Thornburg Global Opportunities Fund

SYMBOL: THORX

Morningstar Rating • Info

Overall Morningstar Rating among 339 World Large-Stock Blend funds, based on risk-adjusted returns for class R3 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 5 stars, 2 stars and 3 stars among 339, 292 and 186 funds, as of 30 Apr 2023.

As of 30 Apr 2023

Fund Assets

$1.0 B

As of 30 Apr 2023

NAV

$32.01

As of 5 Jun 2023

Change

$-0.03

As of 5 Jun 2023

YTD NAV Performance

5.33%

As of 5 Jun 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 Mar 2023)

YTD

10y

Inception

Total Return (%)

4.08

-4.37

19.98

6.80

8.86

8.83

MSCI ACWI NTR (%)

7.31

-7.44

15.36

6.93

8.06

6.27

Morningstar Category Avg. (%)

6.35

-5.65

14.95

6.37

7.67

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

2.60

-2.12

13.06

5.91

8.27

8.64

MSCI ACWI NTR (%)

7.68

0.85

10.07

6.77

7.82

6.22

Morningstar Category Avg. (%)

6.35

-5.65

14.95

6.37

7.67

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

4.08

-4.37

72.73

38.97

133.71

309.74

MSCI ACWI NTR (%)

7.31

-7.44

53.52

39.78

117.08

175.52

YTD

10y

Inception

Total Return (%)

2.60

-2.12

44.53

33.27

121.36

303.92

MSCI ACWI NTR (%)

7.68

0.85

33.35

38.77

112.37

176.49

2017

2018

2019

2020

2021

2022

Total Return (%)

21.37

-21.07

28.11

22.05

14.18

-10.52

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 Foreign Large Growth category is based on total returns before sales charges for 1-, 3-, 5- and 10-years, among 449, 404, 350 and 231 funds, respectively, as of 31 Mar 2023, and 364, 339, 292 and 186 funds, respectively, as of 30 Apr 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 (%)

2.40

Net Expense Ratio (%)

