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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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Thornburg New Mexico Intermediate Municipal Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 110 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, 3 stars, 2 stars and 1 star among 110, 108 and 96 funds, as of 31 Oct 2024.

As of 31 Oct 2024
Fund Assets
$93.3 M
As of 31 Oct 2024
NAV
$12.47
As of 9 Dec 2024
Change
$0.00
As of 9 Dec 2024
YTD NAV Performance
1.54%
As of 9 Dec 2024
Asset Category:
Municipal Bond
Fund Benchmark:
ICE BofA 3-15 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 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 2024)
YTD
1y
3y
5y
10y
Inception
Total Return without Sales Charge (%)
1.38
6.54
-0.56
0.29
1.03
2.54
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
2.12
8.81
0.32
1.41
2.32
Morningstar Category Avg. (%)
2.04
8.86
-0.39
0.67
1.69
Morningstar Quartile
4
3
4
4
YTD
1y
3y
5y
10y
Inception
Total Return without Sales Charge (%)
1.39
2.97
-0.57
0.26
0.99
2.53
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
1.99
4.21
0.16
1.31
2.25
Morningstar Category Avg. (%)
0.64
8.47
-0.8
0.38
1.49
Morningstar Quartile
4
3
3
4
YTD
1y
3y
5y
10y
Inception
Total Return without Sales Charge (%)
1.38
6.54
-1.67
1.46
10.85
88.99
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
2.12
8.81
0.95
7.25
25.75
YTD
1y
3y
5y
10y
Inception
Total Return without Sales Charge (%)
1.39
2.97
-1.71
1.32
10.30
89.02
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
1.99
4.21
0.47
6.74
24.92
2018
2019
2020
2021
2022
2023
Total Return without Sales Charge (%)
1.14
4.21
3.19
-0.23
-6.43
3.58
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
1.45
7.01
4.96
0.94
-6.64
5.41
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
1.34
Net Expense Ratio (%)
1.24
Distributions

Distributions

(As of 29 Nov 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 1999
31 Jan 1999
0
28 Feb 1999
28 Feb 1999
0
31 Mar 1999
31 Mar 1999
0
30 Apr 1999
30 Apr 1999
0
31 May 1999
31 May 1999
0
30 Jun 1999
30 Jun 1999
0.04888
0.04888
30 Jul 1999
31 Jul 1999
0.04580
0.04580
31 Aug 1999
31 Aug 1999
0.04700
0.04700
30 Sep 1999
30 Sep 1999
0.04802
0.04802
29 Oct 1999
31 Oct 1999
0.04730
0.04730
30 Nov 1999
30 Nov 1999
0.04823
0.04823
31 Dec 1999
31 Dec 1999
0.04800
0.04800
31 Jan 2000
31 Jan 2000
0.04787
0.04787
29 Feb 2000
29 Feb 2000
0.04935
0.04935
31 Mar 2000
31 Mar 2000
0.04878
0.04878
