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Thornburg Global Opportunities Strategy

Strategy Overview
The Global Opportunities Strategy has the flexibility to pursue investment opportunities from around the world and across market capitalization. The team applies fundamental research to identify companies that we believe have quality business models, trading at a discount to long-term intrinsic value, and have a defined path to success.
Strategy Inception Date
1 Aug 2006
Portfolio Managers
Vice Chairman and Chief Investment Strategist
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Strategy?

  • A flexible, focused equity portfolio seeking investment opportunities from around the globe and across market capitalizations.
  • A proven fundamental research process to identify and select quality, undervalued businesses with a defined path to success and value creation.
  • The strategy seeks to outperform global equity markets over a full market cycle.

Investment Objective

The strategy goal is to provide investors with long-term capital appreciation by investing in equity securities from around the world.

Investment Approach

The strategy has the flexibility to seek investment opportunities from around the world and across market capitalization. The team employs a fundamental, bottom-up investment process to identify companies that we believe have quality business models, trading at a discount to long-term intrinsic value, and have a defined path to success. The portfolio typically holds 30-40 securities and is diversified across countries and sectors.

Performance

Performance

Returns

(As of 30 Sep 2022)
YTD
1y
3y
5y
10y
Inception
Thornburg Global Opportunities Strategy - Gross (%)
-21.20
-18.25
9.02
3.91
9.90
9.48
Thornburg Global Opportunities Strategy - Net (%)
-21.70
-18.93
8.14
3.09
9.05
8.46
MSCI ACWI NTR (%)
-25.63
-20.66
3.75
4.44
7.28
5.40
YTD
1y
3y
5y
10y
Inception
Thornburg Global Opportunities Strategy - Gross (%)
-15.94
-14.79
9.76
4.83
10.56
9.87
Thornburg Global Opportunities Strategy - Net (%)
-16.53
-15.50
8.87
4.00
9.70
8.84
MSCI ACWI NTR (%)
-21.14
-19.96
4.85
5.24
7.98
5.75
2016
2017
2018
2019
2020
2021
Thornburg Global Opportunities Strategy - Gross (%)
4.99
23.19
-20.04
30.01
23.70
15.79
Thornburg Global Opportunities Strategy - Net (%)
4.21
22.27
-20.64
29.01
22.72
14.85
MSCI ACWI NTR (%)
7.86
23.97
-9.42
26.60
16.25
18.54
Strategy Facts

Strategy Facts

(As of 31 Oct 2022)
Strategy Assets
$1.3 B
Benchmark
MSCI ACWI NTR
Number of Holdings
40
Portfolio Turnover
29%
eVestment Category
Global All Cap Core Equity
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2022)
Portfolio
Benchmark
Weighted Average Market Cap
$145.2 B
$314.4 B
Median Market Cap
$60.5 B
$9.8 B
Price to Earnings - Forward 1YR
8.8x
14.1x
Price to Earnings - Trailing 12 Months
10.7x
15.4x
Price to Cash Flow
6.1x
10.2x
Portfolio
Benchmark
Price to Book Value
1.4x
2.5x
Return on Assets - 5 YR
8.0%
10.0%
Return on Equity - 5 YR
14.8%
27.5%
Historical 3YR Sales Growth
9.5%
10.8%
Active Share
93.3%
Portfolio

Portfolio

Top Holdings

(As of 30 Sep 2022)
Name
Ticker/Symbol
Sector
Weight %
Reliance Industries Ltd.
RIL
Energy
5.6
TotalEnergies SE
TTE
Energy
5.6
Bank of Ireland Group plc
BIRG
Financials
4.9
OCI N.V.
OCI
Materials
4.9
Alphabet, Inc.
GOOGL
Communication Services
4.5
Mineral Resources Ltd.
MIN
Materials
4.1
Capital One Financial Corp.
COF
Financials
4.0
The TJX Cos, Inc.
TJX
Consumer Discretionary
4.0
The Charles Schwab Corp.
SCHW
Financials
3.9
NN Group N.V.
NN
Financials
3.6
Exposure Breakdown

