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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 York Intermediate Municipal Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 52 Muni New York 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, 5 stars, 3 stars and 3 stars among 52, 47 and 40 funds, as of 31 Aug 2022.

As of 31 Aug 2022
Fund Assets
$31.7 M
As of 31 Aug 2022
NAV
$11.66
As of 27 Sep 2022
Change
$-0.02
As of 27 Sep 2022
YTD NAV Performance
-7.70%
As of 27 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 investment-grade municipal bonds issued by New York entities with an average maturity of three to 10 years and 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 York 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 York 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 York. 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 (%)
-6.05
-5.95
-0.34
0.74
1.52
3.47
ICE BofA 3-15 Yr US Muni (%)
-7.65
-7.42
-0.09
1.43
2.15
4.25
Morningstar Category Avg. (%)
-8.25
-8.2
-0.7
0.73
1.5
Morningstar Quartile
1
1
3
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-5.91
-6.27
-0.86
0.56
1.38
3.45
ICE BofA 3-15 Yr US Muni (%)
-7.20
-7.45
-0.60
1.21
2.06
4.25
Morningstar Category Avg. (%)
-8.39
-8.56
-1.36
0.52
1.37
Morningstar Quartile
1
1
2
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-6.05
-5.95
-1.02
3.73
16.31
133.09
ICE BofA 3-15 Yr US Muni (%)
-7.65
-7.42
-0.27
7.38
23.68
181.23
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-5.91
-6.27
-2.57
2.84
14.72
133.44
ICE BofA 3-15 Yr US Muni (%)
-7.20
-7.45
-1.80
6.18
22.65
182.60
2016
2017
2018
2019
2020
2021
Total Return (%)
-0.19
3.00
0.48
4.90
3.32
0.64
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 (%)
0.93
Net Expense Ratio (%)
0.67
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Aug 2022)
(Hypothetical Growth of $10,000 vs ICE BofA 3-15 Yr US Muni)
Distributions

