Thornburg Global Opportunities Fund

SYMBOL: THOIX

Morningstar Rating • Info

Overall Morningstar Rating among 335 World Large-Stock 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, 3 stars and 5 stars among 335, 289 and 183 funds, as of 28 Feb 2023.

As of 28 Feb 2023

Fund Assets

$1.0 B

As of 28 Feb 2023

NAV

$30.66

As of 20 Mar 2023

Change

$0.12

As of 20 Mar 2023

YTD NAV Performance

-0.65%

As of 20 Mar 2023

Asset Category:

Global Equity

Fund Benchmark:

MSCI ACWI NTR

Portfolio Managers

Brian McMahon

Vice Chairman and Chief Investment Strategist

Miguel Oleaga

Portfolio Manager and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

A flexible, focused equity portfolio seeking investment opportunities from around the globe and across market capitalizations.
A proven fundamental research process to identify and select quality, undervalued businesses with a defined path to success and value creation.
The fund seeks to outperform global equity markets over a full market cycle.

Investment Objective

The fund’s goal is to provide investors with long-term capital appreciation by investing in equity and debt securities of all types from issuers around the world.

Investment Approach

The fund has the flexibility to seek investment opportunities from around the world and across market capitalizations.. It employs a fundamental, bottom-up investment process to identify companies that we believe have quality business models, trading at a discount to long-term intrinsic value, and have a defined path to success. The portfolio typically holds 30-40 securities and is diversified across countries and sectors.

Returns

(As of 31 Dec 2022)

YTD

10y

Inception

Total Return (%)

-10.08

8.17

5.27

9.81

9.25

MSCI ACWI NTR (%)

-18.36

4.00

5.23

7.98

5.91

Morningstar Category Avg. (%)

-16.67

4.08

4.91

7.87

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

5.06

-2.33

12.81

6.59

9.85

9.48

MSCI ACWI NTR (%)

4.10

-8.26

8.81

5.82

7.93

6.11

Morningstar Category Avg. (%)

-16.67

4.08

4.91

7.87

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

-10.08

26.57

29.29

154.94

327.42

MSCI ACWI NTR (%)

-18.36

12.50

29.01

115.45

156.77

YTD

10y

Inception

Total Return (%)

5.06

-2.33

43.56

37.60

155.76

349.03

MSCI ACWI NTR (%)

4.10

-8.26

28.82

32.70

114.43

167.28

2017

2018

2019

2020

2021

2022

Total Return (%)

22.03

-20.67

28.76

22.66

14.75

-10.08

MSCI ACWI NTR (%)

23.97

-9.42

26.60

16.25

18.54

-18.36

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 for the equity funds' A shares is 4.50%. C shares include a 1% contingent deferred sales charge (CDSC) for the first year only. There is no up-front sales charge for class I or R shares.

Morningstar quartile ranking for Global Large-Stock Blend category is based on total returns before sales charges for 1-, 3-, 5- and 10-years, among 367, 337, 288 and 180 funds, respectively, as of 31 Dec 2022, and 372, 341, 293 and 183 funds, respectively, as of 31 Jan 2023.

Prior to inception of R3, R4 and R5 share classes, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Share class inception dates: A, C and I shares, 28 July 2006; R3, R4 and R5 shares, 1 Feb 2008; R6 shares, 10 Apr 2017.

Fund Fees

(As of 1 Feb 2023)

Gross Expense Ratio (%)

1.06

Net Expense Ratio (%)

