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Welcome to Thornburg

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Please review our Terms & Conditions

For Institutional / Wholesale / Professional Clients

The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.


Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.


Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.

Reference to a fund or security anywhere on this website is not a recommendation to buy, sell or hold that or any other security. The information is not a complete analysis of every material fact concerning any market, industry, or investment, nor is it intended to predict the performance of any investment or market.

All opinions and estimates included on this website constitute judgements of Thornburg as at the date of this website and are subject to change without notice.

All information and contents of this website are furnished "as is." Data has been obtained from sources considered reliable, but Thornburg makes no representation as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg disclaims, to the fullest extent of the law, any implied or express warranty of any kind, including without limitation the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

If you live in a state that does not allow disclaimers of implied warranties, our disclaimer may not apply to you.

Although Thornburg intends the information contained in this website to be accurate and reliable, errors sometimes occur. Thornburg does not warrant that the information to be free of errors, that the functions contained in the site will be uninterrupted, that defects will be corrected or that the site and servers are free from viruses or other harmful components. You agree that you are responsible for the means you use to access this website and understand that your hardware, software, the Internet, your Internet service provider, and other third parties involved in connecting you to our website may not perform as intended or desired. We also disclaim responsibility for damages third parties may cause to you through the use of this website, whether intentional or unintentional. For example, you understand that hackers could breach our security procedures, and that we will not be responsible for any related damages.

Thornburg Investment Management, Inc. is regulated by the U.S. Securities and Exchange under U.S. laws which may differ materially from laws in other jurisdictions.

Online Privacy and Cookie Policy

Please review our Online Privacy and Cookie Policy, which is hereby incorporated by reference as part of these terms and conditions.

Third Party Content

Certain website's content has been obtained from sources that Thornburg believes to be reliable as of the date presented but Thornburg cannot guarantee the accuracy, timeliness, completeness, or suitability for use of such content. The content does not take into account individual investor's circumstances, objectives or needs. The content is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services, nor does it constitute investment advice and should not be used as the basis for any investment decision.


No determination has been made regarding the suitability of any securities, financial instruments or strategies for any investor. The website's content is provided on the basis and subject to the explanations, caveats and warnings set out in this notice and elsewhere herein. The website's content does not purport to provide any legal, tax or accounting advice. Any discussion of risk management is intended to describe Thornburg's efforts to monitor and manage risk but does not imply low risk.

Limited License and Restrictions on Use

Except as otherwise stated in these terms of use or as expressly authorized by Thornburg in writing, you may not:

  • Modify, copy, distribute, transmit, post, display, perform, reproduce, publish, broadcast, license, create derivative works from, transfer, sell, or exploit any reports, data, information, content, software, RSS and podcast feeds, products, services, or other materials (collectively, "Materials") on, generated by or obtained from this website, whether through links or otherwise;
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  • Probe, scan, or test the vulnerability of any Materials, services, systems, networks, servers, or accounts related to this website or attempt to gain unauthorized access to Materials, services, systems, networks, servers, or accounts connected or associated with this website through hacking, password or data mining, or any other means of circumventing any access-limiting, user authentication or security device of any Materials, services, systems, networks, servers, or accounts related to this website; or
  • Modify, copy, obscure, remove or display the Thornburg name, logo, trademarks, notices or images without Thornburg's express written permission. To obtain such permission, you may e-mail us at info@thornburg.com.

Severability, Governing Law

Failure by Thornburg to enforce any provision(s) of these terms and conditions shall not be construed as a waiver of any provision or right. This website is controlled and operated by Thornburg from its offices in Santa Fe, New Mexico. The laws of the State of New Mexico govern these terms and conditions. If you take legal action relating to these terms and conditions, you agree to file such action only in state or federal court in New Mexico and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.


You acknowledge and agree that Thornburg may restrict, suspend or terminate these terms and conditions or your access to, and use, of the all or any part this website, including any links to third-party sites, at any time, with or without cause, including but not limited to any breach of these terms and conditions, in Thornburg's absolute discretion and without prior notice or liability.

Give Us a Call

Fund Operations


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.




Investing globally across the credit and maturity spectrum

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.

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.


Iowa State
Capital Building

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.

Latest Insights
Markets & Economy

Observations: Market Concentration and the Fed’s Policy Outlook

Our Co-Heads of Investments discuss whether the equity market rally is finally broadening and whether the Fed's forecast for three rate cuts makes sense.
Markets & Economy

Observations: Are Investors Too Complacent?

Our Co-Heads of Investments discuss whether the financial markets' substantial gains following last autumn's 'Fed pivot' left investors smug amid potential dangers.
Webcasts image, fixed income portfolios as the fed ponders a pivot.
Fixed Income

How to Position Bond Portfolios as the Fed Ponders a Pivot

As you know, clients continue to hold onto cash as they weigh their options. However, history has shown that moving further out in duration ahead of the Fed cutting rates has been beneficial.
View from the ground looking up at office buildings
Fixed Income

Considering Private Credit? The Value of a “Cross-Silo” Approach

Private credit can add value to an overall portfolio, but allocators may find more opportunities by breaking down the credit market’s traditional investment silos.
An aging population and longer life expectancies are boosting demand for senior living facilities
Municipal Bonds

Silver Linings — Muni Bond Opportunities in an Aging Population

An aging population and longer life expectancies are boosting demand for senior living facilities — and driving municipal bond investment opportunities.
Balanced approach for GDP vs. GDI

What Does the Gap between GDP and GDI Signal for Investors?

In theory, GDP and GDI are supposed to be equal. But a significant gap has developed between these indicators. Will it correct itself or could it be a warning sign?