Thornburg Better World International Fund

SYMBOL: TBWIX

Morningstar Rating • Info

Overall Morningstar Rating among 676 Foreign Large Blend funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three- and five-year ratings: respectively, 5 stars and 5 stars among 676 and 617 funds, as of 31 Aug 2023.

As of 31 Aug 2023

Fund Assets

$580.8 M

As of 31 Aug 2023

NAV

$16.64

As of 29 Sep 2023

Change

$0.02

As of 29 Sep 2023

YTD NAV Performance

6.12%

As of 29 Sep 2023

Asset Category:

International Equity

Fund Benchmark:

MSCI ACWI ex US NTR

Portfolio Managers

Lei Wang, CFA

Portfolio Manager and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

Focused, diversified equity portfolio to include sustainable companies primarily in developed markets outside the U.S.
Rigorous, fundamental research process focused on buying sustainable businesses with sound business fundamentals, trading at a discount to their intrinsic value and a defined path to success. Companies must also demonstrate one or more significant positive environmental, social and governance (ESG) characteristics; emphasizing the areas of environmental impact, ethical business activity, corporate governance, social factors surrounding customers, suppliers and employees and product integrity.
Three-basket portfolio construction process seeks to provide style diversification and reduce volatility and deliver superior risk-adjusted performance over time.

Investment Objective

The fund’s goal is to provide investors with long-term capital appreciation.

Investment Approach

The fund actively integrates ESG criteria into a fundamental bottom-up approach, allowing investors to reflect their ESG values through their investment without sacrificing the potential for attractive risk-adjusted returns. This high-conviction portfolio is diversified by industry, sector and geography. Diversification is further enhanced across styles by constructing the portfolio using our unique three-basket approach.

Returns

(As of 30 Jun 2023)

YTD

Inception

Total Return (%)

12.05

15.76

12.40

8.93

9.97

MSCI ACWI ex US NTR (%)

9.47

12.72

7.22

3.52

5.99

Morningstar Category Avg. (%)

10.91

15.72

7.96

3.89

—

Morningstar Quartile

—

YTD

Inception

Total Return (%)

11.03

15.23

7.55

8.85

9.62

MSCI ACWI ex US NTR (%)

8.78

11.89

3.99

3.33

5.77

Morningstar Category Avg. (%)

14.15

14.01

7.81

4.03

—

Morningstar Quartile

—

YTD

Inception

Total Return (%)

12.05

15.76

41.99

53.38

108.95

MSCI ACWI ex US NTR (%)

9.47

12.72

23.27

18.86

56.96

YTD

Inception

Total Return (%)

11.03

15.23

24.41

52.81

107.05

MSCI ACWI ex US NTR (%)

8.78

11.89

12.44

17.81

55.96

2017

2018

2019

2020

2021

2022

Total Return (%)

22.87

-13.59

24.62

26.75

20.92

-18.01

MSCI ACWI ex US NTR (%)

27.19

-14.20

21.51

10.65

7.82

-16.00

Source: Confluence

Periods less than one year are not annualized.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.

The maximum sales charge are as follows: A shares, 4.50%; C shares, 1%. There is no up-front sales charge for class I shares.

Morningstar quartile ranking for Foreign Large Blend category is based on total returns before sales charges for 1-, 3- and 5-years, among 730, 678 and 616 funds, respectively, as of 30 Jun 2023.

Share class inception dates: A, C and I shares, 30 Sep 2015.

Fund Fees

(As of 1 Feb 2023)

Gross Expense Ratio (%)

1.25

Net Expense Ratio (%)

0.90

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2024, for some of the share classes; these are reflected in the net expense ratio. For more detailed information on fund expenses and waivers/reimbursements, please see the fund's prospectus.

Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

Hypothetical Growth of $10,000

            Categories,I Shares,MSCI ACWI ex US NTR
            2015-09-30,10000,10000
2015-10-31,10394,10744
2015-11-30,10486,10523
2015-12-31,10427,10324
2016-01-31,9941,9622
2016-02-29,9916,9512
2016-03-31,10477,10286
2016-04-30,10595,10556
2016-05-31,10511,10378
2016-06-30,10394,10219
2016-07-31,10972,10725
2016-08-31,11156,10793
2016-09-30,11744,10926
2016-10-31,11593,10769
2016-11-30,11161,10519
2016-12-31,11215,10789
2017-01-31,11383,11171
2017-02-28,11321,11349
2017-03-31,11817,11637
2017-04-30,11959,11886
2017-05-31,12377,12271
2017-06-30,12472,12309
2017-07-31,12813,12763
2017-08-31,12858,12830
2017-09-30,12869,13068
2017-10-31,13201,13314
2017-11-30,13430,13422
2017-12-31,13780,13722
2018-01-31,14342,14486
2018-02-28,13651,13803
2018-03-31,13586,13560
2018-04-30,13780,13776
2018-05-31,13651,13458
2018-06-30,13623,13205
2018-07-31,13881,13521
2018-08-31,13549,13238
2018-09-30,13660,13298
2018-10-31,12380,12217
2018-11-30,12537,12332
2018-12-31,11907,11774
2019-01-31,12544,12664
2019-02-28,12949,12911
2019-03-31,13111,12988
2019-04-30,13718,13331
2019-05-31,12827,12616
2019-06-30,13677,13375
2019-07-31,13424,13214
2019-08-31,13111,12805
2019-09-30,13313,13135
2019-10-31,13869,13593
2019-11-30,14254,13713
2019-12-31,14839,14307
2020-01-31,14521,13923
2020-02-29,13650,12822
2020-03-31,11949,10966
2020-04-30,13035,11797
2020-05-31,13886,12183
2020-06-30,14716,12733
2020-07-31,15648,13301
2020-08-31,16642,13870
2020-09-30,16458,13529
2020-10-31,16140,13238
2020-11-30,17964,15019
2020-12-31,18808,15831
2021-01-31,18694,15865
2021-02-28,19991,16179
2021-03-31,20526,16384
2021-04-30,21267,16866
2021-05-31,21678,17394
2021-06-30,23263,17281
2021-07-31,22831,16996
2021-08-31,23592,17320
2021-09-30,22666,16765
2021-10-31,23324,17165
2021-11-30,22437,16392
2021-12-31,22743,17070
2022-01-31,22118,16441
2022-02-28,21116,16115
2022-03-31,20986,16141
2022-04-30,19253,15127
2022-05-31,19265,15236
2022-06-30,18050,13925
2022-07-31,18852,14402
2022-08-31,17968,13939
2022-09-30,16423,12546
2022-10-31,16777,12921
2022-11-30,18899,14446
2022-12-31,18647,14338
2023-01-31,20360,15501
2023-02-28,19432,14957
2023-03-31,20098,15322
2023-04-30,20467,15589
2023-05-31,20086,15022
2023-06-30,20895,15696
2023-07-31,21489,16334
2023-08-31,20705,15596

Hypothetical Growth of $10,000

(As of 31 Aug 2023)

(Hypothetical Growth of $10,000 vs MSCI ACWI ex US NTR)

                        Categories,I Shares,MSCI ACWI ex US NTR
                        2022-08-31,10000,10000
2022-09-30,9140,9001
2022-10-31,9337,9270
2022-11-30,10518,10364
2022-12-31,10378,10286
2023-01-31,11331,11121
2023-02-28,10815,10730
2023-03-31,11186,10993
2023-04-30,11391,11184
2023-05-31,11179,10777
2023-06-30,11629,11261
2023-07-31,11960,11718
2023-08-31,11523,11189

                        Categories,I Shares,MSCI ACWI ex US NTR
                        2020-08-31,10000,10000
2020-09-30,9889,9754
2020-10-31,9698,9544
2020-11-30,10794,10828
2020-12-31,11301,11414
2021-01-31,11233,11438
2021-02-28,12012,11665
2021-03-31,12334,11812
2021-04-30,12779,12160
2021-05-31,13026,12540
2021-06-30,13978,12459
2021-07-31,13719,12254
2021-08-31,14176,12487
2021-09-30,13620,12087
2021-10-31,14015,12375
2021-11-30,13482,11818
2021-12-31,13666,12307
2022-01-31,13290,11853
2022-02-28,12688,11619
2022-03-31,12610,11637
2022-04-30,11569,10906
2022-05-31,11576,10985
2022-06-30,10846,10040
2022-07-31,11328,10383
2022-08-31,10796,10049
2022-09-30,9868,9045
2022-10-31,10081,9315
2022-11-30,11356,10415
2022-12-31,11205,10337
2023-01-31,12234,11176
2023-02-28,11676,10783
2023-03-31,12077,11047
2023-04-30,12298,11239
2023-05-31,12069,10830
2023-06-30,12555,11316
2023-07-31,12913,11776
2023-08-31,12441,11244

