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Welcome to Thornburg

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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 Strategic Municipal Income Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 259 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, 4 stars, 3 stars and 4 stars among 259, 236 and 176 funds, as of 31 Jan 2024.

As of 31 Jan 2024
Fund Assets
$311.0 M
As of 31 Jan 2024
NAV
$13.98
As of 24 Jan 2024
Change
$0.00
As of 24 Jan 2024
YTD NAV Performance
-0.89%
As of 24 Jan 2024
Asset Category:
Municipal Bond
Fund Benchmark:
ICE BofA 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 municipal bonds with an average duration between zero and ten years and up to 50% below investment grade at time of purchase.
  • Flexible investment approach that employs a relative value framework that operates across geography, sectors, issuers and revenue streams.
  • Relative value philosophy that seeks to minimize changes in its share value while providing investors with tax-exempt income.

Investment Objective

The investment goal of the fund is to provide investors with a high level of current income exempt from federal individual income tax.

Investment Approach

The fund is an actively managed diversified portfolio of municipal bonds. 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 (%)
6.12
6.12
-0.33
1.72
2.63
4.50
ICE BofA US Muni (%)
6.52
6.52
-0.44
2.27
3.13
3.92
Morningstar Category Avg. (%)
5.61
5.61
-0.5
1.87
2.36
Morningstar Quartile
2
2
3
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-0.26
3.48
-0.67
1.56
2.39
4.45
ICE BofA US Muni (%)
-0.22
3.12
-0.73
2.08
2.88
3.88
Morningstar Category Avg. (%)
-0.11
2.9
-0.75
1.69
2.17
Morningstar Quartile
1
2
3
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
6.12
6.12
-0.98
8.92
29.60
91.38
ICE BofA US Muni (%)
6.52
6.52
-1.33
11.90
36.08
76.33
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-0.26
3.48
-1.99
8.02
26.60
90.89
ICE BofA US Muni (%)
-0.22
3.12
-2.19
10.82
32.77
75.94
2018
2019
2020
2021
2022
2023
Total Return (%)
1.03
5.75
4.02
1.50
-8.08
6.12
ICE BofA US Muni (%)
1.04
7.74
5.26
1.83
-9.03
6.52
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
1.01
Net Expense Ratio (%)
0.59
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

