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TGVRX

Thornburg International Equity Fund

Morningstar Rating • Info

Overall Morningstar Rating among 646 Foreign Large Blend funds, based on risk-adjusted returns for class R3 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 4 stars, 4 stars and 4 stars among 646, 608 and 483 funds, as of 31 Aug 2026.

As of 31 Aug 2026

Fund Assets

$5.7 B

As of 31 Aug 2026

NAV

$36.55

As of 22 Sep 2026

Change

$0.12

As of 22 Sep 2026

YTD NAV Performance

13.47%

As of 22 Sep 2026

Asset Category:

International Equity

Fund Benchmark:

MSCI ACWI ex-U.S. Index

Portfolio Managers

Lei Wang, CFA

Portfolio Manager and Managing Director

Matt Burdett

Head of Equities, Portfolio Manager and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Overview

Why Invest in This Fund?

Focused, diversified international core equity portfolio that includes promising companies from both developed markets and emerging markets outside the U.S.
Rigorous, fundamental research process focused on buying sustainable businesses with sound business fundamentals trading at a discount to intrinsic value and with a defined path to success.
Three-basket portfolio construction process that seeks to provide style diversification, reduce volatility and deliver superior risk-adjusted performance over time.

Investment Objective

The fund’s goal is to provide investors with long-term capital appreciation by investing in equity and debt securities of all types.

Investment Approach

The fund uses a fundamental, bottom-up investment approach to uncover promising businesses with sound fundamentals in primarily the developed international markets of Europe and the Asia Pacific region. The resulting portfolio is diversified by sector, country and market capitalization. The portfolio is constructed with three types of stocks (basic value, consistent earners and emerging franchises) which provides the opportunity for our portfolio to produce attractive risk-adjusted returns across market cycles with less volatility over time.

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Economy

Hyperscalers at the Inflection

Performance

Performance

Returns

(As of 30 Jun 2026)

YTD

1y

3y

5y

10y

Inception

Total Return (%)

9.72

20.56

19.26

9.00

10.55

8.18

MSCI ACWI ex-U.S. Index (%)

13.68

27.66

18.82

8.79

9.93

5.99

Morningstar Category Avg. (%)

10.85

21.46

16.72

8.43

9.46

—

Morningstar Quartile

—

3

1

2

1

—

Morningstar Quartile # of Funds

—

676

645

606

479

—

YTD

1y

3y

5y

10y

Inception

Total Return (%)

14.62

22.99

21.01

10.22

10.47

8.30

MSCI ACWI ex-U.S. Index (%)

17.01

27.35

20.22

9.37

9.64

6.06

Morningstar Category Avg. (%)

14.31

22.55

18.3

8.71

9.29

—

Morningstar Quartile

—

2

1

1

1

—

Morningstar Quartile # of Funds

—

678

646

608

483

—

YTD

1y

3y

5y

10y

Inception

Total Return (%)

9.72

20.56

69.63

53.83

172.65

810.79

MSCI ACWI ex-U.S. Index (%)

13.68

27.66

67.75

52.36

157.65

412.49

YTD

1y

3y

5y

10y

Inception

Total Return (%)

14.62

22.99

77.21

62.66

170.67

851.51

MSCI ACWI ex-U.S. Index (%)

17.01

27.35

73.76

56.47

151.09

427.47

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total Return (%)

-2.88

24.78

-20.22

28.41

22.12

7.10

-17.13

15.45

11.05

33.56

MSCI ACWI ex-U.S. Index (%)

4.50

27.19

-14.20

21.51

10.65

7.82

-16.00

15.62

5.53

32.39

Source: Confluence

Periods less than one year are not annualized.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.

The maximum sales charge for the equity funds' A shares is 4.50%. C shares include a 1% contingent deferred sales charge (CDSC) for the first year only. There is no up-front sales charge for class I or R shares.

Morningstar quartile ranking for Foreign Large Blend category is based on total returns before sales charges.

Prior to inception of I and R share classes, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Share class inception dates: A and C shares, 28 May 1998; I shares, 30 Mar 2001; R3 shares, 1 Jul 2003; R4 shares, 1 Feb 2007; R5 shares, 1 Feb 2005; R6 shares, 1 May 2012.

Fund Fees

Fund Fees

(As of 1 Feb 2026)

Gross Expense Ratio (%)

1.63

Net Expense Ratio (%)

1.40

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least 1 February 2027, for some of the share classes; these are reflected in the net expense ratio. For more detailed information on fund expenses and waivers/reimbursements, please see the fund's prospectus.

Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Aug 2026)

(Hypothetical Growth of $10,000 vs MSCI ACWI ex-U.S. Index)

Categories,R3 Shares,MSCI ACWI ex-U.S. Index                        
2025-08-31,10000,10000
2025-09-30,10286,10360
2025-10-31,10373,10570
2025-11-30,10478,10567
2025-12-31,10730,10884
2026-01-31,11303,11535
2026-02-28,12029,12114
2026-03-31,11046,10807
2026-04-30,11613,11850
2026-05-31,11853,12446
2026-06-30,11773,12373
2026-07-31,12262,12416
2026-08-31,12299,12735

Categories,R3 Shares,MSCI ACWI ex-U.S. Index                        
2023-08-31,10000,10000
2023-09-30,9557,9684
2023-10-31,9348,9285
2023-11-30,10068,10120
2023-12-31,10424,10629
2024-01-31,10446,10523
2024-02-29,10767,10790
2024-03-31,11219,11127
2024-04-30,11084,10927
2024-05-31,11680,11244
2024-06-30,11562,11234
2024-07-31,11945,11494
2024-08-31,12231,11821
2024-09-30,12588,12139
2024-10-31,11984,11544
2024-11-30,11849,11439
2024-12-31,11576,11217
2025-01-31,12118,11669
2025-02-28,12397,11831
2025-03-31,12712,11804
2025-04-30,13069,12230
2025-05-31,13732,12791
2025-06-30,14070,13224
2025-07-31,14061,13187
2025-08-31,14409,13644
2025-09-30,14821,14136
2025-10-31,14946,14421
2025-11-30,15098,14418
2025-12-31,15460,14850
2026-01-31,16286,15738
2026-02-28,17332,16528
2026-03-31,15916,14745
2026-04-30,16732,16168
2026-05-31,17078,16982
2026-06-30,16963,16882
2026-07-31,17668,16940
2026-08-31,17721,17376

Categories,R3 Shares,MSCI ACWI ex-U.S. Index                        
2021-08-31,10000,10000
2021-09-30,9706,9680
2021-10-31,10044,9911
2021-11-30,9671,9465
2021-12-31,10001,9856
2022-01-31,9662,9493
2022-02-28,9077,9305
2022-03-31,8912,9319
2022-04-30,8331,8734
2022-05-31,8462,8797
2022-06-30,7838,8040
2022-07-31,8100,8315
2022-08-31,7727,8048
2022-09-30,6992,7244
2022-10-31,7169,7460
2022-11-30,8296,8341
2022-12-31,8288,8278
2023-01-31,9027,8950
2023-02-28,8616,8636
2023-03-31,8944,8847
2023-04-30,9113,9001
2023-05-31,8808,8673
2023-06-30,9179,9063
2023-07-31,9511,9431
2023-08-31,9179,9005
2023-09-30,8772,8721
2023-10-31,8581,8361
2023-11-30,9241,9113
2023-12-31,9568,9571
2024-01-31,9588,9476
2024-02-29,9883,9716
2024-03-31,10298,10020
2024-04-30,10174,9840
2024-05-31,10721,10126
2024-06-30,10613,10116
2024-07-31,10964,10350
2024-08-31,11227,10645
2024-09-30,11554,10932
2024-10-31,11000,10395
2024-11-30,10877,10301
2024-12-31,10626,10101
2025-01-31,11123,10508
2025-02-28,11379,10654
2025-03-31,11668,10630
2025-04-30,11996,11013
2025-05-31,12604,11518
2025-06-30,12915,11909
2025-07-31,12906,11875
2025-08-31,13226,12287
2025-09-30,13604,12729
2025-10-31,13719,12987
2025-11-30,13858,12983
2025-12-31,14191,13372
2026-01-31,14949,14172
2026-02-28,15909,14884
2026-03-31,14610,13278
2026-04-30,15359,14559
2026-05-31,15676,15292
2026-06-30,15570,15202
2026-07-31,16218,15255
2026-08-31,16266,15647

