THOCX

Thornburg Global Opportunities Fund

Morningstar Rating • Info

Overall Morningstar Rating among 297 Global Large-Stock Blend funds, based on risk-adjusted returns for class C shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 5 stars, 5 stars and 3 stars among 297, 291 and 211 funds, as of 31 May 2026.

As of 31 May 2026

Fund Assets

$1.9 B

As of 31 May 2026

NAV

$49.26

As of 10 Jul 2026

Change

$0.22

As of 10 Jul 2026

YTD NAV Performance

9.15%

As of 10 Jul 2026

Asset Category:

Global Equity

Fund Benchmark:

MSCI ACWI Index

Portfolio Managers

Brian McMahon

Vice Chairman, Chief Investment Strategist, Portfolio Manager and Managing Director

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 30 Jun 2026)

YTD

10y

Inception

Total Return with Sales Charge (%)

7.62

27.06

22.23

11.81

12.40

10.15

Total Return without Sales Charge (%)

8.62

28.06

22.23

11.81

12.40

10.15

MSCI ACWI Index (%)

11.25

23.67

19.70

10.98

12.78

8.43

Morningstar Category Avg. (%)

-2.19

17.78

13.74

7.82

9.98

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

323

298

292

207

—

YTD

10y

Inception

Total Return with Sales Charge (%)

7.62

27.06

22.23

11.81

12.40

10.15

Total Return without Sales Charge (%)

8.62

28.06

22.23

11.81

12.40

10.15

MSCI ACWI Index (%)

11.25

23.67

19.70

10.98

12.78

8.43

Morningstar Category Avg. (%)

9.57

24.28

18.42

9.05

11.03

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

325

297

291

211

—

YTD

10y

Inception

Total Return with Sales Charge (%)

7.62

27.06

82.63

74.74

221.85

586.70

Total Return without Sales Charge (%)

8.62

28.06

82.63

74.74

221.85

586.70

MSCI ACWI Index (%)

11.25

23.67

71.50

68.38

233.01

401.73

YTD

10y

Inception

Total Return with Sales Charge (%)

7.62

27.06

82.63

74.74

221.85

586.70

Total Return without Sales Charge (%)

8.62

28.06

82.63

74.74

221.85

586.70

MSCI ACWI Index (%)

11.25

23.67

71.50

68.38

233.01

401.73

2020

2021

2022

2023

2024

2025

Total Return with Sales Charge (%)

20.45

12.56

-11.88

13.93

10.74

38.53

MSCI ACWI Index (%)

16.25

18.54

-18.36

22.20

17.49

22.34

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.

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 2026)

Gross Expense Ratio (%)

2.16

Net Expense Ratio (%)

2.16

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least 1 February 2027, 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

(As of 30 Jun 2026)

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

Categories,C Shares,MSCI ACWI Index                        
2025-06-30,10000,10000
2025-07-31,10214,10136
2025-08-31,10656,10386
2025-09-30,11106,10762
2025-10-31,11161,11003
2025-11-30,11460,11002
2025-12-31,11790,11117
2026-01-31,12603,11446
2026-02-28,12940,11593
2026-03-31,12132,10761
2026-04-30,12814,11855
2026-05-31,13297,12467
2026-06-30,12706,12367

Categories,C Shares,MSCI ACWI Index                        
2023-06-30,10000,10000
2023-07-31,10668,10366
2023-08-31,10167,10076
2023-09-30,9894,9660
2023-10-31,9419,9369
2023-11-30,10094,10234
2023-12-31,10785,10726
2024-01-31,10718,10789
2024-02-29,10993,11251
2024-03-31,11652,11605
2024-04-30,11615,11222
2024-05-31,12039,11678
2024-06-30,12042,11938
2024-07-31,12197,12130
2024-08-31,12284,12438
2024-09-30,12624,12727
2024-10-31,12264,12442
2024-11-30,12215,12907
2024-12-31,12050,12601
2025-01-31,12799,13024
2025-02-28,13038,12946
2025-03-31,12887,12435
2025-04-30,12894,12550
2025-05-31,13653,13272
2025-06-30,14261,13868
2025-07-31,14567,14056
2025-08-31,15196,14403
2025-09-30,15839,14925
2025-10-31,15916,15259
2025-11-30,16343,15257
2025-12-31,16814,15416
2026-01-31,17972,15873
2026-02-28,18453,16077
2026-03-31,17302,14923
2026-04-30,18274,16441
2026-05-31,18963,17289
2026-06-30,18263,17150

