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Thornburg California Limited Term Municipal Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 35 Muni Single State Short funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 3 stars and 4 stars among 35, 33 and 28 funds, as of 31 Aug 2022.

As of 31 Aug 2022
Fund Assets
$376.6 M
As of 31 Aug 2022
NAV
$12.63
As of 27 Sep 2022
Change
$-0.03
As of 27 Sep 2022
YTD NAV Performance
-6.11%
As of 27 Sep 2022
Asset Category:
Municipal Bond
Fund Benchmark:
ICE BofA 1-10 Yr US Muni
Portfolio Managers
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Fund?

  • Actively managed diversified portfolio of municipal bonds issued by the state of California and U.S. territories with an average maturity of less than five years and average duration between two to four years.
  • Flexible investment approach that employs a relative value framework operating across sectors, issuers and revenue streams.
  • Tax-efficient fund seeks to minimize changes in its share value while providing California investors with income that is tax-exempt at the state and federal level.

Investment Objective

The investment goal of the fund is to provide investors with as high a level of current income exempt from federal and California state individual income taxes as is consistent with preservation of capital. The fund also seeks to reduce share price volatility compared to longer-term bond portfolios.

Investment Approach

The fund is an actively managed diversified portfolio of municipal bonds issued by the state of California. The investment team aims to match municipal market structure and deal flow through a relative value framework that operates across geography, sectors, issuers and revenue streams. Operating as generalists, team members participate in all key aspects of investment management: credit research, trading, portfolio construction and risk oversight.

Performance

Performance

Returns

(As of 30 Jun 2022)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-4.62
-4.68
-0.59
0.29
1.13
3.04
Morningstar Category Avg. (%)
-4.22
-4.29
-0.15
0.78
0.97
Morningstar Quartile
3
4
4
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-4.25
-4.67
-0.82
0.17
1.10
3.03
Morningstar Category Avg. (%)
-4.16
-4.41
-0.51
0.62
0.91
Morningstar Quartile
2
4
4
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-4.62
-4.68
-1.75
1.46
11.91
112.84
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-4.25
-4.67
-2.43
0.85
11.60
113.67
2016
2017
2018
2019
2020
2021
Total Return (%)
-0.68
2.42
0.78
3.38
2.24
-0.23
ICE BofA 1-10 Yr US Muni (%)
-0.05
2.83
1.69
5.28
3.81
0.48
Fund Fees

Fund Fees

(As of 30 Jun 2022)
Gross Expense Ratio (%)
0.70
Net Expense Ratio (%)
0.49
Distributions

