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Thornburg Short Duration Municipal Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 209 Muni National Short funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three- and five-year ratings: respectively, 2 stars and 2 stars among 209 and 180 funds, as of 31 Jul 2022.

As of 31 Jul 2022
Fund Assets
$168.5 M
As of 31 Jul 2022
NAV
$11.99
As of 12 Aug 2022
Change
$-0.01
As of 12 Aug 2022
YTD NAV Performance
-1.97%
As of 12 Aug 2022
Asset Category:
Municipal Bond
Fund Benchmark:
ICE BofA 1-3 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 high-quality municipal bonds with an average duration of no more than three 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.
  • Income-seeking fund that aims for a stable net asset value, making it attractive for those with a short investment horizon, and is positioned to quickly take advantage of any increases in short-term interest rates.

Investment Objective

The fund’s goal is to provide investors with current income exempt from federal income tax, consistent with preservation of capital.

Investment Approach

The fund is an actively managed diversified portfolio of municipal bonds. To reduce changes in its share value compared to longer duration fixed income portfolios, the fund normally maintains an average duration of no more than three years. The management team seeks to match municipal market structure and deal flow through a relative value framework that operates across geography, sectors, issuers and revenue streams. The strategy maintains exposure across the maturity spectrum to manage duration, hedge against interest rate fluctuations and limit taxable events.

Performance

Performance

Returns

(As of 30 Jun 2022)
YTD
1y
3y
5y
Inception
Total Return (%)
-2.45
-2.57
-0.26
0.37
0.44
ICE BofA 1-3 Yr US Muni (%)
-2.13
-2.15
0.43
0.95
0.91
Morningstar Category Avg. (%)
-3
-3.06
0.13
0.77
Morningstar Quartile
2
4
4
YTD
1y
3y
5y
Inception
Total Return (%)
-1.77
-2.08
-0.12
0.46
0.52
ICE BofA 1-3 Yr US Muni (%)
-1.37
-1.56
0.54
1.05
0.99
Morningstar Category Avg. (%)
-2.1
-2.42
0.31
0.9
Morningstar Quartile
2
4
4
YTD
1y
3y
5y
Inception
Total Return (%)
-2.45
-2.57
-0.78
1.89
3.83
ICE BofA 1-3 Yr US Muni (%)
-2.13
-2.15
1.29
4.84
7.97
YTD
1y
3y
5y
Inception
Total Return (%)
-1.77
-2.08
-0.37
2.34
4.55
ICE BofA 1-3 Yr US Muni (%)
-1.37
-1.56
1.64
5.35
8.81
2016
2017
2018
2019
2020
2021
Total Return (%)
0.22
1.08
1.13
2.12
0.99
-0.05
ICE BofA 1-3 Yr US Muni (%)
0.33
0.99
1.76
2.88
2.16
0.34
Fund Fees

Fund Fees

(As of 30 Jun 2022)
Gross Expense Ratio (%)
0.65
Net Expense Ratio (%)
0.50
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Jun 2022)
(Hypothetical Growth of $10,000 vs ICE BofA 1-3 Yr US Muni)
Distributions