Categories,C Shares,MSCI ACWI Index                        
2021-06-30,10000,10000
2021-07-31,9953,10069
2021-08-31,10099,10321
2021-09-30,9772,9895
2021-10-31,9984,10400
2021-11-30,9640,10149
2021-12-31,10090,10555
2022-01-31,10036,10037
2022-02-28,9744,9778
2022-03-31,9812,9989
2022-04-30,9233,9190
2022-05-31,9439,9201
2022-06-30,8517,8425
2022-07-31,8735,9013
2022-08-31,8564,8681
2022-09-30,7824,7850
2022-10-31,8335,8324
2022-11-30,9292,8970
2022-12-31,8978,8617
2023-01-31,9700,9234
2023-02-28,9414,8970
2023-03-31,9328,9246
2023-04-30,9396,9379
2023-05-31,9187,9279
2023-06-30,9568,9818
2023-07-31,10207,10177
2023-08-31,9728,9893
2023-09-30,9467,9483
2023-10-31,9012,9198
2023-11-30,9658,10047
2023-12-31,10319,10530
2024-01-31,10254,10592
2024-02-29,10518,11046
2024-03-31,11149,11393
2024-04-30,11113,11017
2024-05-31,11519,11465
2024-06-30,11522,11720
2024-07-31,11670,11909
2024-08-31,11753,12211
2024-09-30,12078,12495
2024-10-31,11734,12215
2024-11-30,11687,12671
2024-12-31,11530,12371
2025-01-31,12246,12787
2025-02-28,12475,12710
2025-03-31,12330,12208
2025-04-30,12337,12321
2025-05-31,13063,13030
2025-06-30,13645,13615
2025-07-31,13937,13799
2025-08-31,14539,14140
2025-09-30,15154,14653
2025-10-31,15228,14980
2025-11-30,15637,14979
2025-12-31,16087,15135
2026-01-31,17196,15584
2026-02-28,17655,15784
2026-03-31,16554,14650
2026-04-30,17484,16141
2026-05-31,18144,16974
2026-06-30,17474,16838

