Thornburg International Equity ESG ADR SMA
BENCHMARK: MSCI ACWI ex-U.S. Index
Strategy Overview
The strategy actively integrates ESG criteria into a rigorous, fundamental bottom-up process, enabling investors to align their portfolios with their ESG values without compromising the potential for strong risk-adjusted returns. This high-conviction portfolio is diversified across industries, sectors, and geographies. Additionally, our unique three-basket construction approach enhances diversification across investment styles, aiming to deliver consistent, long-term performance.
Strategy Inception Date
1 Jun 2022
Portfolio Managers
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview
Key Facts
Key Facts
(As of 30 Apr 2025)Assets
$1.0 M
Benchmark
MSCI ACWI ex-U.S. Index
Number of Holdings
44
Portfolio Turnover
88%
Performance
Performance
Returns
(As of 31 Mar 2025)2024
Thornburg International Equity ESG ADR Strategy - Gross (%)
10.57
Thornburg International Equity ESG ADR Strategy - Net (%)
9.92
MSCI ACWI ex-U.S. Index (%)
5.53
Characteristics
Characteristics
Portfolio
(As of 30 Apr 2025)Portfolio
Benchmark
Weighted Average Market Cap
$113.4 B
$107.7 B
Median Market Cap
$67.4 B
$11.3 B
Price to Earnings - Forward 1YR
18.2x
14.0x
Price to Earnings - Trailing 12 Months
21.6x
15.9x
Price to Cash Flow
12.6x
8.6x
Portfolio
Benchmark
Price to Book Value
2.6x
1.8x
Return on Assets - 5 YR
5.8%
6.5%
Return on Equity - 5 YR
13.9%
15.5%
Historical 3YR Sales Growth
6.5%
15.3%
Active Share
87.7%
—
Portfolio
Portfolio
Top Holdings
(As of 31 Mar 2025)Name
Ticker/Symbol
Sector
Weight %
Linde plc
LIN
Materials
3.6
BNP Paribas S.A.
BNPQY
Financials
3.5
Enel SpA
ENLAY
Utilities
3.3
Canadian Pacific Kansas City Ltd.
CP
Industrials
3.2
Hitachi Ltd.
HTHIY
Industrials
3.1
L'Oreal S.A.
LRLCY
Consumer Staples
3.1
Mitsubishi UFJ Financial Group, Inc.
MUFG
Financials
3.1
Alcon AG
ALC
Health Care
3.1
SAP SE
SAP
Information Technology
3.1
Waste Connections, Inc.
WCN
Industrials
3.0
Exposure Breakdown
Exposure Breakdown
(As of 30 Apr 2025)Sector Allocation
Portfolio (%)
Industrials
22.0
Financials
17.8
Health Care
10.9
Consumer Discretionary
9.9
Cash & Cash Equivalents
9.1
Utilities
8.6
Consumer Staples
8.3
Communication Services
5.1
Materials
4.8
Information Technology
3.5
Real Estate
0.0
Energy
0.0
Top 10 Industries
Portfolio (%)
Capital Goods
12.7
Financial Services
9.2
Utilities
8.6
Consumer Durables & Apparel
8.0
Pharmaceuticals, Biotechnology & Life Sciences
6.5
Banks
6.4
Commercial & Professional Services
5.0
Materials
4.8
Health Care Equipment & Services
4.5
Transportation
4.2
Top 10 Countries
Portfolio (%)
Japan
20.4
France
18.3
United States
11.9
United Kingdom
8.6
Switzerland
6.8
Spain
5.2
Italy
4.7
Germany
4.3
Canada
3.2
Finland
1.6
Capitalization
Portfolio (%)
Large Cap (> $12 B)
87.5
Mid Cap ($2.5 to $12 B)
12.5
Small Cap (< $2.5 B)
0.0
Portfolio Managers
Portfolio Managers

Lei Wang, CFA
Portfolio Manager and Managing Director
Lei Wang is a 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…
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Brian Burrell, CFA
Portfolio Manager and Managing Director
Brian Burrell is a portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as an equity research analyst and became an associate portfolio manager in 2021 and portfolio manager in 2024. Brian earned a BA in economics from Reed College and an MBA from the University of Wisconsin in the Applied Security Analysis Program (ASAP). He is…
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Joe Salmond
Portfolio Manager and Managing Director
Joe Salmond is a portfolio manager for Thornburg Investment Management. He joined the firm in 2018 as an equity research analyst and became an associate portfolio manager in 2021, managing director in 2023 and portfolio manager in 2024. Joe earned an MBA from the Tepper School of Business at Carnegie Mellon University and graduated from Arizona State University with a…
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