1.50

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,R3 Shares,MSCI ACWI NTR
            2006-07-28,10000,10000
2006-07-31,10000,9994
2006-08-31,10209,10253
2006-09-30,10771,10373
2006-10-31,11550,10762
2006-11-30,12009,11066
2006-12-31,12578,11313
2007-01-31,12891,11425
2007-02-28,13036,11365
2007-03-31,13569,11593
2007-04-30,14247,12107
2007-05-31,15187,12468
2007-06-30,15535,12431
2007-07-31,15916,12241
2007-08-31,16077,12207
2007-09-30,16992,12863
2007-10-31,17839,13365
2007-11-30,16781,12774
2007-12-31,16595,12632
2008-01-31,15381,11598
2008-02-29,15582,11630
2008-03-31,14858,11460
2008-04-30,15582,12099
2008-05-31,16062,12288
2008-06-30,14699,11279
2008-07-31,14374,10986
2008-08-31,13775,10750
2008-09-30,11761,9406
2008-10-31,9016,7542
2008-11-30,8242,7047
2008-12-31,8620,7302
2009-01-31,7630,6678
2009-02-28,6940,6024
2009-03-31,7385,6521
2009-04-30,8548,7290
2009-05-31,9783,8017
2009-06-30,10045,7972
2009-07-31,10844,8673
2009-08-31,11368,8984
2009-09-30,12185,9396
2009-10-31,11766,9251
2009-11-30,11952,9631
2009-12-31,12568,9831
2010-01-31,12390,9406
2010-02-28,12671,9526
2010-03-31,13709,10138
2010-04-30,14000,10155
2010-05-31,12755,9193
2010-06-30,12062,8909
2010-07-31,12867,9634
2010-08-31,12137,9298
2010-09-30,13156,10187
2010-10-31,13496,10555
2010-11-30,13373,10320
2010-12-31,14489,11076
2011-01-31,14870,11250
2011-02-28,15595,11577
2011-03-31,15414,11566
2011-04-30,16395,12039
2011-05-31,16538,11780
2011-06-30,15979,11595
2011-07-31,15769,11406
2011-08-31,14498,10573
2011-09-30,12529,9575
2011-10-31,14221,10600
2011-11-30,13619,10283
2011-12-31,13362,10262
2012-01-31,14293,10859
2012-02-29,15031,11405
2012-03-31,15108,11481
2012-04-30,14837,11350
2012-05-31,13565,10332
2012-06-30,13750,10842
2012-07-31,14128,10991
2012-08-31,14604,11230
2012-09-30,15438,11584
2012-10-31,15487,11506
2012-11-30,15438,11654
2012-12-31,16250,11917
2013-01-31,16974,12467
2013-02-28,17004,12465
2013-03-31,17532,12692
2013-04-30,17728,13055
2013-05-31,18247,13019
2013-06-30,17571,12639
2013-07-31,18110,13244
2013-08-31,18305,12968
2013-09-30,19201,13638
2013-10-31,19987,14186
2013-11-30,20389,14387
2013-12-31,20812,14635
2014-01-31,20782,14049
2014-02-28,21885,14728
2014-03-31,21619,14794
2014-04-30,22170,14934
2014-05-31,23184,15252
2014-06-30,23677,15539
2014-07-31,23283,15351
2014-08-31,23775,15690
2014-09-30,23184,15181
2014-10-31,23864,15288
2014-11-30,24809,15544
2014-12-31,24622,15244
2015-01-31,24425,15005
2015-02-28,26345,15841
2015-03-31,26246,15595
2015-04-30,26463,16048
2015-05-31,27280,16027
2015-06-30,26286,15650
2015-07-31,27122,15786
2015-08-31,25823,14703
2015-09-30,23805,14171
2015-10-31,24760,15283
2015-11-30,25055,15157
2015-12-31,24856,14883
2016-01-31,23278,13986
2016-02-29,23229,13890
2016-03-31,24274,14919
2016-04-30,23998,15139
2016-05-31,24600,15158
2016-06-30,22964,15066
2016-07-31,23694,15716
2016-08-31,24000,15769
2016-09-30,24371,15865
2016-10-31,24638,15596
2016-11-30,25132,15714
2016-12-31,25725,16054
2017-01-31,26626,16493
2017-02-28,26745,16956
2017-03-31,27547,17163
2017-04-30,28586,17430
2017-05-31,29646,17815
2017-06-30,29341,17896
2017-07-31,30342,18396
2017-08-31,29876,18467
2017-09-30,30382,18824
2017-10-31,30966,19215
2017-11-30,30421,19587
2017-12-31,31221,19902
2018-01-31,32402,21025
2018-02-28,30794,20142
2018-03-31,29484,19711
2018-04-30,30228,19899
2018-05-31,30308,19924
2018-06-30,29633,19816
2018-07-31,30238,20414
2018-08-31,29811,20574
2018-09-30,29355,20664
2018-10-31,26764,19115
2018-11-30,26565,19395
2018-12-31,24642,18029
2019-01-31,27122,19452
2019-02-28,27425,19973
2019-03-31,27688,20224
2019-04-30,29146,20907
2019-05-31,26100,19666
2019-06-30,27850,20954
2019-07-31,28053,21015
2019-08-31,26595,20517
2019-09-30,27607,20949
2019-10-31,28822,21522
2019-11-30,30049,22047
2019-12-31,31570,22824
2020-01-31,30527,22572
2020-02-29,29217,20749
2020-03-31,23721,17947
2020-04-30,26668,19870
2020-05-31,27948,20734
2020-06-30,28869,21397
2020-07-31,31110,22528
2020-08-31,33003,23907
2020-09-30,32113,23136
2020-10-31,31969,22574
2020-11-30,36208,25356
2020-12-31,38532,26534
2021-01-31,38455,26413
2021-02-28,40176,27025
2021-03-31,41119,27747
2021-04-30,43059,28960
2021-05-31,43520,29411
2021-06-30,43487,29798
2021-07-31,43300,30003
2021-08-31,43958,30754
2021-09-30,42544,29484
2021-10-31,43498,30989
2021-11-30,42012,30243
2021-12-31,43997,31452
2022-01-31,43772,29908
2022-02-28,42520,29135
2022-03-31,42845,29766
2022-04-30,40330,27384
2022-05-31,41268,27416
2022-06-30,37238,25105
2022-07-31,38214,26858
2022-08-31,37488,25869
2022-09-30,34259,23393
2022-10-31,36512,24804
2022-11-30,40727,26728
2022-12-31,39368,25677
2023-01-31,42555,27517
2023-02-28,41324,26728
2023-03-31,40974,27552
2023-04-30,41285,27948
2023-05-31,40392,27649

