Thornburg Better World International Fund

SYMBOL: TBWIX

Morningstar Rating • Info

Overall Morningstar Rating among 700 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, 5 stars, 5 stars and star among 700, 614 and 420 funds, as of 28 Feb 2023.

As of 28 Feb 2023

Fund Assets

$486.3 M

As of 28 Feb 2023

NAV

$16.29

As of 22 Mar 2023

Change

$0.03

As of 22 Mar 2023

YTD NAV Performance

3.89%

As of 22 Mar 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 31 Dec 2022)

YTD

Inception

Total Return (%)

-18.01

7.91

6.24

8.97

MSCI ACWI ex US NTR (%)

-16.00

0.07

0.88

5.09

Morningstar Category Avg. (%)

-15.84

0.55

1.15

—

Morningstar Quartile

—

YTD

Inception

Total Return (%)

4.21

-7.97

12.49

7.32

9.37

MSCI ACWI ex US NTR (%)

4.32

-7.19

5.27

1.62

5.58

Morningstar Category Avg. (%)

-15.84

0.55

1.15

—

Morningstar Quartile

—

YTD

Inception

Total Return (%)

-18.01

25.67

35.32

86.47

MSCI ACWI ex US NTR (%)

-16.00

0.22

4.49

43.38

YTD

Inception

Total Return (%)

4.21

-7.97

42.36

42.35

94.32

MSCI ACWI ex US NTR (%)

4.32

-7.19

16.65

8.36

49.57

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 744, 704 and 611 funds, respectively, as of 31 Dec 2022, and 744, 702 and 614 funds, respectively, as of 31 Jan 2023, and 748, 700 and 614 funds, respectively, as of 28 Feb 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

Hypothetical Growth of $10,000

(As of 28 Feb 2023)

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

                        Categories,I Shares,MSCI ACWI ex US NTR
                        2022-02-28,10000,10000
2022-03-31,9939,10016
2022-04-30,9118,9387
2022-05-31,9123,9454
2022-06-30,8548,8641
2022-07-31,8928,8937
2022-08-31,8509,8649
2022-09-30,7778,7785
2022-10-31,7945,8018
2022-11-30,8950,8964
2022-12-31,8831,8897
2023-01-31,9642,9619
2023-02-28,9203,9281

                        Categories,I Shares,MSCI ACWI ex US NTR
                        2020-02-29,10000,10000
2020-03-31,8754,8552
2020-04-30,9550,9200
2020-05-31,10173,9501
2020-06-30,10781,9931
2020-07-31,11464,10373
2020-08-31,12192,10817
2020-09-30,12057,10551
2020-10-31,11824,10325
2020-11-30,13161,11713
2020-12-31,13779,12347
2021-01-31,13696,12373
2021-02-28,14646,12618
2021-03-31,15037,12778
2021-04-30,15580,13154
2021-05-31,15882,13565
2021-06-30,17042,13478
2021-07-31,16726,13256
2021-08-31,17284,13507
2021-09-30,16605,13075
2021-10-31,17088,13387
2021-11-30,16438,12784
2021-12-31,16661,13313
2022-01-31,16204,12822
2022-02-28,15469,12568
2022-03-31,15374,12588
2022-04-30,14105,11798
2022-05-31,14113,11882
2022-06-30,13224,10860
2022-07-31,13811,11232
2022-08-31,13163,10871
2022-09-30,12032,9784
2022-10-31,12291,10077
2022-11-30,13846,11266
2022-12-31,13661,11182
2023-01-31,14916,12089
2023-02-28,14236,11665

