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Thornburg Intermediate Term Municipal Strategy

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

Overview

Why Invest in This Strategy?

  • Actively managed diversified portfolio of intermediate-term investment grade municipal bonds with an average maturity of three to 10 years and duration of four to six 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.
  • Relative value philosophy that seeks to maximize tax-exempt income while minimizing changes in its share value. The strategy focuses on identifying attractive value in the investment-grade municipal bond market. We apply a strict discipline of fundamental credit research and strive to produce an attractive dividend while avoiding the long maturities that are most vulnerable to interest-rate swings.
Performance

Performance

Returns

(As of 30 Sep 2022)
YTD
1y
3y
5y
10y
Inception
Thornburg Intermediate Term Municipal Strategy - Gross (%)
-8.25
-7.89
-0.63
1.19
2.11
4.86
Thornburg Intermediate Term Municipal Strategy - Net (%)
-8.52
-8.25
-1.02
0.78
1.68
4.18
ICE BofA 3-15 Yr US Muni (%)
-10.15
-9.74
-1.39
0.66
1.67
YTD
1y
3y
5y
10y
Inception
Thornburg Intermediate Term Municipal Strategy - Gross (%)
-8.65
-7.97
-0.82
1.08
2.03
4.84
Thornburg Intermediate Term Municipal Strategy - Net (%)
-8.95
-8.33
-1.21
0.68
1.60
4.15
ICE BofA 3-15 Yr US Muni (%)
-10.47
-9.87
-1.57
0.57
1.61
2016
2017
2018
2019
2020
2021
Thornburg Intermediate Term Municipal Strategy - Gross (%)
0.48
4.44
1.47
6.65
4.65
1.57
Thornburg Intermediate Term Municipal Strategy - Net (%)
0.04
4.00
1.06
6.21
4.24
1.17
ICE BofA 3-15 Yr US Muni (%)
-0.06
4.64
1.45
7.01
4.96
0.94
Strategy Facts

Strategy Facts

(As of 31 Oct 2022)
Strategy Assets
$1.4 B
Benchmark
ICE BofA 3-15 Yr US Muni
Number of Holdings
462
eVestment Category
US Municipal Fixed Income - Intermediate Duration
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2022)
Portfolio
Benchmark
Effective Duration
4.8 Yrs
5.4 Yrs
Average Effective Maturity
8.3 Yrs
9.6 Yrs
Weighted Average Coupon
4.7%
4.4%
Portfolio
Benchmark
Subject to Alternative Minimum Tax
5.8%
Weighted Average Price
$101.47
Portfolio

Portfolio

Top Holdings

(As of 30 Sep 2022)
Name
Ticker/Symbol
Sector
Weight %
Commonwealth of Massachusetts
576002DG1
Dedicated Tax
1.1
The Hospitals & Higher Education Facilities Authority of Philadelphia
Hospital
1.0
City of Chicago IL
167486ZY8
Local General Obligation
0.9
Tennessee Energy Acquisition Corp.
880443BQ8
Gas
0.8
Bucks County Industrial Development Authority
11861NAA2
Industrial Development/Pollution Control
0.8
Kentucky Public Energy Authority
74440DAR5
Gas
0.8
Metropolitan Transportation Authority
59261AJR9
Other Transportation
0.7
UAB Medicine Finance Authority
902562AR8
Hospital
0.7
State of Connecticut
20772KBB4
State General Obligation
0.7
Illinois State Toll Highway Authority
452252KR9
Toll Road
0.7
Exposure Breakdown

Exposure Breakdown

(As of 31 Oct 2022)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Hospital
11.7
5.1
Prerefunded / Escrow to Maturity
10.9
Appropriation
8.7
4.8
Local General Obligation
8.3
9.2
Dedicated Tax
7.1
14.8
Airport
7.0
3.8
Gas
5.5
State General Obligation
5.1
20.7
Water/Sewer
4.8
5.8
School District General Obligation
4.5
Toll Road
3.7
5.0
Public Power
3.3
5.1
Higher Education
2.6
Other Transportation
2.4
7.7
School District App
2.1
Industrial Development/Pollution Control
1.9
Combined Utilities
1.9
5.4
Other Revenue
1.5
Incremental Tax
1.0
Single Family Mortgage
0.5
0.2
Special Tax
0.4
Port Facilities
0.3
Community College
0.3
Multi Family Mortgage
0.2
1.5
Transportation
0.1
PCR
0.1
Lifecare
0.1
Student Housing
0.1
Sector Allocation
Portfolio (%)
Hospital
11.7
Prerefunded / Escrow to Maturity
10.9
Appropriation
8.7
Local General Obligation
8.3
Dedicated Tax
7.1
Airport
7.0
Gas
5.5
State General Obligation
5.1
Water/Sewer
4.8
School District General Obligation
4.5
Toll Road
3.7
Public Power
3.3
Higher Education
2.6
Other Transportation
2.4
School District App
2.1
Industrial Development/Pollution Control
1.9
Combined Utilities
1.9
Other Revenue
1.5
Incremental Tax
1.0
Single Family Mortgage
0.5
Special Tax
0.4
Port Facilities
0.3
Community College
0.3
Multi Family Mortgage
0.2
Transportation
0.1
PCR
0.1
Lifecare
0.1
Student Housing
0.1
Top 10 U.S. States
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Illinois
15.2
5.4
Pennsylvania
9.6
3.5
Texas
8.5
6.3
New York
6.8
20.5
New Jersey
5.9
5.1
Florida
5.8
2.3
Ohio
4.3
1.9
California
4.2
18.6
Washington
4.1
3.1
IN
2.8
0.8
Top 10 U.S. States
Portfolio (%)
Illinois
15.2
Pennsylvania
9.6
Texas
8.5
New York
6.8
New Jersey
5.9
Florida
5.8
Ohio
4.3
California
4.2
Washington
4.1
IN
2.8
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
2.4
13.7
AA
47.5
56.9
A
39.7
23.1
BBB
5.3
6.3
Not Rated
1.3
Cash & Cash Equivalents
3.8
Credit Quality
Portfolio (%)
AAA
2.4
AA
47.5
A
39.7
BBB
5.3
Not Rated
1.3
Cash & Cash Equivalents
3.8
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Year 1-2
15.8
Year 3-4
9.4
13.0
Year 5-6
8.7
19.1
Year 7-8
11.2
16.2
Year 9-10
12.3
14.3
Year 11-12
9.3
13.0
Year 13-14
8.9
13.0
Year 15-16
9.8
5.0
Year 17+
10.8
5.0
Cash
3.8
Maturity
Portfolio (%)
Year 1-2
15.8
Year 3-4
9.4
Year 5-6
8.7
Year 7-8
11.2
Year 9-10
12.3
Year 11-12
9.3
Year 13-14
8.9
Year 15-16
9.8
Year 17+
10.8
Cash
3.8
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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