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.
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.