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Home Investments Mutual Funds Thornburg Better World International Fund TBWIX
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TBWIX

Thornburg Better World International Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 646 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, 1 star, 1 star and 4 stars among 646, 608 and 483 funds, as of 31 Aug 2026.

As of 31 Aug 2026
Fund Assets
$470.3 M
As of 31 Aug 2026
NAV
$23.79
As of 21 Sep 2026
Change
$0.30
As of 21 Sep 2026
YTD NAV Performance
5.78%
As of 21 Sep 2026
Asset Category:
International Equity
Fund Benchmark:
MSCI ACWI ex-U.S. Index

Portfolio Managers

Lei Wang, CFA
Portfolio Manager and Managing Director
Brian Burrell, CFA, FSA
Portfolio Manager and Managing Director
OverviewPerformanceFund FactsCharacteristicsPortfolioPortfolio ManagersLiterature
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.

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Performance

Performance

Returns

(As of 30 Jun 2026)
Average Annual Return
YTD
1y
3y
5y
10y
Inception
Total Return (%)
2.89
10.51
11.26
4.35
10.72
10.33
MSCI ACWI ex-U.S. Index (%)
13.68
27.66
18.82
8.79
9.93
9.42
Morningstar Category Avg. (%)
10.85
21.46
16.72
8.43
9.46
—
Morningstar Quartile
—
4
4
4
1
—
Morningstar Quartile # of Funds
—
676
645
606
479
—
YTD
1y
3y
5y
10y
Inception
Total Return (%)
7.38
14.31
13.20
4.95
10.41
10.59
MSCI ACWI ex-U.S. Index (%)
17.01
27.35
20.22
9.37
9.64
9.56
Morningstar Category Avg. (%)
14.31
22.55
18.3
8.71
9.29
—
Morningstar Quartile
—
4
4
4
1
—
Morningstar Quartile # of Funds
—
678
646
608
483
—
YTD
1y
3y
5y
10y
Inception
Total Return (%)
2.89
10.51
37.72
23.70
176.87
187.77
MSCI ACWI ex-U.S. Index (%)
13.68
27.66
67.75
52.36
157.65
163.30
YTD
1y
3y
5y
10y
Inception
Total Return (%)
7.38
14.31
45.05
27.30
169.21
200.33
MSCI ACWI ex-U.S. Index (%)
17.01
27.35
73.76
56.47
151.09
171.00
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Total Return (%)
7.55
22.87
-13.59
24.62
26.75
20.92
-18.01
12.72
7.11
24.24
MSCI ACWI ex-U.S. Index (%)
4.50
27.19
-14.20
21.51
10.65
7.82
-16.00
15.62
5.53
32.39

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.

Source: Confluence

Morningstar quartile ranking for Foreign Large Blend category is based on total returns before sales charges.

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.

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

Fund Fees

Fund Fees

(As of 1 Feb 2026)
Gross Expense Ratio (%)
1.24
Net Expense Ratio (%)
0.90

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.

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least 1 February 2027, 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.

Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Aug 2026)
(Hypothetical Growth of $10,000 vs MSCI ACWI ex-U.S. Index)

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

Distributions

(As of 18 Dec 2025)
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
—
—
14 Dec 2023
0.26942
0.26942
—
—
19 Dec 2024
0.25701
0.25701
—
—
18 Dec 2025
0.34325
0.34325
—
—
Fund Facts

Fund Facts

(As of 31 Aug 2026)
Net Fund Assets
$470.3 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 2026)
Portfolio
Benchmark
Number of Holdings
49
—
Weighted Average Market Cap
$326.4 B
$246.9 B
Median Market Cap
$117.8 B
$15.5 B
Annual Portfolio Turnover
39%
—
Price to Earnings - Forward 1YR
15.0x
14.2x
Portfolio
Benchmark
Price to Earnings - Trailing 12 Months
22.2x
19.4x
Price to Cash Flow
11.1x
11.2x
Price to Book Value
3.0x
2.4x
Active Share
81.1%
—

Annual Portfolio Turnover reflects data as of the Fund’s fiscal year end (9/30).

Risk & Return Profile

Risk & Return Profile

(As of 31 Aug 2026)
3y
5y
10y
Annualized Alpha (%)
-2.32
-3.10
1.61
Beta
0.79
0.88
0.91
R-Squared (%)
81.71
88.16
84.66
Standard Deviation (%)
11.59
14.50
14.73
Sharpe Ratio
0.72
0.08
0.54
Information Ratio
-1.25
-0.84
0.13
Tracking Error (%)
5.65
5.30
5.93
Up Capture (%)
76.39
82.72
96.58
Down Capture (%)
94.26
98.29
90.59

Past performance does not guarantee future results.

