Unsubscribe

Confirm you would like to unsubscribe from this list

Remove strategy

Confirm you would like to remove this strategy from your list

Welcome to Thornburg

Please select your location and role to help personalize the site.
Please review our Terms & Conditions

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.

TERMS AND CONDITIONS OF USE

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.

All opinions and estimates included on this website constitute judgements of Thornburg as at the date of this website and are subject to change without notice.

All information and contents of this website are furnished "as is." Data has been obtained from sources considered reliable, but Thornburg makes no representation as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg disclaims, to the fullest extent of the law, any implied or express warranty of any kind, including without limitation the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

If you live in a state that does not allow disclaimers of implied warranties, our disclaimer may not apply to you.

Although Thornburg intends the information contained in this website to be accurate and reliable, errors sometimes occur. Thornburg does not warrant that the information to be free of errors, that the functions contained in the site will be uninterrupted, that defects will be corrected or that the site and servers are free from viruses or other harmful components. You agree that you are responsible for the means you use to access this website and understand that your hardware, software, the Internet, your Internet service provider, and other third parties involved in connecting you to our website may not perform as intended or desired. We also disclaim responsibility for damages third parties may cause to you through the use of this website, whether intentional or unintentional. For example, you understand that hackers could breach our security procedures, and that we will not be responsible for any related damages.

Thornburg Investment Management, Inc. is regulated by the U.S. Securities and Exchange under U.S. laws which may differ materially from laws in other jurisdictions.

Online Privacy and Cookie Policy

Please review our Online Privacy and Cookie Policy, which is hereby incorporated by reference as part of these terms and conditions.

Third Party Content

Certain website's content has been obtained from sources that Thornburg believes to be reliable as of the date presented but Thornburg cannot guarantee the accuracy, timeliness, completeness, or suitability for use of such content. The content does not take into account individual investor's circumstances, objectives or needs. The content is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services, nor does it constitute investment advice and should not be used as the basis for any investment decision.

Suitability

No determination has been made regarding the suitability of any securities, financial instruments or strategies for any investor. The website's content is provided on the basis and subject to the explanations, caveats and warnings set out in this notice and elsewhere herein. The website's content does not purport to provide any legal, tax or accounting advice. Any discussion of risk management is intended to describe Thornburg's efforts to monitor and manage risk but does not imply low risk.

Limited License and Restrictions on Use

Except as otherwise stated in these terms of use or as expressly authorized by Thornburg in writing, you may not:

  • Modify, copy, distribute, transmit, post, display, perform, reproduce, publish, broadcast, license, create derivative works from, transfer, sell, or exploit any reports, data, information, content, software, RSS and podcast feeds, products, services, or other materials (collectively, "Materials") on, generated by or obtained from this website, whether through links or otherwise;
  • Redeliver any page, text, image or Materials on this website using "framing" or other technology;
  • Engage in any conduct that could damage, disable, or overburden (i) this website, (ii) any Materials or services provided through this website, or (iii) any systems, networks, servers, or accounts related to this website, including without limitation, using devices or software that provide repeated automated access to this website, other than those made generally available by Thornburg;
  • Probe, scan, or test the vulnerability of any Materials, services, systems, networks, servers, or accounts related to this website or attempt to gain unauthorized access to Materials, services, systems, networks, servers, or accounts connected or associated with this website through hacking, password or data mining, or any other means of circumventing any access-limiting, user authentication or security device of any Materials, services, systems, networks, servers, or accounts related to this website; or
  • Modify, copy, obscure, remove or display the Thornburg name, logo, trademarks, notices or images without Thornburg's express written permission. To obtain such permission, you may e-mail us at info@thornburg.com.

Severability, Governing Law

Failure by Thornburg to enforce any provision(s) of these terms and conditions shall not be construed as a waiver of any provision or right. This website is controlled and operated by Thornburg from its offices in Santa Fe, New Mexico. The laws of the State of New Mexico govern these terms and conditions. If you take legal action relating to these terms and conditions, you agree to file such action only in state or federal court in New Mexico and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.

