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Home » Investments » Separately Managed Accounts » Thornburg Municipal Total Return SMA
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Thornburg Municipal Total Return SMA

Strategy Overview
The Municipal Total Return Strategy is an actively managed portfolio that primarily invests in investment grade, intermediate municipal bonds, as well as shares of a completion fund1 managed by Thornburg. The completion fund provides access to securities across the credit and maturity spectrum that are difficult, or not feasible, to include in a separately managed account. The strategy seeks to provide tax-exempt income and total return.
Strategy Inception Date
1 Sep 2023

Portfolio Managers

David Ashley, CFA
Portfolio Manager and Managing Director
Eve Lando, JD
Portfolio Manager and Managing Director
Craig Mauermann, ChFC
Portfolio Manager and Managing Director
OverviewKey FactsPerformancePortfolioPortfolio managersLiterature
Overview

Overview

Why Invest in This Strategy?

  • Over 40 years of experience managing municipal portfolios for institutions and individuals.
  • 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 and provide capital appreciation in its share value. The strategy focuses on identifying attractive value across the municipal bond market. We apply a strict discipline of fundamental credit research and strive to produce an attractive dividend while avoiding the securities that are the most vulnerable to large market swings.

Related Content

Fixed Income
Investor Spotlight: The Municipal Bond Tax Exemption
Fixed Income
The Next Market Shock? Key Risk Factors Investors Must Watch
Capital Appreciation
A Time for Active Fixed Income
Key Facts

Key Facts

(As of 31 Mar 2025)
Assets
$14.2 M
Benchmark
ICE BofA U.S. Municipal Securities Index
Number of Holdings
78

*The number of holdings includes those securities held individually as well as those held within the completion fund.

Performance

Performance

Returns

(As of 31 Mar 2025)
Annualized Returns
YTD
1y
Inception
Thornburg Municipal Total Return Strategy - Gross (%)
0.37
2.44
4.74
Thornburg Municipal Total Return Strategy - Net (%)
0.32
2.20
4.50
ICE BofA U.S. Municipal Securities Index (%)
-0.49
1.44
3.59
YTD
1y
Inception
Thornburg Municipal Total Return Strategy - Gross (%)
0.37
2.44
4.74
Thornburg Municipal Total Return Strategy - Net (%)
0.32
2.20
4.50
ICE BofA U.S. Municipal Securities Index (%)
-0.49
1.44
3.59
2024
Thornburg Municipal Total Return Strategy - Gross (%)
2.99
Thornburg Municipal Total Return Strategy - Net (%)
2.75
ICE BofA U.S. Municipal Securities Index (%)
1.62

Total return (net and gross) is based on composite performance.

Periods less than one year are not annualized.

In US$ terms. Returns may increase or decrease as a result of currency fluctuations.

Performance data for the Municipal Total Return Strategy is from the Municipal Total Return Composite, inception date of 1 September 2023. The Municipal Total Return Composite includes all discretionary accounts invested in the Municipal Total Return Strategy. Returns are calculated using a time-weighted and asset-weighted calculation. Returns reflect the reinvestment of income and capital gains. Periods less than one year are not annualized. Individual account performance will vary. The performance data quoted represents past performance; it does not guarantee future results. Gross of fee returns are net of transaction costs. Net of fee returns are net of transaction costs and investment advisory fees. At inception, the composite included proprietary accounts that did not pay fees, and the firm imposed the highest fee payable by an account of that type to calculate the net performance. Thornburg Investment Management Inc.’s fee schedule is detailed in Part 2A of its ADV brochure. Performance results of the firm's clients will be reduced by the firm's management fees. For example, an account with a compounded annual total return of 10% would have increased by 159% over ten years. Assuming an annual management fee of 0.75%, this increase would be 142%.

Characteristics

Characteristics

Portfolio

(As of 31 Mar 2025)
Portfolio
Benchmark
Effective Duration
5.6 Yrs
7.2 Yrs
Average Effective Maturity
9.8 Yrs
14.3 Yrs
Weighted Average Coupon
4.6%
4.5%
Portfolio
Benchmark
Subject to Alternative Minimum Tax
8.3%
—
Weighted Average Price
$102.95
—

Data based on representative account.

Portfolio

Portfolio

Top Holdings

(As of 28 Feb 2025)
Name
Ticker/Symbol
Weight %
Maine Health & Higher Educational Facilities Authority
56042SBS8
5.6
City of Houston TX Airport System Revenue
442349GT7
5.5
Colorado Health Facilities Authority
19648FKD5
5.3
Corpus Christi Independent School District
220148BM1
5.1
Illinois Housing Development Authority
45203LDY6
5.1
Cumberland Valley School District
230822TV0
4.9
Main Street Natural Gas, Inc.
56035DFQ0
4.8
County of Utah UT
917393DF4
4.7
New Mexico Mortgage Finance Authority
64719HEM8
4.6
City of Port Arthur TX
733488X96
4.0
Download Holdings

Data based on representative account

The above holdings may be held individually or through investment in the completion fund. Please see the Download Holdings link for details.

*Held by the completion fund. The completion fund is a series of Thornburg Investment Trust, a diversified, open end management investment company registered under the Investment Company Act of 1940. Shares of the completion fund are only available for purchase and redemption by or on behalf of separately managed account clients where Thornburg has an agreement with the managed account program's sponsor, or directly with the client. No direct offering or promotion of this fund is made hereby.