0.99

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 NTR
            2006-07-28,10000,10000
2006-07-31,10000,9994
2006-08-31,10209,10253
2006-09-30,10779,10373
2006-10-31,11558,10762
2006-11-30,12026,11066
2006-12-31,12602,11313
2007-01-31,12924,11425
2007-02-28,13068,11365
2007-03-31,13611,11593
2007-04-30,14297,12107
2007-05-31,15246,12468
2007-06-30,15594,12431
2007-07-31,15984,12241
2007-08-31,16162,12207
2007-09-30,17085,12863
2007-10-31,17941,13365
2007-11-30,16883,12774
2007-12-31,16700,12632
2008-01-31,15484,11598
2008-02-29,15685,11630
2008-03-31,14959,11460
2008-04-30,15703,12099
2008-05-31,16193,12288
2008-06-30,14825,11279
2008-07-31,14498,10986
2008-08-31,13907,10750
2008-09-30,11876,9406
2008-10-31,9112,7542
2008-11-30,8326,7047
2008-12-31,8709,7302
2009-01-31,7712,6678
2009-02-28,7025,6024
2009-03-31,7474,6521
2009-04-30,8663,7290
2009-05-31,9925,8017
2009-06-30,10185,7972
2009-07-31,11001,8673
2009-08-31,11540,8984
2009-09-30,12370,9396
2009-10-31,11955,9251
2009-11-30,12153,9631
2009-12-31,12772,9831
2010-01-31,12601,9406
2010-02-28,12885,9526
2010-03-31,13947,10138
2010-04-30,14250,10155
2010-05-31,12990,9193
2010-06-30,12289,8909
2010-07-31,13113,9634
2010-08-31,12374,9298
2010-09-30,13418,10187
2010-10-31,13773,10555
2010-11-30,13658,10320
2010-12-31,14797,11076
2011-01-31,15194,11250
2011-02-28,15939,11577
2011-03-31,15765,11566
2011-04-30,16771,12039
2011-05-31,16926,11780
2011-06-30,16363,11595
2011-07-31,16149,11406
2011-08-31,14855,10573
2011-09-30,12841,9575
2011-10-31,14582,10600
2011-11-30,13970,10283
2011-12-31,13721,10262
2012-01-31,14672,10859
2012-02-29,15444,11405
2012-03-31,15523,11481
2012-04-30,15256,11350
2012-05-31,13949,10332
2012-06-30,14147,10842
2012-07-31,14543,10991
2012-08-31,15038,11230
2012-09-30,15899,11584
2012-10-31,15969,11506
2012-11-30,15919,11654
2012-12-31,16766,11917
2013-01-31,17526,12467
2013-02-28,17556,12465
2013-03-31,18107,12692
2013-04-30,18327,13055
2013-05-31,18868,13019
2013-06-30,18167,12639
2013-07-31,18738,13244
2013-08-31,18948,12968
2013-09-30,19887,13638
2013-10-31,20713,14186
2013-11-30,21136,14387
2013-12-31,21586,14635
2014-01-31,21566,14049
2014-02-28,22718,14728
2014-03-31,22445,14794
2014-04-30,23032,14934
2014-05-31,24083,15252
2014-06-30,24609,15539
2014-07-31,24215,15351
2014-08-31,24741,15690
2014-09-30,24140,15181
2014-10-31,24851,15288
2014-11-30,25845,15544
2014-12-31,25667,15244
2015-01-31,25474,15005
2015-02-28,27475,15841
2015-03-31,27393,15595
2015-04-30,27627,16048
2015-05-31,28500,16027
2015-06-30,27475,15650
2015-07-31,28358,15786
2015-08-31,27018,14703
2015-09-30,24906,14171
2015-10-31,25921,15283
2015-11-30,26246,15157
2015-12-31,26041,14883
2016-01-31,24407,13986
2016-02-29,24367,13890
2016-03-31,25470,14919
2016-04-30,25194,15139
2016-05-31,25827,15158
2016-06-30,24127,15066
2016-07-31,24906,15716
2016-08-31,25244,15769
2016-09-30,25630,15865
2016-10-31,25928,15596
2016-11-30,26462,15714
2016-12-31,27092,16054
2017-01-31,28050,16493
2017-02-28,28194,16956
2017-03-31,29049,17163
2017-04-30,30152,17430
2017-05-31,31286,17815
2017-06-30,30979,17896
2017-07-31,32043,18396
2017-08-31,31578,18467
2017-09-30,32116,18824
2017-10-31,32757,19215
2017-11-30,32188,19587
2017-12-31,33059,19902
2018-01-31,34325,21025
2018-02-28,32634,20142
2018-03-31,31254,19711
2018-04-30,32063,19899
2018-05-31,32157,19924
2018-06-30,31462,19816
2018-07-31,32115,20414
2018-08-31,31669,20574
2018-09-30,31192,20664
2018-10-31,28454,19115
2018-11-30,28267,19395
2018-12-31,26227,18029
2019-01-31,28880,19452
2019-02-28,29211,19973
2019-03-31,29498,20224
2019-04-30,31065,20907
2019-05-31,27836,19666
2019-06-30,29712,20954
2019-07-31,29935,21015
2019-08-31,28401,20517
2019-09-30,29488,20949
2019-10-31,30799,21522
2019-11-30,32134,22047
2019-12-31,33771,22824
2020-01-31,32665,22572
2020-02-29,31278,20749
2020-03-31,25404,17947
2020-04-30,28568,19870
2020-05-31,29956,20734
2020-06-30,30953,21397
2020-07-31,33380,22528
2020-08-31,35418,23907
2020-09-30,34475,23136
2020-10-31,34334,22574
2020-11-30,38910,25356
2020-12-31,41424,26534
2021-01-31,41354,26413
2021-02-28,43226,27025
2021-03-31,44249,27747
2021-04-30,46365,28960
2021-05-31,46876,29411
2021-06-30,46865,29798
2021-07-31,46679,30003
2021-08-31,47411,30754
2021-09-30,45911,29484
2021-10-31,46958,30989
2021-11-30,45372,30243
2021-12-31,47534,31452
2022-01-31,47321,29908
2022-02-28,45976,29135
2022-03-31,46349,29766
2022-04-30,43646,27384
2022-05-31,44671,27416
2022-06-30,40331,25105
2022-07-31,41409,26858
2022-08-31,40637,25869
2022-09-30,37162,23393
2022-10-31,39612,24804
2022-11-30,44202,26728
2022-12-31,42742,25677
2023-01-31,46219,27517
2023-02-28,44903,26728

