Featured White Papers from Thornburg Investment Management
Thornburg was founded in 1982 by Garrett Thornburg. In 1984, we launched our first investment strategy, a laddered bond portfolio, and since then, we have organically grown our investment solutions to include a wide array of global equity, fixed income and alternative strategies. We are privately owned, headquartered in Santa Fe, New Mexico, and employ about 240 professionals.
Has MMT Infected Central Bankers?
January 07, 2021
Have major central bankers and fiscal authorities effectively pursued Modern Monetary Theory in practice, if not in name, as debt monetization has lost its stigma?
Why International Equities?
December 03, 2020
U.S. equities have had a great run for more than a decade. Investors may now be over-exposed to domestic stocks, particularly given the size of overseas equity markets and the number of idiosyncratic businesses within them.
Keeping Portfolio Balance in Election-Driven Market Volatility
November 11, 2020
Electoral surprises spur stock and bond market turbulence, but sensibly diversified and balanced portfolios don’t depend on political outcomes.
Backing Strong Businesses Amidst a Changing EM Landscape
October 02, 2020
Emerging markets have come of age, but to capture opportunities while avoiding risks, a disciplined, fundamental, balanced approach matters.
Monetary Policy Setting Stage for Stock Market Growth-to-Value Rotation?
September 09, 2020
Federal Reserve and other major central bank stimulus should benefit high-quality value stocks and foster inflation’s “green shoots” as the global economy emerges from recession.
Is the Federal Reserve Taking the Measure of Japan’s Yield Curve Control?
August 17, 2020
After seven years of massive amounts of QE and nearly four of yield curve control, the BoJ has yet to sustainably keep inflation at its 2% target or revive GDP growth meaningfully.
The Fed’s “Not Thinking” Singular Focus
July 13, 2020
Supporting the beaten-down labor market is the Federal Reserve’s “major focus,” not inflation nor risk asset prices. Doing “whatever we can and for as long as it takes.”
Digitization Drives Transformation of Key Sectors in Indian Economy
June 15, 2020
Digitization in banking and retail comes in the wake of a massive cellular network rollout, creating attractive investment opportunities in India.
The Salutary Effects of Coronavirus-Stricken Energy Prices
May 14, 2020
While energy investment retrenches in the wake of COVID-19’s historic impact on oil and gas markets, consumers will benefit as economies reopen. Selective and patient investors should too.
For Portfolio Resistance to COVID-19, Ingredients Matter
April 01, 2020
Portfolios comprised of top-notch equities and bonds coming into the economic and market crises should do even better coming out of it.
Top Ten Reasons Emerging Markets Poised to Rally in 2020
February 13, 2020
After false starts in the last few years, we believe emerging markets are set to deliver strong performance in the year to come.
Thornburg’s 2020 Outlook
January 14, 2020
Risk assets begin 2020 at lofty price levels. Are stocks fully valued, or rather a relative value versus global bonds?
Read a conversation with Thornburg Chief Investment Strategist Brian McMahon who surveys the unfolding investment landscape.
Rising LNG Tide Changes How It’s Priced and Traded
November 07, 2019
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.
Brazil’s Flight of the Chicken
September 12, 2019
The market has bid up Brazilian assets in anticipation of economic reforms, but the optimism should be well measured and individual securities well picked.
The Offense and Defense of Disciplined Portfolio Balance
August 14, 2019
“There’s no free lunch” is an axiom often heard in both investing and economics. But what if there’s a way to limit the pain of market downdrafts and still gain from the rebounds? Can disciplined security selection, sound portfolio construction and calibrated rebalancing, as position size and market dynamics evolve, improve the odds for risk-adjusted outperformance, if not necessarily bagging something for nothing?
Dividend Investing in a Low Rate Environment
July 02, 2019
For yield-seeking investors, dividend-paying stocks may present a compelling risk-adjusted return opportunity over bonds.
The Fed’s Dueling Mandates
June 05, 2019
The Fed is tasked with keeping prices stable, unemployment low and long-term interest rates moderate. The monetary alchemy with such unstable elements is coming under review.
Unlocking Relative Value: Optimizing Team Structure for Multisector Fixed Income Investing
June 01, 2019
Given the rise of passive strategies in both equity and fixed income markets, today’s investors often hold actively managed strategies to a higher standard of performance than they have in the past. The failure of some “core bond” strategies to meet investor expectations has prompted them to search for alternative solutions.
Emerging Market Stocks Still Have Room to Run
May 01, 2019
Despite sprinting higher so far this year, developing country equities appear well positioned to sustain their momentum, and with less volatility.
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