Name
As of 04/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
Vitals
YTD Return
N/A
1 yr return
N/A
3 Yr Avg Return
N/A
5 Yr Avg Return
N/A
Net Assets
$5.61 M
Holdings in Top 10
37.0%
52 WEEK LOW AND HIGH
Expenses
OPERATING FEES
Expense Ratio 3.65%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover N/A
Redemption Fee N/A
Min Investment
Standard (Taxable)
N/A
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 04/26/2024Price
Aum/Mkt Cap
YIELD
Exp Ratio
Watchlist
THMMX - Profile
Distributions
- YTD Total Return N/A
- 3 Yr Annualized Total Return N/A
- 5 Yr Annualized Total Return N/A
- Capital Gain Distribution Frequency N/A
- Net Income Ratio N/A
- Dividend Yield 0.0%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameThornburg Municipal Managed Account Fund
-
Fund Family NameTHORNBURG
-
Inception DateFeb 21, 2024
-
Shares OutstandingN/A
-
Share ClassI
-
CurrencyUSD
-
Domiciled CountryUS
Fund Description
Thornburg Investment Management, Inc. (“Thornburg”) actively manages the Fund’s investments in pursuing the Fund’s investment goal. The Fund invests principally in a portfolio of municipal obligations issued by states and state agencies, local governments and their agencies, and by United States territories and possessions. Investment decisions are based upon outlooks for interest rates and securities markets, the supply of municipal debt obligations, the difference in yields between higher and lower-rated obligations, and analysis of specific obligations. The Fund invests in municipal obligations and participations in municipal obligations of any credit quality. The Fund may invest up to 80 percent of its portfolio 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. The Fund may also invest in municipal obligations that are in default at the time of purchase. “Participations” are undivided interests in pools of securities where the underlying credit support passes through to the participants.
The Fund may invest in municipal obligations of any maturity or duration. 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 average effective duration and average portfolio maturity may be reduced for defensive purposes. There is no limitation on the duration or maturity of any specific security the Fund may purchase. The Fund may dispose of any security before it matures. The Fund attempts to meet its objective through credit analysis and security selection. The Fund is non-diversified.
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. As used herein, the term “net assets” includes the amount of any borrowings made by the Fund for investment purposes.
THMMX - Performance
Return Ranking - Trailing
Period | THMMX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | N/A | N/A | N/A | N/A |
1 Yr | N/A | N/A | N/A | N/A |
3 Yr | N/A* | N/A | N/A | N/A |
5 Yr | N/A* | N/A | N/A | N/A |
10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Return Ranking - Calendar
Period | THMMX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | N/A | N/A | N/A |
2022 | N/A | N/A | N/A | N/A |
2021 | N/A | N/A | N/A | N/A |
2020 | N/A | N/A | N/A | N/A |
2019 | N/A | N/A | N/A | N/A |
Total Return Ranking - Trailing
Period | THMMX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
YTD | N/A | N/A | N/A | N/A |
1 Yr | N/A | N/A | N/A | N/A |
3 Yr | N/A* | N/A | N/A | N/A |
5 Yr | N/A* | N/A | N/A | N/A |
10 Yr | N/A* | N/A | N/A | N/A |
* Annualized
Total Return Ranking - Calendar
Period | THMMX Return | Category Return Low | Category Return High | Rank in Category (%) |
---|---|---|---|---|
2023 | N/A | N/A | N/A | N/A |
2022 | N/A | N/A | N/A | N/A |
2021 | N/A | N/A | N/A | N/A |
2020 | N/A | N/A | N/A | N/A |
2019 | N/A | N/A | N/A | N/A |
NAV & Total Return History
THMMX - Holdings
Concentration Analysis
THMMX | Category Low | Category High | THMMX % Rank | |
---|---|---|---|---|
Net Assets | 5.61 M | N/A | N/A | N/A |
Number of Holdings | 34 | N/A | N/A | N/A |
Net Assets in Top 10 | 2.08 M | N/A | N/A | N/A |
Weighting of Top 10 | 37.02% | N/A | N/A | N/A |
Top 10 Holdings
- DETROIT MI 4.97%
- BLACK BELT ENERGY GAS DIST AL GAS SPLY REVENUE 4.76%
- WEST VIRGINIA ST ECON DEV AUTH SOL WST DISP FACS 4.50%
- FARMINGTON NM POLL CONTROL REVENUE 4.39%
- VIRGINIA ST HSG DEV AUTH 3.63%
- NATIONAL FIN AUTH NH REVENUE 3.18%
- CALIFORNIA MUNI FIN AUTH MF 2.96%
- NEW MEXICO ST EDUCTNL ASSISTANCE FNDTN 2.91%
- TEXAS ST PRIV ACTIVITY BOND SURFACE TRANSPRTN CORP REVENUE 2.87%
- BLACK BELT ENERGY GAS DIST AL GAS PROJECT REVENUE 2.85%
Asset Allocation
Weighting | Return Low | Return High | THMMX % Rank | |
---|---|---|---|---|
Bonds | 97.79% | N/A | N/A | N/A |
Cash | 2.21% | N/A | N/A | N/A |
Stocks | 0.00% | N/A | N/A | N/A |
Preferred Stocks | 0.00% | N/A | N/A | N/A |
Other | 0.00% | N/A | N/A | N/A |
Convertible Bonds | 0.00% | N/A | N/A | N/A |
Bond Sector Breakdown
Weighting | Return Low | Return High | THMMX % Rank | |
---|---|---|---|---|
Derivative | 0.00% | N/A | N/A | N/A |
Cash & Equivalents | 0.00% | N/A | N/A | N/A |
Securitized | 0.00% | N/A | N/A | N/A |
Corporate | 0.00% | N/A | N/A | N/A |
Municipal | 0.00% | N/A | N/A | N/A |
Government | 0.00% | N/A | N/A | N/A |
Bond Geographic Breakdown
Weighting | Return Low | Return High | THMMX % Rank | |
---|---|---|---|---|
US | 97.79% | N/A | N/A | N/A |
Non US | 0.00% | N/A | N/A | N/A |
THMMX - Expenses
Operational Fees
THMMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Expense Ratio | 3.65% | N/A | N/A | N/A |
Management Fee | 0.00% | N/A | N/A | N/A |
12b-1 Fee | N/A | N/A | N/A | N/A |
Administrative Fee | N/A | N/A | N/A | N/A |
Sales Fees
THMMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Front Load | N/A | N/A | N/A | N/A |
Deferred Load | N/A | N/A | N/A | N/A |
Trading Fees
THMMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Max Redemption Fee | N/A | N/A | N/A | 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.
THMMX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
---|---|---|---|---|
Turnover | N/A | N/A | N/A | N/A |
THMMX - Distributions
Dividend Yield Analysis
THMMX | Category Low | Category High | THMMX % Rank | |
---|---|---|---|---|
Dividend Yield | 0.00% | N/A | N/A | N/A |
Dividend Distribution Analysis
THMMX | Category Low | Category High | Category Mod | |
---|---|---|---|---|
Dividend Distribution Frequency | None |
Net Income Ratio Analysis
THMMX | Category Low | Category High | THMMX % Rank | |
---|---|---|---|---|
Net Income Ratio | N/A | N/A | N/A | N/A |
Capital Gain Distribution Analysis
THMMX | Category Low | Category High | Capital Mode | |
---|---|---|---|---|
Capital Gain Distribution Frequency |