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Welcome to Thornburg

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Please review our Terms & Conditions

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

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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.

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Thornburg Better World International Fund

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
$16.46
As of 2 Oct 2023
Change
$-0.18
As of 2 Oct 2023
YTD NAV Performance
4.97%
As of 2 Oct 2023
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 Sep 2023)
YTD
1y
3y
5y
Inception
Total Return (%)
6.12
20.49
6.34
7.69
8.91
MSCI ACWI ex US NTR (%)
5.34
20.39
3.74
2.58
5.29
Morningstar Category Avg. (%)
10.91
15.72
7.96
3.89
Morningstar Quartile
3
1
1
YTD
1y
3y
5y
Inception
Total Return (%)
6.12
20.49
6.34
7.69
8.91
MSCI ACWI ex US NTR (%)
5.34
20.39
3.74
2.58
5.29
Morningstar Category Avg. (%)
14.15
14.01
7.81
4.03
Morningstar Quartile
3
1
1
YTD
1y
3y
5y
Inception
Total Return (%)
6.12
20.49
20.24
44.87
97.89
MSCI ACWI ex US NTR (%)
5.34
20.39
11.64
13.57
51.04
YTD
1y
3y
5y
Inception
Total Return (%)
6.12
20.49
20.24
44.87
97.89
MSCI ACWI ex US NTR (%)
5.34
20.39
11.64
13.57
51.04
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
Fund Fees

Fund Fees

(As of 1 Feb 2023)
Gross Expense Ratio (%)
1.25
Net Expense Ratio (%)
0.90
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Aug 2023)
(Hypothetical Growth of $10,000 vs MSCI ACWI ex US NTR)
Distributions

Distributions

(As of 15 Dec 2022)
Payable 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
15 Dec 2022
0.13636
0.13636
Fund Facts

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
I
Share Class Inception Date
30 Sep 2015
Number of Holdings
59
Portfolio Turnover
141%
Distribution Frequency
Annually
Characteristics

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

Risk & Return Profile

(As of 30 Jun 2023)
3y
5y
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
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2023)
Name
Ticker/Symbol
Sector
Weight %
Alibaba Group Holding Ltd.
BABA
Consumer Discretionary
3.7
Novo Nordisk A/S
NOVOB
Health Care
3.4
BNP Paribas S.A.
BNP
Financials
3.3
Nestle S.A.
NESN
Consumer Staples
3.1
Meituan
3690
Consumer Discretionary
3.1
L'Oreal S.A.
OR
Consumer Staples
3.0
SAP SE
SAP
Information Technology
2.9
Canadian Pacific Kansas City Ltd.
CP
Industrials
2.9
Hitachi Ltd.
6501
Industrials
2.9
Roche Holding AG
ROG
Health Care
2.8
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2023)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
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

0%
5%
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

0%
5%
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

0%
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
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…
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