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Thornburg Short Duration Municipal Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 208 Muni National Short funds, based on risk-adjusted returns for class A shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 2 stars and 1 star among 208, 199 and 147 funds, as of 31 Oct 2024.

As of 31 Oct 2024
Fund Assets
$116.8 M
As of 31 Oct 2024
NAV
$11.94
As of 9 Dec 2024
Change
$0.00
As of 9 Dec 2024
YTD NAV Performance
2.77%
As of 9 Dec 2024
Asset Category:
Municipal Bond
Fund Benchmark:
ICE BofA 1-3 Year U.S. Municipal Securities Index

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 Sep 2024)
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
0.25
2.76
0.36
0.57
0.62
0.62
Total Return without Sales Charge (%)
2.60
5.12
1.11
0.88
0.78
0.76
ICE BofA 1-3 Year U.S. Municipal Securities Index (%)
2.70
5.51
1.31
1.41
1.31
1.29
Morningstar Category Avg. (%)
2.75
5.91
1.21
1.35
1.25
Morningstar Quartile
3
3
4
4
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
0.35
1.01
0.43
0.54
0.62
0.62
Total Return without Sales Charge (%)
2.70
3.30
1.18
0.85
0.78
0.76
ICE BofA 1-3 Year U.S. Municipal Securities Index (%)
2.77
3.58
1.33
1.33
1.31
1.27
Morningstar Category Avg. (%)
2.28
5.42
1.08
1.21
1.19
Morningstar Quartile
3
2
4
4
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
0.25
2.76
1.07
2.90
6.43
6.85
Total Return without Sales Charge (%)
2.60
5.12
3.36
4.49
8.07
8.50
ICE BofA 1-3 Year U.S. Municipal Securities Index (%)
2.70
5.51
3.97
7.26
13.91
14.71
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
0.35
1.01
1.29
2.73
6.41
6.95
Total Return without Sales Charge (%)
2.70
3.30
3.59
4.31
8.05
8.60
ICE BofA 1-3 Year U.S. Municipal Securities Index (%)
2.77
3.58
4.04
6.84
13.86
14.79
2018
2019
2020
2021
2022
2023
Total Return with Sales Charge (%)
-0.69
0.36
-0.65
-2.46
-4.69
1.16
ICE BofA 1-3 Year U.S. Municipal Securities Index (%)
1.76
2.88
2.16
0.34
-2.03
3.35
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
1.06
Net Expense Ratio (%)
0.70
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Nov 2024)
(Hypothetical Growth of $10,000 vs ICE BofA 1-3 Year U.S. Municipal Securities Index)
Distributions

