• Long/Short Equity
    1Q 2019 [Connor Browne, CFA, Bimal Shah, CFA]
    Analysts at Thornburg are challenged to think about very different sorts of businesses and compare them to one another. This is different than how many of our competitors are organized.
  • International Growth
    1Q 2019 [Greg Dunn, Sean Koung Sun, CFA]
    We will continue seeking out ownership of high-quality businesses with exceptional long-term growth profiles.
  • Income and Government Bonds
    1Q 2019 [Jason Brady, CFA, Lon Erickson, CFA, Jeff Klingelhofer, CFA]
    Generally, taking potential volatility out of portfolios in both credit and rates makes sense while the cost of doing so is currently minimal.
  • International Value
    1Q 2019 [Lei Wang, CFA, Di Zhou, CFA]
    We continue to evaluate the attractiveness of and allocation to each stock from a fundamental bottom-up perspective.
  • Global Opportunities
    1Q 2019 [Brian McMahon, Vinson Walden, CFA]
    Given our focus on fundamental progress and the intrinsic values of the businesses in the portfolio, we remain constructive about the long-term outlook for the strategy.
  • Developing World
    1Q 2019 [Ben Kirby, CFA, Charles Wilson, PHD]
    Structural, long-term capital opportunities exist across emerging market equities, but can be accompanied by short-term volatility. We believe great companies can still rise to the challenge and distinguish themselves over the long term.
  • Municipal Bonds
    1Q 2019 [David Ashley, CFA, Christopher Ryon, CFA, Nicholos Venditti, CFA]
    The worst mistake to make at this point in the cycle would be to take risk when we are not being compensated to do so. Patience is now more of a virtue than before.
  • Investment Income Builder
    1Q 2019 [Jason Brady, CFA, Matt Burdett, Ben Kirby, CFA, Brian McMahon]
    Following the largest annual price declines since 2008 for U.S. and many other equity markets in the December 2018 quarter, prices bounced back by double-digit percentages in most global equity markets in the March quarter.
  • Better World International
    1Q 2019 [Jim Gassman, Di Zhou, CFA]
    Structural, long-term capital opportunities exist across emerging market equities, but can be accompanied by short-term volatility. We believe great companies can still rise to the challenge and distinguish themselves over the long term.
  • Strategic Income
    1Q 2019 [Jason Brady, CFA, Lon Erickson, CFA, Christian Hoffmann, CFA, Jeff Klingelhofer, CFA]
    At this stage of the credit cycle, individual security selection across industries, credit quality, maturities and region are likely to be key drivers of investor results.
  • Core Growth
    1Q 2019 [Ted Chang, Greg Dunn]
    We will be opportunistic in adding more of these attractive businesses at discounted valuations.
  • Value
    1Q 2019 [Connor Browne, CFA, Robert MacDonald, CFA]
    We have long focused on building a culture that supports great stock pickers in their pursuit of undervalued investment opportunities.
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.

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.