Termination

You acknowledge and agree that Thornburg may restrict, suspend or terminate these terms and conditions or your access to, and use, of the all or any part this website, including any links to third-party sites, at any time, with or without cause, including but not limited to any breach of these terms and conditions, in Thornburg's absolute discretion and without prior notice or liability.

Decline

Give Us a Call

Fund Operations
800.847.0200

FIND ANOTHER CONTACT

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 D shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 2 stars and 2 stars among 152, 144 and 125 funds, as of 31 Aug 2022.

As of 31 Aug 2022
Fund Assets
$125.4 M
As of 31 Aug 2022
NAV
$12.08
As of 30 Sep 2022
Change
$0.00
As of 30 Sep 2022
YTD NAV Performance
-8.85%
As of 30 Sep 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 Sep 2022)
YTD
1y
3y
5y
10y
Inception
Total Return without Sales Charge (%)
-8.85
-8.78
-2.00
-0.26
0.54
2.44
Morningstar Category Avg. (%)
-7.79
-7.63
-0.63
0.76
1.54
Morningstar Quartile
1
3
4
4
YTD
1y
3y
5y
10y
Inception
Total Return without Sales Charge (%)
-8.85
-8.78
-2.00
-0.26
0.54
2.44
Morningstar Category Avg. (%)
-7.68
-7.83
-1.23
0.56
1.39
Morningstar Quartile
1
3
4
4
YTD
1y
3y
5y
10y
Inception
Total Return without Sales Charge (%)
-8.85
-8.78
-5.88
-1.31
5.52
75.32
YTD
1y
3y
5y
10y
Inception
Total Return without Sales Charge (%)
-8.85
-8.78
-5.88
-1.31
5.52
75.32
2016
2017
2018
2019
2020
2021
Total Return without Sales Charge (%)
-0.57
1.79
1.14
4.21
3.19
-0.23
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 Sep 2022)
Gross Expense Ratio (%)
1.29
Net Expense Ratio (%)
1.24
Distributions

