Exogenous factors often knock well-positioned markets temporarily off track, sometimes repeatedly. But dislocated share prices ultimately re-align with business fundamentals, earnings growth and attractive valuations.
After false starts in the last few years, we believe emerging markets are set to deliver strong performance in the year to come thanks to accelerating and broad-based drivers.
Most muni bonds issue proceeds are used to finance social and environmental needs, a mission match for ESG investors.
As “strategic competitors,” bilateral friction won’t go away anytime soon, but extensive economic integration and shared interests should facilitate longer-term accords and investment.
Portfolio Manager Di Zhou talks about renewable energy and semiconductor stocks on "Bloomberg Daybreak: Australia."
When you ask your clients what they’re interested in passing on to their heirs, you probably expect them to discuss their financial assets. After all, in our industry we’ve been trained to believe that wealthy individuals are primarily...
China’s GDP is changing, and creating new investment opportunities. Portfolio Manager Lei Wang on which Chinese stocks should weather market turbulence, the market implications of the political turmoil in Hong Kong and prospects for European equities.
China’s GDP is changing, and creating new investment opportunities. Thornburg PM Lei Wang discusses the outlook for Chinese stocks, the market implications of the political turmoil in Hong Kong and prospects for European equities.
Why most winners of the Nobel Prize in economics couldn’t do an advisor's job.
Portfolio Manager Nick Venditti lays out what has been happening in the municipal bond market this year and the possible challenges facing this suddenly trendy asset class.
Thornburg Developing World Fund was recently a featured fund in Barron's. The article dives into the investment philosophy and process, the three-basket approach, and the many considerations that inform the team's security selection.
Jason Brady sits down with Maria Bartiromo at Fox Business to discuss the benefit of global dividends, U.S.-China trade and the reaction to last month's Fed meeting.
Supply and demand growth in liquefied gas benefits some producers more than others. For investors in U.S. upstream gas producers and Gulf Coast LNG infrastructure, caveat emptor.
Associate Portfolio Manager Josh Rubin discusses how disciplined security selection, sound portfolio construction and calibrated rebalancing can create a clear, consistent framework for value-added investing in emerging markets.
Thornburg Investment Management announced that Ben Kirby and Jeff Klingelhofer each have been appointed to the newlycreated position of head of investments.
Recent stress in repo markets reflect the confluence of a shrunken Fed balance sheet amid steady economic growth and increasing capital and liquidity regulations on banks.
Three questions and answers about retirement income in a low-rate world.
Portfolio Manager Lon Erickson provides his take on the latest 25-basis-point rate cut by the Fed. Lower rates for longer means risks continue to build in the financial system, as the Fed places a band-aid on the short-term funding market.
Longer-term investors should focus on an energy company’s structural advantages in terms of asset base quality, operational efficiency and financial discipline, not the price of oil and gas.
A rising Treasury yield amid better economic data, easing macro risk and a few more monetary injections may be spurring the rotation. Corroborating, so far, a “mid-cycle adjustment”?
Morningstar’s analysis of the Thornburg Limited Term Income Fund, based on five key pillars: Process, Performance, People, Parent, and Price.
The Wall Street Transcript conducted an in-depth interview with Jeff Klingelhofer and Christian Hoffmann about the Strategic Income / Multisector Opportunistic investment strategy. In it, Jeff and Christian took the opportunity to explain in detail the strategy’s investment approach and philosophy.
In this first segment of the All in the Family: Managing Legacy Wealth program, we will delve into how to address your practice gaps.
In this third segment of the All in the Family: Managing Legacy Wealth program, we will delve into a new standard for you and your team.
An “Ethical Will” (or “Family Legacy Letter”) is the product of an ancient tradition in which individuals share their life story, personal values, beliefs, blessings, and advice with future generations. According to Dr. Barry K. Baines, the author of Ethical Wills, “legal wills bequeath valuables, ethical wills bequeath values.”