Distributions

(As of 31 Aug 2022)
Ex-Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
30 Apr 1997
0.05018
0.05018
30 May 1997
0.05033
0.05033
30 Jun 1997
0.05046
0.05046
31 Jul 1997
0.05033
0.05033
29 Aug 1997
0.04972
0.04972
30 Sep 1997
0.04994
0.04994
31 Oct 1997
0.04965
0.04965
28 Nov 1997
0.04953
0.04953
31 Dec 1997
0.04951
0.04951
30 Jan 1998
0.04895
0.04895
27 Feb 1998
0.04955
0.04955
31 Mar 1998
0.04874
0.04874
30 Apr 1998
0.04895
0.04895
29 May 1998
0.04868
0.04868
30 Jun 1998
0.04899
0.04899
31 Jul 1998
0.04846
0.04846
31 Aug 1998
0.04881
0.04881
30 Sep 1998
0.04830
0.04830
30 Oct 1998
0.04802
0.04802
30 Nov 1998
0.04828
0.04828
31 Dec 1998
0.04758
0.04758
29 Jan 1999
0.04799
0.04799
26 Feb 1999
0.04907
0.04907
31 Mar 1999
0.04756
0.04756
30 Apr 1999
0.04754
0.04754
28 May 1999
0.04770
0.04770
30 Jun 1999
0.04775
0.04775
30 Jul 1999
0.04813
0.04813
31 Aug 1999
0.04775
0.04775
30 Sep 1999
0.04826
0.04826
29 Oct 1999
0.04809
0.04809
30 Nov 1999
0.04862
0.04862
31 Dec 1999
0.04815
0.04815
31 Jan 2000
0.04851
0.04851
29 Feb 2000
0.04889
0.04889
31 Mar 2000
0.04875
0.04875
28 Apr 2000
0.04924
0.04924
31 May 2000
0.04926
0.04926
30 Jun 2000
0.04978
0.04978
31 Jul 2000
0.04954
0.04954
31 Aug 2000
0.04937
0.04937
29 Sep 2000
0.04929
0.04929
31 Oct 2000
0.04939
0.04939
30 Nov 2000
0.04944
0.04944
29 Dec 2000
0.04919
0.04919
31 Jan 2001
0.04894
0.04894
28 Feb 2001
0.04866
0.04866
30 Mar 2001
0.04712
0.04712
30 Apr 2001
0.04877
0.04877
31 May 2001
0.04811
0.04811
29 Jun 2001
0.04801
0.04801
31 Jul 2001
0.04614
0.04614
31 Aug 2001
0.04455
0.04455
28 Sep 2001
0.04468
0.04468
31 Oct 2001
0.04230
0.04230
30 Nov 2001
0.04264
0.04264
31 Dec 2001
0.04184
0.04184
31 Jan 2002
0.04267
0.04267
28 Feb 2002
0.04202
0.04202
28 Mar 2002
0.03967
0.03967
30 Apr 2002
0.04044
0.04044
31 May 2002
0.04119
0.04119
28 Jun 2002
0.03996
0.03996
31 Jul 2002
0.03810
0.03810
30 Aug 2002
0.03715
0.03715
30 Sep 2002
0.03715
0.03715
31 Oct 2002
0.03658
0.03658
29 Nov 2002
0.03752
0.03752
31 Dec 2002
0.03582
0.03582
31 Jan 2003
0.03489
0.03489
28 Feb 2003
0.03528
0.03528
31 Mar 2003
0.03277
0.03277
30 Apr 2003
0.03208
0.03208
30 May 2003
0.03361
0.03361
30 Jun 2003
0.03367
0.03367
31 Jul 2003
0.03109
0.03109
29 Aug 2003
0.03252
0.03252
30 Sep 2003
0.03227
0.03227
31 Oct 2003
0.03114
0.03114
28 Nov 2003
0.03211
0.03211
31 Dec 2003
0.03271
0.03271
30 Jan 2004
0.03305
0.03305
27 Feb 2004
0.03449
0.03449
31 Mar 2004
0.03294
0.03294
30 Apr 2004
0.03267
0.03267
28 May 2004
0.03266
0.03266
30 Jun 2004
0.03312
0.03312
30 Jul 2004
0.03099
0.03099
31 Aug 2004
0.03092
0.03092
30 Sep 2004
0.03164
0.03164
29 Oct 2004
0.03113
0.03113
30 Nov 2004
0.03223
0.03223
31 Dec 2004
0.03179
0.03179
31 Jan 2005
0.03166
0.03166
28 Feb 2005
0.03410
0.03410
31 Mar 2005
0.03254
0.03254
29 Apr 2005
0.03365
0.03365
31 May 2005
0.03304
0.03304
30 Jun 2005
0.03441
0.03441
29 Jul 2005
0.03372
