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 Strategic Municipal Income Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 277 Muni National 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, 3 stars, 3 stars and 4 stars among 277, 241 and 177 funds, as of 31 Aug 2022.

As of 31 Aug 2022
Fund Assets
$333.7 M
As of 31 Aug 2022
NAV
$13.51
As of 27 Sep 2022
Change
$-0.05
As of 27 Sep 2022
YTD NAV Performance
-10.75%
As of 27 Sep 2022
Asset Category:
Municipal Bond
Fund Benchmark:
ICE BofA 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 with an average duration between zero and ten years and up to 50% below investment grade at time of purchase.
  • Flexible investment approach that employs a relative value framework that operates across geography, sectors, issuers and revenue streams.
  • Relative value philosophy that seeks to minimize changes in its share value while providing investors with tax-exempt income.

Investment Objective

The investment goal of the fund is to provide investors with a high level of current income exempt from federal individual income tax.

Investment Approach

The fund is an actively managed diversified portfolio of municipal bonds. 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 (%)
-8.20
-8.04
-0.47
1.02
2.11
4.54
ICE BofA US Muni (%)
-9.28
-8.86
-0.19
1.54
2.46
3.86
Morningstar Category Avg. (%)
-8.52
-8.28
-0.31
1.17
1.84
Morningstar Quartile
2
3
3
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-7.85
-8.06
-0.94
0.84
1.96
4.51
ICE BofA US Muni (%)
-9.17
-9.10
-0.93
1.24
2.28
3.82
Morningstar Category Avg. (%)
-8.15
-8.27
-0.88
0.99
1.72
Morningstar Quartile
2
3
3
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-8.20
-8.04
-1.39
5.23
23.23
80.10
ICE BofA US Muni (%)
-9.28
-8.86
-0.56
7.92
27.48
65.08
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-7.85
-8.06
-2.80
4.27
21.42
80.79
ICE BofA US Muni (%)
-9.17
-9.10
-2.76
6.37
25.33
65.27
2016
2017
2018
2019
2020
2021
Total Return (%)
-0.06
4.20
1.03
5.75
4.02
1.50
ICE BofA US Muni (%)
0.44
5.42
1.04
7.74
5.26
1.83
Fund Fees

Fund Fees

(As of 30 Jun 2022)
Gross Expense Ratio (%)
0.97
Net Expense Ratio (%)
0.59
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

