds Launch on Allfunds Platform (UCITS)
    June 12, 2019 [UCITS Funds]
    Thornburg announced that its Ireland-domiciled range of UCITS funds have been added to the Allfunds platform, the world’s largest institutional fund distribution network and the largest European platform. In addition, Thornburg’s suite of eight UCITS funds are now accessible to investors in Denmark, Finland, Italy, the Netherlands, and Norway.
  • Expect fewer jobs created in May, says economist
    June 5, 2019 [Jason Brady, CFA]
    Thornburg President and CEO Jason Brady on CNBC comments on the Fed’s data dependency, which adds volatility to the markets when it's too early to be thinking about a rate cut.
  • Risky Municipal Bonds Are on a Hot Streak
    May 27, 2019 [Nicholos Venditti, CFA]
    Nick Venditti gets the last word in a Wall Street Journal front-page story about high-yield muni funds. Flows have been considerable into portfolios stacked with the risky securities.
  • Thornburg Is Investing More Into China, CEO Brady Says
    May 22, 2019 [Jason Brady, CFA]
    Thornburg President and CEO Jason Brady identifies opportunities for investors in light of the trade war, the Fed’s policy, and Thornburg’s portfolio positioning with regard to China.
  • Wall Street gripped by fear that Donald Trump’s China tariff escalation will disrupt Apple’s tech supply chain
    May 20, 2019 [Di Zhou, CFA, FRM]
    Di Zhou was quoted in the South China Post this morning discussing how Apple is being affected by the U.S.-China trade war.
  • What Municipal-Bond Investors Should Do Now
    April 19, 2019 [Nicholos Venditti, CFA]
    While the new tax code has been good for state and local governments, fund managers are finding that those same governments aren't issuing enough new debt to match the increase in demand.
  • Opinion: Depressed by low yields? Earn higher investment income with a 'building' strategy
    April 11, 2019 [Ben Kirby, CFA]
    Ben Kirby of the $14.6 billion Thornburg Investment Income Builder Fund explains how to put dividends to work over time.
  • Caution Before the Celebration
    April 1, 2019 [Jason Brady, CFA]

    Jason Brady tells Bloomberg TV's Vonnie Quinn to remain cautious moving forward, even though first quarter results produced a nice bounce back from the volatile end to 2018. 

  • Global Bond-Market Investors Are Getting Really Nervous
    March 29, 2019 [Jason Brady, CFA]
    As yields across sovereign markets have sunk, that’s put investors in a dilemma of what to do within the space. “We’re not getting paid a lot to take credit risk, so we’re taking less of it,” said Jason Brady. “With the curve inverted, we’re holding more cash at the moment and less excited about the opportunity set.”
  • Fed Boost, Rate Rally Spur BBB Borrower's to Primary Market
    March 29, 2019 [Lon Erickson, CFA]
    Lon gets the only quote in this additional story about the BBB market: “Market access certainly is a benefit especially to lower quality spectrum of investment-grade. As people think about fallen angels, one of the things that could drive that is the inability to refinance risk at cheap levels.
  • Wall Street Journal: Investors Keep Puerto Rico Bonds After First Chapter of Restructuring
    March 21, 2019 [David Ashley, CFA]
    Everyone is still talking about Puerto Rico bonds! Dave Ashley Wall Street Journal telling the reporter “The market has a very short memory” and “You still have fundamental or structural issues that need to be addressed.”
  • Reuters: Seller's market seen aiding Illinois and Chicago bond issues
    March 25, 2019 [Nicholos Venditti, CFA]
    Nick Venditti tells Reuters that the recent Illinois and Chicago general obligation bond auctions might find buyers, but “over a longer period of time will likely prove unattractive for investors.”
  • Investor’s Business Daily: What Are The Best Bond Funds To Invest In This Year?
    March 25, 2019 [Jeff Klingelhofer, CFA]
    Thornburg Strategic Income Fund (I shares) was awarded Investor's Business Daily's Best Mutual Funds 2019 Award, among 515 U.S. Taxable Bond funds for 10-year average annual returns, ending December 31, 2018.
  • Thornburg Announces Christopher Ryon, Municipal Bond Portfolio Manager, to Retire
    March 20, 2019 [Chris Ryon, CFA]
    Christopher Ryon, portfolio manager and managing director on Thornburg’s municipal bond strategies, will retire on December 31, 2019. Nicholos Venditti and David Ashley, portfolio managers and managing directors, will continue to co-manage the firm’s municipal bond strategies.
  • Thornburg Investment Income Builder Fund Wins 2019 Lipper Fund Award (UK)

    Thornburg Investment Management announced that its Thornburg Investment Income Builder UCITS Fund received the prestigious Lipper Fund Award in the UK for consistent performance.