28 Apr 2000
30 Apr 2000
0.04953
0.04953
31 May 2000
31 May 2000
0.04931
0.04931
30 Jun 2000
30 Jun 2000
0.04979
0.04979
31 Jul 2000
31 Jul 2000
0.04755
0.04755
31 Aug 2000
31 Aug 2000
0.04831
0.04831
29 Sep 2000
30 Sep 2000
0.04828
0.04828
31 Oct 2000
31 Oct 2000
0.04792
0.04792
30 Nov 2000
30 Nov 2000
0.04839
0.04839
29 Dec 2000
31 Dec 2000
0.04806
0.04806
31 Jan 2001
31 Jan 2001
0.04784
0.04784
28 Feb 2001
28 Feb 2001
0.04868
0.04868
30 Mar 2001
31 Mar 2001
0.04610
0.04610
30 Apr 2001
30 Apr 2001
0.04676
0.04676
31 May 2001
31 May 2001
0.04646
0.04646
29 Jun 2001
30 Jun 2001
0.04405
0.04405
31 Jul 2001
31 Jul 2001
0.04285
0.04285
31 Aug 2001
31 Aug 2001
0.04257
0.04257
28 Sep 2001
30 Sep 2001
0.04304
0.04304
31 Oct 2001
31 Oct 2001
0.04300
0.04300
30 Nov 2001
30 Nov 2001
0.04286
0.04286
31 Dec 2001
31 Dec 2001
0.04141
0.04141
31 Jan 2002
31 Jan 2002
0.04377
0.04377
28 Feb 2002
28 Feb 2002
0.04416
0.04416
28 Mar 2002
31 Mar 2002
0.04102
0.04102
30 Apr 2002
30 Apr 2002
0.04127
0.04127
31 May 2002
31 May 2002
0.04040
0.04040
28 Jun 2002
30 Jun 2002
0.04092
0.04092
31 Jul 2002
31 Jul 2002
0.03820
0.03820
30 Aug 2002
31 Aug 2002
0.03744
0.03744
30 Sep 2002
30 Sep 2002
0.03805
0.03805
31 Oct 2002
31 Oct 2002
0.03589
0.03589
29 Nov 2002
30 Nov 2002
0.03674
0.03674
31 Dec 2002
31 Dec 2002
0.03833
0.03833
31 Jan 2003
31 Jan 2003
0.03870
0.03870
28 Feb 2003
28 Feb 2003
0.03919
0.03919
31 Mar 2003
31 Mar 2003
0.03680
0.03680
30 Apr 2003
30 Apr 2003
0.03756
0.03756
30 May 2003
31 May 2003
0.03665
0.03665
30 Jun 2003
30 Jun 2003
0.03619
0.03619
31 Jul 2003
31 Jul 2003
0.03306
0.03306
29 Aug 2003
31 Aug 2003
0.03292
0.03292
30 Sep 2003
30 Sep 2003
0.03557
0.03557
31 Oct 2003
31 Oct 2003
0.03475
0.03475
28 Nov 2003
30 Nov 2003
0.03484
0.03484
31 Dec 2003
31 Dec 2003
0.03430
0.03430
30 Jan 2004
31 Jan 2004
0.03465
0.03465
27 Feb 2004
29 Feb 2004
0.03558
0.03558
31 Mar 2004
31 Mar 2004
0.03307
0.03307
30 Apr 2004
30 Apr 2004
0.03481
0.03481
28 May 2004
31 May 2004
0.03500
0.03500
30 Jun 2004
30 Jun 2004
0.03753
0.03753
30 Jul 2004
31 Jul 2004
0.03414
0.03414
31 Aug 2004
31 Aug 2004
0.03324
0.03324
30 Sep 2004
30 Sep 2004
0.03468
0.03468
29 Oct 2004
31 Oct 2004
0.03274
0.03274
30 Nov 2004
30 Nov 2004
0.03291
0.03291
31 Dec 2004
31 Dec 2004
0.03239
0.03239
31 Jan 2005
31 Jan 2005
0.03237
0.03237
28 Feb 2005
28 Feb 2005
0.03402
0.03402
31 Mar 2005
31 Mar 2005
0.03185
0.03185
29 Apr 2005
30 Apr 2005
0.03358
0.03358
31 May 2005
31 May 2005
0.03304
0.03304
30 Jun 2005
