Thornburg Launches Long/Short Equity UCITS Fund

Thornburg Launches Long/Short Equity UCITS Fund

PR Newswire

SANTA FE, New Mexico, Jan. 16, 2019

- Truly active, fundamentally-driven long/short fund

- Strategy has a 10-year track record and more than $188 million in assets[1]

- Co-managed by Connor Browne and Bimal Shah

SANTA FE, New Mexico, Jan. 16, 2019 /PRNewswire/ -- Thornburg Investment Management ("Thornburg"), a global investment firm with $41 billion in assets under management[2], today announced the launch of Thornburg Long/Short Equity Fund (the "Fund"), a UCITS fund domiciled in Dublin, Ireland.

The Fund is based on an investment strategy launched in 2008, currently available to investors through separately managed accounts and a U.S. mutual fund structure.

"Our firm has invested in equity markets across a variety of market cycles over the last 24 years," said Connor Browne, co-portfolio manager of the Fund. "Recent market volatility highlights the need for investors to have a permanent allocation to alternatives in their investment portfolios. Our Fund provides traditional long/short equity, hedge-fund-like exposure in a vehicle with daily liquidity. Notably, we have added value on both the long and short sides of our investment book since inception, and this sets us apart from many of our competitors."

Thornburg Long/Short Equity Fund combines tenets of both growth and value investing to pursue long-term capital appreciation and the preservation of capital during periods of high volatility and market declines. The Fund applies a bottom-up, fundamental security selection approach that is focused, diversified, and based on high conviction. Its portfolio is concentrated, with typically 30 to 40 stocks in both the long and short portions of the portfolio. As a result, the Fund delivers uncorrelated alpha and equity index-like returns with far less net exposure. Connor Browne and Bimal Shah are managing directors and co-portfolio managers of the Fund and are supported by Thornburg's 40-person investment team.

"We're excited to offer Thornburg Long/Short Equity Fund and bring access to Connor and Bimal's experience to our international partners," said Carter Sims, managing director and head of global distribution at Thornburg. "The recent spike in volatility provides investors with new entry points to tap into a top-performing U.S. long/short equity strategy and the resources of highly respected and successful portfolio managers."

The Fund is part of a suite of eight fixed income and equity strategies on Thornburg's UCITS platform. Investors can access the Fund through a range of share classes.

[1] Strategy assets as of December 31, 2018
[2] Assets under management as of December 31, 2018

 

About Thornburg

Thornburg Investment Management is a privately-owned global investment firm that offers a range of multi-strategy solutions for institutions and financial advisors. A recognized leader in fixed income, equity and alternatives investing, the firm oversees $41 billion as of December 31, 2018 across mutual funds, institutional accounts, separate accounts for high-net-worth investors, and UCITS funds for non-U.S. investors. Thornburg was founded in 1982 and is headquartered in Santa Fe, New Mexico.

At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. Our culture is collaborative, and our investment solutions are highly active, high conviction, and benchmark agnostic. When it comes to finding value for our clients, it's more than what we do, it's how we do it: how we think, how we invest, and how we're structured.

For more information, visit www.thornburg.com.

Media Inquiries
Michael Corrao
Director of Global Communications
Thornburg Investment Management
Tel: +1 (505) 467-5345
Email: mcorrao@thornburg.com

Catherine P. Jones
Polisi Jones
Tel: +1 (917) 330-8934
Email: team@polisijones.com 

 

This communication and any investment or service to which this material may relate does not constitute an offer or solicitation to invest in the Fund.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. A short position will lose value as the security's price increases. Theoretically, the loss on a short sale can be unlimited. Non-diversified funds can be more volatile than diversified funds. 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. Investments in the Fund are not insured, nor are they bank deposits or guaranteed by a bank or any other entity.

