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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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Thornburg New York Intermediate Municipal Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 42 Muni New York 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, 4 stars and 3 stars among 42, 42 and 35 funds, as of 31 Jan 2024.

As of 31 Jan 2024
Fund Assets
$24.6 M
As of 31 Jan 2024
NAV
$12.02
As of 24 Jan 2024
Change
$0.00
As of 24 Jan 2024
YTD NAV Performance
-0.81%
As of 24 Jan 2024
Asset Category:
Municipal Bond
Fund Benchmark:
ICE BofA 3-15 Yr US Muni

Portfolio Managers

Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Fund?

 

  • Actively managed diversified portfolio of investment-grade municipal bonds issued by New York entities with an average maturity of three to 10 years and duration of four to six years.
  • Proven bottom-up fundamental approach that employs a relative value framework across sectors, issuers and revenue streams.
  • Tax-efficient fund seeks to provide New York investors with income that is tax-exempt at the state and federal level while minimizing changes in its share value.

Investment Objective

The fund’s goal is to provide investors with as high a level of current income exempt from federal and New York State individual income taxes 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 issued by the state of New York. The investment team aims to match municipal market structure and deal flow through a relative value framework that operates across geography, sectors, issuers and revenue streams. Operating as generalists, team members participate in all key aspects of investment management: credit research, trading, portfolio construction and risk oversight.

Performance

Performance

Returns

(As of 31 Dec 2023)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
5.09
5.09
0.04
1.65
2.00
3.49
ICE BofA 3-15 Yr US Muni (%)
5.41
5.41
-0.22
2.21
2.67
4.26
Morningstar Category Avg. (%)
5.36
5.36
-0.55
1.59
2.09
Morningstar Quartile
3
1
2
3
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-0.34
3.04
-0.21
1.45
1.84
3.47
ICE BofA 3-15 Yr US Muni (%)
-0.30
2.45
-0.51
1.95
2.47
4.23
Morningstar Category Avg. (%)
-0.15
2.68
-0.83
1.41
1.92
Morningstar Quartile
1
1
2
3
YTD
1y
3y
5y
10y
Inception
Total Return (%)
5.09
5.09
0.11
8.50
21.94
146.79
ICE BofA 3-15 Yr US Muni (%)
5.41
5.41
-0.66
11.57
30.13
199.71
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-0.34
3.04
-0.64
7.45
20.05
145.94
ICE BofA 3-15 Yr US Muni (%)
-0.30
2.45
-1.51
10.13
27.60
198.81
2018
2019
2020
2021
2022
2023
Total Return (%)
0.48
4.90
3.32
0.64
-5.34
5.09
ICE BofA 3-15 Yr US Muni (%)
1.45
7.01
4.96
0.94
-6.64
5.41
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
1.11
Net Expense Ratio (%)
0.67
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Jan 2024)
(Hypothetical Growth of $10,000 vs ICE BofA 3-15 Yr US Muni)
Distributions