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

Distributions

(As of 31 Aug 2022)
Ex-Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
30 Apr 2009
0.03711
0.03711
29 May 2009
0.04638
0.04638
30 Jun 2009
0.04451
0.04451
31 Jul 2009
0.05762
0.05762
31 Aug 2009
0.05730
0.05730
30 Sep 2009
0.05473
0.05473
30 Oct 2009
0.05659
0.05659
30 Nov 2009
0.17292
0.05839
0.11453
0.00000
31 Dec 2009
0.05537
0.05537
29 Jan 2010
0.05417
0.05417
26 Feb 2010
0.05656
0.05656
31 Mar 2010
0.05568
0.05568
30 Apr 2010
0.05589
0.05589
28 May 2010
0.05592
0.05592
30 Jun 2010
0.05415
0.05415
30 Jul 2010
0.05153
0.05153
31 Aug 2010
0.05013
0.05013
30 Sep 2010
0.04593
0.04593
29 Oct 2010
0.04935
0.04935
30 Nov 2010
0.07556
0.05279
0.02190
0.00087
31 Dec 2010
0.05304
0.05304
31 Jan 2011
0.05431
0.05431
28 Feb 2011
0.05325
0.05325
31 Mar 2011
0.05242
0.05242
29 Apr 2011
0.05421
0.05421
31 May 2011
0.05239
0.05239
30 Jun 2011
0.05568
0.05568
29 Jul 2011
0.05211
0.05211
31 Aug 2011
0.05210
0.05210
30 Sep 2011
0.04696
0.04696
31 Oct 2011
0.04988
0.04988
30 Nov 2011
0.06661
0.05463
0.00000
0.01198
30 Dec 2011
0.05269
0.05269
31 Jan 2012
0.04863
0.04863
29 Feb 2012
0.04646
0.04646
30 Mar 2012
0.04335
0.04335
30 Apr 2012
0.04296
0.04296
31 May 2012
0.04204
0.04204
29 Jun 2012
0.04073
0.04073
31 Jul 2012
0.04086
0.04086
31 Aug 2012
0.03930
0.03930
28 Sep 2012
0.03948
0.03948
31 Oct 2012
0.03938
0.03938
30 Nov 2012
0.07428
0.03944
0.03133
0.00351
31 Dec 2012
0.03937
0.03937
31 Jan 2013
0.03935
0.03935
28 Feb 2013
0.03815
0.03815
28 Mar 2013
0.03650
0.03650
30 Apr 2013
0.03551
0.03551
31 May 2013
0.03558
0.03558
28 Jun 2013
0.03682
0.03682
31 Jul 2013
0.03866
0.03866
30 Aug 2013
0.03844
0.03844
30 Sep 2013
0.03868
0.03868
31 Oct 2013
0.03931
0.03931
29 Nov 2013
0.09568
0.04113
0.00000
0.05455
31 Dec 2013
0.04130
0.04130
31 Jan 2014
0.04134
0.04134
28 Feb 2014
0.04440
0.04440
31 Mar 2014
0.04168
0.04168
30 Apr 2014
0.03900
0.03900
30 May 2014
0.03811
0.03811
30 Jun 2014
0.03724
0.03724
31 Jul 2014
0.03316
0.03316
29 Aug 2014
0.03569
0.03569
30 Sep 2014
0.03337
0.03337
31 Oct 2014
0.03365
0.03365
28 Nov 2014
0.04496
0.03343
0.00387
0.00766
31 Dec 2014
0.03217
0.03217
30 Jan 2015
0.03061
0.03061
27 Feb 2015
0.03283
0.03283
31 Mar 2015
0.03174
0.03174
30 Apr 2015
0.03282
0.03282
29 May 2015
0.03293
0.03293
30 Jun 2015
0.03323
0.03323
31 Jul 2015
0.03326
0.03326
31 Aug 2015
0.03341
0.03341
30 Sep 2015
0.03498
0.03498
30 Oct 2015
0.03609
0.03609
30 Nov 2015
0.03587
0.03587
31 Dec 2015
0.03389
0.03389
29 Jan 2016
0.03119
0.03119
29 Feb 2016
0.03204
0.03204
31 Mar 2016
0.03039
0.03039
29 Apr 2016
0.03099
0.03099
31 May 2016
0.02980
0.02980
30 Jun 2016
0.02947
0.02947
29 Jul 2016
0.02843
0.02843
31 Aug 2016
0.02787
0.02787
30 Sep 2016
0.03007
0.03007
31 Oct 2016
0.02860
0.02860
30 Nov 2016
0.02986
0.02986
30 Dec 2016
0.02952
0.02952
31 Jan 2017
0.02965
0.02965
28 Feb 2017
0.03419
0.03419
31 Mar 2017
0.03288
0.03288
28 Apr 2017
0.03380
0.03380
31 May 2017
0.03402
0.03402
30 Jun 2017
0.03331
0.03331
31 Jul 2017
0.03334
0.03334
31 Aug 2017
0.03360
0.03360
29 Sep 2017
0.03386
0.03386
31 Oct 2017
0.03377
0.03377
30 Nov 2017
0.03454
0.03454
29 Dec 2017
0.03376
0.03376
31 Jan 2018
0.03305
0.03305
28 Feb 2018
0.03437
0.03437
29 Mar 2018
0.03317
0.03317
30 Apr 2018
0.03438
0.03438
31 May 2018
0.03389
0.03389
29 Jun 2018
0.03420
0.03420
31 Jul 2018
0.03383
0.03383
31 Aug 2018
0.03440
0.03440
28 Sep 2018
0.03414
0.03414
31 Oct 2018
0.03488
0.03488
30 Nov 2018
0.03585
0.03585
31 Dec 2018
0.03531
0.03531
31 Jan 2019
0.03468
0.03468
28 Feb 2019
0.03663
0.03663
29 Mar 2019
0.03531
0.03531
30 Apr 2019
0.03585
0.03585
31 May 2019
0.03529
0.03529
28 Jun 2019
0.03609
0.03609
31 Jul 2019
0.03516
0.03516
31 Aug 2019
0.03457
0.03457
30 Sep 2019
0.03402
0.03402
31 Oct 2019
0.03337
0.03337
30 Nov 2019
0.03370
0.03370
31 Dec 2019
0.03291
0.03291
31 Jan 2020
0.03250
0.03250
29 Feb 2020
0.03550
0.03550
31 Mar 2020
0.03613
0.03613
30 Apr 2020
0.03619
0.03619
31 May 2020
0.03500
0.03500
30 Jun 2020
0.03482
0.03482
31 Jul 2020
0.03490
0.03490
31 Aug 2020
0.03273
0.03273
30 Sep 2020
0.03209
0.03209
30 Oct 2020
0.03155
0.03155
30 Nov 2020
0.03239
0.03239
31 Dec 2020
0.03024
0.03024
29 Jan 2021
0.02891
0.02891
26 Feb 2021
0.02923
0.02923
31 Mar 2021
0.02737
0.02737
30 Apr 2021
0.02745
0.02745
28 May 2021
0.02624
0.02624
30 Jun 2021
0.02639
0.02639
30 Jul 2021
0.02626
0.02626
31 Aug 2021
0.02622
0.02622
30 Sep 2021
0.02681
0.02681
29 Oct 2021
0.02570
0.02570
30 Nov 2021
0.02602
0.02602
31 Dec 2021
0.02512
0.02512
31 Jan 2022
0.02480
0.02480
28 Feb 2022
0.02729
0.02729
31 Mar 2022
0.02656
0.02656
29 Apr 2022
0.02928
0.02928
31 May 2022
0.03098
0.03098
30 Jun 2022
0.03106
0.03106
29 Jul 2022
0.03126
0.03126
31 Aug 2022
0.03266
0.03266
Fund Facts

