From his roots in a Minnesota farming town of 1,700, Garrett Thornburg began to show his entrepreneurial habits at a young age. He attended Harvard Business School and then founded Thornburg Investment Management in 1982 with an innovative idea he’d had as a partner at a major Wall Street firm. Our first bond mutual fund, the Limited Term Municipal Fund, emerged from that concept. Brian McMahon, now the firm’s Chief Investment Officer, joined forces with Garrett in Santa Fe in 1984. And after a few Thornburg partners had managed equities internally for years, Bill Fries was hired, marking the launch of Thornburg's first equity strategy in 1995. From 1982 to today, each new Thornburg strategy has been a natural extension of existing investment capabilities.
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.
There is no guarantee that the Fund will meet its investment objectives.
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.