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Welcome to Thornburg

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For Institutional / Wholesale / Professional Clients

The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.

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Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.

Disclaimers

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.

Reference to a fund or security anywhere on this website is not a recommendation to buy, sell or hold that or any other security. The information is not a complete analysis of every material fact concerning any market, industry, or investment, nor is it intended to predict the performance of any investment or market.

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Third Party Content

Certain website's content has been obtained from sources that Thornburg believes to be reliable as of the date presented but Thornburg cannot guarantee the accuracy, timeliness, completeness, or suitability for use of such content. The content does not take into account individual investor's circumstances, objectives or needs. The content is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services, nor does it constitute investment advice and should not be used as the basis for any investment decision.

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Josh-Rubin3-1x1

Josh Rubin

Portfolio Manager and Managing Director

Josh Rubin is portfolio manager for Thornburg Investment Management. He joined Thornburg in 2017, initially working with the global strategies before being named associate portfolio manager in 2018, and portfolio manager in 2021.

Before Thornburg, Josh worked at Driehaus Capital Management in Chicago, where he was first an associate portfolio manager responsible for emerging markets, and then the portfolio manager of the firm’s Global and certain U.S. strategies. Prior to Driehaus, Josh co-managed the emerging markets equity strategy at Marsico Capital Management in Denver, where he was also a senior analyst covering global companies across sectors. Before asset management, Josh held investment banking and consulting roles.

Josh earned a BSFS in international politics from the Walsh School of Foreign Service at Georgetown University.

23years in industry
7years at Thornburg

Investments Managed

Insights

The Indian flag overlays some cash bills from India
Emerging Markets

Spotlight on India: High Valuations and Other Risks to Watch

Portfolio Manager Josh Rubin reviews risks associated with investing in India, such as valuation disconnects, currency fragility and the urban/rural imbalance.
Businessman on a call walks along a ridge in front of the Taj Mahal.
Emerging Markets

Spotlight on India: Opportunities Abound, but Valuations Are High

Portfolio Manager Josh Rubin believes high valuations favor attractive “derivative” opportunities in specific sectors such as housing, health care and financials.
Prominent building in Mexico
Emerging Markets

Spotlight on India: Changing Demographics and Political Stability

Portfolio Manager Josh Rubin thinks demographics and stable economic policies are essential starting points when analyzing Indian equities.
2024 Outlook for Emerging Markets Equities
Emerging Markets

2024 Outlook – Emerging Markets: Misunderstood and Mispriced

From continuing supply chain realignment to the emergent consumer and more, these factors align for underappreciated and mispriced emerging markets in 2024.
Gears lying out face up with the Mexican flag painted over the middle one.
Emerging Markets

Emerging Markets Spotlight: Mexico on the Move, Pt.2

Josh Rubin suggests that it’s not just Mexico’s manufacturing and exports that provide investment opportunities but also consumer strength and political stability.
Burlap bags filled with products from Mexico
Markets & Economy

Emerging Markets Spotlight: Mexico on the Move, Pt.1

Portfolio Manager Josh Rubin discusses how manufacturing strength, the supply chain, rising oil prices and fiscal stability all point to opportunities in Mexico.
Blue trend lines overlaid on a city skyline
Emerging Markets

EM Policy Rates have Stabilized, but Are Yet to Fall

Josh Rubin thinks the eventual decline in Emerging Markets policy rates sets up a strong tailwind, even amid rising oil prices and a restructuring of supply chains.
A snippet of a Chinese city skyline.
Emerging Markets

Observations in Emerging Markets: A Range of Opportunities Part 1

Portfolio Manager Josh Rubin discusses investment opportunities in emerging markets especially in Latin America and the Chinese consumer sector.
City aerial view with intersections and tall skyscrapers.
Emerging Markets

Observations in Emerging Markets: A Range of Opportunities Pt. 2

Portfolio Manager Josh Rubin discusses investment opportunities in emerging markets especially in Latin America and the Chinese consumer sector.
An aerial view of a busy city skyline.
Emerging Markets

Emerging Markets Spotlight: China in Transition

Portfolio Manager Josh Rubin discusses his recent visit to China, emphasizing the need to be selective with Chinese equities as consumers regain confidence.