Unsubscribe

Confirm you would like to unsubscribe from this list

You have unsaved changes on the page. Would you like to save them?

Remove strategy

Confirm you would like to remove this strategy from your list

Welcome to Thornburg

Please select your location and role to help personalize the site.
Please review our Terms & Conditions

For Institutional / Wholesale / Professional Clients

The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.

TERMS AND CONDITIONS OF USE

Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.

Disclaimers

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.

Reference to a fund or security anywhere on this website is not a recommendation to buy, sell or hold that or any other security. The information is not a complete analysis of every material fact concerning any market, industry, or investment, nor is it intended to predict the performance of any investment or market.

All opinions and estimates included on this website constitute judgements of Thornburg as at the date of this website and are subject to change without notice.

All information and contents of this website are furnished "as is." Data has been obtained from sources considered reliable, but Thornburg makes no representation as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg disclaims, to the fullest extent of the law, any implied or express warranty of any kind, including without limitation the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

If you live in a state that does not allow disclaimers of implied warranties, our disclaimer may not apply to you.

Although Thornburg intends the information contained in this website to be accurate and reliable, errors sometimes occur. Thornburg does not warrant that the information to be free of errors, that the functions contained in the site will be uninterrupted, that defects will be corrected or that the site and servers are free from viruses or other harmful components. You agree that you are responsible for the means you use to access this website and understand that your hardware, software, the Internet, your Internet service provider, and other third parties involved in connecting you to our website may not perform as intended or desired. We also disclaim responsibility for damages third parties may cause to you through the use of this website, whether intentional or unintentional. For example, you understand that hackers could breach our security procedures, and that we will not be responsible for any related damages.

Thornburg Investment Management, Inc. is regulated by the U.S. Securities and Exchange under U.S. laws which may differ materially from laws in other jurisdictions.

Online Privacy and Cookie Policy

Please review our Online Privacy and Cookie Policy, which is hereby incorporated by reference as part of these terms and conditions.

Third Party Content

Certain website's content has been obtained from sources that Thornburg believes to be reliable as of the date presented but Thornburg cannot guarantee the accuracy, timeliness, completeness, or suitability for use of such content. The content does not take into account individual investor's circumstances, objectives or needs. The content is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services, nor does it constitute investment advice and should not be used as the basis for any investment decision.

Suitability

No determination has been made regarding the suitability of any securities, financial instruments or strategies for any investor. The website's content is provided on the basis and subject to the explanations, caveats and warnings set out in this notice and elsewhere herein. The website's content does not purport to provide any legal, tax or accounting advice. Any discussion of risk management is intended to describe Thornburg's efforts to monitor and manage risk but does not imply low risk.

Limited License and Restrictions on Use

Except as otherwise stated in these terms of use or as expressly authorized by Thornburg in writing, you may not:

  • Modify, copy, distribute, transmit, post, display, perform, reproduce, publish, broadcast, license, create derivative works from, transfer, sell, or exploit any reports, data, information, content, software, RSS and podcast feeds, products, services, or other materials (collectively, "Materials") on, generated by or obtained from this website, whether through links or otherwise;
  • Redeliver any page, text, image or Materials on this website using "framing" or other technology;
  • Engage in any conduct that could damage, disable, or overburden (i) this website, (ii) any Materials or services provided through this website, or (iii) any systems, networks, servers, or accounts related to this website, including without limitation, using devices or software that provide repeated automated access to this website, other than those made generally available by Thornburg;
  • Probe, scan, or test the vulnerability of any Materials, services, systems, networks, servers, or accounts related to this website or attempt to gain unauthorized access to Materials, services, systems, networks, servers, or accounts connected or associated with this website through hacking, password or data mining, or any other means of circumventing any access-limiting, user authentication or security device of any Materials, services, systems, networks, servers, or accounts related to this website; or
  • Modify, copy, obscure, remove or display the Thornburg name, logo, trademarks, notices or images without Thornburg's express written permission. To obtain such permission, you may e-mail us at info@thornburg.com.

Severability, Governing Law

Failure by Thornburg to enforce any provision(s) of these terms and conditions shall not be construed as a waiver of any provision or right. This website is controlled and operated by Thornburg from its offices in Santa Fe, New Mexico. The laws of the State of New Mexico govern these terms and conditions. If you take legal action relating to these terms and conditions, you agree to file such action only in state or federal court in New Mexico and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.

