Thornburg Investment Management

🎉40 years ago, Thornburg's first mutual fund was launched. We're so proud to be celebrating Thornburg Limited Term Municipal Fund, and, along with it, four decades of providing investors exceptional service. #bonds #taxfreeincome Steven King MBA, Cesar Sanchez, Clint Correa, Elizabeth Coleman, Sharon Vigil, Evgenia (Eve) Lando, JD, Craig Mauermann, ChFC®, Ayman Ahmed (he/his).

Thornburg Portfolio Manager Ali Hassan remarks on the strength of the #housingmarket and where it might be headed. Watch the full webcast: https://ow.ly/cxqi50TBLyL #fixedincome

Back in 2002, during Thornburg’s 20th anniversary, Chief Investment Strategist Brian McMahon reflected on the launch of our first fund in 1984: “Our first fund, the Tax Free Municipal Lease Fund, was a bold idea—buying lease contracts between banks and municipalities. Garrett Thornburg raised $250K from investors, thinking we’d break even in 6 to 9 months. But no one had done a fund like this before, and for good reason. The leases were private and illiquid, and the SEC took seven months to approve it. Despite many meetings, a backstop program with Security Pacific Bank didn’t materialize, and finding good lease paper was tough. I spent the spring and summer of 1984 traveling across the country, pitching to dealers and brokers. By our initial offering, we raised $6.7 million—mostly from A.G. Edwards—but convincing brokers was hard. Most didn’t understand what a municipal lease even was. On our first day, we were overdrawn by $6 million due to a clearing house delay. But despite the challenges, we were officially in business, and ready to prove ourselves.” Thornburg's first 3 employees, L–R: Brian McMahon, Dawn Fischer, Steve Bohlin (Part of a series of posts celebrating the 40th anniversary of Thornburg’s first mutual fund.) #bonds #40yearsofexcellence

On September 28, 1984, Thornburg launched its first-ever investment strategy: the Limited Term Municipal Fund. The journey began in 1982 with a joint venture between Garret Thornburg and Reich & Tang, creating the Daily Tax Free Income Fund—a high-yielding tax-exempt money market fund. Fun fact: it led the nation in yields for five years, despite having some of the highest fees! Brian McMahon, now our Chief Investment Strategist, led the fund’s first purchase from Norwest Bank, closing the deal the day after Thanksgiving 1982—just hours after the bank was nearly destroyed by fire. By 1984, Brian had moved to Santa Fe to join Garrett and our first employee, Dawn Fischer. Together, they filed a prospectus for the Tax Free Municipal Lease Fund and launched Thornburg Securities Corporation to distribute the fund. After raising $6.7 million, the fund officially launched on September 28, 1984. But soon, the team realized the name and strategy were confusing. Renaming it the **Limited Term Municipal Fund** and adopting a laddered bond strategy, thanks to Brian’s insight, made all the difference. 40 years later, the fund still stays true to its mission: maximizing tax-exempt income while minimizing share value changes through a portfolio of short-term, investment-grade municipal bonds. Thank you to our loyal investors for making this 40-year journey possible! (Part of a series of posts celebrating the 40th anniversary of Thornburg’s first mutual fund.) #bonds #40yearsofexcellence

Founder Garrett Thornburg was cooking up something good besides burgers 40 years ago... our first mutual fund, Limited Term Municipal, is celebrating four decades🎉🎂 (Part of a series of posts celebrating the 40th anniversary of Thornburg’s first mutual fund.)

Double rainbows are a common sight in New Mexico, home of Thornburg's headquarters. This one appeared after a recent rainfall. Still searching for the pot of gold... 📷: COO Billy Roger's mom, Bev

Thornburg was proud to be an Elite Sponsor at the Raymond James PCG 2024 Regional Conference in Chicago this week. It was a great chance to connect with RJ advisors, hear from leadership, and network with specialists and partner firms. Thanks to Thornburg's Isabel Ozechowski MBA, MS, BS, Stephen Dedyo, Daniel Gasper and marketing expert and message strategist Mike Fox, who delivered a popular and informative keynote on brand building.

Rising rates have pushed the Bloomberg U.S. Universal Index below $92, near unprecedented levels. As #bonds approach maturity, a return to par may offer investors additional performance beyond coupon payments, creating a unique #fixedincome opportunity, making now a good time to shift cash into bonds. Here's why: https://ow.ly/T5CR50TpoYr

A quick rundown of September’s Fed decision from Thornburg’s Head of Fixed Income Christian Hoffmann: • Today’s rate cut of 50 bps surprised some investors. • A rare dissenting vote hints at internal Fed disagreements. • The meeting minutes will be a compelling read—especially with the first dissent from a Governor since 2005. • Powell’s dovish stance at Jackson Hole remains consistent. • Bonds and stocks had mixed reactions. • Market is pricing in pace of cuts well in excess of what the Fed has communicated. #federalreserve #economicoutlook #investing

Thornburg Portfolio Manager Lon Erickson spoke with Endowus, a Hong Kong funds platform, and warns that rising #unemployment and growing delinquencies could signal economic trouble ahead, despite resilient consumer spending. Here's more: https://ow.ly/blRh50ToGKA #economy