Distributions

(As of 30 Jun 2022)
Ex-Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 2014
0.00296
0.00296
28 Feb 2014
0.00667
0.00667
31 Mar 2014
0.00399
0.00399
30 Apr 2014
0.00329
0.00329
30 May 2014
0.00330
0.00330
30 Jun 2014
0.00458
0.00458
31 Jul 2014
0.00577
0.00577
29 Aug 2014
0.00363
0.00363
30 Sep 2014
0.00446
0.00446
31 Oct 2014
0.00375
0.00375
28 Nov 2014
0.00404
0.00404
31 Dec 2014
0.00142
0.00142
30 Jan 2015
0.00011
0.00011
27 Feb 2015
0.00361
0.00361
31 Mar 2015
0.00212
0.00212
30 Apr 2015
0.00397
0.00397
29 May 2015
0.00311
0.00311
30 Jun 2015
0.00457
0.00457
31 Jul 2015
0.00346
0.00346
31 Aug 2015
0.00395
0.00395
30 Sep 2015
0.00489
0.00489
30 Oct 2015
0.00343
0.00343
30 Nov 2015
0.00385
0.00385
31 Dec 2015
0.00282
0.00282
29 Jan 2016
0.00338
0.00338
29 Feb 2016
0.00517
0.00517
31 Mar 2016
0.00393
0.00393
29 Apr 2016
0.00598
0.00598
31 May 2016
0.00522
0.00522
30 Jun 2016
0.00611
0.00611
29 Jul 2016
0.00450
0.00450
31 Aug 2016
0.00401
0.00401
30 Sep 2016
0.00573
0.00573
31 Oct 2016
0.00415
0.00415
30 Nov 2016
0.00488
0.00488
30 Dec 2016
0.00433
0.00433
31 Jan 2017
0.00912
0.00912
28 Feb 2017
0.01020
0.01020
31 Mar 2017
0.00852
0.00852
28 Apr 2017
0.01006
0.01006
31 May 2017
0.00937
0.00937
30 Jun 2017
0.01085
0.01085
31 Jul 2017
0.01048
0.01048
31 Aug 2017
0.01049
0.01049
29 Sep 2017
0.01113
0.01113
31 Oct 2017
0.01005
0.01005
30 Nov 2017
0.01121
0.01121
29 Dec 2017
0.01080
0.01080
31 Jan 2018
0.01090
0.01090
28 Feb 2018
0.01260
0.01260
29 Mar 2018
0.01092
0.01092
30 Apr 2018
0.01253
0.01253
31 May 2018
0.00993
0.00993
29 Jun 2018
0.01138
0.01138
31 Jul 2018
0.01020
0.01020
31 Aug 2018
0.01284
0.01284
28 Sep 2018
0.01346
0.01346
31 Oct 2018
0.01351
0.01351
30 Nov 2018
0.01495
0.01495
31 Dec 2018
0.01456
0.01456
31 Jan 2019
0.01278
0.01278
28 Feb 2019
0.01774
0.01774
29 Mar 2019
0.01612
0.01612
30 Apr 2019
0.01661
0.01661
31 May 2019
0.01539
0.01539
28 Jun 2019
0.01635
0.01635
31 Jul 2019
0.01445
0.01445
31 Aug 2019
0.01401
0.01401
30 Sep 2019
0.01464
0.01464
31 Oct 2019
0.01376
0.01376
30 Nov 2019
0.01333
0.01333
31 Dec 2019
0.01375
0.01375
31 Jan 2020
0.01284
0.01284
29 Feb 2020
0.01356
0.01356
31 Mar 2020
0.01668
0.01668
30 Apr 2020
0.01306
0.01306
31 May 2020
0.01260
0.01260
30 Jun 2020
0.01284
0.01284
31 Jul 2020
0.01146
0.01146
31 Aug 2020
0.01094
0.01094
30 Sep 2020
0.00967
0.00967
30 Oct 2020
0.00622
0.00622
30 Nov 2020
0.00674
0.00674
31 Dec 2020
0.00539
0.00539
29 Jan 2021
0.00447
0.00447
26 Feb 2021
0.00624
0.00624
31 Mar 2021
0.00400
0.00400
30 Apr 2021
0.00475
0.00475
28 May 2021
0.00416
0.00416
30 Jun 2021
0.00461
0.00461
30 Jul 2021
0.00374
0.00374
31 Aug 2021
0.00358
0.00358
30 Sep 2021
0.00417
0.00417
29 Oct 2021
0.00389
0.00389
30 Nov 2021
0.00507
0.00507
31 Dec 2021
0.00491
0.00491
31 Jan 2022
0.00477
0.00477
28 Feb 2022
0.00739
0.00739
31 Mar 2022
0.00613
0.00613
29 Apr 2022
0.00881
0.00881
31 May 2022
0.01028
0.01028
30 Jun 2022
0.01144
0.01144
Fund Facts

