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Thornburg Global Opportunities Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 328 World Large-Stock Blend funds, based on risk-adjusted returns for class A shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 5 stars and 2 stars among 328, 297 and 196 funds, as of 30 Sep 2024.

As of 30 Sep 2024
Fund Assets
$1.3 B
As of 30 Sep 2024
NAV
$38.63
As of 4 Nov 2024
Change
$-0.10
As of 4 Nov 2024
YTD NAV Performance
14.63%
As of 4 Nov 2024
Asset Category:
Global Equity
Fund Benchmark:
MSCI ACWI Index

Portfolio Managers

Vice Chairman, Chief Investment Strategist and Managing Director
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 Sep 2024)
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
12.47
22.88
6.53
13.36
8.44
9.52
Total Return without Sales Charge (%)
17.77
28.68
8.18
14.41
8.94
9.79
MSCI ACWI Index (%)
18.66
31.76
8.09
12.19
9.39
7.50
Morningstar Category Avg. (%)
15.92
28.28
6.94
10.66
8.61
Morningstar Quartile
3
2
1
2
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
9.35
25.46
4.77
11.75
7.83
9.30
Total Return without Sales Charge (%)
14.51
31.36
6.38
12.79
8.33
9.58
MSCI ACWI Index (%)
16.00
32.79
5.51
11.08
9.06
7.33
Morningstar Category Avg. (%)
15.92
28.28
6.94
10.66
8.61
Morningstar Quartile
3
2
1
2
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
12.47
22.88
20.91
87.20
124.89
421.73
Total Return without Sales Charge (%)
17.77
28.68
26.60
96.03
135.50
446.20
MSCI ACWI Index (%)
18.66
31.76
26.28
77.73
145.26
272.33
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
9.35
25.46
14.99
74.29
112.50
407.27
Total Return without Sales Charge (%)
14.51
31.36
20.40
82.52
122.51
431.06
MSCI ACWI Index (%)
16.00
32.79
17.45
69.12
138.08
263.97
2018
2019
2020
2021
2022
2023
Total Return with Sales Charge (%)
-24.48
22.59
16.80
9.25
-14.39
10.69
MSCI ACWI Index (%)
-9.42
26.60
16.25
18.54
-18.36
22.20
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
1.33
Net Expense Ratio (%)
1.33
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Oct 2024)
(Hypothetical Growth of $10,000 vs MSCI ACWI Index)
Distributions

Distributions

(As of 14 Dec 2023)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
17 Nov 2006
17 Nov 2006
0.15686
0.15686
0.00000
26 Dec 2006
31 Dec 2006
0.00145
0.00145
19 Nov 2007
19 Nov 2007
0.53883
0.48583
0.05300
26 Dec 2007
31 Dec 2007
0.03600
0.03600
26 Jun 2008
30 Jun 2008
0.10000
0.10000
26 Dec 2008
31 Dec 2008
0.28250
0.28250
26 Jun 2009
30 Jun 2009
0.13500
0.13500
25 Sep 2009
30 Sep 2009
0.18000
0.18000
24 Dec 2009
31 Dec 2009
0.06125
0.06125
24 Sep 2010
30 Sep 2010
0.10000
0.10000
27 Dec 2010
31 Dec 2010
0.14000
0.14000
24 Jun 2011
30 Jun 2011
0.04500
0.04500
23 Dec 2011
31 Dec 2011
0.20500
0.20500
24 Dec 2012
31 Dec 2012
0.08275
0.08275
24 Sep 2013
30 Sep 2013
0.06500
0.06500
24 Dec 2013
31 Dec 2013
0.05435
0.05435
24 Sep 2014
30 Sep 2014
0.03000
0.03000
24 Dec 2015
31 Dec 2015
0.08200
0.08200
24 Jun 2016
30 Jun 2016
0.01750
0.01750
26 Sep 2016
30 Sep 2016
0.03750
0.03750
23 Dec 2016
31 Dec 2016
0.05600
0.05600
24 Mar 2017
31 Mar 2017
0.00250
0.00250
23 Jun 2017
30 Jun 2017
0.03786
0.03786
22 Dec 2017
31 Dec 2017
0.07404
0.07404
21 Dec 2018
31 Dec 2018
0.55231
0.55231
14 Nov 2019
14 Nov 2019
0.28174
0.00000
0.28174
20 Dec 2019
31 Dec 2019
0.13628
0.13628
19 Nov 2020
19 Nov 2020
2.30329
0.68813
1.61516
17 Dec 2020
31 Dec 2020
0.00001
0.00001
18 Nov 2021
18 Nov 2021
4.54624
0.00000
4.54624
16 Dec 2021
31 Dec 2021
0.49250
0.49250
17 Nov 2022
17 Nov 2022
0.78534
0.00000
0.78534
15 Dec 2022
31 Dec 2022
0.35560
0.35560
16 Nov 2023
16 Nov 2023
1.19547
0.17333
1.02214
14 Dec 2023
31 Dec 2023
0.63444
0.63444
Fund Facts

