Thornburg Better World International Fund
SYMBOL: TBWAX
Morningstar Rating • Info
Overall Morningstar Rating among 654 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, 3 stars and 4 stars among 654 and 618 funds, as of 31 May 2025.
As of 31 May 2025
Fund Assets
$503.0 M
As of 31 May 2025
NAV
$20.60
As of 3 Jul 2025
Change
$-0.07
As of 3 Jul 2025
YTD NAV Performance
15.28%
As of 3 Jul 2025
Asset Category:
International Equity
Fund Benchmark:
MSCI ACWI ex-U.S. Index
Portfolio Managers
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview
Performance
Performance
Returns
(As of 30 Jun 2025)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
Fund Fees
Fund Fees
(As of 1 Feb 2025)
Gross Expense Ratio (%)
1.58
Net Expense Ratio (%)
1.58
Hypothetical Growth of $10,000
Hypothetical Growth of $10,000
(As of 30 Jun 2025)
(Hypothetical Growth of $10,000 vs MSCI ACWI ex-U.S. Index)
Distributions
Distributions
(As of 19 Dec 2024)Ex-Date
Payable Date
Total ($)
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 31 May 2025)Net Fund Assets
$503.0 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
52
Portfolio Turnover
61%
Distribution Frequency
Annually
Characteristics
Characteristics
Portfolio
(As of 31 May 2025)Portfolio
Benchmark
Weighted Average Market Cap
$118.6 B
$114.1 B
Median Market Cap
$76.0 B
$11.8 B
Price to Earnings - Forward 1YR
17.9x
14.5x
Price to Earnings - Trailing 12 Months
20.1x
16.4x
Price to Cash Flow
11.0x
8.9x
Portfolio
Benchmark
Price to Book Value
2.4x
1.9x
Return on Assets - 5 YR
6.3%
6.8%
Return on Equity - 5 YR
14.6%
15.5%
Historical 3YR Sales Growth
12.3%
15.0%
Active Share
86.7%
—
Risk & Return Profile
Risk & Return Profile
(As of 31 May 2025)3y
5y
Annualized Alpha (%)
1.15
3.13
Beta
0.93
0.95
R-Squared (%)
93.32
85.21
Standard Deviation (%)
15.18
15.44
Sharpe Ratio
0.35
0.66
Information Ratio
0.15
0.45
Up Capture (%)
97.91
102.70
Down Capture (%)
93.92
89.54
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
Exposure Breakdown
Exposure Breakdown
(As of 31 May 2025)Sector Allocation
Fund (%)
Industrials
25.8
Financials
14.7
Consumer Staples
9.7
Health Care
9.7
Information Technology
9.4
Consumer Discretionary
8.6
Utilities
7.7
Cash & Cash Equivalents
6.0
Communication Services
4.4
Materials
4.0
Real Estate
0.0
Energy
0.0
Top 10 Industries
Fund (%)
Capital Goods
13.9
Utilities
7.7
Commercial & Professional Services
7.3
Consumer Durables & Apparel
7.1
Banks
6.6
Pharmaceuticals, Biotechnology & Life Sciences
6.5
Financial Services
5.9
Transportation
4.7
Technology Hardware & Equipment
4.5
Materials
4.0
Top 10 Countries
Fund (%)
Japan
20.9
France
19.8
United Kingdom
8.8
Switzerland
8.2
United States
6.9
Canada
6.6
Germany
4.6
Spain
4.5
Italy
4.3
Korea, Republic of (South Korea)
3.0
Capitalization
Fund (%)
Large Cap (> $12 B)
85.1
Mid Cap ($2.5 to $12 B)
14.2
Small Cap (< $2.5 B)
0.7
Portfolio Managers
Portfolio Managers

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…
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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…
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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…
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