Hypothetical Growth of $10,000

(As of 31 May 2023)

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

                        Categories,R3 Shares,MSCI ACWI NTR
                        2022-05-31,10000,10000
2022-06-30,9023,9157
2022-07-31,9260,9796
2022-08-31,9084,9436
2022-09-30,8301,8533
2022-10-31,8847,9047
2022-11-30,9869,9749
2022-12-31,9540,9366
2023-01-31,10312,10037
2023-02-28,10014,9749
2023-03-31,9929,10050
2023-04-30,10004,10194
2023-05-31,9788,10085

                        Categories,R3 Shares,MSCI ACWI NTR
                        2020-05-31,10000,10000
2020-06-30,10330,10320
2020-07-31,11131,10865
2020-08-31,11809,11530
2020-09-30,11490,11159
2020-10-31,11439,10887
2020-11-30,12956,12229
2020-12-31,13787,12797
2021-01-31,13760,12739
2021-02-28,14375,13034
2021-03-31,14713,13382
2021-04-30,15407,13967
2021-05-31,15572,14185
2021-06-30,15560,14371
2021-07-31,15493,14470
2021-08-31,15729,14833
2021-09-30,15223,14220
2021-10-31,15564,14946
2021-11-30,15032,14586
2021-12-31,15743,15169
2022-01-31,15662,14424
2022-02-28,15214,14052
2022-03-31,15331,14356
2022-04-30,14430,13207
2022-05-31,14766,13223
2022-06-30,13324,12108
2022-07-31,13674,12953
2022-08-31,13414,12477
2022-09-30,12258,11282
2022-10-31,13064,11963
2022-11-30,14573,12891
2022-12-31,14086,12384
2023-01-31,15227,13271
2023-02-28,14786,12891
2023-03-31,14661,13288
2023-04-30,14772,13479
2023-05-31,14453,13335

                        Categories,R3 Shares,MSCI ACWI NTR
                        2018-05-31,10000,10000
2018-06-30,9777,9946
2018-07-31,9977,10246
2018-08-31,9836,10326
2018-09-30,9686,10371
2018-10-31,8831,9594
2018-11-30,8765,9734
2018-12-31,8131,9049
2019-01-31,8949,9763
2019-02-28,9049,10024
2019-03-31,9136,10150
2019-04-30,9617,10493
2019-05-31,8612,9871
2019-06-30,9189,10517
2019-07-31,9256,10548
2019-08-31,8775,10298
2019-09-30,9109,10514
2019-10-31,9510,10802
2019-11-30,9915,11066
2019-12-31,10417,11455
2020-01-31,10072,11329
2020-02-29,9640,10414
2020-03-31,7827,9008
2020-04-30,8799,9973
2020-05-31,9221,10407
2020-06-30,9525,10739
2020-07-31,10265,11307
2020-08-31,10889,11999
2020-09-30,10596,11612
2020-10-31,10548,11330
2020-11-30,11947,12727
2020-12-31,12714,13317
2021-01-31,12688,13257
2021-02-28,13256,13564
2021-03-31,13567,13926
2021-04-30,14207,14535
2021-05-31,14359,14761
2021-06-30,14348,14956
2021-07-31,14287,15059
2021-08-31,14504,15436
2021-09-30,14037,14798
2021-10-31,14352,15554
2021-11-30,13862,15179
2021-12-31,14517,15786
2022-01-31,14442,15011
2022-02-28,14029,14623
2022-03-31,14137,14940
2022-04-30,13307,13744
2022-05-31,13616,13760
2022-06-30,12287,12600
2022-07-31,12609,13480
2022-08-31,12369,12984
2022-09-30,11304,11741
2022-10-31,12047,12450
2022-11-30,13438,13415
2022-12-31,12990,12887
2023-01-31,14041,13811
2023-02-28,13635,13415
2023-03-31,13520,13829
2023-04-30,13622,14027
2023-05-31,13327,13877