Distributions

(As of 29 Nov 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 2014
31 Jan 2014
0.00126
0.00126
28 Feb 2014
28 Feb 2014
0.00478
0.00478
31 Mar 2014
31 Mar 2014
0.00196
0.00196
30 Apr 2014
30 Apr 2014
0.00126
0.00126
30 May 2014
31 May 2014
0.00120
0.00120
30 Jun 2014
30 Jun 2014
0.00149
0.00149
31 Jul 2014
31 Jul 2014
0.00305
0.00305
29 Aug 2014
31 Aug 2014
0.00153
0.00153
30 Sep 2014
30 Sep 2014
0.00243
0.00243
31 Oct 2014
31 Oct 2014
0.00165
0.00165
28 Nov 2014
30 Nov 2014
0.00201
0.00201
31 Dec 2014
31 Dec 2014
0.00041
0.00041
31 Jan 2015
31 Jan 2015
0
27 Feb 2015
28 Feb 2015
0.00172
0.00172
31 Mar 2015
31 Mar 2015
0.00018
0.00018
30 Apr 2015
30 Apr 2015
0.00195
0.00195
29 May 2015
31 May 2015
0.00102
0.00102
30 Jun 2015
30 Jun 2015
0.00255
0.00255
31 Jul 2015
31 Jul 2015
0.00137
0.00137
31 Aug 2015
31 Aug 2015
0.00186
0.00186
30 Sep 2015
30 Sep 2015
0.00286
0.00286
30 Oct 2015
31 Oct 2015
0.00134
0.00134
30 Nov 2015
30 Nov 2015
0.00183
0.00183
31 Dec 2015
31 Dec 2015
0.00074
0.00074
29 Jan 2016
31 Jan 2016
0.00129
0.00129
29 Feb 2016
29 Feb 2016
0.00321
0.00321
31 Mar 2016
31 Mar 2016
0.00183
0.00183
29 Apr 2016
30 Apr 2016
0.00396
0.00396
31 May 2016
31 May 2016
0.00313
0.00313
30 Jun 2016
30 Jun 2016
0.00409
0.00409
29 Jul 2016
31 Jul 2016
0.00241
0.00241
31 Aug 2016
31 Aug 2016
0.00191
0.00191
30 Sep 2016
30 Sep 2016
0.00317
0.00317
31 Oct 2016
31 Oct 2016
0.00206
0.00206
30 Nov 2016
30 Nov 2016
0.00286
0.00286
30 Dec 2016
31 Dec 2016
0.00201
0.00201
31 Jan 2017
31 Jan 2017
0.00875
0.00875
28 Feb 2017
28 Feb 2017
0.00831
0.00831
31 Mar 2017
31 Mar 2017
0.00643
0.00643
28 Apr 2017
30 Apr 2017
0.00802
0.00802
31 May 2017
31 May 2017
0.00728
0.00728
30 Jun 2017
30 Jun 2017
0.00882
0.00882
31 Jul 2017
31 Jul 2017
0.00838
0.00838
31 Aug 2017
31 Aug 2017
0.00839
0.00839
29 Sep 2017
30 Sep 2017
0.00909
0.00909
31 Oct 2017
31 Oct 2017
0.00796
0.00796
30 Nov 2017
30 Nov 2017
0.00919
0.00919
29 Dec 2017
31 Dec 2017
0.00886
0.00886
31 Jan 2018
31 Jan 2018
0.00874
0.00874
28 Feb 2018
28 Feb 2018
0.01067
0.01067
29 Mar 2018
31 Mar 2018
0.00884
0.00884
30 Apr 2018
30 Apr 2018
0.01053
0.01053
31 May 2018
31 May 2018
0.00784
0.00784
29 Jun 2018
30 Jun 2018
0.00937
0.00937
31 Jul 2018
31 Jul 2018
0.00812
0.00812
31 Aug 2018
31 Aug 2018
0.01075
0.01075
28 Sep 2018
30 Sep 2018
0.01145
0.01145
31 Oct 2018
31 Oct 2018
0.01151
0.01151
30 Nov 2018
30 Nov 2018
0.01293
0.01293
31 Dec 2018
31 Dec 2018
0.01251
0.01251
31 Jan 2019
31 Jan 2019
0.01067
0.01067
28 Feb 2019
28 Feb 2019
0.01584
0.01584
29 Mar 2019
31 Mar 2019
0.01404
0.01404
30 Apr 2019
30 Apr 2019
0.01452
0.01452
31 May 2019
31 May 2019
0.01322