Distributions

(As of 31 Jan 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 2010
31 Jan 2010
0
26 Feb 2010
28 Feb 2010
0.04047
0.04047
31 Mar 2010
31 Mar 2010
0.03939
0.03939
30 Apr 2010
30 Apr 2010
0.03916
0.03916
28 May 2010
31 May 2010
0.03729
0.03729
30 Jun 2010
30 Jun 2010
0.03635
0.03635
30 Jul 2010
31 Jul 2010
0.03689
0.03689
31 Aug 2010
31 Aug 2010
0.03709
0.03709
30 Sep 2010
30 Sep 2010
0.03759
0.03759
29 Oct 2010
31 Oct 2010
0.03697
0.03697
30 Nov 2010
30 Nov 2010
0.03783
0.03783
31 Dec 2010
31 Dec 2010
0.03702
0.03702
31 Jan 2011
31 Jan 2011
0.03692
0.03692
28 Feb 2011
28 Feb 2011
0.03931
0.03931
31 Mar 2011
31 Mar 2011
0.03828
0.03828
29 Apr 2011
30 Apr 2011
0.03931
0.03931
31 May 2011
31 May 2011
0.03801
0.03801
30 Jun 2011
30 Jun 2011
0.03732
0.03732
29 Jul 2011
31 Jul 2011
0.03552
0.03552
31 Aug 2011
31 Aug 2011
0.03679
0.03679
30 Sep 2011
30 Sep 2011
0.03745
0.03745
31 Oct 2011
31 Oct 2011
0.03682
0.03682
30 Nov 2011
30 Nov 2011
0.03563
0.03563
30 Dec 2011
31 Dec 2011
0.03667
0.03667
31 Jan 2012
31 Jan 2012
0.03665
0.03665
29 Feb 2012
29 Feb 2012
0.03627
0.03627
30 Mar 2012
31 Mar 2012
0.03426
0.03426
30 Apr 2012
30 Apr 2012
0.03364
0.03364
31 May 2012
31 May 2012
0.03307
0.03307
29 Jun 2012
30 Jun 2012
0.03332
0.03332
31 Jul 2012
31 Jul 2012
0.03170
0.03170
31 Aug 2012
31 Aug 2012
0.03195
0.03195
28 Sep 2012
30 Sep 2012
0.03328
0.03328
31 Oct 2012
31 Oct 2012
0.03304
0.03304
30 Nov 2012
30 Nov 2012
0.03272
0.03272
31 Dec 2012
31 Dec 2012
0.03197
0.03197
31 Jan 2013
31 Jan 2013
0.03164
0.03164
28 Feb 2013
28 Feb 2013
0.03279
0.03279
28 Mar 2013
31 Mar 2013
0.03160
0.03160
30 Apr 2013
30 Apr 2013
0.03229
0.03229
31 May 2013
31 May 2013
0.03150
0.03150
28 Jun 2013
30 Jun 2013
0.03193
0.03193
31 Jul 2013
31 Jul 2013
0.03020
0.03020
30 Aug 2013
31 Aug 2013
0.02956
0.02956
30 Sep 2013
30 Sep 2013
0.03019
0.03019
31 Oct 2013
31 Oct 2013
0.02909
0.02909
29 Nov 2013
30 Nov 2013
0.03024
0.03024
31 Dec 2013
31 Dec 2013
0.02980
0.02980
31 Jan 2014
31 Jan 2014
0.02774
0.02774
28 Feb 2014
28 Feb 2014
0.02939
0.02939
31 Mar 2014
31 Mar 2014
0.02744
0.02744
30 Apr 2014
30 Apr 2014
0.02799
0.02799
30 May 2014
31 May 2014
0.02756
0.02756
30 Jun 2014
30 Jun 2014
0.02790
0.02790
31 Jul 2014
31 Jul 2014
0.02714
0.02714
29 Aug 2014
31 Aug 2014
0.02691
0.02691
30 Sep 2014
30 Sep 2014
0.02721
0.02721
31 Oct 2014
31 Oct 2014
0.02675
0.02675
28 Nov 2014
30 Nov 2014
0.02782
0.02782
31 Dec 2014
31 Dec 2014
0.02740
0.02740
30 Jan 2015
31 Jan 2015
0.02763
0.02763
27 Feb 2015
28 Feb 2015
0.02898
0.02898
31 Mar 2015
31 Mar 2015
0.02703
0.02703
30 Apr 2015
30 Apr 2015
0.02717
0.02717
29 May 2015
31 May 2015
0.02642
0.02642
30 Jun 2015
30 Jun 2015
0.02668
0.02668
31 Jul 2015
31 Jul 2015
0.02604
0.02604
31 Aug 2015
31 Aug 2015
0.02623
0.02623
30 Sep 2015
30 Sep 2015
0.02835
0.02835
30 Oct 2015
31 Oct 2015
0.02743
0.02743
30 Nov 2015
30 Nov 2015
0.02773
0.02773
31 Dec 2015
31 Dec 2015
0.02633
0.02633
29 Jan 2016
31 Jan 2016
0.02648
0.02648
29 Feb 2016
29 Feb 2016
0.02759
0.02759
31 Mar 2016
31 Mar 2016
0.02706
0.02706
29 Apr 2016
30 Apr 2016
0.02796
0.02796
31 May 2016
31 May 2016
0.02767
0.02767
30 Jun 2016
30 Jun 2016
0.02819
0.02819
29 Jul 2016
31 Jul 2016
0.02754
0.02754
31 Aug 2016
31 Aug 2016
0.02773
0.02773
30 Sep 2016
30 Sep 2016
0.03332
0.03332
31 Oct 2016
31 Oct 2016
0.02843
0.02843
30 Nov 2016
30 Nov 2016
0.02908
0.02908
30 Dec 2016
31 Dec 2016
0.02989
