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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Jul 17, 2026
Thornburg Strategic Income outperformed in Q2 2026 by maintaining shorter duration as new Fed Chair Warsh pivoted hawkish and oil spiked to $118 on Iran conflict before retreating. The portfolio's defensive positioning and BBB/BB overweights captured spread tightening while avoiding rate pain. Managers see yields staying elevated on sticky 3.4% inflation and tight credit spreads offering little cushion for disappointment.
The Thornburg Strategic Income Fund outperformed its benchmark in Q2 2026 by maintaining shorter duration positioning and overweighting BBB and BB credit as Treasury yields rose amid Fed hawkishness and geopolitical oil shocks, while positioning defensively for tight credit spreads that offer little cushion against potential growth disappointments.
The managers remain broadly optimistic heading into the second half of 2026 but anticipate Treasury yields to stay elevated and range-bound rather than resume a clear directional path. They expect the same forces that kept long-term yields elevated coming into the year to remain in place: sticky inflation, fiscal concerns, rising global bond yields, and an elevated term premium, compounded by a more hawkish Fed under Chair Warsh and lingering geopolitical risk tied to Middle East oil supply. Credit spreads remain extremely tight and potentially a source of tension, leaving little cushion if growth disappoints or if the Fed's hawkish outlook turns into action.
Neutral / Balanced
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