Senior Buy-Side Risk Quant​/Portfolio Construction Focus

Description

Thornburg is a global investment firm delivering on strategy for institutions, financial professionals and investors worldwide. The privately held firm, founded in 1982, is an active, high-conviction manager of fixed income, equities, and multi-asset solutions.

As an independent firm, Thornburg can take on a wide range of opportunities, explore ideas thoroughly and work across strategies to deliver consistent risk-adjusted out performance over the long term. The firm attracts free-thinking professionals who are eager to pursue investment outcomes beyond the confines of popular wisdom. From nimble operational capabilities to principles and actions fitting of a global citizen, Thornburg’s world‑class investment platform and team are aligned on strategy to serve investors.

Thornburg Investment Management ($58 billion in AUM) is seeking a senior analyst to join the Portfolio Analytics and Investment Risk group. You will serve as an embedded thought partner to portfolio managers across equity, fixed income, and multi‑asset class strategies, translating quantitative insights into portfolio construction decisions and investment risk that directly impact client outcomes.

At Thornburg, we believe that risk and opportunity are inseparable aspects of active management: understanding one deepens your understanding of the other. Our analysts sit alongside portfolio managers in monthly risk reviews collaborate on stress test design, blend ad‑hoc fundamental characteristics with risk factor views to empower security selection, and develop proprietary analytics that shape how the firm constructs and manages portfolios across market cycles.

The work is substantive and varied. In a given week you might decompose active risk into factor and security‑selection contributions for an equity strategy, design a macroeconomic stress test with a fixed income PM, build a self‑service Power BI dashboard tracking the migration of benchmark constituents across Thornburg’s proprietary basket framework, create and back‑test a model portfolio for a new product launch, or present a research note on risk positioning after a market dislocation.

Every analytic you produce must pass a demanding test: portfolio managers must find it not merely interesting, but actionable.

• Conduct ex‑ante risk analysis for equity and fixed income portfolios using factor‑based risk models (Fact Set Multi‑Asset Class with Axioma equity factors). Decompose tracking error into style, country, industry, currency, and security‑selection components and communicate findings in terms portfolio managers can act on.
• Design, calibrate, and interpret stress test scenarios in collaboration with portfolio managers. Translate fundamental macro views into factor shocks, evaluate portfolio‑level outcomes as they evolve over time, and drill into sector and region or asset type contributions.
• Monitor and enforce a formalized active risk budget framework: target ex‑ante tracking error ranges, ensure the majority of active risk derives from security selection, and limit single‑factor theme concentration.
• Blend fundamental security characteristics with quantitative factor views to deliver integrated risk and opportunity assessments that support both security selection and portfolio construction.
• Perform trade simulation analysis, modeling the risk impact of adding or removing specific securities before execution.
• Create and back‑test model portfolios in support of new product development across 40‑Act, ETF, SMA, and UCITS structures, collaborating with Product and Distribution teams through testing and launch.

• Maintain and expand a suite of self‑service analytics delivered through Power BI, covering risk decomposition, performance attribution, basket composition, factor drift, fund flows, and MPT statistics.
• Build and maintain the underlying data processes in Fact Set, Bloomberg, and other systems. Own data quality and production process integrity.
• Develop proprietary tools that bridge quantitative and fundamental perspectives, including Thornburg’s Basket…