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Thornburg International ADR Strategy

Strategy Overview
The International ADR Strategy employs a rigorous bottom-up research process to identify promising stocks of primarily non-U.S. companies in both developed and emerging markets with sound business fundamentals trading below 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 with portfolio construction to achieve style diversification in an attempt to reduce volatility and deliver superior risk-adjusted returns across the market cycle.
Strategy Inception Date
1 Aug 2003
Portfolio Managers
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Strategy?

  • Focused, diversified international equity portfolio to include promising companies from both 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 intrinsic value and with 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 a full market cycle.
Performance

Performance

Returns

(As of 30 Jun 2022)
YTD
1y
3y
5y
10y
Inception
Thornburg International ADR Strategy - Gross (%)
-21.49
-22.40
3.20
1.51
4.56
6.92
Thornburg International ADR Strategy - Net (%)
-21.72
-22.82
2.70
1.01
4.00
6.28
MSCI ACWI ex US NTR (%)
-18.42
-19.42
1.35
2.50
4.83
6.24
MSCI EAFE NTR (%)
-19.57
-17.77
1.07
2.20
5.40
5.82
YTD
1y
3y
5y
10y
Inception
Thornburg International ADR Strategy - Gross (%)
-23.09
-23.55
3.38
0.93
4.05
6.74
Thornburg International ADR Strategy - Net (%)
-23.40
-23.95
2.87
0.43
3.49
6.10
MSCI ACWI ex US NTR (%)
-18.32
-19.50
2.88
1.68
4.48
6.19
MSCI EAFE NTR (%)
-19.57
-19.80
2.39
1.63
5.00
5.77
2016
2017
2018
2019
2020
2021
Thornburg International ADR Strategy - Gross (%)
-2.41
23.76
-23.13
29.91
22.08
6.62
Thornburg International ADR Strategy - Net (%)
-2.94
23.11
-23.51
29.33
21.51
6.10
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 Aug 2022)
Strategy Assets
$444.2 M
Benchmark
MSCI ACWI ex US NTR
Number of Holdings
48
Portfolio Turnover
35%
eVestment Category
ACWI ex-US Large Cap Core Equity
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2022)
Portfolio
Benchmark
Weighted Average Market Cap
$99.3 B
$78.9 B
Median Market Cap
$48.5 B
$8.3 B
Price to Earnings - Forward 1YR
12.6x
11.3x
Dividend Yield
2.3%
Price to Earnings - Trailing 12 Months
13.1x
12.2x
Price to Cash Flow
7.3x
7.5x
Portfolio
Benchmark
Price to Book Value
2.0x
1.6x
Return on Assets - 5 YR
6.3%
7.3%
Return on Equity - 5 YR
15.6%
14.6%
Historical 3YR Sales Growth
9.1%
9.0%
Active Share
86.4%
Risk & Return Profile

Risk & Return Profile

(As of 31 Jul 2022)
3y
5y
10y
Annualized Alpha (%)
1.58
-0.72
-0.12
Beta
0.96
1.04
0.99
R-Squared (%)
89.79
88.81
87.78
Standard Deviation (%)
17.60
17.18
14.54
Sharpe Ratio
0.21
0.03
0.28
Information Ratio
0.25
-0.15
-0.06
Tracking Error (%)
5.66
5.78
5.08
Sortino Ratio
0.35
0.13
0.48
Up Capture (%)
106.74
105.58
101.39
Down Capture (%)
101.29
110.16
103.41
Portfolio

Portfolio

Top Holdings

(As of 31 Jul 2022)
Name
Ticker/Symbol
Sector
Weight %
TotalEnergies SE
TTE
Energy
3.9
Canadian Pacific Railway Ltd.
CP
Industrials
3.2
Linde plc
LIN
Materials
3.1
ABB Ltd.
ABB
Industrials
3.0
Mastercard, Inc.
MA
Information Technology
3.0
Meituan
MPNGY
Consumer Discretionary
3.0
LVMH Moet Hennessy Louis Vuitton SE
LVMUY
Consumer Discretionary
2.9
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
2.8
Ferrovial S.A.
FRRVY
Industrials
2.6
CME Group, Inc.
CME
Financials
2.6
Exposure Breakdown

Exposure Breakdown

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

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
18.4
12.2
Financials
13.2
20.3
Consumer Discretionary
13.2
11.7
Information Technology
11.2
11.2
Cash & Cash Equivalents
8.8
Materials
8.5
8.0
Utilities
6.6
3.4
Communication Services
6.3
6.2
Energy
5.2
6.2
Consumer Staples
4.6
9.1
Health Care
4.0
9.3
Real Estate
0.0
2.4
Sector Allocation
Portfolio (%)
Industrials
18.4
Financials
13.2
Consumer Discretionary
13.2
Information Technology
11.2
Cash & Cash Equivalents
8.8
Materials
8.5
Utilities
6.6
Communication Services
6.3
Energy
5.2
Consumer Staples
4.6
Health Care
4.0
Real Estate
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Capital Goods
11.2
8.0
Materials
8.5
8.0
Retailing
6.8
3.4
Utilities
6.6
3.4
Consumer Durables & Apparel
6.4
3.4
Semiconductors & Semiconductor Equipment
5.9
4.4
Diversified Financials
5.8
3.5
Energy
5.2
6.2
Transportation
5.2
2.8
Banks
4.6
12.3
Top 10 Industries
Portfolio (%)
Capital Goods
11.2
Materials
8.5
Retailing
6.8
Utilities
6.6
Consumer Durables & Apparel
6.4
Semiconductors & Semiconductor Equipment
5.9
Diversified Financials
5.8
Energy
5.2
Transportation
5.2
Banks
4.6
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
France
14.7
7.0
Europe ex UK
United States
12.8
0.1
North America
Japan
11.5
14.3
Japan
China
10.2
9.5
Asia Pacific ex Japan
Switzerland
6.7
6.4
Europe ex UK
Spain
6.3
1.5
Europe ex UK
Germany
6.3
4.7
Europe ex UK
Netherlands
4.3
2.5
Europe ex UK
Italy
3.4
1.3
Europe ex UK
Canada
3.2
8.1
North America
Top 10 Countries
Portfolio (%)
France
14.7
United States
12.8
Japan
11.5
China
10.2
Switzerland
6.7
Spain
6.3
Germany
6.3
Netherlands
4.3
Italy
3.4
Canada
3.2
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
97.1
80.4
Mid Cap ($2.5 to $12 B)
2.9
19.1
Small Cap (< $2.5 B)
0.0
0.4
Capitalization
Portfolio (%)
Large Cap (> $12 B)
97.1
Mid Cap ($2.5 to $12 B)
2.9
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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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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