Termination

You acknowledge and agree that Thornburg may restrict, suspend or terminate these terms and conditions or your access to, and use, of the all or any part this website, including any links to third-party sites, at any time, with or without cause, including but not limited to any breach of these terms and conditions, in Thornburg's absolute discretion and without prior notice or liability.

Decline
Give Us a Call

Fund Operations
800.847.0200

FIND ANOTHER CONTACT

Thornburg Global Opportunities Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 331 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, 4 stars, 5 stars and 3 stars among 331, 300 and 197 funds, as of 31 Aug 2024.

As of 31 Aug 2024
Fund Assets
$1.3 B
As of 31 Aug 2024
NAV
$39.71
As of 3 Oct 2024
Change
$-0.21
As of 3 Oct 2024
YTD NAV Performance
17.42%
As of 3 Oct 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 (%)
18.07
29.05
8.51
14.75
9.29
10.22
MSCI ACWI Index (%)
18.66
31.76
8.09
12.19
9.39
7.50
Morningstar Category Avg. (%)
8.41
14.9
4.21
9.23
7.64
Morningstar Quartile
1
2
1
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
18.07
29.05
8.51
14.75
9.29
10.22
MSCI ACWI Index (%)
18.66
31.76
8.09
12.19
9.39
7.50
Morningstar Category Avg. (%)
13.73
20.53
4.82
10.66
8.12
Morningstar Quartile
2
2
1
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
18.07
29.05
27.78
98.94
143.01
486.63
MSCI ACWI Index (%)
18.66
31.76
26.28
77.73
145.26
272.33
YTD
1y
3y
5y
10y
Inception
Total Return (%)
18.07
29.05
27.78
98.94
143.01
486.63
MSCI ACWI Index (%)
18.66
31.76
26.28
77.73
145.26
272.33
2018
2019
2020
2021
2022
2023
Total Return (%)
-20.67
28.76
22.66
14.75
-10.08
16.25
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 (%)
1.06
Net Expense Ratio (%)
0.99
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Sep 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
0.01075
0.01075
19 Nov 2007
19 Nov 2007
0.53883
0.48583
0.05300
26 Dec 2007
31 Dec 2007
0.08122
0.08122
26 Jun 2008
30 Jun 2008
0.14744
0.14744
26 Dec 2008
31 Dec 2008
0.32995
0.32995
26 Jun 2009
30 Jun 2009
0.16349
0.16349
25 Sep 2009
30 Sep 2009
0.19092
0.19092
24 Dec 2009
31 Dec 2009
0.07706
0.07706
24 Sep 2010
30 Sep 2010
0.15116
0.15116
27 Dec 2010
31 Dec 2010
0.15882
0.15882
24 Jun 2011
30 Jun 2011
0.08475
0.08475
23 Dec 2011
31 Dec 2011
0.24736
0.24736
28 Sep 2012
30 Sep 2012
0.00000
0.00000
24 Dec 2012
31 Dec 2012
0.18371
0.18371
24 Sep 2013
30 Sep 2013
0.12965
0.12965
24 Dec 2013
31 Dec 2013
0.07554
0.07554
24 Sep 2014
30 Sep 2014
0.08706
0.08706
24 Dec 2014
31 Dec 2014
0.01462
0.01462
24 Dec 2015
31 Dec 2015
0.14985
0.14985
24 Jun 2016
30 Jun 2016
0.06467
0.06467
26 Sep 2016
30 Sep 2016
0.06671
0.06671
23 Dec 2016
31 Dec 2016
0.08397
0.08397
24 Mar 2017
31 Mar 2017
0.02942
0.02942
23 Jun 2017
30 Jun 2017
0.06224
0.06224
22 Sep 2017
30 Sep 2017
0.02047
0.02047
22 Dec 2017
31 Dec 2017
0.10180
0.10180
21 Dec 2018
31 Dec 2018
0.65217
0.65217
14 Nov 2019
14 Nov 2019
0.28174
0.00000
0.28174
20 Dec 2019
31 Dec 2019
0.23163
0.23163
19 Nov 2020
19 Nov 2020
2.30329
0.68813
1.61516
17 Dec 2020
31 Dec 2020
0.08510
0.08510
18 Nov 2021
18 Nov 2021
4.54624
0.00000
4.54624
16 Dec 2021
31 Dec 2021
0.59076
0.59076
17 Nov 2022
17 Nov 2022
0.78534
0.00000
0.78534
15 Dec 2022
31 Dec 2022
0.44930
0.44930
16 Nov 2023
16 Nov 2023
1.19547
0.17333
1.02214
14 Dec 2023
31 Dec 2023
0.73259
0.73259
Fund Facts

