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Thornburg International Equity ETF

Fund Assets
$182.76 M
As of 3 Jul 2025
NAV
$29.48
As of 3 Jul 2025
Change
$-0.07
As of 3 Jul 2025
YTD NAV Performance
17.92%
As of 3 Jul 2025
Asset Category:
International Equity
Fund Benchmark:
MSCI EAFE Index

Portfolio Managers

Portfolio Manager and Managing Director
Head of Equities and Managing Director
Overview

Overview

Why Invest in This ETF?

  • Long-Term Growth Potential — Combines rigorous, bottom-up research with a focus on identifying underappreciated businesses trading below intrinsic value and with a defined path to success to help unlock your portfolio’s growth potential.
  • Focused Exposure to Non-US Opportunities — Provides dedicated access to developed markets outside the U.S. through a highly concentrated portfolio of promising businesses with sound fundamentals, helping investors broaden their portfolios and enhance diversification.
  • Seeks to Provide Consistent Risk-Adjusted Returns — Leverages a three-basket approach—basic value, consistent earners, and emerging franchises—in an effort to provide style diversification, reduce volatility, and optimize risk-adjusted returns over time.

Investment Objective

The Thornburg International Equity ETF (the “ETF”) seeks long-term capital appreciation. The ETF’s investment objective may be changed without shareholder approval.

Investment Approach

The ETF offers investors long-term growth potential by capitalizing on promising businesses with sound fundamentals in developed international markets. By diversifying the portfolio across three types of stocks—basic value, consistent earners, and emerging franchises—the ETF seeks to balance risk exposure across styles while providing the opportunity to deliver attractive risk-adjusted returns across market cycles.

Fund Facts

Fund Facts

(As of 3 Jul 2025)
Net Fund Assets
$182.76 M
Exchange
NASDAQ
Benchmark
MSCI EAFE Index
Morningstar Category
Inception Date
21 Jan 2025
CUSIP
88521L306
Distribution Frequency
Annual
Total Expense Ratio (%)
0.65%
Pricing & Trading

Pricing & Trading

(As of 3 Jul 2025)
NAV
$29.48
Market Price / Closing Price
$29.65
Premium / Discount (%)
0.59%
30-Day Median Bid-Ask Spread (%)
0.34%
30-Day Average Volume
57,269
Shares Outstanding
6,200,000
Premium / Discount History

Premium / Discount History

(As of Current Quarter)
Days at Premium
32
Days at Discount
15
Days at NAV
1
Performance

Performance

(As of 30 Jun 2025)
Inception
Net Asset Value (%)
17.36
Market Price (%)
18.20
MSCI EAFE Index (%)
16.25
Inception
Net Asset Value (%)
17.36
Market Price (%)
18.20
MSCI EAFE Index (%)
16.25
Characteristics

Characteristics

Portfolio

(As of 31 May 2025)
Portfolio
Benchmark
Number of Holdings
51
Weighted Average Market Cap
$113.2 B
$94.0 B
Median Market Cap
$76.3 B
$17.9 B
Price to Earnings - Forward 1YR
16.8x
15.2x
Price to Earnings - Trailing 12 Months
17.3x
17.0x
Price to Cash Flow
9.1x
9.0x
Portfolio
Benchmark
Price to Book Value
2.1x
1.9x
Return on Assets - 5 YR
5.8%
6.0%
Return on Equity - 5 YR
14.0%
14.8%
Historical 3YR Sales Growth
10.5%
13.2%
Active Share
79.2%
Portfolio

Portfolio

Top Holdings

(As of 3 Jul 2025)
Name
Ticker/Symbol
Market Value
Weight %
THORNBURG CAPITAL MANAGEMENT FUND
LIQUID
$7,628,042.44
4.16%
Orange S.A.
ORA
$6,953,886.17
3.80%
AstraZeneca plc
AZN
$6,719,508.84
3.67%
E.ON SE
EOAN
$6,198,655.82
3.38%
BNP Paribas S.A.
BNP
$5,918,504.66
3.23%
NN Group N.V.
NN
$5,807,316.80
3.17%
TotalEnergies SE
TTE
$5,500,263.52
3.00%
Hitachi Ltd.
6501
$5,039,809.20
2.75%
Iberdrola S.A.
IBE
$4,827,356.76
2.64%
Mitsubishi UFJ Financial Group, Inc.
8306
$4,570,092.97
2.50%
Download Holdings
Exposure Breakdown

Exposure Breakdown

(As of 31 May 2025)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
24.6
18.6
Financials
15.0
23.7
Health Care
10.0
11.5
Consumer Discretionary
9.2
10.2
Utilities
8.2
3.4
Materials
7.0
5.7
Information Technology
6.7
8.3
Consumer Staples
6.1
8.3
Communication Services
4.9
5.2
Cash & Cash Equivalents
4.6
Energy
3.8
3.1
Sector Allocation
Fund (%)
Industrials
24.6
Financials
15.0
Health Care
10.0
Consumer Discretionary
9.2
Utilities
8.2
Materials
7.0
Information Technology
6.7
Consumer Staples
6.1
Communication Services
4.9
Cash & Cash Equivalents
4.6
Energy
3.8
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
19.5
14.6
Utilities
8.2
3.4
Pharmaceuticals, Biotechnology & Life Sciences
8.0
9.4
Banks
7.8
13.2
Materials
7.0
5.7
Consumer Durables & Apparel
6.2
3.8
Insurance
5.0
6.1
Telecommunication Services
4.9
2.9
Energy
3.8
3.1
Transportation
3.7
1.8
Top 10 Industries
Fund (%)
Capital Goods
19.5
Utilities
8.2
Pharmaceuticals, Biotechnology & Life Sciences
8.0
Banks
7.8
Materials
7.0
Consumer Durables & Apparel
6.2
Insurance
5.0
Telecommunication Services
4.9
Energy
3.8
Transportation
3.7
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
France
20.7
11.2
Europe ex UK
Japan
15.8
22.0
Japan
Germany
12.2
10.4
Europe ex UK
United Kingdom
8.9
14.9
UK
Switzerland
5.8
9.7
Europe ex UK
Netherlands
5.5
4.6
Europe ex UK
Canada
5.4
North America
Italy
5.4
3.0
Europe ex UK
United States
5.3
0.1
North America
Spain
4.7
3.3
Europe ex UK
Top 10 Countries
Fund (%)
France
20.7
Japan
15.8
Germany
12.2
United Kingdom
8.9
Switzerland
5.8
Netherlands
5.5
Canada
5.4
Italy
5.4
United States
5.3
Spain
4.7
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
94.5
91.5
Mid Cap ($2.5 to $12 B)
5.5
8.5
Capitalization
Fund (%)
Large Cap (> $12 B)
94.5
Mid Cap ($2.5 to $12 B)
5.5
Portfolio Managers

Portfolio Managers

Lei Wang, CFA

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…
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Matt Burdett

Matt Burdett

Head of Equities 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,…
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Portfolio managers are supported by the entire Thornburg investment team.

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