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TBLD - Thornburg California Limited Term Municipal Fund Q1 2025 Commentary
Thornburg Income Builder Opportunities Trust
2025-06-03 22:40:00 ET
Summary
The first quarter of 2025 was characterized by significant volatility and complexity across global financial markets that was not driven by a singular trend but was a tug-of-war between multiple forces.
The Thornburg Municipal portfolios posted mixed total returns during the quarter as muni yields unexpectedly rose, especially for bonds with longer maturities in March.
The yield curve steepened during the quarter, driven by the greater rise in longer maturity bonds versus shorter maturity bonds.