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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 ESG Strategy

Strategy Overview
The International Equity ESG Strategy employs a rigorous bottom-up research process to identify promising stocks of non-U.S. companies trading below their intrinsic value. Actively integrating ESG (environmental, social and governance) criteria into the fundamental approach allows the strategy to reflect ESG values through the portfolio’s investments without sacrificing the potential for attractive long-term risk-adjusted performance. The portfolio is high conviction but also well diversified by sector, country and market capitalization. Our three-basket portfolio construction process aids in balancing risk across the portfolio.
Strategy Inception Date
1 Oct 2015
Portfolio Managers
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Strategy?

  • Focused, diversified equity portfolio to include sustainable companies primarily in developed 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. Companies must also demonstrate one or more significant positive environmental, social and governance (ESG) characteristics; emphasizing the areas of environmental impact, ethical business activity, corporate governance, social factors surrounding customers, suppliers and employees and product integrity.
  • Three-basket portfolio construction process seeks to provide style diversification and reduce volatility and deliver superior risk-adjusted performance over time.
Performance

Performance

Returns

(As of 30 Sep 2022)
YTD
1y
3y
5y
Inception
Thornburg International Equity ESG Strategy - Gross (%)
-27.25
-26.80
8.38
6.11
8.46
Thornburg International Equity ESG Strategy - Net (%)
-27.76
-27.50
7.35
5.20
7.57
MSCI ACWI ex US NTR (%)
-26.44
-25.11
-1.49
-0.80
3.30
YTD
1y
3y
5y
Inception
Thornburg International Equity ESG Strategy - Gross (%)
-25.62
-27.35
7.67
6.02
8.69
Thornburg International Equity ESG Strategy - Net (%)
-26.21
-28.04
6.65
5.10
7.80
MSCI ACWI ex US NTR (%)
-24.23
-24.66
-1.65
-0.58
3.70
2016
2017
2018
2019
2020
2021
Thornburg International Equity ESG Strategy - Gross (%)
8.71
23.89
-12.64
25.96
28.11
22.22
Thornburg International Equity ESG Strategy - Net (%)
7.67
23.46
-13.21
24.79
26.90
21.05
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
$387.0 M
Benchmark
MSCI ACWI ex US NTR
Number of Holdings
51
Portfolio Turnover
137%
eVestment Category
ACWI ex-US All Cap Core Equity
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2022)
Portfolio
Benchmark
Weighted Average Market Cap
$93.7 B
$69.9 B
Median Market Cap
$49.7 B
$7.5 B
Price to Earnings - Forward 1YR
16.5x
10.9x
Price to Earnings - Trailing 12 Months
18.2x
11.8x
Price to Cash Flow
11.8x
7.2x
Portfolio
Benchmark
Price to Book Value
2.5x
1.6x
Return on Assets - 5 YR
8.6%
7.3%
Return on Equity - 5 YR
17.9%
14.8%
Historical 3YR Sales Growth
5.7%
8.0%
Active Share
88.0%
Portfolio

Portfolio

Top Holdings

(As of 30 Sep 2022)
Name
Ticker/Symbol
Sector
Weight %
Seven & i Holdings Co. Ltd.
3382
Consumer Staples
3.4
Novartis AG
NOVN
Health Care
3.2
Hundsun Technologies, Inc.
600570
Information Technology
3.1
Alimentation Couche-Tard, Inc.
ATD
Consumer Staples
3.0
China Merchants Bank Co. Ltd.
600036
Financials
2.9
L'Oreal S.A.
OR
Consumer Staples
2.9
Roche Holding AG
ROG
Health Care
2.9
Canadian Pacific Railway Ltd.
CP
Industrials
2.8
Waste Connections, Inc.
WCN
Industrials
2.8
ABB Ltd.
ABBN
Industrials
2.7
Exposure Breakdown

Exposure Breakdown

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

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
19.3
10.9
Industrials
17.5
12.5
Health Care
14.4
10.0
Financials
14.0
20.9
Consumer Staples
12.4
9.1
Cash & Cash Equivalents
6.8
Consumer Discretionary
5.3
10.7
Communication Services
4.4
5.7
Materials
4.2
8.1
Utilities
1.3
3.3
Real Estate
0.2
2.2
Energy
0.0
6.6
Sector Allocation
Portfolio (%)
Information Technology
19.3
Industrials
17.5
Health Care
14.4
Financials
14.0
Consumer Staples
12.4
Cash & Cash Equivalents
6.8
Consumer Discretionary
5.3
Communication Services
4.4
Materials
4.2
Utilities
1.3
Real Estate
0.2
Energy
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Software & Services
14.0
3.3
Pharmaceuticals, Biotechnology & Life Sciences
12.9
8.1
Banks
9.9
13.0
Capital Goods
9.6
8.2
Food & Staples Retailing
8.1
1.6
Commercial & Professional Services
4.8
1.5
Household & Personal Products
4.4
2.0
Materials
4.2
8.1
Consumer Durables & Apparel
3.5
3.0
Transportation
3.1
2.8
Top 10 Industries
Portfolio (%)
Software & Services
14.0
Pharmaceuticals, Biotechnology & Life Sciences
12.9
Banks
9.9
Capital Goods
9.6
Food & Staples Retailing
8.1
Commercial & Professional Services
4.8
Household & Personal Products
4.4
Materials
4.2
Consumer Durables & Apparel
3.5
Transportation
3.1
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
Japan
17.4
14.1
Japan
United States
15.6
0.1
North America
Switzerland
12.1
6.7
Europe ex UK
Canada
9.7
8.5
North America
France
9.0
7.5
Europe ex UK
United Kingdom
5.1
10.0
UK
China
4.7
7.4
Asia Pacific ex Japan
Australia
4.2
5.1
Asia Pacific ex Japan
Hong Kong
4.1
1.6
Asia Pacific ex Japan
Germany
3.2
5.1
Europe ex UK
Top 10 Countries
Portfolio (%)
Japan
17.4
United States
15.6
Switzerland
12.1
Canada
9.7
France
9.0
United Kingdom
5.1
China
4.7
Australia
4.2
Hong Kong
4.1
Germany
3.2
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
94.1
79.0
Mid Cap ($2.5 to $12 B)
5.9
20.3
Small Cap (< $2.5 B)
0.0
0.7
Capitalization
Portfolio (%)
Large Cap (> $12 B)
94.1
Mid Cap ($2.5 to $12 B)
5.9
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 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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