Distributions

(As of 31 Aug 2022)
Ex-Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
30 Jun 1999
0.04888
0.04888
30 Jul 1999
0.04580
0.04580
31 Aug 1999
0.04700
0.04700
30 Sep 1999
0.04802
0.04802
29 Oct 1999
0.04730
0.04730
30 Nov 1999
0.04823
0.04823
31 Dec 1999
0.04800
0.04800
31 Jan 2000
0.04787
0.04787
29 Feb 2000
0.04935
0.04935
31 Mar 2000
0.04878
0.04878
28 Apr 2000
0.04953
0.04953
31 May 2000
0.04931
0.04931
30 Jun 2000
0.04979
0.04979
31 Jul 2000
0.04755
0.04755
31 Aug 2000
0.04831
0.04831
29 Sep 2000
0.04828
0.04828
31 Oct 2000
0.04792
0.04792
30 Nov 2000
0.04839
0.04839
29 Dec 2000
0.04806
0.04806
31 Jan 2001
0.04784
0.04784
28 Feb 2001
0.04868
0.04868
30 Mar 2001
0.04610
0.04610
30 Apr 2001
0.04676
0.04676
31 May 2001
0.04646
0.04646
29 Jun 2001
0.04405
0.04405
31 Jul 2001
0.04285
0.04285
31 Aug 2001
0.04257
0.04257
28 Sep 2001
0.04304
0.04304
31 Oct 2001
0.04300
0.04300
30 Nov 2001
0.04286
0.04286
31 Dec 2001
0.04141
0.04141
31 Jan 2002
0.04377
0.04377
28 Feb 2002
0.04416
0.04416
28 Mar 2002
0.04102
0.04102
30 Apr 2002
0.04127
0.04127
31 May 2002
0.04040
0.04040
28 Jun 2002
0.04092
0.04092
31 Jul 2002
0.03820
0.03820
30 Aug 2002
0.03744
0.03744
30 Sep 2002
0.03805
0.03805
31 Oct 2002
0.03589
0.03589
29 Nov 2002
0.03674
0.03674
31 Dec 2002
0.03833
0.03833
31 Jan 2003
0.03870
0.03870
28 Feb 2003
0.03919
0.03919
31 Mar 2003
0.03680
0.03680
30 Apr 2003
0.03756
0.03756
30 May 2003
0.03665
0.03665
30 Jun 2003
0.03619
0.03619
31 Jul 2003
0.03306
0.03306
29 Aug 2003
0.03292
0.03292
30 Sep 2003
0.03557
0.03557
31 Oct 2003
0.03475
0.03475
28 Nov 2003
0.03484
0.03484
31 Dec 2003
0.03430
0.03430
30 Jan 2004
0.03465
0.03465
27 Feb 2004
0.03558
0.03558
31 Mar 2004
0.03307
0.03307
30 Apr 2004
0.03481
0.03481
28 May 2004
0.03500
0.03500
30 Jun 2004
0.03753
0.03753
30 Jul 2004
0.03414
0.03414
31 Aug 2004
0.03324
0.03324
30 Sep 2004
0.03468
0.03468
29 Oct 2004
0.03274
0.03274
30 Nov 2004
0.03291
0.03291
31 Dec 2004
0.03239
0.03239
31 Jan 2005
0.03237
0.03237
28 Feb 2005
0.03402
0.03402
31 Mar 2005
0.03185
0.03185
29 Apr 2005
0.03358
0.03358
31 May 2005
0.03304
0.03304
30 Jun 2005
0.03382
0.03382
29 Jul 2005
0.03202
0.03202
31 Aug 2005
0.03204
0.03204
30 Sep 2005
0.03293
0.03293
31 Oct 2005
0.03274
0.03274
30 Nov 2005
0.03369
0.03369
30 Dec 2005
0.03340
0.03340
31 Jan 2006
0.03374
0.03374
28 Feb 2006
0.03564
0.03564
31 Mar 2006
0.03426
0.03426
28 Apr 2006
0.03478
0.03478
31 May 2006
0.03404
0.03404
30 Jun 2006
0.03482
0.03482
31 Jul 2006
0.03511
0.03511
31 Aug 2006
0.03533
0.03533
29 Sep 2006
0.03592
0.03592
31 Oct 2006
0.03528
0.03528
30 Nov 2006
0.03567
0.03567
29 Dec 2006
0.03534
0.03534
31 Jan 2007
