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Thornburg Short Duration Municipal Strategy

Strategy Overview
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 less than 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.
Strategy Inception Date
1 Apr 2014

Portfolio Managers

Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Strategy?

  • Actively managed diversified portfolio of high-quality municipal bonds with an average duration of no more than three years.
  • Proven bottom-up fundamental approach that incorporates a top-down macroeconomic overlay to identify what we perceive to be the most attractive opportunities on a relative value basis across geographic regions, sectors, issuers and revenue streams.
  • Income-seeking strategy that aims for a stable net asset value, making it attractive for those with a short investment horizon, and is positioned to quickly take advantage of any increases in short-term interest rates.
Performance

Performance

Returns

(As of 30 Jun 2024)
YTD
1y
3y
5y
10y
Inception
Thornburg Short Duration Municipal Strategy - Gross (%)
1.18
3.81
1.34
1.40
1.38
1.39
Thornburg Short Duration Municipal Strategy - Net (%)
0.98
3.44
0.97
1.05
1.02
1.03
ICE BofA 1-3 Year U.S. Municipal Securities Index (%)
0.72
3.06
0.65
1.08
1.13
1.13
YTD
1y
3y
5y
10y
Inception
Thornburg Short Duration Municipal Strategy - Gross (%)
2.61
4.85
1.74
1.57
1.50
1.50
Thornburg Short Duration Municipal Strategy - Net (%)
2.34
4.45
1.37
1.21
1.13
1.14
ICE BofA 1-3 Year U.S. Municipal Securities Index (%)
2.26
4.45
1.12
1.27
1.27
1.26
2018
2019
2020
2021
2022
2023
Thornburg Short Duration Municipal Strategy - Gross (%)
1.68
2.73
1.66
0.44
-1.48
4.27
Thornburg Short Duration Municipal Strategy - Net (%)
1.33
2.37
1.34
0.09
-1.84
3.89
ICE BofA 1-3 Year U.S. Municipal Securities Index (%)
1.76
2.88
2.16
0.34
-2.03
3.35
Strategy Facts

Strategy Facts

(As of 31 Aug 2024)
Strategy Assets
$120.9 M
Benchmark
ICE BofA 1-3 Year U.S. Municipal Securities Index
Number of Holdings
132
eVestment Category
US Municipal Fixed Income - Short Duration
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2024)
Portfolio
Benchmark
Effective Duration
1.5 Yrs
1.6 Yrs
Average Effective Maturity
1.9 Yrs
1.8 Yrs
Portfolio
Benchmark
Weighted Average Coupon
4.4%
4.5%
Subject to Alternative Minimum Tax
3.8%
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2024)
Name
Ticker/Symbol
Sector
Weight %
PEFA, Inc.
70556CAB0
Gas
2.6
Massachusetts Development Finance Agency
57584YPF0
Hospital
2.1
Tennergy Corp./TN
880397CJ1
Gas
1.8
Harris County Cultural Education Facilities Finance Corp.
414009NF3
Hospital
1.8
Travis County Housing Finance Corp.
89438UBM9
Multi Family Mortgage
1.7
Knox County Health Educational & Housing Facility Board
499652AM7
Multi Family Mortgage
1.7
California Municipal Finance Authority
13048RAH0
Industrial Development/Pollution Control
1.7
Bethlehem Area School District Authority
087368AM8
School District General Obligation
1.5
Rockland County Industrial Development Agency
77356AAC9
Multi Family Mortgage
1.4
Arizona Industrial Development Authority
04062PCD1
Multi Family Mortgage
1.3
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2024)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Multi Family Mortgage
25.5
5.2
Industrial Development/Pollution Control
14.9
Hospital
9.0
4.8
School District General Obligation
8.8
Gas
8.2
Local General Obligation
4.0
12.7
Cash & Cash Equivalents
3.5
School District App
3.5
Dedicated Tax
3.2
7.1
Public Power
3.0
4.5
State General Obligation
2.6
17.9
Lifecare
2.6
Higher Education
1.7
Water/Sewer
1.7
4.4
Other Transportation
1.3
5.2
Incremental Tax
1.2
Combined Utilities
1.1
7.3
US Treasuries
1.0
Appropriation
0.9
4.2
Toll Road
0.9
3.2
Port Facilities
0.9
Airport
0.5
2.4
Prerefunded / Escrow to Maturity
0.1
Sector Allocation
Portfolio (%)
Multi Family Mortgage
25.5
Industrial Development/Pollution Control
14.9
Hospital
9.0
School District General Obligation
8.8
Gas
8.2
Local General Obligation
4.0
Cash & Cash Equivalents
3.5
School District App
3.5
Dedicated Tax
3.2
Public Power
3.0
State General Obligation
2.6
Lifecare
2.6
Higher Education
1.7
Water/Sewer
1.7
Other Transportation
1.3
Incremental Tax
1.2
Combined Utilities
1.1
US Treasuries
1.0
Appropriation
0.9
Toll Road
0.9
Port Facilities
0.9
Airport
0.5
Prerefunded / Escrow to Maturity
0.1
Top 10 U.S. States
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Texas
14.1
8.8
Illinois
8.0
5.0
Florida
7.1
2.7
Pennsylvania
5.7
3.2
Wisconsin
5.5
1.8
Tennessee
5.3
1.4
Louisiana
4.8
1.1
California
4.7
16.6
Ohio
4.0
2.1
Cash
3.5
New York
3.4
13.7
Top 10 U.S. States
Portfolio (%)
Texas
14.1
Illinois
8.0
Florida
7.1
Pennsylvania
5.7
Wisconsin
5.5
Tennessee
5.3
Louisiana
4.8
California
4.7
Ohio
4.0
Cash
3.5
New York
3.4
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
24.4
17.8
AA
28.8
56.4
A
30.0
22.7
BBB
8.6
3.1
Not Rated
4.7
Cash & Cash Equivalents
3.5
Credit Quality
Portfolio (%)
AAA
24.4
AA
28.8
A
30.0
BBB
8.6
Not Rated
4.7
Cash & Cash Equivalents
3.5
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
Year 1
28.7
7.0
Year 2
21.3
52.0
Year 3
28.3
41.0
Year 4
9.6
Year 5+
8.7
Cash
3.5
Maturity
Portfolio (%)
Year 1
28.7
Year 2
21.3
Year 3
28.3
Year 4
9.6
Year 5+
8.7
Cash
3.5
Portfolio Managers

Portfolio Managers

David Ashley, CFA

David Ashley, CFA

Portfolio Manager and Managing Director
David Ashley is 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 Trust…
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John Bonnell, CFA

John Bonnell, CFA

Portfolio Manager and Managing Director
John Bonnell, CFA, is portfolio manager and managing director for Thornburg Investment Management. He joined Thornburg’s municipal team in 2021. John has over 30 years of municipal bond investing experience. He spent 25 years of his career at USAA where he was most recently a senior portfolio manager and, in 2010, took on responsibility for co-leading municipal bond strategies. Earlier…
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Eve Lando, JD

Eve Lando, JD

Portfolio Manager and Managing Director
Eve Lando is 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 and…
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