0.03372
31 Aug 2005
0.03431
0.03431
30 Sep 2005
0.03503
0.03503
31 Oct 2005
0.03434
0.03434
30 Nov 2005
0.03564
0.03564
30 Dec 2005
0.03674
0.03674
31 Jan 2006
0.03665
0.03665
28 Feb 2006
0.03624
0.03624
31 Mar 2006
0.03703
0.03703
28 Apr 2006
0.03785
0.03785
31 May 2006
0.03738
0.03738
30 Jun 2006
0.03760
0.03760
31 Jul 2006
0.03808
0.03808
31 Aug 2006
0.03811
0.03811
29 Sep 2006
0.03910
0.03910
31 Oct 2006
0.03821
0.03821
30 Nov 2006
0.03884
0.03884
29 Dec 2006
0.03864
0.03864
31 Jan 2007
0.03877
0.03877
28 Feb 2007
0.04007
0.04007
30 Mar 2007
0.03884
0.03884
30 Apr 2007
0.03970
0.03970
31 May 2007
0.03966
0.03966
29 Jun 2007
0.03994
0.03994
31 Jul 2007
0.03919
0.03919
31 Aug 2007
0.03944
0.03944
28 Sep 2007
0.03980
0.03980
31 Oct 2007
0.03891
0.03891
30 Nov 2007
0.03893
0.03893
31 Dec 2007
0.03845
0.03845
31 Jan 2008
0.03746
0.03746
29 Feb 2008
0.03953
0.03953
31 Mar 2008
0.03927
0.03927
30 Apr 2008
0.03899
0.03899
30 May 2008
0.03866
0.03866
30 Jun 2008
0.03758
0.03758
31 Jul 2008
0.03890
0.03890
29 Aug 2008
0.03898
0.03898
30 Sep 2008
0.04041
0.04041
31 Oct 2008
0.04052
0.04052
28 Nov 2008
0.03932
0.03932
31 Dec 2008
0.03932
0.03932
30 Jan 2009
0.03848
0.03848
27 Feb 2009
0.03914
0.03914
31 Mar 2009
0.03785
0.03785
30 Apr 2009
0.04132
0.04132
29 May 2009
0.04213
0.04213
30 Jun 2009
0.04096
0.04096
31 Jul 2009
0.04175
0.04175
31 Aug 2009
0.04217
0.04217
30 Sep 2009
0.03952
0.03952
30 Oct 2009
0.03755
0.03755
30 Nov 2009
0.03836
0.03836
31 Dec 2009
0.03770
0.03770
29 Jan 2010
0.03814
0.03814
26 Feb 2010
0.03842
0.03842
31 Mar 2010
0.03602
0.03602
30 Apr 2010
0.03694
0.03694
28 May 2010
0.03582
0.03582
30 Jun 2010
0.03508
0.03508
30 Jul 2010
0.03435
0.03435
31 Aug 2010
0.03265
0.03265
30 Sep 2010
0.03286
0.03286
29 Oct 2010
0.03228
0.03228
30 Nov 2010
0.03238
0.03238
31 Dec 2010
0.03324
0.03324
31 Jan 2011
0.03378
0.03378
28 Feb 2011
0.03585
0.03585
31 Mar 2011
0.03482
0.03482
29 Apr 2011
0.03495
0.03495
31 May 2011
0.03408
0.03408
30 Jun 2011
0.03426
0.03426
29 Jul 2011
0.03206
0.03206
31 Aug 2011
0.03167
0.03167
30 Sep 2011
0.03221
0.03221
31 Oct 2011
0.03210
0.03210
30 Nov 2011
0.03265
0.03265
30 Dec 2011
0.03116
0.03116
31 Jan 2012
0.03032
0.03032
29 Feb 2012
0.03012
0.03012
30 Mar 2012
0.02723
0.02723
30 Apr 2012
0.02708
0.02708
31 May 2012
0.02573
0.02573
29 Jun 2012
0.02713
0.02713
31 Jul 2012
0.02555
0.02555
31 Aug 2012
0.02532
0.02532
28 Sep 2012
0.02564
0.02564
31 Oct 2012
0.02481
0.02481
30 Nov 2012
0.03489
0.02517
0.00000
0.00972
31 Dec 2012
0.02476
0.02476
31 Jan 2013
0.02405
0.02405
28 Feb 2013
0.02479
0.02479
28 Mar 2013
0.02352
0.02352
30 Apr 2013
0.02360
0.02360
31 May 2013
0.02243
0.02243
28 Jun 2013
0.02241
0.02241
31 Jul 2013
0.02210
0.02210
30 Aug 2013
0.02351
0.02351
30 Sep 2013
0.02424
0.02424
31 Oct 2013
0.02321
0.02321
29 Nov 2013
0.02303
0.02303
31 Dec 2013
0.02312
0.02312
31 Jan 2014
0.02307
0.02307
28 Feb 2014
