———- Forwarded message ——— From: Morningstar <morningstar@mailing.morningstar.com> Date: Mon, Sep 17, 2018 at 8:00 AM Subject: The Efficiency Factor in Stock vs Index Picking – Thornburg To: <lgyhz1234@gmail.com>
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<app.mailing.morningstar.com/e/er?s=309801803&lid=492&elqTrackId=3eab53fda25d4e62b7817e98999eeed9&elq=48de364551f742c0823c1a270b92e667&elqaid=281&elqat=1> <app.mailing.morningstar.com/e/er?s=309801803&lid=491&elqTrackId=0c3528f968f848d1ab3d4ef88d8dc13f&elq=48de364551f742c0823c1a270b92e667&elqaid=281&elqat=1> <app.mailing.morningstar.com/e/er?s=309801803&lid=490&elqTrackId=f4932f13fdd64cfbbf29e17b4da4b0cd&elq=48de364551f742c0823c1a270b92e667&elqaid=281&elqat=1> <app.mailing.morningstar.com/e/er?s=309801803&lid=489&elqTrackId=75b16911f2ad4787afc0566cca0f6d70&elq=48de364551f742c0823c1a270b92e667&elqaid=281&elqat=1> <app.mailing.morningstar.com/e/er?s=309801803&lid=488&elqTrackId=7e1057f3120d4e8190353503142e11df&elq=48de364551f742c0823c1a270b92e667&elqaid=281&elqat=1> GLOBAL PERSPECTIVES <app.mailing.morningstar.com/e/er?s=309801803&lid=487&elqTrackId=3c296118b94147a280a620f24acc0627&elq=48de364551f742c0823c1a270b92e667&elqaid=281&elqat=1> Thornburg’s Blog <app.mailing.morningstar.com/e/er?s=309801803&lid=487&elqTrackId=a04781cac83541d9ac950fa0abe443ea&elq=48de364551f742c0823c1a270b92e667&elqaid=281&elqat=1> [image: Read Now] <app.mailing.morningstar.com/e/er?s=309801803&lid=486&elqTrackId=5cdc77b20d0b47b492ad85ba63d8a1b6&elq=48de364551f742c0823c1a270b92e667&elqaid=281&elqat=1> The Efficiency Factor in Stock vs. Index Picking If the efficient markets hypothesis is questionable at the stock level, it’s more so at the index level. As the number of indices skyrockets, the number of companies declines, and passive flows grow, active price discovery becomes more and more valuable.
<app.mailing.morningstar.com/e/er?s=309801803&lid=486&elqTrackId=29ebde46cf46447180b27d2ce7ada2b3&elq=48de364551f742c0823c1a270b92e667&elqaid=281&elqat=1> <app.mailing.morningstar.com/e/er?s=309801803&lid=485&elqTrackId=ba7ed15539bd44be89cfd5770c3f0312&elq=48de364551f742c0823c1a270b92e667&elqaid=281&elqat=1> *Report from Turkey: Cheap Asset Prices May Not Be Cheap Enough* <app.mailing.morningstar.com/e/er?s=309801803&lid=485&elqTrackId=50c62123cee04e08a1cda8dffdfcfb70&elq=48de364551f742c0823c1a270b92e667&elqaid=281&elqat=1> Turkish asset prices have plummeted this year, bringing their valuations to historically low levels. That presents potentially attractive opportunities to investors looking for quality stocks at bargain-basement prices…
<app.mailing.morningstar.com/e/er?s=309801803&lid=485&elqTrackId=70f5cdc9084e43309d5b5668d73a2976&elq=48de364551f742c0823c1a270b92e667&elqaid=281&elqat=1> <app.mailing.morningstar.com/e/er?s=309801803&lid=484&elqTrackId=5bdb2de099fa4d2898ae1d1b0ea7beb1&elq=48de364551f742c0823c1a270b92e667&elqaid=281&elqat=1> <app.mailing.morningstar.com/e/er?s=309801803&lid=484&elqTrackId=2d4c15e565eb441abacb21b4541e89e1&elq=48de364551f742c0823c1a270b92e667&elqaid=281&elqat=1> *VRDOs Give Muni Investors Ammo to Protect Against Rising Rates* <app.mailing.morningstar.com/e/er?s=309801803&lid=484&elqTrackId=483c8931504f4e7aa1db224b8513d70f&elq=48de364551f742c0823c1a270b92e667&elqaid=281&elqat=1> The volatility of short-term rates, however, means the variable rate structure isn’t a silver bullet.
<app.mailing.morningstar.com/e/er?s=309801803&lid=484&elqTrackId=b7f2a2d0e6324805b7f42739cb50fe63&elq=48de364551f742c0823c1a270b92e667&elqaid=281&elqat=1> * Have you Subscribed to the Thornburg Global Perspectives Blog? <app.mailing.morningstar.com/e/er?s=309801803&lid=483&elqTrackId=2c1be532ae2a491cb153142ada04bf13&elq=48de364551f742c0823c1a270b92e667&elqaid=281&elqat=1> *
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The Thornburg Difference: It’s more than *what* we do. It’s *how* we do it. How we think <app.mailing.morningstar.com/e/er?s=309801803&lid=482&elqTrackId=99ae2e070117422ab641aca89dc71db1&elq=48de364551f742c0823c1a270b92e667&elqaid=281&elqat=1> *|* How we invest <app.mailing.morningstar.com/e/er?s=309801803&lid=481&elqTrackId=47ff5964d69444db852db253e30d05f6&elq=48de364551f742c0823c1a270b92e667&elqaid=281&elqat=1> *|* How we’re structured <app.mailing.morningstar.com/e/er?s=309801803&lid=480&elqTrackId=685b585127b047049077d9af5e7e2af1&elq=48de364551f742c0823c1a270b92e667&elqaid=281&elqat=1>
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*Important Information *
The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management, Inc. This information should not be relied upon as a recommendation or investment advice and is not intended to predict the performance of any investment or market.
*Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit our literature library. <app.mailing.morningstar.com/e/er?s=309801803&lid=479&elqTrackId=66c0f0ab0ef54eb988c05c037642653e&elq=48de364551f742c0823c1a270b92e667&elqaid=281&elqat=1> Read them carefully before investing. *
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