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Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.

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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
Portfolio Manager 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 Sep 2022)
YTD
1y
3y
5y
10y
Inception
Thornburg International Equity Strategy - Gross (%)
-29.34
-26.95
1.13
0.81
4.62
7.46
Thornburg International Equity Strategy - Net (%)
-29.75
-27.51
0.38
0.07
3.90
6.37
MSCI ACWI ex US NTR (%)
-26.44
-25.11
-1.49
-0.80
3.01
3.82
MSCI EAFE NTR (%)
-27.09
-25.13
-1.83
-0.84
3.67
3.34
YTD
1y
3y
5y
10y
Inception
Thornburg International Equity Strategy - Gross (%)
-27.47
-27.61
0.92
1.09
4.80
7.55
Thornburg International Equity Strategy - Net (%)
-27.94
-28.17
0.17
0.34
4.07
6.46
MSCI ACWI ex US NTR (%)
-24.23
-24.66
-1.65
-0.58
3.28
3.93
MSCI EAFE NTR (%)
-23.17
-23.00
-1.27
-0.09
4.13
3.55
2016
2017
2018
2019
2020
2021
Thornburg International Equity Strategy - Gross (%)
-1.48
26.55
-19.11
30.32
23.92
8.62
Thornburg International Equity Strategy - Net (%)
-2.16
25.68
-19.70
29.38
23.01
7.82
MSCI EAFE NTR (%)
1.00
25.03
-13.79
22.01
7.82
11.26
MSCI ACWI ex US NTR (%)
4.50
27.19
-14.20
21.51
10.65
7.87
Strategy Facts

Strategy Facts

(As of 31 Oct 2022)
Strategy Assets
$2.2 B
Benchmark
MSCI ACWI ex US NTR
Number of Holdings
52
Portfolio Turnover
48%
eVestment Category
ACWI ex-US Large Cap Core Equity
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2022)
Portfolio
Benchmark
Weighted Average Market Cap
$107.7 B
$69.9 B
Median Market Cap
$47.5 B
$7.5 B
Price to Earnings - Forward 1YR
12.8x
10.9x
Price to Earnings - Trailing 12 Months
15.1x
11.8x
Price to Cash Flow
7.9x
7.2x
Portfolio
Benchmark
Price to Book Value
2.2x
1.6x
Return on Assets - 5 YR
7.6%
7.3%
Return on Equity - 5 YR
17.5%
14.8%
Historical 3YR Sales Growth
7.2%
8.0%
Active Share
85.5%
Portfolio

Portfolio

Top Holdings

(As of 30 Sep 2022)
Name
Ticker/Symbol
Sector
Weight %
TotalEnergies SE
TTE
Energy
4.9
LVMH Moet Hennessy Louis Vuitton SE
MC
Consumer Discretionary
3.2
Meituan
3690
Consumer Discretionary
3.0
Canadian Pacific Railway Ltd.
CP
Industrials
3.0
Seven & i Holdings Co. Ltd.
3382
Consumer Staples
3.0
Roche Holding AG
ROG
Health Care
2.9
ABB Ltd.
ABBN
Industrials
2.9
Linde plc
LIN
Materials
2.7
L'Oreal S.A.
OR
Consumer Staples
2.6
AstraZeneca plc
AZN
Health Care
2.6
Exposure Breakdown

Exposure Breakdown

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

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
18.6
12.5
Information Technology
13.3
10.9
Financials
11.4
20.9
Consumer Staples
9.0
9.1
Consumer Discretionary
8.3
10.7
Utilities
7.0
3.3
Energy
6.9
6.6
Communication Services
6.8
5.7
Health Care
6.6
10.0
Materials
6.4
8.1
Cash & Cash Equivalents
5.8
Real Estate
0.0
2.2
Sector Allocation
Portfolio (%)
Industrials
18.6
Information Technology
13.3
Financials
11.4
Consumer Staples
9.0
Consumer Discretionary
8.3
Utilities
7.0
Energy
6.9
Communication Services
6.8
Health Care
6.6
Materials
6.4
Cash & Cash Equivalents
5.8
Real Estate
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Capital Goods
12.0
8.2
Utilities
7.0
3.3
Energy
6.9
6.6
Materials
6.4
8.1
Pharmaceuticals, Biotechnology & Life Sciences
5.9
8.1
Consumer Durables & Apparel
5.7
3.0
Software & Services
5.4
3.3
Insurance
5.1
4.5
Technology Hardware & Equipment
5.1
3.8
Transportation
4.4
2.8
Top 10 Industries
Portfolio (%)
Capital Goods
12.0
Utilities
7.0
Energy
6.9
Materials
6.4
Pharmaceuticals, Biotechnology & Life Sciences
5.9
Consumer Durables & Apparel
5.7
Software & Services
5.4
Insurance
5.1
Technology Hardware & Equipment
5.1
Transportation
4.4
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
France
20.4
7.5
Europe ex UK
Japan
15.1
14.1
Japan
China
9.2
7.4
Asia Pacific ex Japan
Switzerland
7.4
6.7
Europe ex UK
Spain
5.9
1.6
Europe ex UK
United Kingdom
5.8
10.0
UK
Canada
5.2
8.5
North America
Netherlands
5.1
2.6
Europe ex UK
United States
4.4
0.1
North America
Hong Kong
4.2
1.6
Asia Pacific ex Japan
Top 10 Countries
Portfolio (%)
France
20.4
Japan
15.1
China
9.2
Switzerland
7.4
Spain
5.9
United Kingdom
5.8
Canada
5.2
Netherlands
5.1
United States
4.4
Hong Kong
4.2
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
97.9
79.0
Mid Cap ($2.5 to $12 B)
2.1
20.3
Small Cap (< $2.5 B)
0.0
0.7
Capitalization
Portfolio (%)
Large Cap (> $12 B)
97.9
Mid Cap ($2.5 to $12 B)
2.1
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
Portfolio Manager and Managing Director
Matt Burdett is portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager and was promoted to portfolio manager in 2018. Matt spent several years as a senior vice president and portfolio manager at PIMCO, where he co-managed various dividend-oriented strategies. Prior to his time at PIMCO, Matt worked as an equity analyst…
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