0.01322
28 Jun 2019
30 Jun 2019
0.01432
0.01432
31 Jul 2019
31 Jul 2019
0.01236
0.01236
31 Aug 2019
31 Aug 2019
0.01192
0.01192
30 Sep 2019
30 Sep 2019
0.01262
0.01262
31 Oct 2019
31 Oct 2019
0.01166
0.01166
30 Nov 2019
30 Nov 2019
0.01131
0.01131
31 Dec 2019
31 Dec 2019
0.01169
0.01169
31 Jan 2020
31 Jan 2020
0.01075
0.01075
29 Feb 2020
29 Feb 2020
0.01160
0.01160
31 Mar 2020
31 Mar 2020
0.01478
0.01478
30 Apr 2020
30 Apr 2020
0.01106
0.01106
31 May 2020
31 May 2020
0.01053
0.01053
30 Jun 2020
30 Jun 2020
0.01083
0.01083
31 Jul 2020
31 Jul 2020
0.00938
0.00938
31 Aug 2020
31 Aug 2020
0.00886
0.00886
30 Sep 2020
30 Sep 2020
0.00761
0.00761
30 Oct 2020
31 Oct 2020
0.00412
0.00412
30 Nov 2020
30 Nov 2020
0.00472
0.00472
31 Dec 2020
31 Dec 2020
0.00327
0.00327
29 Jan 2021
31 Jan 2021
0.00237
0.00237
26 Feb 2021
28 Feb 2021
0.00435
0.00435
31 Mar 2021
31 Mar 2021
0.00192
0.00192
30 Apr 2021
30 Apr 2021
0.00271
0.00271
28 May 2021
31 May 2021
0.00205
0.00205
30 Jun 2021
30 Jun 2021
0.00257
0.00257
30 Jul 2021
31 Jul 2021
0.00165
0.00165
31 Aug 2021
31 Aug 2021
0.00140
0.00140
30 Sep 2021
30 Sep 2021
0.00211
0.00211
29 Oct 2021
31 Oct 2021
0.00180
0.00180
30 Nov 2021
30 Nov 2021
0.00309
0.00309
31 Dec 2021
31 Dec 2021
0.00282
0.00282
31 Jan 2022
31 Jan 2022
0.00269
0.00269
28 Feb 2022
28 Feb 2022
0.00554
0.00554
31 Mar 2022
31 Mar 2022
0.00410
0.00410
29 Apr 2022
30 Apr 2022
0.00685
0.00685
31 May 2022
31 May 2022
0.00829
0.00829
30 Jun 2022
30 Jun 2022
0.00949
0.00949
29 Jul 2022
31 Jul 2022
0.01108
0.01108
31 Aug 2022
31 Aug 2022
0.01298
0.01298
30 Sep 2022
30 Sep 2022
0.01451
0.01451
31 Oct 2022
31 Oct 2022
0.01693
0.01693
30 Nov 2022
30 Nov 2022
0.01660
0.01660
30 Dec 2022
31 Dec 2022
0.02009
0.02009
31 Jan 2023
31 Jan 2023
0.01952
0.01952
28 Feb 2023
28 Feb 2023
0.02264
0.02264
31 Mar 2023
31 Mar 2023
0.02376
0.02376
28 Apr 2023
30 Apr 2023
0.02476
0.02476
31 May 2023
31 May 2023
0.02505
0.02505
30 Jun 2023
30 Jun 2023
0.02618
0.02618
31 Jul 2023
31 Jul 2023
0.02673
0.02673
31 Aug 2023
31 Aug 2023
0.02816
0.02816
29 Sep 2023
30 Sep 2023
0.02883
0.02883
31 Oct 2023
31 Oct 2023
0.02945
0.02945
30 Nov 2023
30 Nov 2023
0.02950
0.02950
29 Dec 2023
31 Dec 2023
0.02952
0.02952
31 Jan 2024
31 Jan 2024
0.02997
0.02997
29 Feb 2024
29 Feb 2024
0.03047
0.03047
28 Mar 2024
31 Mar 2024
0.03009
0.03009
30 Apr 2024
30 Apr 2024
0.03068
0.03068
31 May 2024
31 May 2024
0.03008
0.03008
28 Jun 2024
30 Jun 2024
0.03077
0.03077
31 Jul 2024
31 Jul 2024
0.03126
0.03126
30 Aug 2024
31 Aug 2024
0.03149
0.03149
30 Sep 2024
30 Sep 2024
0.03124
0.03124
31 Oct 2024
31 Oct 2024
0.03084
0.03084
29 Nov 2024
30 Nov 2024
0.03059
0.03059
Fund Facts

