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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 30 Jun 2024)
YTD
1y
3y
5y
10y
Inception
Thornburg International Equity Strategy - Gross (%)
11.62
17.13
2.98
9.67
7.26
8.76
Thornburg International Equity Strategy - Net (%)
11.20
16.24
2.20
8.85
6.49
7.68
MSCI ACWI ex-U.S. Index (%)
5.69
11.62
0.46
5.55
3.84
4.89
MSCI EAFE Index (%)
5.34
11.54
2.89
6.46
4.33
4.62
YTD
1y
3y
5y
10y
Inception
Thornburg International Equity Strategy - Gross (%)
18.37
23.93
5.37
11.50
7.97
8.95
Thornburg International Equity Strategy - Net (%)
17.77
22.99
4.57
10.66
7.19
7.87
MSCI ACWI ex-U.S. Index (%)
11.22
18.21
2.11
7.56
4.42
5.06
MSCI EAFE Index (%)
11.96
19.40
4.13
8.61
5.20
4.84
2018
2019
2020
2021
2022
2023
Thornburg International Equity Strategy - Gross (%)
-19.11
30.32
23.92
8.62
-15.95
16.98
Thornburg International Equity Strategy - Net (%)
-19.70
29.38
23.01
7.82
-16.58
16.09
MSCI EAFE Index (%)
-13.79
22.01
7.82
11.26
-14.45
18.24
MSCI ACWI ex-U.S. Index (%)
-14.20
21.51
10.65
7.87
-15.88
15.62
Strategy Facts

Strategy Facts

(As of 31 Aug 2024)
Strategy Assets
$3.0 B*
Benchmark
MSCI ACWI ex-U.S. Index
Number of Holdings
55
Portfolio Turnover
44%
eVestment Category
ACWI ex-US Large Cap Core Equity
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$174.8 B
$113.7 B
Median Market Cap
$69.2 B
$10.3 B
Price to Earnings - Forward 1YR
16.2x
14.1x
Price to Earnings - Trailing 12 Months
21.9x
15.9x
Price to Cash Flow
10.2x
9.0x
Portfolio
Benchmark
Price to Book Value
2.2x
1.8x
Return on Assets - 5 YR
6.2%
6.6%
Return on Equity - 5 YR
14.7%
16.1%
Historical 3YR Sales Growth
16.7%
17.4%
Active Share
83.7%
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2024)
Name
Ticker/Symbol
Sector
Weight %
Sony Group Corp.
6758
Consumer Discretionary
3.4
TotalEnergies SE
TTE
Energy
3.4
Hitachi Ltd.
6501
Industrials
3.3
Linde plc
LIN
Materials
3.1
Schneider Electric SE
SU
Industrials
3.1
ABB Ltd.
ABBN
Industrials
2.9
Canadian Pacific Kansas City Ltd.
CP
Industrials
2.9
Roche Holding AG
ROG
Health Care
2.9
NN Group N.V.
NN
Financials
2.8
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
2.7
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2024)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
23.6
13.8
Financials
14.6
22.1
Information Technology
11.6
13.2
Utilities
8.0
3.2
Consumer Discretionary
8.0
10.9
Consumer Staples
7.6
7.4
Health Care
6.5
10.1
Materials
5.6
6.9
Cash & Cash Equivalents
5.2
Communication Services
4.8
5.3
Energy
4.6
5.3
Real Estate
0.0
1.8
Sector Allocation
Portfolio (%)
Industrials
23.6
Financials
14.6
Information Technology
11.6
Utilities
8.0
Consumer Discretionary
8.0
Consumer Staples
7.6
Health Care
6.5
Materials
5.6
Cash & Cash Equivalents
5.2
Communication Services
4.8
Energy
4.6
Real Estate
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Capital Goods
18.1
9.8
Banks
8.4
13.4
Utilities
8.0
3.2
Materials
5.6
6.9
Consumer Durables & Apparel
5.4
2.9
Pharmaceuticals, Biotechnology & Life Sciences
5.4
8.3
Energy
4.6
5.3
Insurance
4.4
4.9
Technology Hardware & Equipment
4.2
3.8
Semiconductors & Semiconductor Equipment
4.0
6.0
Top 10 Industries
Portfolio (%)
Capital Goods
18.1
Banks
8.4
Utilities
8.0
Materials
5.6
Consumer Durables & Apparel
5.4
Pharmaceuticals, Biotechnology & Life Sciences
5.4
Energy
4.6
Insurance
4.4
Technology Hardware & Equipment
4.2
Semiconductors & Semiconductor Equipment
4.0
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
France
20.3
7.2
Europe ex UK
Japan
17.0
14.7
Japan
Germany
7.8
5.6
Europe ex UK
United States
6.2
0.1
North America
Canada
6.1
7.7
North America
Switzerland
5.7
6.5
Europe ex UK
Spain
5.7
1.7
Europe ex UK
Netherlands
5.7
3.2
Europe ex UK
Italy
4.0
1.6
Europe ex UK
United Kingdom
3.5
9.7
UK
Top 10 Countries
Portfolio (%)
France
20.3
Japan
17.0
Germany
7.8
United States
6.2
Canada
6.1
Switzerland
5.7
Spain
5.7
Netherlands
5.7
Italy
4.0
United Kingdom
3.5
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
96.9
85.7
Mid Cap ($2.5 to $12 B)
3.1
14.2
Small Cap (< $2.5 B)
0.0
0.1
Capitalization
Portfolio (%)
Large Cap (> $12 B)
96.9
Mid Cap ($2.5 to $12 B)
3.1
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 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 an…
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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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Literature

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Will Cash Be Dethroned? Why Bonds Should Reign Going Forward

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Finding Investment Opportunities in Healthcare Innovation

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The Analogy of the Olympics and International Investing

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