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

Distributions

(As of 31 Jan 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Jan 2009
31 Jan 2009
0
28 Feb 2009
28 Feb 2009
0
31 Mar 2009
31 Mar 2009
0
30 Apr 2009
30 Apr 2009
0.03711
0.03711
29 May 2009
31 May 2009
0.04638
0.04638
30 Jun 2009
30 Jun 2009
0.04451
0.04451
31 Jul 2009
31 Jul 2009
0.05762
0.05762
31 Aug 2009
31 Aug 2009
0.05730
0.05730
30 Sep 2009
30 Sep 2009
0.05473
0.05473
30 Oct 2009
31 Oct 2009
0.05659
0.05659
30 Nov 2009
30 Nov 2009
0.17292
0.05839
0.11453
0.00000
31 Dec 2009
31 Dec 2009
0.05537
0.05537
29 Jan 2010
31 Jan 2010
0.05417
0.05417
26 Feb 2010
28 Feb 2010
0.05656
0.05656
31 Mar 2010
31 Mar 2010
0.05568
0.05568
30 Apr 2010
30 Apr 2010
0.05589
0.05589
28 May 2010
31 May 2010
0.05592
0.05592
30 Jun 2010
30 Jun 2010
0.05415
0.05415
30 Jul 2010
31 Jul 2010
0.05153
0.05153
31 Aug 2010
31 Aug 2010
0.05013
0.05013
30 Sep 2010
30 Sep 2010
0.04593
0.04593
29 Oct 2010
31 Oct 2010
0.04935
0.04935
30 Nov 2010
30 Nov 2010
0.07556
0.05279
0.02190
0.00087
31 Dec 2010
31 Dec 2010
0.05304
0.05304
31 Jan 2011
31 Jan 2011
0.05431
0.05431
28 Feb 2011
28 Feb 2011
0.05325
0.05325
31 Mar 2011
31 Mar 2011
0.05242
0.05242
29 Apr 2011
30 Apr 2011
0.05421
0.05421
31 May 2011
31 May 2011
0.05239
0.05239
30 Jun 2011
30 Jun 2011
0.05568
0.05568
29 Jul 2011
31 Jul 2011
0.05211
0.05211
31 Aug 2011
31 Aug 2011
0.05210
0.05210
30 Sep 2011
30 Sep 2011
0.04696
0.04696
31 Oct 2011
31 Oct 2011
0.04988
0.04988
30 Nov 2011
30 Nov 2011
0.06661
0.05463
0.00000
0.01198
30 Dec 2011
31 Dec 2011
0.05269
0.05269
31 Jan 2012
31 Jan 2012
0.04863
0.04863
29 Feb 2012
29 Feb 2012
0.04646
0.04646
30 Mar 2012
31 Mar 2012
0.04335
0.04335
30 Apr 2012
30 Apr 2012
0.04296
0.04296
31 May 2012
31 May 2012
0.04204
0.04204
29 Jun 2012
30 Jun 2012
0.04073
0.04073
31 Jul 2012
31 Jul 2012
0.04086
0.04086
31 Aug 2012
31 Aug 2012
0.03930
0.03930
28 Sep 2012
30 Sep 2012
0.03948
0.03948
31 Oct 2012
31 Oct 2012
0.03938
0.03938
30 Nov 2012
30 Nov 2012
0.07428
0.03944
0.03133
0.00351
31 Dec 2012
31 Dec 2012
0.03937
0.03937
31 Jan 2013
31 Jan 2013
0.03935
0.03935
28 Feb 2013
28 Feb 2013
0.03815
0.03815
28 Mar 2013
31 Mar 2013
0.03650
0.03650
30 Apr 2013
30 Apr 2013
0.03551
0.03551
31 May 2013
31 May 2013
0.03558
0.03558
28 Jun 2013
30 Jun 2013
0.03682
0.03682
31 Jul 2013
31 Jul 2013
0.03866
0.03866
30 Aug 2013
31 Aug 2013
0.03844
0.03844
30 Sep 2013
30 Sep 2013
0.03868
0.03868
31 Oct 2013
31 Oct 2013
0.03931
0.03931