Distributions

(As of 31 Aug 2022)
Ex-Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
26 Feb 2010
0.04047
0.04047
31 Mar 2010
0.03939
0.03939
30 Apr 2010
0.03916
0.03916
28 May 2010
0.03729
0.03729
30 Jun 2010
0.03635
0.03635
30 Jul 2010
0.03689
0.03689
31 Aug 2010
0.03709
0.03709
30 Sep 2010
0.03759
0.03759
29 Oct 2010
0.03697
0.03697
30 Nov 2010
0.03783
0.03783
31 Dec 2010
0.03702
0.03702
31 Jan 2011
0.03692
0.03692
28 Feb 2011
0.03931
0.03931
31 Mar 2011
0.03828
0.03828
29 Apr 2011
0.03931
0.03931
31 May 2011
0.03801
0.03801
30 Jun 2011
0.03732
0.03732
29 Jul 2011
0.03552
0.03552
31 Aug 2011
0.03679
0.03679
30 Sep 2011
0.03745
0.03745
31 Oct 2011
0.03682
0.03682
30 Nov 2011
0.03563
0.03563
30 Dec 2011
0.03667
0.03667
31 Jan 2012
0.03665
0.03665
29 Feb 2012
0.03627
0.03627
30 Mar 2012
0.03426
0.03426
30 Apr 2012
0.03364
0.03364
31 May 2012
0.03307
0.03307
29 Jun 2012
0.03332
0.03332
31 Jul 2012
0.03170
0.03170
31 Aug 2012
0.03195
0.03195
28 Sep 2012
0.03328
0.03328
31 Oct 2012
0.03304
0.03304
30 Nov 2012
0.03272
0.03272
31 Dec 2012
0.03197
0.03197
31 Jan 2013
0.03164
0.03164
28 Feb 2013
0.03279
0.03279
28 Mar 2013
0.03160
0.03160
30 Apr 2013
0.03229
0.03229
31 May 2013
0.03150
0.03150
28 Jun 2013
0.03193
0.03193
31 Jul 2013
0.03020
0.03020
30 Aug 2013
0.02956
0.02956
30 Sep 2013
0.03019
0.03019
31 Oct 2013
0.02909
0.02909
29 Nov 2013
0.03024
0.03024
31 Dec 2013
0.02980
0.02980
31 Jan 2014
0.02774
0.02774
28 Feb 2014
0.02939
0.02939
31 Mar 2014
0.02744
0.02744
30 Apr 2014
0.02799
0.02799
30 May 2014
0.02756
0.02756
30 Jun 2014
0.02790
0.02790
31 Jul 2014
0.02714
0.02714
29 Aug 2014
0.02691
0.02691
30 Sep 2014
0.02721
0.02721
31 Oct 2014
0.02675
0.02675
28 Nov 2014
0.02782
0.02782
31 Dec 2014
0.02740
0.02740
30 Jan 2015
0.02763
0.02763
27 Feb 2015
0.02898
0.02898
31 Mar 2015
0.02703
0.02703
30 Apr 2015
0.02717
0.02717
29 May 2015
0.02642
0.02642
30 Jun 2015
0.02668
0.02668
31 Jul 2015
0.02604
0.02604
31 Aug 2015
0.02623
0.02623
30 Sep 2015
0.02835
0.02835
30 Oct 2015
0.02743
0.02743
30 Nov 2015
0.02773
0.02773
31 Dec 2015
0.02633
0.02633
29 Jan 2016
0.02648
0.02648
29 Feb 2016
0.02759
0.02759
31 Mar 2016
0.02706
0.02706
29 Apr 2016
0.02796
0.02796
31 May 2016
0.02767
0.02767
30 Jun 2016
0.02819
0.02819
29 Jul 2016
0.02754
0.02754
31 Aug 2016
0.02773
0.02773
30 Sep 2016
0.03332
0.03332
31 Oct 2016
0.02843
0.02843
30 Nov 2016
0.02908
0.02908
30 Dec 2016
0.02989
0.02989
31 Jan 2017
0.03088
0.03088
28 Feb 2017
0.03253
0.03253
31 Mar 2017
0.03127
0.03127
28 Apr 2017
0.03169
0.03169
31 May 2017
0.03095
0.03095
30 Jun 2017
0.03117
0.03117
31 Jul 2017
0.03160
0.03160
31 Aug 2017
0.03087
0.03087
29 Sep 2017
0.03006
0.03006
31 Oct 2017
0.02822
0.02822
30 Nov 2017
0.02722
0.02722
29 Dec 2017
0.02720
0.02720
31 Jan 2018
0.02784
0.02784
28 Feb 2018
0.02963
0.02963
29 Mar 2018
0.02851
0.02851
30 Apr 2018
0.02944
0.02944
31 May 2018
0.02825
0.02825
29 Jun 2018
0.02941
0.02941
31 Jul 2018
0.02865
0.02865
31 Aug 2018
0.02940
0.02940
28 Sep 2018
0.02984
0.02984
31 Oct 2018
0.02955
0.02955
30 Nov 2018
0.02957
0.02957
31 Dec 2018
0.02919
0.02919
31 Jan 2019
0.02973
0.02973
28 Feb 2019
0.03039
0.03039
29 Mar 2019
0.02873
0.02873
30 Apr 2019
0.02932
0.02932
31 May 2019
0.02788
0.02788
28 Jun 2019
0.02883
0.02883
31 Jul 2019
0.02660
0.02660
31 Aug 2019
0.02702
0.02702
30 Sep 2019
0.02746
0.02746
31 Oct 2019
0.02623
0.02623
30 Nov 2019
0.02666
0.02666
31 Dec 2019
0.02514
0.02514
31 Jan 2020
0.02448
0.02448
29 Feb 2020
0.02549
0.02549
31 Mar 2020
0.02526
0.02526
30 Apr 2020
0.02522
0.02522
31 May 2020
0.02459
0.02459
30 Jun 2020
0.02488
0.02488
31 Jul 2020
0.02407
0.02407
31 Aug 2020
0.02383
0.02383
30 Sep 2020
0.02463
0.02463
30 Oct 2020
0.02335
0.02335
30 Nov 2020
0.02412
0.02412
31 Dec 2020
0.02398
0.02398
29 Jan 2021
0.02367
0.02367
26 Feb 2021
0.02513
0.02513
31 Mar 2021
0.02342
0.02342
30 Apr 2021
0.02408
0.02408
28 May 2021
0.02101
0.02101
30 Jun 2021
0.02255
0.02255
30 Jul 2021
0.02117
0.02117
31 Aug 2021
0.02163
0.02163
30 Sep 2021
0.02263
0.02263
29 Oct 2021
0.02210
0.02210
30 Nov 2021
0.02313
0.02313
31 Dec 2021
0.02203
0.02203
31 Jan 2022
0.02237
0.02237
28 Feb 2022
0.02453
0.02453
31 Mar 2022
0.02314
0.02314
29 Apr 2022
0.02449
0.02449
31 May 2022
0.02446
0.02446
30 Jun 2022
0.02566
0.02566
29 Jul 2022
0.02366
0.02366
31 Aug 2022
0.02463
0.02463
Fund Facts