Risk & Return Profile metrics are based on the I share class.

Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2026)
Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
4.7
ING Groep N.V.
INGA
Financials
3.9
Schneider Electric SE
SU
Industrials
3.9
Endesa S.A.
ELE
Utilities
3.8
BNP Paribas S.A.
BNP
Financials
3.6
Tencent Holdings Ltd.
700
Communication Services
3.5
Roche Holding AG
ROP
Health Care
3.3
Mitsubishi UFJ Financial Group, Inc.
8306
Financials
3.1
Iberdrola S.A.
IBE
Utilities
3.0
Enel SpA
ENEL
Utilities
2.9
Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2026)
Sector
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
24.7
14.1
Financials
17.5
25.3
Information Technology
16.3
20.3
Utilities
9.8
3.0
Consumer Discretionary
8.8
7.8
Health Care
7.5
6.9
Communication Services
7.5
4.4
Materials
3.4
7.1
Cash & Equivalents
3.2
—
Consumer Staples
1.5
5.0
Energy
0.0
4.8
Real Estate
0.0
1.2
Sector Allocation
Fund (%)
Industrials
24.7
Financials
17.5
Information Technology
16.3
Utilities
9.8
Consumer Discretionary
8.8
Health Care
7.5
Communication Services
7.5
Materials
3.4
Cash & Equivalents
3.2
Consumer Staples
1.5
Energy
0.0
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
19.4
11.1
Banks
12.0
16.7
Utilities
9.8
3.0
Semiconductors & Semiconductor Equipment
8.4
11.7
Pharmaceuticals, Biotechnology & Life Sciences
6.2
5.8
Consumer Discretionary Distribution & Retail
4.4
2.4
Technology Hardware & Equipment
4.4
6.4
Consumer Durables & Apparel
4.1
2.0
Telecommunication Services
4.0
2.4
Software & Services
3.6
2.3
Top 10 Industries
Fund (%)
Capital Goods
19.4
Banks
12.0
Utilities
9.8
Semiconductors & Semiconductor Equipment
8.4
Pharmaceuticals, Biotechnology & Life Sciences
6.2
Consumer Discretionary Distribution & Retail
4.4
Technology Hardware & Equipment
4.4
Consumer Durables & Apparel
4.1
Telecommunication Services
4.0
Software & Services
3.6
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
Germany
11.0
5.3
Europe ex UK
France
11.0
5.7
Europe ex UK
United States
10.2
0.0
North America
Japan
10.1
14.0
Japan
China
10.0
6.6
Asia Pacific ex Japan
Switzerland
8.9
5.5
Europe ex UK
Spain
7.8
2.4
Europe ex UK
Netherlands
5.0
3.4
Europe ex UK
United Kingdom
4.8
8.7
UK
Taiwan
4.7
8.9
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
Germany
11.0
France
11.0
United States
10.2
Japan
10.1
China
10.0
Switzerland
8.9
Spain
7.8
Netherlands
5.0
United Kingdom
4.8
Taiwan
4.7
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
98.7
93.4
Mid Cap ($2.5 to $12 B)
0.3
6.6
Small Cap (< $2.5 B)
1.0
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
98.7
Mid Cap ($2.5 to $12 B)
0.3
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.

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Cash and Equivalents includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

Portfolio Managers

Portfolio Managers

Lei Wang, CFA

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…
Learn More
Brian Burrell, CFA, FSA

Brian Burrell, CFA, FSA

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…
Learn More

Literature

Fact Sheet
Commentary
Summary Prospectus
Annual Financial Statements
Semi-Annual Financial Statements
Prospectus
Statement of Additional Information (SAI)
Annual TSR
Semi-Annual TSR

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.

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.

© 2026 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.

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.

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.

Thornburg mutual funds are distributed by Thornburg Securities LLC.

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 LLC (TSL) does not act as broker of record for investors.

Please see our glossary for a definition of terms.

The Better World International Fund's adherence to its ESG ratings process may affect the fund's exposure to certain companies, sectors, regions, and countries and may affect the Fund's performance depending on whether such investments are in or out of favor. This process may result in the Fund 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’s aspirations.

Environmental, social and governance (ESG) criteria are a set of standards for a company's operations that socially conscious investors use to screen potential investments. Environmental criteria consider how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company's leadership, executive pay, audits, internal controls, and shareholder rights.

Investing in an ESG-focused strategy does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

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.

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