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A Study of Real Real Returns Thornburg’s annual study examining the impact of inflation, taxes, and investment expenses on the returns of several asset classes. The results of this year’s study also reinforce the lessons of previous ones. First, that time-tested, common sense investment strategies are a better path to real wealth accumulation and real income generation than short-term trading and speculation. Second, the range of returns over the past 10, 20, and 30 years highlights the need for well-diversified portfolios of assets that can generate real real returns. Finally, investors should take a comprehensive approach to asset allocation, examining their own circumstances and the investment vehicles available to them, and allocate their investments accordingly. August 2011 (pdf)
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Why Do Dividend Strategies Tend to Outperform? - Conventional wisdom says that companies pay dividends only when prospects for future growth are limited. Recent research says otherwise. In this article, the portfolio managers review three studies demonstrating that there is a global tendency for high dividend paying companies to exhibit subsequent growth.
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A Note on Liquidity - by Nicholos Venditti, Fixed Income Research Analyst
This article addresses the recent large outflows out of municipal bond funds and the potential ramifications for shareholders. (TH2350) - Laddering: An All-Weather Strategy - Portfolio manager Chris Ihlefeld revisits a core strategy integral to most of Thornburg's fixed income portfolios, the laddered strategy.
- Municipal Bond Market In the News - Is the municipal market on the verge of a crisis? Portfolio manager Josh Gonze explains why he believes there is no cause for panic. Read this article to learn what the media has overlooked. (pdf)
- Strategic Income Fund Flexibility - Overview, investment objectives and strategy for Thornburg Strategic Income and Thornburg Strategic Municipal Income Funds. November 2010 (updated January 2011)
- Pre- or Post-Tax, Dividend Strategies Are Still About Total Return - This article discusses how, even after taxes, dividend strategies tend to outperform. In the appendix, portfolio managers look at what would have happened without the tax cuts provided by the Jobs and Growth Tax Relief Reconciliation Act.
- Tangible Investing in Retirement Using a Global Dividend Income Strategy - by Jack Gardner, CIMA
This article reviews how to structure, allocate and monitor the results of a tangible investment strategy for clients nearing or entering the distribution phase of retirement.
- Investment Solutions for your Clients’ Income Needs - June 2010
- View from the Bond Desk August 2011 - This quarter featuring "Muni Market in Review", "The 'Agg': Passive Doesn't Mean Static", "QEn" and "Global Bond Investing" (pdf)
- View from the Bond Desk July 2010 (updated December 2010) - This quarter featuring "Managing Municipal Credit Risk", "Global Debt and its Ramifications" and "Diversifying Along the Yield Curve" (pdf)
- View from the Bond Desk March 2010 (updated November 2010) - This quarter featuring "Don’t Fear the Bear" and "What is Happening in Mortgage Markets?"(pdf)
- Bond Investing as a Negative Art - portfolio manager Jason Brady CFA, discusses "negative skew" in bond investing as well as Thornburg's core bond funds goals and strategies for managing risk.
- A Tradition of Disciplined Bond Management - Overview of Thornburg Bond Funds and the role of bonds in a portfolio, types of bonds, the risks of investing in bonds and where Thornburg Bond Funds fit into your asset allocation strategy.
- The Road of Retirement educational modules outline the best practices for developing and following a retirement income plan that balances current lifestyle and long-term sustainability of the retirement portfolio. The series includes seven client-approved articles.
- Structuring Distribution Strategies for Retirees in a Bear Market
by Jack Gardner, President, Thornburg Securities Corp.
This article uses the past nine years, which included two bear markets (2000–2002 and 2008), to test two retirement income planning strategies to see how they would impact a retirement portfolio’s withdrawal rates and sustainability. December 2009
- There is More to Dividends Than Just Yield
In this article, the portfolio managers discuss how there is more to dividend-oriented portfolios than buying high-yielding stocks. Rather, implementing a disciplined and comprehensive dividend strategy can provide significant benefits.
- Investors Buy & Sell Bond Funds at the Wrong Time September 2009 (pdf)
- Cultivating the Growth of the Dividend - includes discussion of the benefits of dividend paying stocks; dividends, valuation and corporate governance; dividend-paying equities as an all-weather strategy; and putting dividends to work for you. May 2009 (pdf)
- Has the Municipal Bond Market Mispriced the Impacts of the Current Recession? We Think it Has! - by portfolio manager Chris Ryon, CFA - There are several methods
an investor can use to assess
the market’s pricing of credit
risk. This is important
because sometimes the market,
with its collective reasoning,
will charge too little for
credit risk and, at other times,
too much. The market’s predisposition
toward mispricing
credit risk is highly correlated
to its sense of euphoria or fear.
- Alternative Minimum Tax (AMT) Josh Gonze, Co- Portfolio Manager -
Overview of AMT, who is affected and implications for Muni bond fund investors. updated February 2010
- The Case for a High and Growing Dividend Stock Strategy in Retirement Portfolios - by Jack Gardner, CIMA®, AIFA® reprinted with permission from Investments & Wealth Monitor December 2008
- World-wide Investing - Thornburg study on international investing. (pdf)
- Laddering A Bond Portfolio, Co-Portfolio Managers George Strickland, Josh Gonze, Chris Ihlefeld, Chris Ryon, Jason Brady, and Lon Erickson
- Individual Bonds vs Bond Funds by Josh Gonze, Co- Portfolio Manager
- Risk: More Than One Definition, Alex Motola, Portfolio Manager, June 2005 (pdf)
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