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Thornburg Global Opportunities Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 304 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, 2 stars and 5 stars among 304, 272 and 168 funds, as of 30 Jun 2022.

As of 30 Jun 2022
Fund Assets
$911.2 M
As of 30 Jun 2022
NAV
$31.26
As of 5 Aug 2022
Change
$-0.09
As of 5 Aug 2022
YTD NAV Performance
-12.44%
As of 5 Aug 2022
Asset Category:
Global Equity
Fund Benchmark:
MSCI ACWI NTR
Portfolio Managers
Vice Chairman and Chief Investment Strategist
Portfolio Manager and Managing Director
Overview

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.

Performance

Performance

Returns

(As of 30 Jun 2022)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-15.15
-13.94
10.72
5.42
11.04
9.15
MSCI ACWI NTR (%)
-20.18
-15.75
6.21
7.00
8.76
5.95
Morningstar Category Avg. (%)
-19.03
-14.29
5.76
6.34
8.45
Morningstar Quartile
2
1
3
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-12.89
-11.29
11.42
5.26
11.03
9.28
MSCI ACWI NTR (%)
-14.61
-10.48
8.52
7.86
9.35
6.37
Morningstar Category Avg. (%)
-19.03
-14.29
5.76
6.34
8.45
Morningstar Quartile
2
1
3
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-15.15
-13.94
35.74
30.19
185.08
303.31
MSCI ACWI NTR (%)
-20.18
-15.75
19.81
40.28
131.54
151.05
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-12.89
-11.29
38.33
29.23
184.73
314.09
MSCI ACWI NTR (%)
-14.61
-10.48
27.80
46.00
144.36
168.58
2016
2017
2018
2019
2020
2021
Total Return (%)
4.03
22.03
-20.67
28.76
22.66
14.75
MSCI ACWI NTR (%)
7.86
23.97
-9.42
26.60
16.25
18.54
Fund Fees

Fund Fees

(As of 30 Jun 2022)
Gross Expense Ratio (%)
1.06
Net Expense Ratio (%)
0.99
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Jun 2022)
(Hypothetical Growth of $10,000 vs MSCI ACWI NTR)
Distributions

Distributions

(As of 31 Dec 2021)
Ex-Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
17 Nov 2006
0.15686
0.15686
0.00000
26 Dec 2006
0.01075
0.01075
19 Nov 2007
0.53883
0.48583
0.05300
26 Dec 2007
0.08122
0.08122
26 Jun 2008
0.14744
0.14744
26 Dec 2008
0.32995
0.32995
26 Jun 2009
0.16349
0.16349
25 Sep 2009
0.19092
0.19092
24 Dec 2009
0.07706
0.07706
24 Sep 2010
0.15116
0.15116
27 Dec 2010
0.15882
0.15882
24 Jun 2011
0.08475
0.08475
23 Dec 2011
0.24736
0.24736
28 Sep 2012
0.00000
0.00000
24 Dec 2012
0.18371
0.18371
24 Sep 2013
0.12965
0.12965
24 Dec 2013
0.07554
0.07554
24 Sep 2014
0.08706
0.08706
24 Dec 2014
0.01462
0.01462
24 Dec 2015
0.14985
0.14985
24 Jun 2016
0.06467
0.06467
26 Sep 2016
0.06671
0.06671
23 Dec 2016
0.08397
0.08397
24 Mar 2017
0.02942
0.02942
23 Jun 2017
0.06224
0.06224
22 Sep 2017
0.02047
0.02047
22 Dec 2017
0.10180
0.10180
21 Dec 2018
0.65217
0.65217
14 Nov 2019
0.28174
0.00000
0.28174
20 Dec 2019
0.23163
0.23163
19 Nov 2020
2.30329
0.68813
1.61516
17 Dec 2020
0.08510
0.08510
18 Nov 2021
4.54624
0.00000
4.54624
16 Dec 2021
0.59076
0.59076
Fund Facts

Fund Facts

(As of 30 Jun 2022)
Net Fund Assets
$911.2 M
Benchmark
MSCI ACWI NTR
Morningstar Category
World Large-Stock Blend
Fund Symbol
THOIX
Share Class
I
Share Class Inception Date
28 Jul 2006
Number of Holdings
40
Portfolio Turnover
25%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 30 Jun 2022)
Portfolio
Benchmark
Weighted Average Market Cap
$186.6 B
$312.7 B
Median Market Cap
$61.1 B
$10.8 B
Price to Earnings - Forward 1YR
9.3x
14.1x
Price to Earnings - Trailing 12 Months
10.3x
15.5x
Price to Cash Flow
6.9x
10.1x
Portfolio
Benchmark
Price to Book Value
1.5x
2.5x
Return on Assets - 5 YR
8.8%
10.1%
Return on Equity - 5 YR
15.6%
25.2%
Historical 3YR Sales Growth
14.3%
11.5%
Active Share
92.6%
Risk & Return Profile

