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Thornburg International Growth ADR Strategy

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
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.
Performance

Performance

Returns

(As of 31 Mar 2022)
YTD
1y
3y
5y
10y
Inception
Thornburg International Growth ADR Strategy - Gross (%)
-14.60
-15.55
7.31
7.33
7.60
8.55
Thornburg International Growth ADR Strategy - Net (%)
-15.27
-18.05
4.19
4.22
4.48
5.39
MSCI ACWI ex US Growth NTR (%)
-10.78
-6.16
9.12
8.60
6.70
6.30
YTD
1y
3y
5y
10y
Inception
Thornburg International Growth ADR Strategy - Gross (%)
-21.00
-25.39
2.86
4.53
6.96
7.78
Thornburg International Growth ADR Strategy - Net (%)
-21.82
-27.62
-0.14
1.48
3.85
4.65
MSCI ACWI ex US Growth NTR (%)
-17.41
-16.23
5.25
6.32
5.94
5.57
2016
2017
2018
2019
2020
2021
Thornburg International Growth ADR Strategy - Gross (%)
-3.31
34.70
-17.88
26.40
36.46
-3.53
Thornburg International Growth ADR Strategy - Net (%)
-6.15
30.87
-20.32
22.78
32.57
-6.35
MSCI ACWI ex US Growth NTR (%)
0.13
32.01
-14.43
27.34
22.20
5.09
Strategy Facts

Strategy Facts

(As of 30 Apr 2022)
Strategy Assets
$1.0 B
Benchmark
MSCI ACWI ex US Growth NTR
Number of Holdings
44
Portfolio Turnover
48%
eVestment Category
SMA/Wrap - Non-US Diversified Equity
Characteristics

Characteristics

Portfolio

(As of 30 Apr 2022)
Portfolio
Benchmark
Weighted Average Market Cap
$168.1 B
$110.5 B
Median Market Cap
$38.6 B
$8.8 B
Price to Earnings - Forward 1YR
22.2x
19.5x
Dividend Yield
1.2%
Price to Earnings - Trailing 12 Months
23.2x
20.2x
Price to Cash Flow
19.0x
14.4x
Portfolio
Benchmark
Price to Book Value
5.2x
3.4x
Return on Assets - 5 YR
9.8%
9.6%
Return on Equity - 5 YR
21.3%
19.7%
Historical 3YR Sales Growth
16.9%
13.7%
Active Share
80.6%
Risk & Return Profile

Risk & Return Profile

(As of 30 Apr 2022)
3y
5y
10y
Annualized Alpha (%)
-2.20
-1.78
1.17
Beta
1.02
1.05
1.00
R-Squared (%)
88.39
87.26
81.37
Standard Deviation (%)
17.73
16.50
14.95
Sharpe Ratio
0.12
0.21
0.43
Information Ratio
-0.40
-0.30
0.16
Tracking Error (%)
6.05
5.93
6.45
Sortino Ratio
0.24
0.41
0.71
Up Capture (%)
100.58
100.83
101.50
Down Capture (%)
112.06
111.01
95.87
Portfolio

Portfolio

Top Holdings

(As of 31 Mar 2022)
Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
7.1
Nestle S.A.
NSRGY
Consumer Staples
6.3
AstraZeneca plc
AZN
Health Care
4.8
ASML Holding N.V.
ASML
Information Technology
4.1
Tencent Holdings Ltd.
TCEHY
Communication Services
4.0
LVMH Moet Hennessy Louis Vuitton SE
LVMUY
Consumer Discretionary
2.8
Air Liquide S.A.
AIQUY
Materials
2.8
Lonza Group AG
LZAGY
Health Care
2.7
Adyen N.V.
ADYEY
Information Technology
2.6
Visa, Inc.
V
Information Technology
2.6
Exposure Breakdown

Exposure Breakdown

(As of 30 Apr 2022)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
Information Technology
24.2
17.8
Communication Services
13.6
6.8
Consumer Discretionary
11.6
13.9
Health Care
9.7
12.6
Industrials
9.7
15.4
Cash & Cash Equivalents
9.6
Consumer Staples
8.0
11.2
Materials
6.7
7.2
Financials
5.9
11.3
Energy
1.1
2.1
Real Estate
0.0
0.9
Utilities
0.0
0.9
Sector Allocation
Portfolio (%)
Information Technology
24.2
Communication Services
13.6
Consumer Discretionary
11.6
Health Care
9.7
Industrials
9.7
Cash & Cash Equivalents
9.6
Consumer Staples
8.0
Materials
6.7
Financials
5.9
Energy
1.1
Real Estate
0.0
Utilities
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
Software & Services
12.4
4.8
Semiconductors & Semiconductor Equipment
11.7
8.4
Media & Entertainment
11.3
5.2
Pharmaceuticals, Biotechnology & Life Sciences
9.7
9.5
Food, Beverage & Tobacco
8.0
6.3
Materials
6.7
7.2
Capital Goods
5.2
9.3
Consumer Durables & Apparel
4.6
5.7
Retailing
4.2
4.8
Diversified Financials
4.2
3.9
Top 10 Industries
Portfolio (%)
Software & Services
12.4
Semiconductors & Semiconductor Equipment
11.7
Media & Entertainment
11.3
Pharmaceuticals, Biotechnology & Life Sciences
9.7
Food, Beverage & Tobacco
8.0
Materials
6.7
Capital Goods
5.2
Consumer Durables & Apparel
4.6
Retailing
4.2
Diversified Financials
4.2
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
United States
14.9
North America
Switzerland
12.0
8.1
Europe ex UK
Netherlands
9.0
4.3
Europe ex UK
United Kingdom
8.7
7.1
UK
France
8.6
7.9
Europe ex UK
Taiwan
7.0
5.4
Asia Pacific ex Japan
China
5.2
9.0
Asia Pacific ex Japan
Japan
5.0
13.3
Japan
Germany
4.4
3.4
Europe ex UK
Australia
3.8
4.9
Asia Pacific ex Japan
Top 10 Countries
Portfolio (%)
United States
14.9
Switzerland
12.0
Netherlands
9.0
United Kingdom
8.7
France
8.6
Taiwan
7.0
China
5.2
Japan
5.0
Germany
4.4
Australia
3.8
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Large Cap (> $12 B)
83.8
83.0
Mid Cap ($2.5 to $12 B)
14.4
16.6
Small Cap (< $2.5 B)
1.8
0.5
Capitalization
Portfolio (%)
Large Cap (> $12 B)
83.8
Mid Cap ($2.5 to $12 B)
14.4
Small Cap (< $2.5 B)
1.8
Portfolio Managers

Portfolio Managers

Sean Koung Sun, CFA
Sean Koung Sun, CFA
Portfolio Manager and Managing Director
Sean Sun is 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 the…
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Nicholas Anderson, CFA
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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Emily Leveille, CFA
Emily Leveille, CFA
Portfolio Manager and Managing Director
Emily Leveille is a portfolio manager for Thornburg Investment Management. She joined the firm in 2021. Prior to Thornburg, Emily was with Nordea Asset Management in Copenhagen, Denmark, where she was a portfolio manager for emerging market growth strategies after initially joining as an analyst responsible for investments in Latin America. Before Nordea, Emily was an analyst with Ashmore Group…
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