This program consists of four presentations with multiple worksheets, checklists, and brochures. It is designed to help advisors transform their businesses into legacy wealth practices and create organic growth by capturing more assets with existing clients, cultivating relationships with family members (thereby increasing retention upon wealth transfer), and generating new business.
In order to “close the gaps” that are preventing you from operating a true Legacy Wealth Management practice, you need a plan. The plan will be based on the goals you identified in your “Vision Worksheet” and will include tactics that are based on the gaps you identified in your “Gap Analysis.” It is important to prioritize the goals you want to achieve and the gaps you want to close. If you take on too much at once, it will seem overwhelming and may cause you to abandon the process.
Thornburg CEO Jason Brady went one-on-one with Maria Bartiromo on Maria Bartiromo’s Wall Street. They discuss the Fed cut, the latest GDP number, the investing climate in Europe, and how investors should be positioned ahead of a spike in volatility.
Portfolio Manager Jeff Klingelhofer joined Yahoo! Finance to discuss the Fed's decision to cut rates for the first time in over a decade.
Portfolio Manager Jeff Klingelhofer provides his take on the 25-basis-point rate cut by the Fed. While it creates volatility short-term, more important to consider are long-term implications for investors.
The Fed is poised to join the global easing bandwagon, fueling a surge in risk asset prices. As market distortions from easy money grow, so does the importance of security selection and portfolio allocation.
Record-breaking flows to start the year have had a profound impact on the municipal market. Portfolio Manager Nick Venditti discusses the challenges and opportunities this has created for investors.
Thornburg announced that its Ireland-domiciled range of UCITS funds have been added to the Allfunds platform, the world’s largest institutional fund distribution network and the largest European platform. In addition, Thornburg’s suite of eight UCITS funds are now accessible to investors in Denmark, Finland, Italy, the Netherlands, and Norway.
Jason Brady tells Bloomberg TV's Vonnie Quinn to remain cautious moving forward, even though first quarter results produced a nice bounce back from the volatile end to 2018.
Christopher Ryon, portfolio manager and managing director on Thornburg’s municipal bond strategies, will retire on December 31, 2019. Nicholos Venditti and David Ashley, portfolio managers and managing directors, will continue to co-manage the firm’s municipal bond strategies.
After a turbulent May, China and emerging markets appear poised to resume their ascent from the first quarter, even as trade-related air pockets remain likely.
Future growth projections for electric vehicles vary dramatically, but all reflect real opportunities for fundamentals-focused investors surveying the links in supply and production chains.
Give a boost to your muni portfolio.
Ben Kirby of the $14.6 billion Thornburg Investment Income Builder Fund explains how to put dividends to work over time.
Business First talks to Garrett Thornburg about the regulatory environment – tax policy, compliance burdens, the Dodd-Frank Act, and other regulations can all impact business decisions.
Big-ticket, ultra-short notes force muni SMAs with low minimums to buy longer-term paper at rich prices, likely giving clients more heartburn than total return.
A growing body of research shows that financial advisors help investors make better decisions, which increases their investment returns.
Thornburg Investment Management Announces Launch of Low Duration Income Fund and Low Duration Municipal Fund
Thornburg Investment Management (TIM) announced today that it has launched the Thornburg Low Duration Income Fund (ticker: TLDAX and TLDIX) and the Thornburg Low Duration Municipal Fund...
Lon Erickson and Jeffrey Klingelhofer have been named portfolio managers on all of Thornburg's Global Fixed Income strategies. Nicholos Venditti was named portfolio manager on Thornburg’s...
Thornburg Investment Management announced that two of its funds, Limited Term Municipal and International Growth, received the prestigious Lipper Fund Awards for consistent performance.
Thornburg Named "Global Core Equity Manager" of the Year in Institutional Investor Magazine's 2015 U.S. Investment Management Awards
These awards recognize U.S. money managers who "stood out in the eyes of the investor community for their exceptional performance, risk management and service."
