Summary

• In 1Q26 Thornburg Strategic Income Fund portfolio (I share class) returned 0.04%, 19 basis points ahead of the Bloomberg U.S. Universal Index.
• The U.S. financial landscape in March 2026 was shaped by heightened geopolitical volatility, most notably the escalation of conflict in the Middle East.
• The portfolio maintained a longer-duration and higher-quality bias relative to its historical range, reflecting the attractiveness of real yields alongside tight initial credit spreads.

Market Review

The U.S. financial landscape in March 2026 was shaped by heightened geopolitical volatility, most notably the escalation of conflict in the Middle East. The war involving Iran and the resulting disruption to global energy markets