Categories,R3 Shares,MSCI ACWI ex-U.S. Index                        
2016-08-31,10000,10000
2016-09-30,10117,10123
2016-10-31,9945,9978
2016-11-30,9759,9747
2016-12-31,9953,9996
2017-01-31,10139,10350
2017-02-28,10135,10515
2017-03-31,10631,10782
2017-04-30,10963,11013
2017-05-31,11378,11370
2017-06-30,11563,11405
2017-07-31,11914,11826
2017-08-31,11680,11888
2017-09-30,12002,12108
2017-10-31,12137,12336
2017-11-30,12238,12436
2017-12-31,12420,12714
2018-01-31,13196,13423
2018-02-28,12405,12790
2018-03-31,12116,12564
2018-04-30,12207,12765
2018-05-31,11954,12470
2018-06-30,11543,12236
2018-07-31,11872,12528
2018-08-31,11502,12266
2018-09-30,11487,12322
2018-10-31,10468,11320
2018-11-30,10635,11427
2018-12-31,9909,10910
2019-01-31,10786,11734
2019-02-28,11191,11963
2019-03-31,11448,12034
2019-04-30,12095,12352
2019-05-31,11315,11689
2019-06-30,11941,12393
2019-07-31,11833,12243
2019-08-31,11628,11865
2019-09-30,11746,12170
2019-10-31,12115,12595
2019-11-30,12296,12706
2019-12-31,12724,13256
2020-01-31,12560,12900
2020-02-29,11861,11881
2020-03-31,10235,10160
2020-04-30,10901,10930
2020-05-31,11616,11288
2020-06-30,12118,11798
2020-07-31,12942,12324
2020-08-31,13821,12852
2020-09-30,13521,12536
2020-10-31,13330,12266
2020-11-30,14921,13916
2020-12-31,15539,14668
2021-01-31,15651,14700
2021-02-28,16078,14991
2021-03-31,16180,15181
2021-04-30,16595,15628
2021-05-31,17365,16117
2021-06-30,16842,16012
2021-07-31,16415,15748
2021-08-31,16640,16048
2021-09-30,16151,15534
2021-10-31,16713,15905
2021-11-30,16092,15188
2021-12-31,16642,15816
2022-01-31,16078,15233
2022-02-28,15105,14932
2022-03-31,14830,14956
2022-04-30,13863,14016
2022-05-31,14080,14117
2022-06-30,13043,12903
2022-07-31,13478,13344
2022-08-31,12857,12915
2022-09-30,11634,11624
2022-10-31,11929,11972
2022-11-30,13805,13385
2022-12-31,13791,13285
2023-01-31,15020,14363
2023-02-28,14337,13858
2023-03-31,14884,14197
2023-04-30,15163,14444
2023-05-31,14656,13919
2023-06-30,15274,14543
2023-07-31,15827,15134
2023-08-31,15274,14451
2023-09-30,14597,13994
2023-10-31,14279,13417
2023-11-30,15378,14625
2023-12-31,15921,15360
2024-01-31,15955,15207
2024-02-29,16446,15592
2024-03-31,17136,16079
2024-04-30,16930,15791
2024-05-31,17840,16249
2024-06-30,17660,16234
2024-07-31,18244,16610
2024-08-31,18682,17083
2024-09-30,19227,17543
2024-10-31,18304,16682
2024-11-30,18099,16531
2024-12-31,17681,16210
2025-01-31,18510,16863
2025-02-28,18934,17097
2025-03-31,19416,17058
2025-04-30,19961,17674
2025-05-31,20974,18484
2025-06-30,21491,19111
2025-07-31,21477,19056
2025-08-31,22008,19717
2025-09-30,22638,20427
2025-10-31,22829,20840
2025-11-30,23060,20835
2025-12-31,23614,21459
2026-01-31,24875,22743
2026-02-28,26473,23885
2026-03-31,24311,21308
2026-04-30,25557,23364
2026-05-31,26085,24541
2026-06-30,25909,24396
2026-07-31,26987,24480
2026-08-31,27067,25109