  • Thornburg Investment Income Builder Fund Wins 2019 Lipper Fund Award
    Thornburg Investment Management announced that its Thornburg Investment Income Builder UCITS Fund received the prestigious Lipper Fund Award in Switzerland for consistent performance.
  • Question Everything: Puerto Rico Hits $3.8 Trillion Market
    February 6, 2019 [David Ashley, CFA]
    David Ashley shared his view about the ongoing saga affecting Puerto Rico's debt. He's taking a wait and see approach: "This is a near-term headline - we don’t know how it’s going to play out over the next one, two or five years," he said. "You’ve made the sales tax folks fairly happy, you still haven’t addressed the other part of the debt waterfall."
  • Corporate Bond Demand Cranks Up as Fed-Driven Rebound Takes Hold
    February 6, 2019 [Lon Erickson, CFA]
    Lon Erickson talks about a wait-and-see approach, only he's referring to the Fed. “There was a lot of joy taken from the Fed reversing course and going to a more pronounced wait-and-see approach to raising rates,” he said. “I don’t know that we’ll see same pace of tightening we had in January. There are several risks out there relative to what could happen for credit - I could see us hanging in here at the recent tights, or squeeze in a few more basis points out of it.”
  • Investors: U.S.-China trade talks have been a 'goat rodeo'
    January 29, 2019 [Ben Kirby, CFA]
    Ben Kirby appeared on CNBC and reminded investors that despite a steady flow of ‘earnings beat’ headlines, fewer companies are following this trend, and earnings expectations have generally fallen. Why? Trade talks have been a “goat rodeo,” causing uncertainty and investment to slow.
  • Focus on Global Dividends
    January 24, 2019 [Jason Brady, CFA]

    President and CEO Jason Brady tells Bloomberg's Shery Ahn and Haidi Stroud-Watts that investors should look at dividend-paying stocks amid slowing global growth. 

  • Morningstar Analyst Report: Thornburg Investment Income Builder
    April 18, 2019 [Investment Income Builder Fund, Jason Brady, CFA, Ben Kirby, CFA, Matt Burdett, Brian McMahon]
    Morningstar’s analysis of Thornburg Investment Income Builder Fund, based on five key pillars: Process, Performance, People, Parent, and Price.
  • Morningstar Analyst Report: Thornburg Limited Term Muni
    April 22, 2019 [Limited Term Municipal Fund, David Ashley, CFA, Christopher Ryon, CFA, Nicholos Venditti, CFA]
    Morningstar’s analysis of Thornburg Limited Term Municipal Fund, based on five key pillars: Process, Performance, People, Parent, and Price.
  • Risk Rises in Municipal Bonds
    January 21, 2019 [Nicholos Venditti, CFA]
    Nick Venditti is quoted in the Wall Street Journal discussing the interesting trend in 2018 that saw an uptick in some of the riskier sectors of the muni bond market. He said he had largely avoided lower-rated and riskier bonds. But at the end of 2018, as equity markets roiled and investors fled high-yield corporates, at least one deal looked attractive to him: a bond issuance linked to natural gas.
  • Thornburg Launches Long/Short Equity UCITS Fund
    January 16, 2019 [Long/Short Equity Fund (UCITS)]

    Thornburg is pleased to announce the launch of Thornburg Long/Short Equity Fund, a UCITS fund domiciled in Dublin, Ireland. This is the firm’s first UCITS alternative strategy. The Fund pursues long-term capital appreciation and the preservation of capital during periods of high volatility and market declines.

  • Thornburg Launches Strategic Income UCITS Fund
    January 16, 2019 [Strategic Income Fund (UCITS)]

    Thornburg is pleased to announce the launch of Thornburg Strategic Income Fund, a UCITS fund domiciled in Dublin, Ireland. This unconstrained bond fund invests in a wide variety of asset classes around the world with an emphasis on higher-yielding fixed income.