Categories,C Shares,MSCI ACWI Index                        
2016-06-30,10000,10000
2016-07-31,10312,10431
2016-08-31,10439,10466
2016-09-30,10597,10530
2016-10-31,10707,10351
2016-11-30,10918,10430
2016-12-31,11164,10655
2017-01-31,11551,10947
2017-02-28,11599,11254
2017-03-31,11942,11391
2017-04-30,12386,11569
2017-05-31,12838,11825
2017-06-30,12702,11878
2017-07-31,13124,12210
2017-08-31,12922,12257
2017-09-30,13128,12494
2017-10-31,13374,12753
2017-11-30,13137,13000
2017-12-31,13474,13210
2018-01-31,13980,13955
2018-02-28,13276,13369
2018-03-31,12709,13083
2018-04-30,13026,13208
2018-05-31,13052,13224
2018-06-30,12758,13153
2018-07-31,13013,13549
2018-08-31,12824,13656
2018-09-30,12617,13715
2018-10-31,11496,12687
2018-11-30,11408,12873
2018-12-31,10576,11966
2019-01-31,11638,12911
2019-02-28,11762,13256
2019-03-31,11864,13423
2019-04-30,12486,13876
2019-05-31,11176,13053
2019-06-30,11918,13908
2019-07-31,11998,13949
2019-08-31,11371,13618
2019-09-30,11798,13904
2019-10-31,12313,14285
2019-11-30,12834,14633
2019-12-31,13476,15149
2020-01-31,13032,14981
2020-02-29,12466,13771
2020-03-31,10115,11912
2020-04-30,11367,13188
2020-05-31,11910,13762
2020-06-30,12296,14202
2020-07-31,13243,14953
2020-08-31,14046,15868
2020-09-30,13660,15356
2020-10-31,13588,14983
2020-11-30,15388,16830
2020-12-31,16366,17611
2021-01-31,16323,17531
2021-02-28,17051,17937
2021-03-31,17441,18416
2021-04-30,18255,19222
2021-05-31,18443,19521
2021-06-30,18419,19778
2021-07-31,18332,19914
2021-08-31,18602,20413
2021-09-30,18000,19569
2021-10-31,18390,20568
2021-11-30,17756,20073
2021-12-31,18584,20876
2022-01-31,18485,19851
2022-02-28,17946,19338
2022-03-31,18073,19757
2022-04-30,17006,18175
2022-05-31,17386,18197
2022-06-30,15687,16663
2022-07-31,16088,17826
2022-08-31,15775,17170
2022-09-30,14411,15526
2022-10-31,15351,16463
2022-11-30,17115,17740
2022-12-31,16537,17042
2023-01-31,17866,18264
2023-02-28,17340,17740
2023-03-31,17182,18287
2023-04-30,17306,18550
2023-05-31,16921,18351
2023-06-30,17623,19417
2023-07-31,18800,20128
2023-08-31,17917,19565
2023-09-30,17436,18756
2023-10-31,16599,18192
2023-11-30,17790,19871
2023-12-31,19006,20826
2024-01-31,18887,20948
2024-02-29,19373,21847
2024-03-31,20534,22533
2024-04-30,20469,21789
2024-05-31,21216,22674
2024-06-30,21222,23179
2024-07-31,21494,23553
2024-08-31,21648,24151
2024-09-30,22247,24712
2024-10-31,21613,24158
2024-11-30,21526,25061
2024-12-31,21236,24468
2025-01-31,22556,25289
2025-02-28,22977,25137
2025-03-31,22710,24144
2025-04-30,22723,24369
2025-05-31,24060,25770
2025-06-30,25132,26927
2025-07-31,25671,27292
2025-08-31,26779,27966
2025-09-30,27913,28980
2025-10-31,28049,29628
2025-11-30,28802,29624
2025-12-31,29631,29934
2026-01-31,31672,30821
2026-02-28,32519,31217
2026-03-31,30491,28975
2026-04-30,32204,31923
2026-05-31,33419,33570
2026-06-30,32185,33301

