Unsubscribe

Confirm you would like to unsubscribe from this list

Remove strategy

Confirm you would like to remove this strategy from your list

Welcome to Thornburg

Please select your location and role to help personalize the site.
Please review our Terms & Conditions

For Institutional / Wholesale / Professional Clients

The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.

TERMS AND CONDITIONS OF USE

Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.

Disclaimers

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.

Reference to a fund or security anywhere on this website is not a recommendation to buy, sell or hold that or any other security. The information is not a complete analysis of every material fact concerning any market, industry, or investment, nor is it intended to predict the performance of any investment or market.

All opinions and estimates included on this website constitute judgements of Thornburg as at the date of this website and are subject to change without notice.

All information and contents of this website are furnished "as is." Data has been obtained from sources considered reliable, but Thornburg makes no representation as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg disclaims, to the fullest extent of the law, any implied or express warranty of any kind, including without limitation the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

If you live in a state that does not allow disclaimers of implied warranties, our disclaimer may not apply to you.

Although Thornburg intends the information contained in this website to be accurate and reliable, errors sometimes occur. Thornburg does not warrant that the information to be free of errors, that the functions contained in the site will be uninterrupted, that defects will be corrected or that the site and servers are free from viruses or other harmful components. You agree that you are responsible for the means you use to access this website and understand that your hardware, software, the Internet, your Internet service provider, and other third parties involved in connecting you to our website may not perform as intended or desired. We also disclaim responsibility for damages third parties may cause to you through the use of this website, whether intentional or unintentional. For example, you understand that hackers could breach our security procedures, and that we will not be responsible for any related damages.

Thornburg Investment Management, Inc. is regulated by the U.S. Securities and Exchange under U.S. laws which may differ materially from laws in other jurisdictions.

Online Privacy and Cookie Policy

Please review our Online Privacy and Cookie Policy, which is hereby incorporated by reference as part of these terms and conditions.

Third Party Content

Certain website's content has been obtained from sources that Thornburg believes to be reliable as of the date presented but Thornburg cannot guarantee the accuracy, timeliness, completeness, or suitability for use of such content. The content does not take into account individual investor's circumstances, objectives or needs. The content is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services, nor does it constitute investment advice and should not be used as the basis for any investment decision.

Suitability

No determination has been made regarding the suitability of any securities, financial instruments or strategies for any investor. The website's content is provided on the basis and subject to the explanations, caveats and warnings set out in this notice and elsewhere herein. The website's content does not purport to provide any legal, tax or accounting advice. Any discussion of risk management is intended to describe Thornburg's efforts to monitor and manage risk but does not imply low risk.

Limited License and Restrictions on Use

Except as otherwise stated in these terms of use or as expressly authorized by Thornburg in writing, you may not:

  • Modify, copy, distribute, transmit, post, display, perform, reproduce, publish, broadcast, license, create derivative works from, transfer, sell, or exploit any reports, data, information, content, software, RSS and podcast feeds, products, services, or other materials (collectively, "Materials") on, generated by or obtained from this website, whether through links or otherwise;
  • Redeliver any page, text, image or Materials on this website using "framing" or other technology;
  • Engage in any conduct that could damage, disable, or overburden (i) this website, (ii) any Materials or services provided through this website, or (iii) any systems, networks, servers, or accounts related to this website, including without limitation, using devices or software that provide repeated automated access to this website, other than those made generally available by Thornburg;
  • Probe, scan, or test the vulnerability of any Materials, services, systems, networks, servers, or accounts related to this website or attempt to gain unauthorized access to Materials, services, systems, networks, servers, or accounts connected or associated with this website through hacking, password or data mining, or any other means of circumventing any access-limiting, user authentication or security device of any Materials, services, systems, networks, servers, or accounts related to this website; or
  • Modify, copy, obscure, remove or display the Thornburg name, logo, trademarks, notices or images without Thornburg's express written permission. To obtain such permission, you may e-mail us at info@thornburg.com.

Severability, Governing Law

Failure by Thornburg to enforce any provision(s) of these terms and conditions shall not be construed as a waiver of any provision or right. This website is controlled and operated by Thornburg from its offices in Santa Fe, New Mexico. The laws of the State of New Mexico govern these terms and conditions. If you take legal action relating to these terms and conditions, you agree to file such action only in state or federal court in New Mexico and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.

