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For Institutional / Wholesale / Professional Clients

The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.

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Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.

Disclaimers

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.

Reference to a fund or security anywhere on this website is not a recommendation to buy, sell or hold that or any other security. The information is not a complete analysis of every material fact concerning any market, industry, or investment, nor is it intended to predict the performance of any investment or market.

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Thornburg New Mexico Intermediate Municipal Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 152 Muni Single State Intermediate funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 4 stars, 3 stars and 3 stars among 152, 144 and 125 funds, as of 30 Jun 2022.

As of 30 Jun 2022
Fund Assets
$127.1 M
As of 30 Jun 2022
NAV
$12.62
As of 5 Aug 2022
Change
$-0.03
As of 5 Aug 2022
YTD NAV Performance
-4.58%
As of 5 Aug 2022
Asset Category:
Municipal Bond
Fund Benchmark:
ICE BofA 3-15 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 New Mexico entities with an average maturity of three to 10 years and average duration of four to six years.
  • Proven bottom-up fundamental approach that employs a relative value framework across sectors, issuers and revenue streams.
  • Tax-efficient fund seeks to provide New Mexico investors with income that is tax-exempt at the state and federal level while minimizing changes in its share value.

Investment Objective

The fund’s goal is to provide investors with as high a level of current income exempt from federal and New Mexico 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 New Mexico. 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 (%)
-6.25
-6.13
-0.24
0.87
1.51
2.68
Morningstar Category Avg. (%)
-7.79
-7.63
-0.63
0.76
1.54
Morningstar Quartile
1
1
2
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-4.45
-4.88
0.17
1.16
1.60
2.79
Morningstar Category Avg. (%)
-7.79
-7.63
-0.63
0.76
1.54
Morningstar Quartile
1
1
2
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-6.25
-6.13
-0.73
4.43
16.15
50.30
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-4.45
-4.88
0.51
5.96
17.24
53.19
2016
2017
2018
2019
2020
2021
Total Return (%)
-0.01
2.36
1.70
4.80
3.78
0.34
ICE BofA 3-15 Yr US Muni (%)
-0.06
4.64
1.45
7.01
4.96
0.94
Fund Fees

Fund Fees

(As of 30 Jun 2022)
Gross Expense Ratio (%)
0.71
Net Expense Ratio (%)
0.67
Distributions

