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Thornburg Investment Management
Thornburg Investment Management was founded in 1982 by Garrett Thornburg, a former stockbroker who set up the firm in Santa Fe, New Mexico — far from the...
Thornburg Investment Management
Thornburg Investment Management was founded in 1982 by Garrett Thornburg, a former stockbroker who set up the firm in Santa Fe, New Mexico — far from the traditional asset-management hubs of Boston, New York, or Chicago. The firm began as a fixed-income specialist and later expanded into equities and multi-asset strategies, maintaining an active-management philosophy throughout. Thornburg's investment strategy spans three broad asset classes: taxable and municipal fixed income, U.S. and international equities, and multi-asset solutions. The firm runs a range of open-end mutual funds, including the flagship Thornburg Income Builder Fund and the Thornburg International Value Fund, alongside separately managed accounts and institutional mandates. Portfolio holdings are disclosed quarterly in regulatory filings and include large-cap U.S. equities such as Microsoft, Apple, and Alphabet, as well as government and corporate bonds (per SEC filings, various years). The firm's geographic focus is primarily U.S. and developed international markets. The firm employs around 200 professionals, with investment teams organized by asset class. CEO Jason Brady, who joined in 2002 and assumed the role in 2016 (per public record), oversees day-to-day operations. The firm operates from a single headquarters in Santa Fe, with no satellite offices confirmed. Thornburg runs an active equity and fixed-income platform and has not launched any publicly disclosed adjacent vehicles such as a private-equity or hedge-fund arm. Thornburg's structural differentiator is its location and culture: Santa Fe gives it a distinct talent pool and cost base compared to coastal peers, and the firm has deliberately remained independent, avoiding acquisition by larger financial groups. This independence allows it to maintain a long-term, active-investing ethos in an industry dominated by passive flows and consolidation.
General information
Firm type
Asset Manager
Year founded
1982
AUM
$25B–$50B (Altss estimate)
Location
Region
North America
Country
United States
City
Santa Fe
Corporate office
Santa Fe, NM, United States
Principals
Jason Brady
President and CEO
Garrett Thornburg
Founder and Chairman
Sector focus
Frequently asked questions
Who runs investment decisions at 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).
How does Thornburg source proprietary deal flow?
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.
Is Thornburg structured as a family office or an asset manager?
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.
Does Thornburg participate in fund commitments or only direct investments?
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.
What investment stages does Thornburg typically target?
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.
Where does the underlying wealth come from?
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.
How is Thornburg related to its founders and leadership?
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.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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