0.02449
0.02449
31 Mar 2014
0.02263
0.02263
30 Apr 2014
0.02362
0.02362
30 May 2014
0.02271
0.02271
30 Jun 2014
0.02315
0.02315
31 Jul 2014
0.02255
0.02255
29 Aug 2014
0.02179
0.02179
30 Sep 2014
0.02039
0.02039
31 Oct 2014
0.02129
0.02129
28 Nov 2014
0.02023
0.02023
31 Dec 2014
0.01994
0.01994
30 Jan 2015
0.01896
0.01896
27 Feb 2015
0.02065
0.02065
31 Mar 2015
0.01910
0.01910
30 Apr 2015
0.01915
0.01915
29 May 2015
0.01849
0.01849
30 Jun 2015
0.01950
0.01950
31 Jul 2015
0.01818
0.01818
31 Aug 2015
0.02090
0.02090
30 Sep 2015
0.01961
0.01961
30 Oct 2015
0.01908
0.01908
30 Nov 2015
0.01941
0.01941
31 Dec 2015
0.01865
0.01865
29 Jan 2016
0.01856
0.01856
29 Feb 2016
0.02011
0.02011
31 Mar 2016
0.01810
0.01810
29 Apr 2016
0.01864
0.01864
31 May 2016
0.01788
0.01788
30 Jun 2016
0.01883
0.01883
29 Jul 2016
0.01772
0.01772
31 Aug 2016
0.01753
0.01753
30 Sep 2016
0.01846
0.01846
31 Oct 2016
0.01749
0.01749
30 Nov 2016
0.01806
0.01806
30 Dec 2016
0.01748
0.01748
31 Jan 2017
0.01849
0.01849
28 Feb 2017
0.01978
0.01978
31 Mar 2017
0.01827
0.01827
28 Apr 2017
0.01950
0.01950
31 May 2017
0.01896
0.01896
30 Jun 2017
0.01928
0.01928
31 Jul 2017
0.01867
0.01867
31 Aug 2017
0.01850
0.01850
29 Sep 2017
0.01880
0.01880
31 Oct 2017
0.01850
0.01850
30 Nov 2017
0.01928
0.01928
29 Dec 2017
0.01933
0.01933
31 Jan 2018
0.01962
0.01962
28 Feb 2018
0.02149
0.02149
29 Mar 2018
0.01967
0.01967
30 Apr 2018
0.02134
0.02134
31 May 2018
0.01997
0.01997
29 Jun 2018
0.02049
0.02049
31 Jul 2018
0.01936
0.01936
31 Aug 2018
0.01995
0.01995
28 Sep 2018
0.02059
0.02059
31 Oct 2018
0.02030
0.02030
30 Nov 2018
0.02120
0.02120
31 Dec 2018
0.02055
0.02055
31 Jan 2019
0.02094
0.02094
28 Feb 2019
0.02272
0.02272
29 Mar 2019
0.02098
0.02098
30 Apr 2019
0.02155
0.02155
31 May 2019
0.02112
0.02112
28 Jun 2019
0.02159
0.02159
31 Jul 2019
0.02002
0.02002
31 Aug 2019
0.01978
0.01978
30 Sep 2019
0.01975
0.01975
31 Oct 2019
0.01867
0.01867
30 Nov 2019
0.01918
0.01918
31 Dec 2019
0.01841
0.01841
31 Jan 2020
0.01788
0.01788
29 Feb 2020
0.02102
0.02102
31 Mar 2020
0.02060
0.02060
30 Apr 2020
0.01982
0.01982
31 May 2020
0.01847
0.01847
30 Jun 2020
0.01710
0.01710
31 Jul 2020
0.01552
0.01552
31 Aug 2020
0.01501
0.01501
30 Sep 2020
0.01513
0.01513
30 Oct 2020
0.01443
0.01443
30 Nov 2020
0.01519
0.01519
31 Dec 2020
0.01505
0.01505
29 Jan 2021
0.01451
0.01451
26 Feb 2021
0.01797
0.01797
31 Mar 2021
0.01485
0.01485
30 Apr 2021
0.01587
0.01587
28 May 2021
0.01612
0.01612
30 Jun 2021
0.01703
0.01703
30 Jul 2021
0.01599
0.01599
31 Aug 2021
0.01514
0.01514
30 Sep 2021
0.01564
0.01564
29 Oct 2021
0.01481
0.01481
30 Nov 2021
0.01560
0.01560
31 Dec 2021
0.01475
0.01475
31 Jan 2022
0.01514
0.01514
28 Feb 2022
0.01688
0.01688
31 Mar 2022
0.01424
0.01424
29 Apr 2022
0.01833
0.01833
31 May 2022
0.01812
0.01812
30 Jun 2022
0.01839
0.01839
29 Jul 2022
0.01935
0.01935
31 Aug 2022
0.02101
0.02101
Fund Facts