Five institutional investment strategies offered by Thornburg Investment Management were awarded the "Top Guns" distinction from Informa Investment Solutions' PSN manager ranking database for the...
Raymond James is the first U.K. wealth manager to distribute the Thornburg UCITS fund range. This will provide discretionary fund managers and fund selectors with access to Thornburg's Dublin domiciled UCITS funds.
Thornburg Investment Management announced that its Thornburg Limited Term Municipal Fund, received the prestigious Lipper Fund Award for consistent performance, for the sixth year in a row.
Two of Thornburg's fixed income funds, Thornburg Limited Term Municipal Fund and Thornburg Limited Term U.S. Government Fund, received prestigious Lipper Fund Awards.
R6 share classes have been added to Thornburg Global Opportunities Fund, Investment Income Builder Fund, Limited Term Income Fund and Strategic Income Fund.
William Mac "Carter" Sims has joined Thornburg as the Head of Global Distribution. Mr. Sims will be responsible for leading the sales and distribution efforts across the company's institutional...
As a further commitment to responsible investing, Thornburg announced that it has signed the United nations-support Principles for Responsible Investment (PRI).
Portfolio Manager Greg Dunn on Thornburg International Growth Fund: "If you look at the active share of the fund, which is a measure of how little we look like the benchmark, it is very high."
Thornburg Investment announced that two mutual funds, the Thornburg Limited Term Municipal Fund and Thornburg International Growth Fund each received the prestigious Lipper Fund Award.
Thornburg Investment Management announced three new hires on the firm’s global distribution team.
Thornburg is pleased to announce the three-year anniversary of Thornburg Better World International Fund.
Morningstar’s analysis of Thornburg Investment Income Builder Fund, based on five key pillars: Process, Performance, People, Parent, and Price.
Thornburg is pleased to announce the launch of Thornburg Strategic Income Fund, a UCITS fund domiciled in Dublin, Ireland. This unconstrained bond fund invests in a wide variety of asset classes around the world with an emphasis on higher-yielding fixed income.
Thornburg Investment Management announced that its Thornburg Investment Income Builder UCITS Fund received the prestigious Lipper Fund Award in Switzerland for consistent performance.
Thornburg Investment Management announced that its Thornburg Investment Income Builder UCITS Fund received the prestigious Lipper Fund Award in the UK for consistent performance.
Although dividends have accounted for approximately 40% of the total return of the S&P 500 Index over the past 87 years, for some reason, their importance has been overlooked. But, as more investors think about longevity and look for high and growing investments that generate high and growing income, dividends will certainly gain favor.
As an advisor who works with multiple generations of your clients’ families, you are in the position to help your clients start a tradition that guarantees future generations of their family will know about them, the life decisions they made, and the values that guided their lives. That tradition is called an ethical will.
Garrett Thornburg describes how our Vision, Mission and Values support our goals of excellence through continual improvement and adding value for our clients.
Thornburg Developing World strategy is an active investment portfolio that utilizes a flexible, bottom-up research process to uncover the best investment opportunities in the emerging markets. In this video, Portfolio Managers Ben Kirby and Charlie Wilson discuss their approach to emerging market investing.
Attractive conditions in overseas markets continue to spark opportunities for active investors, according to several international growth, value and ESG investment team members.
Far from the groupthink of Wall Street, Thornburg offers a broader view of the financial landscape. We have a disciplined approach to portfolio construction, a flexible perspective that crosses boundaries, and an adherence to access and transparency. We believe this helps investors reach their long-term goals.
PM Jeff Klingelhofer tells Su Keenan of Bloomberg TV that the fourth quarter market pullback could be an opportunity to step back into the bond market.
CEO Jason Brady discusses the impact of the Turkey crisis on financial markets with Bloomberg's Shery Ahn and Julie Hyman on "Bloomberg Markets"
CEO Jason Brady tells Chinese media outlet Caixin that he believes that the main reason for the recent devaluation of the renminbi is the Fed’s rate hike. On another level, the depreciation of the renminbi is not entirely a bad thing, but two-way floating is an important step in its journey to stability.
