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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
Head of Equities 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 Sep 2024)
YTD
1y
3y
5y
10y
Inception
Thornburg International ADR Strategy - Gross (%)
21.36
31.62
5.47
10.20
5.83
8.04
Thornburg International ADR Strategy - Net (%)
20.91
30.98
4.94
9.67
5.29
7.41
MSCI ACWI ex-U.S. Index (%)
14.21
25.35
4.14
7.59
5.22
7.10
MSCI EAFE Index (%)
12.99
24.77
5.48
8.20
5.71
6.95
YTD
1y
3y
5y
10y
Inception
Thornburg International ADR Strategy - Gross (%)
16.00
28.29
2.50
8.46
5.41
7.78
Thornburg International ADR Strategy - Net (%)
15.53
27.63
2.03
7.93
4.87
7.15
MSCI ACWI ex-U.S. Index (%)
8.61
24.33
1.60
5.78
4.79
6.82
MSCI EAFE Index (%)
6.85
22.97
2.70
6.24
5.27
6.64
2018
2019
2020
2021
2022
2023
Thornburg International ADR Strategy - Gross (%)
-23.13
29.91
22.08
6.62
-18.99
15.88
Thornburg International ADR Strategy - Net (%)
-23.51
29.33
21.51
6.10
-19.41
15.33
MSCI EAFE Index (%)
-13.79
22.01
7.82
11.26
-14.45
18.24
MSCI ACWI ex-U.S. Index (%)
-14.20
21.51
10.65
7.87
-15.88
15.62
Strategy Facts

Strategy Facts

(As of 31 Oct 2024)
Strategy Assets
$506.8 M*
Benchmark
MSCI ACWI ex-U.S. Index
Number of Holdings
46
Portfolio Turnover
53%
eVestment Category
ACWI ex-US Large Cap Core Equity
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$207.6 B
$109.6 B
Median Market Cap
$66.8 B
$10.3 B
Price to Earnings - Forward 1YR
16.0x
14.2x
Price to Earnings - Trailing 12 Months
21.4x
15.8x
Price to Cash Flow
9.9x
8.9x
Portfolio
Benchmark
Price to Book Value
2.3x
1.8x
Return on Assets - 5 YR
6.4%
6.5%
Return on Equity - 5 YR
14.1%
15.7%
Historical 3YR Sales Growth
13.0%
17.4%
Active Share
85.7%
Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2024)
Name
Ticker/Symbol
Sector
Weight %
Linde PLC
LIN
Materials
3.6
Taiwan Semiconductor Manufacturing Co Ltd
TSM
Information Technology
3.4
Schneider Electric SE
SBGSY
Industrials
3.2
Mitsubishi UFJ Financial Group Inc
MUFG
Financials
3.2
TotalEnergies SE
TTE
Energy
3.2
Sony Group Corp
SONY
Consumer Discretionary
3.1
Galaxy Entertainment Group Ltd
GXYYY
Consumer Discretionary
3.0
Hitachi Ltd
HTHIY
Industrials
3.0
Canadian Pacific Kansas City Ltd
CP
Industrials
2.9
Roche Holding AG
RHHBY
Health Care
2.8
Exposure Breakdown

Exposure Breakdown

(As of 31 Oct 2024)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
23.6
13.8
Financials
14.7
23.0
Consumer Discretionary
10.2
11.1
Information Technology
8.8
13.1
Utilities
8.4
3.2
Health Care
7.5
9.3
Materials
6.5
6.9
Cash & Cash Equivalents
5.7
Consumer Staples
5.1
7.1
Communication Services
5.0
5.5
Energy
4.6
5.1
Real Estate
0.0
1.8
Sector Allocation
Portfolio (%)
Industrials
23.6
Financials
14.7
Consumer Discretionary
10.2
Information Technology
8.8
Utilities
8.4
Health Care
7.5
Materials
6.5
Cash & Cash Equivalents
5.7
Consumer Staples
5.1
Communication Services
5.0
Energy
4.6
Real Estate
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Capital Goods
17.7
9.9
Utilities
8.4
3.2
Materials
6.5
6.9
Banks
6.5
14.0
Semiconductors & Semiconductor Equipment
6.5
6.0
Pharmaceuticals, Biotechnology & Life Sciences
6.0
7.5
Consumer Durables & Apparel
5.7
2.8
Energy
4.6
5.1
Consumer Services
4.5
2.0
Insurance
4.3
5.1
Top 10 Industries
Portfolio (%)
Capital Goods
17.7
Utilities
8.4
Materials
6.5
Banks
6.5
Semiconductors & Semiconductor Equipment
6.5
Pharmaceuticals, Biotechnology & Life Sciences
6.0
Consumer Durables & Apparel
5.7
Energy
4.6
Consumer Services
4.5
Insurance
4.3
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
France
21.5
7.0
Europe ex UK
Japan
14.8
14.2
Japan
United States
10.1
0.1
North America
Germany
9.0
5.7
Europe ex UK
Hong Kong
5.4
1.3
Asia Pacific ex Japan
Switzerland
5.1
6.2
Europe ex UK
United Kingdom
5.0
9.2
UK
Italy
4.8
1.7
Europe ex UK
Netherlands
4.1
2.8
Europe ex UK
Spain
4.0
1.8
Europe ex UK
Top 10 Countries
Portfolio (%)
France
21.5
Japan
14.8
United States
10.1
Germany
9.0
Hong Kong
5.4
Switzerland
5.1
United Kingdom
5.0
Italy
4.8
Netherlands
4.1
Spain
4.0
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
94.7
84.9
Mid Cap ($2.5 to $12 B)
5.3
15.0
Small Cap (< $2.5 B)
0.0
0.1
Capitalization
Portfolio (%)
Large Cap (> $12 B)
94.7
Mid Cap ($2.5 to $12 B)
5.3
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

Head of Equities and Managing Director
Matt Burdett is head of equities and a portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager. Matt was named a managing director and was promoted to portfolio manager in 2018 and to head of equities in 2024. Matt spent several years as a senior vice president and portfolio manager at PIMCO,…
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Literature

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