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Trending ETFs

Name

As of 02/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$13.25

$862 M

3.28%

$0.44

0.92%

Vitals

YTD Return

0.0%

1 yr return

4.9%

3 Yr Avg Return

-0.1%

5 Yr Avg Return

1.2%

Net Assets

$862 M

Holdings in Top 10

11.0%

52 WEEK LOW AND HIGH

$13.3
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.92%

SALES FEES

Front Load 2.00%

Deferred Load N/A

TRADING FEES

Turnover N/A

Redemption Fee N/A


Min Investment

Standard (Taxable)

$5,000

IRA

$2,000


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 02/22/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

$13.25

$862 M

3.28%

$0.44

0.92%

THIMX - Profile

Distributions

  • YTD Total Return 0.0%
  • 3 Yr Annualized Total Return -0.1%
  • 5 Yr Annualized Total Return 1.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.26%
DIVIDENDS
  • Dividend Yield 3.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Thornburg Intermediate Municipal Fund
  • Fund Family Name
    THORNBURG
  • Inception Date
    Jan 03, 1994
  • Shares Outstanding
    N/A
  • Share Class
    A
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    David Ashley

Fund Description

The Fund pursues its primary goal by investing principally in a laddered maturity portfolio of municipal obligations issued by states and state agencies, local governments and their agencies, and by United States territories and possessions. Thornburg Investment Management, Inc. (“Thornburg”) actively manages the Fund’s portfolio. Investment decisions are based upon outlooks for interest rates and securities markets, the supply of municipal debt obligations, and analysis of specific securities. The Fund invests primarily in obligations and participations in obligations which are rated by a nationally recognized statistical rating organization at the time of purchase as investment grade or, if unrated, are issued by obligors which Thornburg determines have comparable investment grade obligations outstanding or which are deemed by Thornburg to be comparable to obligors with outstanding investment grade obligations. The Fund may invest up to 20 percent of its net assets in lower-quality municipal debt obligations rated by a nationally recognized statistical rating organization at the time of purchase as below investment grade (sometimes called “junk” bonds or “high yield” bonds) or, if unrated, issued by obligors which Thornburg determines have comparable below investment grade municipal obligations outstanding or which are deemed by Thornburg to be comparable to obligors with outstanding below investment grade obligations. “Participations” are undivided interests in pools of securities where the underlying credit support passes through to the participants. The Fund’s portfolio is “laddered” by investing in obligations of different maturities so that some obligations mature during each of the coming years. As used herein, the term “net assets” includes the amount of any borrowings made by the Fund for investment purposes.

Because the magnitude of changes in value of interest-bearing obligations is greater for obligations with longer terms given an equivalent change in interest rates, the Fund seeks to reduce changes in its share value by maintaining a portfolio of investments with a dollar-weighted average maturity of normally three to ten years. As a result, the Fund also maintains a portfolio of investments having a dollar-weighted average effective duration of normally no more than ten years. Duration is a measure of estimated sensitivity to interest rate changes. A portfolio with a longer average effective duration will typically be more sensitive to interest rate changes than a portfolio with a shorter average effective duration. Duration is commonly expressed as a number, which is the expected percentage change in an obligation’s price upon a 1% change in interest rates. For example, an obligation with a duration of 10 would be expected to change in price by approximately 10% in response to a 1% change in interest rates. During temporary periods the Fund’s portfolio maturity and average effective duration may be reduced for defensive purposes. There is no limitation on the maturity of any specific security the Fund may purchase. The Fund may dispose of any security before it matures. The Fund also attempts to reduce changes in its share value through credit analysis, selection and diversification.

The Fund ordinarily acquires and holds securities for investment rather than for realization of gains by short-term trading on market fluctuations. However, it may sell an investment prior to its scheduled maturity date to enhance income or reduce loss, to change the portfolio’s average duration or average maturity, to pursue other investment opportunities, in response to changes in the conditions or business of the investment’s issuer or changes in overall market conditions, or if, in Thornburg’s opinion, the investment no longer serves to achieve the Fund’s investment goals. The objective of preserving capital may prevent the Fund from obtaining the highest yields available.

The Fund normally invests at least 80% of its net assets in municipal obligations, the income from which is exempt from the regular federal income tax. If the Fund owns taxable investments, some of its income would be subject to federal income tax. The Fund may invest without limit in securities that generate income subject to the alternative minimum tax (“AMT”) on individuals. Gains realized on investments held by the Fund and not offset by realized losses will be subject to federal income tax.

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THIMX - Performance

Return Ranking - Trailing

Period THIMX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.0% -2.2% 8.0% 36.53%
1 Yr 4.9% -0.8% 37.6% 41.68%
3 Yr -0.1%* -10.3% 2.7% 20.74%
5 Yr 1.2%* -4.9% 1103.5% 46.71%
10 Yr 1.7%* -0.2% 248.2% 60.54%

* Annualized

Return Ranking - Calendar

Period THIMX Return Category Return Low Category Return High Rank in Category (%)
2023 2.1% -1.4% 41.0% 68.88%
2022 -8.8% -40.2% 0.3% 25.36%
2021 -1.2% -5.6% 6.9% 83.82%
2020 1.3% -2.6% 310.0% 68.19%
2019 3.1% 0.0% 26.0% 76.23%