  • The New York Times: In This Market, It May Be Time to Play Defense
    January 11, 2019 [Brian McMahon]
    The volatility in the latter part of 2018 has left investors pondering what the best response is to start the new year. Brian McMahon said that in many ways, the recent downturn “is pretty normal. This is not something to panic about.”
  • Pullback Offers Opportunity For Bonds
    December 30, 2018 [Jeff Klingelhofer, CFA]

    PM Jeff Klingelhofer tells Su Keenan of Bloomberg TV that the fourth quarter market pullback could be an opportunity to step back into the bond market.

  • A Strategy That Pays Dividends
    December 24, 2018 [Brian McMahon, Ben Kirby, CFA]
    Learn about the differentiated, global approach to finding income that drives Thornburg Investment Income Builder’s strategy in this Barron’s article featuring portfolio managers Brian McMahon, Ben Kirby, and Jason Brady.
  • CEO Jason Brady Looks to Fundamentals During Volatility
    December 18, 2018 [Jason Brady, CFA]
    President and CEO Jason Brady says it's important for investors to look at the fundamentals of a company during volatility instead of the headlines in an in-studio interview with Bloomberg TV. 
  • Citywire Manager Profile: Jeff Klingelhofer
    December 3, 2018 [Jeff Klingelhofer, CFA]
    “What you want in your fixed income manager is somebody to provide value when the world isn’t doing so well,” explains Portfolio Manager Jeff Klingelhofer in an interview with Citywire.
  • The Bond Buyer 2018: Rising Stars
    Fall 2018 [Nicholos Venditti, CFA]
    Described as a “municipal bond evangelist,” Nick Venditti is one of The Bond Buyer’s 2018 Rising Stars.
  • A Top-Performing, Global ESG Fund
    October 22, 2018 [Better World International Fund, Di Zhou, CFA, FRM, Jim Gassman]
    The investment methodology and philosophy that drives Thornburg Better World International Fund is captured in this interview with Portfolio Managers Di Zhou and Jim Gassman.
  • Thornburg Better World International Fund Celebrates Three-Year Anniversary
    Thornburg is pleased to announce the three-year anniversary of Thornburg Better World International Fund.
  • Alternative Alternative
    August 3, 2018 [Long/Short Equity Fund, Connor Browne, CFA, Bimal Shah]
    “After a long run in stocks and with rising interest rates, you need another answer to diversify. This is a good one,” says Portfolio Manager Connor Browne about the Thornburg Long/Short Equity Fund.
  • Generating Attractive Returns Through Stock Selection in a Long/Short Fund
    August 3, 2018 [Long/Short Equity Fund, Connor Browne, CFA, Bimal Shah]
    In-depth Q&A about long/short equity investing with Portfolio Manager Connor Browne and Associate Portfolio Manager Bimal Shah. Rather than focusing on a particular market sector, Connor explains that “We’re much better at picking individual stocks within sectors and allowing our stock picking to drive portfolio results.”
  • Secular Trends in an International Portfolio
    July 2018 [International Growth Fund, Greg Dunn, Sean Sun, CFA]
    An interview with Thornburg International Growth Fund Portfolio Managers Greg Dunn and Sean Sun reveals the team’s rigorous, bottom-up fundamental analysis as the key to identifying high-quality growth companies.
  • What Investors Want to Hear From Powell at Jackson Hole
    August 20, 2018 [Jason Brady, CFA]

    CEO Jason Brady talks with Bloomberg TV about a range of topics, from all-time market highs, the Fed’s Jackson Hole symposium, and opportunities in emerging markets.

  • Thornburg CEO Sees ‘Knock-on Effects’ from Turkish Turmoil
    August 13, 2018 [Jason Brady, CFABloomberg Markets]

    CEO Jason Brady discusses the impact of the Turkey crisis on financial markets with Bloomberg's Shery Ahn and Julie Hyman on "Bloomberg Markets" 

