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Home » Investments » Mutual Funds » Thornburg Better World International Fund
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Thornburg Better World International Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 658 Foreign Large Blend funds, based on risk-adjusted returns for class A shares, using a weighted average of the funds three- and five-year ratings: respectively, 2 stars and 4 stars among 658 and 622 funds, as of 30 Jun 2025.

As of 30 Jun 2025
Fund Assets
$517.2 M
As of 30 Jun 2025
NAV
$20.39
As of 18 Jul 2025
Change
$0.01
As of 18 Jul 2025
YTD NAV Performance
14.10%
As of 18 Jul 2025
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
Portfolio Manager and Managing Director
Joe Salmond
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.

Related Content

Orange spiral staircase
Global Equity
Mid-Year Global Equity Outlook: Diminishing U.S. Exceptionalism Leads to Non-U.S. Opportunities
Global Equity
5 Reasons to Consider Global ex-US Equities
Markets & Economy
The Global Shift: Why Non-U.S. Equities Are Taking Center Stage
Performance

Performance

Returns

(As of 30 Jun 2025)
Average Annual Return
YTD
1y
3y
5y
Inception
Total Return with Sales Charge (%)
10.16
10.34
10.66
10.46
9.09
Total Return without Sales Charge (%)
15.33
15.55
12.37
11.48
9.60
MSCI ACWI ex-U.S. Index (%)
17.90
17.72
13.99
10.13
7.71
Morningstar Category Avg. (%)
18.9
18.24
14.84
10.48
—
Morningstar Quartile
—
4
4
2
—
Morningstar Quartile # of Funds
—
693
658
622
—
YTD
1y
3y
5y
Inception
Total Return with Sales Charge (%)
10.16
10.34
10.66
10.46
9.09
Total Return without Sales Charge (%)
15.33
15.55
12.37
11.48
9.60
MSCI ACWI ex-U.S. Index (%)
17.90
17.72
13.99
10.13
7.71
Morningstar Category Avg. (%)
18.9
18.24
14.84
10.48
—
Morningstar Quartile
—
4
4
2
—
Morningstar Quartile # of Funds
—
693
658
622
—
YTD
1y
3y
5y
Inception
Total Return with Sales Charge (%)
10.16
10.34
35.51
64.48
133.49
Total Return without Sales Charge (%)
15.33
15.55
41.90
72.21
144.44
MSCI ACWI ex-U.S. Index (%)
17.90
17.72
48.11
61.98
106.25
YTD
1y
3y
5y
Inception
Total Return with Sales Charge (%)
10.16
10.34
35.51
64.48
133.49
Total Return without Sales Charge (%)
15.33
15.55
41.90
72.21
144.44
MSCI ACWI ex-U.S. Index (%)
17.90
17.72
48.11
61.98
106.25
2019
2020
2021
2022
2023
2024
Total Return with Sales Charge (%)
18.20
20.17
14.98
-22.14
7.08
1.72
MSCI ACWI ex-U.S. Index (%)
21.51
10.65
7.82
-16.00
15.62
5.53

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.

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 2025)
Gross Expense Ratio (%)
1.58
Net Expense Ratio (%)
1.58

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least February 1, 2026, 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

Hypothetical Growth of $10,000

(As of 30 Jun 2025)
(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 19 Dec 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
26 Sep 2016
30 Sep 2016
0.06250
0.06250
—
—
18 Nov 2016
18 Nov 2016
0.69455
—
0.69455
0.00000
24 Mar 2017
31 Mar 2017
0.01560
0.01560
—
—
23 Jun 2017
30 Jun 2017
0.08600
0.08600
—
—
22 Sep 2017
30 Sep 2017
0.01900
0.01900
—
—
17 Nov 2017
17 Nov 2017
0.37136
—
0.30226
0.06910
15 Nov 2018
15 Nov 2018
0.96521
—
0.46085
0.50436
21 Dec 2018
31 Dec 2018
0.15092
0.15092
—
—
20 Dec 2019
31 Dec 2019
0.09052
0.09052
—
—
18 Nov 2021
18 Nov 2021
2.86340
—
1.79872
1.06468
15 Dec 2022
31 Dec 2022
0.04453
0.04453
—
—
14 Dec 2023
31 Dec 2023
0.17651
0.17651
—
—
19 Dec 2024
31 Dec 2024
0.14453
0.14453
—
—
Fund Facts

