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Thornburg Investment Management

PRI reporting framework 2020

You are in Strategy and Governance » Investment policy

Investment policy

SG 01. RI policy and coverage

New selection options have been added to this indicator. Please review your prefilled responses carefully.

01.1. Indicate if you have an investment policy that covers your responsible investment approach.

01.2. Indicate the components/types and coverage of your policy.

Select all that apply

Policy components/types

Coverage by AUM

          ESG Integration Policies

01.3. Indicate if the investment policy covers any of the following

01.4. Describe your organisation’s investment principles and overall investment strategy, interpretation of fiduciary (or equivalent) duties,and how they consider ESG factors and real economy impact.

At Thornburg, we believe unconstrained investing leads to better outcomes for our clients. We deliver idiosyncratic alpha-the active return on an investment as driven by security-specific factors-to our clients with innovative investment solutions that are highly active, high conviction, and benchmark agnostic. We are bottom-up, fundamental, active managers. By actively managing our portfolios, we look beyond conventional benchmarks for hidden economic opportunity. We look across our entire investment team, collectively honing ideas for better results-for our strategies and our clients.

As part of our investment process, we assess many factors, which may include ESG factors, on a company-by-company basis, for their potential to materially impact a company's risk/reward profile. As active owners, we pay particular attention to a company's governance structure and practices as well as risks and opportunities associated with environmental and social factors, when applicable. We proactively engage with the board and management teams of companies in which we choose to invest. We also vote proxies, including those addressing ESG-related issues, consistent with our approach as long-term investors.

01.5. Provide a brief description of the key elements, any variations or exceptions to your investment policy that covers your responsible investment approach. [Optional]

On an investment strategy level, Portfolio Managers have their own distinct investment processes and priorities when managing their portfolios. Thinking as long-term business owners they all share a fundamental approach to security selection and valuation analysis. A flexible approach to analysis is maintained across Thornburg, with a common focus on risk-adjusted returns. As long-term investors, the Firm believes that business sustainability is crucial and Environmental, Social and Governance ("ESG") investment principles are an important part of our long-term approach.

01.6. Additional information [Optional].


SG 01 CC. Climate risk (Private)

SG 02. Publicly available RI policy or guidance documents


02.1. Indicate which of your investment policy documents (if any) are publicly available. Provide a URL and an attachment of the document.




Other, specify (1) description

          ESG Integration Policies


02.2. Indicate if any of your investment policy components are publicly available. Provide URL and an attachment of the document.





02.3. Additional information [Optional].

The above documents appear in a variety of forms on our company website:

White papers
Published reports
Fact Sheets

SG 03. Conflicts of interest

03.1. Indicate if your organisation has a policy on managing potential conflicts of interest in the investment process.

03.2. Describe your policy on managing potential conflicts of interest in the investment process.

Thornburg Investment Management has a Code of Business Conduct and Ethics (the "Code"), which obligates Thornburg and its employees to act in the best interests of clients by trying to avoid conflicts of interest where possible and fully disclosing all material facts concerning conflicts that do arise. Relevant provisions of the Code most relevant to the investment process include those addressing conflicts of interests, a prohibition on competing with client trades, and use of brokers and other vendors and suppliers.

03.3. Additional information. [Optional]

SG 04. Identifying incidents occurring within portfolios (Not Completed)