                        Categories,I Shares,MSCI ACWI ex US NTR
                        2018-08-31,10000,10000
2018-09-30,10082,10046
2018-10-31,9137,9228
2018-11-30,9253,9316
2018-12-31,8788,8894
2019-01-31,9258,9566
2019-02-28,9557,9753
2019-03-31,9676,9811
2019-04-30,10124,10070
2019-05-31,9467,9530
2019-06-30,10094,10104
2019-07-31,9908,9981
2019-08-31,9676,9673
2019-09-30,9825,9922
2019-10-31,10236,10268
2019-11-30,10520,10359
2019-12-31,10951,10807
2020-01-31,10717,10517
2020-02-29,10074,9686
2020-03-31,8819,8283
2020-04-30,9620,8911
2020-05-31,10248,9203
2020-06-30,10861,9619
2020-07-31,11549,10047
2020-08-31,12283,10477
2020-09-30,12146,10220
2020-10-31,11912,10000
2020-11-30,13258,11345
2020-12-31,13881,11959
2021-01-31,13797,11985
2021-02-28,14754,12222
2021-03-31,15149,12376
2021-04-30,15696,12741
2021-05-31,15999,13139
2021-06-30,17169,13054
2021-07-31,16850,12839
2021-08-31,17412,13083
2021-09-30,16728,12664
2021-10-31,17214,12966
2021-11-30,16559,12383
2021-12-31,16785,12894
2022-01-31,16324,12419
2022-02-28,15584,12173
2022-03-31,15488,12193
2022-04-30,14209,11427
2022-05-31,14218,11509
2022-06-30,13322,10519
2022-07-31,13913,10879
2022-08-31,13261,10529
2022-09-30,12121,9477
2022-10-31,12382,9760
2022-11-30,13948,10912
2022-12-31,13762,10831
2023-01-31,15026,11709
2023-02-28,14342,11298
2023-03-31,14833,11574
2023-04-30,15105,11776
2023-05-31,14824,11347
2023-06-30,15421,11857
2023-07-31,15860,12339
2023-08-31,15281,11781

The Hypothetical Growth graph compares a hypothetical investment in the Fund to the performance of the Index for the stated time period. Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Distributions

            Categories,Total ($)
            2016-01-31,0
2016-02-29,0
2016-03-31,0
2016-04-30,0
2016-05-31,0
2016-06-30,0
2016-07-31,0
2016-08-31,0
2016-09-30,0.06250
2016-10-31,0
2016-11-30,0.69455
2016-12-31,0
2017-01-31,0
2017-02-28,0
2017-03-31,0.02810
2017-04-30,0
2017-05-31,0
2017-06-30,0.09613
2017-07-31,0
2017-08-31,0
2017-09-30,0.03270
2017-10-31,0
2017-11-30,0.37136
2017-12-31,0
2018-01-31,0
2018-02-28,0
2018-03-31,0
2018-04-30,0
2018-05-31,0
2018-06-30,0
2018-07-31,0
2018-08-31,0
2018-09-30,0
2018-10-31,0
2018-11-30,0.96521
2018-12-31,0.22878
2019-01-31,0
2019-02-28,0
2019-03-31,0
2019-04-30,0
2019-05-31,0
2019-06-30,0
2019-07-31,0
2019-08-31,0
2019-09-30,0
2019-10-31,0
2019-11-30,0
2019-12-31,0.18707
2020-01-31,0
2020-02-29,0
2020-03-31,0
2020-04-30,0
2020-05-31,0
2020-06-30,0
2020-07-31,0
2020-08-31,0
2020-09-30,0
2020-10-31,0
2020-11-30,0
2020-12-31,0.07245
2021-01-31,0
2021-02-28,0
2021-03-31,0
2021-04-30,0
2021-05-31,0
2021-06-30,0
2021-07-31,0
2021-08-31,0
2021-09-30,0
2021-10-31,0
2021-11-30,2.86340
2021-12-31,0.04934
2022-01-31,0
2022-02-28,0
2022-03-31,0
2022-04-30,0
2022-05-31,0
2022-06-30,0
2022-07-31,0
2022-08-31,0
2022-09-30,0
2022-10-31,0
2022-11-30,0
2022-12-31,0.13636