Total Return Ranking - Trailing

Period THIMX Return Category Return Low Category Return High Rank in Category (%)
YTD 0.0% -2.2% 8.0% 36.53%
1 Yr 4.9% -0.8% 37.6% 41.68%
3 Yr -0.1%* -10.3% 2.7% 20.74%
5 Yr 1.2%* -4.9% 1103.5% 46.71%
10 Yr 1.7%* -0.2% 248.2% 60.54%

* Annualized

Total Return Ranking - Calendar

Period THIMX Return Category Return Low Category Return High Rank in Category (%)
2023 5.5% -1.3% 41.0% 55.15%
2022 -6.5% -40.2% 1.1% 22.22%
2021 1.2% -4.8% 23761504.0% 59.47%
2020 3.8% -1.5% 17057.9% 49.26%
2019 4.6% 0.2% 3514.6% 83.21%

NAV & Total Return History


THIMX - Holdings

Concentration Analysis

THIMX Category Low Category High THIMX % Rank
Net Assets 862 M 3.48 M 68.1 B 31.37%
Number of Holdings 467 2 12848 26.86%
Net Assets in Top 10 108 M -317 M 3.4 B 39.49%
Weighting of Top 10 11.03% 1.9% 100.4% 79.73%

Top 10 Holdings

  1. PORT OF PORT ARTHUR TX NAV DIST 2.04%
  2. TENNESSEE ENERGY ACQUISITION CORP COMMODITY PROJECT REVENUE 1.28%
  3. INDIANA ST FIN AUTH HLTH SYS REVENUE 1.13%
  4. KENTUCKY ST PUBLIC ENERGY AUTH GAS SPLY REVENUE 1.12%
  5. MEADE CNTY KY INDL BLDG REVENUE 1.11%
  6. PATRIOTS ENERGY GROUP FING AGY SC GAS SPLY REVENUE 1.06%
  7. MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE 0.88%
  8. INDIANA FIN AUTH MIDWESTERN DISASTER RELIEF REVENUE 0.83%
  9. CHICAGO IL 0.80%
  10. CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE 0.78%

Asset Allocation

Weighting Return Low Return High THIMX % Rank
Bonds
98.51% 0.00% 150.86% 54.32%
Cash
1.49% -50.86% 50.09% 43.72%
Stocks
0.00% 0.00% 99.88% 39.91%
Preferred Stocks
0.00% 0.00% 0.52% 32.12%
Other
0.00% -8.54% 33.35% 39.81%
Convertible Bonds
0.00% 0.00% 0.93% 32.05%

Bond Sector Breakdown

Weighting Return Low Return High THIMX % Rank
Municipal
97.89% 44.39% 100.00% 56.76%
Derivative
0.00% -8.54% 24.50% 36.15%
Cash & Equivalents
0.00% 0.00% 48.02% 68.33%
Securitized
0.00% 0.00% 5.93% 32.24%
Corporate
0.00% 0.00% 9.41% 42.86%
Government
0.00% 0.00% 52.02% 37.77%

Bond Geographic Breakdown

Weighting Return Low Return High THIMX % Rank
US
98.51% 0.00% 142.23% 51.73%
Non US
0.00% 0.00% 23.89% 38.27%

THIMX - Expenses

Operational Fees

THIMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.92% 0.03% 20.65% 33.42%
Management Fee 0.48% 0.00% 1.20% 75.59%
12b-1 Fee 0.25% 0.00% 1.00% 44.50%
Administrative Fee 0.10% 0.01% 0.44% 37.63%

Sales Fees

THIMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load 2.00% 0.50% 4.75% 95.21%
Deferred Load N/A 0.25% 5.00% N/A

Trading Fees

THIMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 1.00% N/A

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

THIMX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover N/A 0.00% 283.00% 41.00%

THIMX - Distributions

Dividend Yield Analysis

THIMX Category Low Category High THIMX % Rank
Dividend Yield 3.28% 0.00% 4.63% 34.85%

Dividend Distribution Analysis

THIMX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Annually Monthly Monthly

Net Income Ratio Analysis

THIMX Category Low Category High THIMX % Rank
Net Income Ratio 2.26% -0.53% 5.33% 31.86%

Capital Gain Distribution Analysis

THIMX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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THIMX - Fund Manager Analysis

Managers

David Ashley


Start Date

Tenure

Tenure Rank

Feb 01, 2019

3.33

3.3%

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 in Delaware.

Eve Lando


Start Date

Tenure

Tenure Rank

Jul 01, 2020

1.92

1.9%

Eve Lando is a portfolio manager for Thornburg Investment Management. She joined Thornburg’s municipal bond team in 2019 as an 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 analysis, with particular focus on deal structures and legal covenants. Eve has covered sectors such as state and local government finance, public power, essential services, health care and higher education, across the investment grade and high-yield spectrum. Prior to joining Thornburg, she worked for over 14 years at Lazard Asset Management, most recently as a senior vice president and municipal research analyst, and before that, she was a municipal research associate at AllianceBernstein.

John Bonnell


Start Date

Tenure

Tenure Rank

Apr 06, 2021

1.15

1.2%

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 in his career, John held credit research and municipal bond portfolio management roles at USAA. He also spent several years at Strong Capital Management and two years at OppenheimerFunds, Inc. as a senior portfolio manager. John holds a BBA in finance from the University of Texas–San Antonio and an MBA from St. Mary’s University in San Antonio, Texas. John is a CFA charterholder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.08 35.05 7.35 1.58