30 Jun 2005
0.03382
0.03382
29 Jul 2005
31 Jul 2005
0.03202
0.03202
31 Aug 2005
31 Aug 2005
0.03204
0.03204
30 Sep 2005
30 Sep 2005
0.03293
0.03293
31 Oct 2005
31 Oct 2005
0.03274
0.03274
30 Nov 2005
30 Nov 2005
0.03369
0.03369
30 Dec 2005
31 Dec 2005
0.03340
0.03340
31 Jan 2006
31 Jan 2006
0.03374
0.03374
28 Feb 2006
28 Feb 2006
0.03564
0.03564
31 Mar 2006
31 Mar 2006
0.03426
0.03426
28 Apr 2006
30 Apr 2006
0.03478
0.03478
31 May 2006
31 May 2006
0.03404
0.03404
30 Jun 2006
30 Jun 2006
0.03482
0.03482
31 Jul 2006
31 Jul 2006
0.03511
0.03511
31 Aug 2006
31 Aug 2006
0.03533
0.03533
29 Sep 2006
30 Sep 2006
0.03592
0.03592
31 Oct 2006
31 Oct 2006
0.03528
0.03528
30 Nov 2006
30 Nov 2006
0.03567
0.03567
29 Dec 2006
31 Dec 2006
0.03534
0.03534
31 Jan 2007
31 Jan 2007
0.03581
0.03581
28 Feb 2007
28 Feb 2007
0.03738
0.03738
30 Mar 2007
31 Mar 2007
0.03533
0.03533
30 Apr 2007
30 Apr 2007
0.03588
0.03588
31 May 2007
31 May 2007
0.03562
0.03562
29 Jun 2007
30 Jun 2007
0.03654
0.03654
31 Jul 2007
31 Jul 2007
0.03638
0.03638
31 Aug 2007
31 Aug 2007
0.03663
0.03663
28 Sep 2007
30 Sep 2007
0.03691
0.03691
31 Oct 2007
31 Oct 2007
0.03680
0.03680
30 Nov 2007
30 Nov 2007
0.03718
0.03718
31 Dec 2007
31 Dec 2007
0.03619
0.03619
31 Jan 2008
31 Jan 2008
0.03553
0.03553
29 Feb 2008
29 Feb 2008
0.03633
0.03633
31 Mar 2008
31 Mar 2008
0.03546
0.03546
30 Apr 2008
30 Apr 2008
0.03480
0.03480
30 May 2008
31 May 2008
0.03546
0.03546
30 Jun 2008
30 Jun 2008
0.03657
0.03657
31 Jul 2008
31 Jul 2008
0.03495
0.03495
29 Aug 2008
31 Aug 2008
0.03612
0.03612
30 Sep 2008
30 Sep 2008
0.03704
0.03704
31 Oct 2008
31 Oct 2008
0.03612
0.03612
28 Nov 2008
30 Nov 2008
0.03697
0.03697
31 Dec 2008
31 Dec 2008
0.03766
0.03766
30 Jan 2009
31 Jan 2009
0.03711
0.03711
27 Feb 2009
28 Feb 2009
0.03790
0.03790
31 Mar 2009
31 Mar 2009
0.03595
0.03595
30 Apr 2009
30 Apr 2009
0.03677
0.03677
29 May 2009
31 May 2009
0.03621
0.03621
30 Jun 2009
30 Jun 2009
0.03520
0.03520
31 Jul 2009
31 Jul 2009
0.03493
0.03493
31 Aug 2009
31 Aug 2009
0.03626
0.03626
30 Sep 2009
30 Sep 2009
0.03591
0.03591
30 Oct 2009
31 Oct 2009
0.03465
0.03465
30 Nov 2009
30 Nov 2009
0.03520
0.03520
31 Dec 2009
31 Dec 2009
0.03419
0.03419
29 Jan 2010
31 Jan 2010
0.03417
0.03417
26 Feb 2010
28 Feb 2010
0.03559
0.03559
31 Mar 2010
31 Mar 2010
0.03338
0.03338
30 Apr 2010
30 Apr 2010
0.03417
0.03417
28 May 2010
31 May 2010
0.03315
0.03315
30 Jun 2010
30 Jun 2010
0.03257
0.03257
30 Jul 2010
31 Jul 2010
0.03027
0.03027
31 Aug 2010
31 Aug 2010
0.02944