Distributions

(As of 30 Jun 2022)
Ex-Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
28 Feb 2007
0.04319
0.04319
30 Mar 2007
0.04218
0.04218
30 Apr 2007
0.04259
0.04259
31 May 2007
0.04207
0.04207
29 Jun 2007
0.04264
0.04264
31 Jul 2007
0.04274
0.04274
31 Aug 2007
0.04309
0.04309
28 Sep 2007
0.04341
0.04341
31 Oct 2007
0.04344
0.04344
30 Nov 2007
0.04358
0.04358
31 Dec 2007
0.04294
0.04294
31 Jan 2008
0.04235
0.04235
29 Feb 2008
0.04277
0.04277
31 Mar 2008
0.04217
0.04217
30 Apr 2008
0.04136
0.04136
30 May 2008
0.04261
0.04261
30 Jun 2008
0.04298
0.04298
31 Jul 2008
0.04152
0.04152
29 Aug 2008
0.04279
0.04279
30 Sep 2008
0.04384
0.04384
31 Oct 2008
0.04284
0.04284
28 Nov 2008
0.04318
0.04318
31 Dec 2008
0.04411
0.04411
30 Jan 2009
0.04381
0.04381
27 Feb 2009
0.04401
0.04401
31 Mar 2009
0.04267
0.04267
30 Apr 2009
0.04325
0.04325
29 May 2009
0.04292
0.04292
30 Jun 2009
0.04175
0.04175
31 Jul 2009
0.04170
0.04170
31 Aug 2009
0.04271
0.04271
30 Sep 2009
0.04273
0.04273
30 Oct 2009
0.04154
0.04154
30 Nov 2009
0.04183
0.04183
31 Dec 2009
0.04112
0.04112
29 Jan 2010
0.04080
0.04080
26 Feb 2010
0.04188
0.04188
31 Mar 2010
0.04055
0.04055
30 Apr 2010
0.04083
0.04083
28 May 2010
0.04002
0.04002
30 Jun 2010
0.03929
0.03929
30 Jul 2010
0.03743
0.03743
31 Aug 2010
0.03672
0.03672
30 Sep 2010
0.03783
0.03783
29 Oct 2010
0.03922
0.03922
30 Nov 2010
0.05100
0.03946
0.00000
0.01154
31 Dec 2010
0.03953
0.03953
31 Jan 2011
0.03978
0.03978
28 Feb 2011
0.04175
0.04175
31 Mar 2011
0.04066
0.04066
29 Apr 2011
0.04170
0.04170
31 May 2011
0.04146
0.04146
30 Jun 2011
0.04127
0.04127
29 Jul 2011
0.03912
0.03912
31 Aug 2011
0.03864
0.03864
30 Sep 2011
0.03843
0.03843
31 Oct 2011
0.03867
0.03867
30 Nov 2011
0.05038
0.03980
0.00304
0.00754
30 Dec 2011
0.03977
0.03977
31 Jan 2012
0.03927
0.03927
29 Feb 2012
0.03969
0.03969
30 Mar 2012
0.03943
0.03943
30 Apr 2012
0.03953
0.03953
31 May 2012
0.03811
0.03811
29 Jun 2012
0.03615
0.03615
31 Jul 2012
0.03525
0.03525
31 Aug 2012
0.03443
0.03443
28 Sep 2012
0.03628
0.03628
31 Oct 2012
0.03287
0.03287
30 Nov 2012
0.03497
0.03497
31 Dec 2012
0.03473
0.03473
31 Jan 2013
0.03514
0.03514
28 Feb 2013
0.03624
0.03624
28 Mar 2013
0.03496
0.03496
30 Apr 2013
0.03551
0.03551
31 May 2013
0.03576
0.03576
28 Jun 2013
0.03694
0.03694
31 Jul 2013
0.03559
0.03559
30 Aug 2013
0.03582
0.03582
30 Sep 2013
0.03613
0.03613
31 Oct 2013
0.03565
0.03565
29 Nov 2013
0.03627
0.03627
31 Dec 2013
0.03638
0.03638
31 Jan 2014
0.03598
0.03598
28 Feb 2014
0.03629
0.03629
31 Mar 2014
0.03514
0.03514
30 Apr 2014
0.03569
0.03569
30 May 2014
0.03535
0.03535
30 Jun 2014
0.03589
0.03589
31 Jul 2014
0.03561
0.03561
29 Aug 2014
0.03518
0.03518
30 Sep 2014
0.03580
0.03580
31 Oct 2014
0.03619
0.03619
28 Nov 2014
0.03662
0.03662
31 Dec 2014
0.03338
0.03338
30 Jan 2015
0.03219
0.03219
27 Feb 2015
0.03359
0.03359
31 Mar 2015
0.03219
0.03219
30 Apr 2015
0.03328
0.03328
29 May 2015
0.03347
0.03347
30 Jun 2015
0.03036
0.03036
31 Jul 2015
0.02622
0.02622
31 Aug 2015
0.02736
0.02736
30 Sep 2015
0.02855
0.02855
30 Oct 2015
0.02875
0.02875
30 Nov 2015
0.02940
0.02940
31 Dec 2015
0.02836
0.02836
29 Jan 2016
0.02829
0.02829
29 Feb 2016
0.02910
0.02910
31 Mar 2016
0.02830
0.02830
29 Apr 2016
0.02905
0.02905
31 May 2016
0.02842
0.02842
30 Jun 2016
0.02837
0.02837
29 Jul 2016
0.02770
0.02770
31 Aug 2016
0.02820
0.02820
30 Sep 2016
0.03014
0.03014
31 Oct 2016
0.02807
0.02807
30 Nov 2016
0.02882
0.02882
30 Dec 2016
0.02974
0.02974
31 Jan 2017
0.03036
0.03036
28 Feb 2017
0.03139
0.03139
31 Mar 2017
0.03020
0.03020
28 Apr 2017
0.03017
0.03017
31 May 2017
0.03003
0.03003
30 Jun 2017
0.03067
0.03067
31 Jul 2017
0.03012
0.03012
31 Aug 2017
0.02933
0.02933
29 Sep 2017
0.02915
0.02915
31 Oct 2017
0.02919
0.02919
30 Nov 2017
0.03004
0.03004
29 Dec 2017
0.03038
0.03038
31 Jan 2018
0.03105
0.03105
28 Feb 2018
0.03261
0.03261
29 Mar 2018
0.03142
0.03142
30 Apr 2018
0.03316
0.03316
31 May 2018
0.03243
0.03243
29 Jun 2018
0.03069
0.03069
31 Jul 2018
0.03028
0.03028
31 Aug 2018
0.02879
0.02879
28 Sep 2018
0.02954
0.02954
31 Oct 2018
0.02972
0.02972
30 Nov 2018
0.03027
0.03027
31 Dec 2018
0.02883
0.02883
31 Jan 2019
0.02932
0.02932
28 Feb 2019
0.03125
0.03125
29 Mar 2019
0.02905
0.02905
30 Apr 2019
0.02968
0.02968
31 May 2019
0.02909
0.02909
28 Jun 2019
0.02956
0.02956
31 Jul 2019
0.02871
0.02871
31 Aug 2019
0.02830
0.02830
30 Sep 2019
0.02761
0.02761
31 Oct 2019
0.02655
0.02655
30 Nov 2019
0.02645
0.02645
31 Dec 2019
0.02527
0.02527
31 Jan 2020
0.02574
0.02574
29 Feb 2020
0.02702
0.02702
31 Mar 2020
0.02511
0.02511
30 Apr 2020
0.02468
0.02468
31 May 2020
0.02331
0.02331
30 Jun 2020
0.02149
0.02149
31 Jul 2020
0.02033
0.02033
31 Aug 2020
0.02073
0.02073
30 Sep 2020
0.02061
0.02061
30 Oct 2020
0.02007
0.02007
30 Nov 2020
0.02120
0.02120
31 Dec 2020
0.01876
0.01876
29 Jan 2021
0.01875
0.01875
26 Feb 2021
0.02101
0.02101
31 Mar 2021
0.01866
0.01866
30 Apr 2021
0.01958
0.01958
28 May 2021
0.01904
0.01904
30 Jun 2021
0.02014
0.02014
30 Jul 2021
0.01971
0.01971
31 Aug 2021
0.01963
0.01963
30 Sep 2021
0.02014
0.02014
29 Oct 2021
0.01989
0.01989
30 Nov 2021
0.02105
0.02105
31 Dec 2021
0.01800
0.01800
31 Jan 2022
0.01778
0.01778
28 Feb 2022
0.02033
0.02033
31 Mar 2022
0.01838
0.01838
29 Apr 2022
0.01955
0.01955
31 May 2022
0.01930
0.01930
30 Jun 2022
0.02025
0.02025
Fund Facts