Exposure Breakdown

(As of 31 Oct 2022)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
22.8
14.8
Energy
12.9
5.8
Materials
12.3
4.6
Cash & Cash Equivalents
11.3
Information Technology
8.6
20.9
Communication Services
8.3
6.9
Consumer Discretionary
8.1
10.8
Industrials
6.4
9.8
Health Care
6.0
13.2
Unassigned
2.2
Consumer Staples
1.3
7.6
Utilities
0.0
3.0
Real Estate
0.0
2.5
Sector Allocation
Portfolio (%)
Financials
22.8
Energy
12.9
Materials
12.3
Cash & Cash Equivalents
11.3
Information Technology
8.6
Communication Services
8.3
Consumer Discretionary
8.1
Industrials
6.4
Health Care
6.0
Unassigned
2.2
Consumer Staples
1.3
Utilities
0.0
Real Estate
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Energy
12.9
5.8
Materials
12.3
4.6
Banks
11.3
7.1
Diversified Financials
7.9
4.5
Pharmaceuticals, Biotechnology & Life Sciences
6.0
8.5
Retailing
4.7
4.7
Media & Entertainment
4.6
5.0
Semiconductors & Semiconductor Equipment
4.3
4.4
Telecommunication Services
3.7
1.9
Insurance
3.5
3.2
Top 10 Industries
Portfolio (%)
Energy
12.9
Materials
12.3
Banks
11.3
Diversified Financials
7.9
Pharmaceuticals, Biotechnology & Life Sciences
6.0
Retailing
4.7
Media & Entertainment
4.6
Semiconductors & Semiconductor Equipment
4.3
Telecommunication Services
3.7
Insurance
3.5
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
United States
36.4
62.7
North America
Netherlands
9.9
1.0
Europe ex UK
France
9.0
2.9
Europe ex UK
India
5.3
1.7
Asia Pacific ex Japan
Ireland
4.9
0.1
Europe ex UK
Australia
4.0
1.9
Asia Pacific ex Japan
Germany
4.0
1.9
Europe ex UK
Korea, Republic of (South Korea)
2.6
1.2
Asia Pacific ex Japan
Switzerland
2.5
2.5
Europe ex UK
United Kingdom
2.3
4.0
UK
Top 10 Countries
Portfolio (%)
United States
36.4
Netherlands
9.9
France
9.0
India
5.3
Ireland
4.9
Australia
4.0
Germany
4.0
Korea, Republic of (South Korea)
2.6
Switzerland
2.5
United Kingdom
2.3
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
75.9
90.3
Mid Cap ($2.5 to $12 B)
23.3
9.4
Small Cap (< $2.5 B)
0.9
0.3
Capitalization
Portfolio (%)
Large Cap (> $12 B)
75.9
Mid Cap ($2.5 to $12 B)
23.3
Small Cap (< $2.5 B)
0.9
Portfolio Managers

Portfolio Managers

Brian McMahon
Brian McMahon
Vice Chairman and Chief Investment Strategist
Brian McMahon is chief investment strategist for Thornburg Investment Management. Brian is deeply respected for his market and investment insight and serves as a key voice for the investment team and Thornburg clients. He also co-manages Thornburg’s global equity portfolios and serves as vice chairman of Thornburg. Brian joined Thornburg in 1984 as chief investment officer; a role he held…
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Miguel Oleaga
Miguel Oleaga
Portfolio Manager and Managing Director
Miguel Oleaga is portfolio manager for Thornburg Investment Management. He joined the firm in 2014 as an equity research analyst, was promoted to associate portfolio manager in 2017, and was named portfolio manager in 2018. Miguel holds a BS in business administration (finance and management specialties) from the University of Massachusetts. Prior to his joining Thornburg, Miguel worked at Putnam…
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