                        Categories,R3 Shares,MSCI ACWI NTR
                        2013-05-31,10000,10000
2013-06-30,9630,9708
2013-07-31,9925,10172
2013-08-31,10032,9961
2013-09-30,10523,10475
2013-10-31,10954,10896
2013-11-30,11174,11050
2013-12-31,11406,11241
2014-01-31,11390,10791
2014-02-28,11994,11313
2014-03-31,11848,11363
2014-04-30,12150,11471
2014-05-31,12706,11715
2014-06-30,12976,11936
2014-07-31,12760,11791
2014-08-31,13030,12051
2014-09-30,12706,11661
2014-10-31,13078,11743
2014-11-30,13596,11939
2014-12-31,13494,11709
2015-01-31,13386,11526
2015-02-28,14438,12167
2015-03-31,14384,11979
2015-04-30,14503,12326
2015-05-31,14951,12310
2015-06-30,14406,12020
2015-07-31,14864,12125
2015-08-31,14152,11294
2015-09-30,13046,10884
2015-10-31,13569,11739
2015-11-30,13731,11642
2015-12-31,13622,11432
2016-01-31,12757,10742
2016-02-29,12730,10668
2016-03-31,13303,11459
2016-04-30,13152,11628
2016-05-31,13482,11643
2016-06-30,12585,11572
2016-07-31,12985,12071
2016-08-31,13153,12112
2016-09-30,13357,12186
2016-10-31,13503,11979
2016-11-30,13774,12070
2016-12-31,14098,12331
2017-01-31,14592,12668
2017-02-28,14657,13023
2017-03-31,15097,13183
2017-04-30,15667,13388
2017-05-31,16247,13684
2017-06-30,16080,13746
2017-07-31,16629,14130
2017-08-31,16374,14184
2017-09-30,16651,14458
2017-10-31,16971,14759
2017-11-30,16672,15044
2017-12-31,17110,15287
2018-01-31,17758,16149
2018-02-28,16877,15471
2018-03-31,16158,15140
2018-04-30,16566,15284
2018-05-31,16610,15303
2018-06-30,16240,15221
2018-07-31,16572,15680
2018-08-31,16338,15803
2018-09-30,16088,15872
2018-10-31,14668,14682
2018-11-30,14559,14897
2018-12-31,13505,13848
2019-01-31,14864,14941
2019-02-28,15030,15341
2019-03-31,15174,15534
2019-04-30,15973,16058
2019-05-31,14304,15106
2019-06-30,15263,16095
2019-07-31,15374,16142
2019-08-31,14575,15759
2019-09-30,15130,16091
2019-10-31,15796,16531
2019-11-30,16468,16934
2019-12-31,17302,17531
2020-01-31,16730,17337
2020-02-29,16012,15937
2020-03-31,13000,13785
2020-04-30,14615,15262
2020-05-31,15317,15926
2020-06-30,15821,16435
2020-07-31,17050,17304
2020-08-31,18087,18363
2020-09-30,17599,17771
2020-10-31,17521,17339
2020-11-30,19843,19476
2020-12-31,21117,20380
2021-01-31,21075,20288
2021-02-28,22018,20758
2021-03-31,22535,21312
2021-04-30,23598,22244
2021-05-31,23851,22590
2021-06-30,23833,22888
2021-07-31,23730,23045
2021-08-31,24091,23622
2021-09-30,23316,22646
2021-10-31,23839,23802
2021-11-30,23024,23229
2021-12-31,24112,24158
2022-01-31,23989,22972
2022-02-28,23303,22379
2022-03-31,23481,22863
2022-04-30,22102,21033
2022-05-31,22617,21058
2022-06-30,20408,19283
2022-07-31,20943,20629
2022-08-31,20545,19870
2022-09-30,18775,17968
2022-10-31,20010,19052
2022-11-30,22320,20530
2022-12-31,21575,19722
2023-01-31,23322,21136
2023-02-28,22647,20530
2023-03-31,22456,21163
2023-04-30,22626,21467
2023-05-31,22136,21237

