Fixed Income

Finding value across credit markets

A nimble approach and systematic research is key to our fixed income decisions.

We look across market silos and capital structures to identify our best fixed income investment opportunities. Throughout the investment process, we focus on securities that offer compelling fundamentals, relative value and a diversified portfolio risk exposure.

Global Fixed Income

An active and flexible approach to deliver attractive risk-adjusted returns. We look globally across market silos and capital structures to identify our best fixed income investment opportunities. Throughout the investment process, we focus on securities that offer compelling fundamentals, relative value and a diversified portfolio risk exposure to deliver total return with a competitive level of income.

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ULTRA-SHORT
U.S. GOVERNMENT
LIMITED TERM
MULTI-SECTOR
CORPORATE BOND
HIGH YIELD

Investing globally across the credit and maturity spectrum

Thornburg Multisector Opportunistic Strategy

The Multisector Opportunistic Strategy is built around a highly active and flexible approach, designed to provide attractive risk-adjusted returns by investing in fixed income securities across sector, credit quality and geography. Employing a collaborative process that combines top-down macroeconomic considerations with deep, fundamental credit research, the strategy aims to generate returns above that of core fixed income strategies with only incrementally higher risk over time.

Benchmark

Bloomberg U.S. Universal Index

Investment objective Income

Strategy inception date 1 Jan 2008

Net assets $10.1 B

Available as:

Thornburg Limited Term Income Strategy

The Limited Term Income Strategy employs a flexible and highly active approach to construct a core portfolio of U.S. dollar–denominated short/intermediate investment grade bonds. It is designed for stability, capital preservation and moderate interest rate exposure. The strategy seeks to drive returns through income and superior relative value issue selection in a dynamically changing fixed income environment.

Benchmark

Bloomberg Intermediate U.S. Government/Credit Index

Investment objective Income

Strategy inception date 1 Feb 1993

Net assets $6.4 B

Available as:

Thornburg Limited Term U.S. Government SMA

The Limited Term U.S. Government Strategy is an actively managed portfolio of high quality short/intermediate-term obligations issued by the U.S. government, its agencies or instrumentalities with an average maturity of five years or less. The strategy seeks to provide income consistent with the preservation of capital and lower volatility relative to core bond strategies.

Benchmark

Bloomberg U.S. Government Intermediate Index

Investment objective Income

Strategy inception date 1 Mar 1988

Net assets $102.1 M

Available as:

Institutional Strategy

Thornburg Ultra Short Income Strategy

The Ultra Short Income Strategy employs a flexible and highly active approach to invest in a broad range of primarily investment grade, ultra-short maturity fixed income and money market securities. The strategy seeks to reduce price fluctuations compared to longer duration portfolios by maintaining an average duration of normally no more than one half (0.5) of a year while providing current income consistent with the preservation of capital.

Benchmark

ICE BofA U.S. Treasury Bill Index

Investment objective Income

Strategy inception date 1 Oct 2020

Net assets $275.4 M

Available as:

Institutional Strategy

Thornburg Corporate Bond Strategy

The Corporate Bond Strategy is built around a highly active approach, seeking competitive total return versus the Bloomberg U.S. Intermediate Corporate Bond Index over a full market cycle with lower volatility. The strategy invests in investment-grade corporate bonds diversified broadly across industries, issuers, and regions.

Benchmark

Bloomberg Intermediate Corporate Index

Investment objective Income

Strategy inception date 1 Jul 2020

Net assets $3.3 M

Available as:

Institutional Strategy

Thornburg High Yield Strategy

The High Yield Strategy is built around a highly active and flexible approach, seeking to provide an attractive risk-adjusted return and outperform the Bloomberg U.S. Corporate High Yield Bond Index over a full market cycle with lower volatility. The strategy invests primarily in high yield corporate bonds but broadens the investment opportunity set to capture additional high yielding opportunities with superior relative value attributes.

Benchmark

Bloomberg U.S. Corporate High Yield Index

Investment objective Income

Strategy inception date 1 Apr 2019

Net assets $7.9 M

Available as:

Institutional Strategy

Investing Across Silos

Thornburg’s team brings holistic expertise across geographies, sectors and asset classes to the investment process. It is an iterative approach, where continual and open communication among portfolio managers and research is expected. This is how ideas evolve into investment theses and where validation begins to uncover investment truth. We employ a full complement of fundamental analysis and other proprietary research techniques to evaluate the individual investment. Each idea is debated from multiple viewpoints and where it sits in a complex and interconnected global market. A high-conviction position is a decision we make together.

Municipal Fixed Income

Focusing on fundamentals and seeking relative value across sectors, issuers and securities, we offer seven municipal bond solutions for client portfolios. Four national municipal strategies – Short Duration, Limited Term, Intermediate Term and Strategic Municipal – provide a diversified portfolio of high-quality municipal bonds, maintaining exposure across the maturity spectrum in order to manage duration, hedge against interest rate fluctuations, and limit taxable events.

