Available Sites

Please select your location and the type of investor you are so we can share the most relevant information with you.

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.

Please read through all of the Terms and Conditions of Use above to continue.

Region

Americas

Asia Pacific

Europe

Rest of the World

Unsubscribe

Confirm you would like to unsubscribe from this list

You have unsaved changes on the page. Would you like to save them?

Remove strategy

Confirm you would like to remove this strategy from your list
Investments
Capabilities
Insights
By Topic
By Media Type
Resources
About Us
Home Investments Separately Managed Accounts Thornburg Municipal Total Return SMA
Give Us a Call

Fund Operations
800.847.0200

FIND ANOTHER CONTACT

Thornburg Municipal Total Return SMA

Strategy Overview
The Municipal Total Return Strategy is an actively managed portfolio that primarily invests in investment grade, intermediate municipal bonds, as well as shares of a completion fund1 managed by Thornburg. The completion fund provides access to securities across the credit and maturity spectrum that are difficult, or not feasible, to include in a separately managed account. The strategy seeks to provide tax-exempt income and total return.
Strategy Inception Date
1 Sep 2023

Portfolio Managers

David Ashley, CFA
Portfolio Manager and Managing Director
Eve Lando, JD
Portfolio Manager and Managing Director
Craig Mauermann, ChFC
Portfolio Manager and Managing Director
OverviewKey FactsPerformancePortfolioPortfolio managersLiterature
Overview

Overview

Why Invest in This Strategy?

  • Over 40 years of experience managing municipal portfolios for institutions and individuals.
  • Proven bottom-up fundamental approach that incorporates a top-down macroeconomic overlay to identify what we perceive to be the most attractive opportunities on a relative value basis across geographic regions, sectors, issuers and revenue streams.
  • Relative value philosophy that seeks to maximize tax-exempt income and provide capital appreciation in its share value. The strategy focuses on identifying attractive value across the municipal bond market. We apply a strict discipline of fundamental credit research and strive to produce an attractive dividend while avoiding the securities that are the most vulnerable to large market swings.

Related Content

One hundred dollar bill with a crown on Ben Franklin's head.
Fixed Income
Why Cash Is No Longer King: Bonds Should Reign
Fixed Income
Solving the Hunt for Yield Amid Rate Volatility and Compressed Spreads
Fixed Income
Mid-Year Fixed Income Outlook: Uncertainty Yields Tight Credit Spreads
Key Facts

Key Facts

(As of 31 Oct 2025)
Assets
$14.7 M
Benchmark
ICE BofA U.S. Municipal Securities Index

*The number of holdings includes those securities held individually as well as those held within the completion fund.

Performance

Performance

Returns

(As of 30 Sep 2025)
Annualized Returns
YTD
1y
Inception
Thornburg Municipal Total Return Strategy - Gross (%)
3.17
2.00
4.95
Thornburg Municipal Total Return Strategy - Net (%)
3.00
1.74
4.72
ICE BofA U.S. Municipal Securities Index (%)
2.47
1.40
4.17
YTD
1y
Inception
Thornburg Municipal Total Return Strategy - Gross (%)
4.36
4.42
5.32
Thornburg Municipal Total Return Strategy - Net (%)
4.20
4.20
5.09
ICE BofA U.S. Municipal Securities Index (%)
3.58
3.94
4.53
2024
Thornburg Municipal Total Return Strategy - Gross (%)
2.99
Thornburg Municipal Total Return Strategy - Net (%)
2.75
ICE BofA U.S. Municipal Securities Index (%)
1.62

Total return (net and gross) is based on composite performance.

Periods less than one year are not annualized.

In US$ terms. Returns may increase or decrease as a result of currency fluctuations.

Performance data for the Municipal Total Return Strategy is from the Municipal Total Return Composite, inception date of 1 September 2023. The Municipal Total Return Composite includes all discretionary accounts invested in the Municipal Total Return Strategy. Returns are calculated using a time-weighted and asset-weighted calculation. Returns reflect the reinvestment of income and capital gains. Periods less than one year are not annualized. Individual account performance will vary. The performance data quoted represents past performance; it does not guarantee future results. Gross of fee returns are net of transaction costs. Net of fee returns are net of transaction costs and investment advisory fees. At inception, the composite included proprietary accounts that did not pay fees, and the firm imposed the highest fee payable by an account of that type to calculate the net performance. Thornburg Investment Management Inc.’s fee schedule is detailed in Part 2A of its ADV brochure. Performance results of the firm's clients will be reduced by the firm's management fees. For example, an account with a compounded annual total return of 10% would have increased by 159% over ten years. Assuming an annual management fee of 0.75%, this increase would be 142%.

Characteristics

Characteristics

Portfolio

(As of 31 Oct 2025)
Portfolio
Benchmark
Number of Holdings
87
—
Effective Duration
6.3 Yrs
7.2 Yrs
Average Effective Maturity
11.0 Yrs
14.2 Yrs
Portfolio
Benchmark
Weighted Average Coupon
4.7%
4.6%
Subject to Alternative Minimum Tax
8.1%
—
Weighted Average Price
$102.92
—

Data based on representative account.

