Thornburg Investment Management

Thornburg Portfolio Manager Lei (Rocky) Wang helps put things in perspective: "Volatility is here, and it's making investors uneasy. Inflation, recession fears, and geopolitical tensions are dominating headlines, and it's no surprise that advisors and clients are feeling the pressure. But here’s the thing, uncertainty, while uncomfortable, often sets the stage for opportunity, especially in international markets. For the past decade, U.S. equities have taken the spotlight. Now, global markets, long underappreciated, are starting to show real potential. With China preparing massive stimulus to counter deflation, Japan moving beyond a decades-long deflationary cycle, and Europe stepping into greater economic independence, the global investment landscape is shifting. And with stronger local currencies in play, these markets are worth a closer look. It’s also a reminder that we can’t project the U.S. experience onto the rest of the world. Tariffs and inflation may dominate domestic discourse, but other regions are navigating entirely different dynamics. Market swings will always test our nerves. But for long-term investors, volatility can be an ally. These moments of dislocation often open windows for thoughtful, patient investors to lean in. We’re always here to help clients stay grounded, offering perspective, conviction, and a steady hand." For more market insights from Thornburg, visit https://ow.ly/PZnp50VwS2Q #globalmarkets #volatility #investmentstrategy

History shows that unchecked euphoria often precedes major market corrections. Speculation, economic bubbles, and unexpected shocks, like wars or recessions, can turn optimism into panic selling. While no two crashes are the same, they share common themes: excessive risk, shifting sentiment, and a hard lesson in market cycles. The past can’t predict the future, but it can teach us to navigate uncertainty. Here's why this matters: https://ow.ly/50T750VrIcK #investing #activemanagement

The announcement of sweeping new tariffs by President Trump sent shockwaves through global markets, reigniting a level of uncertainty and volatility we haven’t seen since the early days of the pandemic. Sectors tied to international trade and complex supply chains felt the impact most sharply. And if these tariffs hold, the market may actually be underreacting, the ripple effects on global consumption and trade could be significant. Our take? This feels more like an opening move in a broader negotiation than a final policy stance. But as proposed, it’s a “worse-than-feared” scenario, and one that poses real headwinds for global growth and equity valuations. We’ll be watching closely.

Thornburg Equity Research Analyst Nicole L. recently returned from an eye-opening trip to Hong Kong, with brief visits to Guangzhou, Dongguan, and Shenzhen, that offered a front-row seat to some fascinating developments in the Chinese market. Over the course of 1.5 weeks, she met with a wide range of companies and local experts across sectors that are central to Thornburg’s portfolios. Her trip also included a visit to HKEX, offering further insights into the evolving market. From #EV supply chain innovators to e-commerce merchants, China #AI and cloud specialists to consumer retail leaders, Nicole explored how Chinese brands and operators are evolving, how they compare to their Western counterparts, and what these developments mean for global markets, including the U.S., Europe, and emerging economies. One key takeaway she noted is that the pace of innovation and adaptability in China is impressive, and it’s shaping consumer behavior, market structures, and competitive dynamics in ways that are critical for investors to watch. Nicole values the opportunity to gain "boots on the ground" insights and bring them back to inform the Thornburg team. For more market views from Thornburg, visit https://ow.ly/R6yn50VoZwq. #investing

Over the past 15 years, the U.S. market has outperformed international counterparts, fueled by quantitative easing, favorable index composition, and low interest rates. The S&P 500’s valuation expanded just under 50%, while international markets saw a slight contraction. This gap stems from structural differences. The U.S., with its tech-heavy tilt, thrived in a low-rate environment, while financial-heavy international markets, especially in Europe and Japan, struggled under near-zero or negative rates. A strong U.S. dollar (+36%) further weighed on international returns for dollar-based investors. As conditions shift and U.S. outperformance normalizes, global diversification is more important than ever. Overlooked opportunities abroad could be tomorrow’s growth drivers. Now might be the time to broaden the lens and think globally. For more on investing internationally, watch our webcast replay "Power of Global Diversification:" https://lnkd.in/gbmyh6um

Navigating dislocations and managing liquidity can create opportunities, even in turbulent markets. Thornburg's Head of Fixed Income Christian Hoffmann, CFA explains: https://ow.ly/jPSZ50VqQJE #Investing #fixedincome

Had an incredible time at Citywire Miami Advisor Day 2025 at the Loews Coral Gables. Our Head of International Jonathan Schuman was on the ground, connecting with top advisors and industry leaders, diving into the latest trends shaping global markets. A big thank you to Citywire for hosting such a fantastic event!

Working at Thornburg is like night and day. We always said our views are different. Check out our open positions: https://ow.ly/R0yJ50VnCC7 #careers #openpositions #investmentmanagement

What happens in Vegas... helps advisors succeed! Thornburg is heading to Exchange ETF, where #financialadvisors will learn how to sharpen their skills and elevate their practice. Stop by kiosk K-2 to meet our team. We hope to see you there! #ExchangeETF

March Fed meeting and presser takeaways from Thornburg's Head of Fixed Income Christian Hoffmann, CFA: ➢ Fed holds rates steady – no surprise. ➢ Rising economic + political uncertainty noted in revised Fed statement. ➢ Dot plot chaos: Fed projections for 2025 now look like “someone spilled a box of Nerds.” ➢ Quantitative easing slowdown earlier than expected – Treasuries cap drops from $25B to $5B/month (Waller dissents). ➢ GDP forecasts down, inflation up – stagflation vibes? ➢ Powell: Economy strong, Michigan inflation survey an "outlier." ➢ Best line: “Transitory: We are so back!”