Fund Facts

(As of 31 Aug 2022)
Net Fund Assets
$31.7 M
Benchmark
ICE BofA 3-15 Yr US Muni
Morningstar Category
Muni New York Intermediate
Fund Symbol
TNYIX
Share Class
I
Share Class Inception Date
1 Feb 2010
Number of Holdings
45
Portfolio Turnover
11%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
1.97%
30-Day SEC Yield (Unsubsidized)
1.60%
Annualized Distribution Yield
2.40%
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2022)
Portfolio
Benchmark
Effective Duration
4.2 Yrs
5.3 Yrs
Average Effective Maturity
8.1 Yrs
9.6 Yrs
Weighted Average Coupon
4.7%
4.4%
Portfolio
Benchmark
Yield to Worst
2.8%
3.0%
Subject to Alternative Minimum Tax
0.7%
Risk & Return Profile

Risk & Return Profile

(As of 31 Jul 2022)
3y
5y
10y
Annualized Alpha (%)
-1.50
-1.78
-1.59
Standard Deviation (%)
4.04
3.21
2.61
Sharpe Ratio
-0.15
-0.05
0.34
Up Capture (%)
80.31
73.54
76.57
Down Capture (%)
87.81
83.21
85.78
Portfolio

Portfolio

Top Holdings

(As of 31 Jul 2022)
Name
Ticker/Symbol
Sector
Weight %
New York State Dormitory Authority
64990EDG9
Dedicated Tax
4.8
West Seneca Central School District
955776HT9
School District General Obligation
4.3
City of New York NY
64966QCT5
Local General Obligation
3.5
New York State Dormitory Authority
64990FAZ7
Dedicated Tax
3.5
New York City Transitional Finance Authority Future Tax Secured Revenue
64971XFT0
Dedicated Tax
3.5
Hudson Yards Infrastructure Corp.
44420RAX8
Special Tax
3.5
Guam Government Waterworks Authority
40065FDC5
Water/Sewer
3.4
Sales Tax Asset Receivable Corp.
794665FT1
Dedicated Tax
3.4
Sales Tax Asset Receivable Corp.
794665FS3
Dedicated Tax
3.4
Nassau County Sewer & Storm Water Finance Authority
63166QCF5
Water/Sewer
3.4
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2022)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Dedicated Tax
16.2
15.0
Local General Obligation
15.7
9.3
Prerefunded / Escrow to Maturity
14.2
Higher Education
9.8
Water/Sewer
9.7
5.9
Public Power
6.6
5.0
School District General Obligation
5.2
Special Tax
3.4
Toll Road
3.3
4.9
Other Transportation
3.3
7.6
Sector Allocation
Fund (%)
Dedicated Tax
16.2
Local General Obligation
15.7
Prerefunded / Escrow to Maturity
14.2
Higher Education
9.8
Water/Sewer
9.7
Public Power
6.6
School District General Obligation
5.2
Special Tax
3.4
Toll Road
3.3
Other Transportation
3.3
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
AAA
14.8
13.4
AA
65.0
57.2
A
13.1
20.7
Not Rated
4.2
Cash & Cash Equivalents
3.0
Credit Quality
Fund (%)
AAA
14.8
AA
65.0
A
13.1
Not Rated
4.2
Cash & Cash Equivalents
3.0
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Year 1-2
16.9
Year 3-4
9.2
13.0
Year 5-6
7.2
19.2
Year 7-8
16.2
15.9
Year 9-10
15.2
13.9
Year 11-12
1.9
13.0
Year 13-14
13.6
13.0
Year 15-16
7.9
5.0
Year 17+
9.0
4.0
Cash
3.0
Maturity
Fund (%)
Year 1-2
16.9
Year 3-4
9.2
Year 5-6
7.2
Year 7-8
16.2
Year 9-10
15.2
Year 11-12
1.9
Year 13-14
13.6
Year 15-16
7.9
Year 17+
9.0
Cash
3.0
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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