Thornburg Better World International Fund
SYMBOL: TBWIX
Morningstar Rating • Info
Overall Morningstar Rating among 645 Foreign Large Blend funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 3 stars and 5 stars among 645, 611 and 469 funds, as of 30 Sep 2025.
As of 30 Sep 2025
Fund Assets
$501.9 M
As of 31 Aug 2025
NAV
$21.89
As of 14 Oct 2025
Change
$-0.02
As of 14 Oct 2025
YTD NAV Performance
19.10%
As of 14 Oct 2025
Asset Category:
International Equity
Fund Benchmark:
MSCI ACWI ex-U.S. Index
Portfolio Managers
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview
Performance
Performance
Returns
(As of 30 Sep 2025)2019
2020
2021
2022
2023
2024
Total Return (%)
24.62
26.75
20.92
-18.01
12.72
7.11
MSCI ACWI ex-U.S. Index (%)
21.51
10.65
7.82
-16.00
15.62
5.53
Fund Fees
Fund Fees
(As of 1 Feb 2025)
Gross Expense Ratio (%)
1.24
Net Expense Ratio (%)
0.90
Hypothetical Growth of $10,000
Hypothetical Growth of $10,000
(As of 30 Sep 2025)
(Hypothetical Growth of $10,000 vs MSCI ACWI ex-U.S. Index)
Distributions
Distributions
(As of 19 Dec 2024)Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
26 Sep 2016
30 Sep 2016
0.06250
0.06250
—
—
18 Nov 2016
18 Nov 2016
0.69455
—
0.69455
0.00000
24 Mar 2017
31 Mar 2017
0.02810
0.02810
—
—
23 Jun 2017
30 Jun 2017
0.09613
0.09613
—
—
22 Sep 2017
30 Sep 2017
0.03270
0.03270
—
—
17 Nov 2017
17 Nov 2017
0.37136
—
0.30226
0.06910
15 Nov 2018
15 Nov 2018
0.96521
—
0.46085
0.50436
21 Dec 2018
31 Dec 2018
0.22878
0.22878
—
—
20 Dec 2019
31 Dec 2019
0.18707
0.18707
—
—
17 Dec 2020
31 Dec 2020
0.07245
0.07245
—
—
18 Nov 2021
18 Nov 2021
2.86340
—
1.79872
1.06468
16 Dec 2021
31 Dec 2021
0.04934
0.04934
—
—
15 Dec 2022
31 Dec 2022
0.13636
0.13636
—
—
14 Dec 2023
31 Dec 2023
0.26942
0.26942
—
—
19 Dec 2024
31 Dec 2024
0.25701
0.25701
—
—
Fund Facts
Fund Facts
(As of 31 Aug 2025)Net Fund Assets
$501.9 M
Benchmark
MSCI ACWI ex-U.S. Index
Morningstar Category
Foreign Large Blend
Fund Symbol
TBWIX
Share Class
I
Share Class Inception Date
30 Sep 2015
Distribution Frequency
Annually
Characteristics
Characteristics
Portfolio
(As of 31 Aug 2025)Portfolio
Benchmark
Number of Holdings
54
—
Weighted Average Market Cap
$128.2 B
$125.1 B
Median Market Cap
$69.9 B
$13.2 B
Annual Portfolio Turnover
61%
—
Price to Earnings - Forward 1YR
17.6x
15.5x
Price to Earnings - Trailing 12 Months
20.1x
17.2x
Portfolio
Benchmark
Price to Cash Flow
10.7x
9.4x
Price to Book Value
2.5x
2.1x
Return on Equity - 5 YR
14.5%
15.2%
Historical 3YR Sales Growth
11.9%
15.4%
Active Share
86.7%
—
Risk & Return Profile
Risk & Return Profile
(As of 31 Aug 2025)3y
5y
Annualized Alpha (%)
-0.46
1.38
Beta
0.93
0.92
R-Squared (%)
92.50
84.53
Standard Deviation (%)
14.10
14.92
Sharpe Ratio
0.61
0.44
Information Ratio
-0.41
0.11
Up Capture (%)
92.34
95.59
Down Capture (%)
95.06
89.91
Portfolio
Portfolio
Top Holdings
(As of 31 Aug 2025)Name
Ticker/Symbol
Sector
Weight %
Samsung Electronics Co. Ltd.
005930
Information Technology
3.7
L'Oreal S.A.
OR
Consumer Staples
3.7
BNP Paribas S.A.
BNP
Financials
3.4
AstraZeneca plc
AZN
Health Care
3.3
Enel SpA
ENEL
Utilities
3.2
Linde plc
LIN
Materials
3.2
Sony Group Corp.
6758
Consumer Discretionary
3.0
Hitachi Ltd.
6501
Industrials
3.0
Mitsubishi UFJ Financial Group, Inc.
8306
Financials
3.0
Canadian Pacific Kansas City Ltd.
CP
Industrials
2.9
Exposure Breakdown
Exposure Breakdown
(As of 31 Aug 2025)Sector Allocation
Fund (%)
Industrials
26.7
Financials
14.8
Health Care
9.9
Consumer Staples
9.7
Consumer Discretionary
9.6
Information Technology
9.1
Utilities
8.3
Cash & Cash Equivalents
4.5
Materials
4.2
Communication Services
3.2
Real Estate
0.0
Energy
0.0
Top 10 Industries
Fund (%)
Capital Goods
14.9
Utilities
8.3
Commercial & Professional Services
7.2
Pharmaceuticals, Biotechnology & Life Sciences
6.9
Consumer Durables & Apparel
6.6
Banks
6.4
Financial Services
5.8
Technology Hardware & Equipment
5.1
Transportation
4.6
Materials
4.2
Top 10 Countries
Fund (%)
France
21.4
Japan
21.0
United Kingdom
9.3
Switzerland
8.6
Canada
5.4
Spain
5.2
United States
5.1
Germany
4.3
Italy
3.9
Korea, Republic of (South Korea)
3.7
Capitalization
Fund (%)
Large Cap (> $12 B)
85.7
Mid Cap ($2.5 to $12 B)
13.8
Small Cap (< $2.5 B)
0.5
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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