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Thornburg International Growth ADR SMA

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

Overview

Why Invest in This Strategy?

 

  • Focused, diversified equity portfolio that invests in high-quality companies with sustainable competitive advantage and durable growth prospects. The strategy invests primarily in large and mid-capitalization companies in developed and emerging markets outside the U.S.
  • Rigorous bottom-up fundamental research process focused on uncovering promising growth companies with sound business fundamentals and trading at a discount to their long-term value.
  • Three-basket portfolio construction process seeks to provide diversification, reduce volatility and deliver superior risk-adjusted performance over time.
Key Facts

Key Facts

(As of 31 Aug 2026)
Assets
$575.7 M*
Benchmark
MSCI ACWI ex-U.S. Growth Index
eVestment Category
SMA/Wrap - Non-US Diversified Equity
Performance

Performance

Returns

(As of 30 Jun 2026)
YTD
1y
3y
5y
10y
Inception
Composite - “Pure” Gross (%)
14.24
15.30
11.40
2.06
8.49
8.37
Composite - Net (%)
12.60
11.97
8.18
-0.92
5.34
5.22
MSCI ACWI ex-U.S. Growth Index (%)
12.80
22.30
15.33
5.21
9.21
7.10
YTD
1y
3y
5y
10y
Inception
Composite - “Pure” Gross (%)
11.93
12.02
11.37
1.32
7.35
8.14
Composite - Net (%)
9.77
8.78
8.14
-1.64
4.23
5.00
MSCI ACWI ex-U.S. Growth Index (%)
13.33
20.97
16.35
5.16
8.79
7.06
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Composite - “Pure” Gross (%)
-3.31
34.70
-17.88
26.40
36.46
-3.53
-25.67
18.82
3.41
12.97
Composite - Net (%)
-6.15
30.87
-20.32
22.78
32.57
-6.35
-27.90
15.40
0.40
9.70
MSCI ACWI ex-U.S. Growth Index (%)
0.13
32.01
-14.43
27.34
22.20
5.09
-23.05
14.03
5.07
25.65
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2026)
Portfolio
Benchmark
Number of Holdings
39
Weighted Average Market Cap
$535.5 B
$287.3 B
Median Market Cap
$70.3 B
$15.2 B
Annual Portfolio Turnover
38%
Price to Earnings - Forward 1YR
22.6x
17.5x
Portfolio
Benchmark
Price to Earnings - Trailing 12 Months
29.3x
26.1x
Price to Cash Flow
21.2x
16.0x
Price to Book Value
6.3x
4.0x
Active Share
78.8%
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2026)
Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
13.2
ASML Holding N.V.
ASML
Information Technology
6.0
Micron Technology, Inc.
MU
Information Technology
5.1
Tencent Holdings Ltd.
TCEHY
Communication Services
4.4
Mastercard, Inc.
MA
Financials
4.1
MercadoLibre, Inc.
MELI
Consumer Discretionary
3.4
Advanced Micro Devices, Inc.
AMD
Information Technology
3.3
ASM International N.V.
ASMIY
Information Technology
3.3
Rolls-Royce Holdings plc
RYCEY
Industrials
3.3
AstraZeneca plc
AZN
Health Care
3.1
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2026)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
Information Technology
40.6
28.1
Industrials
16.0
21.3
Financials
12.6
12.3
Consumer Discretionary
10.4
9.5
Health Care
8.7
8.8
Communication Services
4.4
5.2
Cash & Equivalents
4.1
Materials
1.9
7.9
Utilities
1.2
1.5
Real Estate
0.0
0.6
Consumer Staples
0.0
3.7
Energy
0.0
1.1
Sector Allocation
Portfolio (%)
Information Technology
40.6
Industrials
16.0
Financials
12.6
Consumer Discretionary
10.4
Health Care
8.7
Communication Services
4.4
Cash & Equivalents
4.1
Materials
1.9
Utilities
1.2
Real Estate
0.0
Consumer Staples
0.0
Energy
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
Semiconductors & Semiconductor Equipment
33.9
18.1
Capital Goods
15.3
16.9
Financial Services
8.6
4.6
Pharmaceuticals, Biotechnology & Life Sciences
5.8
7.3
Consumer Discretionary Distribution & Retail
5.6
3.9
Media & Entertainment
4.4
3.3
Banks
4.0
5.9
Software & Services
3.8
3.7
Automobiles & Components
3.0
1.3
Health Care Equipment & Services
3.0
1.5
Top 10 Industries
Portfolio (%)
Semiconductors & Semiconductor Equipment
33.9
Capital Goods
15.3
Financial Services
8.6
Pharmaceuticals, Biotechnology & Life Sciences
5.8
Consumer Discretionary Distribution & Retail
5.6
Media & Entertainment
4.4
Banks
4.0
Software & Services
3.8
Automobiles & Components
3.0
Health Care Equipment & Services
3.0
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
United States
18.8
North America
Taiwan
13.2
9.1
Asia Pacific ex Japan
Netherlands
12.5
4.9
Europe ex UK
United Kingdom
9.1
7.7
UK
Germany
6.8
5.4
Europe ex UK
Japan
6.8
13.8
Japan
Italy
6.7
1.0
Europe ex UK
China
5.2
6.6
Asia Pacific ex Japan
France
5.1
5.5
Europe ex UK
Switzerland
2.6
5.5
Europe ex UK
Top 10 Countries
Portfolio (%)
United States
18.8
Taiwan
13.2
Netherlands
12.5
United Kingdom
9.1
Germany
6.8
Japan
6.8
Italy
6.7
China
5.2
France
5.1
Switzerland
2.6
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
96.4
93.6
Mid Cap ($2.5 to $12 B)
3.6
6.3
Small Cap (< $2.5 B)
0.0
0.0
Capitalization
Portfolio (%)
Large Cap (> $12 B)
96.4
Mid Cap ($2.5 to $12 B)
3.6
Small Cap (< $2.5 B)
0.0
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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