Hypothetical Growth of $10,000

(As of 28 Feb 2023)

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

                        Categories,I Shares,MSCI ACWI NTR
                        2022-02-28,10000,10000
2022-03-31,10081,10217
2022-04-30,9493,9399
2022-05-31,9716,9410
2022-06-30,8772,8617
2022-07-31,9007,9218
2022-08-31,8839,8879
2022-09-30,8083,8029
2022-10-31,8616,8514
2022-11-30,9614,9174
2022-12-31,9297,8813
2023-01-31,10053,9445
2023-02-28,9767,9174

                        Categories,I Shares,MSCI ACWI NTR
                        2020-02-29,10000,10000
2020-03-31,8122,8650
2020-04-30,9134,9577
2020-05-31,9577,9993
2020-06-30,9896,10312
2020-07-31,10672,10858
2020-08-31,11324,11522
2020-09-30,11022,11151
2020-10-31,10977,10880
2020-11-30,12440,12221
2020-12-31,13244,12788
2021-01-31,13221,12730
2021-02-28,13820,13025
2021-03-31,14147,13373
2021-04-30,14824,13958
2021-05-31,14987,14175
2021-06-30,14983,14362
2021-07-31,14924,14461
2021-08-31,15158,14822
2021-09-30,14679,14210
2021-10-31,15013,14935
2021-11-30,14506,14576
2021-12-31,15197,15159
2022-01-31,15129,14414
2022-02-28,14699,14042
2022-03-31,14818,14346
2022-04-30,13954,13198
2022-05-31,14282,13213
2022-06-30,12894,12100
2022-07-31,13239,12944
2022-08-31,12992,12468
2022-09-30,11881,11274
2022-10-31,12664,11955
2022-11-30,14132,12882
2022-12-31,13665,12375
2023-01-31,14777,13262
2023-02-28,14356,12882