Categories,R3 Shares,MSCI ACWI ex-U.S. Index                        
1998-05-28,10000,10000
1998-05-31,9975,9819
1998-06-30,10050,9782
1998-07-31,9991,9875
1998-08-31,8358,8482
1998-09-30,8220,8303
1998-10-31,8749,9173
1998-11-30,9143,9666
1998-12-31,9068,9999
1999-01-31,8765,9988
1999-02-28,8917,9764
1999-03-31,9452,10236
1999-04-30,10051,10748
1999-05-31,10253,10243
1999-06-30,10733,10714
1999-07-31,11005,10965
1999-08-31,11022,11003
1999-09-30,10996,11077
1999-10-31,11277,11490
1999-11-30,12499,11949
1999-12-31,14815,13089
2000-01-31,14309,12379
2000-02-29,15183,12713
2000-03-31,15458,13191
2000-04-30,14942,12455
2000-05-31,14735,12136
2000-06-30,15286,12653
2000-07-31,14947,12154
2000-08-31,15538,12304
2000-09-30,14779,11621
2000-10-31,14397,11252
2000-11-30,14033,10747
2000-12-31,14580,11114
2001-01-31,15018,11280
2001-02-28,14104,10387
2001-03-31,13647,9648
2001-04-30,14402,10299
2001-05-31,14496,10007
2001-06-30,14031,9619
2001-07-31,13626,9404
2001-08-31,12977,9168
2001-09-30,11633,8194
2001-10-31,11962,8423
2001-11-30,12573,8808
2001-12-31,13043,8921
2002-01-31,13043,8538
2002-02-28,13297,8599
2002-03-31,13917,9062
2002-04-30,14331,9116
2002-05-31,14020,9208
2002-06-30,13437,8807
2002-07-31,12365,7948
2002-08-31,12327,7946
2002-09-30,11171,7102
2002-10-31,11622,7483
2002-11-30,11989,7842
2002-12-31,11678,7588
2003-01-31,11029,7320
2003-02-28,10756,7171
2003-03-31,10578,7027
2003-04-30,11762,7697
2003-05-31,12308,8180
2003-06-30,12796,8402
2003-07-31,13173,8625
2003-08-31,13887,8880
2003-09-30,14113,9127
2003-10-31,14950,9718
2003-11-30,15382,9928
2003-12-31,16435,10686
2004-01-31,16774,10856
2004-02-29,16980,11130
2004-03-31,17253,11194
2004-04-30,16576,10838
2004-05-31,16567,10862
2004-06-30,16962,11093
2004-07-31,16482,10768
2004-08-31,16633,10851
2004-09-30,17187,11199
2004-10-31,17535,11587
2004-11-30,18504,12389
2004-12-31,19360,12920
2005-01-31,18982,12695
2005-02-28,19748,13318
2005-03-31,19351,12952
2005-04-30,18860,12620
2005-05-31,19342,12687
2005-06-30,19644,12920
2005-07-31,20598,13395
2005-08-31,20844,13733
2005-09-30,21749,14439
2005-10-31,21236,13912
2005-11-30,21841,14376
2005-12-31,22779,15067
2006-01-31,24454,16115
2006-02-28,24318,16065
2006-03-31,25010,16525
2006-04-30,26174,17367
2006-05-31,24962,16548
2006-06-30,25010,16525
2006-07-31,25282,16691
2006-08-31,25903,17158
2006-09-30,25913,17166
2006-10-31,26849,17863
2006-11-30,27511,18507
2006-12-31,28567,19082
2007-01-31,28668,19151
2007-02-28,28477,19265
2007-03-31,29438,19799
2007-04-30,31109,20702
2007-05-31,32280,21246
2007-06-30,33033,21419
2007-07-31,33394,21354
2007-08-31,34066,21021
2007-09-30,36389,22409
2007-10-31,38290,23657
2007-11-30,36688,22588
2007-12-31,36425,22260
2008-01-31,32649,20102
2008-02-29,33174,20678
2008-03-31,32496,20224
2008-04-30,34280,21448
2008-05-31,34291,21788
2008-06-30,31642,19997
2008-07-31,30850,19277
2008-08-31,29364,18375
2008-09-30,26237,15615
2008-10-31,21317,12177
2008-11-30,20333,11472
2008-12-31,21146,12126
2009-01-31,19163,11054
2009-02-28,17867,10023
2009-03-31,18886,10827
2009-04-30,20858,12303
2009-05-31,23350,13968
2009-06-30,23178,13814
2009-07-31,25308,15165
2009-08-31,25598,15726
2009-09-30,26752,16534
2009-10-31,26741,16329
2009-11-30,27422,16797
2009-12-31,27746,17152
2010-01-31,26495,16314
2010-02-28,26573,16314
2010-03-31,28248,17424
2010-04-30,28125,17270
2010-05-31,25758,15453
2010-06-30,25613,15255
2010-07-31,27495,16632
2010-08-31,26699,16175
2010-09-30,29240,17784
2010-10-31,30476,18390
2010-11-30,29611,17680
2010-12-31,31520,19065
2011-01-31,31722,19252
2011-02-28,32845,19760
2011-03-31,32843,19714
2011-04-30,34662,20677
2011-05-31,33797,20081
2011-06-30,33190,19790
2011-07-31,32512,19520
2011-08-31,29250,17847
2011-09-30,26236,15861
2011-10-31,28988,17532
2011-11-30,27957,16637
2011-12-31,27276,16452
2012-01-31,28884,17568
2012-02-29,30391,18555
2012-03-31,30297,18299
2012-04-30,30184,18011
2012-05-31,27144,15966
