• China Pivots to Face an Imperfect Storm
    December 2018 [Charles Wilson, PhD]
    Even before the trade conflict arose, China's economy was slowing on a hangover from prior stimulus. But Beijing is now drawing from a new playbook to foment healthier growth.
  • Beware High Yield’s Siren Song
    September 2018 [Charles Roth]
    High-yield credit has had a banner 2018 as technical flows, fundamental factors, and good economic growth aligned. But its buoyant performance could quickly capsize under the overall growth of the debt market, tight spreads, lofty net leverage, event risk, and a tidal wave of coming maturities. While there’s certainly reason to recommend select exposures in the segment, a highly asymmetric broader risk/reward profile shouldn’t be underestimated
  • The Efficiency Factor in Stock vs. Index Picking
    September 2018 [Charles Roth]
    If the efficient markets hypothesis is questionable at the stock level, it’s more so at the index level.

  • Tax Efficiency Enhances Return
    August 2018 [Danan Kirby, CFA, Limited Term Income]
    With the asset management industry growing in complexity and sophistication, financial advisors are being called upon more and more to decipher and interpret an ever-changing tax code and its possible impact to a client’s portfolio. These potential tax implications introduce an added layer of tax-efficiency due diligence that advisors must undertake in order to effectively and prudently manage their clients’ assets.
  • Investment Team Travelogue: India's Changing Mindset
    June 2018 [Sachin Kashyap]
    India is changing socially and economically, with financials, telecoms and IT paving the way and providing attractive, long-term investment opportunities.

  • Tax Reform Moves the Needle on U.S. Corporate Tax Competitiveness
    Updated May 2018 [Charles Roth]
    If U.S. tax reform modestly boosts economic growth and deepens the fiscal deficit, its benefits for smaller companies are significant. It also ends incentives that spurred bigger U.S. firms to decamp to lower-tax jurisdictions abroad.
  • Rather Than Tackling Underlying Challenges, Central Banks’ Playbook Makes Them Worse
    June 2016 [Jeff Klingelhofer, CFA, Charles Roth, Global Fixed Income]
    Major central banks have spent trillions of dollars and several years trying to stoke structurally challenged economic growth, but their efforts have resulted in inflated asset prices, increased market volatility and heavier debt loads that weigh on growth.

  • Endowment Spending Policy
    April 2018 [Firm Insights]
    A spending plan can help retirees balance the desire to maintain a consistent lifestyle with the need to preserve assets for a retirement that could last 30 to 40 years. How should the spending amount change over time? A plan that accounts for fluctuations in market performance may be prudent.
  • The Laddered Bond Portfolio
    2018 [Bond Funds]
    Many financial advisors recommend bonds and bond funds as a part of their clients' investment portfolios, both for their perceived safety and yield. However, not all bonds and bond funds are the same, and investors are often lured by higher yields into high-risk bond strategies, only to expose themselves to increased losses..
  • Building a Cash Flow Reserve Ladder
    March 2018 [Firm Insights]
    How do retirees avoid selling their hard-earned retirement assets at the wrong time? The all-important “buy low and sell high” discipline is out of reach when forced to sell in a bear market. A cash flow reserve ladder can provide the needed stability and flexibility.
  • Understanding the Confucian in Xi’s Populism
    March 2018 [Charles Roth]
    Thornburg Portfolio Manager Lei Wang weighs in on the populist turn in China, which is among a growing contingent of populist nations.
  • The Value of Dividends in Retirement
    March 2018 [Firm Insights]
    Over the past eighty-seven years, dividends have accounted for over 40% of the total return for the S&P 500 Index. The importance of dividends has been an often overlooked part of investing, but will continue to come to the forefront as baby boomers prepare for retirement and look for high and growing income-generating investments.
  • Beijing's Reforms Reveal Blue Skies
    Updated July 2018 [Charles Wilson, PhD]
    China’s supply-side reforms are having a real impact on its economy and environment, and creating attractive, if not immediately apparent, investment opportunities for flexible valuation-sensitive investors.
  • ESG Momentum Stocks: Sustainable Investing’s Diamonds in the Rough
    Updated July 2018 [Charles Roth]
    A company's efforts to improve its sustainability are often a better gauge of future success than its current ESG (Environmental, Social and Governance) score.
  • Navigating the Economic and Market Crosscurrents to Come
    January 2018 [Jason Brady, CFA]
    Why are U.S. financial conditions easing as the Fed tightens monetary policy? Is the Phillips Curve finally showing signs of life? Are ETFs liquid? What are today’s challenges to portfolio construction and asset allocation? Thornburg CEO Jason Brady answers these questions, and more.
  • 2018 and Beyond: Riding Disruptive Innovation's Return Curve
    Updated July 2018
    Disruptive technology is reshaping the world, driving efficiency and productivity up and costs down across all sectors of the economy. Companies that don’t keep up will be left behind. Which are leading the charge? Which are adapting? Which stand to benefit?