Categories,C Shares,MSCI ACWI Index                        
2006-07-28,10000,10000
2006-07-31,10000,9994
2006-08-31,10201,10253
2006-09-30,10754,10373
2006-10-31,11524,10762
2006-11-30,11975,11066
2006-12-31,12534,11313
2007-01-31,12839,11425
2007-02-28,12966,11365
2007-03-31,13491,11593
2007-04-30,14152,12107
2007-05-31,15075,12468
2007-06-30,15405,12431
2007-07-31,15778,12241
2007-08-31,15930,12207
2007-09-30,16828,12863
2007-10-31,17650,13365
2007-11-30,16600,12774
2007-12-31,16400,12632
2008-01-31,15188,11598
2008-02-29,15371,11630
2008-03-31,14648,11460
2008-04-30,15354,12099
2008-05-31,15816,12288
2008-06-30,14465,11279
2008-07-31,14133,10986
2008-08-31,13539,10750
2008-09-30,11548,9406
2008-10-31,8849,7542
2008-11-30,8080,7047
2008-12-31,8439,7302
2009-01-31,7470,6678
2009-02-28,6789,6024
2009-03-31,7219,6521
2009-04-30,8358,7290
2009-05-31,9560,8017
2009-06-30,9800,7972
2009-07-31,10579,8673
2009-08-31,11085,8984
2009-09-30,11870,9396
2009-10-31,11458,9251
2009-11-30,11632,9631
2009-12-31,12223,9831
2010-01-31,12039,9406
2010-02-28,12305,9526
2010-03-31,13297,10138
2010-04-30,13573,10155
2010-05-31,12360,9193
2010-06-30,11681,8909
2010-07-31,12452,9634
2010-08-31,11736,9298
2010-09-30,12713,10187
2010-10-31,13035,10555
2010-11-30,12906,10320
2010-12-31,13975,11076
2011-01-31,14327,11250
2011-02-28,15022,11577
2011-03-31,14836,11566
2011-04-30,15772,12039
2011-05-31,15901,11780
2011-06-30,15364,11595
2011-07-31,15142,11406
2011-08-31,13919,10573
2011-09-30,12021,9575
2011-10-31,13623,10600
2011-11-30,13049,10283
2011-12-31,12790,10262
2012-01-31,13670,10859
2012-02-29,14373,11405
2012-03-31,14438,11481
2012-04-30,14167,11350
2012-05-31,12940,10332
2012-06-30,13118,10842
2012-07-31,13464,10991
2012-08-31,13905,11230
2012-09-30,14691,11584
2012-10-31,14738,11506
2012-11-30,14672,11654
2012-12-31,15431,11917
2013-01-31,16114,12467
2013-02-28,16133,12465
2013-03-31,16629,12692
2013-04-30,16807,13055
2013-05-31,17285,13019
2013-06-30,16629,12639
2013-07-31,17135,13244
2013-08-31,17303,12968
2013-09-30,18146,13638
2013-10-31,18876,14186
2013-11-30,19242,14387
2013-12-31,19631,14635
2014-01-31,19593,14049
2014-02-28,20624,14728
2014-03-31,20362,14794
2014-04-30,20868,14934
2014-05-31,21805,15252
2014-06-30,22264,15539
2014-07-31,21880,15351
2014-08-31,22339,15690
2014-09-30,21767,15181
2014-10-31,22386,15288
2014-11-30,23257,15544
2014-12-31,23079,15244
2015-01-31,22882,15005
2015-02-28,24663,15841
2015-03-31,24560,15595
2015-04-30,24747,16048
2015-05-31,25506,16027
2015-06-30,24569,15650
2015-07-31,25328,15786
2015-08-31,24110,14703
2015-09-30,22208,14171
2015-10-31,23089,15283
2015-11-30,23360,15157
2015-12-31,23154,14883
2016-01-31,21674,13986
2016-02-29,21627,13890
2016-03-31,22583,14919
2016-04-30,22320,15139
2016-05-31,22864,15158
2016-06-30,21336,15066
2016-07-31,22002,15716
2016-08-31,22273,15769
2016-09-30,22611,15865
2016-10-31,22845,15596
2016-11-30,23295,15714
2016-12-31,23821,16054
2017-01-31,24646,16493
2017-02-28,24749,16956
2017-03-31,25480,17163
2017-04-30,26427,17430
2017-05-31,27392,17815
2017-06-30,27102,17896
2017-07-31,28002,18396
2017-08-31,27570,18467
2017-09-30,28011,18824
2017-10-31,28536,19215
2017-11-30,28030,19587
2017-12-31,28749,19902
2018-01-31,29828,21025
2018-02-28,28327,20142
2018-03-31,27117,19711
2018-04-30,27792,19899
2018-05-31,27849,19924
2018-06-30,27220,19816
2018-07-31,27764,20414
2018-08-31,27361,20574
2018-09-30,26920,20664
2018-10-31,24528,19115
2018-11-30,24341,19395
2018-12-31,22565,18029
2019-01-31,24831,19452
2019-02-28,25096,19973
2019-03-31,25314,20224
2019-04-30,26641,20907
2019-05-31,23845,19666
2019-06-30,25428,20954
2019-07-31,25599,21015
2019-08-31,24262,20517
2019-09-30,25172,20949
2019-10-31,26272,21522
2019-11-30,27383,22047
2019-12-31,28753,22824
2020-01-31,27805,22572
2020-02-29,26598,20749
2020-03-31,21581,17947
2020-04-30,24253,19870
2020-05-31,25411,20734
2020-06-30,26235,21397
2020-07-31,28255,22528
2020-08-31,29969,23907
2020-09-30,29145,23136
2020-10-31,28992,22574
2020-11-30,32833,25356
2020-12-31,34920,26534
2021-01-31,34828,26413
2021-02-28,36380,27025
2021-03-31,37212,27747
2021-04-30,38950,28960
2021-05-31,39351,29411
2021-06-30,39299,29798
2021-07-31,39114,30003
2021-08-31,39690,30754
2021-09-30,38405,29484
2021-10-31,39238,30989
2021-11-30,37885,30243
2021-12-31,39652,31452
2022-01-31,39441,29908
2022-02-28,38291,29135
2022-03-31,38561,29766
2022-04-30,36285,27384
2022-05-31,37095,27416
2022-06-30,33470,25105
2022-07-31,34326,26858
2022-08-31,33657,25869
2022-09-30,30748,23393
2022-10-31,32754,24804
2022-11-30,36517,26728
2022-12-31,35283,25677
2023-01-31,38120,27517
2023-02-28,36997,26728
2023-03-31,36659,27552
2023-04-30,36925,27948
2023-05-31,36104,27649
2023-06-30,37601,29254
2023-07-31,40112,30325
2023-08-31,38229,29478
2023-09-30,37203,28259
2023-10-31,35416,27409
2023-11-30,37956,29939
2023-12-31,40552,31377
2024-01-31,40299,31561
2024-02-29,41335,32916
2024-03-31,43813,33949
2024-04-30,43674,32829
2024-05-31,45267,34162
2024-06-30,45279,34923
2024-07-31,45861,35486
2024-08-31,46190,36388
2024-09-30,47466,37233
2024-10-31,46114,36397
2024-11-30,45929,37758
2024-12-31,45311,36865
2025-01-31,48125,38102
2025-02-28,49024,37872
2025-03-31,48456,36376
2025-04-30,48482,36716
2025-05-31,51336,38826
2025-06-30,53622,40569
2025-07-31,54772,41120
2025-08-31,57137,42135
2025-09-30,59555,43662
2025-10-31,59846,44638
2025-11-30,61453,44633
2025-12-31,63221,45099
2026-01-31,67577,46436
2026-02-28,69384,47033
2026-03-31,65056,43655
2026-04-30,68712,48097
2026-05-31,71304,50578
2026-06-30,68670,50173