0.02944
30 Sep 2010
30 Sep 2010
0.03115
0.03115
29 Oct 2010
31 Oct 2010
0.03179
0.03179
19 Nov 2010
19 Nov 2010
0.01154
0.00000
0.01154
30 Nov 2010
30 Nov 2010
0.03238
0.03238
31 Dec 2010
31 Dec 2010
0.03207
0.03207
31 Jan 2011
31 Jan 2011
0.03328
0.03328
28 Feb 2011
28 Feb 2011
0.03591
0.03591
31 Mar 2011
31 Mar 2011
0.03427
0.03427
29 Apr 2011
30 Apr 2011
0.03522
0.03522
31 May 2011
31 May 2011
0.03467
0.03467
30 Jun 2011
30 Jun 2011
0.03482
0.03482
29 Jul 2011
31 Jul 2011
0.03210
0.03210
31 Aug 2011
31 Aug 2011
0.03160
0.03160
30 Sep 2011
30 Sep 2011
0.03249
0.03249
31 Oct 2011
31 Oct 2011
0.03166
0.03166
18 Nov 2011
18 Nov 2011
0.01058
0.00304
0.00754
30 Nov 2011
30 Nov 2011
0.03299
0.03299
30 Dec 2011
31 Dec 2011
0.03639
0.03639
31 Jan 2012
31 Jan 2012
0.03223
0.03223
29 Feb 2012
29 Feb 2012
0.03324
0.03324
30 Mar 2012
31 Mar 2012
0.03613
0.03613
30 Apr 2012
30 Apr 2012
0.02845
0.02845
31 May 2012
31 May 2012
0.03110
0.03110
29 Jun 2012
30 Jun 2012
0.02943
0.02943
31 Jul 2012
31 Jul 2012
0.02824
0.02824
31 Aug 2012
31 Aug 2012
0.02736
0.02736
28 Sep 2012
30 Sep 2012
0.02820
0.02820
31 Oct 2012
31 Oct 2012
0.02861
0.02861
30 Nov 2012
30 Nov 2012
0.02810
0.02810
31 Dec 2012
31 Dec 2012
0.02778
0.02778
31 Jan 2013
31 Jan 2013
0.02820
0.02820
28 Feb 2013
28 Feb 2013
0.02997
0.02997
28 Mar 2013
31 Mar 2013
0.02817
0.02817
30 Apr 2013
30 Apr 2013
0.02877
0.02877
31 May 2013
31 May 2013
0.02877
0.02877
28 Jun 2013
30 Jun 2013
0.03013
0.03013
31 Jul 2013
31 Jul 2013
0.02856
0.02856
30 Aug 2013
31 Aug 2013
0.02928
0.02928
30 Sep 2013
30 Sep 2013
0.02965
0.02965
31 Oct 2013
31 Oct 2013
0.02876
0.02876
29 Nov 2013
30 Nov 2013
0.02972
0.02972
31 Dec 2013
31 Dec 2013
0.02991
0.02991
31 Jan 2014
31 Jan 2014
0.02935
0.02935
28 Feb 2014
28 Feb 2014
0.03022
0.03022
31 Mar 2014
31 Mar 2014
0.02857
0.02857
30 Apr 2014
30 Apr 2014
0.02922
0.02922
30 May 2014
31 May 2014
0.02855
0.02855
30 Jun 2014
30 Jun 2014
0.02939
0.02939
31 Jul 2014
31 Jul 2014
0.02894
0.02894
29 Aug 2014
31 Aug 2014
0.02863
0.02863
30 Sep 2014
30 Sep 2014
0.02913
0.02913
31 Oct 2014
31 Oct 2014
0.02927
0.02927
28 Nov 2014
30 Nov 2014
0.03000
0.03000
31 Dec 2014
31 Dec 2014
0.02657
0.02657
30 Jan 2015
31 Jan 2015
0.02571
0.02571
27 Feb 2015
28 Feb 2015
0.02779
0.02779
31 Mar 2015
31 Mar 2015
0.02585
0.02585
30 Apr 2015
30 Apr 2015
0.02730
0.02730
29 May 2015
31 May 2015
0.02753
0.02753
30 Jun 2015
30 Jun 2015
0.02456
0.02456
31 Jul 2015
31 Jul 2015
0.02046
0.02046
31 Aug 2015
31 Aug 2015