  • Overcoming Selection Bias in Assessing Long/Short Equity Strategies
    February 2018 [Long/Short Equity]
    The criteria for picking a long/short equity fund matter for investors who are serious about portfolio diversification, downside protection and hedging risk in equity markets that have gone from one record high to the next.
  • The Sun Also Shines on Highly Active Managers and Astute Financial Advisors
    February 2018 [Charles Roth]
    As robo advisors join passive investing’s parade, interested investors would be well advised to do their due diligence on robo shops and their reliance on passive products. Just as performance among financial advisors and active mutual fund managers varies, it also varies among robo advisors.

  • Active Investment Synthesis: No Boundary, Comparative Advantage, Collaborative Success
    Updated January 2018 [Firm Insights]
    While deep industry knowledge is very important, investment outcomes are even more important. We believe the interdisciplinary approach leads to better investment decisions because we’re evaluating opportunities across sectors, geographies, industries.
  • Making Sense of the Currency Effect in Foreign Equities Investing
    November 2017 [Todd Wax, CFA]
    U.S. investors in international markets would be well advised to understand the impact that currency fluctuations have on their international portfolio, especially when translated back into U.S. dollars.
  • Unlocking Relative Value: Optimizing Team Structure for Multi-Sector Fixed Income Investing
    September 2017 [Jeff Klingelhofer, CFA, Josh Yafa, Global Fixed Income]
    Flexible cross-asset oriented investment teams are positioned to assess fundamentals and valuations across discreet asset classes, facilitating relative value tradeoffs and improving the potential for superior risk-adjusted returns.
  • Laddered Bond Portfolios: Built to Perform in Rising Rate Environments
    Updated May 2018 [Josh Yafa, The Laddered Bond Portfolio]
    In this white paper, Josh Yafa, director of client portfolio management, discusses the benefits of laddered bond portfolios and analyzes their performance vs. barbell and bullet bond strategies during periods of rising interest rates.
  • Inside Thornburg Long/Short Equity Fund
    August 2017 Updated June 2018 [Connor Browne, CFA, Long Short Equity Fund]
    Portfolio Manager Connor Browne sits down for a Q&A to discuss Thornburg's new liquid alternative product.
  • The Fading Masters of the Universe and Their Liquid Alt Heirs
    February 2017 [Charles Roth]
    Rather than cut exposure to hedging strategies, diversification and risk mitigation may well be more important today for appropriate portfolio allocation than they have been for some time.
  • The Elevated Risks of Safe Stocks
    September 2016 [Charles Roth]
    Normally safe, dividend-paying stocks have attracted major inflows, spiking prices. But their now elevated valuation multiples aren’t supported by earnings growth. The risks of a correction in these “expensive defensives” are running increasingly high as the threat of rising interest rates grows.
  • Sustainable Investing as Performance Investing
    Updated March 2018[Better World International]
    Empirical evidence demonstrates that Environmental, Social and Governance (ESG) investing can outperform non-ESG strategies over time.
  • The Benefits of Active Bond Laddering
    Updated March 2018 [Christopher Ryon, CFA, Tax-Exempt Bonds]
    One of the tools we use at Thornburg to manage fixed income is laddering. Laddering is not exclusively a passive investment strategy. Rather, it is simply one of many techniques managers have at their disposal to control duration. See how a hypothetical ladder structure outperforms barbell structure over a 16-year period.
Important Information
Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing.

There is no guarantee that the investment objectives will be met.

The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management, Inc. This information should not be relied upon as a recommendation or investment advice and is not intended to predict the performance of any investment or market.

Any securities, sectors, or countries mentioned are for illustration purposes only. Holdings are subject to change. Under no circumstances does the information contained within represent a recommendation to buy or sell any security.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities Corporation.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities Corporation (TSC) does not act as broker of record for investors.