Fund Facts

(As of 31 Aug 2022)
Net Fund Assets
$376.6 M
Benchmark
ICE BofA 1-10 Yr US Muni
Morningstar Category
Muni Single State Short
Fund Symbol
LTCIX
Share Class
I
Share Class Inception Date
1 Apr 1997
Number of Holdings
291
Portfolio Turnover
16%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
1.92%
30-Day SEC Yield (Unsubsidized)
1.71%
Annualized Distribution Yield
1.89%
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2022)
Portfolio
Benchmark
Effective Duration
2.9 Yrs
3.5 Yrs
Average Effective Maturity
3.4 Yrs
7.4 Yrs
Weighted Average Coupon
4.4%
4.5%
Portfolio
Benchmark
Yield to Worst
2.5%
2.7%
Subject to Alternative Minimum Tax
9.8%
Risk & Return Profile

Risk & Return Profile

(As of 31 Jul 2022)
3y
5y
10y
Annualized Alpha (%)
-1.60
-1.52
-0.89
Standard Deviation (%)
2.63
2.13
1.77
Sharpe Ratio
-0.35
-0.30
0.31
Up Capture (%)
64.66
66.88
76.90
Down Capture (%)
75.61
79.30
85.45
Portfolio

Portfolio

Top Holdings

(As of 31 Jul 2022)
Name
Ticker/Symbol
Sector
Weight %
County of Los Angeles CA
Local General Obligation
2.1
Santa Clara County Financing Authority
801577KB2
Appropriation
1.8
California Municipal Finance Authority
13049YCQ2
Student Housing
1.4
San Francisco City & County Airport Comm-San Francisco International Airport
79766DGB9
Airport
1.4
California Municipal Finance Authority
13048RAJ6
Industrial Development/Pollution Control
1.3
Long Beach Bond Finance Authority
Gas
1.3
California Community Choice Financing Authority
SE_PREPAID_UTILITY
1.3
San Diego Unified School District/CA
797355X74
School District General Obligation
1.3
Northern California Energy Authority
664840AD7
Gas
1.3
City of Los Angeles CA
Local General Obligation
1.3
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2022)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Appropriation
16.5
4.4
Incremental Tax
14.9
Hospital
9.4
4.3
School District General Obligation
9.2
Industrial Development/Pollution Control
6.7
Airport
6.0
2.7
Water/Sewer
5.8
5.1
Special Tax
4.8
Local General Obligation
4.0
10.3
Toll Road
3.5
4.0
Sector Allocation
Fund (%)
Appropriation
16.5
Incremental Tax
14.9
Hospital
9.4
School District General Obligation
9.2
Industrial Development/Pollution Control
6.7
Airport
6.0
Water/Sewer
5.8
Special Tax
4.8
Local General Obligation
4.0
Toll Road
3.5
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
AAA
5.7
15.0
AA
65.1
55.7
A
19.5
21.4
BBB
6.3
7.8
Not Rated
1.9
Cash & Cash Equivalents
1.5
Credit Quality
Fund (%)
AAA
5.7
AA
65.1
A
19.5
BBB
6.3
Not Rated
1.9
Cash & Cash Equivalents
1.5
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1
21.1
2.0
Year 2
16.6
13.0
Year 3
16.8
14.0
Year 4
8.6
11.0
Year 5
6.0
10.0
Year 6
10.5
9.1
Year 7
2.9
8.0
Year 8
6.1
7.8
Year 9
3.5
7.1
Year 10+
6.5
17.0
Cash
1.5
Maturity
Fund (%)
Year 1
21.1
Year 2
16.6
Year 3
16.8
Year 4
8.6
Year 5
6.0
Year 6
10.5
Year 7
2.9
Year 8
6.1
Year 9
3.5
Year 10+
6.5
Cash
1.5
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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