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 ($)
            2006-11-17,0.15686
2007-11-19,0.53883
2008-06-30,0.04033
2008-12-31,0.24129
2009-06-30,0.09868
2009-09-30,0.15525
2009-12-31,0.03464
2010-09-30,0.01421
2010-12-31,0.11199
2011-12-31,0.15231
2013-12-31,0.01560
2016-12-31,0.01130
2017-12-31,0.01716
2018-12-31,0.24867
2019-11-14,0.28174
2020-11-19,2.30329
2021-11-18,4.54624
2021-12-31,0.19198
2022-11-17,0.78534
2022-12-31,0.05581
2023-11-16,1.19547
2023-12-31,0.21082
2024-11-21,0.97178
2024-12-31,0.57910
2025-11-20,2.45657
2025-12-31,0.06207

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2006-11-17,1163721600,0.15686,0,0.15686,0.00000
2007-11-19,1195430400,0.53883,0,0.48583,0.05300
2008-06-26,1214784000,0.04033,0.04033,0,0
2008-12-26,1230681600,0.24129,0.24129,0,0
2009-06-26,1246320000,0.09868,0.09868,0,0
2009-09-25,1254268800,0.15525,0.15525,0,0
2009-12-24,1262217600,0.03464,0.03464,0,0
2010-09-24,1285804800,0.01421,0.01421,0,0
2010-12-27,1293753600,0.11199,0.11199,0,0
2011-12-23,1325289600,0.15231,0.15231,0,0
2013-12-24,1388448000,0.01560,0.01560,0,0
2016-12-23,1483142400,0.01130,0.01130,0,0
2017-12-22,1514678400,0.01716,0.01716,0,0
2018-12-21,1546214400,0.24867,0.24867,0,0
2019-11-14,1573689600,0.28174,0,0.00000,0.28174
2020-11-19,1605744000,2.30329,0,0.68813,1.61516
2021-11-18,1637193600,4.54624,0,0.00000,4.54624
2021-12-16,1640908800,0.19198,0.19198,0,0
2022-11-17,1668643200,0.78534,0,0.00000,0.78534
2022-12-15,1672444800,0.05581,0.05581,0,0
2023-11-16,1700092800,1.19547,0,0.17333,1.02214
2023-12-14,1703980800,0.21082,0.21082,0,0
2024-11-21,1732147200,0.97178,0,0.06433,0.90745
2024-12-19,1735603200,0.57910,0.57910,0,0
2025-11-20,1763596800,2.45657,0,0.00000,2.45657
2025-12-18,1767139200,0.06207,0.06207,0,0

