Fixed Income

The Limited Term Income Strategy employs a flexible and highly active approach to construct a core portfolio of U.S. dollar–denominated short/intermediate investment grade bonds. It is designed for stability, capital preservation and moderate interest rate exposure. The strategy seeks to drive returns through income and superior relative value issue selection in a dynamically changing fixed income environment.

The Limited Term U.S. Government Strategy is an actively managed portfolio of high quality short/intermediate-term obligations issued by the U.S. government, its agencies or instrumentalities with an average maturity of five years or less. The strategy seeks to provide income consistent with the preservation of capital and lower volatility relative to core bond strategies.

The Ultra Short Income Strategy employs a flexible and highly active approach to invest in a broad range of primarily investment grade, ultra-short maturity fixed income and money market securities. The strategy seeks to reduce price fluctuations compared to longer duration portfolios by maintaining an average duration of normally no more than one half (0.5) of a year while providing current income consistent with the preservation of capital.

The Corporate Bond Strategy is built around a highly active approach, seeking competitive total return versus the Bloomberg U.S. Intermediate Corporate Bond Index over a full market cycle with lower volatility. The strategy invests in investment-grade corporate bonds diversified broadly across industries, issuers, and regions.

The High Yield Strategy is built around a highly active and flexible approach, seeking to provide an attractive risk-adjusted return and outperform the Bloomberg U.S. Corporate High Yield Bond Index over a full market cycle with lower volatility. The strategy invests primarily in high yield corporate bonds but broadens the investment opportunity set to capture additional high yielding opportunities with superior relative value attributes.

The Intermediate Term Municipal Strategy is an actively managed diversified portfolio of municipal bonds with an average maturity of three to ten years and average duration range of four to six 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.

The Strategic Municipal Income Strategy is an actively managed diversified portfolio of municipal bonds with an average effective duration range between one to ten years. The portfolio can invest up to 50% in below investment grade. 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

The Short Duration 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 one to three 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.

The Municipal Total Return Strategy is an actively managed portfolio that primarily invests in investment grade, intermediate municipal bonds, as well as shares of a completion fund¹ managed by Thornburg. The completion fund provides access to securities across the credit and maturity spectrum that are difficult, or not feasible, to include in a separately managed account. The strategy seeks to provide tax-exempt income and total return.

¹The completion fund is a series of Thornburg Investment Trust, a diversified, open-end management investment company registered under the Investment Company Act of 1940. Shares of the completion fund are only available for purchase and redemption by or on behalf of separately managed account clients where Thornburg has an agreement with the managed account program’s sponsor, or directly with the client. No direct offering or promotion of this fund is made hereby.