Thornburg Investment Management

What Thornburg Investment Management does

Thornburg Investment Management is a privately owned, independent global investment firm founded in 1982 by Garrett Thornburg in Santa Fe, New Mexico, managing approximately $57-59 billion in client assets as of Q1 2026 ($56.2B AUM + $1.3B AUA). The firm offers actively managed investment strategies across global equity, fixed income, multi-asset, and ESG-integrated categories, distributed through multiple vehicle types including institutional separate accounts, mutual funds, actively managed ETFs (including dual share-class ETFs on Nasdaq launched April 2026), closed-end funds (TBLD), UCITS funds domiciled in Ireland, and separately managed accounts. Its flagship Thornburg Investment Income Builder Fund manages $22 billion in assets and was named Multi-Asset Mutual Fund of the Year at the 2026 With Intelligence Mutual Fund and ETF Awards.

The firm operates across the Americas, EMEA, Asia-Pacific, and Latin America with regional offices in London and Hong Kong, serving institutional investors (pension funds, endowments, foundations, sovereign wealth funds), financial professionals (advisors, wealth managers, broker-dealers), and individual investors through investment intermediaries. Revenue is generated primarily through recurring investment management fees on AUM across its product suite, with no public disclosure of specific fee tiers. Thornburg employs 251-500 staff and has expanded its alternatives platform with Private Credit (2024) and Private Real Estate (2021) strategies.

Operationally, Thornburg employs proprietary fundamental research combining qualitative and quantitative analysis across geographies, sectors, and asset classes, supported by strategic technology partnerships including a generative AI-powered sales enablement tool developed with SS&C Technologies (announced February 2026) and end-to-end ETF servicing infrastructure with State Street Corporation. The firm received SEC exemptive relief in 2026 to offer actively managed ETF share classes, positioning it among approximately two dozen approved asset managers in this structural innovation, and has been recognized with multiple 2026 industry awards including Newcomer ETF Firm of the Year and a Morningstar 5-star rating for its Limited Term Income Fund UCITS.

Name

Thornburg Investment Management

Legal name

Thornburg Investment Management, Inc.

Website

https://thornburg.com

Company type

Private

Founded year

1982

Operating status

Operating

Headcount range

251–500 employees

Short description

Thornburg Investment Management is a privately owned, independent global investment firm founded in 1982, managing approximately $57-59 billion in active equity, fixed income, multi-asset, and ESG strategies across mutual funds, ETFs, UCITS, closed-end funds, and institutional separate accounts for institutional, intermediary, and individual investors worldwide.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Open-End Investment Funds (525910)

SIC

Investment Advice (6282)

akta.pro primary industry

Portfolio Management–Led RIAs (Discretionary/Model-Based) (FSAAACAC)

akta.pro secondary industries

Large-Cap Equity (Active) (FSAAAIAA), Private Banking & UHNW Wealth Advisory (FSAEABAC)

Keywords

• Active investment management
• Global equity strategies
• Fixed income portfolios
• Multi-asset income funds
• Separately managed accounts

Headquarters

HQ city

Santa Fe

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Investment Management Fees: Thornburg generates revenue through investment management fees charged on assets under management across its institutional strategies, mutual funds, ETFs, closed-end funds, UCITS funds, and separately managed accounts. The firm manages approximately $57 billion in client assets as of Q1 2026.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Thornburg Investment Management is a privately owned global investment firm that provides actively managed investment strategies across global equity, fixed income, multi-asset, ESG-integrated, and alternative categories. The firm distributes these strategies through institutional separate accounts, mutual funds, ETFs (including ETF share classes), closed-end funds, UCITS funds, and separately managed accounts, serving institutions, financial professionals, and individual investors across the Americas, EMEA, and Asia-Pacific. As of Q1 2026, Thornburg managed approximately $57 billion in client assets (with some sources citing ~$58B including AUM of $56.2B and AUA of $1.3B).