Distributions

(As of 18 Dec 2025)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

17 Nov 2006

0.15686

—

0.15686

0.00000

19 Nov 2007

0.53883

—

0.48583

0.05300

26 Jun 2008

30 Jun 2008

0.04033

—

26 Dec 2008

31 Dec 2008

0.24129

—

26 Jun 2009

30 Jun 2009

0.09868

—

25 Sep 2009

30 Sep 2009

0.15525

—

24 Dec 2009

31 Dec 2009

0.03464

—

24 Sep 2010

30 Sep 2010

0.01421

—

27 Dec 2010

31 Dec 2010

0.11199

—

23 Dec 2011

31 Dec 2011

0.15231

—

24 Dec 2013

31 Dec 2013

0.01560

—

23 Dec 2016

31 Dec 2016

0.01130

—

22 Dec 2017

31 Dec 2017

0.01716

—

21 Dec 2018

31 Dec 2018

0.24867

—

14 Nov 2019

0.28174

—

0.00000

0.28174

19 Nov 2020

2.30329

—

0.68813

1.61516

18 Nov 2021

4.54624

—

0.00000

4.54624

16 Dec 2021

31 Dec 2021

0.19198

—

17 Nov 2022

0.78534

—

0.00000

0.78534

15 Dec 2022

31 Dec 2022

0.05581

—

16 Nov 2023

1.19547

—

0.17333

1.02214

14 Dec 2023

31 Dec 2023

0.21082

—

21 Nov 2024

0.97178

—

0.06433

0.90745

19 Dec 2024

31 Dec 2024

0.57910

—

20 Nov 2025

2.45657

—

0.00000

2.45657

18 Dec 2025

31 Dec 2025

0.06207

—

Fund Facts

(As of 31 May 2026)

Net Fund Assets

$1.9 B

Benchmark

MSCI ACWI Index

Morningstar Category

Global Large-Stock Blend

Fund Symbol

THOCX

Share Class

Share Class Inception Date

28 Jul 2006

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 May 2026)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$603.9 B

$1,095.3 B

Median Market Cap

$119.3 B

$19.3 B

Annual Portfolio Turnover

—

Price to Earnings - Forward 1YR

13.0x

18.9x

Portfolio

Benchmark

Price to Earnings - Trailing 12 Months

17.4x

25.2x

Price to Cash Flow

9.2x

15.3x

Price to Book Value

2.4x

3.8x

Active Share

89.5%

—

Annual Portfolio Turnover reflects data as of the Fund’s fiscal year end (9/30).

Risk & Return Profile

(As of 31 May 2026)

10y

Annualized Alpha (%)

7.68

3.67

0.50

Beta

0.81

0.86

1.01

R-Squared (%)

69.14

77.44

81.41

Standard Deviation (%)

12.34

14.65

16.41

Sharpe Ratio

1.76

0.69

0.66

Information Ratio

0.59

0.31

0.05

Tracking Error (%)

7.25

7.08

Up Capture (%)

100.07

94.03

101.51

Down Capture (%)

66.48

78.66

100.42

Past performance does not guarantee future results.

Risk & Return Profile metrics are based on the I share class.

Portfolio

Top Holdings

(As of 31 May 2026)

Name

Ticker/Symbol

Sector

Weight %

Samsung Electronics Co. Ltd.

005930

Information Technology

6.9

Zegona Communications plc

ZEG

Communication Services

5.7

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

5.4

Alphabet, Inc.

