• Tax Reform Moves the Needle on U.S. Corporate Tax Competitiveness
    January 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.
  • Overcoming Selection Bias in Assessing Long/Short Equity Strategies
    December 2017 [Stephen Jimenez, 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.
  • 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.
  • Rally in Emerging Market Equities Peaking, or Just Beginning?
    June 2017 [Charles Wilson, PhD, Developing World]
    Emerging market stocks should be a permanent part of portfolio allocation. But for those wondering whether they’ve missed the opportunity to establish or build their exposure to the asset class, it appears the cycle tailwinds lifting developing country stocks have just begun.
  • Laddered Bond Portfolios: Built to Perform in Rising Rate Environments
    Updated May 2017 [Josh Yafa, The Laddered Bond Portfolio]
    In this white paper, Josh Yafa, client portfolio manager, discusses the benefits of laddered bond portfolios and analyzes their performance vs. barbell and bullet bond strategies during periods of rising interest rates.
  • Active Investment Synthesis: No Boundary, Comparative Advantage, Collaborative Success
    Updated August 2017 [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.

  • The Sun Also Shines on Highly Active Managers and Astute Financial Advisors
    May 2017 [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.

  • 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.
  • 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.

  • The Value of Dividends in Retirement
    June 2016 [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.
  • Building a Cash Flow Reserve Ladder
    December 2017 [Firm Insights]
    One of the challenges that confronts retirees and their advisors is how to prevent having to sell their hard earned retirement assets at the wrong time. We have all heard the age old investment adage “Buy Low and Sell High,” which tells us to buy assets when they are out of favor but to time the disposition of the assets when the markets are in your favor.
  • Endowment Spending Policy
    June 2016 [Firm Insights]
    Retirees and their advisors should thoughtfully establish a spending plan to balance the desire to maintain a consistent lifestyle with preserving assets for a retirement that could last 30 to 40 years. To achieve this balance, a spending policy should be developed to determine what percentage of the retirement savings will be spent initially and how this amount will change over time to reflect the effects of inflation and the performance of the underlying investment portfolio.
  • Sustainable Investing as Performance Investing
    Updated May 2016 [Rolf Kelly, CFA, Better World International]
    Empirical evidence demonstrates that Environmental, Social and Governance (ESG) investing can outperform non-ESG strategies over time.
  • Beta Isn't Better
    January 2016 [Charles Wilson, PhD, Developing World, Emerging Views]
    Analyzing the relationship between beta and returns reveals that investors generally aren’t compensated for the risks associated with higher beta stocks. Over time, lower beta stocks tend to offer the most attractive returns, our research shows.

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 our literature center. 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.