Termination

You acknowledge and agree that Thornburg may restrict, suspend or terminate these terms and conditions or your access to, and use, of the all or any part this website, including any links to third-party sites, at any time, with or without cause, including but not limited to any breach of these terms and conditions, in Thornburg's absolute discretion and without prior notice or liability.

Decline

Give Us a Call

Fund Operations
800.847.0200

FIND ANOTHER CONTACT

Thornburg Better World International Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 699 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 699 and 607 funds, as of 30 Jun 2022.

As of 30 Jun 2022
Fund Assets
$416.4 M
As of 30 Jun 2022
NAV
$15.99
As of 5 Aug 2022
Change
$-0.08
As of 5 Aug 2022
YTD NAV Performance
-17.11%
As of 5 Aug 2022
Asset Category:
International Equity
Fund Benchmark:
MSCI ACWI ex US NTR
Portfolio Managers
Portfolio Manager and Managing Director
Overview

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.

Performance

Performance

Returns

(As of 30 Jun 2022)
YTD
1y
3y
5y
Inception
Total Return (%)
-20.63
-22.41
9.69
7.67
9.14
MSCI ACWI ex US NTR (%)
-18.42
-19.42
1.35
2.50
5.03
Morningstar Category Avg. (%)
-19.18
-18.69
1.31
2.08
Morningstar Quartile
4
1
1
YTD
1y
3y
5y
Inception
Total Return (%)
-17.11
-17.43
11.98
8.03
9.72
MSCI ACWI ex US NTR (%)
-15.63
-15.26
2.91
2.45
5.48
Morningstar Category Avg. (%)
-19.18
-18.69
1.31
2.08
Morningstar Quartile
4
1
1
YTD
1y
3y
5y
Inception
Total Return (%)
-20.63
-22.41
31.97
44.72
80.50
MSCI ACWI ex US NTR (%)
-18.42
-19.42
4.11
13.13
39.25
YTD
1y
3y
5y
Inception
Total Return (%)
-17.11
-17.43
40.43
47.13
88.52
MSCI ACWI ex US NTR (%)
-15.63
-15.26
8.99
12.84
44.02
2016
2017
2018
2019
2020
2021
Total Return (%)
7.55
22.87
-13.59
24.62
26.75
20.92
MSCI ACWI ex US NTR (%)
4.50
27.19
-14.20
21.51
10.65
7.82
Fund Fees

Fund Fees

(As of 30 Jun 2022)
Gross Expense Ratio (%)
1.21
Net Expense Ratio (%)
0.90
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Jun 2022)
(Hypothetical Growth of $10,000 vs MSCI ACWI ex US NTR)
Distributions

Distributions

(As of 31 Dec 2021)
Ex-Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
26 Sep 2016
0.06250
0.06250
18 Nov 2016
0.69455
0.69455
0.00000
24 Mar 2017
0.02810
0.02810
23 Jun 2017
0.09613
0.09613
22 Sep 2017
0.03270
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
0.22878
20 Dec 2019
0.18707
0.18707
17 Dec 2020
0.07245
0.07245
18 Nov 2021
2.86340
1.79872
1.06468
16 Dec 2021
0.04934
0.04934
Fund Facts

Fund Facts

(As of 30 Jun 2022)
Net Fund Assets
$416.4 M
Benchmark
MSCI ACWI ex US NTR
Morningstar Category
Foreign Large Blend
Fund Symbol
TBWIX
Share Class
I
Share Class Inception Date
30 Sep 2015
Number of Holdings
54
Portfolio Turnover
120%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 30 Jun 2022)
Portfolio
Benchmark
Weighted Average Market Cap
$105.3 B
$81.3 B
Median Market Cap
$51.3 B
$8.6 B
Price to Earnings - Forward 1YR
18.1x
11.3x
Price to Earnings - Trailing 12 Months
19.5x
12.2x
Price to Cash Flow
12.7x
7.4x
Portfolio
Benchmark
Price to Book Value
3.1x
1.6x
Return on Assets - 5 YR
7.0%
7.3%
Return on Equity - 5 YR
17.4%
14.8%
Historical 3YR Sales Growth
12.4%
9.4%
Active Share
88.1%
Risk & Return Profile