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 ($)
            2008-01-31,0
2008-02-29,0
2008-03-31,0
2008-04-30,0
2008-05-31,0
2008-06-30,0.12840
2008-07-31,0
2008-08-31,0
2008-09-30,0
2008-10-31,0
2008-11-30,0
2008-12-31,0.29805
2009-01-31,0
2009-02-28,0
2009-03-31,0
2009-04-30,0
2009-05-31,0
2009-06-30,0.12819
2009-07-31,0
2009-08-31,0
2009-09-30,0.17656
2009-10-31,0
2009-11-30,0
2009-12-31,0.06070
2010-01-31,0
2010-02-28,0
2010-03-31,0
2010-04-30,0
2010-05-31,0
2010-06-30,0
2010-07-31,0
2010-08-31,0
2010-09-30,0.12762
2010-10-31,0
2010-11-30,0
2010-12-31,0.14053
2011-01-31,0
2011-02-28,0
2011-03-31,0
2011-04-30,0
2011-05-31,0
2011-06-30,0.04190
2011-07-31,0
2011-08-31,0
2011-09-30,0
2011-10-31,0
2011-11-30,0
2011-12-31,0.21324
2012-01-31,0
2012-02-29,0
2012-03-31,0
2012-04-30,0
2012-05-31,0
2012-06-30,0
2012-07-31,0
2012-08-31,0
2012-09-30,0.00000
2012-10-31,0
2012-11-30,0
2012-12-31,0.14548
2013-01-31,0
2013-02-28,0
2013-03-31,0
2013-04-30,0
2013-05-31,0
2013-06-30,0
2013-07-31,0
2013-08-31,0
2013-09-30,0.06542
2013-10-31,0
2013-11-30,0
2013-12-31,0.04964
2014-01-31,0
2014-02-28,0
2014-03-31,0
2014-04-30,0
2014-05-31,0
2014-06-30,0
2014-07-31,0
2014-08-31,0
2014-09-30,0
2014-10-31,0
2014-11-30,0
2014-12-31,0
2015-01-31,0
2015-02-28,0
2015-03-31,0
2015-04-30,0
2015-05-31,0
2015-06-30,0
2015-07-31,0
2015-08-31,0
2015-09-30,0
2015-10-31,0
2015-11-30,0
2015-12-31,0.04855
2016-01-31,0
2016-02-29,0
2016-03-31,0
2016-04-30,0
2016-05-31,0
2016-06-30,0.01109
2016-07-31,0
2016-08-31,0
2016-09-30,0.03619
2016-10-31,0
2016-11-30,0
2016-12-31,0.04966
2017-01-31,0
2017-02-28,0
2017-03-31,0
2017-04-30,0
2017-05-31,0
2017-06-30,0.02275
2017-07-31,0
2017-08-31,0
2017-09-30,0
2017-10-31,0
2017-11-30,0
2017-12-31,0.05668
2018-01-31,0
2018-02-28,0
2018-03-31,0
2018-04-30,0
2018-05-31,0
2018-06-30,0
2018-07-31,0
2018-08-31,0
2018-09-30,0
2018-10-31,0
2018-11-30,0
2018-12-31,0.45816
2019-01-31,0
2019-02-28,0
2019-03-31,0
2019-04-30,0
2019-05-31,0
2019-06-30,0
2019-07-31,0
2019-08-31,0
2019-09-30,0
2019-10-31,0
2019-11-30,0.28174
2019-12-31,0.04885
2020-01-31,0
2020-02-29,0
2020-03-31,0
2020-04-30,0
2020-05-31,0
2020-06-30,0
2020-07-31,0
2020-08-31,0
2020-09-30,0
2020-10-31,0
2020-11-30,2.30329
2020-12-31,0
2021-01-31,0
2021-02-28,0
2021-03-31,0
2021-04-30,0
2021-05-31,0
2021-06-30,0
2021-07-31,0
2021-08-31,0
2021-09-30,0
2021-10-31,0
2021-11-30,4.54624
2021-12-31,0.39693
2022-01-31,0
2022-02-28,0
2022-03-31,0
2022-04-30,0
2022-05-31,0
2022-06-30,0
2022-07-31,0
2022-08-31,0
2022-09-30,0
2022-10-31,0
2022-11-30,0.78534
2022-12-31,0.27072

