General Investing >> Money Manager Interviews >> June 17, 2016

Getting Paid for Taking Risk in the Municipal Bond Market

Ryon, Christopher
Christopher Ryon, CFA, is Portfolio Manager and Managing Director of Thornburg Investment Management. He joined Thornburg as Associate Portfolio Manager in 2008 and was named Portfolio Manager in 2009. Mr. Ryon holds a B.S. from Villanova University, an MBA from Drexel University and is a CFA charterholder. Mr. Ryon has 25 years of experience in the investment management field. Before joining Thornburg Investment Management, he served as head of the long municipal bond group for Vanguard Funds, where he oversaw the management of more than $45 billion in 12 intermediate- and long-term municipal bond funds. In 2013, Mr. Ryon was selected as a member of the Municipal Securities Rulemaking Board’s — MSRB — board of directors. Profile
Venditti, Nicholos
Nicholos Venditti is Portfolio Manager and Managing Director for Thornburg Investment Management. Mr. Venditti joined Thornburg in 2010 as a fixed income research analyst and was promoted to Associate Portfolio Manager in 2011 and Portfolio Manager and Managing Director in 2015. Mr. Venditti earned an M.S. in finance from Syracuse University, an M.A. in applied economics from the University of North Carolina at Greensboro and a B.A. from Trinity University. Prior to his joining Thornburg Investment Management, Mr. Venditti spent three years working as Assistant Vice President for bond insurer FSA — now merged with Assured Guaranty Corp. Profile
TWST: What is the overall credit picture in the U.S. as a whole? And then, talk about the municipal bond market.

Mr. Ryon: We were thinking about the credit