0.02989
31 Jan 2017
31 Jan 2017
0.03088
0.03088
28 Feb 2017
28 Feb 2017
0.03253
0.03253
31 Mar 2017
31 Mar 2017
0.03127
0.03127
28 Apr 2017
30 Apr 2017
0.03169
0.03169
31 May 2017
31 May 2017
0.03095
0.03095
30 Jun 2017
30 Jun 2017
0.03117
0.03117
31 Jul 2017
31 Jul 2017
0.03160
0.03160
31 Aug 2017
31 Aug 2017
0.03087
0.03087
29 Sep 2017
30 Sep 2017
0.03006
0.03006
31 Oct 2017
31 Oct 2017
0.02822
0.02822
30 Nov 2017
30 Nov 2017
0.02722
0.02722
29 Dec 2017
31 Dec 2017
0.02720
0.02720
31 Jan 2018
31 Jan 2018
0.02784
0.02784
28 Feb 2018
28 Feb 2018
0.02963
0.02963
29 Mar 2018
31 Mar 2018
0.02851
0.02851
30 Apr 2018
30 Apr 2018
0.02944
0.02944
31 May 2018
31 May 2018
0.02825
0.02825
29 Jun 2018
30 Jun 2018
0.02941
0.02941
31 Jul 2018
31 Jul 2018
0.02865
0.02865
31 Aug 2018
31 Aug 2018
0.02940
0.02940
28 Sep 2018
30 Sep 2018
0.02984
0.02984
31 Oct 2018
31 Oct 2018
0.02955
0.02955
30 Nov 2018
30 Nov 2018
0.02957
0.02957
31 Dec 2018
31 Dec 2018
0.02919
0.02919
31 Jan 2019
31 Jan 2019
0.02973
0.02973
28 Feb 2019
28 Feb 2019
0.03039
0.03039
29 Mar 2019
31 Mar 2019
0.02873
0.02873
30 Apr 2019
30 Apr 2019
0.02932
0.02932
31 May 2019
31 May 2019
0.02788
0.02788
28 Jun 2019
30 Jun 2019
0.02883
0.02883
31 Jul 2019
31 Jul 2019
0.02660
0.02660
31 Aug 2019
31 Aug 2019
0.02702
0.02702
30 Sep 2019
30 Sep 2019
0.02746
0.02746
31 Oct 2019
31 Oct 2019
0.02623
0.02623
30 Nov 2019
30 Nov 2019
0.02666
0.02666
31 Dec 2019
31 Dec 2019
0.02514
0.02514
31 Jan 2020
31 Jan 2020
0.02448
0.02448
29 Feb 2020
29 Feb 2020
0.02549
0.02549
31 Mar 2020
31 Mar 2020
0.02526
0.02526
30 Apr 2020
30 Apr 2020
0.02522
0.02522
31 May 2020
31 May 2020
0.02459
0.02459
30 Jun 2020
30 Jun 2020
0.02488
0.02488
31 Jul 2020
31 Jul 2020
0.02407
0.02407
31 Aug 2020
31 Aug 2020
0.02383
0.02383
30 Sep 2020
30 Sep 2020
0.02463
0.02463
30 Oct 2020
31 Oct 2020
0.02335
0.02335
30 Nov 2020
30 Nov 2020
0.02412
0.02412
31 Dec 2020
31 Dec 2020
0.02398
0.02398
29 Jan 2021
31 Jan 2021
0.02367
0.02367
26 Feb 2021
28 Feb 2021
0.02513
0.02513
31 Mar 2021
31 Mar 2021
0.02342
0.02342
30 Apr 2021
30 Apr 2021
0.02408
0.02408
28 May 2021
31 May 2021
0.02101
0.02101
30 Jun 2021
30 Jun 2021
0.02255
0.02255
30 Jul 2021
31 Jul 2021
0.02117
0.02117
31 Aug 2021
31 Aug 2021
0.02163
0.02163
30 Sep 2021
30 Sep 2021
0.02263
0.02263
29 Oct 2021
31 Oct 2021
0.02210
0.02210
30 Nov 2021
30 Nov 2021
0.02313
0.02313
31 Dec 2021
31 Dec 2021
0.02203
0.02203
31 Jan 2022
31 Jan 2022
0.02237
0.02237
28 Feb 2022
28 Feb 2022
0.02453
0.02453
31 Mar 2022
31 Mar 2022
0.02314
0.02314
29 Apr 2022
30 Apr 2022
0.02449
0.02449
31 May 2022
31 May 2022
0.02446
0.02446
30 Jun 2022
30 Jun 2022
0.02566
0.02566
29 Jul 2022
31 Jul 2022
0.02366
0.02366
31 Aug 2022
31 Aug 2022
0.02463
0.02463
30 Sep 2022
30 Sep 2022
0.02540
0.02540
31 Oct 2022
31 Oct 2022
0.02456
0.02456
30 Nov 2022
30 Nov 2022
0.02532
0.02532
30 Dec 2022
31 Dec 2022
0.02516
0.02516
31 Jan 2023
31 Jan 2023
0.02463
0.02463
28 Feb 2023
28 Feb 2023
0.02681
0.02681
31 Mar 2023
31 Mar 2023
0.02534
0.02534
28 Apr 2023
30 Apr 2023
0.02549
0.02549
31 May 2023
31 May 2023
0.02546
0.02546
30 Jun 2023
30 Jun 2023
0.02676
0.02676
31 Jul 2023
31 Jul 2023
0.02691
0.02691
31 Aug 2023
31 Aug 2023
0.02894
0.02894
29 Sep 2023
30 Sep 2023
0.02996
0.02996
31 Oct 2023
31 Oct 2023
0.02979
0.02979
30 Nov 2023
30 Nov 2023
0.03074
0.03074
29 Dec 2023
31 Dec 2023
0.03207
0.03207
31 Jan 2024
31 Jan 2024
0.02829
0.02829
Fund Facts