2012-06-30,28182,16907
2012-07-31,28855,17146
2012-08-31,29003,17505
2012-09-30,29861,18159
2012-10-31,30124,18229
2012-11-30,30605,18577
2012-12-31,31417,19220
2013-01-31,32858,20002
2013-02-28,32057,19790
2013-03-31,32160,19830
2013-04-30,33178,20559
2013-05-31,33075,20083
2013-06-30,31633,19212
2013-07-31,33253,20053
2013-08-31,32610,19777
2013-09-30,34708,21151
2013-10-31,34996,21927
2013-11-30,35767,21965
2013-12-31,36159,22159
2014-01-31,33786,21152
2014-02-28,35088,22214
2014-03-31,34431,22271
2014-04-30,34420,22565
2014-05-31,34754,23004
2014-06-30,35143,23391
2014-07-31,34578,23159
2014-08-31,34993,23287
2014-09-30,34602,22159
2014-10-31,34648,21940
2014-11-30,35528,22099
2014-12-31,33968,21302
2015-01-31,34676,21270
2015-02-28,36574,22408
2015-03-31,36473,22045
2015-04-30,38965,23159
2015-05-31,39357,22797
2015-06-30,38262,22161
2015-07-31,38986,22100
2015-08-31,36396,20411
2015-09-30,34981,19464
2015-10-31,36916,20913
2015-11-30,36447,20482
2015-12-31,36028,20096
2016-01-31,33473,18729
2016-02-29,32546,18515
2016-03-31,34459,20020
2016-04-30,35266,20547
2016-05-31,35042,20200
2016-06-30,33406,19891
2016-07-31,34747,20875
2016-08-31,35154,21007
2016-09-30,35566,21266
2016-10-31,34960,20960
2016-11-30,34307,20475
2016-12-31,34990,20999
2017-01-31,35642,21743
2017-02-28,35627,22090
2017-03-31,37372,22650
2017-04-30,38540,23135
2017-05-31,39997,23885
2017-06-30,40649,23959
2017-07-31,41882,24843
2017-08-31,41060,24973
2017-09-30,42192,25436
2017-10-31,42665,25915
2017-11-30,43020,26125
2017-12-31,43662,26709
2018-01-31,46389,28197
2018-02-28,43608,26867
2018-03-31,42592,26393
2018-04-30,42913,26815
2018-05-31,42021,26196
2018-06-30,40577,25703
2018-07-31,41736,26318
2018-08-31,40435,25767
2018-09-30,40381,25884
2018-10-31,36798,23779
2018-11-30,37386,24004
2018-12-31,34832,22918
2019-01-31,37917,24649
2019-02-28,39342,25131
2019-03-31,40244,25281
2019-04-30,42517,25948
2019-05-31,39775,24556
2019-06-30,41975,26034
2019-07-31,41597,25719
2019-08-31,40875,24925
2019-09-30,41290,25566
2019-10-31,42589,26458
2019-11-30,43225,26692
2019-12-31,44729,27848
2020-01-31,44154,27099
2020-02-29,41697,24957
2020-03-31,35979,21344
2020-04-30,38320,22961
2020-05-31,40834,23713
2020-06-30,42599,24784
2020-07-31,45497,25889
2020-08-31,48586,26997
2020-09-30,47531,26334
2020-10-31,46859,25768
2020-11-30,52453,29234
2020-12-31,54626,30814
2021-01-31,55020,30881
2021-02-28,56521,31492
2021-03-31,56877,31890
2021-04-30,58338,32829
2021-05-31,61044,33856
2021-06-30,59207,33637
2021-07-31,57706,33082
2021-08-31,58496,33711
2021-09-30,56778,32632
2021-10-31,58753,33411
2021-11-30,56570,31906
2021-12-31,58501,33225
2022-01-31,56520,32000
2022-02-28,53099,31367
2022-03-31,52131,31417
2022-04-30,48732,29444
2022-05-31,49498,29656
2022-06-30,45851,27104
2022-07-31,47382,28032
2022-08-31,45198,27131
2022-09-30,40899,24419
2022-10-31,41934,25149
2022-11-30,48530,28118
2022-12-31,48480,27908
2023-01-31,52802,30171
2023-02-28,50401,29112
2023-03-31,52321,29824
2023-04-30,53305,30342
2023-05-31,51521,29239
2023-06-30,53694,30551
2023-07-31,55637,31793
2023-08-31,53694,30357
2023-09-30,51315,29398
2023-10-31,50195,28185
2023-11-30,54058,30722
2023-12-31,55970,32266
2024-01-31,56086,31945
2024-02-29,57813,32754
2024-03-31,60239,33778
2024-04-30,59516,33171
2024-05-31,62712,34134
2024-06-30,62082,34102
2024-07-31,64135,34891
2024-08-31,65675,35885
2024-09-30,67588,36852
2024-10-31,64345,35043
2024-11-30,63624,34726
2024-12-31,62156,34051
2025-01-31,65068,35423
2025-02-28,66562,35915
2025-03-31,68254,35834
2025-04-30,70171,37127
2025-05-31,73731,38828
2025-06-30,75548,40145
2025-07-31,75498,40031
2025-08-31,77365,41419
2025-09-30,79580,42912
2025-10-31,80252,43779
2025-11-30,81065,43768
2025-12-31,83012,45080
2026-01-31,87445,47776
2026-02-28,93063,50175
2026-03-31,85461,44762
2026-04-30,89842,49081
2026-05-31,91698,51552
2026-06-30,91079,51249
2026-07-31,94868,51425
2026-08-31,95151,52747

