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Thornburg International Equity Strategy

Strategy Overview
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.
Strategy Inception Date
1 Jun 1998

Portfolio Managers

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

Overview

Why Invest in This Strategy?

 

  • 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.
Performance

Performance

Returns

(As of 31 Mar 2025)
YTD
1y
3y
5y
10y
Inception
Thornburg International Equity Strategy - Gross (%)
10.13
14.80
10.86
15.23
7.93
8.93
Thornburg International Equity Strategy - Net (%)
9.93
13.94
10.02
14.37
7.14
7.86
MSCI ACWI ex-U.S. Index (%)
5.23
6.09
4.48
10.92
4.98
4.94
MSCI EAFE Index (%)
6.86
4.88
6.05
11.77
5.40
4.69
YTD
1y
3y
5y
10y
Inception
Thornburg International Equity Strategy - Gross (%)
13.41
19.51
14.46
14.43
7.55
9.02
Thornburg International Equity Strategy - Net (%)
13.14
18.62
13.59
13.57
6.77
7.95
MSCI ACWI ex-U.S. Index (%)
9.03
11.93
8.04
10.09
4.83
5.07
MSCI EAFE Index (%)
11.76
12.57
10.07
11.37
5.45
4.85
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
7.87
-15.88
15.62
5.53
MSCI EAFE Index (%)
22.01
7.82
11.26
-14.45
18.24
3.82
Strategy Facts

Strategy Facts

(As of 30 Apr 2025)
Strategy Assets
$3.5 B*
Benchmark
MSCI ACWI ex-U.S. Index
Number of Holdings
50
Portfolio Turnover
36%
eVestment Category
ACWI ex-US Large Cap Core Equity
Characteristics

Characteristics

Portfolio

(As of 30 Apr 2025)
Portfolio
Benchmark
Weighted Average Market Cap
$120.3 B
$107.7 B
Median Market Cap
$74.0 B
$11.3 B
Price to Earnings - Forward 1YR
15.9x
14.0x
Price to Earnings - Trailing 12 Months
16.4x
15.9x
Price to Cash Flow
8.6x
8.6x
Portfolio
Benchmark
Price to Book Value
2.1x
1.8x
Return on Assets - 5 YR
5.9%
6.5%
Return on Equity - 5 YR
14.5%
15.5%
Historical 3YR Sales Growth
11.1%
15.3%
Active Share
85.1%
Portfolio

Portfolio

Top Holdings

(As of 30 Apr 2025)
Name
Ticker/Symbol
Sector
Weight %
NN Group N.V.
NN
Financials
2.9
E.ON SE
EOAN
Utilities
2.9
Mitsubishi UFJ Financial Group, Inc.
8306
Financials
2.7
Orange S.A.
ORA
Communication Services
2.7
Sony Group Corp.
6758
Consumer Discretionary
2.7
L'Oreal S.A.
OR
Consumer Staples
2.7
Canadian Pacific Kansas City Ltd.
CP
Industrials
2.6
Samsung Electronics Co. Ltd.
005930
Information Technology
2.6
Schneider Electric SE
SU
Industrials
2.5
AstraZeneca plc
AZN
Health Care
2.5
Exposure Breakdown

Exposure Breakdown

(As of 30 Apr 2025)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
21.0
14.2
Financials
15.8
24.9
Cash & Cash Equivalents
10.8
Information Technology
9.4
12.2
Utilities
9.3
3.3
Health Care
7.0
8.6
Consumer Discretionary
6.6
10.8
Materials
6.3
6.3
Consumer Staples
5.7
7.2
Communication Services
4.5
6.3
Energy
3.6
4.6
Real Estate
0.0
1.7
Sector Allocation
Portfolio (%)
Industrials
21.0
Financials
15.8
Cash & Cash Equivalents
10.8
Information Technology
9.4
Utilities
9.3
Health Care
7.0
Consumer Discretionary
6.6
Materials
6.3
Consumer Staples
5.7
Communication Services
4.5
Energy
3.6
Real Estate
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Capital Goods
15.3
10.4
Utilities
9.3
3.3
Banks
7.1
15.3
Materials
6.3
6.3
Pharmaceuticals, Biotechnology & Life Sciences
5.1
6.9
Insurance
4.7
5.6
Consumer Durables & Apparel
4.3
2.8
Technology Hardware & Equipment
4.2
3.4
Financial Services
4.0
4.0
Transportation
3.8
2.1
Top 10 Industries
Portfolio (%)
Capital Goods
15.3
Utilities
9.3
Banks
7.1
Materials
6.3
Pharmaceuticals, Biotechnology & Life Sciences
5.1
Insurance
4.7
Consumer Durables & Apparel
4.3
Technology Hardware & Equipment
4.2
Financial Services
4.0
Transportation
3.8
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
France
19.5
7.3
Europe ex UK
Japan
15.0
13.9
Japan
Germany
8.1
6.6
Europe ex UK
United States
6.9
0.1
North America
Spain
6.1
2.0
Europe ex UK
Canada
5.5
7.9
North America
Netherlands
5.0
2.8
Europe ex UK
Italy
4.4
1.9
Europe ex UK
United Kingdom
4.3
9.5
UK
Switzerland
4.1
6.3
Europe ex UK
Top 10 Countries
Portfolio (%)
France
19.5
Japan
15.0
Germany
8.1
United States
6.9
Spain
6.1
Canada
5.5
Netherlands
5.0
Italy
4.4
United Kingdom
4.3
Switzerland
4.1
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
96.1
86.8
Mid Cap ($2.5 to $12 B)
3.9
13.1
Small Cap (< $2.5 B)
0.0
0.0
Capitalization
Portfolio (%)
Large Cap (> $12 B)
96.1
Mid Cap ($2.5 to $12 B)
3.9
Small Cap (< $2.5 B)
0.0
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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