Fund Facts

(As of 31 Oct 2024)
Net Fund Assets
$116.8 M
Benchmark
ICE BofA 1-3 Year U.S. Municipal Securities Index
Morningstar Category
Muni National Short
Fund Symbol
TLMAX
Share Class
A
Share Class Inception Date
30 Dec 2013
Number of Holdings
133
Portfolio Turnover
64%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
2.79%
30-Day SEC Yield (Unsubsidized)
2.12%
Annualized Distribution Yield
3.01%
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2024)
Portfolio
Benchmark
Effective Duration
1.5 Yrs
1.6 Yrs
Average Effective Maturity
1.9 Yrs
1.9 Yrs
Weighted Average Coupon
4.4%
4.5%
Portfolio
Benchmark
Yield to Worst
3.4%
3.1%
Subject to Alternative Minimum Tax
7.9%
Risk & Return Profile

Risk & Return Profile

(As of 31 Oct 2024)
3y
5y
10y
Annualized Alpha (%)
0.23
-0.13
-0.13
Standard Deviation (%)
2.20
1.86
1.38
Sharpe Ratio
-1.15
-0.78
-0.56
Up Capture (%)
91.42
85.51
78.71
Down Capture (%)
84.64
90.48
82.94
Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2024)
Name
Ticker/Symbol
Weight %
PEFA Inc
70556CAB0
2.6
Massachusetts Development Finance Agency
57584YPF0
2.1
Indiana Finance Authority
45505RBN4
2.1
Tennergy Corp/TN
880397CJ1
1.8
Harris County Cultural Education Facilities Finance Corp
414009NF3
1.8
Travis County Housing Finance Corp
89438UBM9
1.7
Knox County Health Educational & Housing Facility Board
499652AM7
1.7
California Municipal Finance Authority
13048RAH0
1.7
Rockland County Industrial Development Agency
77356AAC9
1.4
Chatom Industrial Development Board
162296AC1
1.3
Exposure Breakdown

Exposure Breakdown

(As of 31 Oct 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Multi Family Mortgage
26.4
5.4
Industrial Development/Pollution Control
14.9
Hospital
10.0
4.6
Gas
8.4
School District General Obligation
8.4
Public Power
4.0
4.0
Local General Obligation
3.6
12.9
School District App
3.5
Dedicated Tax
3.3
6.8
State General Obligation
2.7
18.1
Cash & Cash Equivalents
1.2
Sector Allocation
Fund (%)
Multi Family Mortgage
26.4
Industrial Development/Pollution Control
14.9
Hospital
10.0
Gas
8.4
School District General Obligation
8.4
Public Power
4.0
Local General Obligation
3.6
School District App
3.5
Dedicated Tax
3.3
State General Obligation
2.7
Cash & Cash Equivalents
1.2
Top 10 U.S. States
Fund (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Texas
14.9
8.8
Illinois
8.2
5.1
Florida
7.2
2.6
Wisconsin
5.7
2.2
Tennessee
5.5
1.5
Louisiana
4.9
1.1
California
4.8
16.0
Indiana
4.4
0.9
Pennsylvania
4.3
3.1
New York
3.5
13.6
Cash
1.2
Top 10 U.S. States
Fund (%)
Texas
14.9
Illinois
8.2
Florida
7.2
Wisconsin
5.7
Tennessee
5.5
Louisiana
4.9
California
4.8
Indiana
4.4
Pennsylvania
4.3
New York
3.5
Cash
1.2
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
24.2
18.5
AA
31.8
56.3
A
29.9
21.8
BBB
8.5
3.5
Not Rated
4.3
Cash & Cash Equivalents
1.2
Credit Quality
Fund (%)
AAA
24.2
AA
31.8
A
29.9
BBB
8.5
Not Rated
4.3
Cash & Cash Equivalents
1.2
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
Year 1
30.5
4.0
Year 2
24.0
53.0
Year 3
26.1
43.0
Year 4
9.9
Year 5+
8.4
Cash
1.2
Maturity
Fund (%)
Year 1
30.5
Year 2
24.0
Year 3
26.1
Year 4
9.9
Year 5+
8.4
Cash
1.2
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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Real Estate

Restructuring and Refinancing Opportunities in Commercial Real Estate

Certain sectors of commercial real estate are stressed, but pockets of opportunity exist. Learn how investors can capitalize on debt restructuring & refinancing.
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Markets & Economy

Market Concentration and the Fed’s Policy Outlook

Explore the recent trends in market concentration and examine the implications of the Federal Reserve's policy decisions for the rest of 2024.
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Markets & Economy

Value vs. Growth: Does Another Fed Hike Matter?

Discover why value and income-oriented stocks are set to outperform in today's market dominated by rising interest rates and persistent inflation.
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Markets & Economy

The Value of Dividends and Munis to Stoke Income

Explore the impact of high dividend stocks and municipal bonds in a rising rate environment amid increasing government debt and new administrative policies.
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Economy

Navigating Recession, the Fed, Inflation and Borrowing

Examine the current economic complexities while considering consumer demand, corporate resilience, and interest rates to anticipate market risks in 2024.