  • The two-way floating of the RMB exchange rate is a step toward a stable road
    July 2018 [Jason Brady, CFA]
    CEO Jason Brady tells Chinese media outlet Caixin that he believes that the main reason for the recent devaluation of the renminbi is the Fed’s rate hike. On another level, the depreciation of the renminbi is not entirely a bad thing, but two-way floating is an important step in its journey to stability.
  • Getting Ahead of the Curve With Alternatives
    July 10, 2018 [Connor Browne, CFA]
    Portfolio Manager Connor Browne tells Bloomberg Radio that while the economy is still strong, investors should plan ahead before the next equity downturn, and alternatives could make a lot of sense in portfolios today.
  • Thornburg Announces New Hires on Global Distribution Team
    July 10, 2018 [Global Distribution Team]
    Thornburg Investment Management announced three new hires on the firm’s global distribution team.
  • The Importance of Quarterly Guidance
    June 7, 2018 [Jeff Klingelhofer, CFACNBC Asia]
    Portfolio Manager Jeff Klingelhofer says a "long history of doing the right thing" is an important way to look at companies, but quarterly guidance can be helpful for active investors too, on CNBC Asia's "Squawk Box".
  • CEO Jason Brady tells Bloomberg TV that 60/40 Hasn’t Been Working This Year
    May 17, 2018 [Jason Brady, CFA]

    Thornburg President and CEO Jason Brady discusses markets, volatility and the 60/40 portfolio allocation strategy on "Bloomberg Markets." 

  • The Challenge for Markets Now is Repricing Risks
    April 20, 2018 [Jeff Klingelhofer, CFACNBC Asia]

    Investors are right to be optimistic about the global economy, but need to accept that volatility will be part of the ride, says Global Fixed Income Portfolio Manager Jeff Klingelhofer.

  • FAANG Dominance: Consuelo Mack interviews Portfolio Manager Connor Browne
    March 15, 2018 [Connor Browne, CFA]

    Known as the FAANGs, Facebook, Amazon, Apple, Netflix, and Google/Alphabet could also be dubbed the great disruptors. They've created new businesses and destroyed old ones, changing the way we conduct our personal and business lives in the process. Will they continue to dominate, even as they encroach on each other's turf?

