• International Value
    1Q 2018 [Lei Wang, CFA, Di Zhou, CFA]
    Our bottom-up process continues leading us to interesting companies across our baskets: basic value, consistent earners, and emerging franchises.
  • Strategic Income
    1Q 2018 [Jason Brady, CFA, Lon Erickson, CFA, Christian Hoffmann, CFA, Jeff Klingelhofer, CFA]
    Volatility has presented opportunity in select names that we have been following.
  • Better World International
    1Q 2018 [Jim Gassman, Di Zhou, CFA]
    We strive to invest in high-quality, attractively priced companies that we believe have a sustainable competitive advantage.
  • International Growth
    1Q 2018 [Greg Dunn, Sean Koung Sun, CFA]
    Through our fundamentally driven process, we seek to capture the most compelling high-quality growth stocks internationally, while effectively managing risk.
  • Developing World
    1Q 2018 [Ben Kirby, CFA, Charles Wilson, PHD]
    Looking forward, volatility is higher but valuations are more attractive after the recent pull back.
  • Income and Government Bonds
    1Q 2018 [Jason Brady, CFA, Lon Erickson, CFA, Jeff Klingelhofer, CFA]
    The first quarter of 2018 marked the return of volatility from the muted levels experienced throughout 2017.
  • Municipal Bonds
    1Q 2018 [Christopher Ryon, CFA, Nicholos Venditti, CFA]
    In volatile markets, it is good to remember the benefits of Thornburg’s core laddered municipal strategies.
  • Global Opportunities
    1Q 2018 [Brian McMahon, Vinson Walden, CFA]
    We construct the portfolio, as always, on a diversified basis with risk mitigation in mind.
  • Investment Income Builder
    1Q 2018 [Brian McMahon, Jason Brady, CFA, Ben Kirby, CFA]
    Most macroeconomic indicators around the world positively surprised in 2017 and the first quarter of 2018, with the U.S. a relative laggard.
  • Core Growth
    1Q 2018 [Greg Dunn]
    Through our fundamentally driven process, we seek to capture the most compelling, high-quality growth stocks.
  • Value
    1Q 2018 [Connor Browne, CFA, Robert MacDonald, CFA]
    We believe that there are environments that are harder and those that are easier for intrinsic value–based active managers.
  • Long/Short Equity
    4Q 2017 [Connor Browne, CFA]
    We believe having some downside protection is always prudent in any portfolio, especially before the next, inevitable pullback.
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.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. This effect is more pronounced for longer-term bonds. Unlike bonds, bond funds have ongoing fees and expenses. Investments in mortgage-backed securities (MBS) may bear additional risk. Investments in lower rated and unrated bonds may be more sensitive to default, downgrades, and market volatility; these investments may also be less liquid than higher rated bonds. Investments in derivatives are subject to the risks associated with the securities or other assets underlying the pool of securities, including illiquidity and difficulty in valuation. A short position will lose value as the security's price increases. Theoretically, the loss on a short sale can be unlimited. Investments in the Funds are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

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.