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Overall Morningstar Rating among 262 Muni National Intermediate funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 5 stars, 5 stars and 4 stars among 262, 240 and 176 funds, as of 30 Sep 2024.
As of 30 Sep 2024
Fund Assets
$1.0 B
As of 30 Sep 2024
NAV
$13.17
As of 1 Nov 2024
Change
$0.00
As of 1 Nov 2024
YTD NAV Performance
1.92%
As of 1 Nov 2024
Asset Category:
Municipal Bond
Fund Benchmark:
ICE BofA 3-15 Year U.S. Municipal Securities Index
Actively managed diversified portfolio of intermediate-term investment grade municipal bonds with an average maturity of three to ten years and duration of four to six years.
Proven bottom-up fundamental approach that incorporates a top-down macroeconomic overlay to identify what we perceive to be the most attractive opportunities on a relative value basis across geographic regions, sectors, issuers and revenue streams.
Relative value philosophy that seeks to maximize tax-exempt income while minimizing changes in its share value. The fund focuses on identifying attractive value in the investment-grade municipal bond market. We apply a strict discipline of fundamental credit research and strive to produce an attractive dividend while avoiding the long maturities that are most vulnerable to interest-rate swings.
Investment Objective
The fund’s goal is to provide investors with as high a level of current income exempt from federal individual income tax as is consistent with preservation of capital. The fund also seeks to reduce share price volatility compared to longer-term bond portfolios.
Investment Approach
The fund is an actively managed diversified portfolio of municipal bonds. The investment team 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 to manage duration, hedge against interest rate fluctuations and limit taxable events.
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
2.12
8.81
0.32
1.41
2.32
—
Morningstar Category Avg. (%)
2.89
9.51
0.14
1.21
2.02
—
Morningstar Quartile
—
3
1
1
2
—
YTD
1y
3y
5y
10y
Inception
Total Return (%)
1.91
8.39
0.60
1.35
1.95
3.80
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
0.70
8.02
-0.07
1.09
2.13
—
Morningstar Category Avg. (%)
2.89
9.51
0.14
1.21
2.02
—
Morningstar Quartile
—
3
1
1
2
—
YTD
1y
3y
5y
10y
Inception
Total Return (%)
3.06
9.08
2.52
8.22
23.24
191.06
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
2.12
8.81
0.95
7.25
25.75
—
YTD
1y
3y
5y
10y
Inception
Total Return (%)
1.91
8.39
1.81
6.92
21.27
187.82
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
0.70
8.02
-0.22
5.57
23.42
—
2018
2019
2020
2021
2022
2023
Total Return (%)
0.81
5.90
4.06
1.23
-6.13
5.71
ICE BofA 3-15 Year U.S. Municipal Securities Index (%)
1.45
7.01
4.96
0.94
-6.64
5.41
Source: Confluence
Periods less than one year are not annualized.
Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.
The maximum sales charge for the Fund's A shares is 2.00%. C shares include a 0.60% contingent deferred sales charge (CDSC) for the first year only. There is no up-front sales charge for class I shares.
Morningstar quartile ranking for Muni National Interm category is based on total returns before sales charges for 1, 3, 5 and 10 years, among 289, 262, 240 and 176 funds, respectively, as of 30 Sep 2024.
Share class inception dates: A shares, 22 Jul 1991; C shares, 1 Sep 1994; I shares, 5 Jul 1996.
Holdings within the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.
Cash includes cash and cash equivalents. Weights are percentages of total portfolio unless otherwise noted.
Percentages may not add up to 100 due to rounding.
Portfolio Managers
Portfolio Managers
David Ashley, CFA
Portfolio Manager and Managing Director
David Ashley is portfolio manager for Thornburg Investment Management. He joined Thornburg as associate portfolio manager in 2011 and was named portfolio manager in 2019. Dave earned a BS in finance and MBA from the University of Delaware in 2001. He is also a CFA charterholder. Prior to joining Thornburg Investment Management, Dave was a credit analyst for Wilmington Trust…
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…
Eve Lando is portfolio manager for Thornburg Investment Management. She joined Thornburg's municipal team in 2019 as associate portfolio manager and was named portfolio manager in 2020. Eve holds a BA in urban studies from Columbia University and a JD from Brooklyn Law School, with a concentration in business law studies. She has extensive experience in municipal bond research and…
This communication is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.
Investments carry risks, including possible loss of principal. 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. Unlike bonds, bond funds have ongoing fees and expenses. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.
A bond credit rating assesses the financial ability of a debt issuer to make timely payments of principal and interest. Ratings of AAA (the highest), AA, A, and BBB are investment-grade quality. Ratings of BB, B, CCC, CC, C and D (the lowest) are considered below investment grade, speculative grade, or junk bonds.
Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.
Income earned from municipal bonds is exempt from regular federal and in some cases, state and local income tax. Income may be subject to the alternative minimum tax (AMT).
Neither the payment of, or increase in, dividends is guaranteed.
The laddering strategy does not assure or guarantee better performance than a non-laddered portfolio and cannot eliminate the risk of investment losses.
Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.
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 LLC.
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 LLC (TSL) does not act as broker of record for investors.
The Fed looks set to cut interest rates this week, prompting a re-evaluation of fixed income strategies. There are strategies and opportunities in fixed income to exploit.
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