Thornburg International Growth Strategy
BENCHMARK: MSCI ACWI ex-U.S. Growth Index
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
Performance
Performance
Returns
(As of 30 Sep 2026)2024
2018
2009
2015
2014
2012
2011
2021
2023
2022
2008
2017
2016
2020
2019
2013
2010
2025
Thornburg International Growth Strategy - Gross (%)
3.44
-15.90
47.06
7.88
-11.34
23.65
-1.55
-3.25
19.56
-25.29
-49.50
36.23
-3.75
35.63
27.54
38.26
29.29
11.73
Thornburg International Growth Strategy - Net (%)
2.57
-16.59
44.79
7.02
-12.04
22.58
-2.37
-4.03
18.57
-25.91
-50.31
35.14
-4.53
34.55
26.53
37.13
27.27
10.79
MSCI ACWI ex-U.S. Growth Index (%)
5.07
-14.43
38.67
-1.25
-2.65
16.67
-14.21
5.09
14.03
-23.05
-45.61
32.01
0.13
22.20
27.34
15.49
14.45
25.65
Strategy Facts
Strategy Facts
(As of 30 Sep 2026)Strategy Assets
$617.2 M
Benchmark
MSCI ACWI ex-U.S. Growth Index
eVestment Category
ACWI ex-US All Cap Growth Equity
Characteristics
Characteristics
Portfolio
(As of 30 Sep 2026)Portfolio
Benchmark
Number of Holdings
43
—
Weighted Average Market Cap
$547.0 B
$307.6 B
Median Market Cap
$61.2 B
$14.5 B
Annual Portfolio Turnover
43%
—
Price to Earnings - Forward 1YR
18.1x
17.0x
Portfolio
Benchmark
Price to Earnings - Trailing 12 Months
28.7x
25.6x
Price to Cash Flow
19.8x
15.9x
Price to Book Value
5.7x
3.9x
Active Share
77.5%
—
Portfolio
Portfolio
Top Holdings
(As of 30 Sep 2026)Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
14.7
ASML Holding N.V.
ASML
Information Technology
7.1
Tencent Holdings Ltd.
700
Communication Services
4.5
Mastercard, Inc.
MA
Financials
4.0
Advanced Micro Devices, Inc.
AMD
Information Technology
4.0
Samsung Electronics Co. Ltd.
005930
Information Technology
4.0
AstraZeneca plc
AZN
Health Care
3.5
Rolls-Royce Holdings plc
RR/
Industrials
3.4
Hoya Corp.
7741
Health Care
3.3
SK Square Co. Ltd.
402340
Industrials
3.1
Exposure Breakdown
Exposure Breakdown
(As of 30 Sep 2026)Sector Allocation
Portfolio (%)
Information Technology
43.6
Industrials
16.6
Financials
11.2
Health Care
9.4
Consumer Discretionary
8.4
Communication Services
5.2
Cash & Equivalents
2.8
Materials
1.8
Utilities
1.1
Consumer Staples
0.0
Energy
0.0
Real Estate
0.0
Top 10 Industries
Portfolio (%)
Semiconductors & Semiconductor Equipment
29.9
Capital Goods
16.6
Technology Hardware & Equipment
8.7
Financial Services
7.7
Pharmaceuticals, Biotechnology & Life Sciences
6.1
Software & Services
5.0
Media & Entertainment
4.5
Consumer Discretionary Distribution & Retail
4.0
Banks
3.5
Health Care Equipment & Services
3.3
Top 10 Countries
Portfolio (%)
Taiwan
16.1
Netherlands
12.6
United States
11.7
United Kingdom
9.7
Japan
8.0
Korea, Republic of (South Korea)
7.0
Italy
6.3
China
5.7
France
4.6
Germany
4.5
Capitalization
Portfolio (%)
Large Cap (> $12 B)
94.2
Mid Cap ($2.5 to $12 B)
3.0
Small Cap (< $2.5 B)
2.8
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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