  • Thornburg Investment Management Receives Two Lipper Fund Awards
    Thornburg Investment announced that two mutual funds, the Thornburg Limited Term Municipal Fund and Thornburg International Growth Fund each received the prestigious Lipper Fund Award.
  • Behind the Success of a Top-Performing International Fund
    August 22, 2017 [International Growth Fund, Greg Dunn]
    Portfolio Manager Greg Dunn on Thornburg International Growth Fund: "If you look at the active share of the fund, which is a measure of how little we look like the benchmark, it is very high."
  • Thornburg Investment Management Signs the Principles for Responsible Investment
    August 14, 2017 [Our Firm]
    As a further commitment to responsible investing, Thornburg announced that it has signed the United nations-support Principles for Responsible Investment (PRI).
  • Thornburg Investment Management Appoints Carter Sims to Head of Global Distribution
    May 15, 2017 [Our Firm]
    William Mac "Carter" Sims has joined Thornburg as the Head of Global Distribution. Mr. Sims will be responsible for leading the sales and distribution efforts across the company's institutional, intermediary and offshore lines of business.
  • Thornburg Launches Limited Term Income UCITS Fund
    May 3, 2017 [Limited Term Income Fund]
    The firms first fixed income UCITS product, Limited Term Income Fund, is now available to overseas investors.
  • Thornburg Investment Management Adds R6 Shares on Four Funds
    R6 share classes have been added to Thornburg Global Opportunities Fund, Investment Income Builder Fund, Limited Term Income Fund and Strategic Income Fund.
  • Thornburg Investment Management Receives Two Lipper Fund Awards
    Two of Thornburg's fixed income funds, Thornburg Limited Term Municipal Fund and Thornburg Limited Term U.S. Government Fund, received prestigious Lipper Fund Awards.
  • NM financial adviser: 'Women are not an afterthought. This is a huge part of the market.'
    February 1, 2017 [Jan Blakeley Holman]
    …"there are characteristics of women that advisers should be aware of. They are relationship-oriented, they have an interest in learning and being educated about what they’re doing, and in managing risk."
  • Thornburg Launches Long/Short Equity Fund—Adding Liquid Alternative to the Firm’s Equity & Bond Fund Line-up
    January 5, 2017 [Long/Short Equity Fund]
    Thornburg Investment Management has launched Thornburg Long/Short Equity Fund (THLSX), its first liquid alternative fund, effective December 30, 2016. Using the same active, bottom-up investment process that supports all Thornburg products, the new fund offers a focused, opportunistic approach to equities investing.
  • Thornburg Investment Management Receives Lipper Fund Award
    Thornburg Investment Management announced that its Thornburg Limited Term Municipal Fund, received the prestigious Lipper Fund Award for consistent performance, for the sixth year in a row.
  • Thornburg UCITS Range of Funds Available on UK Platform of Raymond James Investment Services Ltd.
    December 8, 2015 [UCITS Funds]
    Raymond James is the first U.K. wealth manager to distribute the Thornburg UCITS fund range. This will provide discretionary fund managers and fund selectors with access to Thornburg's Dublin domiciled UCITS funds.
  • It would be 'almost impossible' to bootstrap a company like Thornburg Investment today
    August 14, 2015 [Garrett Thornburg]
    Business First talks to Garrett Thornburg about the regulatory environment – tax policy, compliance burdens, the Dodd-Frank Act, and other regulations can all impact business decisions.
  • Thornburg Receives Eleven Informa "Top Gun" Rankings for Five Diverse Strategies
    Five institutional investment strategies offered by Thornburg Investment Management were awarded the "Top Guns" distinction from Informa Investment Solutions' PSN manager ranking database for the period ended March 31, 2015. Achieving the Top Gun distinction means a product is among the top 10 performers within one or more peer groups reporting to PSN, the longest - running investment manager database in North America.
  • Thornburg Named "Global Core Equity Manager" of the Year in Institutional Investor Magazine's 2015 U.S. Investment Management Awards
    April 28, 2015 [institutional Strategies]
    These awards recognize U.S. money managers who "stood out in the eyes of the investor community for their exceptional performance, risk management and service." Managers are short-listed by Institutional Investor’s editorial staff, in consultation with eVestment, and winners are chosen based on the result s of a survey of U.S. institutional investors.
  • Thornburg Investment Management Receives Two Lipper Fund Awards
    Thornburg Investment Management announced that two of its funds, Limited Term Municipal and International Growth, received the prestigious Lipper Fund Awards for consistent performance.
  • Thornburg Announces Portfolio Manager Promotions Across Fixed Income and Equity Strategies
    February 2, 2015 [Equity Funds, Bond Funds]
    Lon Erickson and Jeffrey Klingelhofer have been named portfolio managers on all of Thornburg's Global Fixed Income strategies. Nicholos Venditti was named portfolio manager on Thornburg’s suite of seven municipal bond funds. On the equity team, Robert MacDonald was named co-portfolio manager of the Thornburg Value Fund.
  • Thornburg Investment Management Announces Launch of Low Duration Income Fund and Low Duration Municipal Fund
    Thornburg Investment Management (TIM) announced today that it has launched the Thornburg Low Duration Income Fund (ticker: TLDAX and TLDIX) and the Thornburg Low Duration Municipal Fund (ticker: TLMAX and TLMIX), effective December 30, 2013. The primary investment goal of both funds is current income (exempt from federal income tax in the case of the muni fund), consistent with preservation of capital.
  • Thornburg Investment Management Sponsors First Leadership Boot Camp for Elite Women of Wall Street
    December 4, 2013 [our Firm]
    Thirty-two women who serve in critical decision-making roles in the financial services industry made history by completing the first leadership boot camp designed exclusively for elite women. The two-and-a-half day program, sponsored by Thornburg Investment Management, was conducted November 19 – 21, 2013 at The Historic Thayer Hotel at West Point, which sits on the grounds of the U.S. Military Academy.
  • A Trade Built on Trust
    September 23, 2012 [Our Firm, Garrett Thornburg]
    The Santa Fe New Mexican published this reflection on Thornburg Investment Management's 30-year history, titled "A Trade Built on Trust."
Important Information
Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit Read them carefully before investing.

The performance data quoted represents past performance; it does not guarantee future results.

There is no guarantee that the Fund will meet its investment objectives.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially 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. This effect is more pronounced for longer-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. Investments in mortgage-backed securities (MBS) may bear additional risk. Investments in lower rated and unrated bonds may be more sensitive to default, downgrades, and market volatility; these investments may also be less liquid than higher rated bonds. Investments in derivatives are subject to the risks associated with the securities or other assets underlying the pool of securities, including illiquidity and difficulty in valuation. A short position will lose value as the security's price increases. Theoretically, the loss on a short sale can be unlimited. Investments in the Funds are not FDIC 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.

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