Thornburg Intermediate Term Municipal Strategy
BENCHMARK: ICE BofA 3-15 Year U.S. Municipal Securities Index
Strategy Overview
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.
Strategy Inception Date
1 Nov 1991
Portfolio Managers
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview
Performance
Performance
Returns
(As of 30 Jun 2025)2019
2020
2021
2022
2023
2024
Thornburg Intermediate Term Municipal Strategy - Gross (%)
6.65
4.65
1.57
-5.57
6.10
2.11
Thornburg Intermediate Term Municipal Strategy - Net (%)
6.21
4.24
1.17
-5.94
5.68
1.73
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
7.01
4.96
0.94
-6.64
5.41
0.99
Strategy Facts
Strategy Facts
(As of 31 Aug 2025)Strategy Assets
$850.9 M
Benchmark
ICE BofA 3-15 Year U.S. Municipal Securities Index
eVestment Category
US Municipal Fixed Income - Intermediate Duration
Characteristics
Characteristics
Portfolio
(As of 31 Aug 2025)Portfolio
Benchmark
Number of Holdings
526
—
Effective Duration
6.9 Yrs
5.5 Yrs
Average Effective Maturity
11.9 Yrs
8.0 Yrs
Portfolio
Benchmark
Weighted Average Coupon
5.0%
4.6%
Subject to Alternative Minimum Tax
16.8%
—
Weighted Average Price
$102.06
—
Portfolio
Portfolio
Top Holdings
(As of 31 Jul 2025)Name
Ticker/Symbol
Weight %
Kentucky Public Energy Authority
74440DEC4
1.5
Wisconsin Housing & Economic Development Authority Home Ownership Revenue
97689QWB8
1.3
Black Belt Energy Gas District
09182TEN3
1.2
Tennessee Energy Acquisition Corp.
88044TAL3
1.2
Patriots Energy Group Financing Agency
70342PAN4
1.0
Wise County Industrial Development Authority
977228AF2
0.8
Colorado Health Facilities Authority
19648FKS2
0.8
Central Valley Energy Authority
15569DAA0
0.8
Main Street Natural Gas, Inc.
56035DGB2
0.8
Indiana Finance Authority
45470CAG4
0.8
Exposure Breakdown
Exposure Breakdown
(As of 31 Aug 2025)Sector Allocation
Portfolio (%)
Gas
16.0
Hospital
11.5
Airport
11.2
Single Family Mortgage
6.9
Multi Family Mortgage
6.3
Industrial Development/Pollution Control
5.5
Dedicated Tax
5.3
State General Obligation
5.0
Appropriation
4.8
School District General Obligation
3.8
Lifecare
3.7
Local General Obligation
3.4
Public Power
2.5
Cash & Cash Equivalents
2.5
Combined Utilities
1.6
Higher Education
1.5
School District App
1.3
Other Transportation
1.2
Charter School
1.1
Water/Sewer
1.0
Incremental Tax
1.0
Toll Road
0.7
Prepaid Utility
0.6
Port Facilities
0.5
Student Housing
0.4
Other Revenue
0.3
Student Loan
0.2
Prerefunded / Escrow to Maturity
0.2
Education
0.1
Top 10 U.S. States
Portfolio (%)
Illinois
12.0
Texas
8.3
Pennsylvania
6.6
California
6.5
Alabama
5.7
New York
4.9
Georgia
4.9
New Jersey
4.0
Florida
3.7
Indiana
3.6
Cash
2.5
Credit Quality
Portfolio (%)
AAA
4.4
AA
41.1
A
40.1
BBB
6.9
Below Invest. Grade
0.2
Not Rated
4.9
Cash & Cash Equivalents
2.5
Maturity
Portfolio (%)
Year 1-2
5.9
Year 3-4
4.8
Year 5-6
9.5
Year 7-8
8.9
Year 9-10
8.2
Year 11-12
9.1
Year 13-14
5.7
Year 15-16
8.5
Year 17+
37.1
Cash
2.5
Portfolio Managers
Portfolio Managers

David Ashley, CFA
Portfolio Manager and Managing Director
David Ashley is a portfolio manager for Thornburg Investment Management. He joined Thornburg as associate portfolio manager in 2011 and was named portfolio manager in 2019. Dave earned a BS in finance and MBA from the University of Delaware in 2001. He is also a CFA charterholder. Prior to joining Thornburg Investment Management, Dave was a credit analyst for Wilmington…
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Eve Lando, JD
Portfolio Manager and Managing Director
Eve Lando is a portfolio manager for Thornburg Investment Management. She joined Thornburg's municipal team in 2019 as associate portfolio manager and was named portfolio manager in 2020. Eve holds a BA in urban studies from Columbia University and a JD from Brooklyn Law School, with a concentration in business law studies. She has extensive experience in municipal bond research…
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Craig Mauermann, ChFC
Portfolio Manager and Managing Director
Craig Mauermann, ChFC, is a portfolio manager for Thornburg Investment Management. He joined the firm in 2021 as a senior fixed income analyst and was promoted to associate portfolio manager in 2024 and was named portfolio manager in 2025. Craig has extensive municipal research and investment experience. He began his career at Strong Capital Management as an analyst and trader…
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