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Thornburg Limited Term Municipal Strategy

Strategy Overview
The Limited Term Municipal Strategy is an actively managed diversified portfolio of municipal bonds with an average maturity of less than five years and average duration range of 2.5 to 3.5 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 Jan 1985

Portfolio Managers

Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Strategy?

  • Actively managed diversified portfolio of investment-grade municipal bonds with an average maturity of less than five years and average duration around two to three 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.
  • High-quality strategy that seeks to maximize tax-exempt income while minimizing changes in its share value.
Performance

Performance

Returns

(As of 31 Dec 2023)
YTD
1y
3y
5y
10y
Inception
Thornburg Limited Term Municipal Strategy - Gross (%)
4.93
4.93
0.26
1.79
1.96
5.10
Thornburg Limited Term Municipal Strategy - Net (%)
4.68
4.68
0.01
1.53
1.69
4.35
ICE BofA 1-10 Yr US Muni (%)
4.28
4.28
-0.01
1.78
1.90
BBG Muni 5 Yr TR (%)
4.31
4.31
-0.28
1.75
1.87
YTD
1y
3y
5y
10y
Inception
Thornburg Limited Term Municipal Strategy - Gross (%)
-0.01
4.61
0.41
1.57
1.79
5.08
Thornburg Limited Term Municipal Strategy - Net (%)
-0.06
4.36
0.15
1.31
1.52
4.33
ICE BofA 1-10 Yr US Muni (%)
-0.11
4.08
0.13
1.50
1.71
BBG Muni 5 Yr TR (%)
-0.25
4.00
-0.12
1.41
1.66
2018
2019
2020
2021
2022
2023
Thornburg Limited Term Municipal Strategy - Gross (%)
1.58
4.62
3.65
0.46
-4.39
4.93
Thornburg Limited Term Municipal Strategy - Net (%)
1.31
4.33
3.38
0.20
-4.64
4.68
BBG Muni 5 Yr TR (%)
1.69
5.45
4.29
0.34
-5.26
4.31
ICE BofA 1-10 Yr US Muni (%)
1.69
5.28
3.81
0.48
-4.61
4.28
Strategy Facts

Strategy Facts

(As of 29 Feb 2024)
Strategy Assets
$3.8 B
Benchmark
ICE BofA 1-10 Yr US Muni
Number of Holdings
846
eVestment Category
US Municipal Fixed Income - Short Duration
Characteristics

Characteristics

Portfolio

(As of 29 Feb 2024)
Portfolio
Benchmark
Effective Duration
3.3 Yrs
3.5 Yrs
Average Effective Maturity
4.6 Yrs
4.9 Yrs
Weighted Average Coupon
4.7%
4.5%
Portfolio
Benchmark
Subject to Alternative Minimum Tax
0.0%
Weighted Average Price
$104.86
Portfolio

Portfolio

Top Holdings

(As of 31 Dec 2023)
Name
Ticker/Symbol
Sector
Weight %
PEFA, Inc.
70556CAB0
Gas
2.1
Main Street Natural Gas, Inc.
56035DFT4
Gas
1.9
Texas Municipal Gas Acquisition & Supply Corp. III
88256HBG2
Gas
1.6
Tennessee Energy Acquisition Corp.
88044TAL3
Gas
1.4
New Jersey Transportation Trust Fund Authority
6461362B6
Other Transportation
1.2
Main Street Natural Gas, Inc.
56035DDX7
Gas
1.1
Main Street Natural Gas, Inc.
56035DFC1
Gas
1.1
State of Illinois
452152Q20
State General Obligation
1.0
Main Street Natural Gas, Inc.
56035DGB2
Gas
1.0
Texas Municipal Gas Acquisition & Supply Corp. III
88256HBF4
Gas
0.9
Exposure Breakdown