                        Categories,I Shares,MSCI ACWI NTR
                        2018-02-28,10000,10000
2018-03-31,9577,9786
2018-04-30,9825,9879
2018-05-31,9854,9892
2018-06-30,9641,9838
2018-07-31,9841,10135
2018-08-31,9704,10214
2018-09-30,9558,10259
2018-10-31,8719,9490
2018-11-30,8662,9629
2018-12-31,8037,8951
2019-01-31,8850,9657
2019-02-28,8951,9916
2019-03-31,9039,10040
2019-04-30,9519,10379
2019-05-31,8530,9764
2019-06-30,9104,10403
2019-07-31,9173,10434
2019-08-31,8703,10186
2019-09-30,9036,10400
2019-10-31,9438,10685
2019-11-30,9847,10946
2019-12-31,10348,11331
2020-01-31,10010,11206
2020-02-29,9584,10301
2020-03-31,7784,8910
2020-04-30,8754,9865
2020-05-31,9179,10294
2020-06-30,9485,10623
2020-07-31,10229,11185
2020-08-31,10853,11869
2020-09-30,10564,11487
2020-10-31,10521,11207
2020-11-30,11923,12589
2020-12-31,12693,13173
2021-01-31,12672,13113
2021-02-28,13246,13417
2021-03-31,13559,13775
2021-04-30,14208,14378
2021-05-31,14364,14602
2021-06-30,14361,14794
2021-07-31,14304,14896
2021-08-31,14528,15269
2021-09-30,14069,14638
2021-10-31,14389,15385
2021-11-30,13903,15015
2021-12-31,14566,15615
2022-01-31,14501,14848
2022-02-28,14088,14465
2022-03-31,14203,14778
2022-04-30,13374,13595
2022-05-31,13689,13611
2022-06-30,12359,12464
2022-07-31,12689,13334
2022-08-31,12452,12843
2022-09-30,11387,11614
2022-10-31,12138,12315
2022-11-30,13545,13270
2022-12-31,13098,12748
2023-01-31,14163,13661
2023-02-28,13760,13270

                        Categories,I Shares,MSCI ACWI NTR
                        2013-02-28,10000,10000
2013-03-31,10314,10183
2013-04-30,10439,10474
2013-05-31,10747,10445
2013-06-30,10348,10140
2013-07-31,10673,10625
2013-08-31,10792,10404
2013-09-30,11328,10941
2013-10-31,11798,11381
2013-11-30,12039,11542
2013-12-31,12295,11741
2014-01-31,12284,11272
2014-02-28,12940,11816
2014-03-31,12785,11869
2014-04-30,13119,11982
2014-05-31,13718,12236
2014-06-30,14017,12467
2014-07-31,13793,12316
2014-08-31,14092,12588
2014-09-30,13750,12179
2014-10-31,14155,12265
2014-11-30,14721,12470
2014-12-31,14620,12230
2015-01-31,14510,12038
2015-02-28,15649,12709
2015-03-31,15603,12512
2015-04-30,15736,12875
2015-05-31,16233,12858
2015-06-30,15649,12555
2015-07-31,16152,12664
2015-08-31,15389,11796
2015-09-30,14186,11369
2015-10-31,14764,12261
2015-11-30,14949,12160
2015-12-31,14833,11941
2016-01-31,13902,11220
2016-02-29,13879,11143
2016-03-31,14507,11969
2016-04-30,14350,12146
2016-05-31,14711,12161
2016-06-30,13743,12087
2016-07-31,14186,12608
2016-08-31,14379,12651
2016-09-30,14599,12728
2016-10-31,14768,12512
2016-11-30,15072,12607
2016-12-31,15431,12880
2017-01-31,15977,13232
2017-02-28,16059,13603
2017-03-31,16546,13769
2017-04-30,17174,13984
2017-05-31,17821,14293
2017-06-30,17645,14358
2017-07-31,18251,14759
2017-08-31,17987,14816
2017-09-30,18293,15102
2017-10-31,18658,15415
2017-11-30,18334,15714
2017-12-31,18830,15967
2018-01-31,19551,16868
2018-02-28,18588,16160
2018-03-31,17802,15814
2018-04-30,18263,15965
2018-05-31,18316,15985
2018-06-30,17920,15898
2018-07-31,18293,16377
2018-08-31,18039,16506
2018-09-30,17767,16578
2018-10-31,16207,15336
2018-11-30,16101,15560
2018-12-31,14939,14464
2019-01-31,16450,15606
2019-02-28,16638,16023
2019-03-31,16802,16225
2019-04-30,17694,16773
2019-05-31,15855,15778
2019-06-30,16923,16811
2019-07-31,17051,16860
2019-08-31,16177,16460
2019-09-30,16796,16807
2019-10-31,17543,17267
2019-11-30,18303,17688
2019-12-31,19235,18311
2020-01-31,18606,18109
2020-02-29,17816,16646
2020-03-31,14470,14399
2020-04-30,16272,15941
2020-05-31,17062,16635
2020-06-30,17630,17166
2020-07-31,19013,18074
2020-08-31,20174,19180
2020-09-30,19637,18562
2020-10-31,19556,18110
2020-11-30,22163,20343
2020-12-31,23595,21287
2021-01-31,23555,21191
2021-02-28,24621,21681
2021-03-31,25204,22261
2021-04-30,26409,23234
2021-05-31,26700,23595
2021-06-30,26694,23906
2021-07-31,26588,24071
2021-08-31,27005,24673
2021-09-30,26151,23654
2021-10-31,26747,24862
2021-11-30,25843,24263
2021-12-31,27075,25233
2022-01-31,26954,23994
2022-02-28,26188,23374
2022-03-31,26400,23881
2022-04-30,24860,21969
2022-05-31,25444,21995
2022-06-30,22972,20141
2022-07-31,23586,21547
2022-08-31,23146,20754
2022-09-30,21167,18767
2022-10-31,22562,19900
2022-11-30,25177,21443
2022-12-31,24346,20600
2023-01-31,26326,22076
2023-02-28,25576,21443

