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Welcome to Thornburg

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Please review our Terms & Conditions

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.


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.


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.

All opinions and estimates included on this website constitute judgements of Thornburg as at the date of this website and are subject to change without notice.

All information and contents of this website are furnished "as is." Data has been obtained from sources considered reliable, but Thornburg makes no representation as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg disclaims, to the fullest extent of the law, any implied or express warranty of any kind, including without limitation the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

If you live in a state that does not allow disclaimers of implied warranties, our disclaimer may not apply to you.

Although Thornburg intends the information contained in this website to be accurate and reliable, errors sometimes occur. Thornburg does not warrant that the information to be free of errors, that the functions contained in the site will be uninterrupted, that defects will be corrected or that the site and servers are free from viruses or other harmful components. You agree that you are responsible for the means you use to access this website and understand that your hardware, software, the Internet, your Internet service provider, and other third parties involved in connecting you to our website may not perform as intended or desired. We also disclaim responsibility for damages third parties may cause to you through the use of this website, whether intentional or unintentional. For example, you understand that hackers could breach our security procedures, and that we will not be responsible for any related damages.

Thornburg Investment Management, Inc. is regulated by the U.S. Securities and Exchange under U.S. laws which may differ materially from laws in other jurisdictions.

Online Privacy and Cookie Policy

Please review our Online Privacy and Cookie Policy, which is hereby incorporated by reference as part of these terms and conditions.

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.


No determination has been made regarding the suitability of any securities, financial instruments or strategies for any investor. The website's content is provided on the basis and subject to the explanations, caveats and warnings set out in this notice and elsewhere herein. The website's content does not purport to provide any legal, tax or accounting advice. Any discussion of risk management is intended to describe Thornburg's efforts to monitor and manage risk but does not imply low risk.

Limited License and Restrictions on Use

Except as otherwise stated in these terms of use or as expressly authorized by Thornburg in writing, you may not:

  • Modify, copy, distribute, transmit, post, display, perform, reproduce, publish, broadcast, license, create derivative works from, transfer, sell, or exploit any reports, data, information, content, software, RSS and podcast feeds, products, services, or other materials (collectively, "Materials") on, generated by or obtained from this website, whether through links or otherwise;
  • Redeliver any page, text, image or Materials on this website using "framing" or other technology;
  • Engage in any conduct that could damage, disable, or overburden (i) this website, (ii) any Materials or services provided through this website, or (iii) any systems, networks, servers, or accounts related to this website, including without limitation, using devices or software that provide repeated automated access to this website, other than those made generally available by Thornburg;
  • Probe, scan, or test the vulnerability of any Materials, services, systems, networks, servers, or accounts related to this website or attempt to gain unauthorized access to Materials, services, systems, networks, servers, or accounts connected or associated with this website through hacking, password or data mining, or any other means of circumventing any access-limiting, user authentication or security device of any Materials, services, systems, networks, servers, or accounts related to this website; or
  • Modify, copy, obscure, remove or display the Thornburg name, logo, trademarks, notices or images without Thornburg's express written permission. To obtain such permission, you may e-mail us at info@thornburg.com.

Severability, Governing Law

Failure by Thornburg to enforce any provision(s) of these terms and conditions shall not be construed as a waiver of any provision or right. This website is controlled and operated by Thornburg from its offices in Santa Fe, New Mexico. The laws of the State of New Mexico govern these terms and conditions. If you take legal action relating to these terms and conditions, you agree to file such action only in state or federal court in New Mexico and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.


You acknowledge and agree that Thornburg may restrict, suspend or terminate these terms and conditions or your access to, and use, of the all or any part this website, including any links to third-party sites, at any time, with or without cause, including but not limited to any breach of these terms and conditions, in Thornburg's absolute discretion and without prior notice or liability.

Give Us a Call

Fund Operations


Always on and ready to capture alpha.

Equity investing unbound by market silos and tuned to the interplay of market signals.

As an independent asset manager and a team of free-thinkers, we’re able to take in a wide range of opportunities, explore stock ideas thoroughly and work together to deliver consistent risk-adjusted performance. Our research combines multiple inputs including ESG factors, applying quantitative and qualitative criteria to individual securities, resulting in highly selective portfolios that seek to outperform over the long term.