Risk & Return Profile

(As of 30 Jun 2022)
3y
5y
Annualized Alpha (%)
13.00
8.20
Beta
0.97
0.94
R-Squared (%)
62.72
61.26
Standard Deviation (%)
21.26
17.86
Sharpe Ratio
0.43
0.37
Information Ratio
0.54
0.39
Up Capture (%)
103.41
97.96
Down Capture (%)
94.88
91.66
Portfolio

Portfolio

Top Holdings

(As of 30 Jun 2022)
Name
Ticker/Symbol
Sector
Weight %
Hong Kong Exchanges & Clearing Ltd.
388
Financials
3.5
Alibaba Group Holding Ltd.
9988
Consumer Discretionary
3.3
Meituan
3690
Consumer Discretionary
3.2
JD.com, Inc.
JD
Consumer Discretionary
2.9
Canadian Pacific Railway Ltd.
CP
Industrials
2.8
China Merchants Bank Co. Ltd.
600036
Financials
2.7
Roche Holding AG
ROG
Health Care
2.7
Seven & i Holdings Co. Ltd.
3382
Consumer Staples
2.7
Tesco plc
TSCO
Consumer Staples
2.6
ABB Ltd.
ABBN
Industrials
2.6
Exposure Breakdown

Exposure Breakdown

(As of 30 Jun 2022)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
21.5
11.0
Consumer Discretionary
17.1
11.7
Industrials
14.2
11.8
Financials
12.1
20.3
Consumer Staples
11.9
8.9
Health Care
7.6
9.8
Cash & Cash Equivalents
7.0
Materials
5.8
8.0
Communication Services
1.9
6.5
Utilities
0.8
3.4
Real Estate
0.0
2.5
Energy
0.0
6.0
Sector Allocation
Fund (%)
Information Technology
21.5
Consumer Discretionary
17.1
Industrials
14.2
Financials
12.1
Consumer Staples
11.9
Health Care
7.6
Cash & Cash Equivalents
7.0
Materials
5.8
Communication Services
1.9
Utilities
0.8
Real Estate
0.0
Energy
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Software & Services
13.4
3.0
Retailing
10.4
3.5
Pharmaceuticals, Biotechnology & Life Sciences
7.6
8.0
Capital Goods
6.8
7.8
Food & Staples Retailing
6.7
1.6
Banks
6.4
12.4
Materials
5.8
8.0
Diversified Financials
5.7
3.3
Household & Personal Products
5.2
1.8
Commercial & Professional Services
4.6
1.3
Top 10 Industries
Fund (%)
Software & Services
13.4
Retailing
10.4
Pharmaceuticals, Biotechnology & Life Sciences
7.6
Capital Goods
6.8
Food & Staples Retailing
6.7
Banks
6.4
Materials
5.8
Diversified Financials
5.7
Household & Personal Products
5.2
Commercial & Professional Services
4.6
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
China
17.7
10.5
Asia Pacific ex Japan
Japan
14.0
13.8
Japan
United States
10.4
0.1
North America
France
8.3
7.0
Europe ex UK
Canada
8.0
8.1
North America
Switzerland
7.7
6.5
Europe ex UK
United Kingdom
5.9
9.9
UK
Australia
5.5
4.9
Asia Pacific ex Japan
Hong Kong
3.5
2.1
Asia Pacific ex Japan
Taiwan
2.2
4.4
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
China
17.7
Japan
14.0
United States
10.4
France
8.3
Canada
8.0
Switzerland
7.7
United Kingdom
5.9
Australia
5.5
Hong Kong
3.5
Taiwan
2.2
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Large Cap (> $12 B)
89.0
80.4
Mid Cap ($2.5 to $12 B)
9.1
19.2
Small Cap (< $2.5 B)
1.9
0.4
Capitalization
Fund (%)
Large Cap (> $12 B)
89.0
Mid Cap ($2.5 to $12 B)
9.1
Small Cap (< $2.5 B)
1.9
Portfolio Managers

Portfolio Managers

Lei Wang, CFA
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…
Learn More

More Insights

Markets

The Ghosts of Markets Past

We all know that past performance is not an indicator of future results, but how the markets have reacted to events in the past provides valuable perspective.
Economy

What Digitization Means for the Semiconductor Industry

As digitization continues uninterrupted, semiconductor market cycles should become less volatile, still market whipsaws open opportunities for active managers.
Monetary & Fiscal Policy

Fed Tightens as Expected, but the Central Bank Is Not the Only Show

July's 75 bps tightening is important, but overshadowed by PCE and earnings reports.