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 ($)
            2006-11-30,0.15686
2006-12-31,0.01075
2007-11-30,0.53883
2007-12-31,0.08122
2008-06-30,0.14744
2008-12-31,0.32995
2009-06-30,0.16349
2009-09-30,0.19092
2009-12-31,0.07706
2010-09-30,0.15116
2010-12-31,0.15882
2011-06-30,0.08475
2011-12-31,0.24736
2012-09-30,0.00000
2012-12-31,0.18371
2013-09-30,0.12965
2013-12-31,0.07554
2014-09-30,0.08706
2014-12-31,0.01462
2015-12-31,0.14985
2016-06-30,0.06467
2016-09-30,0.06671
2016-12-31,0.08397
2017-03-31,0.02942
2017-06-30,0.06224
2017-09-30,0.02047
2017-12-31,0.10180
2018-12-31,0.65217
2019-11-30,0.28174
2019-12-31,0.23163
2020-11-30,2.30329
2020-12-31,0.08510
2021-11-30,4.54624
2021-12-31,0.59076
2022-11-30,0.78534
2022-12-31,0.44930

            Ex Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
            2006-11-17,0.15686,0,0.15686,0.00000
2006-12-26,0.01075,0.01075,0,0
2007-11-19,0.53883,0,0.48583,0.05300
2007-12-26,0.08122,0.08122,0,0
2008-06-26,0.14744,0.14744,0,0
2008-12-26,0.32995,0.32995,0,0
2009-06-26,0.16349,0.16349,0,0
2009-09-25,0.19092,0.19092,0,0
2009-12-24,0.07706,0.07706,0,0
2010-09-24,0.15116,0.15116,0,0
2010-12-27,0.15882,0.15882,0,0
2011-06-24,0.08475,0.08475,0,0
2011-12-23,0.24736,0.24736,0,0
2012-09-28,0.00000,0.00000,0,0
2012-12-24,0.18371,0.18371,0,0
2013-09-24,0.12965,0.12965,0,0
2013-12-24,0.07554,0.07554,0,0
2014-09-24,0.08706,0.08706,0,0
2014-12-24,0.01462,0.01462,0,0
2015-12-24,0.14985,0.14985,0,0
2016-06-24,0.06467,0.06467,0,0
2016-09-26,0.06671,0.06671,0,0
2016-12-23,0.08397,0.08397,0,0
2017-03-24,0.02942,0.02942,0,0
2017-06-23,0.06224,0.06224,0,0
2017-09-22,0.02047,0.02047,0,0
2017-12-22,0.10180,0.10180,0,0
2018-12-21,0.65217,0.65217,0,0
2019-11-14,0.28174,0,0.00000,0.28174
2019-12-20,0.23163,0.23163,0,0
2020-11-19,2.30329,0,0.68813,1.61516
2020-12-17,0.08510,0.08510,0,0
2021-11-18,4.54624,0,0.00000,4.54624
2021-12-16,0.59076,0.59076,0,0
2022-11-17,0.78534,0,0.00000,0.78534
2022-12-15,0.44930,0.44930,0,0