0.02135
0.02135
30 Sep 2015
30 Sep 2015
0.02246
0.02246
30 Oct 2015
31 Oct 2015
0.02193
0.02193
30 Nov 2015
30 Nov 2015
0.02278
0.02278
31 Dec 2015
31 Dec 2015
0.02163
0.02163
29 Jan 2016
31 Jan 2016
0.02157
0.02157
29 Feb 2016
29 Feb 2016
0.02279
0.02279
31 Mar 2016
31 Mar 2016
0.02173
0.02173
29 Apr 2016
30 Apr 2016
0.02259
0.02259
31 May 2016
31 May 2016
0.02170
0.02170
30 Jun 2016
30 Jun 2016
0.02230
0.02230
29 Jul 2016
31 Jul 2016
0.02108
0.02108
31 Aug 2016
31 Aug 2016
0.02141
0.02141
30 Sep 2016
30 Sep 2016
0.02421
0.02421
31 Oct 2016
31 Oct 2016
0.02144
0.02144
30 Nov 2016
30 Nov 2016
0.02250
0.02250
30 Dec 2016
31 Dec 2016
0.02430
0.02430
31 Jan 2017
31 Jan 2017
0.02396
0.02396
28 Feb 2017
28 Feb 2017
0.02564
0.02564
31 Mar 2017
31 Mar 2017
0.02472
0.02472
28 Apr 2017
30 Apr 2017
0.02373
0.02373
31 May 2017
31 May 2017
0.02345
0.02345
30 Jun 2017
30 Jun 2017
0.02518
0.02518
31 Jul 2017
31 Jul 2017
0.02361
0.02361
31 Aug 2017
31 Aug 2017
0.02264
0.02264
29 Sep 2017
30 Sep 2017
0.02330
0.02330
31 Oct 2017
31 Oct 2017
0.02263
0.02263
30 Nov 2017
30 Nov 2017
0.02372
0.02372
29 Dec 2017
31 Dec 2017
0.02391
0.02391
31 Jan 2018
31 Jan 2018
0.02462
0.02462
28 Feb 2018
28 Feb 2018
0.02850
0.02850
29 Mar 2018
31 Mar 2018
0.02416
0.02416
30 Apr 2018
30 Apr 2018
0.02731
0.02731
31 May 2018
31 May 2018
0.02638
0.02638
29 Jun 2018
30 Jun 2018
0.02486
0.02486
31 Jul 2018
31 Jul 2018
0.02427
0.02427
31 Aug 2018
31 Aug 2018
0.02274
0.02274
28 Sep 2018
30 Sep 2018
0.02344
0.02344
31 Oct 2018
31 Oct 2018
0.02349
0.02349
30 Nov 2018
30 Nov 2018
0.02425
0.02425
31 Dec 2018
31 Dec 2018
0.02256
0.02256
31 Jan 2019
31 Jan 2019
0.02301
0.02301
28 Feb 2019
28 Feb 2019
0.02554
0.02554
29 Mar 2019
31 Mar 2019
0.02271
0.02271
30 Apr 2019
30 Apr 2019
0.02353
0.02353
31 May 2019
31 May 2019
0.02271
0.02271
28 Jun 2019
30 Jun 2019
0.02335
0.02335
31 Jul 2019
31 Jul 2019
0.02229
0.02229
31 Aug 2019
31 Aug 2019
0.02182
0.02182
30 Sep 2019
30 Sep 2019
0.02135
0.02135
31 Oct 2019
31 Oct 2019
0.02012
0.02012
30 Nov 2019
30 Nov 2019
0.02025
0.02025
31 Dec 2019
31 Dec 2019
0.01886
0.01886
31 Jan 2020
31 Jan 2020
0.01929
0.01929
29 Feb 2020
29 Feb 2020
0.02096
0.02096
31 Mar 2020
31 Mar 2020
0.01874
0.01874
30 Apr 2020
30 Apr 2020
0.01853
0.01853
31 May 2020
31 May 2020
0.01692
0.01692
30 Jun 2020
30 Jun 2020
0.01524
0.01524
31 Jul 2020
31 Jul 2020
0.01383
0.01383
31 Aug 2020
31 Aug 2020
0.01420
0.01420
30 Sep 2020
30 Sep 2020
0.01430
0.01430
30 Oct 2020
31 Oct 2020
0.01358
0.01358