The Hypothetical Growth graph compares a hypothetical investment in the Fund to the performance of the Index for the stated time period. Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Distributions

            Categories,Total ($)
            2004-12-31,0.10134
2005-09-30,0.13778
2005-11-17,0.40477
2006-03-31,0.05552
2006-09-30,0.14114
2006-11-17,0.64859
2006-12-31,0.06732
2007-06-30,0.08136
2007-09-30,0.09418
2007-11-19,2.87886
2008-06-30,0.15915
2008-09-30,0.11437
2008-12-31,0.03436
2009-06-30,0.13511
2009-09-30,0.03519
2010-06-30,0.08201
2010-09-30,0.05827
2011-03-31,0.00777
2011-06-30,0.14357
2011-09-30,0.07020
2011-12-31,0.00832
2012-03-31,0.03769
2012-06-30,0.14035
2012-09-30,0.06300
2013-06-30,0.13434
2013-09-30,0.05560
2014-06-30,0.07815
2014-09-30,0.11256
2014-11-19,2.52021
2014-12-31,0.01605
2015-06-30,0.10833
2015-09-30,0.08483
2015-11-19,4.25368
2016-06-30,0.17972
2016-09-30,0.16354
2017-06-30,0.08951
2017-09-30,0.08343
2017-11-17,4.02883
2018-12-31,0.22238
2019-11-14,1.28372
2019-12-31,0.15816
2020-11-19,0.76614
2021-11-18,3.43433
2021-12-31,0.26438
2022-12-31,0.33876
2023-11-16,0.09820
2023-12-31,0.37839
2024-11-21,1.30833
2024-12-31,0.36916
2025-11-20,0.74682
2025-12-31,0.33945

            Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2004-12-31,0.10134,0.10134,0,0
2005-09-30,0.13778,0.13778,0,0
2005-11-17,0.40477,0,0.08666,0.31811
2006-03-30,0.05552,0.05552,0,0
2006-09-27,0.14114,0.14114,0,0
2006-11-17,0.64859,0,0.05849,0.59010
2006-12-26,0.06732,0.06732,0,0
2007-06-26,0.08136,0.08136,0,0
2007-09-26,0.09418,0.09418,0,0
2007-11-19,2.87886,0,1.40945,1.46941
2008-06-26,0.15915,0.15915,0,0
2008-09-26,0.11437,0.11437,0,0
2008-12-26,0.03436,0.03436,0,0
2009-06-26,0.13511,0.13511,0,0
2009-09-25,0.03519,0.03519,0,0
2010-06-25,0.08201,0.08201,0,0
2010-09-24,0.05827,0.05827,0,0
2011-03-25,0.00777,0.00777,0,0
2011-06-24,0.14357,0.14357,0,0
2011-09-26,0.07020,0.07020,0,0
2011-12-23,0.00832,0.00832,0,0
2012-03-26,0.03769,0.03769,0,0
2012-06-25,0.14035,0.14035,0,0
2012-09-24,0.06300,0.06300,0,0
2013-06-24,0.13434,0.13434,0,0
2013-09-24,0.05560,0.05560,0,0
2014-06-24,0.07815,0.07815,0,0
2014-09-24,0.11256,0.11256,0,0
2014-11-19,2.52021,0,0.00000,2.52021
2014-12-24,0.01605,0.01605,0,0
2015-06-24,0.10833,0.10833,0,0
2015-09-24,0.08483,0.08483,0,0
2015-11-19,4.25368,0,0.00000,4.25368
2016-06-24,0.17972,0.17972,0,0
2016-09-26,0.16354,0.16354,0,0
2017-06-23,0.08951,0.08951,0,0
2017-09-22,0.08343,0.08343,0,0
2017-11-17,4.02883,0,0.64275,3.38608
2018-12-21,0.22238,0.22238,0,0
2019-11-14,1.28372,0,0.00000,1.28372
2019-12-20,0.15816,0.15816,0,0
2020-11-19,0.76614,0,0.38436,0.38178
2021-11-18,3.43433,0,1.31246,2.12187
2021-12-16,0.26438,0.26438,0,0
2022-12-15,0.33876,0.33876,0,0
2023-11-16,0.09820,0,0.00000,0.09820
2023-12-14,0.37839,0.37839,0,0
2024-11-21,1.30833,0,0.08089,1.22744
2024-12-19,0.36916,0.36916,0,0
2025-11-20,0.74682,0,0.00000,0.74682
2025-12-18,0.33945,0.33945,0,0

Distributions

(As of 18 Dec 2025)