            Ex Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
            ,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.06250,0.06250,0,0
,0,0,0,0
,0.69455,0,0.69455,0.00000
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.02810,0.02810,0,0
,0,0,0,0
,0,0,0,0
,0.09613,0.09613,0,0
,0,0,0,0
,0,0,0,0
,0.03270,0.03270,0,0
,0,0,0,0
,0.37136,0,0.30226,0.06910
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.96521,0,0.46085,0.50436
,0.22878,0.22878,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.18707,0.18707,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.07245,0.07245,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,2.86340,0,1.79872,1.06468
,0.04934,0.04934,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.13636,0.13636,0,0

Distributions

(As of 15 Dec 2022)

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

26 Sep 2016

0.06250

—

18 Nov 2016

0.69455

—

0.69455

0.00000

24 Mar 2017

0.02810

—

23 Jun 2017

0.09613

—

22 Sep 2017

0.03270

—

17 Nov 2017

0.37136

—

0.30226

0.06910

15 Nov 2018

0.96521

—

0.46085

0.50436

21 Dec 2018

0.22878

—

20 Dec 2019

0.18707

—

17 Dec 2020

0.07245

—

18 Nov 2021

2.86340

—

1.79872

1.06468

16 Dec 2021

0.04934

—

15 Dec 2022

0.13636

—

Fund Facts

(As of 31 Aug 2023)

Net Fund Assets

$580.8 M

Benchmark

MSCI ACWI ex US NTR

Morningstar Category

Foreign Large Blend

Fund Symbol

TBWIX

Share Class

Share Class Inception Date

30 Sep 2015

Number of Holdings

Portfolio Turnover

141%

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Aug 2023)

Portfolio

Benchmark

Weighted Average Market Cap

$134.5 B

$43.0 B

Median Market Cap

$51.3 B

$8.5 B

Price to Earnings - Forward 1YR

16.7x

13.1x

Price to Earnings - Trailing 12 Months

17.1x

12.8x

Price to Cash Flow

8.7x

6.5x

Portfolio

Benchmark

Price to Book Value

2.2x

1.7x

Return on Assets - 5 YR

6.7%

7.3%

Return on Equity - 5 YR

17.8%

15.6%

Historical 3YR Sales Growth

16.1%

13.9%

Active Share

86.1%

—

Risk & Return Profile

(As of 30 Jun 2023)

Annualized Alpha (%)

5.31

5.48

Beta

0.96

0.98

R-Squared (%)

84.70

88.78

Standard Deviation (%)

17.61

17.96

Sharpe Ratio

0.63

0.41

Information Ratio

0.75

0.90

Up Capture (%)

108.08

112.80

Down Capture (%)

86.58

91.44

Past performance does not guarantee future results.

Portfolio

Top Holdings

(As of 31 Jul 2023)

Name

Ticker/Symbol

Sector

Weight %

Alibaba Group Holding Ltd.

BABA

Consumer Discretionary

4.0

Meituan

3690

Consumer Discretionary

3.4

BNP Paribas S.A.

BNP

Financials

3.3

Nestle S.A.

NESN

Consumer Staples

3.1

Tencent Holdings Ltd.

700

Communication Services

3.1

L'Oreal S.A.

Consumer Staples

3.0

Canadian Pacific Kansas City Ltd.

Industrials

2.9

Roche Holding AG

ROG

Health Care

2.9

Novo Nordisk A/S

NOVOB

Health Care

2.8

Hitachi Ltd.