Portfolio Manager Jeff Klingelhofer says a "long history of doing the right thing" is an important way to look at companies, but quarterly guidance can be helpful for active investors too, on CNBC Asia's "Squawk Box".
Investors are right to be optimistic about the global economy, but need to accept that volatility will be part of the ride, says Global Fixed Income Portfolio Manager Jeff Klingelhofer.
Thornburg President and CEO Jason Brady discusses markets, volatility and the 60/40 portfolio allocation strategy on "Bloomberg Markets."
CEO Jason Brady talks with Bloomberg TV about a range of topics, from all-time market highs, the Fed’s Jackson Hole symposium, and opportunities in emerging markets.
President and CEO Jason Brady says it's important for investors to look at the fundamentals of a company during volatility instead of the headlines in an in-studio interview with Bloomberg TV.
President and CEO Jason Brady tells Bloomberg's Shery Ahn and Haidi Stroud-Watts that investors should look at dividend-paying stocks amid slowing global growth.
Consider adding VRDOs to your muni bond allocation.
Today, increases in longevity and the decisions associated with longer life are demanding that you help your clients prepare for the future. This may mean developing a plan that integrates health care, financial management and life goals into a strategy that supports and enhances their second half of life.
Retiring the traditional retirement conversation and refocusing on the longevity journey doesn’t simplify life. It challenges us to broaden our perspective and increases the importance of the decisions we make relative to our health, our wealth, and how each of us uses our life’s wisdom to prepare for an abundant second half.
Among the lingering misconceptions about emerging markets is that they are proxy plays on commodities, prices of which presumably drive returns in developing country stocks. Historical...
Portfolio duration still sits toward the lower end of our historic ranges as a balanced approach to duration and credit risk is, we believe, key to success in 2020.
Deep declines are usually followed by rebounds that leave emerging market stocks with gains by year end, as the structural tailwinds are driven by steadily expanding middle classes. Meaningful, consistent exposures to the asset class are key to capitalizing on the long-run double-digit returns.
Even before the market selloff, downtrodden value stocks were perking up as pricey growth stocks stumbled. But durable index-level shifts are harder to call than individual stock price disconnects from business fundamentals.
We are optimistic that the types of income-producing investments owned by the Thornburg Investment Income Builder Fund will continue to experience sustainable popularity.
Turns out price matters for excess returns, and that what’s worked before doesn’t necessarily persist into the future. “Many factors aren’t real.”
When you ask your clients what they’re interested in passing on to their heirs, you probably expect them to discuss their financial assets. After all, in our industry we’ve been trained to believe that wealthy individuals are primarily...
Positive catalysts are in place in all three countries, and across emerging markets valuations and earnings expectations make for a potential rebound in 2019.
The volatility of short-term rates, however, means the variable rate structure isn't a silver bullet.
Recently, much has been made about the divergence between hard and soft data on economic fundamentals in the U.S. On March 28, the Conference Board reported that its consumer confidence...
Risk to the euro resurfaces in an unlikely governing coalition and challenging economic agenda, but Italy’s top stocks don’t face the same perils as its government bonds.
Bank loan funds have been widely touted as a great way to help fixed income investors ride out a rising interest rate cycle. Also known as levered loan or senior loan funds, they are, after all, high...
One obstacle stands between our goal of educating our children and our ability to achieve it: money.
The U.S. Federal Reserve has roiled markets with its latest rate hike and comments from Chairman Jerome Powell, who disappointed many investors as insufficiently dovish in his December 19 remarks.
Team performance matters more than star players or a large resource base. And in a rapidly changing world, Totaalvoetbal can help teams adapt.
While U.S. tech giants are effective monopolies, they are so in an unconventional way, making taxing them easier than breaking them up.