0.03581
0.03581
28 Feb 2007
0.03738
0.03738
30 Mar 2007
0.03533
0.03533
30 Apr 2007
0.03588
0.03588
31 May 2007
0.03562
0.03562
29 Jun 2007
0.03654
0.03654
31 Jul 2007
0.03638
0.03638
31 Aug 2007
0.03663
0.03663
28 Sep 2007
0.03691
0.03691
31 Oct 2007
0.03680
0.03680
30 Nov 2007
0.03718
0.03718
31 Dec 2007
0.03619
0.03619
31 Jan 2008
0.03553
0.03553
29 Feb 2008
0.03633
0.03633
31 Mar 2008
0.03546
0.03546
30 Apr 2008
0.03480
0.03480
30 May 2008
0.03546
0.03546
30 Jun 2008
0.03657
0.03657
31 Jul 2008
0.03495
0.03495
29 Aug 2008
0.03612
0.03612
30 Sep 2008
0.03704
0.03704
31 Oct 2008
0.03612
0.03612
28 Nov 2008
0.03697
0.03697
31 Dec 2008
0.03766
0.03766
30 Jan 2009
0.03711
0.03711
27 Feb 2009
0.03790
0.03790
31 Mar 2009
0.03595
0.03595
30 Apr 2009
0.03677
0.03677
29 May 2009
0.03621
0.03621
30 Jun 2009
0.03520
0.03520
31 Jul 2009
0.03493
0.03493
31 Aug 2009
0.03626
0.03626
30 Sep 2009
0.03591
0.03591
30 Oct 2009
0.03465
0.03465
30 Nov 2009
0.03520
0.03520
31 Dec 2009
0.03419
0.03419
29 Jan 2010
0.03417
0.03417
26 Feb 2010
0.03559
0.03559
31 Mar 2010
0.03338
0.03338
30 Apr 2010
0.03417
0.03417
28 May 2010
0.03315
0.03315
30 Jun 2010
0.03257
0.03257
30 Jul 2010
0.03027
0.03027
31 Aug 2010
0.02944
0.02944
30 Sep 2010
0.03115
0.03115
29 Oct 2010
0.03179
0.03179
30 Nov 2010
0.04392
0.03238
0.00000
0.01154
31 Dec 2010
0.03207
0.03207
31 Jan 2011
0.03328
0.03328
28 Feb 2011
0.03591
0.03591
31 Mar 2011
0.03427
0.03427
29 Apr 2011
0.03522
0.03522
31 May 2011
0.03467
0.03467
30 Jun 2011
0.03482
0.03482
29 Jul 2011
0.03210
0.03210
31 Aug 2011
0.03160
0.03160
30 Sep 2011
0.03249
0.03249
31 Oct 2011
0.03166
0.03166
30 Nov 2011
0.04357
0.03299
0.00304
0.00754
30 Dec 2011
0.03639
0.03639
31 Jan 2012
0.03223
0.03223
29 Feb 2012
0.03324
0.03324
30 Mar 2012
0.03613
0.03613
30 Apr 2012
0.02845
0.02845
31 May 2012
0.03110
0.03110
29 Jun 2012
0.02943
0.02943
31 Jul 2012
0.02824
0.02824
31 Aug 2012
0.02736
0.02736
28 Sep 2012
0.02820
0.02820
31 Oct 2012
0.02861
0.02861
30 Nov 2012
0.02810
0.02810
31 Dec 2012
0.02778
0.02778
31 Jan 2013
0.02820
0.02820
28 Feb 2013
0.02997
0.02997
28 Mar 2013
0.02817
0.02817
30 Apr 2013
0.02877
0.02877
31 May 2013
0.02877
0.02877
28 Jun 2013
0.03013
0.03013
31 Jul 2013
0.02856
0.02856
30 Aug 2013
0.02928
0.02928
30 Sep 2013
0.02965
0.02965
31 Oct 2013
0.02876
0.02876
29 Nov 2013
0.02972
0.02972
31 Dec 2013
0.02991
0.02991
31 Jan 2014
0.02935
0.02935
28 Feb 2014
0.03022
0.03022
31 Mar 2014
0.02857
0.02857
30 Apr 2014
0.02922
0.02922
30 May 2014
0.02855
0.02855
30 Jun 2014
0.02939
0.02939
31 Jul 2014
0.02894
0.02894
29 Aug 2014
0.02863
0.02863
30 Sep 2014
0.02913
0.02913
31 Oct 2014
0.02927