30 Nov 2020
30 Nov 2020
0.01489
0.01489
31 Dec 2020
31 Dec 2020
0.01221
0.01221
29 Jan 2021
31 Jan 2021
0.01220
0.01220
26 Feb 2021
28 Feb 2021
0.01507
0.01507
31 Mar 2021
31 Mar 2021
0.01217
0.01217
30 Apr 2021
30 Apr 2021
0.01329
0.01329
28 May 2021
31 May 2021
0.01253
0.01253
30 Jun 2021
30 Jun 2021
0.01383
0.01383
30 Jul 2021
31 Jul 2021
0.01317
0.01317
31 Aug 2021
31 Aug 2021
0.01310
0.01310
30 Sep 2021
30 Sep 2021
0.01384
0.01384
29 Oct 2021
31 Oct 2021
0.01344
0.01344
30 Nov 2021
30 Nov 2021
0.01481
0.01481
31 Dec 2021
31 Dec 2021
0.01154
0.01154
31 Jan 2022
31 Jan 2022
0.01137
0.01137
28 Feb 2022
28 Feb 2022
0.01465
0.01465
31 Mar 2022
31 Mar 2022
0.01217
0.01217
29 Apr 2022
30 Apr 2022
0.01370
0.01370
31 May 2022
31 May 2022
0.01331
0.01331
30 Jun 2022
30 Jun 2022
0.01444
0.01444
29 Jul 2022
31 Jul 2022
0.01323
0.01323
31 Aug 2022
31 Aug 2022
0.01298
0.01298
30 Sep 2022
30 Sep 2022
0.01442
0.01442
31 Oct 2022
31 Oct 2022
0.01274
0.01274
30 Nov 2022
30 Nov 2022
0.01410
0.01410
30 Dec 2022
31 Dec 2022
0.01310
0.01310
31 Jan 2023
31 Jan 2023
0.01426
0.01426
28 Feb 2023
28 Feb 2023
0.01811
0.01811
31 Mar 2023
31 Mar 2023
0.01555
0.01555
28 Apr 2023
30 Apr 2023
0.01717
0.01717
31 May 2023
31 May 2023
0.01793
0.01793
30 Jun 2023
30 Jun 2023
0.02010
0.02010
31 Jul 2023
31 Jul 2023
0.02026
0.02026
31 Aug 2023
31 Aug 2023
0.02095
0.02095
29 Sep 2023
30 Sep 2023
0.02202
0.02202
31 Oct 2023
31 Oct 2023
0.02287
0.02287
30 Nov 2023
30 Nov 2023
0.02403
0.02403
29 Dec 2023
31 Dec 2023
0.02311
0.02311
31 Jan 2024
31 Jan 2024
0.02281
0.02281
29 Feb 2024
29 Feb 2024
0.02471
0.02471
28 Mar 2024
31 Mar 2024
0.02338
0.02338
30 Apr 2024
30 Apr 2024
0.02424
0.02424
31 May 2024
31 May 2024
0.02355
0.02355
28 Jun 2024
30 Jun 2024
0.02511
0.02511
31 Jul 2024
31 Jul 2024
0.02473
0.02473
30 Aug 2024
31 Aug 2024
0.02546
0.02546
30 Sep 2024
30 Sep 2024
0.02589
0.02589
31 Oct 2024
31 Oct 2024
0.02568
0.02568
29 Nov 2024
30 Nov 2024
0.02605
0.02605
Fund Facts

Fund Facts

(As of 31 Oct 2024)
Net Fund Assets
$93.3 M
Benchmark
ICE BofA 3-15 Year U.S. Municipal Securities Index
Morningstar Category
Muni Single State Intermediate
Fund Symbol
THNDX
Share Class
D
Share Class Inception Date
1 Jun 1999
Number of Holdings
92
Portfolio Turnover
19%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
2.40%
30-Day SEC Yield (Unsubsidized)
2.40%
Annualized Distribution Yield
2.51%
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2024)
Portfolio
Benchmark
Effective Duration
4.0 Yrs