Exposure Breakdown

Exposure Breakdown

(As of 31 Mar 2025)
Sector
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Multi Family Mortgage
14.3
2.3
Hospital
11.2
9.6
Other Revenue
10.9
—
School District General Obligation
9.9
—
Industrial Development/Pollution Control
9.4
—
Airport
6.5
5.2
Single Family Mortgage
5.7
1.8
Local General Obligation
5.6
11.3
Gas
5.6
—
Appropriation
3.5
3.2
Cash & Cash Equivalents
2.9
—
Lifecare
2.8
—
Charter School
2.7
—
Public Power
2.7
5.7
Student Housing
1.6
—
State General Obligation
1.0
12.2
Prepaid Utility
0.9
—
Higher Education
0.9
—
Incremental Tax
0.7
—
Toll Road
0.5
5.1
Student Loan
0.5
—
School District App
0.3
—
Sector Allocation
Portfolio (%)
Multi Family Mortgage
14.3
Hospital
11.2
Other Revenue
10.9
School District General Obligation
9.9
Industrial Development/Pollution Control
9.4
Airport
6.5
Single Family Mortgage
5.7
Local General Obligation
5.6
Gas
5.6
Appropriation
3.5
Cash & Cash Equivalents
2.9
Lifecare
2.8
Charter School
2.7
Public Power
2.7
Student Housing
1.6
State General Obligation
1.0
Prepaid Utility
0.9
Higher Education
0.9
Incremental Tax
0.7
Toll Road
0.5
Student Loan
0.5
School District App
0.3
Top 10 U.S. States
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Texas
17.0
8.8
New Mexico
9.5
0.2
Georgia
6.5
2.9
Utah
6.4
0.7
Pennsylvania
6.3
3.7
Illinois
6.1
4.5
Maine
5.5
0.1
Colorado
5.4
2.2
Alabama
5.1
2.2
RI
3.5
0.1
Cash & Cash Equivalents
2.9
—
Top 10 U.S. States
Portfolio (%)
Texas
17.0
New Mexico
9.5
Georgia
6.5
Utah
6.4
Pennsylvania
6.3
Illinois
6.1
Maine
5.5
Colorado
5.4
Alabama
5.1
RI
3.5
Cash & Cash Equivalents
2.9
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
23.7
14.9
AA
35.3
54.3
A
23.3
24.6
BBB
9.2
6.2
Below Invest. Grade
0.4
—
Not Rated
5.2
—
Cash & Cash Equivalents
2.9
—
Credit Quality
Portfolio (%)
AAA
23.7
AA
35.3
A
23.3
BBB
9.2
Below Invest. Grade
0.4
Not Rated
5.2
Cash & Cash Equivalents
2.9
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Year 1
14.3
—
Year 2
9.2
6.0
Year 3
8.4
5.0
Year 4
7.3
5.0
Year 5
2.5
5.0
Year 6
1.4
4.4
Year 7
4.1
4.2
Year 8
10.8
4.9
Year 9
14.8
3.7
Year 10+
24.3
61.4
Cash
2.9
—
Maturity
Portfolio (%)
Year 1
14.3
Year 2
9.2
Year 3
8.4
Year 4
7.3
Year 5
2.5
Year 6
1.4
Year 7
4.1
Year 8
10.8
Year 9
14.8
Year 10+
24.3
Cash
2.9

Data based on representative account.
Holdings within the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.
Percentages may not add up to 100 due to rounding.

Weight percentages are of the total portfolio unless otherwise noted.

Credit quality ratings use the highest rating available from either S&P Global Ratings or Moody's Investors Service. Unrated securities are evaluated by the firm using available data and their own analysis that may be similar to that of a nationally recognized rating agency; however, such determination is not equivalent to a national agency credit rating. "NR" = Not Rated.

Cash includes cash equivalents.

Portfolio managers

Portfolio managers

David Ashley, CFA

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

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

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

Portfolio managers are supported by the entire Thornburg investment team.

Literature

Fact Sheet
Managed Account Funds' Prospectus
Managed Account Funds’ SAI
Thornburg Municipal Managed Account Fund TSR - THMMX

Important Information

1The completion fund is a series of Thornburg Investment Trust, a diversified, open‐end management investment company registered under the Investment Company Act of 1940. Shares of the completion fund are only available for purchase and redemption by or on behalf of separately managed account clients where Thornburg has an agreement with the managed account program’s sponsor, or directly with the client. No direct offering or promotion of this fund is made hereby.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Portfolio characteristics are derived using currently available data from independent research resources that are believed to be accurate. Portfolio attributes can and do vary.

Investments in the Strategy carry risks, including possible loss of principal. Carefully consider the Strategy's investment objectives, risks, and expenses before investing. There is no guarantee that the portfolio will meet its investment objectives.

Weight percentages are of the total portfolio unless otherwise noted.

The information provided in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account's portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed may not represent an account's entire portfolio and in the aggregate may represent only a small percentage of an account's portfolio holdings. It should not be assumed that any of the securities transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

Portfolio construction will have significant differences from that of a benchmark index in terms of security holdings, industry weightings, asset allocations and number of positions held, all of which may contribute to performance, characteristics and volatility differences. The index shown is unmanaged, reflect total returns and assume the reinvestment of all income in U.S. dollars. It does not reflect any management fees or brokerage expenses associated with a portfolio’s returns. Returns for an actual portfolio may differ from those of an index due to (among other things) differences in timing and the amount invested and fees and expenses. Investors may not make direct investments into any index.

Please see our glossary for a definition of terms.

Portfolios invested in a limited number of holdings may expose an investor to greater volatility.

Portfolio holdings and characteristics shown herein are from a representative account managed within the investment composite. The representative account is selected based on account characteristics that Thornburg believes accurately represent the investment strategy as a whole. Should these characteristics change materially, Thornburg may select a different representative account. Holdings may change daily and may vary among accounts, which may contribute to different investment results.

Source: FactSet and Thornburg

Cash may also include cash equivalents and currency forwards. 

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