Thornburg Intermediate Term Municipal SMA
BENCHMARK: ICE BofA 3-15 Year U.S. Municipal Securities Index
Strategy Overview
The Intermediary Term Municipal Strategy is an actively managed diversified portfolio of municipal bonds with an average maturity of three to 10 years and average duration range of 4.5 to 5.5 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
Key Facts
Key Facts
(As of 31 Dec 2025)Assets
$931.6 M
Benchmark
ICE BofA 3-15 Year U.S. Municipal Securities Index
eVestment Category
US Municipal Fixed Income - Intermediate Duration
Performance
Performance
Returns
(As of 31 Dec 2025)2020
2021
2022
2023
2024
2025
Thornburg Intermediate Term Municipal Strategy - Gross (%)
4.65
1.57
-5.57
6.10
2.11
5.23
Thornburg Intermediate Term Municipal Strategy - Net (%)
4.24
1.17
-5.94
5.68
1.73
4.88
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
4.96
0.94
-6.64
5.41
0.99
5.42
Characteristics
Characteristics
Portfolio
(As of 31 Dec 2025)Portfolio
Benchmark
Number of Holdings
574
—
Effective Duration
6.0 Yrs
5.2 Yrs
Average Effective Maturity
11.5 Yrs
8.0 Yrs
Portfolio
Benchmark
Weighted Average Coupon
4.8%
4.6%
Subject to Alternative Minimum Tax
15.5%
—
Weighted Average Price
$103.94
—
Portfolio
Portfolio
Top Holdings
(As of 30 Nov 2025)Name
Ticker/Symbol
Weight %
Kentucky Public Energy Authority
74440DEC4
1.4
Black Belt Energy Gas District
09182TEN3
1.2
Wisconsin Housing & Economic Development Authority Home Ownership Revenue
97689QWB8
1.1
Tennessee Energy Acquisition Corp.
88044TAL3
1.1
Patriots Energy Group Financing Agency
70342PAN4
0.9
Colorado Health Facilities Authority
19648FKS2
0.8
Central Valley Energy Authority
15569DAA0
0.8
Wise County Industrial Development Authority
977228AF2
0.8
Main Street Natural Gas, Inc.
56035DGB2
0.7
Indiana Finance Authority
45470CAG4
0.7
Exposure Breakdown
Exposure Breakdown
(As of 31 Dec 2025)Sector Allocation
Portfolio (%)
Prepaid Gas
16.2
Airport
10.5
Hospital
10.2
Short-Term Investments, Other Assets & Liabilities
7.8
Multi Family Mortgage
6.9
Single Family Mortgage
5.9
CCRC/Senior Living
5.4
Dedicated Tax
4.8
Industrial Development/Pollution Control
4.4
State General Obligation
4.3
State Approp
3.6
School District General Obligation
3.5
Local General Obligation
2.8
Public Power
2.3
Public Higher Ed
1.2
None
1.2
School District App
1.0
Charter School
1.0
Incremental Tax
0.9
Other Revenue
0.9
Other Transportation
0.9
Water/Sewer
0.9
Combined Utilities
0.8
Toll Road
0.7
Local Approp
0.7
Prepaid Electric
0.6
Private Higher Ed
0.4
Port Facilities
0.3
Student Loan
0.2
Land District
0.1
Student Housing
0.0
Top 10 U.S. States
Portfolio (%)
Illinois
11.5
Texas
8.2
Short-Term Investments, Other Assets & Liabilities
7.8
Pennsylvania
6.1
Alabama
5.6
California
5.6
Georgia
5.1
New York
4.6
Florida
3.7
New Jersey
3.6
Tennessee
3.2
Credit Quality
Portfolio (%)
AAA
4.8
AA
37.2
A
37.4
BBB
6.2
Below Invest. Grade
0.4
Not Rated
6.2
Short-Term Investments, Other Assets & Liabilities
7.8
Maturity
Portfolio (%)
Year 1-2
5.6
Year 3-4
4.7
Year 5-6
9.3
Year 7-8
5.6
Year 9-10
9.6
Year 11-12
8.0
Year 13-14
5.1
Year 15-16
8.3
Year 17+
35.9
Short-Term Investments, Other Assets & Liabilities
7.8
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…
Learn More
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…
Learn More
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…
Learn More
Literature
More Insights
Risk Management
What Investors Need to Know About Markets and Macro Now
Explore current trends in equity valuations, credit spreads, and macroeconomic conditions with actionable considerations for portfolios.
Outlook
2026 Fixed Income Outlook: Uncertainty is High, but the Margin for Error Isn’t
With credit priced for perfection, 2026 favors nimbleness and thoughtful portfolio construction, emphasizing security‑level analysis and targeted opportunities across fixed income.
Markets & Economy
An Active Investment Guide to Navigate the AI Hype
Artificial Intelligence (AI) remains the dominant investment theme, but questions persist about valuation, risk management, and long-term sustainability.
Markets & Economy
Ferrari’s Electric Future and the Evolution of Luxury Investing
Hear insights from Ferrari's Capital Markets Day and meetings with Brunello Cucinelli, exploring how luxury brands balance exclusivity with growth in global markets.
Markets & Economy
FOMC Update: Fed Approves Third Consecutive Rate Cut, Projects Slower Pace
Christian Hoffmann shares his perspective on the Fed’s stance and the potential impact of monetary policy.
Markets & Economy
Luxury Brands Navigate China Slowdown and Tariff Pressures
We evaluate shifting consumer spending patterns amid global macro and geopolitical headwinds.