Product overview

Thornburg Investment Management is a privately owned, global investment firm founded in 1982 offering a comprehensive platform of actively managed investment products. The firm's product suite spans multiple vehicle types including mutual funds (equity and fixed income), ETFs (actively managed equity and fixed income ETFs), UCITS funds for international investors, closed-end funds, and separately managed accounts. Key equity offerings include the American Opportunities Fund, Focus Growth Fund, Global Opportunities Fund, International Equity Fund, International Growth Fund, and Developing World Fund. Fixed income products include Limited Term Income Fund and municipal bond strategies. Multi-asset solutions include the Investment Income Builder Fund ($22B AUM) and Summit Multi-Asset Fund. The firm also offers alternative strategies including private credit and private real estate. Since January 2025, Thornburg has expanded into the ETF market with actively managed ETFs including TXUG (International Growth) and TXUE (International Equity), and in April 2026 launched ETF share classes of its mutual funds (TAOZ, TFGZ). The ETF platform has grown to over $600 million in assets.

Differentiator

Problem solved

Functional benefit

Products and services

• Thornburg Investment Income Builder Fund Multi-asset fund investing in dividend-paying equities and bonds globally, focused on income and total return; manages $22 billion in assets and ranks in the top decile for 1-, 3-, 5-, and 10-year periods. Available to institutional investors, financial professionals, and individual investors through intermediaries.
• Thornburg Global Opportunities Fund Actively managed global equity fund seeking long-term capital appreciation through high-conviction portfolio construction. Delivered a trailing 12-month return of +35.75% as of March 31, 2026 versus MSCI ACWI +20.01%.
• Thornburg International Equity Fund Actively managed international equity fund investing in companies outside the United States, providing developed-markets ex-U.S. exposure for institutional, intermediary, and individual investors.
• Thornburg Developing World Fund Actively managed emerging markets equity fund investing in developing countries, providing exposure to non-U.S. growth opportunities. Returned 2.27% in Q1 2026, outperforming MSCI Emerging Markets Index by 244 basis points.
• Thornburg Limited Term Income Fund (THIIX) Fixed income fund investing in government and corporate bonds with a limited term duration strategy. The UCITS share class received a 5-star Morningstar rating for risk-adjusted returns as of May 31, 2026.
• Thornburg Better World International Fund (TBWAX) ESG-integrated international equity fund identifying businesses with attractive valuations and durable earnings characteristics, suited for sustainability-mandated institutional and intermediary portfolios.
• Thornburg American Opportunities Fund (with ETF share class TAOZ) Actively managed U.S. equity strategy providing exposure to U.S. equities with growth characteristics. Offered as a mutual fund with an ETF share class (TAOZ) listed on Nasdaq.
• Thornburg Focus Growth Fund (with ETF share class TFGZ) Actively managed equity strategy focused on growth investments. Offered as a mutual fund with an ETF share class (TFGZ) listed on Nasdaq, marking one of the first actively managed ETF share classes of a U.S. mutual fund.
• Thornburg International Growth ETF (TXUG) Actively managed ETF providing exposure to developed markets ex-U.S. equities with growth characteristics, launched January 23, 2025, as part of Thornburg's entry into the actively managed ETF market. Traded on Nasdaq.
• Thornburg International Equity ETF (TXUE) Actively managed ETF providing exposure to international equity markets, launched as part of Thornburg's first active ETFs in January 2025. Traded on Nasdaq.
• Thornburg Income Builder Opportunities Trust (TBLD) Actively managed multi-asset closed-end fund providing a current income stream with regular monthly distributions and potential for total return. Listed on Nasdaq.
• Thornburg Summit Multi-Asset Fund Multi-asset strategy providing diversified allocation across equities, fixed income, and alternatives, designed for institutional and intermediary investors seeking one-stop active multi-asset exposure.
• UCITS Funds Non-U.S. domiciled fund platform offering select global equity and fixed income solutions for international investors, including Equity Income Builder, Global Opportunities, International Equity, Limited Term Income, and Strategic Income funds. Distributed through financial intermediaries across Europe and Asia-Pacific; administered by State Street Fund Services (Ireland) Limited.
• Institutional Separate Accounts Customized separately managed accounts for institutional investors — including pension funds, endowments, foundations, and sovereign wealth funds — providing equity, fixed income, multi-asset, and alternative strategies with direct portfolio team engagement.
• Thornburg Private Credit Strategy Private credit strategy offered through managed accounts and fund vehicles to institutional and qualifying investors, expanding Thornburg's alternative offerings beyond public market products.
• Thornburg Private Real Estate Strategy Private real estate strategy offered through managed vehicles for institutional and qualifying investors, complementing Thornburg's public-market offerings with alternative real estate exposure.