Fund Facts

(As of 31 Jan 2024)
Net Fund Assets
$24.6 M
Benchmark
ICE BofA 3-15 Yr US Muni
Morningstar Category
Muni New York Intermediate
Fund Symbol
TNYIX
Share Class
I
Share Class Inception Date
1 Feb 2010
Number of Holdings
49
Portfolio Turnover
43%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
2.70%
30-Day SEC Yield (Unsubsidized)
2.33%
Annualized Distribution Yield
2.69%
Characteristics

Characteristics

Portfolio

(As of 31 Jan 2024)
Portfolio
Benchmark
Effective Duration
4.5 Yrs
5.0 Yrs
Average Effective Maturity
9.9 Yrs
8.1 Yrs
Weighted Average Coupon
4.9%
4.5%
Portfolio
Benchmark
Yield to Worst
3.3%
3.0%
Subject to Alternative Minimum Tax
3.9%
Risk & Return Profile

Risk & Return Profile

(As of 31 Jan 2024)
3y
5y
10y
Annualized Alpha (%)
0.12
-0.03
-0.03
Standard Deviation (%)
4.49
4.23
3.40
Sharpe Ratio
-0.58
-0.12
0.16
Up Capture (%)
72.42
76.83
76.63
Down Capture (%)
70.73
77.66
77.67
Portfolio