Global Opportunities

A flexible, focused equity portfolio that explores investment opportunities from around the globe and across market capitalization. The strategy executes a bottom-up, fundamental research process to identify and select quality, undervalued businesses with a defined path to success and value creation.

30-40 Companies diversified by countries and sectors

The Global Opportunities Strategy has the flexibility to pursue investment opportunities from around the world and across market capitalization. The team applies fundamental research to identify companies that we believe have quality business models, trading at a discount to long-term intrinsic value, and have a defined path to success.

International Equity

A focused, diversified international equity portfolio that includes promising companies from both developed and emerging markets outside the U.S.  The strategy executes a rigorous, fundamental research process focused on buying sustainable businesses with sound business fundamentals, trading at a discount to their intrinsic value and a defined path to success.


The International Equity Strategy employs a rigorous bottom-up research process to identify promising stocks of non-U.S. companies in both developed and emerging markets with sound business fundamentals trading below their intrinsic value. The concentrated core portfolio typically holds 45 to 70 mostly large cap stocks diversified by sector, industry and geography. Our three-basket approach to portfolio construction ensures style diversification in an attempt to reduce volatility.

Emerging Markets Equity

The Emerging Markets Equity Strategy employs a bottom-up, fundamental approach to investing, and targets a core return profile across the market cap spectrum, focusing on the strong businesses that are attractively valued and have well identified paths to success.


The Emerging Markets Equity Strategy employs a bottom-up, fundamental approach to investing, and targets a core return profile across the market cap spectrum, focusing on strong businesses that are attractively valued and have well identified paths to success. A defining aspect of the strategy is a three-basket approach to portfolio construction which mitigates benchmark-relative risk, ensures a balanced style exposure and allows stock selection to be the main alpha driver.

Personal ESG Portfolios

Active, Integrated ESG Investing
– Personalized for You


Investing with ESG criteria can mean different things to different people. Why not create a portfolio that reflects your priorities and values?



U.S. Equity

We offer two U.S. equity portfolios that invest in small and mid-capitalization companies.  The Small/Mid Cap Growth strategy applies fundamental analysis to identify high quality companies in the early stages of their growth and which we believe will deliver attractive risk-adjusted returns over the long term.  The Small/Mid Cap Core portfolio is a diversified strategy to include industry leading stocks, but also includes companies with consistent and emerging growth characteristics.


The Small/Mid Cap Core Strategy employs rigorous bottom-up, fundamental analysis to identify high quality companies which we believe will deliver attractive risk-adjusted returns over the long term. Consisting primarily of U.S. companies, the portfolio is diversified to include basic value stocks, consistent earners, and emerging franchises. The strategy focuses primarily on companies in the mid- and small-capitalization range.

Latest Insights
Young man checks his airline status against his mobile ticket.
Markets & Economy

Observations: Recession and Reversion to the Mean

Co-Heads of Investments Ben Kirby and Jeff Klingelhofer discuss the wait for a recession in the U.S. and the relative attraction of international equities.
Ozempic Insulin injection pen or insulin cartridge pen for diabetics. Medical equipment for diabetes parients.
International Growth

Therapies for Treating Obesity Create XL Opportunities

Groundbreaking new anti-obesity drugs are poised to revolutionize the healthcare industry, giving way to tremendous opportunities for investors.
Man removing red domino from a line. Signifies the recognition and management of risk.
Risk Management

Active Portfolios Require Active and Evolving Risk Management

Portfolio managers can't know every potential interplay among holdings through fundamental research alone. Our Portfolio Analytics and Risk Team provides key insights.
Woman sits at desktop in her office analyzing financial records
Markets & Economy

Observations: Balance Sheets, Market Breadth & U.S. Leadership

Co-Heads of Investments Ben Kirby and Jeff Klingelhofer discuss consumer, corporate and government balance sheets, market breadth and ex-US valuations.
Person holds rope in between their hands
Markets & Economy

Observations: Recession, Rate Hikes and Low Volatility

Co-Heads of Investments Ben Kirby and Jeff Klingelhofer discuss the chance of a recession in the U.S., continued Fed tightening and low volatility.
Yellow tunnel narrows as light shines in from the end.
International Growth

Why are so few stocks driving the market this year?

International Growth Portfolio Manager Nick Anderson reminds investors that while this year's market breadth is narrower than usual, market breadth is a myth.