Distributions

(As of 31 Dec 2022)

Ex-Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

17 Nov 2006

0.15686

—

0.15686

0.00000

26 Dec 2006

0.01075

—

19 Nov 2007

0.53883

—

0.48583

0.05300

26 Dec 2007

0.08122

—

26 Jun 2008

0.14744

—

26 Dec 2008

0.32995

—

26 Jun 2009

0.16349

—

25 Sep 2009

0.19092

—

24 Dec 2009

0.07706

—

24 Sep 2010

0.15116

—

27 Dec 2010

0.15882

—

24 Jun 2011

0.08475

—

23 Dec 2011

0.24736

—

28 Sep 2012

0.00000

—

24 Dec 2012

0.18371

—

24 Sep 2013

0.12965

—

24 Dec 2013

0.07554

—

24 Sep 2014

0.08706

—

24 Dec 2014

0.01462

—

24 Dec 2015

0.14985

—

24 Jun 2016

0.06467

—

26 Sep 2016

0.06671

—

23 Dec 2016

0.08397

—

24 Mar 2017

0.02942

—

23 Jun 2017

0.06224

—

22 Sep 2017

0.02047

—

22 Dec 2017

0.10180

—

21 Dec 2018

0.65217

—

14 Nov 2019

0.28174

—

0.00000

0.28174

20 Dec 2019

0.23163

—

19 Nov 2020

2.30329

—

0.68813

1.61516

17 Dec 2020

0.08510

—

18 Nov 2021

4.54624

—

0.00000

4.54624

16 Dec 2021

0.59076

—

17 Nov 2022

0.78534

—

0.00000

0.78534

15 Dec 2022

0.44930

—

Fund Facts

(As of 28 Feb 2023)

Net Fund Assets

$1.0 B

Benchmark

MSCI ACWI NTR

Morningstar Category

World Large-Stock Blend

Fund Symbol

THOIX

Share Class

Share Class Inception Date

28 Jul 2006

Number of Holdings

Portfolio Turnover

27%

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 28 Feb 2023)

Portfolio

Benchmark

Weighted Average Market Cap

$160.3 B

$300.2 B

Median Market Cap

$86.5 B

$11.1 B

Price to Earnings - Forward 1YR

11.5x

15.3x

Price to Earnings - Trailing 12 Months

10.4x

15.7x

Price to Cash Flow

6.0x

9.7x

Portfolio

Benchmark

Price to Book Value

1.5x

2.6x

Return on Assets - 5 YR

7.1%

9.7%

Return on Equity - 5 YR

15.1%

27.2%

Historical 3YR Sales Growth

12.7%

14.8%

Active Share

93.2%

—

Risk & Return Profile

(As of 28 Feb 2023)

10y

Annualized Alpha (%)

3.78

0.78

1.67

Beta

1.03

1.05

R-Squared (%)

87.79

86.02

82.16

Standard Deviation (%)

22.55

19.80

16.77

Sharpe Ratio

0.52

0.26

0.53

Information Ratio

0.50

0.10

0.27

Up Capture (%)

100.42

103.90

103.54

Down Capture (%)

97.03

103.31

101.46

Past performance does not guarantee future results.

Portfolio

Top Holdings

(As of 31 Jan 2023)

Name

Ticker/Symbol

Sector

Weight %

TotalEnergies SE

TTE

Energy

5.4

Bank of Ireland Group plc

BIRG

Financials

5.2

BNP Paribas S.A.

BNP

Financials

4.8

Capital One Financial Corp.

COF

Financials

3.9

Citigroup, Inc.

Financials

3.9

Reliance Industries Ltd.

RIL

Energy

3.8

Mineral Resources Ltd.

