How to Write an Investment Policy Statement, 2nd Edition

APPENDIX

THE FIRM PROFILE

Thornburg Investment Management, Inc. is a privately held investment management company based in Santa Fe, New Mexico. The firm advises the Thornburg family of mutual funds and manages separate portfolios for select institutions and individuals.

Thornburg Investment Management was founded in 1982 by Garrett Thornburg. In 1984, the firm created and offered one of the first limited-term municipal bond mutual funds in the United States, and began earning its reputation for disciplined yet consistent value investing in both fixed income and equities. Today, Thornburg Investment Management manages over $7.5 billion in mutual fund assets and separately managed portfolios.

Investment Philosophy

Thornburg Investment Management is a value investor in both stocks and bonds. Our approach to value is comprehensive, with risk control being a primary focus of everything we do. For equities and bonds, we independently value each security before reaching an investment decision. As a general rule, our bond funds are broadly diversified: We invest only in investment-grade bonds and ladder the maturities only over short and intermediate time frames. Our equity funds are focused, with a limited number of securities that we believe have compelling value.

Our investment products and services represent what we consider to be core strategies for serious investors. We seek to mitigate risk by consistently adhering to independent and disciplined investment strategies that over ...