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Thornburg International Growth Strategy

Strategy Overview
The International Growth Strategy uses a rigorous bottom-up research process to identify non-U.S. companies with robust, high-quality business models and durable growth prospects to drive strong risk-adjusted returns over time. High conviction and benchmark-agnostic, the strategy pursues growth prospects across geographies, market caps and sectors to uncover the most attractive opportunities. Our three-basket portfolio construction process enhances diversification and balances risk exposures.
Strategy Inception Date
1 Mar 2007

Portfolio Managers

Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Strategy?

 

  • Focused, diversified equity portfolio that invests in high-quality companies with sustainable competitive advantage and durable growth prospects. The strategy invests primarily in large and mid-capitalization companies in developed and emerging markets outside the U.S.
  • Rigorous bottom-up fundamental research process focused on uncovering promising growth companies with sound business fundamentals and trading at a discount to their long-term value.
  • Three-basket portfolio construction process seeks to provide diversification, reduce volatility and deliver superior risk-adjusted performance over time.
Performance

Performance

Returns

(As of 30 Jun 2025)
YTD
1y
3y
5y
10y
Inception
Thornburg International Growth Strategy - Gross (%)
10.70
3.29
12.21
4.43
6.66
7.68
Thornburg International Growth Strategy - Net (%)
10.24
2.41
11.28
3.57
5.79
6.63
MSCI ACWI ex-U.S. Growth Index (%)
15.90
14.15
12.42
7.10
6.35
4.57
YTD
1y
3y
5y
10y
Inception
Thornburg International Growth Strategy - Gross (%)
12.16
2.29
12.12
2.12
7.13
7.69
Thornburg International Growth Strategy - Net (%)
11.53
1.43
11.19
1.28
6.26
6.64
MSCI ACWI ex-U.S. Growth Index (%)
17.72
11.19
12.48
5.19
7.33
4.62
2019
2020
2021
2022
2023
2024
Thornburg International Growth Strategy - Gross (%)
27.54
35.63
-3.25
-25.29
19.56
3.44
Thornburg International Growth Strategy - Net (%)
26.53
34.55
-4.03
-25.91
18.57
2.57
MSCI ACWI ex-U.S. Growth Index (%)
27.34
22.20
5.09
-23.05
14.03
5.07
Strategy Facts

Strategy Facts

(As of 31 Aug 2025)
Strategy Assets
$729.9 M
Benchmark
MSCI ACWI ex-U.S. Growth Index
eVestment Category
ACWI ex-US All Cap Growth Equity
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2025)
Portfolio
Benchmark
Number of Holdings
46
Weighted Average Market Cap
$226.9 B
$161.9 B
Median Market Cap
$54.0 B
$12.7 B
Annual Portfolio Turnover
34%
Price to Earnings - Forward 1YR
24.3x
21.6x
Price to Earnings - Trailing 12 Months
29.5x
25.0x
Portfolio
Benchmark
Price to Cash Flow
18.0x
15.4x
Price to Book Value
5.0x
3.8x
Return on Equity - 5 YR
18.0%
17.6%
Historical 3YR Sales Growth
18.8%
17.1%
Active Share
78.4%
Portfolio

Portfolio

Top Holdings

(As of 31 Jul 2025)
Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
8.6
Tencent Holdings Ltd.
700
Communication Services
6.5
Mastercard, Inc.
MA
Financials
4.8
AstraZeneca plc
AZN
Health Care
4.5
MercadoLibre, Inc.
MELI
Consumer Discretionary
3.6
E.ON SE
EOAN
Utilities
3.5
Sea Ltd.
SE
Communication Services
3.4
Lonza Group AG
LONN
Health Care
3.3
Air Liquide S.A.
AI
Materials
3.2
Deutsche Boerse AG
DB1
Financials
3.0
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2025)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
21.2
19.5
Health Care
17.9
10.4
Financials
17.4
12.8
Communication Services
15.2
8.3
Consumer Discretionary
10.6
12.1
Industrials
6.6
21.6
Utilities
3.3
1.4
Materials
3.3
5.6
Consumer Staples
3.3
6.6
Cash & Cash Equivalents
1.2
Energy
0.0
0.9
Real Estate
0.0
0.7
Sector Allocation
Portfolio (%)
Information Technology
21.2
Health Care
17.9
Financials
17.4
Communication Services
15.2
Consumer Discretionary
10.6
Industrials
6.6
Utilities
3.3
Materials
3.3
Consumer Staples
3.3
Cash & Cash Equivalents
1.2
Energy
0.0
Real Estate
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Media & Entertainment
15.2
6.8
Semiconductors & Semiconductor Equipment
14.3
10.2
Pharmaceuticals, Biotechnology & Life Sciences
12.8
7.7
Financial Services
12.2
4.5
Software & Services
5.2
5.7
Health Care Equipment & Services
5.0
2.7
Capital Goods
3.8
16.5
Consumer Discretionary Distribution & Retail
3.8
3.5
Banks
3.8
6.0
Utilities
3.3
1.4
Top 10 Industries
Portfolio (%)
Media & Entertainment
15.2
Semiconductors & Semiconductor Equipment
14.3
Pharmaceuticals, Biotechnology & Life Sciences
12.8
Financial Services
12.2
Software & Services
5.2
Health Care Equipment & Services
5.0
Capital Goods
3.8
Consumer Discretionary Distribution & Retail
3.8
Banks
3.8
Utilities
3.3
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
United States
15.2
North America
Germany
8.9
6.0
Europe ex UK
Taiwan
8.3
6.8
Asia Pacific ex Japan
United Kingdom
8.2
7.4
UK
China
7.1
9.2
Asia Pacific ex Japan
Japan
6.7
13.7
Japan
France
6.2
7.5
Europe ex UK
Netherlands
6.1
3.3
Europe ex UK
Switzerland
5.6
6.0
Europe ex UK
Italy
4.2
1.2
Europe ex UK
Top 10 Countries
Portfolio (%)
United States
15.2
Germany
8.9
Taiwan
8.3
United Kingdom
8.2
China
7.1
Japan
6.7
France
6.2
Netherlands
6.1
Switzerland
5.6
Italy
4.2
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Large Cap (> $12 B)
84.2
89.8
Mid Cap ($2.5 to $12 B)
12.6
10.2
Small Cap (< $2.5 B)
3.2
0.0
Capitalization
Portfolio (%)
Large Cap (> $12 B)
84.2
Mid Cap ($2.5 to $12 B)
12.6
Small Cap (< $2.5 B)
3.2
Portfolio Managers

Portfolio Managers

Sean Koung Sun, CFA

Sean Koung Sun, CFA

Portfolio Manager and Managing Director
Sean Sun is a portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as an equity research analyst and was promoted to associate portfolio manager in 2015 and portfolio manager in 2017. Sean holds an MBA with concentrations in finance and entrepreneurship from the University of Chicago Booth School of Business and a BA in economics from…
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Nicholas Anderson, CFA

Nicholas Anderson, CFA

Portfolio Manager and Managing Director
Nicholas Anderson is a portfolio manager for Thornburg Investment Management. He joined the firm in 2016 as an equity research analyst, was promoted to senior equity research analyst in 2020, an associate portfolio manager in early 2021, and portfolio manager in late 2021. Nick holds an MBA with honors from the University of Chicago Booth School of Business and a…
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