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The International Equity Strategy employs a rigorous bottom-up research process to identify promising stocks of non-U.S. companies in both developed and emerging markets with sound business fundamentals trading below their intrinsic value. The concentrated core portfolio typically holds 45 to 70 mostly large cap stocks diversified by sector, industry and geography. Our three-basket approach to portfolio construction ensures style diversification in an attempt to reduce volatility.
Focused, diversified core international equity portfolio to include promising companies from developed 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 their intrinsic value and 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.
Thornburg International Equity Strategy - Gross (%)
22.36
23.38
19.70
13.70
8.55
9.27
Thornburg International Equity Strategy - Net (%)
21.91
22.46
18.79
12.85
7.76
8.20
MSCI ACWI ex-U.S. Index (%)
17.90
17.72
13.99
10.13
6.12
5.34
MSCI EAFE Index (%)
19.45
17.73
15.97
11.16
6.51
5.08
YTD
1y
3y
5y
10y
Inception
Thornburg International Equity Strategy - Gross (%)
22.44
19.35
18.37
12.20
8.34
9.24
Thornburg International Equity Strategy - Net (%)
21.92
18.46
17.48
11.36
7.55
8.17
MSCI ACWI ex-U.S. Index (%)
17.56
14.73
12.61
9.11
6.12
5.31
MSCI EAFE Index (%)
17.77
12.77
13.57
10.34
6.14
5.01
2019
2020
2021
2022
2023
2024
Thornburg International Equity Strategy - Gross (%)
30.32
23.92
8.62
-15.95
16.98
12.55
Thornburg International Equity Strategy - Net (%)
29.38
23.01
7.82
-16.58
16.09
11.70
MSCI ACWI ex-U.S. Index (%)
21.51
10.65
7.82
-15.99
15.62
5.53
MSCI EAFE Index (%)
22.01
7.82
11.26
-14.45
18.24
3.82
Effective 30 September 2024, the Strategy no longer lists the MSCI EAFE Index as a secondary benchmark. The Index performance data will be available as a reference until 30 September 2025.
Total return (net and gross) is based on composite performance.
Periods less than one year are not annualized.
In US$ terms. Returns may increase or decrease as a result of currency fluctuations.
Performance data for the International Equity Strategy is from the International Equity Composite, inception date of 1 June 1998. The International Equity Composite includes discretionary accounts invested in the International Equity Strategy, with the exception of accounts in which currency hedging is not allowed. Returns are calculated using a time-weighted and asset-weighted calculation including reinvestment of dividends and income. Periods less than one year are not annualized. Individual account performance will vary. The performance data quoted represents past performance; it does not guarantee future results. Gross of fee returns are net of transaction costs. Net of fee returns are net of transaction costs and investment advisory fees. For periods prior to 2011, net returns for some accounts in the composite also reflect the deduction of administrative expenses. Thornburg Investment Management Inc.'s fee schedule is detailed in Part 2A of its ADV brochure. Performance results of the firm's clients will be reduced by the firm's management fees. For example, an account with a compounded annual total return of 10% would have increased by 159% over ten years. Assuming an annual management fee of 0.75%, this increase would be 142%.
Strategy Facts
Strategy Facts
(As of 31 Jul 2025)
Strategy Assets
$4.1 B*
Benchmark
MSCI ACWI ex-U.S. Index
eVestment Category
ACWI ex-US Large Cap Core Equity
*Strategy assets includes assets under management of $4.1 B and assets under advisement of $0.
Holdings within the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.
Cash includes cash equivalents. Weights are percentages of total portfolio unless otherwise noted.
Percentages may not add up to 100 due to rounding.
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 Âmanager 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…
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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