Fund Facts

(As of 31 Aug 2022)
Net Fund Assets
$333.7 M
Benchmark
ICE BofA US Muni
Morningstar Category
Muni National Intermediate
Fund Symbol
TSSIX
Share Class
I
Share Class Inception Date
1 Apr 2009
Number of Holdings
285
Portfolio Turnover
10%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
2.54%
30-Day SEC Yield (Unsubsidized)
2.29%
Annualized Distribution Yield
2.71%
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2022)
Portfolio
Benchmark
Effective Duration
5.3 Yrs
7.0 Yrs
Average Effective Maturity
9.2 Yrs
15.0 Yrs
Weighted Average Coupon
4.1%
4.3%
Portfolio
Benchmark
Yield to Worst
3.3%
3.4%
Subject to Alternative Minimum Tax
12.6%
Risk & Return Profile

Risk & Return Profile

(As of 31 Jul 2022)
3y
5y
10y
Annualized Alpha (%)
-1.54
-1.40
-1.03
Standard Deviation (%)
4.16
3.31
2.74
Sharpe Ratio
-0.15
0.06
0.54
Up Capture (%)
75.35
72.65
76.31
Down Capture (%)
82.12
79.40
81.55
Portfolio

Portfolio

Top Holdings

(As of 31 Jul 2022)
Name
Ticker/Symbol
Sector
Weight %
Kentucky Public Energy Authority
Gas
1.7
Kentucky Public Energy Authority
74440DAR5
Gas
1.2
Bucks County Industrial Development Authority
11861NAA2
Industrial Development/Pollution Control
1.2
Kansas Development Finance Authority
48542AFE6
Hospital
1.2
Central Texas Turnpike System
88283KAX6
Toll Road
1.0
New Jersey Transportation Trust Fund Authority
6461362B6
Other Transportation
1.0
State of Illinois
452152Q20
State General Obligation
1.0
PEFA, Inc.
Gas
1.0
City of New York NY
64966LDW8
Local General Obligation
0.9
Main Street Natural Gas, Inc.
56035DBS0
Gas
0.9
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
5%
10%
15%
20%
Hospital
11.8
9.5
Gas
9.5
Airport
8.8
5.0
Local General Obligation
6.5
10.0
Higher Education
5.5
Industrial Development/Pollution Control
5.5
Appropriation
5.2
4.1
Dedicated Tax
5.0
13.5
Lifecare
4.6
Prerefunded / Escrow to Maturity
4.4
Sector Allocation
Fund (%)
Hospital
11.8
Gas
9.5
Airport
8.8
Local General Obligation
6.5
Higher Education
5.5
Industrial Development/Pollution Control
5.5
Appropriation
5.2
Dedicated Tax
5.0
Lifecare
4.6
Prerefunded / Escrow to Maturity
4.4
Top 10 U.S. States
Fund (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Illinois
12.4
5.0
Pennsylvania
7.1
3.6
Texas
7.0
7.9
California
5.2
18.2
Michigan
4.9
1.7
New Jersey
4.2
4.0
KY
4.1
0.8
New York
3.9
20.1
Florida
3.2
3.4
WI
2.8
1.0
Top 10 U.S. States
Fund (%)
Illinois
12.4
Pennsylvania
7.1
Texas
7.0
California
5.2
Michigan
4.9
New Jersey
4.2
KY
4.1
New York
3.9
Florida
3.2
WI
2.8
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
2.1
13.0
AA
29.8
54.3
A
36.4
23.2
BBB
11.6
9.5
Below Invest. Grade
1.0
Not Rated
8.2
Cash & Cash Equivalents
10.9
Credit Quality
Fund (%)
AAA
2.1
AA
29.8
A
36.4
BBB
11.6
Below Invest. Grade
1.0
Not Rated
8.2
Cash & Cash Equivalents
10.9
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
Year 1-2
13.8
7.0
Year 3-4
5.5
11.0
Year 5-6
8.7
7.9
Year 7-8
8.2
6.8
Year 9-10
10.6
6.0
Year 11-12
7.7
6.0
Year 13-14
5.8
6.0
Year 15-16
7.4
6.0
Year 17+
21.3
45.0
Cash
10.9
Maturity
Fund (%)
Year 1-2
13.8
Year 3-4
5.5
Year 5-6
8.7
Year 7-8
8.2
Year 9-10
10.6
Year 11-12
7.7
Year 13-14
5.8
Year 15-16
7.4
Year 17+
21.3
Cash
10.9
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

Advising Clients

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

If investment print and internet article headlines give you anxiety, you've come to the right place. In this podcast, Jan shares ideas that may prevent your blood pressure from spiking the next time you read an alarming headline. Plus, the debut of the 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.
Markets & Economy

Is the Fed Gambling with Markets & the Economy?

Jason Brady believes “We're not going to see anything near the Fed's 2% target inflation… forcing the Fed to continue to be very hawkish."
Feedback