Thornburg International Growth ADR SMA
BENCHMARK: MSCI ACWI ex-U.S. Growth Index
Strategy Overview
The International Growth ADR Strategy uses a rigorous bottom-up research process to identify primarily 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 May 2010
Portfolio Managers
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview
Key Facts
Key Facts
(As of 30 Apr 2025)Assets
$633.0 M*
Benchmark
MSCI ACWI ex-U.S. Growth Index
Number of Holdings
40
Portfolio Turnover
74%
eVestment Category
SMA/Wrap - Non-US Diversified Equity
Performance
Performance
Returns
(As of 31 Mar 2025)2019
2020
2021
2022
2023
2024
Thornburg International Growth ADR Strategy - Gross (%)
26.40
36.46
-3.53
-25.67
18.82
3.41
Thornburg International Growth ADR Strategy - Net (%)
22.78
32.57
-6.35
-27.90
15.40
0.40
MSCI ACWI ex-U.S. Growth Index (%)
27.34
22.20
5.09
-23.05
14.03
5.07
Characteristics
Characteristics
Portfolio
(As of 30 Apr 2025)Portfolio
Benchmark
Weighted Average Market Cap
$177.9 B
$134.1 B
Median Market Cap
$53.1 B
$11.0 B
Price to Earnings - Forward 1YR
24.3x
19.9x
Price to Earnings - Trailing 12 Months
28.8x
23.4x
Price to Cash Flow
17.5x
14.4x
Portfolio
Benchmark
Price to Book Value
5.1x
3.4x
Return on Assets - 5 YR
11.8%
9.1%
Return on Equity - 5 YR
19.6%
18.2%
Historical 3YR Sales Growth
17.8%
16.7%
Active Share
79.1%
—
Portfolio
Portfolio
Top Holdings
(As of 30 Apr 2025)Name
Ticker/Symbol
Sector
Weight %
Tencent Holdings Ltd.
TCEHY
Communication Services
5.7
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
5.5
MercadoLibre, Inc.
MELI
Consumer Discretionary
4.8
Mastercard, Inc.
MA
Financials
4.5
AstraZeneca plc
AZN
Health Care
4.3
E.ON SE
EONGY
Utilities
3.9
Air Liquide S.A.
AIQUY
Materials
3.8
Nomura Research Institute Ltd.
NRILY
Information Technology
3.6
Novo Nordisk A/S
NVO
Health Care
3.6
Lonza Group AG
LZAGY
Health Care
3.4
Exposure Breakdown
Exposure Breakdown
(As of 30 Apr 2025)Sector Allocation
Portfolio (%)
Information Technology
21.7
Health Care
19.1
Communication Services
12.6
Financials
12.6
Consumer Discretionary
10.3
Consumer Staples
5.8
Industrials
5.3
Cash & Cash Equivalents
5.1
Utilities
3.9
Materials
3.8
Real Estate
0.0
Energy
0.0
Top 10 Industries
Portfolio (%)
Pharmaceuticals, Biotechnology & Life Sciences
13.6
Media & Entertainment
12.6
Semiconductors & Semiconductor Equipment
12.3
Financial Services
10.3
Software & Services
6.8
Health Care Equipment & Services
5.5
Household & Personal Products
5.1
Consumer Discretionary Distribution & Retail
4.8
Utilities
3.9
Materials
3.8
Top 10 Countries
Portfolio (%)
United States
16.4
Japan
10.9
Germany
10.1
United Kingdom
7.2
Netherlands
7.1
France
6.9
China
5.7
Taiwan
5.5
Italy
4.0
Denmark
3.6
Capitalization
Portfolio (%)
Large Cap (> $12 B)
87.8
Mid Cap ($2.5 to $12 B)
11.1
Small Cap (< $2.5 B)
1.1
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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