Portfolio

Portfolio

Top Holdings

(As of 30 Sep 2025)
Name
Ticker/Symbol
Weight %
Maine Health & Higher Educational Facilities Authority
56042SBS8
5.4
City of Houston TX Airport System Revenue
442349GT7
5.3
Colorado Health Facilities Authority
19648FKD5
5.2
Corpus Christi Independent School District
220148BM1
4.9
Main Street Natural Gas, Inc.
56035DFQ0
4.8
Cumberland Valley School District
230822TV0
4.8
County of Utah UT
917393DF4
4.7
City of Port Arthur TX
733488X96
3.9
Providence Public Building Authority
74381MDL6
3.4
West Lafayette Redevelopment Authority
95370EAU5
3.1
Download Holdings

Data based on representative account

The above holdings may be held individually or through investment in the completion fund. Please see the Download Holdings link for details.

*Held by the completion fund. The completion fund is a series of Thornburg Investment Trust, a diversified, open end management investment company registered under the Investment Company Act of 1940. Shares of the completion fund are only available for purchase and redemption by or on behalf of separately managed account clients where Thornburg has an agreement with the managed account program's sponsor, or directly with the client. No direct offering or promotion of this fund is made hereby.

Exposure Breakdown

Exposure Breakdown

(As of 31 Oct 2025)
Sector
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Hospital
12.5
9.7
School District General Obligation
10.3
—
Airport
7.2
5.4
Industrial Development/Pollution Control
6.9
—
Other Revenue
6.3
—
Incremental Tax
6.0
—
Local General Obligation
5.4
11.9
Prepaid Gas
5.4
—
Charter School
5.4
—
Lifecare
4.9
—
Gas
4.7
—
Single Family Mortgage
4.1
1.9
Local Approp
3.4
—
Multi Family Mortgage
3.2
2.3
Water/Sewer
2.9
6.3
Short-Term Investments, Other Assets & Liabilities
2.2
—
Public Power
1.8
6.0
Toll Road
1.5
5.1
Dedicated Tax
0.9
13.8
Prepaid Electric
0.9
—
School District App
0.8
—
Private Higher Ed
0.8
—
None
0.6
—
Public Higher Ed
0.5
—
State General Obligation
0.5
11.4
Student Loan
0.5
—
Tobacco
0.4
0.4
Sector Allocation
Portfolio (%)
Hospital
12.5
School District General Obligation
10.3
Airport
7.2
Industrial Development/Pollution Control
6.9
Other Revenue
6.3
Incremental Tax
6.0
Local General Obligation
5.4
Prepaid Gas
5.4
Charter School
5.4
Lifecare
4.9
Gas
4.7
Single Family Mortgage
4.1
Local Approp
3.4
Multi Family Mortgage
3.2
Water/Sewer
2.9
Short-Term Investments, Other Assets & Liabilities
2.2
Public Power
1.8
Toll Road
1.5
Dedicated Tax
0.9
Prepaid Electric
0.9
School District App
0.8
Private Higher Ed
0.8
None
0.6
Public Higher Ed
0.5
State General Obligation
0.5
Student Loan
0.5
Tobacco
0.4
Top 10 U.S. States
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Texas
20.8
9.3
Indiana
7.3
0.8
Pennsylvania
6.8
3.6
Georgia
6.6
2.8
Colorado
6.1
2.1
Utah
5.6
0.7
Maine
5.4
0.1
New Mexico
5.1
0.3
Ohio
4.7
1.8
Alabama
3.8
2.4
Short-Term Investments, Other Assets & Liabilities
2.2
—
Top 10 U.S. States
Portfolio (%)
Texas
20.8
Indiana
7.3
Pennsylvania
6.8
Georgia
6.6
Colorado
6.1
Utah
5.6
Maine
5.4
New Mexico
5.1
Ohio
4.7
Alabama
3.8
Short-Term Investments, Other Assets & Liabilities
2.2
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
11.1
13.6
AA
49.7
56.4
A
20.9
23.9
BBB
8.2
6.1
Below Invest. Grade
0.3
—
Not Rated
7.5
—
Short-Term Investments, Other Assets & Liabilities
2.2
—
Credit Quality
Portfolio (%)
AAA
11.1
AA
49.7
A
20.9
BBB
8.2
Below Invest. Grade
0.3
Not Rated
7.5
Short-Term Investments, Other Assets & Liabilities
2.2
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
Year 1
9.8
0.0
Year 2
8.9
5.0
Year 3
2.9
5.0
Year 4
7.0
5.0
Year 5
5.4
5.0
Year 6
0.5
4.5
Year 7
11.1
5.0
Year 8
29.8
4.3
Year 9
8.5
3.6
Year 10+
13.7
58.3
Short-Term Investments, Other Assets & Liabilities
2.2
—
Maturity
Portfolio (%)
Year 1
9.8
Year 2
8.9
Year 3
2.9
Year 4
7.0
Year 5
5.4
Year 6
0.5
Year 7
11.1
Year 8
29.8
Year 9
8.5
Year 10+
13.7
Short-Term Investments, Other Assets & Liabilities
2.2

Data based on representative account.
Holdings within the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Weight percentages are of the total portfolio unless otherwise noted.