            Ex Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
            ,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2008-06-26,0.12840,0.12840,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2008-12-26,0.29805,0.29805,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2009-06-26,0.12819,0.12819,0,0
,0,0,0,0
,0,0,0,0
2009-09-25,0.17656,0.17656,0,0
,0,0,0,0
,0,0,0,0
2009-12-24,0.06070,0.06070,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2010-09-24,0.12762,0.12762,0,0
,0,0,0,0
,0,0,0,0
2010-12-27,0.14053,0.14053,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2011-06-24,0.04190,0.04190,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2011-12-23,0.21324,0.21324,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2012-09-28,0.00000,0.00000,0,0
,0,0,0,0
,0,0,0,0
2012-12-24,0.14548,0.14548,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2013-09-24,0.06542,0.06542,0,0
,0,0,0,0
,0,0,0,0
2013-12-24,0.04964,0.04964,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2015-12-24,0.04855,0.04855,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2016-06-24,0.01109,0.01109,0,0
,0,0,0,0
,0,0,0,0
2016-09-26,0.03619,0.03619,0,0
,0,0,0,0
,0,0,0,0
2016-12-23,0.04966,0.04966,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2017-06-23,0.02275,0.02275,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2017-12-22,0.05668,0.05668,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2018-12-21,0.45816,0.45816,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2019-11-14,0.28174,0,0.00000,0.28174
2019-12-20,0.04885,0.04885,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2020-11-19,2.30329,0,0.68813,1.61516
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2021-11-18,4.54624,0,0.00000,4.54624
2021-12-16,0.39693,0.39693,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
2022-11-17,0.78534,0,0.00000,0.78534
2022-12-15,0.27072,0.27072,0,0

Distributions

(As of 31 Dec 2022)

Ex-Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

—

26 Jun 2008

0.12840

—

26 Dec 2008

0.29805

—

26 Jun 2009

0.12819

—

25 Sep 2009

0.17656

—

24 Dec 2009

0.06070

—

24 Sep 2010

0.12762

—

27 Dec 2010

0.14053

—

24 Jun 2011

0.04190

—

23 Dec 2011

0.21324

—

28 Sep 2012

0.00000

—

24 Dec 2012

0.14548

—

24 Sep 2013

0.06542

—

24 Dec 2013

0.04964

—

24 Dec 2015

0.04855

—

24 Jun 2016

0.01109

—

26 Sep 2016

0.03619

—

23 Dec 2016

0.04966

—

23 Jun 2017

0.02275

—

22 Dec 2017

0.05668

—

21 Dec 2018

0.45816

—

14 Nov 2019

0.28174

—

0.00000

0.28174

20 Dec 2019

0.04885

—

19 Nov 2020

2.30329

—

0.68813

1.61516

—

18 Nov 2021

4.54624

—

0.00000

4.54624

16 Dec 2021

0.39693

—

17 Nov 2022

0.78534

—

0.00000

0.78534

15 Dec 2022

0.27072

—

Fund Facts

(As of 30 Apr 2023)

Net Fund Assets

$1.0 B

Benchmark

MSCI ACWI NTR

Morningstar Category

World Large-Stock Blend

Fund Symbol

THORX

Share Class

Share Class Inception Date

1 Feb 2008

Number of Holdings

Portfolio Turnover

27%

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 30 Apr 2023)

Portfolio

Benchmark

Weighted Average Market Cap

$193.7 B

$367.2 B

Median Market Cap

$81.6 B

$11.2 B

Price to Earnings - Forward 1YR

11.7x

16.1x

Price to Earnings - Trailing 12 Months

12.7x

16.5x

Price to Cash Flow

5.7x

9.4x

Portfolio

Benchmark

Price to Book Value

1.6x

2.6x

Return on Assets - 5 YR

7.2%

9.9%

Return on Equity - 5 YR

15.8%

27.8%

Historical 3YR Sales Growth

15.7%

15.0%

Active Share

93.1%

—

Risk & Return Profile

(As of 31 Mar 2023)

10y

Annualized Alpha (%)

4.91

0.39

1.13

Beta

0.99

1.06

R-Squared (%)

83.08

85.80

82.07

Standard Deviation (%)

17.86

19.87

16.86

Sharpe Ratio

1.09

0.30

0.50

Information Ratio

0.71

0.05

0.19

Up Capture (%)

100.61

104.24

103.62

Down Capture (%)

95.85

104.09

102.27

Past performance does not guarantee future results.

Portfolio

Top Holdings

(As of 30 Apr 2023)

Name

Ticker/Symbol

Sector

Weight %

TotalEnergies SE

TTE

Energy

5.6

Meta Platforms, Inc.

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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