5.1 Yrs
Average Effective Maturity
8.2 Yrs
8.1 Yrs
Weighted Average Coupon
4.6%
4.5%
Portfolio
Benchmark
Yield to Worst
3.5%
3.3%
Subject to Alternative Minimum Tax
3.4%
Risk & Return Profile

Risk & Return Profile

(As of 31 Oct 2024)
3y
5y
10y
Annualized Alpha (%)
-0.16
-0.17
-0.14
Standard Deviation (%)
4.95
4.31
3.38
Sharpe Ratio
-0.81
-0.41
-0.08
Up Capture (%)
75.29
75.16
72.99
Down Capture (%)
77.05
77.28
75.08
Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2024)
Name
Ticker/Symbol
Weight %
County of Bernalillo NM Gross Receipts Tax Revenue
08527NHA7
4.2
New Mexico Finance Authority
64711NJ63
4.1
New Mexico Hospital Equipment Loan Council
647370HU2
3.0
New Mexico Educational Assistance Foundation
647110FT7
2.9
New Mexico Mortgage Finance Authority
647201YN6
2.4
City of Farmington NM
311450GC8
2.3
New Mexico State University
647429Y45
2.2
State of New Mexico
647293SH3
2.2
City of Farmington NM
311450GE4
2.2
Albuquerque Bernalillo County Water Utility Authority
013493GW5
2.2
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Dedicated Tax
23.2
14.7
Other Revenue
10.9
Higher Education
10.4
Single Family Mortgage
8.3
0.2
School District General Obligation
7.0
Hospital
5.9
6.7
Cash & Cash Equivalents
4.8
Industrial Development/Pollution Control
4.5
Water/Sewer
3.6
5.3
Prerefunded / Escrow to Maturity
3.2
Student Loan
3.0
Sector Allocation
Fund (%)
Dedicated Tax
23.2
Other Revenue
10.9
Higher Education
10.4
Single Family Mortgage
8.3
School District General Obligation
7.0
Hospital
5.9
Cash & Cash Equivalents
4.8
Industrial Development/Pollution Control
4.5
Water/Sewer
3.6
Prerefunded / Escrow to Maturity
3.2
Student Loan
3.0
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
37.9
13.5
AA
44.0
56.4
A
5.2
24.5
BBB
7.8
5.6
Not Rated
0.4
Cash & Cash Equivalents
4.8
Credit Quality
Fund (%)
AAA
37.9
AA
44.0
A
5.2
BBB
7.8
Not Rated
0.4
Cash & Cash Equivalents
4.8
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1-2
16.5
Year 3-4
10.4
12.0
Year 5-6
12.7
21.5
Year 7-8
9.0
19.7
Year 9-10
9.8
15.9
Year 11-12
11.1
14.0
Year 13-14
5.8
12.0
Year 15-16
4.0
5.0
Year 17+
16.0
Cash
4.8
Maturity
Fund (%)
Year 1-2
16.5
Year 3-4
10.4
Year 5-6
12.7
Year 7-8
9.0
Year 9-10
9.8
Year 11-12
11.1
Year 13-14
5.8
Year 15-16
4.0
Year 17+
16.0
Cash
4.8
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…
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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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