History
In 1982, American investor Garrett Thornburg established Thornburg Investment Management in Santa Fe, New Mexico.
The first strategy was a joint venture between Thornburg and Reich & Tang to create the Daily Tax Free Income Fund, a high-yielding tax-exempt money market fund. Brian McMahon, now the firm's Vice Chairman and Chief Investment Strategist, led the Daily Tax Free Income Fund’s first purchase from Norwest Bank, closing the deal the day after Thanksgiving 1982, just hours after the bank was nearly destroyed by fire.
By 1984, McMahon moved to Santa Fe to join Thornburg and the firm's first employee, Dawn Fischer. Together, they filed a prospectus to launch Thornburg's first mutual fund, the Tax Free Municipal Lease Fund, and formed Thornburg Securities Corporation to distribute the fund. [3]
After raising $6.7 million, the Tax Free Municipal Lease Fund officially launched on September 28, 1984. On June 28, 1985, the firm changed the fund's name from the Tax Free Municipal Lease Fund to the Thornburg Limited Term Municipal Fund. [4]
Thornburg launched its first equity fund, the Thornburg Value Fund, on October 2, 1995. It launched the Thornburg International Value Fund in 1998, which was renamed the Thornburg International Equity Fund on February 1, 2021. [5] [6]
The Thornburg Campus, the first commercial LEED (Leadership in Energy and Environmental Design) Gold building in New Mexico, was designed by world renowned architect, Ricardo Legorreta, and opened in 2009. [7]
On September 30, 2015, the company launched Thornburg Better World International Fund. The fund is based on ESG investing and has regularly ouperformed its peers, garnering US Lipper Awards in 2023, 2024 and 2025 for its returns. [8] [9]
On July 28, 2021, announced the successful completion of the initial public offering of the Thornburg Income Builder Opportunities Trust (NASDAQ: TBLD), raising $580 million by selling 29,000,000 common shares at $20 per share. [10]
Thornburg formed a joint venture in September 2024 with Bow River Capital to provide private credit solutions that support the needs of lower- and middle-market businesses. [11]
In January 2025, the company launched its first two Exchange-Traded Funds (ETFs), Thornburg International Equity ETF (TXUE) and Thornburg International Growth ETF (TXUG). [12] A month later in February 2025, Thornburg launched two fixed income ETFs, Thornburg Core Plus Bond ETF (TPLS) and Thornburg Multi Sector Bond ETF (TMB). [13] Thornburg rang Nasdaq's closing bell on October 7, 2025, in celebration of the ETF launches. [14]
Overview
Thornburg Investment Management is an employee-owned firm offering mutual funds, ETFs, closed-end funds, institutional accounts, separate accounts and UCITS funds for non-U.S. investors. [15] It manages 21 mutual funds, four ETFs, one closed-end fund, and billions of dollars in separately managed accounts assets. [16] [17] The company has clients across the United States, Europe, Asia and Latin America. [18] [19]
Thornburg Investment Management has over $52 billion under management and advisement and employs 250 people as of October 2025. [1]