Quantifiable outcome

• Thornburg Investment Income Builder Fund returned +38.31% over trailing 12 months through Q1 2026, significantly outperforming blended benchmark of -2.68%.
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

AI capability2 records

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• State Street CorporationcoreTechnology or Integration · 9 April 2026State Street provides end-to-end ETF servicing support for Thornburg's new ETF share classes, including custody, accounting, ETF basket creation, transfer agency, and create-and-redeem order management. This mandate represents only the second active ETF share-class servicing arrangement in the US. The partnership builds on a nearly 40-year relationship between the two firms.
• SS&C Technologies HoldingscoreTechnology or Integration · 24 February 2026SS&C developed a generative AI-powered sales enablement solution for Thornburg's intermediary sales team, integrated into CRM platforms to provide consolidated access to financial advisor insights and advanced analytics to prioritize advisors within sales territories. The collaboration demonstrates SS&C's capability to deliver bespoke GenAI solutions to asset management clients.

Scale indicators4 records

Recent moves6 records

Expansion highlights5 records

Emerging players

• WisdomTree Investments: Public asset manager with a strong ETF-led distribution model and growing actively managed ETF capabilities. Comparable to Thornburg in active ETF platform momentum, intermediary and advisor distribution focus, and thematic/income product overlap.

Direct peers

• Cohen & Steers: Public specialty active manager (~ $80B AUM) focused on real assets, real estate, and income-oriented strategies. Comparable to Thornburg in income-builder franchise, alternative strategies (private real estate), closed-end fund vehicles (TBLD parallels CNS's CEFFs), and intermediary distribution.
• Artisan Partners Asset Management: Public, independent active asset manager (~ $170B AUM) with multi-affiliate structure offering global equity, fixed income, and multi-asset strategies. Closely comparable to Thornburg in independent ownership, high-conviction active philosophy, multi-vehicle distribution (mutual funds, ETFs, SMAs), and intermediary-led go-to-market.
• Manning & Napier: Private, multi-affiliate active asset manager offering equity, fixed income, and multi-asset strategies through mutual funds, SMAs, and collective funds. Comparable to Thornburg in private/independent ownership, mid-sized AUM, active multi-asset emphasis, and intermediary distribution focus.
• Putnam Investments: Private active asset manager (owned by Franklin Resources) offering global equity, fixed income, multi-asset, and alternative strategies. Comparable to Thornburg in active management focus, multi-vehicle distribution, ETF platform growth, and intermediary distribution model.
• Calamos Asset Management: Private, family-controlled active asset manager with multi-asset, equity, fixed income, and convertible strategies distributed through mutual funds, ETFs, UCITS, and SMAs. Highly comparable to Thornburg in private ownership, multi-vehicle global distribution, and active ETF expansion strategy.
• Victory Capital: Public multi-affiliate active asset manager with integrated ETF, mutual fund, and SMA distribution. Comparable to Thornburg in active management breadth across global equity, fixed income, and multi-asset, plus parallel ETF and mutual fund share-class evolution.

Broad incumbents

• T. Rowe Price: Large independent active asset manager (~$1.5T AUM) with global equity, fixed income, multi-asset, and ETF capabilities. Comparable to Thornburg in independent active philosophy, multi-vehicle evolution (recently launching ETFs), global institutional reach, and target-date/multi-asset product overlap.
• American Century Investments: Private, family-controlled active asset manager (~ $200B+ AUM) with global equity, fixed income, and multi-asset strategies. Comparable to Thornburg in private ownership structure, active management emphasis, multi-vehicle distribution, and intermediary-led sales motion.
• Hartford Funds: Multi-affiliate asset manager offering equity, fixed income, multi-asset, and ETF products through intermediary distribution. Comparable to Thornburg in actively managed ETF share-class strategy, intermediary-led sales motion, and diversified product suite.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/thornburgfunds
• YouTubeyoutube.com/channel/UCLrewjbQi5GHg5lzFnZQB4A
• Facebookfacebook.com/thornburgfunds
• LinkedInlinkedin.com/company/thornburg-investment-management
• Instagraminstagram.com/thornburgfunds

Revenue estimate

Valuation estimate

Number of profiles

Profiles10 records

Subsidiaries2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Thornburg Investment Management