Investors worried about wage and inflation data should appreciate the underlying strength of the economy, not to mention strong corporate earnings. The market volatility is creating better entry points for longer-term investors.
Most U.S. risk asset prices have enjoyed a long ride higher amid slow-but-steady economic growth, scant inflation and still ample central bank monetary support. But if fund flows are any indication of...
It appears the “Powell Put” has been exercised as the Fed chief declares no “pre-set” course on rates and no “hesitation” to change its balance sheet runoff. But does the economy still need Fed accommodation, or do markets just want it?
The trade conflict and Fed rate policy are buffeting markets at a time China was already grappling with debt challenges at home. But the volatility may be masking good economic fundamentals globally, reform efforts in China, and attractive investment opportunities.
Many forces undercut and bolster the greenback. Rather than accepting unknown risk around its near- or long-term direction, dollar-based equity investors may be better served using currency hedges so they can focus more on the individual merits of overseas securities.
The U.S. Federal Reserve has released the minutes from its March monetary policy meeting, suggesting that the unwinding of trillions of dollars in debt on its balance sheet could start later this...
Preparations ahead of a hurricane and rebuilding after it temporarily boost tax receipts in affected areas. But longer-term effects on muni markets are usually negligible.
Beyond the candidates, we're seeing a spotlight on globalization and demographics—two forces sure to steer the economy for years to come.
The political squalls blowing from north of Mexico’s border took a heavy toll on the Aztec nation’s asset prices at the beginning of the year, but as we noted a few days after Donald Trump, whose...
Emerging market assets have mostly had a gangbuster 2017 across the board, from stocks to bonds and currencies. But some macroeconomic headwinds and “idiosyncratic” or country-specific risks...
Interested in Improving Your Business Development Results? Find Out What’s Working for Other Advisors
It probably isn't lost on you that you've chosen one of the most competitive careers around. And you have less time than ever to look for new clients . . .
Every so often, a book linking spirituality to investing hits the market. While some of us consider any instance where we part with a sizeable chunk of change a spiritual experience, that isn’t the essence of spiritual investing. According to...
The old adage, “From shirtsleeves to shirtsleeves in three generations”, describes the challenge of sustaining family wealth. While it makes sense to take adages with a grain of salt...
Geopolitics is shaking global markets, with the epicenter of the latest tremors coming from the Korean Peninsula. Fiery rhetoric out of Pyongyang is nothing new. But it is certainly novel coming from the...
After nearly a decade of conservative administrations, South Koreans have elected a leftist human rights lawyer as president. Moon Jae-in's pledges to take a conciliatory tact with Kim Jong-un’s volatile regime...
If China is a master of incremental reforms to gain admission to select economic and financial circles, only to bend the rules after access is granted, MSCI appears well aware of its playbook. Whether...
European asset prices have surged since independent Emmanuel Macron emerged as the decisive winner in the first round of the French presidential election...
Robo advisers offer some advantages, but the most comprehensive financial guidance still requires human touch.
At the beginning of every year, a number of investment professionals at Thornburg voluntarily place their informal, internal-only bets on which three securities—from stocks to currencies or other financial assets—might together produce the best beta-adjusted returns in the year ahead. In 2017, the winner was Sean Sun, whose three picks included bitcoin. The cryptocurrency skyrocketed last year, of course, helping Sean win the prizeless competition by a wide margin.
The December U.S. jobs report wasn’t particularly surprising, though a couple of nuances are worth considering for fixed income investors. While the economy added 156,000 jobs, which was a bit...
Despite weaker economic data of late, the U.S. Federal Reserve matched market expectations in raising its benchmark interest rate June 14, 2017 a quarter point, setting its new range to a still highly...
China has dropped norms to allow President Xi Jinping to remain in power after his second term ends. While worrisome at first blush, the populist turn and consolidation of power likely has near-term economic and financial market benefits, and longer-term political risks.
