Thornburg Municipal Bond Funds Q1 2025 Commentary

2025-06-04 09:00:00 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.
• Despite the sell-off in yields, it was not accompanied by spread widening as investors continued to reach for yield across the credit spectrum.

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