6501

Industrials

2.8

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Aug 2023)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Industrials

16.7

13.2

Financials

16.0

20.7

Consumer Staples

15.8

8.6

Health Care

15.2

9.7

Information Technology

9.3

11.6

Consumer Discretionary

8.1

12.1

Cash & Cash Equivalents

7.0

—

Communication Services

6.0

5.4

Materials

2.8

7.8

Utilities

2.5

3.1

Unassigned

0.5

—

Real Estate

0.0

2.1

Energy

0.0

5.7

Sector Allocation

Fund (%)

Industrials

16.7

Financials

16.0

Consumer Staples

15.8

Health Care

15.2

Information Technology

9.3

Consumer Discretionary

8.1

Cash & Cash Equivalents

7.0

Communication Services

6.0

Materials

2.8

Utilities

2.5

Unassigned

0.5

Real Estate

0.0

Energy

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Pharmaceuticals, Biotechnology & Life Sciences

11.9

7.8

Banks

7.8

12.5

Commercial & Professional Services

7.2

1.5

Capital Goods

6.7

9.1

Consumer Staples Distribution & Retail

6.2

1.6

Software & Services

5.4

3.0

Household & Personal Products

5.0

2.0

Food, Beverage & Tobacco

4.6

5.0

Financial Services

4.2

3.5

Insurance

3.9

4.6

Top 10 Industries

Fund (%)

Pharmaceuticals, Biotechnology & Life Sciences

11.9

Banks

7.8

Commercial & Professional Services

7.2

Capital Goods

6.7

Consumer Staples Distribution & Retail

6.2

Software & Services

5.4

Household & Personal Products

5.0

Food, Beverage & Tobacco

4.6

Financial Services

4.2

Insurance

3.9

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

United States

16.4

0.2

North America

France

13.1

8.0

Europe ex UK

Japan

12.7

14.7

Japan

Switzerland

11.6

6.6

Europe ex UK

China

10.6

8.3

Asia Pacific ex Japan

Canada

7.4

7.5

North America

Netherlands

4.2

2.8

Europe ex UK

Hong Kong

3.7

1.5

Asia Pacific ex Japan

Denmark

3.4

2.1

Europe ex UK

Germany

2.9

5.5

Europe ex UK

Top 10 Countries

Fund (%)

United States

16.4

France

13.1

Japan

12.7

Switzerland

11.6

China

10.6

Canada

7.4

Netherlands

4.2

Hong Kong

3.7

Denmark

3.4

Germany

2.9

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

92.6

81.9

Mid Cap ($2.5 to $12 B)

3.8

17.8

Small Cap (< $2.5 B)

3.6

0.3

Capitalization

Fund (%)

Large Cap (> $12 B)

92.6

Mid Cap ($2.5 to $12 B)

3.8

Small Cap (< $2.5 B)

3.6

Holdings as seen in the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Cash includes cash and cash equivalents. Weights are percentages of total portfolio unless otherwise noted.

Percentages may not add up to 100 due to rounding.

Portfolio Managers

Lei Wang, CFA

Portfolio Manager and Managing Director

Lei Wang is 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 an…

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Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Report

Semi-annual report

Prospectus

Statement of Additional Information (SAI)

Important Information

Before investing, carefully consider the Fund's investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

The Better World International Fund/Strategy's adherence to its ESG ratings process may affect the Fund/Strategy's exposure to certain companies, sectors, regions, and countries and may affect the Fund/Strategy's performance depending on whether such investments are in or out of favor. This process may result in the Fund/Strategy foregoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. Additionally, the process may result in incorrectly evaluating a company’s commitment to positive ESG practices and may result in investment in companies with practices that are not consistent with the Fund/Strategy’s aspirations.

The performance of any index is not indicative of the performance of any particular investment. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index.

Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

There is no guarantee that the Fund will meet its investment objectives.

To determine a fund's Morningstar Rating™, funds and other managed products with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a managed product's monthly excess performance (excluding sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics.

© 2023 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities Corporation.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities Corporation (TSC) does not act as broker of record for investors.

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Thornburg Better World International Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Lei Wang, CFA

Literature

Important Information

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Remove strategy

Create an account to save this article or product.

Thornburg Better World International Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Lei Wang, CFA

Literature

Important Information

More Insights

Managing Legacy Wealth Part 1 The Wealth Holders

Thornburg Investment Income Builder Fund – 3rd Quarter Update 2023

Therapies for Treating Obesity Create XL Opportunities

5 Essential Reasons the Public Need Financial Advisors

Navigating Recession, the Fed, Inflation and Borrowing

Help Clients Make Better Social Security Claiming Decisions