Samsung is no longer a stodgy conglomerate (or chaebol in Korea) that just makes consumer and industrial electronic devices and equipment, along with some home appliances. Its sales of semiconductor chips and panels account for nearly half of total revenues.
Over the last 10- and 15-year periods, the MSCI emerging market consumer discretionary, consumer staples, and health care sectors have massively outperformed energy and materials. This...
China’s Baosteel Group is now the second-largest steel company in the world after ArcelorMittal, but it is the undisputed leader in the Middle Kingdom, where roughly half the world’s steel is produced. I...
The U.S. Federal Reserve has announced the October start of the slow reversal in the unprecedented expansion of its balance sheet following the 2008 Global Financial Crisis. Chairwoman Janet Yellen...
Brazilian asset prices tanked May 18 following a local media report implicating President Michel Temer in alleged hush-money payments to former lower house Speaker Eduardo Cunha, who is now...
When can a country's bluechip stocks be a bargain if they're trading at historically high forward earnings valuations after posting world-beating returns over the last two decades? Right now, if they're Indian ...
The Iditarod is considered one of the world's most grueling and dangerous races. Sled dogs travel 1,100 miles through increasingly treacherous arctic terrain. The dogs and mushers traditionally run the entire day and then rest at night...
The Central Bank of Mexico has raised the policy rate a quarter point to 7.25%, its highest level in nearly nine years. Banxico, as the Mexican monetary authority is known, had been widely expected to...
As third-quarter earnings season gets underway in earnest this week, equity market participants are expecting company fundamentals and reported results to be larger drivers of performance for large...
Investors have looked beyond divisive, populist politics in the U.S., the U.K., Spain, and elsewhere in Europe, focusing instead on accelerating global economic growth and surging industrial metals prices...
Investors interested in long/short equity mutual funds would be well advised to consider more than their much-more competitive fees vs. private hedge fund peers. To genuinely hedge the long components of a portfolio, look for lower net long exposures in a long/short equity allocation, and added value on the short side even in rising equity markets.
After falling more than 6% in a week, oil prices pared their losses Friday, May 5, rebounding 1.6% as the “tug of war” between Organization of Petroleum Exporting Countries (OPEC) and U.S. shale...
South Africa’s political tensions intensified on March 30 following President Jacob Zuma’s sweeping cabinet reshuffle, which included replacements of respected finance minister Pravin Gordhan and his deputy ...
When the curators at Merriam-Webster convene to select their Word of the Year for 2017, they might consider “Amazonization” for their short list. Since the June 15th announcement of Amazon’s...
Energy Goldilocks? Growing Oil Demand, High OPEC Compliance Meet High Inventories and Growing Non-OPEC Output
The International Energy Agency (IEA) Friday reported the best compliance on an oil output cut agreement in the history of the Organization of Petroleum Exporting Countries (OPEC). While this is...
Stocks slide on rising rates and yield curve inversion concerns, but a recession doesn't look likely, judging by other economic data and the high-yield bond market.
The Fed chairman makes clear the bar for slowing monetary tightening is higher nowadays, and argues emerging markets are much better positioned to handle higher U.S. yields than they were before.
Will emerging markets stocks rebound in 2019? Attractive valuations, strong forecast earnings growth, structural reforms, and an abating dollar headwind suggest they will.
If the efficient markets hypothesis is questionable at the stock level, it’s more so at the index level. As the number of indices skyrockets, the number of companies declines, and passive flows grow, active price discovery becomes more and more valuable.
Turkish asset prices have plummeted this year, bringing their valuations to historically low levels. That presents potentially attractive opportunities to investors looking for quality stocks at bargain-basement prices.
Yet the earnings potential of developed and emerging markets stocks is real, since they are at earlier points in their respective business cycles.
Facebook’s margins could ebb this year, but they remain at elevated levels and profits could still grow meaningfully.
EM ETFs suffered deviations in their market prices relative to their net asset values, with their total returns materially underperforming the broad emerging market index.