GOOGL

Communication Services

5.1

Orange S.A.

ORA

Communication Services

4.2

Citigroup, Inc.

Financials

3.6

BNP Paribas S.A.

BNP

Financials

3.5

Contemporary Amperex Technology Co. Ltd.

300750

Industrials

3.4

The Charles Schwab Corp.

SCHW

Financials

3.1

Bank of Ireland Group plc

BIRG

Financials

3.0

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 May 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

Communication Services

24.7

8.3

Financials

16.8

15.6

Information Technology

16.6

32.2

Industrials

10.6

10.7

Consumer Discretionary

10.2

9.1

Energy

6.2

3.7

Materials

5.4

3.7

Health Care

3.5

7.8

Cash & Equivalents

3.1

—

Consumer Staples

2.8

4.7

Real Estate

0.0

1.6

Utilities

0.0

2.4

Sector Allocation

Fund (%)

Communication Services

24.7

Financials

16.8

Information Technology

16.6

Industrials

10.6

Consumer Discretionary

10.2

Energy

6.2

Materials

5.4

Health Care

3.5

Cash & Equivalents

3.1

Consumer Staples

2.8

Real Estate

0.0

Utilities

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Telecommunication Services

15.0

1.5

Banks

10.1

7.6

Media & Entertainment

9.7

6.8

Capital Goods

7.0

8.4

Technology Hardware & Equipment

6.9

9.2

Energy

6.2

3.7

Materials

5.4

3.7

Consumer Services

5.4

1.4

Semiconductors & Semiconductor Equipment

5.4

16.0

Software & Services

4.4

7.0

Top 10 Industries

Fund (%)

Telecommunication Services

15.0

Banks

10.1

Media & Entertainment

9.7

Capital Goods

7.0

Technology Hardware & Equipment

6.9

Energy

6.2

Materials

5.4

Consumer Services

5.4

Semiconductors & Semiconductor Equipment

5.4

Software & Services

4.4

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

20%

30%

40%

50%

60%

70%

United States

33.5

63.4

North America

France

11.6

2.1

Europe ex UK

China

7.5

2.5

Asia Pacific ex Japan

United Kingdom

7.1

3.1

Korea, Republic of (South Korea)

6.9

2.8

Asia Pacific ex Japan

Germany

6.0

1.9

Europe ex UK

Taiwan

5.8

3.3

Asia Pacific ex Japan

Hong Kong

3.7

0.4

Asia Pacific ex Japan

Ireland

3.0

0.1

Europe ex UK

Netherlands

2.5

1.2

Europe ex UK

Top 10 Countries

Fund (%)

United States

33.5

France

11.6

China

7.5

United Kingdom

7.1

Korea, Republic of (South Korea)

6.9

Germany

6.0

Taiwan

5.8

Hong Kong

3.7

Ireland

3.0

Netherlands

2.5

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

83.7

97.1

Mid Cap ($2.5 to $12 B)

14.0

2.9

Small Cap (< $2.5 B)

2.3

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

83.7

Mid Cap ($2.5 to $12 B)

14.0

Small Cap (< $2.5 B)

2.3

Holdings within the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Cash and Equivalents includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

Portfolio Managers

Brian McMahon

Vice Chairman, Chief Investment Strategist, Portfolio Manager and Managing Director

Brian McMahon is chief investment strategist and a portfolio manager 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;…

Learn More

Miguel Oleaga

Portfolio Manager and Managing Director

Miguel Oleaga is a 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…

Learn More

Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Financial Statements

Semi-Annual Financial Statements

Prospectus

Statement of Additional Information (SAI)

Annual TSR

Semi-Annual TSR

Annual Shareholder Letter

Download

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.

© 2026 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 LLC.

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 LLC (TSL) does not act as broker of record for investors.

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THOCX

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

Annual Shareholder Letter

Important Information

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THOCX

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

Annual Shareholder Letter

Important Information

More Insights

A Disinflationary Paradox of High Oil Prices

Oil Shock Hits Different in a World of Shrinking Petrodollars

Structural Forces Are Reshaping the Investment Landscape