Thornburg Investment Management is a privately owned global investment firm that offers a range of multi-strategy solutions for institutions and financial advisors. A recognized leader in fixed income, equity, and alternatives investing, the firm oversees mutual funds, institutional accounts, separate accounts for high-net-worth investors, and UCITS funds for non-U.S. investors. Thornburg was founded in 1982 and is headquartered in Santa Fe, NM. Social Media Guidelines: https://www.thornburg.com/legal/social-media 𝐈𝐦𝐩𝐨𝐫𝐭𝐚𝐧𝐭 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐫𝐞𝐠𝐚𝐫𝐝𝐢𝐧𝐠 𝐭𝐡𝐢𝐫𝐝-𝐩𝐚𝐫𝐭𝐲 𝐜𝐨𝐧𝐭𝐞𝐧𝐭: The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management, Inc. This is for informational purposes only and does not constitute a recommendation or investment advice and is not intended to predict the performance of any investment or market. It should not be construed as advice as to the investing in or the buying or selling of securities, or as an activity in furtherance of a trade in securities. This is not a solicitation or offer for any product or service or an offer or solicitation for the purchase or sale of any financial instrument, product or service sponsored by Thornburg or its affiliates. Nor is it a complete analysis of every material fact concerning any market, industry, or investment. Data has been obtained from sources considered reliable, but Thornburg makes no representations as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg does not accept any responsibility and cannot be held liable for any person's use of or reliance on the information and opinions contained herein. The views expressed herein may change at any time after the date of this publication. There is no guarantee that any projection, forecast or opinion in this material will be realized. Investments carry risks, including possible loss of principal.