Exposure Breakdown

(As of 29 Feb 2024)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Gas
16.2
Hospital
11.9
5.0
Local General Obligation
7.7
9.9
State General Obligation
6.8
19.5
School District App
6.7
Dedicated Tax
6.5
11.6
School District General Obligation
5.2
Other Transportation
4.4
5.5
Multi Family Mortgage
4.3
2.5
Appropriation
4.0
3.9
Industrial Development/Pollution Control
3.6
Cash & Cash Equivalents
3.5
Prepaid Utility
3.2
Water/Sewer
2.9
4.8
Toll Road
2.1
4.0
Prerefunded / Escrow to Maturity
1.9
Higher Education
1.8
Other Revenue
1.5
Public Power
1.3
6.3
Airport
0.7
3.1
Single Family Mortgage
0.7
0.1
Combined Utilities
0.6
8.7
Tobacco
0.4
0.5
Incremental Tax
0.4
Student Housing
0.3
Lifecare
0.3
Education
0.3
Utilities
0.3
Charter School
0.3
Special Tax
0.2
Sales Tax
0.1
Primary/Secondary Education
0.1
5.2
Port Facilities
0.1
Transportation
0.0
Community College
0.0
Sector Allocation
Portfolio (%)
Gas
16.2
Hospital
11.9
Local General Obligation
7.7
State General Obligation
6.8
School District App
6.7
Dedicated Tax
6.5
School District General Obligation
5.2
Other Transportation
4.4
Multi Family Mortgage
4.3
Appropriation
4.0
Industrial Development/Pollution Control
3.6
Cash & Cash Equivalents
3.5
Prepaid Utility
3.2
Water/Sewer
2.9
Toll Road
2.1
Prerefunded / Escrow to Maturity
1.9
Higher Education
1.8
Other Revenue
1.5
Public Power
1.3
Airport
0.7
Single Family Mortgage
0.7
Combined Utilities
0.6
Tobacco
0.4
Incremental Tax
0.4
Student Housing
0.3
Lifecare
0.3
Education
0.3
Utilities
0.3
Charter School
0.3
Special Tax
0.2
Sales Tax
0.1
Primary/Secondary Education
0.1
Port Facilities
0.1
Transportation
0.0
Community College
0.0
Top 10 U.S. States
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Texas
13.5
7.2
Illinois
10.1
5.2
Georgia
6.6
4.1
Pennsylvania
6.5
3.3
New York
5.9
16.4
New Jersey
5.0
4.6
Florida
4.8
2.0
Oklahoma
3.6
0.3
Cash
3.5
California
3.4
18.6
Alabama
3.2
3.3
Top 10 U.S. States
Portfolio (%)
Texas
13.5
Illinois
10.1
Georgia
6.6
Pennsylvania
6.5
New York
5.9
New Jersey
5.0
Florida
4.8
Oklahoma
3.6
Cash
3.5
California
3.4
Alabama
3.2
Credit Quality
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
11.6
14.2
AA
38.7
55.8
A
40.5
25.9
BBB
4.1
4.1
Below Invest. Grade
0.2
Not Rated
1.5
Cash & Cash Equivalents
3.5
Credit Quality
Portfolio (%)
AAA
11.6
AA
38.7
A
40.5
BBB
4.1
Below Invest. Grade
0.2
Not Rated
1.5
Cash & Cash Equivalents
3.5
Maturity
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Year 1
11.2
1.0
Year 2
9.8
15.0
Year 3
10.6
14.0
Year 4
9.6
12.0
Year 5
9.0
12.0
Year 6
7.4
10.6
Year 7
10.1
10.1
Year 8
15.8
9.6
Year 9
8.3
8.5
Year 10+
4.8
7.7
Cash
3.5
Maturity
Portfolio (%)
Year 1
11.2
Year 2
9.8
Year 3
10.6
Year 4
9.6
Year 5
9.0
Year 6
7.4
Year 7
10.1
Year 8
15.8
Year 9
8.3
Year 10+
4.8
Cash
3.5
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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