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Welcome to Thornburg

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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.

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.

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Thornburg Better World International Fund

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, 608 and 419 funds, as of 31 Oct 2022.

As of 31 Oct 2022
Fund Assets
$387.0 M
As of 31 Oct 2022
NAV
$16.03
As of 30 Nov 2022
Change
$0.35
As of 30 Nov 2022
YTD NAV Performance
-16.90%
As of 30 Nov 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 Sep 2022)
YTD
1y
3y
5y
Inception
Total Return (%)
-27.79
-27.54
7.25
5.00
7.34
MSCI ACWI ex US NTR (%)
-26.50
-25.17
-1.52
-0.81
3.29
Morningstar Category Avg. (%)
-27.41
-25.51
-1.79
-1.12
Morningstar Quartile
3
1
1
YTD
1y
3y
5y
Inception
Total Return (%)
-16.90
-15.77
9.86
7.07
9.29
MSCI ACWI ex US NTR (%)
-15.37
-11.87
1.75
1.48
5.27
Morningstar Category Avg. (%)
-23.93
-24.04
-1.29
-0.51
Morningstar Quartile
4
1
1
YTD
1y
3y
5y
Inception
Total Return (%)
-27.79
-27.54
23.36
27.62
64.23
MSCI ACWI ex US NTR (%)
-26.50
-25.17
-4.49
-4.00
25.46
YTD
1y
3y
5y
Inception
Total Return (%)
-16.90
-15.77
32.59
40.73
88.99
MSCI ACWI ex US NTR (%)
-15.37
-11.87
5.34
7.63
44.46
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 Sep 2022)
Gross Expense Ratio (%)
1.21
Net Expense Ratio (%)
0.90
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Nov 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 31 Oct 2022)
Net Fund Assets
$387.0 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
51
Portfolio Turnover
141%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2022)
Portfolio
Benchmark
Weighted Average Market Cap
$93.7 B
$69.9 B
Median Market Cap
$49.7 B
$7.5 B
Price to Earnings - Forward 1YR
16.5x
10.9x
Price to Earnings - Trailing 12 Months
18.2x
11.8x
Price to Cash Flow
11.8x
7.2x
Portfolio
Benchmark
Price to Book Value
2.5x
1.6x
Return on Assets - 5 YR
8.6%
7.3%
Return on Equity - 5 YR
17.9%
14.8%
Historical 3YR Sales Growth
5.7%
8.0%
Active Share
88.0%
Risk & Return Profile

Risk & Return Profile

(As of 31 Oct 2022)
3y
5y
Annualized Alpha (%)
9.16
6.10
Beta
0.95
0.93
R-Squared (%)
61.62
61.05
Standard Deviation (%)
21.68
18.35
Sharpe Ratio
0.27
0.20
Information Ratio
0.61
0.48
Up Capture (%)
99.09
97.39
Down Capture (%)
91.02
91.07
Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2022)
Name
Ticker/Symbol
Sector
Weight %
Novartis AG
NOVN
Health Care
3.4
Alimentation Couche-Tard, Inc.
ATD
Consumer Staples
3.3
SAP SE
SAP
Information Technology
3.2
Seven & i Holdings Co. Ltd.
3382
Consumer Staples
3.1
Canadian Pacific Railway Ltd.
CP
Industrials
3.1
ABB Ltd.
ABBN
Industrials
2.9
Roche Holding AG
ROG
Health Care
2.9
L'Oreal S.A.
OR
Consumer Staples
2.8
Hitachi Ltd.
6501
Industrials
2.8
Waste Connections, Inc.
WCN
Industrials
2.7
Exposure Breakdown

Exposure Breakdown

(As of 31 Oct 2022)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
19.3
10.9
Industrials
17.5
12.5
Health Care
14.4
10.0
Financials
14.0
20.9
Consumer Staples
12.4
9.1
Cash & Cash Equivalents
6.8
Consumer Discretionary
5.3
10.7
Communication Services
4.4
5.7
Materials
4.2
8.1
Utilities
1.3
3.3
Real Estate
0.2
2.2
Energy
0.0
6.6
Sector Allocation
Fund (%)
Information Technology
19.3
Industrials
17.5
Health Care
14.4
Financials
14.0
Consumer Staples
12.4
Cash & Cash Equivalents
6.8
Consumer Discretionary
5.3
Communication Services
4.4
Materials
4.2
Utilities
1.3
Real Estate
0.2
Energy
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Software & Services
14.0
3.3
Pharmaceuticals, Biotechnology & Life Sciences
12.9
8.1
Banks
9.9
13.0
Capital Goods
9.6
8.2
Food & Staples Retailing
8.1
1.6
Commercial & Professional Services
4.8
1.5
Household & Personal Products
4.4
2.0
Materials
4.2
8.1
Consumer Durables & Apparel
3.5
3.0
Transportation
3.1
2.8
Top 10 Industries
Fund (%)
Software & Services
14.0
Pharmaceuticals, Biotechnology & Life Sciences
12.9
Banks
9.9
Capital Goods
9.6
Food & Staples Retailing
8.1
Commercial & Professional Services
4.8
Household & Personal Products
4.4
Materials
4.2
Consumer Durables & Apparel
3.5
Transportation
3.1
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
Japan
17.4
14.1
Japan
United States
15.6
0.1
North America
Switzerland
12.1
6.7
Europe ex UK
Canada
9.7
8.5
North America
France
9.0
7.5
Europe ex UK
United Kingdom
5.1
10.0
UK
China
4.7
7.4
Asia Pacific ex Japan
Australia
4.2
5.1
Asia Pacific ex Japan
Hong Kong
4.1
1.6
Asia Pacific ex Japan
Germany
3.2
5.1
Europe ex UK
Top 10 Countries
Fund (%)
Japan
17.4
United States
15.6
Switzerland
12.1
Canada
9.7
France
9.0
United Kingdom
5.1
China
4.7
Australia
4.2
Hong Kong
4.1
Germany
3.2
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
94.1
79.0
Mid Cap ($2.5 to $12 B)
5.9
20.3
Small Cap (< $2.5 B)
0.0
0.7
Capitalization
Fund (%)
Large Cap (> $12 B)
94.1
Mid Cap ($2.5 to $12 B)
5.9
Small Cap (< $2.5 B)
0.0
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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