0.02927
28 Nov 2014
0.03000
0.03000
31 Dec 2014
0.02657
0.02657
30 Jan 2015
0.02571
0.02571
27 Feb 2015
0.02779
0.02779
31 Mar 2015
0.02585
0.02585
30 Apr 2015
0.02730
0.02730
29 May 2015
0.02753
0.02753
30 Jun 2015
0.02456
0.02456
31 Jul 2015
0.02046
0.02046
31 Aug 2015
0.02135
0.02135
30 Sep 2015
0.02246
0.02246
30 Oct 2015
0.02193
0.02193
30 Nov 2015
0.02278
0.02278
31 Dec 2015
0.02163
0.02163
29 Jan 2016
0.02157
0.02157
29 Feb 2016
0.02279
0.02279
31 Mar 2016
0.02173
0.02173
29 Apr 2016
0.02259
0.02259
31 May 2016
0.02170
0.02170
30 Jun 2016
0.02230
0.02230
29 Jul 2016
0.02108
0.02108
31 Aug 2016
0.02141
0.02141
30 Sep 2016
0.02421
0.02421
31 Oct 2016
0.02144
0.02144
30 Nov 2016
0.02250
0.02250
30 Dec 2016
0.02430
0.02430
31 Jan 2017
0.02396
0.02396
28 Feb 2017
0.02564
0.02564
31 Mar 2017
0.02472
0.02472
28 Apr 2017
0.02373
0.02373
31 May 2017
0.02345
0.02345
30 Jun 2017
0.02518
0.02518
31 Jul 2017
0.02361
0.02361
31 Aug 2017
0.02264
0.02264
29 Sep 2017
0.02330
0.02330
31 Oct 2017
0.02263
0.02263
30 Nov 2017
0.02372
0.02372
29 Dec 2017
0.02391
0.02391
31 Jan 2018
0.02462
0.02462
28 Feb 2018
0.02850
0.02850
29 Mar 2018
0.02416
0.02416
30 Apr 2018
0.02731
0.02731
31 May 2018
0.02638
0.02638
29 Jun 2018
0.02486
0.02486
31 Jul 2018
0.02427
0.02427
31 Aug 2018
0.02274
0.02274
28 Sep 2018
0.02344
0.02344
31 Oct 2018
0.02349
0.02349
30 Nov 2018
0.02425
0.02425
31 Dec 2018
0.02256
0.02256
31 Jan 2019
0.02301
0.02301
28 Feb 2019
0.02554
0.02554
29 Mar 2019
0.02271
0.02271
30 Apr 2019
0.02353
0.02353
31 May 2019
0.02271
0.02271
28 Jun 2019
0.02335
0.02335
31 Jul 2019
0.02229
0.02229
31 Aug 2019
0.02182
0.02182
30 Sep 2019
0.02135
0.02135
31 Oct 2019
0.02012
0.02012
30 Nov 2019
0.02025
0.02025
31 Dec 2019
0.01886
0.01886
31 Jan 2020
0.01929
0.01929
29 Feb 2020
0.02096
0.02096
31 Mar 2020
0.01874
0.01874
30 Apr 2020
0.01853
0.01853
31 May 2020
0.01692
0.01692
30 Jun 2020
0.01524
0.01524
31 Jul 2020
0.01383
0.01383
31 Aug 2020
0.01420
0.01420
30 Sep 2020
0.01430
0.01430
30 Oct 2020
0.01358
0.01358
30 Nov 2020
0.01489
0.01489
31 Dec 2020
0.01221
0.01221
29 Jan 2021
0.01220
0.01220
26 Feb 2021
0.01507
0.01507
31 Mar 2021
0.01217
0.01217
30 Apr 2021
0.01329
0.01329
28 May 2021
0.01253
0.01253
30 Jun 2021
0.01383
0.01383
30 Jul 2021
0.01317
0.01317
31 Aug 2021
0.01310
0.01310
30 Sep 2021
0.01384
0.01384
29 Oct 2021
0.01344
0.01344
30 Nov 2021
0.01481
0.01481
31 Dec 2021
0.01154
0.01154
31 Jan 2022
0.01137
0.01137
28 Feb 2022
0.01465
0.01465
31 Mar 2022
0.01217
0.01217
29 Apr 2022
0.01370
0.01370
31 May 2022
0.01331
0.01331
30 Jun 2022
0.01444
0.01444
29 Jul 2022
0.01323
0.01323
31 Aug 2022
0.01298
0.01298
Fund Facts

