Thornburg Municipal Total Return SMA
BENCHMARK: ICE BofA U.S. Municipal Securities Index
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
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)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 (%)
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 (%)
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 (%)
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 (%)
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…
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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…
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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…
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Portfolio managers are supported by the entire Thornburg investment team.
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