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TL0181_vrdos-give-muni-investors-ammo-to-protect-against-rising-rates

Iowa State
Capital Building

Thornburg Limited Term Municipal SMA

The Limited Term Municipal Strategy is an actively managed diversified portfolio of municipal bonds with an average maturity of less than five years and average duration range of two to four years. All bonds are investment grade at time of purchase. The strategy applies a relative value framework, focusing on fundamentals and valuations to identify inefficiencies in the market. Team members are responsible for credit research, portfolio construction, trading, and risk oversight and have the flexibility to source ideas across sector, geography and issuer. The strategy maintains exposure across the maturity spectrum in order to manage duration, hedge against interest rate fluctuations and limit taxable events.

Benchmark

ICE BofA 1-10 Year U.S. Municipal Securities Index

Investment objective Income

Strategy inception date 1 Jan 1985

Net assets $2.8 B

Available as:

Institutional Strategy

Thornburg Intermediate Term Municipal Strategy

The Intermediate Term Municipal Strategy is an actively managed diversified portfolio of municipal bonds with an average maturity of three to ten years and average duration range of four to six years. All bonds are investment grade at time of purchase. The strategy applies a relative value framework, focusing on fundamentals and valuations to identify inefficiencies in the market. Team members are responsible for credit research, portfolio construction, trading and risk oversight and have the flexibility to source ideas across sector, geography and issuer. The strategy maintains exposure across the maturity spectrum in order to manage duration, hedge against interest rate fluctuations, and limit taxable events.

Benchmark

ICE BofA 3-15 Year U.S. Municipal Securities Index

Investment objective Income

Strategy inception date 1 Nov 1991

Net assets $2.2 B

Available as:

Institutional Strategy

Thornburg Strategic Municipal Income Strategy

The Strategic Municipal Income Strategy is an actively managed diversified portfolio of municipal bonds with an average effective duration range between one to ten years. The portfolio can invest up to 50% in below investment grade. The strategy applies a relative value framework, focusing on fundamentals and valuations to identify inefficiencies in the market. Team members are responsible for credit research, portfolio construction, trading and risk oversight and have the flexibility to source ideas across sector, geography and issuer. The strategy maintains exposure across the maturity spectrum in order to manage duration, hedge against interest rate fluctuations, and limit taxable events

Benchmark

ICE BofA U.S. Municipal Securities Index

Investment objective Income

Strategy inception date 1 Jan 2000

Net assets $375.5 M

Available as:

Institutional Strategy

Thornburg Short Duration Municipal Strategy

The Short Duration Municipal Strategy is an actively managed diversified portfolio of municipal bonds with an average maturity of less than five years and average duration range of one to three years. All bonds are investment grade at time of purchase. The strategy applies a relative value framework, focusing on fundamentals and valuations to identify inefficiencies in the market. Team members are responsible for credit research, portfolio construction, trading and risk oversight and have the flexibility to source ideas across sector, geography and issuer. The strategy maintains exposure across the maturity spectrum in order to manage duration, hedge against interest rate fluctuations and limit taxable events.

Benchmark

ICE BofA 1-3 Year U.S. Municipal Securities Index

Investment objective Income

Strategy inception date 1 Apr 2014

Net assets $124.5 M

Available as:

Institutional Strategy

Thornburg Municipal Total Return SMA

The Municipal Total Return Strategy is an actively managed portfolio that primarily invests in investment grade, intermediate municipal bonds, as well as shares of a completion fund¹ managed by Thornburg. The completion fund provides access to securities across the credit and maturity spectrum that are difficult, or not feasible, to include in a separately managed account. The strategy seeks to provide tax-exempt income and total return.

¹The completion fund is a series of Thornburg Investment Trust, a diversified, open-end management investment company registered under the Investment Company Act of 1940. Shares of the completion fund are only available for purchase and redemption by or on behalf of separately managed account clients where Thornburg has an agreement with the managed account program’s sponsor, or directly with the client. No direct offering or promotion of this fund is made hereby.

Benchmark

ICE BofA U.S. Municipal Securities Index

Investment objective Income

Strategy inception date 1 Sep 2023

Net assets $15.2 M

Available as:

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Fixed Income

Finding value across credit markets

A nimble approach and systematic research is key to our fixed income decisions.

Global Fixed Income

Thornburg Multisector Opportunistic Strategy

Bloomberg U.S. Universal Index

Thornburg Limited Term Income Strategy

Bloomberg Intermediate U.S. Government/Credit Index

Thornburg Limited Term U.S. Government SMA

Bloomberg U.S. Government Intermediate Index

Thornburg Ultra Short Income Strategy

ICE BofA U.S. Treasury Bill Index

Thornburg Corporate Bond Strategy

Bloomberg Intermediate Corporate Index

Thornburg High Yield Strategy

Bloomberg U.S. Corporate High Yield Index

Investing Across Silos

Municipal Fixed Income

Thornburg Limited Term Municipal SMA

ICE BofA 1-10 Year U.S. Municipal Securities Index

Thornburg Intermediate Term Municipal Strategy

ICE BofA 3-15 Year U.S. Municipal Securities Index

Thornburg Strategic Municipal Income Strategy

ICE BofA U.S. Municipal Securities Index

Thornburg Short Duration Municipal Strategy

ICE BofA 1-3 Year U.S. Municipal Securities Index

Thornburg Municipal Total Return SMA

ICE BofA U.S. Municipal Securities Index

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