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John-Bonnell-1x1

John Bonnell, CFA

Portfolio Manager and Managing Director

John Bonnell, CFA, is portfolio manager and managing director for Thornburg Investment Management. He joined Thornburg’s municipal team in 2021.

John has over 30 years of municipal bond investing experience. He spent 25 years of his career at USAA where he was most recently a senior portfolio manager and, in 2010, took on responsibility for co-leading municipal bond strategies. Earlier in his career, John held credit research and municipal bond portfolio management roles at USAA. He also spent several years at Strong Capital Management and two years at OppenheimerFunds, Inc. as a senior portfolio manager.

John holds a BBA in finance from the University of Texas–San Antonio and an MBA from St. Mary’s University in San Antonio, Texas. John is a CFA charterholder.

36years in industry
4years at Thornburg

Investments Managed

Insights

2024 Outlook for Municipal Bonds
Outlook

2024 Outlook – Muni Bonds: Will the Tether to Treasuries Unravel?

In 2023, Munis and Treasuries moved in lockstep, and flow dynamics roiled the market. Investors need to be mindful of technical factors amid bountiful yields.
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Fixed Income

Are General Obligation Bonds the Safest Municipal Bonds?

Portfolio Manager & Managing Director John Bonnell argues that the true risk-return profile of GO versus revenue bonds may surprise some investors.
Thornburg Investment Management 2023 Outlook Municipal Bonds
Outlook

Income Will Once Again be the Primary Driver of Municipal Bond Returns

History suggests that 2023 could be a good year for the municipal bond market as yields and fundamentals should once again drive total return.
New York skyscrapers illuminated at dusk, the Fifth Avenue and other streets with traffic are visible as orange vibrant lines. On the horizont can be seen a new One World Trade Center also known as Freedom Tower. Midtown Manhattan, elevated view, horizontal orientation, USA.
Interest Rates

Rates-Driven Slide Masks a Strong Muni Credit Story

The Environment for Municipal Bonds Continues to Improve as Issuers Watch Revenues Surge
Ironworker prepping rebar for poued concrete floor, supply and demand and its effect on the muni market
Markets & Economy

The Supply and Demand Effect on the Muni Market

Thornburg PMs discuss important topics impacting the municipal bond market, including supply and demand, infrastructure spending and cyber security.
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Investment Tactics

Municipal Bonds May Offer Protection Against Rising Rates

Alternative municipal bond structures can offer distinct advantages in a rising rate environment, but they require a keen understanding to be used effectively.