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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
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.
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
Source: Confluence
Periods less than one year are not annualized.
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.
The maximum sales charge for the fund’s A shares is 2.00%. There is no up-front sales charge for class D or I shares.
Morningstar quartile ranking for Muni Single State Interm category is based on total returns before sales charges for 1, 3, 5 and 10 years, among 110, 110, 108 and 96 funds, respectively, as of 30 Sep 2024.
Index not yet incepted.
Share class inception dates: A shares, 18 Jun 1991; D shares, 1 Jun 1999; I shares, 1 Feb 2007.
Fund Fees
Fund Fees
(As of 1 Feb 2024)
Gross Expense Ratio (%)
1.34
Net Expense Ratio (%)
1.24
Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.
For more detailed information on fund expenses, please see the fund's prospectus.
Cash includes cash and cash equivalents. Weights are percentages of total portfolio unless otherwise noted.
Percentages may not add up to 100 due to rounding.
Portfolio Managers
Portfolio Managers
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…
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…
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…
This communication is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
Investments carry risks, including possible loss of principal. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Unlike bonds, bond funds have ongoing fees and expenses. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.
A bond credit rating assesses the financial ability of a debt issuer to make timely payments of principal and interest. Ratings of AAA (the highest), AA, A, and BBB are investment-grade quality. Ratings of BB, B, CCC, CC, C and D (the lowest) are considered below investment grade, speculative grade, or junk bonds.
Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.
Income earned from municipal bonds is exempt from regular federal and in some cases, state and local income tax. Income may be subject to the alternative minimum tax (AMT).
Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.
There is no guarantee that the Fund will meet its investment objectives.
To determine a fund's Morningstar Rating™, funds and other managed products with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a managed product's monthly excess performance (excluding sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics.
Please see our glossary for a definition of terms.
Thornburg mutual funds are distributed by Thornburg Securities LLC.
Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities LLC (TSL) does not act as broker of record for investors.
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