                        Categories,I Shares,MSCI ACWI ex US NTR
                        2018-02-28,10000,10000
2018-03-31,9953,9824
2018-04-30,10094,9980
2018-05-31,10000,9750
2018-06-30,9980,9567
2018-07-31,10169,9796
2018-08-31,9926,9591
2018-09-30,10007,9634
2018-10-31,9069,8851
2018-11-30,9184,8934
2018-12-31,8722,8530
2019-01-31,9189,9175
2019-02-28,9486,9354
2019-03-31,9604,9409
2019-04-30,10049,9658
2019-05-31,9397,9140
2019-06-30,10019,9690
2019-07-31,9834,9573
2019-08-31,9604,9277
2019-09-30,9753,9516
2019-10-31,10160,9848
2019-11-30,10442,9935
2019-12-31,10870,10365
2020-01-31,10637,10086
2020-02-29,9999,9289
2020-03-31,8753,7944
2020-04-30,9549,8546
2020-05-31,10172,8826
2020-06-30,10780,9225
2020-07-31,11463,9636
2020-08-31,12191,10048
2020-09-30,12056,9801
2020-10-31,11824,9591
2020-11-30,13160,10881
2020-12-31,13778,11469
2021-01-31,13695,11494
2021-02-28,14645,11721
2021-03-31,15036,11870
2021-04-30,15579,12219
2021-05-31,15881,12601
2021-06-30,17041,12520
2021-07-31,16725,12313
2021-08-31,17283,12547
2021-09-30,16604,12146
2021-10-31,17087,12435
2021-11-30,16437,11876
2021-12-31,16660,12366
2022-01-31,16203,11911
2022-02-28,15468,11675
2022-03-31,15373,11693
2022-04-30,14104,10959
2022-05-31,14112,11038
2022-06-30,13223,10088
2022-07-31,13810,10434
2022-08-31,13162,10098
2022-09-30,12031,9089
2022-10-31,12290,9361
2022-11-30,13845,10466
2022-12-31,13660,10387
2023-01-31,14915,11230
2023-02-28,14235,10836

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 ($)
            2016-09-30,0.06250
2016-11-30,0.69455
2017-03-31,0.02810
2017-06-30,0.09613
2017-09-30,0.03270
2017-11-30,0.37136
2018-11-30,0.96521
2018-12-31,0.22878
2019-12-31,0.18707
2020-12-31,0.07245
2021-11-30,2.86340
2021-12-31,0.04934
2022-12-31,0.13636

            Ex Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
            2016-09-26,0.06250,0.06250,0,0
2016-11-18,0.69455,0,0.69455,0.00000
2017-03-24,0.02810,0.02810,0,0
2017-06-23,0.09613,0.09613,0,0
2017-09-22,0.03270,0.03270,0,0
2017-11-17,0.37136,0,0.30226,0.06910
2018-11-15,0.96521,0,0.46085,0.50436
2018-12-21,0.22878,0.22878,0,0
2019-12-20,0.18707,0.18707,0,0
2020-12-17,0.07245,0.07245,0,0
2021-11-18,2.86340,0,1.79872,1.06468
2021-12-16,0.04934,0.04934,0,0
2022-12-15,0.13636,0.13636,0,0

Distributions

(As of 31 Dec 2022)

Ex-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 28 Feb 2023)

Net Fund Assets

$486.3 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 28 Feb 2023)

Portfolio

Benchmark

Weighted Average Market Cap

$108.9 B

$83.0 B

Median Market Cap

$47.4 B

$8.6 B

Price to Earnings - Forward 1YR

17.2x

12.3x

Price to Earnings - Trailing 12 Months

18.2x

12.2x

Price to Cash Flow

9.3x

7.1x

Portfolio

Benchmark

Price to Book Value

2.5x

1.7x

Return on Assets - 5 YR

5.7%

7.3%

Return on Equity - 5 YR

16.2%

14.8%

Historical 3YR Sales Growth

26.5%

12.3%

Active Share

86.0%

—

Risk & Return Profile

(As of 28 Feb 2023)

Annualized Alpha (%)

8.05

6.32

Beta

0.95

0.94

R-Squared (%)

61.62

62.27

Standard Deviation (%)

22.08

18.71

Sharpe Ratio

0.52

0.32

Information Ratio

0.53

0.49

Up Capture (%)

97.38

98.50

Down Capture (%)

90.62

92.16

Past performance does not guarantee future results.

