Wheels are in motion to strengthen investment performance at Thornburg Investment Management. It maintains an Average Parent rating.
Since joining Thornburg as CEO in October 2023, Mark Zinkula refashioned his management team and sharpened the firm’s focus on investment outcomes. He elevated portfolio managers Christian Hoffmann and Matt Burdett in late-summer 2024 to helm Thornburg’s fixed-income and equity divisions, respectively—moves aimed at improving investment results and restoring stability following prolonged turnover. Zinkula also strengthened portfolio risk oversight, still led by Igor Kuznetsov, by moving it to report up through new chief enterprise risk officer Andrew Xu, increasing independence. Vacant roles on the risk management team have also been filled, which should bolster analytics and reporting once new hires settle in. These changes support an increased focus on investment performance, and early results are encouraging, though their long-term impact remains to be seen.
Outside of the investment division, Zinkula brought in senior professionals to enhance the firm’s capabilities in areas such as product oversight, international business development, and technology, and early signs of progress are beginning to show. For instance, Richard Kuhn joined from Invesco in April 2024 to drive the product effort, and Thornburg launched its first four exchange-traded funds in 2025’s first quarter. The ETFs are more attractively priced than the firm’s mutual funds, but fees remain a hurdle; as of December 2025, more than half of share classes carried above-average expenses.
Note: This share class' Parent Pillar rating is analyst-driven, as its Branding Name, Thornburg (Branding Name ID: BN00000A6F), is covered by Morningstar Manager Research.
United States