29 Nov 2013
30 Nov 2013
0.09568
0.04113
0.00000
0.05455
31 Dec 2013
31 Dec 2013
0.04130
0.04130
31 Jan 2014
31 Jan 2014
0.04134
0.04134
28 Feb 2014
28 Feb 2014
0.04440
0.04440
31 Mar 2014
31 Mar 2014
0.04168
0.04168
30 Apr 2014
30 Apr 2014
0.03900
0.03900
30 May 2014
31 May 2014
0.03811
0.03811
30 Jun 2014
30 Jun 2014
0.03724
0.03724
31 Jul 2014
31 Jul 2014
0.03316
0.03316
29 Aug 2014
31 Aug 2014
0.03569
0.03569
30 Sep 2014
30 Sep 2014
0.03337
0.03337
31 Oct 2014
31 Oct 2014
0.03365
0.03365
28 Nov 2014
30 Nov 2014
0.04496
0.03343
0.00387
0.00766
31 Dec 2014
31 Dec 2014
0.03217
0.03217
30 Jan 2015
31 Jan 2015
0.03061
0.03061
27 Feb 2015
28 Feb 2015
0.03283
0.03283
31 Mar 2015
31 Mar 2015
0.03174
0.03174
30 Apr 2015
30 Apr 2015
0.03282
0.03282
29 May 2015
31 May 2015
0.03293
0.03293
30 Jun 2015
30 Jun 2015
0.03323
0.03323
31 Jul 2015
31 Jul 2015
0.03326
0.03326
31 Aug 2015
31 Aug 2015
0.03341
0.03341
30 Sep 2015
30 Sep 2015
0.03498
0.03498
30 Oct 2015
31 Oct 2015
0.03609
0.03609
30 Nov 2015
30 Nov 2015
0.03587
0.03587
31 Dec 2015
31 Dec 2015
0.03389
0.03389
29 Jan 2016
31 Jan 2016
0.03119
0.03119
29 Feb 2016
29 Feb 2016
0.03204
0.03204
31 Mar 2016
31 Mar 2016
0.03039
0.03039
29 Apr 2016
30 Apr 2016
0.03099
0.03099
31 May 2016
31 May 2016
0.02980
0.02980
30 Jun 2016
30 Jun 2016
0.02947
0.02947
29 Jul 2016
31 Jul 2016
0.02843
0.02843
31 Aug 2016
31 Aug 2016
0.02787
0.02787
30 Sep 2016
30 Sep 2016
0.03007
0.03007
31 Oct 2016
31 Oct 2016
0.02860
0.02860
30 Nov 2016
30 Nov 2016
0.02986
0.02986
30 Dec 2016
31 Dec 2016
0.02952
0.02952
31 Jan 2017
31 Jan 2017
0.02965
0.02965
28 Feb 2017
28 Feb 2017
0.03419
0.03419
31 Mar 2017
31 Mar 2017
0.03288
0.03288
28 Apr 2017
30 Apr 2017
0.03380
0.03380
31 May 2017
31 May 2017
0.03402
0.03402
30 Jun 2017
30 Jun 2017
0.03331
0.03331
31 Jul 2017
31 Jul 2017
0.03334
0.03334
31 Aug 2017
31 Aug 2017
0.03360
0.03360
29 Sep 2017
30 Sep 2017
0.03386
0.03386
31 Oct 2017
31 Oct 2017
0.03377
0.03377
30 Nov 2017
30 Nov 2017
0.03454
0.03454
29 Dec 2017
31 Dec 2017
0.03376
0.03376
31 Jan 2018
31 Jan 2018
0.03305
0.03305
28 Feb 2018
28 Feb 2018
0.03437
0.03437
29 Mar 2018
31 Mar 2018
0.03317
0.03317
30 Apr 2018
30 Apr 2018
0.03438
0.03438
31 May 2018
31 May 2018
0.03389
0.03389
29 Jun 2018
30 Jun 2018
0.03420
0.03420
31 Jul 2018
31 Jul 2018
0.03383
0.03383
31 Aug 2018
31 Aug 2018
0.03440
0.03440
28 Sep 2018
30 Sep 2018
0.03414
0.03414
31 Oct 2018
31 Oct 2018
0.03488
0.03488
30 Nov 2018
30 Nov 2018
0.03585
0.03585
31 Dec 2018