Portfolio

Top Holdings

(As of 31 Jan 2023)

Name

Ticker/Symbol

Sector

Weight %

Seven & i Holdings Co. Ltd.

3382

Consumer Staples

3.1

Canadian Pacific Railway Ltd.

Industrials

3.0

L'Oreal S.A.

Consumer Staples

2.9

ABB Ltd.

ABBN

Industrials

2.8

Wuxi Biologics Cayman, Inc.

2269

Health Care

2.8

SAP SE

SAP

Information Technology

2.8

Alibaba Group Holding Ltd.

BABA

Consumer Discretionary

2.5

Hitachi Ltd.

6501

Industrials

2.5

Tencent Holdings Ltd.

700

Communication Services

2.4

Schneider Electric SE

Industrials

2.3

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 28 Feb 2023)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Industrials

17.1

12.5

Information Technology

15.2

11.3

Health Care

15.2

9.3

Consumer Staples

11.7

8.6

Financials

10.2

21.3

Consumer Discretionary

8.8

11.6

Communication Services

8.6

5.9

Cash & Cash Equivalents

6.8

—

Materials

3.7

8.2

Utilities

2.4

3.1

Unassigned

0.3

—

Real Estate

0.0

2.2

Energy

0.0

5.9

Sector Allocation

Fund (%)

Industrials

17.1

Information Technology

15.2

Health Care

15.2

Consumer Staples

11.7

Financials

10.2

Consumer Discretionary

8.8

Communication Services

8.6

Cash & Cash Equivalents

6.8

Materials

3.7

Utilities

2.4

Unassigned

0.3

Real Estate

0.0

Energy

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Pharmaceuticals, Biotechnology & Life Sciences

11.6

7.5

Capital Goods

9.2

8.5

Software & Services

9.0

3.1

Banks

8.5

12.9

Food & Staples Retailing

7.0

1.6

Commercial & Professional Services

4.9

1.4

Household & Personal Products

4.7

2.0

Media & Entertainment

4.6

3.0

Retailing

4.2

3.2

Telecommunication Services

4.1

2.9

Top 10 Industries

Fund (%)

Pharmaceuticals, Biotechnology & Life Sciences

11.6

Capital Goods

9.2

Software & Services

9.0

Banks

8.5

Food & Staples Retailing

7.0

Commercial & Professional Services

4.9

Household & Personal Products

4.7

Media & Entertainment

4.6

Retailing

4.2

Telecommunication Services

4.1

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

Japan

17.0

13.8

Japan

United States

11.6

0.2

North America

Switzerland

11.0

6.4

Europe ex UK

China

11.0

8.8

Asia Pacific ex Japan

France

10.2

8.0

Europe ex UK

Canada

8.1

7.7

North America

United Kingdom

6.2

9.9

Germany

2.7

5.5

Europe ex UK

Netherlands

2.5

2.9

Europe ex UK

Singapore

2.5

0.8

Asia Pacific ex Japan

Top 10 Countries

Fund (%)

Japan

17.0

United States

11.6

Switzerland

11.0

China

11.0

France

10.2

Canada

8.1

United Kingdom

6.2

Germany

2.7

Netherlands

2.5

Singapore

2.5

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Unassigned

0.0

—

Large Cap (> $12 B)

92.8

81.6

Mid Cap ($2.5 to $12 B)

6.2

18.2

Small Cap (< $2.5 B)

1.0

0.3

Capitalization

Fund (%)

Unassigned

0.0

Large Cap (> $12 B)

92.8

Mid Cap ($2.5 to $12 B)

6.2

Small Cap (< $2.5 B)

1.0

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…

Learn More

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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Where Are the Opportunities Hiding in International Equities?

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Why International and Why Now?

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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

More Insights

Are Emerging Markets Equities Set Up for Outperformance?

The Situation Remains Fluid: An Update on the Banking Industry

Where Are the Opportunities Hiding in International Equities?

Yield Is Back! But Inflation May Prove Sticky for the Fed

Are General Obligation Bonds the Safest Municipal Bonds?

Why International and Why Now?