Fund Facts

(As of 31 Jul 2022)
Net Fund Assets
$168.5 M
Benchmark
ICE BofA 1-3 Yr US Muni
Morningstar Category
Muni National Short
Fund Symbol
TLMIX
Share Class
I
Share Class Inception Date
30 Dec 2013
Number of Holdings
185
Portfolio Turnover
35%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
1.31%
30-Day SEC Yield (Unsubsidized)
1.24%
Annualized Distribution Yield
1.27%
Characteristics

Characteristics

Portfolio

(As of 31 Jul 2022)
Portfolio
Benchmark
Effective Duration
1.4 Yrs
1.7 Yrs
Average Effective Maturity
1.7 Yrs
5.2 Yrs
Weighted Average Coupon
3.4%
4.4%
Portfolio
Benchmark
Yield to Worst
2.0%
1.8%
Subject to Alternative Minimum Tax
0.0%
Risk & Return Profile

Risk & Return Profile

(As of 30 Jun 2022)
3y
5y
Annualized Alpha (%)
-1.05
-0.65
Standard Deviation (%)
1.10
0.91
Sharpe Ratio
-0.75
-0.78
Up Capture (%)
48.67
48.99
Down Capture (%)
64.18
60.10
Portfolio

Portfolio

Top Holdings

(As of 30 Jun 2022)
Name
Ticker/Symbol
Sector
Weight %
Kansas Independent College Finance Authority
Higher Education
1.8
PEFA, Inc.
Gas
1.6
Massachusetts Development Finance Agency
Hospital
1.5
California Pollution Control Financing Authority
130536PS8
Industrial Development/Pollution Control
1.5
North Carolina Turnpike Authority
65830RCW7
Toll Road
1.2
County of Scioto OH
808878GN6
Hospital
1.2
County of Los Angeles CA
Local General Obligation
1.2
Fort Bend Independent School District
School District General Obligation
1.2
North Dakota Housing Finance Agency
658909TY2
Single Family Mortgage
1.2
City of Newark NJ
650367QY4
Local General Obligation
1.2
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
5%
10%
15%
20%
Local General Obligation
13.0
11.1
School District General Obligation
11.8
Gas
8.7
Industrial Development/Pollution Control
8.0
Hospital
7.7
3.1
Public Power
7.4
3.5
Higher Education
5.9
Multi Family Mortgage
5.4
2.4
Appropriation
3.6
3.6
State General Obligation
3.0
16.2
Sector Allocation
Fund (%)
Local General Obligation
13.0
School District General Obligation
11.8
Gas
8.7
Industrial Development/Pollution Control
8.0
Hospital
7.7
Public Power
7.4
Higher Education
5.9
Multi Family Mortgage
5.4
Appropriation
3.6
State General Obligation
3.0
Top 10 U.S. States
Fund (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Texas
14.0
9.8
Illinois
8.7
4.3
California
7.8
18.6
Pennsylvania
5.3
3.2
New Mexico
4.0
Georgia
3.5
3.9
Massachusetts
3.5
3.3
LA
3.4
2.1
Alabama
3.2
2.1
Colorado
3.2
1.3
Top 10 U.S. States
Fund (%)
Texas
14.0
Illinois
8.7
California
7.8
Pennsylvania
5.3
New Mexico
4.0
Georgia
3.5
Massachusetts
3.5
LA
3.4
Alabama
3.2
Colorado
3.2
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
14.6
17.8
AA
26.7
53.6
A
29.9
20.7
BBB
13.6
7.9
Not Rated
8.1
Cash & Cash Equivalents
7.2
Credit Quality
Fund (%)
AAA
14.6
AA
26.7
A
29.9
BBB
13.6
Not Rated
8.1
Cash & Cash Equivalents
7.2
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
Year 1
32.6
6.0
Year 2
22.7
40.0
Year 3
14.3
38.0
Year 4
11.8
Year 5+
11.4
8.3
Maturity
Fund (%)
Year 1
32.6
Year 2
22.7
Year 3
14.3
Year 4
11.8
Year 5+
11.4
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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