31 Dec 2018
0.03531
0.03531
31 Jan 2019
31 Jan 2019
0.03468
0.03468
28 Feb 2019
28 Feb 2019
0.03663
0.03663
29 Mar 2019
31 Mar 2019
0.03531
0.03531
30 Apr 2019
30 Apr 2019
0.03585
0.03585
31 May 2019
31 May 2019
0.03529
0.03529
28 Jun 2019
30 Jun 2019
0.03609
0.03609
31 Jul 2019
31 Jul 2019
0.03516
0.03516
31 Aug 2019
31 Aug 2019
0.03457
0.03457
30 Sep 2019
30 Sep 2019
0.03402
0.03402
31 Oct 2019
31 Oct 2019
0.03337
0.03337
30 Nov 2019
30 Nov 2019
0.03370
0.03370
31 Dec 2019
31 Dec 2019
0.03291
0.03291
31 Jan 2020
31 Jan 2020
0.03250
0.03250
29 Feb 2020
29 Feb 2020
0.03550
0.03550
31 Mar 2020
31 Mar 2020
0.03613
0.03613
30 Apr 2020
30 Apr 2020
0.03619
0.03619
31 May 2020
31 May 2020
0.03500
0.03500
30 Jun 2020
30 Jun 2020
0.03482
0.03482
31 Jul 2020
31 Jul 2020
0.03490
0.03490
31 Aug 2020
31 Aug 2020
0.03273
0.03273
30 Sep 2020
30 Sep 2020
0.03209
0.03209
30 Oct 2020
31 Oct 2020
0.03155
0.03155
30 Nov 2020
30 Nov 2020
0.03239
0.03239
31 Dec 2020
31 Dec 2020
0.03024
0.03024
29 Jan 2021
31 Jan 2021
0.02891
0.02891
26 Feb 2021
28 Feb 2021
0.02923
0.02923
31 Mar 2021
31 Mar 2021
0.02737
0.02737
30 Apr 2021
30 Apr 2021
0.02745
0.02745
28 May 2021
31 May 2021
0.02624
0.02624
30 Jun 2021
30 Jun 2021
0.02639
0.02639
30 Jul 2021
31 Jul 2021
0.02626
0.02626
31 Aug 2021
31 Aug 2021
0.02622
0.02622
30 Sep 2021
30 Sep 2021
0.02681
0.02681
29 Oct 2021
31 Oct 2021
0.02570
0.02570
30 Nov 2021
30 Nov 2021
0.02602
0.02602
31 Dec 2021
31 Dec 2021
0.02512
0.02512
31 Jan 2022
31 Jan 2022
0.02480
0.02480
28 Feb 2022
28 Feb 2022
0.02729
0.02729
31 Mar 2022
31 Mar 2022
0.02656
0.02656
29 Apr 2022
30 Apr 2022
0.02928
0.02928
31 May 2022
31 May 2022
0.03098
0.03098
30 Jun 2022
30 Jun 2022
0.03106
0.03106
29 Jul 2022
31 Jul 2022
0.03126
0.03126
31 Aug 2022
31 Aug 2022
0.03266
0.03266
30 Sep 2022
30 Sep 2022
0.03331
0.03331
31 Oct 2022
31 Oct 2022
0.03531
0.03531
30 Nov 2022
30 Nov 2022
0.03633
0.03633
30 Dec 2022
31 Dec 2022
0.03740
0.03740
31 Jan 2023
31 Jan 2023
0.03662
0.03662
28 Feb 2023
28 Feb 2023
0.03913
0.03913
31 Mar 2023
31 Mar 2023
0.03929
0.03929
28 Apr 2023
30 Apr 2023
0.03909
0.03909
31 May 2023
31 May 2023
0.03978
0.03978
30 Jun 2023
30 Jun 2023
0.04008
0.04008
31 Jul 2023
31 Jul 2023
0.04075
0.04075
31 Aug 2023
31 Aug 2023
0.04087
0.04087
29 Sep 2023
30 Sep 2023
0.04108
0.04108
31 Oct 2023
31 Oct 2023
0.04239
0.04239
30 Nov 2023
30 Nov 2023
0.04292
0.04292
29 Dec 2023
31 Dec 2023
0.04364
0.04364
31 Jan 2024
31 Jan 2024
0.04344
0.04344
Fund Facts