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

31 Dec 2004

0.10134

0.10134

—

—

30 Sep 2005

0.13778

0.13778

—

—

17 Nov 2005

0.40477

—

0.08666

0.31811

30 Mar 2006

0.05552

0.05552

—

—

27 Sep 2006

0.14114

0.14114

—

—

17 Nov 2006

0.64859

—

0.05849

0.59010

26 Dec 2006

0.06732

0.06732

—

—

26 Jun 2007

0.08136

0.08136

—

—

26 Sep 2007

0.09418

0.09418

—

—

19 Nov 2007

2.87886

—

1.40945

1.46941

26 Jun 2008

0.15915

0.15915

—

—

26 Sep 2008

0.11437

0.11437

—

—

26 Dec 2008

0.03436

0.03436

—

—

26 Jun 2009

0.13511

0.13511

—

—

25 Sep 2009

0.03519

0.03519

—

—

25 Jun 2010

0.08201

0.08201

—

—

24 Sep 2010

0.05827

0.05827

—

—

25 Mar 2011

0.00777

0.00777

—

—

24 Jun 2011

0.14357

0.14357

—

—

26 Sep 2011

0.07020

0.07020

—

—

23 Dec 2011

0.00832

0.00832

—

—

26 Mar 2012

0.03769

0.03769

—

—

25 Jun 2012

0.14035

0.14035

—

—

24 Sep 2012

0.06300

0.06300

—

—

24 Jun 2013

0.13434

0.13434

—

—

24 Sep 2013

0.05560

0.05560

—

—

24 Jun 2014

0.07815

0.07815

—

—

24 Sep 2014

0.11256

0.11256

—

—

19 Nov 2014

2.52021

—

0.00000

2.52021

24 Dec 2014

0.01605

0.01605

—

—

24 Jun 2015

0.10833

0.10833

—

—

24 Sep 2015

0.08483

0.08483

—

—

19 Nov 2015

4.25368

—

0.00000

4.25368

24 Jun 2016

0.17972

0.17972

—

—

26 Sep 2016

0.16354

0.16354

—

—

23 Jun 2017

0.08951

0.08951

—

—

22 Sep 2017

0.08343

0.08343

—

—

17 Nov 2017

4.02883

—

0.64275

3.38608

21 Dec 2018

0.22238

0.22238

—

—

14 Nov 2019

1.28372

—

0.00000

1.28372

20 Dec 2019

0.15816

0.15816

—

—

19 Nov 2020

0.76614

—

0.38436

0.38178

18 Nov 2021

3.43433

—

1.31246

2.12187

16 Dec 2021

0.26438

0.26438

—

—

15 Dec 2022

0.33876

0.33876

—

—

16 Nov 2023

0.09820

—

0.00000

0.09820

14 Dec 2023

0.37839

0.37839

—

—

21 Nov 2024

1.30833

—

0.08089

1.22744

19 Dec 2024

0.36916

0.36916

—

—

20 Nov 2025

0.74682

—

0.00000

0.74682

18 Dec 2025

0.33945

0.33945

—

—

Fund Facts

Fund Facts

(As of 31 Aug 2026)

Net Fund Assets

$5.7 B

Benchmark

MSCI ACWI ex-U.S. Index

Morningstar Category

Foreign Large Blend

Fund Symbol

TGVRX

Share Class

R3

Share Class Inception Date

1 Jul 2003

Distribution Frequency

Annually

Characteristics

Characteristics

Portfolio

(As of 31 Aug 2026)

Portfolio

Benchmark

Number of Holdings

46

—

Weighted Average Market Cap

$249.2 B

$246.9 B

Median Market Cap

$108.8 B

$15.5 B

Annual Portfolio Turnover

28%

—

Price to Earnings - Forward 1YR

15.5x

14.2x

Portfolio

Benchmark

Price to Earnings - Trailing 12 Months

21.3x

19.4x

Price to Cash Flow

11.0x

11.2x

Price to Book Value

2.6x

2.4x

Active Share

82.3%

—

Annual Portfolio Turnover reflects data as of the Fund’s fiscal year end (9/30).

Risk & Return Profile

Risk & Return Profile

(As of 31 Aug 2026)

3y

5y

10y

Annualized Alpha (%)

4.61

1.68

1.53

Beta

0.81

0.95

0.97

R-Squared (%)

82.42

88.58

89.58

Standard Deviation (%)

11.72

15.54

15.35

Sharpe Ratio

1.44

0.44

0.56

Information Ratio

0.20

0.24

0.26

Tracking Error (%)

5.54

5.31

4.97

Up Capture (%)

94.67

99.71

103.70

Down Capture (%)

76.56

93.11

98.35

Past performance does not guarantee future results.

Risk & Return Profile metrics are based on the I share class.

Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2026)

Name

Ticker/Symbol

Sector

Weight %

ING Groep N.V.

INGA

Financials

3.5

Mitsubishi UFJ Financial Group, Inc.

8306

Financials

3.5

Taiwan Semiconductor Manufacturing Co. Ltd.

TSM

Information Technology

3.3

BNP Paribas S.A.

BNP

Financials

3.2

TotalEnergies SE

TTE

Energy

3.0

Tencent Holdings Ltd.

700

Communication Services

2.9

Freeport-McMoRan, Inc.

FCX

Materials

2.8

Glencore plc

GLEN

Materials

2.8

Schneider Electric SE

SU

Industrials

2.8

Endesa S.A.

ELE

Utilities

2.7

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

5%

10%

15%

20%

25%

30%

Industrials

18.8

14.1

Financials

17.3

25.3

Information Technology

10.6

20.3

Utilities

8.8

3.0

Materials

8.4

7.1

Cash & Equivalents

7.6

—

Consumer Discretionary

7.5

7.8

Consumer Staples

6.2

5.0

Health Care

6.1

6.9

Communication Services

5.2

4.4

Energy

3.6

4.8

Real Estate

0.0

1.2

Sector Allocation

Fund (%)

Industrials

18.8

Financials

17.3

Information Technology

10.6

Utilities

8.8

Materials

8.4

Cash & Equivalents

7.6

Consumer Discretionary

7.5

Consumer Staples

6.2

Health Care

6.1

Communication Services

5.2

Energy

3.6

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

5%

10%

15%

20%

Capital Goods

14.4

11.1

Banks

11.6

16.7

Utilities

8.8

3.0

Materials

8.4

7.1

Technology Hardware & Equipment

5.7

6.4

Pharmaceuticals, Biotechnology & Life Sciences

4.7

5.8

Insurance

4.5

4.9

Transportation

4.3

1.8

Energy

3.6

4.8

Consumer Durables & Apparel

3.5

2.0

Top 10 Industries

Fund (%)

Capital Goods

14.4

Banks

11.6

Utilities

8.8

Materials

8.4

Technology Hardware & Equipment

5.7

Pharmaceuticals, Biotechnology & Life Sciences

4.7

Insurance

4.5

Transportation

4.3

Energy

3.6

Consumer Durables & Apparel

3.5

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

0%

5%

10%

15%

20%

France

17.5

5.7

Europe ex UK

Japan

13.9

14.0

Japan

Germany

7.0

5.3

Europe ex UK

China

6.9

6.6

Asia Pacific ex Japan

United States

6.6

0.0

North America

Spain

6.3

2.4

Europe ex UK

Netherlands

6.1

3.4

Europe ex UK

United Kingdom

5.8

8.7

UK

Switzerland

4.3

5.5

Europe ex UK

Canada

4.3

8.4

North America

Top 10 Countries

Fund (%)

France

17.5

Japan

13.9

Germany

7.0

China

6.9

United States

6.6

Spain

6.3

Netherlands

6.1

United Kingdom

5.8

Switzerland

4.3

Canada

4.3

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

99.9

93.4

Mid Cap ($2.5 to $12 B)

0.1

6.6

Small Cap (< $2.5 B)

0.0

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

99.9

Mid Cap ($2.5 to $12 B)

0.1

Small Cap (< $2.5 B)

0.0

Holdings with the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Cash and Equivalents includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

Portfolio Managers

Portfolio Managers

Lei Wang, CFA

Portfolio Manager and Managing Director

Lei Wang is a portfolio manager for Thornburg Investment Management. He joined Thornburg Investment Management in 2004 as associate portfolio manager and was promoted to portfolio manager in 2006. Lei holds a BA and an MA from East China Normal University and an MBA from New York University. He is a CFA charterholder. Prior to joining Thornburg, he served as…

Learn More

Matt Burdett

Head of Equities, Portfolio Manager and Managing Director

Matt Burdett is head of equities and a portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager. Matt was named a managing director and was promoted to portfolio manager in 2018 and to head of equities in 2024. Matt spent several years as a senior vice president and portfolio manager at PIMCO,…

Learn More

Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Financial Statements

Semi-Annual Financial Statements

Prospectus

Statement of Additional Information (SAI)

Annual TSR

Semi-Annual TSR

Important Information

Before investing, carefully consider the Fund's investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

The performance of any index is not indicative of the performance of any particular investment. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Class R shares are limited to retirement platforms only.

Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

There is no guarantee that the Fund will meet its investment objectives.

To determine a fund's Morningstar Rating™, funds and other managed products with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a managed product's monthly excess performance (excluding sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics.

© 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities LLC.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities LLC (TSL) does not act as broker of record for investors.

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