Credit quality ratings use the highest rating available from either S&P Global Ratings or Moody's Investors Service. Unrated securities are evaluated by the firm using available data and their own analysis that may be similar to that of a nationally recognized rating agency; however, such determination is not equivalent to a national agency credit rating. "NR" = Not Rated.

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Short-Term Investments, Other Assets & Liabilities includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

Portfolio managers

Portfolio managers

David Ashley, CFA

David Ashley, CFA

Portfolio Manager and Managing Director
David Ashley is a 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…
Learn More
Eve Lando, JD

Eve Lando, JD

Portfolio Manager and Managing Director
Eve Lando is a 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…
Learn More
Craig Mauermann, ChFC

Craig Mauermann, ChFC

Portfolio Manager and Managing Director
Craig Mauermann, ChFC, is a portfolio manager for Thornburg Investment Management. He joined the firm in 2021 as a senior fixed income analyst and was promoted to associate portfolio manager in 2024 and was named portfolio manager in 2025. Craig has extensive municipal research and investment experience. He began his career at Strong Capital Management as an analyst and trader…
Learn More

Portfolio managers are supported by the entire Thornburg investment team.

Literature

Fact Sheet
Managed Account Funds' Prospectus
Managed Account Funds’ SAI
Thornburg Municipal Managed Account Fund TSR - THMMX

Important Information

1The completion fund is a series of Thornburg Investment Trust, a diversified, open‐end management investment company registered under the Investment Company Act of 1940. Shares of the completion fund are only available for purchase and redemption by or on behalf of separately managed account clients where Thornburg has an agreement with the managed account program’s sponsor, or directly with the client. No direct offering or promotion of this fund is made hereby.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Portfolio characteristics are derived using currently available data from independent research resources that are believed to be accurate. Portfolio attributes can and do vary.

Investments in the Strategy carry risks, including possible loss of principal. Carefully consider the Strategy's investment objectives, risks, and expenses before investing. There is no guarantee that the portfolio will meet its investment objectives.

Weight percentages are of the total portfolio unless otherwise noted.

The information provided in this report should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account's portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed may not represent an account's entire portfolio and in the aggregate may represent only a small percentage of an account's portfolio holdings. It should not be assumed that any of the securities transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

Portfolio construction will have significant differences from that of a benchmark index in terms of security holdings, industry weightings, asset allocations and number of positions held, all of which may contribute to performance, characteristics and volatility differences. The index shown is unmanaged, reflect total returns and assume the reinvestment of all income in U.S. dollars. It does not reflect any management fees or brokerage expenses associated with a portfolio’s returns. Returns for an actual portfolio may differ from those of an index due to (among other things) differences in timing and the amount invested and fees and expenses. Investors may not make direct investments into any index.

Please see our glossary for a definition of terms.

Portfolios invested in a limited number of holdings may expose an investor to greater volatility.

Portfolio holdings and characteristics shown herein are from a representative account managed within the investment composite. The representative account is selected based on account characteristics that Thornburg believes accurately represent the investment strategy as a whole. Should these characteristics change materially, Thornburg may select a different representative account. Holdings may change daily and may vary among accounts, which may contribute to different investment results.

Source: FactSet and Thornburg

Cash may also include cash equivalents and currency forwards. 

More Insights

Turn Cash Into Opportunities With Active Management
Today's market environment provides an opportunity to put idle cash to work.
21 Nov 2025
3 min read
READ
Markets & Economy

The High-Quality Case for Investing in Global Luxury Goods
Field research in Europe illustrates how active management and fundamental work uncover quality non-U.S. equity opportunities in the $1.7T global luxury space.
By Sean Koung Sun, CFA & Josh Rubin
20 Nov 2025
15 min listen
LISTEN
One hundred dollar bill with a crown on Ben Franklin's head.
Fixed Income

Why Cash Is No Longer King: Bonds Should Reign
Income assets have historically outperformed cash when the Fed moves into a rate-cutting cycle.
By Phillip Gronniger, CFA
20 Nov 2025
3 min read
READ
Building Strength
Income

Using Dividends to Strengthen Portfolios Amid Lower Rates
Dividends can be particularly valuable for investors seeking consistent income and inflation protection in a changing rate environment.
By Thornburg Investment Management
7 Nov 2025
4 min read
READ
Wooden block with word SELL placed in the wooden saw dust
Investment Tactics

The ABCs of Tax-Loss Harvesting
Tax-loss harvesting can help investors potentially lower tax bills and enhance long-term portfolio returns.
By Thornburg Investment Management
7 Nov 2025
3 min read
READ
Markets & Economy

Beyond ESG Scores: Active, Governance-Driven Alpha
Why active, fundamentals-led ESG can boost earnings and multiples vs. passive ESG in global equities and may lead to better outcomes for investors.
By Brian Burrell, CFA & Charlie Roth
5 Nov 2025
18 min listen
LISTEN