Portfolio

Top Holdings

(As of 31 Dec 2023)
Name
Ticker/Symbol
Sector
Weight %
New York City Transitional Finance Authority Future Tax Secured Revenue
64971XRX8
Dedicated Tax
4.6
New York City Transitional Finance Authority Future Tax Secured Revenue
64971XFT0
Dedicated Tax
4.4
Hudson Yards Infrastructure Corp.
44420RAX8
Special Tax
4.3
Guam Government Waterworks Authority
40065FDC5
Water/Sewer
4.2
Metropolitan Transportation Authority
59259Y6P9
Other Transportation
4.2
Nassau County Sewer & Storm Water Finance Authority
63166QCF5
Water/Sewer
4.1
Sales Tax Asset Receivable Corp.
794665FT1
Dedicated Tax
4.1
Triborough Bridge & Tunnel Authority
89602NX58
Toll Road
4.1
Triborough Bridge & Tunnel Authority
89602NX41
Toll Road
4.1
City of New York NY
64966LEC1
Local General Obligation
4.0
Exposure Breakdown

Exposure Breakdown

(As of 31 Jan 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Dedicated Tax
17.9
15.7
Water/Sewer
14.6
5.3
Local General Obligation
12.5
9.1
Higher Education
10.9
Prerefunded / Escrow to Maturity
9.3
Toll Road
5.2
5.2
Other Transportation
5.1
6.1
Multi Family Mortgage
5.1
1.9
Special Tax
4.4
Combined Utilities
3.0
6.6
Cash & Cash Equivalents
1.3
Sector Allocation
Fund (%)
Dedicated Tax
17.9
Water/Sewer
14.6
Local General Obligation
12.5
Higher Education
10.9
Prerefunded / Escrow to Maturity
9.3
Toll Road
5.2
Other Transportation
5.1
Multi Family Mortgage
5.1
Special Tax
4.4
Combined Utilities
3.0
Cash & Cash Equivalents
1.3
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
19.2
13.0
AA
55.3
57.4
A
21.1
24.5
BBB
1.1
5.1
Not Rated
2.0
Cash & Cash Equivalents
1.3
Credit Quality
Fund (%)
AAA
19.2
AA
55.3
A
21.1
BBB
1.1
Not Rated
2.0
Cash & Cash Equivalents
1.3
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Year 1-2
13.5
Year 3-4
4.6
12.0
Year 5-6
12.9
21.5
Year 7-8
12.6
18.9
Year 9-10
6.0
15.9
Year 11-12
8.7
13.0
Year 13-14
11.0
12.0
Year 15-16
6.0
5.0
Year 17+
23.6
Cash
1.3
Maturity
Fund (%)
Year 1-2
13.5
Year 3-4
4.6
Year 5-6
12.9
Year 7-8
12.6
Year 9-10
6.0
Year 11-12
8.7
Year 13-14
11.0
Year 15-16
6.0
Year 17+
23.6
Cash
1.3
Portfolio Managers

Portfolio Managers

David Ashley, CFA

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…
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John Bonnell, CFA

John Bonnell, CFA

Portfolio Manager and Managing Director
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…
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Eve Lando, JD

Eve Lando, JD

Portfolio Manager and Managing Director
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…
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More Insights

Markets & Economy

Observations: Value Vs. Growth, Does Another Fed Hike Matter?

Co-Heads of Investments Ben Kirby and Jeff Klingelhofer discuss the tug-of-war between value and growth stocks and the possibility of another Fed tightening.
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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.
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Municipal Bonds

Stability + Reserves + Yields = Opportunities in Munis

Munis are attractive again as Investors are finally getting paid with higher yields and the tax advantage. However, diligent research sets active managers apart.
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Municipal Bonds

It’s Not All About the Fed, Munis Are Swayed by Weak Issuance

Munis are not in lockstep with Treasuries, as supply plays a crucial role in how Munis react in a rising rate environment.
Municipal Bonds

Municipal Revenues Hold Up Well, But Watch for Slower Growth

Municipal revenues remain firm, even as operating income for some entities deteriorates. However, recession and resulting slower growth are potential risks.
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Build Your Business

Managing Legacy Wealth Part 1 The Wealth Holders

Become an expert in Managing Legacy Wealth and position yourself for success
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