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SANTA FE, N.M., June 4, 2015 (GLOBE NEWSWIRE) -- Five institutional investment strategies offered by Thornburg Investment Management (TIM) were awarded the "Top Guns" distinction from Informa Investment Solutions' PSN manager ranking database for the period ended March 31, 2015. Achieving the Top Gun distinction means a product is among the top 10 performers within one or more peer groups reporting to PSN, the longest-running investment manager database in North America.
"We are gratified to receive such widespread recognition, which we believe reflects both our investment ability, as well as the diverse array of equity and bond strategies that Thornburg offers," said Randy Dry, director of Thornburg's Institutional Group.
This distinction highlights TIM's strength in both fixed income and equity investing. While markets faced difficulty worldwide and economic ups and downs domestically, TIM's award-winning strategies withstood the market volatility.
"A test for an active portfolio manager is good performance over time. The portfolio managers on these strategies have passed that test," said Dry.
Informa recognized Thornburg for the performance of the following strategies:
--Ultra Focused Equity (One and Three Stars in the Large Cap Universe). Managed by Vinson Walden, CFA, this strategy is a concentrated portfolio that seeks to buy promising companies with sound business fundamentals at a time when their intrinsic value is not fully recognized by the marketplace.
--Intermediate Term Municipal (Six and Five Stars in the Municipals Universe). Co-managed by Chris Ryon, CFA, Josh Gonze and Nicholos Venditti, this strategy seeks to obtain as high a level of current income exempt from regular federal individual income tax as is consistent, in the view of the portfolio managers, with preservation of principal. Maturities range from one to 20 years, with the portfolio's average duration standing around four to six years. TIM uses a laddered portfolio structure with an average maturity of three to ten years for municipal bond portfolios.
--Multisector Opportunistic (Three Stars in the Core Plus Universe). Co-managed by Jason Brady, CFA, Lon Erickson, CFA, and Jeff Klingelhofer, CFA, this strategy seeks to provide a high and sustainable yield throughout market cycles and has a flexible mandate of global fixed income securities. This unconstrained strategy has the ability to go anywhere in the world to look for income and relative value.
--Developing World (Four Stars in the Emerging Markets Universe). Co-managed by Ben Kirby, CFA, and Charles Wilson, Ph.D, this strategy concentrates on managing the special risks associated with the emerging-markets asset class and on providing strong risk-adjusted returns—by focusing on self-funding companies that generate strong free cash flow and are not dependent on capital markets in times of stress.
--Global Opportunities (Four, Three and Two Stars in the Global Equity Universe; Three and Two Stars for the Global Opportunities UCITS vehicle in the Global Equity Universe). Co-managed by TIM's CIO Brian McMahon and Vinson Walden, CFA, this focused strategy of 30-40 holdings considers a variety of mostly equity securities from around the world. The flexible mandate allows a broad approach to geography, investing style and market capitalization.
The "Top Guns" awards are presented quarterly.
"We're particularly delighted (and believe that long-term institutional investors will be as well) that seven of these eight awards are for performance of at least three years, which is in line with the long-term perspective that Thornburg applies to all of its strategies," Dry said.
Thornburg Investment Management is a privately owned global investment firm that offers a range of solutions for retail and institutional investors. We are driven by our mission to help our clients reach their long-term financial goals through fundamental research and active portfolio management. Founded in 1982 and headquartered in Santa Fe, New Mexico, we manage approximately $61 billion (as of March 31, 2015) across seven equity and 11 bond mutual funds, separate accounts for high net worth investors and institutional accounts, and five UCITS funds for non-U.S. investors.
PSN Informa is a service of Informa Investment Solutions (IIS), the investment industry's leading premier provider of online applications and outsourced services, including data management and performance measurement. Ratings range from 1 star to 6 six stars and the methodology is as follows:
1-Star Category: Products with this rating were top ten performers within their respective universes, based on quarterly returns.
2-Star Category: These products were top ten performers within their respective universes, based on returns for the one-year period.
3-Star Category: These products were top ten performers within their respective universes, based on returns for the three-year period.
4-Star Category: Products with this rating must have an R-Squared of 0.80 or greater relative to the style benchmark for the recent five-year period. Moreover, products must have returns greater than the style benchmark for the three latest three-year rolling periods. The top ten returns for the latest three-year period then become the TOP GUNS.
5-Star Category: Products must have an R-Squared of 0.80 or greater relative to the style benchmark for the recent five-year period. Moreover, products must have returns greater than the style benchmark for the three latest three-year rolling periods. After that they select only the products which standard deviation for the five-year period is equal or less than the median standard deviation for the peer group. The top ten returns for the latest three-year period then become the TOP GUNS.
6-Star Category: Products must have an R-Squared of 0.80 or greater relative to the style benchmark for the recent five-year period. Moreover, products must have returns greater than the style benchmark for the three latest three-year rolling periods. After that they select only the products which standard deviation for the five-year period is equal or less than the median standard deviation for the peer group. The top ten returns for the latest five-year period then become the TOP GUNS.
The peer groups were created using the information collected through the PSN manager questionnaire and used only gross-of-fee returns. PSN Top Guns investment managers must claim they are GIPS compliant.
Large Cap Universe: 605 firms and 1301 products were considered
Municipals Universe: 104 firms and 185 products were considered
Core Plus Universe: 98 firms and 127 products were considered
Emerging Markets Universe: 142 firms and 254 products were considered
Global Equity Universe: 315 firms and 587 products were considered
Past performance does not guarantee future results.
Portfolio returns gross of fees do not reflect the deduction of management fees. Performance results of the firm's clients will be reduced by the firm's management fees.
Investments in the strategies carry risks, including possible loss of principal. Special risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small capitalization companies may increase the risk of greater price fluctuations. Portfolios investing in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds. The principal value of bonds will fluctuate relative to changes in interest rates, decreasing when interest rates rise. This effect is more pronounced for longer-term bonds. Unlike bonds, bond portfolios have ongoing fees and expenses. Investments in mortgage backed securities (MBS) may bear additional risk. Investments in lower rated and unrated bonds may be more sensitive to default, downgrades, and market volatility; these investments may also be less liquid than higher rated bonds. Investments in derivatives are subject to the risks associated with the securities or other assets underlying the pool of securities, including illiquidity and difficulty in valuation. Carefully consider the strategies' investment objectives, risks, fees and expenses before investing. There is no guarantee that the strategies will meet its investment objectives.
The Undertakings for the Collective Investment of Transferable Securities (UCITS) are offered solely to non-U.S. investors under the terms and conditions of the UCITS's current Prospectus. A copy of the full Prospectus and KIID for the UCITS may be obtained by contacting the local Paying Agent through the UCITS's Transfer Agent, Brown Brothers Harriman Fund Administration Services (Ireland) Limited or at http://www.thornburgglobal.com. The Prospectus contains important information about the UCITS and should be read carefully before investing.
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