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Thornburg Intermediate Term Municipal SMA

Strategy Overview
The Intermediary Term Municipal Strategy is an actively managed diversified portfolio of municipal bonds with an average maturity of three to 10 years and average duration range of 4.5 to 5.5 years. All bonds are investment grade at time of purchase. The strategy applies a relative value framework, focusing on fundamentals and valuations to identify inefficiencies in the market. Team members are responsible for credit research, portfolio construction, trading and risk oversight and have the flexibility to source ideas across sector, geography and issuer. The strategy maintains exposure across the maturity spectrum in order to manage duration, hedge against interest rate fluctuations, and limit taxable events.
Strategy Inception Date
1 Nov 1991

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 FactsPerformanceCharacteristicsPortfolioPortfolio ManagersLiterature
Overview

Overview

Why Invest in This Strategy?

  • Actively managed diversified portfolio of intermediate-term investment grade municipal bonds with an average maturity of three to 10 years and duration of four to six years.
  • 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 while minimizing changes in its share value. The strategy focuses on identifying attractive value in the investment-grade municipal bond market. We apply a strict discipline of fundamental credit research and strive to produce an attractive dividend while avoiding the long maturities that are most vulnerable to interest-rate swings.

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Key Facts

Key Facts

(As of 31 Dec 2025)
Assets
$931.6 M
Benchmark
ICE BofA 3-15 Year U.S. Municipal Securities Index
eVestment Category
US Municipal Fixed Income - Intermediate Duration
Performance

Performance

Returns

(As of 31 Dec 2025)
Annualized Returns
YTD
1y
3y
5y
10y
Inception
Thornburg Intermediate Term Municipal Strategy - Gross (%)
5.23
5.23
4.47
1.81
2.66
4.88
Thornburg Intermediate Term Municipal Strategy - Net (%)
4.88
4.88
4.09
1.42
2.25
4.22
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
5.42
5.42
3.92
1.13
2.34
—
YTD
1y
3y
5y
10y
Inception
Thornburg Intermediate Term Municipal Strategy - Gross (%)
5.23
5.23
4.47
1.81
2.66
4.88
Thornburg Intermediate Term Municipal Strategy - Net (%)
4.88
4.88
4.09
1.42
2.25
4.22
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
5.42
5.42
3.92
1.13
2.34
—
2020
2021
2022
2023
2024
2025
Thornburg Intermediate Term Municipal Strategy - Gross (%)
4.65
1.57
-5.57
6.10
2.11
5.23
Thornburg Intermediate Term Municipal Strategy - Net (%)
4.24
1.17
-5.94
5.68
1.73
4.88
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
4.96
0.94
-6.64
5.41
0.99
5.42

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 Intermediate Term Municipal Strategy is from the Intermediate Term Municipal Composite, inception date of 1 November 1991. The Intermediate Term Municipal Composite includes all non-wrap discretionary accounts invested in the Intermediate Term Municipal 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. For periods prior to 2011, net returns for some accounts in the composite also reflect the deduction of administrative expenses. 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 Dec 2025)
Portfolio
Benchmark
Number of Holdings
574
—
Effective Duration
6.0 Yrs
5.2 Yrs
Average Effective Maturity
11.5 Yrs
8.0 Yrs
Portfolio
Benchmark
Weighted Average Coupon
4.8%
4.6%
Subject to Alternative Minimum Tax
15.5%
—
Weighted Average Price
$103.94
—

Data based on representative account.

Portfolio

Portfolio

Top Holdings

(As of 31 Dec 2025)
Name
Ticker/Symbol
Weight %
Kentucky Public Energy Authority
74440DEC4
1.3
Black Belt Energy Gas District
09182TEN3
1.1
Tennessee Energy Acquisition Corp.
88044TAL3
1.1
Patriots Energy Group Financing Agency
70342PAN4
0.9
Colorado Health Facilities Authority
19648FKS2
0.8
Wisconsin Housing & Economic Development Authority Home Ownership Revenue
97689QWB8
0.8
Wise County Industrial Development Authority
977228AF2
0.8
Central Valley Energy Authority
15569DAA0
0.7
Main Street Natural Gas, Inc.
56035DGB2
0.7
Indiana Finance Authority
45470CAG4
0.7
Download Holdings

Data based on representative account.