Fund Facts

(As of 30 Sep 2024)
Net Fund Assets
$1.3 B
Benchmark
MSCI ACWI Index
Morningstar Category
World Large-Stock Blend
Fund Symbol
THOAX
Share Class
A
Share Class Inception Date
28 Jul 2006
Number of Holdings
37
Portfolio Turnover
17%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 30 Sep 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$319.9 B
$648.8 B
Median Market Cap
$74.7 B
$14.1 B
Price to Earnings - Forward 1YR
12.5x
19.4x
Price to Earnings - Trailing 12 Months
16.5x
22.4x
Price to Cash Flow
7.7x
13.5x
Portfolio
Benchmark
Price to Book Value
1.8x
3.2x
Return on Assets - 5 YR
7.5%
9.9%
Return on Equity - 5 YR
14.8%
29.5%
Historical 3YR Sales Growth
17.1%
17.1%
Active Share
92.5%
Risk & Return Profile

Risk & Return Profile

(As of 30 Sep 2024)
3y
5y
10y
Annualized Alpha (%)
1.31
2.50
0.06
Beta
0.90
1.01
1.01
R-Squared (%)
81.18
86.20
81.57
Standard Deviation (%)
16.30
18.67
16.53
Sharpe Ratio
0.30
0.66
0.46
Information Ratio
0.06
0.37
-0.01
Up Capture (%)
91.99
102.55
100.97
Down Capture (%)
87.56
92.51
102.04
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2024)
Name
Ticker/Symbol
Sector
Weight %
Meta Platforms, Inc.
META
Communication Services
5.6
Alphabet, Inc.
GOOGL
Communication Services
4.7
Samsung Electronics Co. Ltd.
005930
Information Technology
4.6
Bank of Ireland Group plc
BIRG
Financials
4.3
Reliance Industries Ltd.
RELIANCE
Energy
3.9
BNP Paribas S.A.
BNP
Financials
3.8
TotalEnergies SE
TTE
Energy
3.8
Citigroup, Inc.
C
Financials
3.7
The Charles Schwab Corp.
SCHW
Financials
3.7
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
3.5
Exposure Breakdown

Exposure Breakdown

(As of 30 Sep 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Communication Services
21.7
7.8
Financials
18.7
16.2
Consumer Discretionary
16.7
10.6
Information Technology
10.8
24.5
Energy
9.5
4.0
Materials
7.6
4.1
Industrials
7.4
10.6
Consumer Staples
3.3
6.4
Cash & Cash Equivalents
2.7
Health Care
1.5
10.9
Real Estate
0.0
2.2
Utilities
0.0
2.7
Sector Allocation
Fund (%)
Communication Services
21.7
Financials
18.7
Consumer Discretionary
16.7
Information Technology
10.8
Energy
9.5
Materials
7.6
Industrials
7.4
Consumer Staples
3.3
Cash & Cash Equivalents
2.7
Health Care
1.5
Real Estate
0.0
Utilities
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Media & Entertainment
13.1
6.2
Banks
11.4
6.9
Energy
9.5
4.0
Telecommunication Services
8.6
1.5
Materials
7.6
4.1
Consumer Services
6.6
2.0
Consumer Discretionary Distribution & Retail
5.4
4.8
Financial Services
5.0
6.2
Capital Goods
4.8
7.5
Technology Hardware & Equipment
3.8
6.8
Top 10 Industries
Fund (%)
Media & Entertainment
13.1
Banks
11.4
Energy
9.5
Telecommunication Services
8.6
Materials
7.6
Consumer Services
6.6
Consumer Discretionary Distribution & Retail
5.4
Financial Services
5.0
Capital Goods
4.8
Technology Hardware & Equipment
3.8
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
United States
36.3
64.2
North America
Germany
7.5
2.0
Europe ex UK
Netherlands
7.2
1.1
Europe ex UK
France
7.1
2.6
Europe ex UK
United Kingdom
6.5
3.3
UK
China
5.2
2.9
Asia Pacific ex Japan
Hong Kong
5.0
0.5
Asia Pacific ex Japan
Ireland
4.1
0.1
Europe ex UK
Korea, Republic of (South Korea)
3.8
1.1
Asia Pacific ex Japan
India
3.7
2.1
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
United States
36.3
Germany
7.5
Netherlands
7.2
France
7.1
United Kingdom
6.5
China
5.2
Hong Kong
5.0
Ireland
4.1
Korea, Republic of (South Korea)
3.8
India
3.7
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
79.8
94.4
Mid Cap ($2.5 to $12 B)
17.7
5.5
Small Cap (< $2.5 B)
2.6
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
79.8
Mid Cap ($2.5 to $12 B)
17.7
Small Cap (< $2.5 B)
2.6
Portfolio Managers

Portfolio Managers

Brian McMahon

Brian McMahon

Vice Chairman, Chief Investment Strategist and Managing Director
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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