Fund Facts

(As of 31 Aug 2022)
Net Fund Assets
$125.4 M
Benchmark
ICE BofA 3-15 Yr US Muni
Morningstar Category
Muni Single State Intermediate
Fund Symbol
THNDX
Share Class
D
Share Class Inception Date
1 Jun 1999
Number of Holdings
128
Portfolio Turnover
7%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
1.29%
30-Day SEC Yield (Unsubsidized)
1.29%
Annualized Distribution Yield
1.21%
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2022)
Portfolio
Benchmark
Effective Duration
4.5 Yrs
5.3 Yrs
Average Effective Maturity
7.2 Yrs
9.6 Yrs
Weighted Average Coupon
4.4%
4.4%
Portfolio
Benchmark
Yield to Worst
2.8%
3.0%
Subject to Alternative Minimum Tax
2.5%
Risk & Return Profile

Risk & Return Profile

(As of 31 Jul 2022)
3y
5y
10y
Annualized Alpha (%)
-1.04
-1.18
-1.24
Standard Deviation (%)
3.52
2.81
2.33
Sharpe Ratio
-0.12
0.01
0.40
Up Capture (%)
71.03
67.81
70.81
Down Capture (%)
76.15
74.26
78.30
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 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
3.0
City of Farmington NM
311450FS4
Industrial Development/Pollution Control
2.7
City of Santa Fe NM
802170AG5
Lifecare
2.6
County of Bernalillo NM Gross Receipts Tax Revenue
08527NGX8
Dedicated Tax
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 31 Aug 2022)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Dedicated Tax
24.9
15.0
Higher Education
12.3
School District General Obligation
11.2
Other Revenue
7.2
Water/Sewer
7.1
5.9
Hospital
4.7
5.1
Industrial Development/Pollution Control
4.1
Lifecare
3.6
Local General Obligation
3.2
9.3
Student Loan
2.5
Sector Allocation
Fund (%)
Dedicated Tax
24.9
Higher Education
12.3
School District General Obligation
11.2
Other Revenue
7.2
Water/Sewer
7.1
Hospital
4.7
Industrial Development/Pollution Control
4.1
Lifecare
3.6
Local General Obligation
3.2
Student Loan
2.5
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
28.3
13.4
AA
47.4
57.2
A
11.1
20.7
BBB
3.8
8.7
Not Rated
3.6
Cash & Cash Equivalents
5.8
Credit Quality
Fund (%)
AAA
28.3
AA
47.4
A
11.1
BBB
3.8
Not Rated
3.6
Cash & Cash Equivalents
5.8
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Year 1-2
12.4
Year 3-4
16.0
13.0
Year 5-6
13.2
19.2
Year 7-8
12.9
15.9
Year 9-10
7.2
13.9
Year 11-12
11.7
13.0
Year 13-14
12.0
13.0
Year 15-16
6.0
5.0
Year 17+
2.7
4.0
Cash
5.8
Maturity
Fund (%)
Year 1-2
12.4
Year 3-4
16.0
Year 5-6
13.2
Year 7-8
12.9
Year 9-10
7.2
Year 11-12
11.7
Year 13-14
12.0
Year 15-16
6.0
Year 17+
2.7
Cash
5.8
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…
Learn More
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…
Learn More
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…
Learn More

More Insights

‘Pick-your-poison’: Wall Street sell-off resumes

Thornburg Portfolio Manager Sean Sun tells Reuters that increasing geopolitical issues leave investors few places to hang their hats.
Advising Clients

The Death of the 60/40 Portfolio? Think Again.

Are print and internet investment articles giving you anxiety? In this podcast, Jan shares ideas to lower your blood pressure. Plus, another “Ask Jan” segment.
Global Equity

Navigating the Post-COVID Resurgence in Travel and Hospitality

As the storm that crushed the travel and lodging industries clears, we see post-Covid investment opportunities and pitfalls in the skies ahead.
Feedback