Exposure Breakdown

Exposure Breakdown

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

Portfolio

Benchmark

0%
5%
10%
15%
20%
Prepaid Gas
16.2
—
Airport
10.5
3.5
Hospital
10.2
7.8
Short-Term Investments, Other Assets & Liabilities
7.8
—
Multi Family Mortgage
6.9
2.3
Single Family Mortgage
5.9
0.2
CCRC/Senior Living
5.4
—
Dedicated Tax
4.8
14.4
Industrial Development/Pollution Control
4.4
—
State General Obligation
4.3
15.2
State Approp
3.6
—
School District General Obligation
3.5
—
Local General Obligation
2.8
9.0
Public Power
2.3
9.2
Public Higher Ed
1.2
—
None
1.2
—
School District App
1.0
—
Charter School
1.0
—
Incremental Tax
0.9
—
Other Revenue
0.9
—
Other Transportation
0.9
5.6
Water/Sewer
0.9
5.3
Combined Utilities
0.8
8.4
Toll Road
0.7
4.2
Local Approp
0.7
—
Prepaid Electric
0.6
—
Private Higher Ed
0.4
—
Port Facilities
0.3
—
Student Loan
0.2
—
Land District
0.1
—
Student Housing
0.0
—
Sector Allocation
Portfolio (%)
Prepaid Gas
16.2
Airport
10.5
Hospital
10.2
Short-Term Investments, Other Assets & Liabilities
7.8
Multi Family Mortgage
6.9
Single Family Mortgage
5.9
CCRC/Senior Living
5.4
Dedicated Tax
4.8
Industrial Development/Pollution Control
4.4
State General Obligation
4.3
State Approp
3.6
School District General Obligation
3.5
Local General Obligation
2.8
Public Power
2.3
Public Higher Ed
1.2
None
1.2
School District App
1.0
Charter School
1.0
Incremental Tax
0.9
Other Revenue
0.9
Other Transportation
0.9
Water/Sewer
0.9
Combined Utilities
0.8
Toll Road
0.7
Local Approp
0.7
Prepaid Electric
0.6
Private Higher Ed
0.4
Port Facilities
0.3
Student Loan
0.2
Land District
0.1
Student Housing
0.0
Top 10 U.S. States
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Illinois
11.5
4.7
Texas
8.2
7.3
Short-Term Investments, Other Assets & Liabilities
7.8
—
Pennsylvania
6.1
3.1
Alabama
5.6
4.7
California
5.6
19.4
Georgia
5.1
3.7
New York
4.6
19.5
Florida
3.7
2.3
New Jersey
3.6
3.8
Tennessee
3.2
1.2
Top 10 U.S. States
Portfolio (%)
Illinois
11.5
Texas
8.2
Short-Term Investments, Other Assets & Liabilities
7.8
Pennsylvania
6.1
Alabama
5.6
California
5.6
Georgia
5.1
New York
4.6
Florida
3.7
New Jersey
3.6
Tennessee
3.2
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
4.8
13.1
AA
37.2
57.1
A
37.4
25.1
BBB
6.2
4.7
Below Invest. Grade
0.4
—
Not Rated
6.2
—
Short-Term Investments, Other Assets & Liabilities
7.8
—
Credit Quality
Portfolio (%)
AAA
4.8
AA
37.2
A
37.4
BBB
6.2
Below Invest. Grade
0.4
Not Rated
6.2
Short-Term Investments, Other Assets & Liabilities
7.8
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
Year 1-2
5.6
0.0
Year 3-4
4.7
12.2
Year 5-6
9.3
21.0
Year 7-8
5.6
20.5
Year 9-10
9.6
18.6
Year 11-12
8.0
11.9
Year 13-14
5.1
10.8
Year 15-16
8.3
5.1
Year 17+
35.9
0.0
Short-Term Investments, Other Assets & Liabilities
7.8
—
Maturity
Portfolio (%)
Year 1-2
5.6
Year 3-4
4.7
Year 5-6
9.3
Year 7-8
5.6
Year 9-10
9.6
Year 11-12
8.0
Year 13-14
5.1
Year 15-16
8.3
Year 17+
35.9
Short-Term Investments, Other Assets & Liabilities
7.8

Data based on representative account.

Holdings within the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

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

Literature

Fact Sheet
Commentary

Important Information

Source: FactSet and Thornburg.

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.

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.

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. The representative account information is supplemental to the strategy's composite and GIPS compliant presentation.

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.

Weight percentages are of the total portfolio unless otherwise noted.

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.

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