Intermediate Term Municipal Strategy - Performance

Annualized Total Returns as of

Intermediate Term Municipal Composite (Net) 1.22% 2.75% 3.27% 3.46% 3.07% 3.45% 3.84% 4.70%
Intermediate Term Municipal Composite (Gross) 1.32% 3.05% 3.68% 3.88% 3.50% 3.91% 4.39% 5.41%
ICE BofA 3-15 Yr US Muni 1.20% 3.34% 4.09% 3.90% 3.53% 3.65% 4.34%

Annual Return Performance Summary

Net Return Gross Return ICE BofA 3-15 Yr US Muni
2019 6.21% 6.65% 7.01%
2018 1.06% 1.47% 1.45%
2017 4.00% 4.44% 4.64%
2016 0.04% 0.48% -0.06%
2015 2.58% 3.03% 3.16%
Show All Years

*Inception 11/1/1991.

Risk Metrics vs ICE BofA 3-15 Yr US Muni as of

3-YR 5-YR 10-YR
Sharpe Ratio 0.67 0.73 1.06
Info Ratio -0.03 -0.04 0.39
Tracking Error 0.67 0.68 0.67
R-Squared 97.23 97.28 96.86

The performance data quoted represents past performance; it does not guarantee future results.

Important Information

Investments in the strategy 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 principal value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. Unlike bonds, bond portfolios have ongoing fees and expenses. Carefully consider the strategy’s investment objectives, risks, fees and expenses before investing. There is no guarantee that the strategy will meet its investment objectives.

Weight percentages are of the total portfolio unless otherwise noted.

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

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

The laddering strategy does not assure or guarantee better performance than a non-laddered portfolio and cannot eliminate the risk of investment losses.

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

Neither the payment of, or increase in, dividends is guaranteed.

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).

Credit quality ratings use the highest rating available from either S&P Global Ratings or Moody’s Investors Service. Where neither rating is available, we have used ratings from other nationally recognized statistical rating organizations (NRSROs).

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.

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. Investors may not make direct investments into any index.

Valuations are computed and reported in U.S. dollars.

Source: Advent/APX, FactSet and Thornburg.

View the Intermediate Municipal Composite GIPS compliant presentation.

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Please see our glossaryglossary ( for a definition of terms.

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