A mutual fund rating company has kind words to say about Thornburg Investment Management, the mutual-fund management firm.

"Overall they're a good shop and good funds," said Bill Rocco, a Morningstar analyst who covers the mutual-fund family of Thornburg Investment Management.

"They have a good long-term record," Rocco added. Even though Thornburg's equity funds are down this year, as are most mutual funds investing in stock, "there's no cause for alarm."

Thornburg Investment Management is owned by Santa Fe-based Thornburg Cos., which also owns the troubled Thornburg Mortgage.

Thornburg Cos. spokesman David Miller said Thornburg Investment Management, beyond being a mutual-fund company, also manages a large number of "special accounts" for wealthy people.

Thornburg Mortgage is a completely separate company that specializes in jumbo mortgages for affluent home buyers. The average Thornburg mortgage is for more than $1 million.

Thornburg Mortgage ran into trouble in a tough credit market and only in the past day or so has come to an agreement with its lenders that is intended to save the company from bankruptcy.

Thornburg Mortgage and Thornburg Investment Management are commonly joined only by the same chairman, and that's Garrett Thornburg, who founded both companies.

To avoid confusion, Thornburg Cos. has twice notified its advisers with Thornburg Investment Management to remind its clients the two companies are separate entities.

As a company statement puts it: "There is no overlap in the personnel that manage daily operations of Thornburg Mortgage and Thornburg Investment."

Miller said most investors realize the two companies are different and Thornburg Investment Management is growing rapidly.

"Assets continue to flow apace into Thornburg Investment Management mutual funds," he said.

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