Unsubscribe

Confirm you would like to unsubscribe from this list

You have unsaved changes on the page. Would you like to save them?

Remove strategy

Confirm you would like to remove this strategy from your list
Give Us a Call

Fund Operations
800.847.0200

FIND ANOTHER CONTACT

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

Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
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.
Key Facts

Key Facts

(As of 30 Apr 2026)
Assets
$14.5 M
Benchmark
ICE BofA U.S. Municipal Securities Index
Performance

Performance

Returns

(As of 31 Mar 2026)
YTD
1y
Inception
Thornburg Municipal Total Return Strategy - Gross (%)
0.06
4.49
4.64
Thornburg Municipal Total Return Strategy - Net (%)
0.02
4.28
4.41
ICE BofA U.S. Municipal Securities Index (%)
-0.17
4.29
3.86
YTD
1y
Inception
Thornburg Municipal Total Return Strategy - Gross (%)
1.26
6.41
4.96
Thornburg Municipal Total Return Strategy - Net (%)
1.21
6.19
4.73
ICE BofA U.S. Municipal Securities Index (%)
0.93
6.10
4.17
2020
2021
2022
2023
2024
2025
Thornburg Municipal Total Return Strategy - Gross (%)
2.99
4.82
Thornburg Municipal Total Return Strategy - Net (%)
2.75
4.60
ICE BofA U.S. Municipal Securities Index (%)
1.62
3.96
Characteristics

Characteristics

Portfolio

(As of 30 Apr 2026)
Portfolio
Benchmark
Number of Holdings
89
Effective Duration
5.9 Yrs
7.1 Yrs
Average Effective Maturity
10.9 Yrs
14.0 Yrs
Portfolio
Benchmark
Weighted Average Coupon
4.7%
4.6%
Subject to Alternative Minimum Tax
8.0%
Weighted Average Price
$102.72
Portfolio

Portfolio

Top Holdings

(As of 31 Mar 2026)
Name
Ticker/Symbol
Weight %
Maine Health & Higher Educational Facilities Authority
56042SBS8
5.3
City of Houston TX Airport System Revenue
442349GT7
5.2
Colorado Health Facilities Authority
19648FKD5
5.0
Corpus Christi Independent School District
220148BM1
4.8
Cumberland Valley School District
230822TV0
4.7
Main Street Natural Gas, Inc.
56035DFQ0
4.7
County of Utah UT
917393DF4
4.5
City of Port Arthur TX
733488X96
3.8
Providence Public Building Authority
74381MDL6
3.3
West Lafayette Redevelopment Authority
95370EAU5
3.0
Exposure Breakdown

Exposure Breakdown

(As of 30 Apr 2026)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Hospital
12.5
9.8
School District General Obligation
10.1
Prepaid Gas
9.9
Airport
7.1
5.3
Industrial Development/Pollution Control
6.8
CCRC/Senior Living
6.4
Other Revenue
6.1
Incremental Tax
5.9
Local General Obligation
5.3
11.7
Charter School
5.3
Single Family Mortgage
4.0
1.9
Local Approp
3.3
Multi Family Mortgage
3.2
2.5
Water/Sewer
2.8
6.4
Short-Term Investments, Other Assets & Liabilities
2.0
Resource Recovery
1.5
Toll Road
1.5
5.1
Public Power
1.3
6.6
Dedicated Tax
0.9
13.4
Prepaid Electric
0.8
Private Higher Ed
0.8
School District App
0.8
Public Higher Ed
0.5
State General Obligation
0.5
11.3
Student Loan
0.5
Tobacco
0.4
0.4
Sector Allocation
Portfolio (%)
Hospital
12.5
School District General Obligation
10.1
Prepaid Gas
9.9
Airport
7.1
Industrial Development/Pollution Control
6.8
CCRC/Senior Living
6.4
Other Revenue
6.1
Incremental Tax
5.9
Local General Obligation
5.3
Charter School
5.3
Single Family Mortgage
4.0
Local Approp
3.3
Multi Family Mortgage
3.2
Water/Sewer
2.8
Short-Term Investments, Other Assets & Liabilities
2.0
Resource Recovery
1.5
Toll Road
1.5
Public Power
1.3
Dedicated Tax
0.9
Prepaid Electric
0.8
Private Higher Ed
0.8
School District App
0.8
Public Higher Ed
0.5
State General Obligation
0.5
Student Loan
0.5
Tobacco
0.4
Top 10 U.S. States
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Texas
20.4
9.7
Colorado
7.5
2.0
Indiana
7.1
0.8
Pennsylvania
6.7
3.7
Georgia
6.5
2.7
Utah
5.5
0.7
Maine
5.3
0.1
New Mexico
5.0
0.3
Ohio
4.1
1.9
Alabama
3.7
3.0
Short-Term Investments, Other Assets & Liabilities
2.0
Top 10 U.S. States
Portfolio (%)
Texas
20.4
Colorado
7.5
Indiana
7.1
Pennsylvania
6.7
Georgia
6.5
Utah
5.5
Maine
5.3
New Mexico
5.0
Ohio
4.1
Alabama
3.7
Short-Term Investments, Other Assets & Liabilities
2.0
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
10.9
13.7
AA
50.1
57.3
A
20.5
23.2
BBB
7.0
5.8
Below Invest. Grade
1.0
Not Rated
8.5
Short-Term Investments, Other Assets & Liabilities
2.0
Credit Quality
Portfolio (%)
AAA
10.9
AA
50.1
A
20.5
BBB
7.0
Below Invest. Grade
1.0
Not Rated
8.5
Short-Term Investments, Other Assets & Liabilities
2.0
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
Year 1
10.1
0.2
Year 2
8.1
4.9
Year 3
7.9
5.0
Year 4
5.3
5.3
Year 5
1.3
5.0
Year 6
9.9
4.6
Year 7
14.8
4.9
Year 8
19.6
4.2
Year 9
5.1
3.9
Year 10+
16.0
62.0
Short-Term Investments, Other Assets & Liabilities
2.0
Maturity
Portfolio (%)
Year 1
10.1
Year 2
8.1
Year 3
7.9
Year 4
5.3
Year 5
1.3
Year 6
9.9
Year 7
14.8
Year 8
19.6
Year 9
5.1
Year 10+
16.0
Short-Term Investments, Other Assets & Liabilities
2.0
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

Portfolio managers are supported by the entire Thornburg investment team.

Literature

More Insights

Young man exploring narrow slot canyons in Escalante, during summer
Fixed Income

Navigating Tight Credit Spreads With a Defensive Income Mindset

Spreads are near historic lows, limiting compensation for risk. Learn why selectivity, quality, and flexibility matter in today’s credit environment.
Markets & Economy

A Disinflationary Paradox of High Oil Prices

A look at how sustained high oil prices act as a drag on demand, shifting inflation lower over time and echoing signals from an inverted yield curve.
Investor Advice

Beyond the Hype—Building Smarter Private Credit Portfolios

Private credit’s growth to $2T brings new risks. Learn where to find better risk adjusted returns—and how to navigate cov-lite, redemption pressure, and mega fund concentration.