Fund Facts

(As of 31 Jan 2024)
Net Fund Assets
$311.0 M
Benchmark
ICE BofA US Muni
Morningstar Category
Muni National Intermediate
Fund Symbol
TSSIX
Share Class
I
Share Class Inception Date
1 Apr 2009
Number of Holdings
259
Portfolio Turnover
49%
Distribution Frequency
Monthly
30-Day SEC Yield (Subsidized)
3.36%
30-Day SEC Yield (Unsubsidized)
3.10%
Annualized Distribution Yield
3.57%
Characteristics

Characteristics

Portfolio

(As of 31 Jan 2024)
Portfolio
Benchmark
Effective Duration
5.8 Yrs
6.7 Yrs
Average Effective Maturity
11.6 Yrs
14.2 Yrs
Weighted Average Coupon
4.7%
4.4%
Portfolio
Benchmark
Yield to Worst
4.0%
3.5%
Subject to Alternative Minimum Tax
17.2%
Risk & Return Profile

Risk & Return Profile

(As of 31 Jan 2024)
3y
5y
10y
Annualized Alpha (%)
-0.13
-0.15
0.02
Standard Deviation (%)
5.98
5.45
4.25
Sharpe Ratio
-0.51
-0.08
0.25
Up Capture (%)
77.15
80.77
82.80
Down Capture (%)
78.32
82.48
82.69
Portfolio

Portfolio

Top Holdings

(As of 31 Dec 2023)
Name
Ticker/Symbol
Sector
Weight %
Kentucky Public Energy Authority
SE_PREPAID_UTILITY
1.8
Patriots Energy Group Financing Agency
Gas
1.7
Kentucky Public Energy Authority
SE_PREPAID_UTILITY
1.4
Main Street Natural Gas, Inc.
56035DBR2
Gas
1.3
California Community Choice Financing Authority
Other Revenue
1.3
City of Chicago IL
167486ZY8
Local General Obligation
1.1
State of Illinois
452152Q20
State General Obligation
1.0
Main Street Natural Gas, Inc.
Gas
1.0
New Jersey Transportation Trust Fund Authority
6461362B6
Other Transportation
1.0
Louisiana Public Facilities Authority
Hospital
1.0
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
5%
10%
15%
20%
Hospital
12.4
9.3
Gas
11.1
Airport
9.4
5.3
Industrial Development/Pollution Control
8.3
Lifecare
7.4
Higher Education
4.8
Dedicated Tax
4.7
13.9
Appropriation
4.4
3.3
Local General Obligation
3.6
10.9
Prepaid Utility
3.5
Cash & Cash Equivalents
3.0
Sector Allocation
Fund (%)
Hospital
12.4
Gas
11.1
Airport
9.4
Industrial Development/Pollution Control
8.3
Lifecare
7.4
Higher Education
4.8
Dedicated Tax
4.7
Appropriation
4.4
Local General Obligation
3.6
Prepaid Utility
3.5
Cash & Cash Equivalents
3.0
Top 10 U.S. States
Fund (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Illinois
13.6
5.1
Texas
7.5
8.3
California
6.2
18.0
Florida
6.0
3.3
Michigan
5.7
1.7
Pennsylvania
4.7
3.9
Arizona
4.4
1.4
New Jersey
4.2
4.0
Kentucky
4.0
0.8
Georgia
4.0
2.7
Cash
3.0
Top 10 U.S. States
Fund (%)
Illinois
13.6
Texas
7.5
California
6.2
Florida
6.0
Michigan
5.7
Pennsylvania
4.7
Arizona
4.4
New Jersey
4.2
Kentucky
4.0
Georgia
4.0
Cash
3.0
Credit Quality
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
AAA
3.5
13.4
AA
24.7
55.6
A
40.3
25.1
BBB
15.6
5.9
Below Invest. Grade
1.6
Not Rated
11.3
Cash & Cash Equivalents
3.0
Credit Quality
Fund (%)
AAA
3.5
AA
24.7
A
40.3
BBB
15.6
Below Invest. Grade
1.6
Not Rated
11.3
Cash & Cash Equivalents
3.0
Maturity
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
Year 1-2
7.4
7.0
Year 3-4
9.5
11.0
Year 5-6
7.2
9.4
Year 7-8
16.8
8.0
Year 9-10
8.4
6.7
Year 11-12
6.8
6.0
Year 13-14
5.4
6.0
Year 15-16
7.0
4.0
Year 17+
28.6
40.0
Cash
3.0
Maturity
Fund (%)
Year 1-2
7.4
Year 3-4
9.5
Year 5-6
7.2
Year 7-8
16.8
Year 9-10
8.4
Year 11-12
6.8
Year 13-14
5.4
Year 15-16
7.0
Year 17+
28.6
Cash
3.0
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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