Thornburg Global Opportunities Strategy
BENCHMARK: MSCI ACWI Index
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, Chief Investment Strategist, Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview
Performance
Performance
Returns
(As of 30 Sep 2026)2011
2024
2009
2012
2022
2007
2010
2023
2008
2014
2017
2013
2025
2019
2020
2018
2015
2021
2016
Thornburg Global Opportunities Strategy - Gross (%)
-6.12
14.17
46.47
23.81
-9.17
34.11
16.93
17.43
-47.32
20.24
23.19
30.10
42.39
30.01
23.73
-20.04
2.34
15.79
4.99
Thornburg Global Opportunities Strategy - Net (%)
-6.89
13.24
44.63
22.85
-9.92
32.11
15.54
16.47
-48.06
19.31
22.27
29.11
41.27
29.01
22.75
-20.64
1.54
14.85
4.21
MSCI ACWI Index (%)
-7.35
17.49
34.63
16.13
-18.36
11.66
12.67
22.20
-42.20
4.16
23.97
22.80
22.34
26.60
16.25
-9.42
-2.36
18.54
7.86
Strategy Facts
Strategy Facts
(As of 30 Sep 2026)Strategy Assets
$2.7 B
Benchmark
MSCI ACWI Index
eVestment Category
Global All Cap Core Equity
Characteristics
Characteristics
Portfolio
(As of 30 Sep 2026)Portfolio
Benchmark
Number of Holdings
39
—
Weighted Average Market Cap
$551.9 B
$1,146.0 B
Median Market Cap
$118.4 B
$18.8 B
Annual Portfolio Turnover
21%
—
Price to Earnings - Forward 1YR
12.4x
17.8x
Portfolio
Benchmark
Price to Earnings - Trailing 12 Months
18.9x
24.5x
Price to Cash Flow
8.4x
15.5x
Price to Book Value
2.3x
3.8x
Active Share
89.8%
—
Portfolio
Portfolio
Top Holdings
(As of 30 Sep 2026)Name
Ticker/Symbol
Sector
Weight %
Samsung Electronics Co. Ltd.
005930
Information Technology
6.1
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
5.4
Alphabet, Inc.
GOOGL
Communication Services
4.5
The Charles Schwab Corp.
SCHW
Financials
3.7
Citigroup, Inc.
C
Financials
3.7
Orange S.A.
ORA
Communication Services
3.5
AT&T, Inc.
T
Communication Services
3.5
Bank of Ireland Group plc
BIRG
Financials
3.4
BNP Paribas S.A.
BNP
Financials
3.2
Zegona Communications plc
ZEG
Communication Services
3.2
Exposure Breakdown
Exposure Breakdown
(As of 30 Sep 2026)Sector Allocation
Portfolio (%)
Communication Services
23.1
Financials
17.8
Information Technology
16.4
Industrials
11.7
Consumer Discretionary
9.6
Energy
6.5
Materials
4.7
Cash & Equivalents
4.7
Consumer Staples
2.8
Health Care
2.6
Real Estate
0.0
Utilities
0.0
Top 10 Industries
Portfolio (%)
Telecommunication Services
14.1
Banks
10.3
Media & Entertainment
9.0
Capital Goods
7.7
Energy
6.5
Consumer Services
6.3
Technology Hardware & Equipment
6.1
Semiconductors & Semiconductor Equipment
5.4
Software & Services
4.9
Financial Services
4.8
Top 10 Countries
Portfolio (%)
United States
34.3
France
10.7
Germany
7.8
China
7.1
Korea, Republic of (South Korea)
6.1
Taiwan
5.4
United Kingdom
4.7
Hong Kong
4.1
Ireland
3.4
Netherlands
2.7
Capitalization
Portfolio (%)
Large Cap (> $12 B)
87.6
Mid Cap ($2.5 to $12 B)
8.4
Small Cap (< $2.5 B)
4.0
Portfolio Managers
Portfolio Managers
Brian McMahon
Vice Chairman, Chief Investment Strategist, Portfolio Manager and Managing Director
Brian McMahon is chief investment strategist and a portfolio manager 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;…
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Miguel Oleaga
Portfolio Manager and Managing Director
Miguel Oleaga is a 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…
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Literature
More Insights
Global Equity
Reflecting On the Anniversary of Thornburg Global Opportunities Fund
An interview with Miguel Oleaga, Portfolio Manager
Global Equity
Quality Without Dogma: Why Valuation Still Matters
Is quality investing broken, or have investors simply paid too much for it? This article explores why Thornburg believes quality and valuation discipline are inseparable, and why flexibility remains essential to long-term investing.
Markets & Economy
Signal Over Noise: A Conversation on Global Markets
At Thornburg, we separate signal from noise in today's global markets, sharing how active, high-conviction research shapes portfolio decisions across countries and sectors.