Fund Facts

(As of 30 Jun 2025)
Net Fund Assets
$517.2 M
Benchmark
MSCI ACWI ex-U.S. Index
Morningstar Category
Foreign Large Blend
Fund Symbol
TBWAX
Share Class
A
Share Class Inception Date
30 Sep 2015
Number of Holdings
53
Portfolio Turnover
61%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 30 Jun 2025)
Portfolio
Benchmark
Weighted Average Market Cap
$124.8 B
$120.2 B
Median Market Cap
$66.7 B
$12.2 B
Price to Earnings - Forward 1YR
17.6x
14.8x
Price to Earnings - Trailing 12 Months
20.1x
16.5x
Price to Cash Flow
10.7x
9.0x
Portfolio
Benchmark
Price to Book Value
2.4x
1.9x
Return on Assets - 5 YR
6.4%
6.9%
Return on Equity - 5 YR
15.1%
15.5%
Historical 3YR Sales Growth
12.1%
15.2%
Active Share
86.5%
—
Risk & Return Profile

Risk & Return Profile

(As of 30 Jun 2025)
3y
5y
Annualized Alpha (%)
-0.24
2.53
Beta
0.95
0.94
R-Squared (%)
92.79
84.80
Standard Deviation (%)
14.58
15.29
Sharpe Ratio
0.56
0.60
Information Ratio
-0.25
0.33
Up Capture (%)
95.79
100.19
Down Capture (%)
98.15
89.54

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 May 2025)
Name
Ticker/Symbol
Sector
Weight %
Mitsubishi UFJ Financial Group, Inc.
8306
Financials
3.3
BNP Paribas S.A.
BNP
Financials
3.3
L'Oreal S.A.
OR
Consumer Staples
3.3
Canadian Pacific Kansas City Ltd.
CP
Industrials
3.1
Enel SpA
ENEL
Utilities
3.1
Hitachi Ltd.
6501
Industrials
3.1
Linde plc
LIN
Materials
3.0
Samsung Electronics Co. Ltd.
005930
Information Technology
3.0
Danone S.A.
BN
Consumer Staples
2.9
Sony Group Corp.
6758
Consumer Discretionary
2.9
Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 30 Jun 2025)
Sector
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
24.9
14.8
Financials
14.7
25.1
Health Care
10.1
8.0
Information Technology
9.7
13.3
Consumer Staples
9.2
6.7
Consumer Discretionary
7.8
10.1
Utilities
7.8
3.2
Cash & Cash Equivalents
7.4
—
Communication Services
4.4
6.4
Materials
4.0
6.2
Real Estate
0.0
1.7
Energy
0.0
4.6
Sector Allocation
Fund (%)
Industrials
24.9
Financials
14.7
Health Care
10.1
Information Technology
9.7
Consumer Staples
9.2
Consumer Discretionary
7.8
Utilities
7.8
Cash & Cash Equivalents
7.4
Communication Services
4.4
Materials
4.0
Real Estate
0.0
Energy
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
14.3
11.0
Utilities
7.8
3.2
Pharmaceuticals, Biotechnology & Life Sciences
6.9
6.4
Banks
6.5
15.6
Consumer Durables & Apparel
6.4
2.6
Commercial & Professional Services
6.1
1.6
Financial Services
5.7
4.1
Technology Hardware & Equipment
4.6
3.5
Transportation
4.5
2.2
Materials
4.0
6.2
Top 10 Industries
Fund (%)
Capital Goods
14.3
Utilities
7.8
Pharmaceuticals, Biotechnology & Life Sciences
6.9
Banks
6.5
Consumer Durables & Apparel
6.4
Commercial & Professional Services
6.1
Financial Services
5.7
Technology Hardware & Equipment
4.6
Transportation
4.5
Materials
4.0
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Japan
20.4
13.7
Japan
France
19.9
7.0
Europe ex UK
United Kingdom
8.6
9.3
UK
Switzerland
8.3
6.0
Europe ex UK
Canada
6.2
8.1
North America
United States
5.6
0.1
North America
Germany
4.7
6.5
Europe ex UK
Spain
4.6
2.1
Europe ex UK
Italy
4.4
1.9
Europe ex UK
Korea, Republic of (South Korea)
3.2
3.1
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
Japan
20.4
France
19.9
United Kingdom
8.6
Switzerland
8.3
Canada
6.2
United States
5.6
Germany
4.7
Spain
4.6
Italy
4.4
Korea, Republic of (South Korea)
3.2
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Large Cap (> $12 B)
84.8
88.5
Mid Cap ($2.5 to $12 B)
14.4
11.5
Small Cap (< $2.5 B)
0.8
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
84.8
Mid Cap ($2.5 to $12 B)
14.4
Small Cap (< $2.5 B)
0.8

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

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

Brian Burrell, CFA

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
Joe Salmond

Joe Salmond

Portfolio Manager and Managing Director
Joe Salmond is a portfolio manager for Thornburg Investment Management. He joined the firm in 2018 as an equity research analyst and became an associate portfolio manager in 2021, managing director in 2023 and portfolio manager in 2024. Joe earned an MBA from the Tepper School of Business at Carnegie Mellon University and graduated from Arizona State University with a…
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.

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'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.

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

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.

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.

© 2025 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 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.

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