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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 2026)
YTD
1y
3y
5y
10y
Inception
Thornburg International Growth Strategy - Gross (%)
13.12
14.17
10.77
2.03
8.86
8.01
Thornburg International Growth Strategy - Net (%)
12.64
13.20
9.83
1.18
7.97
6.96
MSCI ACWI ex-U.S. Growth Index (%)
12.80
22.30
15.33
5.21
9.21
5.42
YTD
1y
3y
5y
10y
Inception
Thornburg International Growth Strategy - Gross (%)
13.12
14.17
10.77
2.03
8.86
8.01
Thornburg International Growth Strategy - Net (%)
12.64
13.20
9.83
1.18
7.97
6.96
MSCI ACWI ex-U.S. Growth Index (%)
12.80
22.30
15.33
5.21
9.21
5.42
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Thornburg International Growth Strategy - Gross (%)
-49.50
47.06
29.29
-1.55
23.65
38.26
-11.34
7.88
-3.75
36.23
-15.90
27.54
35.63
-3.25
-25.29
19.56
3.44
11.73
Thornburg International Growth Strategy - Net (%)
-50.31
44.79
27.27
-2.37
22.58
37.13
-12.04
7.02
-4.53
35.14
-16.59
26.53
34.55
-4.03
-25.91
18.57
2.57
10.79
MSCI ACWI ex-U.S. Growth Index (%)
-45.61
38.67
14.45
-14.21
16.67
15.49
-2.65
-1.25
0.13
32.01
-14.43
27.34
22.20
5.09
-23.05
14.03
5.07
25.65
Strategy Facts

Strategy Facts

(As of 30 Jun 2026)
Strategy Assets
$706.5 M
Benchmark
MSCI ACWI ex-U.S. Growth Index
eVestment Category
ACWI ex-US All Cap Growth Equity
Characteristics

Characteristics

Portfolio

(As of 30 Jun 2026)
Portfolio
Benchmark
Number of Holdings
48
Weighted Average Market Cap
$497.9 B
$328.2 B
Median Market Cap
$53.7 B
$15.2 B
Annual Portfolio Turnover
42%
Price to Earnings - Forward 1YR
21.1x
18.7x
Portfolio
Benchmark
Price to Earnings - Trailing 12 Months
28.3x
26.5x
Price to Cash Flow
20.4x
16.3x
Price to Book Value
5.7x
4.3x
Active Share
77.6%
Portfolio

Portfolio

Top Holdings

(As of 30 Jun 2026)
Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
12.9
ASML Holding N.V.
ASML
Information Technology
6.3
Tencent Holdings Ltd.
700
Communication Services
5.4
Samsung Electronics Co. Ltd.
005930
Information Technology
3.9
AstraZeneca plc
AZN
Health Care
3.8
Advanced Micro Devices, Inc.
AMD
Information Technology
3.7
Mastercard, Inc.
MA
Financials
3.6
Hoya Corp.
7741
Health Care
3.2
Rolls-Royce Holdings plc
RR/
Industrials
3.0
SK Square Co. Ltd.
402340
Industrials
2.8
Exposure Breakdown

Exposure Breakdown

(As of 30 Jun 2026)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
Information Technology
41.1
31.2
Industrials
17.7
20.8
Financials
12.0
11.6
Health Care
10.6
8.8
Consumer Discretionary
7.4
9.0
Communication Services
7.2
4.9
Materials
1.6
6.9
Cash & Equivalents
1.3
Utilities
1.0
1.6
Consumer Staples
0.0
3.7
Energy
0.0
1.0
Real Estate
0.0
0.6
Sector Allocation
Portfolio (%)
Information Technology
41.1
Industrials
17.7
Financials
12.0
Health Care
10.6
Consumer Discretionary
7.4
Communication Services
7.2
Materials
1.6
Cash & Equivalents
1.3
Utilities
1.0
Consumer Staples
0.0
Energy
0.0
Real Estate
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Semiconductors & Semiconductor Equipment
27.9
21.5
Capital Goods
17.2
16.8
Technology Hardware & Equipment
8.5
6.8
Financial Services
7.5
4.2
Media & Entertainment
7.2
3.0
Pharmaceuticals, Biotechnology & Life Sciences
6.4
7.3
Software & Services
4.8
2.9
Health Care Equipment & Services
4.2
1.5
Banks
3.6
5.6
Consumer Discretionary Distribution & Retail
3.5
3.8
Top 10 Industries
Portfolio (%)
Semiconductors & Semiconductor Equipment
27.9
Capital Goods
17.2
Technology Hardware & Equipment
8.5
Financial Services
7.5
Media & Entertainment
7.2
Pharmaceuticals, Biotechnology & Life Sciences
6.4
Software & Services
4.8
Health Care Equipment & Services
4.2
Banks
3.6
Consumer Discretionary Distribution & Retail
3.5
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
Taiwan
14.5
9.0
Asia Pacific ex Japan
Netherlands
12.4
5.5
Europe ex UK
United States
10.2
North America
China
9.5
6.3
Asia Pacific ex Japan
United Kingdom
9.1
7.5
UK
Japan
7.6
13.9
Japan
Korea, Republic of (South Korea)
6.7
8.6
Asia Pacific ex Japan
Italy
5.6
1.0
Europe ex UK
France
4.4
5.5
Europe ex UK
Switzerland
4.4
5.5
Europe ex UK
Top 10 Countries
Portfolio (%)
Taiwan
14.5
Netherlands
12.4
United States
10.2
China
9.5
United Kingdom
9.1
Japan
7.6
Korea, Republic of (South Korea)
6.7
Italy
5.6
France
4.4
Switzerland
4.4
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
91.0
93.4
Mid Cap ($2.5 to $12 B)
7.3
6.6
Small Cap (< $2.5 B)
1.8
0.0
Capitalization
Portfolio (%)
Large Cap (> $12 B)
91.0
Mid Cap ($2.5 to $12 B)
7.3
Small Cap (< $2.5 B)
1.8
Portfolio Managers

Portfolio Managers

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

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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