MIN

Materials

3.6

Alphabet, Inc.

GOOGL

Communication Services

3.5

The TJX Cos, Inc.

TJX

Consumer Discretionary

3.5

OCI N.V.

OCI

Materials

3.4

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%

Financials

23.9

15.4

Consumer Discretionary

14.6

11.0

Communication Services

13.1

7.0

Energy

12.1

5.2

Materials

10.4

5.0

Information Technology

9.7

21.1

Industrials

7.0

10.2

Health Care

4.2

12.3

Cash & Cash Equivalents

3.1

—

Consumer Staples

1.9

7.4

Utilities

0.0

2.9

Real Estate

0.0

2.6

Sector Allocation

Fund (%)

Financials

23.9

Consumer Discretionary

14.6

Communication Services

13.1

Energy

12.1

Materials

10.4

Information Technology

9.7

Industrials

7.0

Health Care

4.2

Cash & Cash Equivalents

3.1

Consumer Staples

1.9

Utilities

0.0

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Banks

14.2

7.4

Energy

12.1

5.2

Materials

10.4

5.0

Media & Entertainment

9.7

5.2

Diversified Financials

7.0

4.6

Retailing

6.1

4.6

Consumer Services

4.4

1.9

Semiconductors & Semiconductor Equipment

4.2

5.3

Pharmaceuticals, Biotechnology & Life Sciences

4.2

8.0

Capital Goods

4.1

7.0

Top 10 Industries

Fund (%)

Banks

14.2

Energy

12.1

Materials

10.4

Media & Entertainment

9.7

Diversified Financials

7.0

Retailing

6.1

Consumer Services

4.4

Semiconductors & Semiconductor Equipment

4.2

Pharmaceuticals, Biotechnology & Life Sciences

4.2

Capital Goods

4.1

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

20%

30%

40%

50%

60%

United States

33.4

59.9

North America

France

10.4

3.3

Europe ex UK

Netherlands

9.0

1.2

Europe ex UK

Germany

7.9

2.2

Europe ex UK

China

5.2

3.5

Asia Pacific ex Japan

Ireland

5.2

0.2

Europe ex UK

India

3.8

1.4

Asia Pacific ex Japan

Hong Kong

3.7

0.7

Asia Pacific ex Japan

Australia

3.3

2.0

Asia Pacific ex Japan

United Kingdom

3.1

4.2

Top 10 Countries

Fund (%)

United States

33.4

France

10.4

Netherlands

9.0

Germany

7.9

China

5.2

Ireland

5.2

India

3.8

Hong Kong

3.7

Australia

3.3

United Kingdom

3.1

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

77.7

91.1

Mid Cap ($2.5 to $12 B)

21.3

8.8

Small Cap (< $2.5 B)

1.0

0.1

Capitalization

Fund (%)

Large Cap (> $12 B)

77.7

Mid Cap ($2.5 to $12 B)

21.3

Small Cap (< $2.5 B)

1.0

Holdings within 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

Brian McMahon

Vice Chairman and Chief Investment Strategist

Brian McMahon is chief investment strategist for Thornburg Investment Management. Brian is deeply respected for his market and investment insight and serves as a key voice for the investment team and Thornburg clients. He also co-manages Thornburg’s global equity portfolios and serves as vice chairman of Thornburg. Brian joined Thornburg in 1984 as chief investment officer; a role he held…

Learn More

Miguel Oleaga

Portfolio Manager and Managing Director

Miguel Oleaga is portfolio manager for Thornburg Investment Management. He joined the firm in 2014 as an equity research analyst, was promoted to associate portfolio manager in 2017, and was named portfolio manager in 2018. Miguel holds a BS in business administration (finance and management specialties) from the University of Massachusetts. Prior to his joining Thornburg, Miguel worked at Putnam…

Learn More

Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Report

Semi-annual report

Prospectus

Statement of Additional Information (SAI)

Important Information

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.

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 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.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Funds invested in a limited number of holdings may expose an investor to greater volatility.

Class R shares are limited to retirement platforms only.

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.

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 Global Opportunities 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

Brian McMahon

Miguel Oleaga

Literature

Important Information

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