Important U.S. Mutual Fund Information

Average Annual Total Return (as of December 31, 2018)

1 Year

3 Year

5 Year

10 Year

Since
Inception

I shares (Predecessor Fund Incep: 2/1/08)

-6.39%

3.52%

3.65%

9.90%

6.09%

S&P 500 Index (Since: 2/1/08)

-4.38%

9.26%

8.49%

13.12%

7.92%

Morningstar Long-Short Equity Category Average

-6.72%

1.78%

1.17%

3.32%

1.54%

 

Annual Return
Performance
Summary

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

I Shares (Predecessor
Fund Incep: 2/1/08)

36.38%

9.02%

1.27%

17.23%

21.75%

5.45%

2.26%

1.40%

16.87%

-6.39%

S&P 500 Index

26.46%

15.06%

2.11%

16.00%

32.39%

13.69%

1.38%

11.96%

21.83%

-4.38%


Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted. For performance current to the most recent month end, visit thornburg.com or call 877-215-1330. There is no sales charge for class I shares. The total annual fund operating expenses are 3.81%. Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least June 15, 2019, resulting in a net expense ratio of 3.46%. Excluding shorting costs, the net expense ratio would be 1.50%. For more detailed information on fund expenses and waivers/reimbursements, please see the fund's prospectus.

Performance prior to 12/30/2016 is from the predecessor fund, which was managed in a materially equivalent manner to the Thornburg Long/Short Equity Fund. The predecessor fund was not a registered mutual fund and was not subject to the same investment restrictions as the Long/Short Equity Fund. If the predecessor fund had been registered under the 1940 Act, the performance may have been different.

Before investing, carefully consider the Fund's investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing.

The U.S. Fund is distributed by Thornburg Securities Corporation. 2300 North Ridgetop Road, Santa Fe, NM 87506

Important UCITS Information

The Fund is offered solely to non-U.S. investors under the terms and conditions of the Fund's current Prospectus. A copy of the full Prospectus and KIID for the Fund may be obtained by contacting the local Paying Agent through the Fund's Transfer Agent, Brown Brothers Harriman Fund Administrator Services (Ireland) Limited, or at http://www.thornburgglobal.com. The Prospectus and KIID contain important information about the Fund and should be read carefully before investing.

Since the Fund has a limited performance history, data for Long/Short Equity Fund, a U.S. mutual fund, is shown. Although the Fund is managed by the same investment team and utilizes a similar investment process as the U.S. mutual fund, the performance and portfolio composition of the Fund may differ due to UCITS regulations.

Distributor – Thornburg Investment Management, Inc. (+1.855.732.9301). Administrator – Brown Brothers Harriman Fund Administration Services (Ireland) Limited is the Administrator (+353.1.603.6490).

Important Information for UK Investors

This communication and any investment or service to which this material may relate does not constitute an offer or solicitation to invest in the Fund and is exclusively intended for persons who are Professional Clients or Eligible Counterparties for the purposes of the FCA Rules and other persons should not act or rely on it. This communication is not intended for use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.

In the United Kingdom, this communication is issued by Thornburg Investment Management Ltd. ("TIM Ltd.") and approved by Robert Quinn Advisory LLP which is authorised and regulated by the UK Financial Conduct Authority ("FCA"). TIM Ltd. is an appointed representative of Robert Quinn Advisory LLP.

The Fund is a sub-fund of Thornburg Global Investment plc, an open-ended umbrella type investment company with segregated liability between sub-funds, authorised by the Central Bank of Ireland (CBI) on 25 November 2011 as an investment company pursuant to the UCITS Regulations. Authorisation of the Company by the CBI is not an endorsement or guarantee of the Company by the CBI nor is the CBI responsible for the contents of the Prospectus or KIID.

This material constitutes a financial promotion for the purposes of the Financial Services and Markets Act 2000 (the "Act") and the handbook of rules and guidance issued from time to time by the FCA (the "FCA Rules"). TIM Ltd. neither provides investment advice to, nor receives and transmits orders from, persons to whom this material is communicated nor does it carry on any other activities with or for such persons that constitute "MiFID or equivalent third country business" for the purposes of the FCA Rules.

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