Australia's Perpetual Selects Thornburg for Fixed Income Strategy

- Thornburg enters Australia with a suite of income-generating investment solutions

- Perpetual has invested in Thornburg's Multisector Opportunistic strategy

SANTA FE,New Mexico,Feb. 11,2020 --Thornburg Investment Management (Thornburg),a global investment firm that oversees $44 billion1,today announced that Perpetual,a diversified financial services company serving Australians since 1886,has made a commitment to Thornburg's Multisector Opportunistic credit strategy.

"We look forward to partnering with Thornburg and accessing their Multisector Opportunistic credit strategy via a separately managed account and their upcoming fund for Perpetual Private's Implemented Fixed Income Portfolio and Fixed Income Model Portfolios respectively," said Theo Sofios,head of multi-manager for Perpetual. "Thornburg provides our portfolios with a simplified and transparent exposure to an unconstrained credit strategy."

The Multisector Opportunistic strategy is global and income-oriented with a flexible mandate focused on paying an attractive,sustainable yield. The portfolio invests in a combination of income-producing securities with an emphasis on higher-yielding fixed income. The strategy was incepted in 2008 and is co-managed by Jason Brady,Jeff Klingelhofer,Lon Erickson,and Christian Hoffmann.

"We're excited to bring our investment solutions to institutions in Australia and begin our first partnership in the country with Perpetual," said Thornburg President and CEO Jason Brady. "As active managers,we believe our prudent,risk-adjusted approach to portfolio construction in Multisector Opportunistic provides the long-term,steady income that many Australian investors seek."

Since 2018,Thornburg has partnered with Australian-based Terrain Placement Services to offer investment solutions to Australian super funds and institutional investors.

About Thornburg

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 $44 billion1 as of December 31,2019 across 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,New Mexico.

At Thornburg,we believe unconstrained investing leads to better outcomes for our clients. Our culture is collaborative,and our investment solutions are highly active,high conviction,and benchmark agnostic. When it comes to finding value for our clients,it's more than what we do,it's how we do it: how we think,how we invest,and how we're structured.

For more information,visitwww.thornburg.com.

Media Inquiries

Michael Corrao

Director of Global Communications

Thornburg Investment Management

Tel: +1 (505) 467-5345

Email: mcorrao@thornburg.com

This should not be considered an endorsement or recommendation by any such client of Thornburg Investment Management,Inc. or the advisory services provided to such client.

1 Includes $42.6 billion in assets under management and $1.5 billion in assets under advisement as of December 31,2019

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