Fund Facts

(As of 30 Jun 2022)
Net Fund Assets
$127.1 M
Benchmark
ICE BofA 3-15 Yr US Muni
Morningstar Category
Muni Single State Intermediate
Fund Symbol
THNIX
Share Class
I
Share Class Inception Date
1 Feb 2007
Number of Holdings
134
Portfolio Turnover
7%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
1.77%
30-Day SEC Yield (Unsubsidized)
1.70%
Annualized Distribution Yield
1.77%
Characteristics

Characteristics

Portfolio

(As of 30 Jun 2022)
Portfolio
Benchmark
Effective Duration
4.6 Yrs
5.4 Yrs
Average Effective Maturity
7.3 Yrs
9.4 Yrs
Weighted Average Coupon
4.6%
4.4%
Portfolio
Benchmark
Yield to Worst
2.7%
2.9%
Subject to Alternative Minimum Tax
2.4%
Risk & Return Profile

Risk & Return Profile

(As of 30 Jun 2022)
3y
5y
10y
Annualized Alpha (%)
-1.06
-1.24
-1.25
Standard Deviation (%)
3.50
2.80
2.33
Sharpe Ratio
-0.24
-0.08
0.37
Up Capture (%)
70.57
67.35
70.74
Down Capture (%)
75.97
74.32
78.29
Portfolio

Portfolio

Top Holdings

(As of 30 Jun 2022)
Name
Ticker/Symbol
Sector
Weight %
County of Bernalillo NM Gross Receipts Tax Revenue
08527NHA7
Dedicated Tax
3.3
New Mexico Finance Authority
64711PBX7
Other Revenue
2.9
City of Farmington NM
311450FS4
Industrial Development/Pollution Control
2.7
County of Bernalillo NM Gross Receipts Tax Revenue
08527NGX8
Dedicated Tax
2.5
City of Santa Fe NM
802170AG5
Lifecare
2.5
New Mexico Educational Assistance Foundation
647110FT7
Student Loan
2.4
County of Bernalillo NM Gross Receipts Tax Revenue
08527NBZ8
Dedicated Tax
2.2
State of New Mexico
647293SD2
State General Obligation
1.8
State of New Mexico Severance Tax Permanent Fund
647310U82
Dedicated Tax
1.7
City of Albuquerque NM
01354MHF1
Dedicated Tax
1.7
Exposure Breakdown

Exposure Breakdown

(As of 30 Jun 2022)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Dedicated Tax
24.8
14.5
Higher Education
12.1
School District General Obligation
11.4
Water/Sewer
7.1
6.0
Other Revenue
7.0
Hospital
4.6
5.1
Lifecare
4.4
Local General Obligation
4.2
9.5
Industrial Development/Pollution Control
4.1
Student Loan
2.4
Sector Allocation
Fund (%)
Dedicated Tax
24.8
Higher Education
12.1
School District General Obligation
11.4
Water/Sewer
7.1
Other Revenue
7.0
Hospital
4.6
Lifecare
4.4
Local General Obligation
4.2
Industrial Development/Pollution Control
4.1
Student Loan
2.4
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
28.0
13.4
AA
48.3
56.9
A
12.3
20.8
BBB
3.8
8.9
Not Rated
4.4
Cash & Cash Equivalents
3.4
Credit Quality
Fund (%)
AAA
28.0
AA
48.3
A
12.3
BBB
3.8
Not Rated
4.4
Cash & Cash Equivalents
3.4
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1-2
12.8
Year 3-4
13.3
13.0
Year 5-6
17.1
20.2
Year 7-8
12.8
16.0
Year 9-10
7.4
13.7
Year 11-12
9.7
13.0
Year 13-14
14.0
12.0
Year 15-16
6.1
5.0
Year 17+
3.5
5.0
Cash
3.4
Maturity
Fund (%)
Year 1-2
12.8
Year 3-4
13.3
Year 5-6
17.1
Year 7-8
12.8
Year 9-10
7.4
Year 11-12
9.7
Year 13-14
14.0
Year 15-16
6.1
Year 17+
3.5
Cash
3.4
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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