Thornburg Investment Management

The firm uses a team-based approach with portfolio managers for each strategy. CEO Jason Brady, who previously served as head of fixed income, oversees overall firm strategy but does not personally manage all portfolios. Lead portfolio managers include Ben Kirby for the Thornburg Income Builder Fund and Lei Wang for the Thornburg International Value Fund (per the firm's official communications).

Thornburg is primarily a public-markets manager and does not engage in private-market or direct deal flow. Its research team analyzes publicly traded securities using fundamental bottom-up analysis, with a focus on long-term holdings. The firm publishes its quarterly portfolio holdings via SEC 13F filings, which show a concentrated set of large-cap equity and fixed-income positions.

Thornburg Investment Management is an asset management firm, not a family office. It operates as an independent registered investment advisor (RIA) and offers mutual funds, ETFs, and separately managed accounts to institutional and retail clients. Founder Garrett Thornburg and his family are significant shareholders, but the firm manages external capital.

Thornburg makes direct investments in publicly traded securities through its managed portfolios. It does not commit capital to external private funds as a limited partner. The firm's strategy is entirely focused on active public-market investing across equities and fixed income.

Thornburg invests exclusively in public-market securities — equities (large-cap, mid-cap, and international) and fixed income (government, corporate, and municipal bonds). It does not participate in venture capital, private equity, or pre-IPO stages. The firm's approach is buy-and-hold with a long-term horizon, often holding positions for multiple years.

Thornburg manages capital from external clients — including institutions, financial advisors, and individual investors — rather than a single family's wealth. The firm is privately held by the Thornburg family and employees, but its AUM is primarily third-party capital. Founder Garrett Thornburg built his wealth through the firm's management fees and ownership stake.

Garrett Thornburg founded the firm in 1982 and serves as Chairman. His son, Jason Thornburg, does not hold an executive role at the firm. CEO Jason Brady was appointed to the top role in 2016 after joining in 2002 (per public record). The firm's independence is a point of emphasis, with no plans to sell or merge disclosed.