Risk & Return Profile

(As of 30 Jun 2022)
3y
5y
10y
Annualized Alpha (%)
6.05
-2.23
2.64
Beta
1.07
1.07
1.06
R-Squared (%)
87.81
85.92
82.06
Standard Deviation (%)
22.23
19.13
16.43
Sharpe Ratio
0.46
0.23
0.63
Information Ratio
0.48
-0.18
0.28
Up Capture (%)
108.91
104.56
104.77
Down Capture (%)
105.07
106.76
102.32
Portfolio

Portfolio

Top Holdings

(As of 30 Jun 2022)
Name
Ticker/Symbol
Sector
Weight %
Reliance Industries Ltd.
RIL
Energy
5.8
TotalEnergies SE
TTE
Energy
5.5
Alphabet, Inc.
GOOGL
Communication Services
4.5
Bank of Ireland Group plc
BIRG
Financials
4.3
OCI N.V.
OCI
Materials
3.9
Capital One Financial Corp.
COF
Financials
3.8
NN Group N.V.
NN
Financials
3.8
Samsung Electronics Co. Ltd.
005930
Information Technology
3.7
Citigroup, Inc.
C
Financials
3.6
Tesco plc
TSCO
Consumer Staples
3.4
Exposure Breakdown

Exposure Breakdown

(As of 30 Jun 2022)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
18.5
14.5
Communication Services
13.1
7.9
Information Technology
12.4
20.9
Consumer Discretionary
11.9
11.1
Materials
11.6
4.8
Energy
11.4
5.0
Health Care
8.2
13.0
Industrials
6.2
9.4
Consumer Staples
3.4
7.6
Cash & Cash Equivalents
3.3
Utilities
0.0
3.2
Real Estate
0.0
2.8
Sector Allocation
Fund (%)
Financials
18.5
Communication Services
13.1
Information Technology
12.4
Consumer Discretionary
11.9
Materials
11.6
Energy
11.4
Health Care
8.2
Industrials
6.2
Consumer Staples
3.4
Cash & Cash Equivalents
3.3
Utilities
0.0
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Materials
11.6
4.8
Energy
11.4
5.0
Media & Entertainment
9.9
5.8
Pharmaceuticals, Biotechnology & Life Sciences
8.0
8.6
Banks
7.8
7.0
Diversified Financials
6.9
4.2
Semiconductors & Semiconductor Equipment
6.4
4.7
Retailing
6.2
4.9
Insurance
3.8
3.2
Technology Hardware & Equipment
3.7
6.5
Top 10 Industries
Fund (%)
Materials
11.6
Energy
11.4
Media & Entertainment
9.9
Pharmaceuticals, Biotechnology & Life Sciences
8.0
Banks
7.8
Diversified Financials
6.9
Semiconductors & Semiconductor Equipment
6.4
Retailing
6.2
Insurance
3.8
Technology Hardware & Equipment
3.7
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
United States
40.4
60.3
North America
Netherlands
7.7
1.0
Europe ex UK
United Kingdom
7.1
4.2
UK
India
5.8
1.5
Asia Pacific ex Japan
France
5.5
2.8
Europe ex UK
China
5.1
4.1
Asia Pacific ex Japan
Ireland
4.3
0.1
Europe ex UK
Korea, Republic of (South Korea)
3.7
1.3
Asia Pacific ex Japan
Germany
3.7
1.9
Europe ex UK
Australia
3.0
1.9
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
United States
40.4
Netherlands
7.7
United Kingdom
7.1
India
5.8
France
5.5
China
5.1
Ireland
4.3
Korea, Republic of (South Korea)
3.7
Germany
3.7
Australia
3.0
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
77.7
90.4
Mid Cap ($2.5 to $12 B)
22.3
9.4
Small Cap (< $2.5 B)
0.0
0.2
Capitalization
Fund (%)
Large Cap (> $12 B)
77.7
Mid Cap ($2.5 to $12 B)
22.3
Small Cap (< $2.5 B)
0.0
Portfolio Managers

Portfolio Managers

Brian McMahon
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…
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Miguel Oleaga
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

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