Fund Facts

(As of 31 Aug 2024)
Net Fund Assets
$1.3 B
Benchmark
MSCI ACWI Index
Morningstar Category
World Large-Stock Blend
Fund Symbol
THOIX
Share Class
I
Share Class Inception Date
28 Jul 2006
Number of Holdings
39
Portfolio Turnover
17%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$307.9 B
$633.3 B
Median Market Cap
$75.0 B
$13.4 B
Price to Earnings - Forward 1YR
12.2x
19.0x
Price to Earnings - Trailing 12 Months
15.5x
22.0x
Price to Cash Flow
7.5x
13.3x
Portfolio
Benchmark
Price to Book Value
1.7x
3.1x
Return on Assets - 5 YR
7.2%
9.9%
Return on Equity - 5 YR
14.8%
29.7%
Historical 3YR Sales Growth
16.9%
17.1%
Active Share
92.4%
Risk & Return Profile

Risk & Return Profile

(As of 31 Aug 2024)
3y
5y
10y
Annualized Alpha (%)
1.25
2.73
0.11
Beta
0.89
1.01
1.01
R-Squared (%)
81.46
86.11
81.60
Standard Deviation (%)
16.40
18.69
16.55
Sharpe Ratio
0.17
0.68
0.43
Information Ratio
0.08
0.40
-0.01
Up Capture (%)
91.10
103.29
100.75
Down Capture (%)
86.87
92.51
101.49
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 31 Aug 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Communication Services
20.5
7.5
Financials
19.2
16.2
Consumer Discretionary
15.0
10.2
Information Technology
11.5
24.7
Energy
10.2
4.2
Materials
7.2
4.0
Industrials
7.0
10.6
Consumer Staples
3.3
6.4
Cash & Cash Equivalents
3.3
Health Care
2.8
11.4
Real Estate
0.0
2.2
Utilities
0.0
2.6
Sector Allocation
Fund (%)
Communication Services
20.5
Financials
19.2
Consumer Discretionary
15.0
Information Technology
11.5
Energy
10.2
Materials
7.2
Industrials
7.0
Consumer Staples
3.3
Cash & Cash Equivalents
3.3
Health Care
2.8
Real Estate
0.0
Utilities
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Media & Entertainment
12.4
6.0
Banks
11.8
6.9
Energy
10.2
4.2
Telecommunication Services
8.1
1.5
Materials
7.2
4.0
Consumer Services
5.3
1.9
Financial Services
5.1
6.1
Consumer Discretionary Distribution & Retail
4.9
4.6
Technology Hardware & Equipment
4.6
6.9
Capital Goods
4.4
7.3
Top 10 Industries
Fund (%)
Media & Entertainment
12.4
Banks
11.8
Energy
10.2
Telecommunication Services
8.1
Materials
7.2
Consumer Services
5.3
Financial Services
5.1
Consumer Discretionary Distribution & Retail
4.9
Technology Hardware & Equipment
4.6
Capital Goods
4.4
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
United States
36.3
64.3
North America
Netherlands
7.8
1.1
Europe ex UK
Germany
7.6
2.0
Europe ex UK
France
7.5
2.6
Europe ex UK
United Kingdom
6.4
3.4
UK
Korea, Republic of (South Korea)
4.6
1.2
Asia Pacific ex Japan
China
4.3
2.4
Asia Pacific ex Japan
Ireland
4.3
0.1
Europe ex UK
India
3.9
2.0
Asia Pacific ex Japan
Hong Kong
3.8
0.4
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
United States
36.3
Netherlands
7.8
Germany
7.6
France
7.5
United Kingdom
6.4
Korea, Republic of (South Korea)
4.6
China
4.3
Ireland
4.3
India
3.9
Hong Kong
3.8
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
80.0
94.3
Mid Cap ($2.5 to $12 B)
17.7
5.7
Small Cap (< $2.5 B)
2.3
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
80.0
Mid Cap ($2.5 to $12 B)
17.7
Small Cap (< $2.5 B)
2.3
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…
Learn More
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

More Insights

Man looks past the pandemic opportunities in global equities.
Capital Appreciation

Looking Past the Pandemic: Opportunities in Global Equities

Thornburg Portfolio Manager Miguel Oleaga examines key sectors that have interesting go-forward investment opportunities created by the global pandemic.
COVID & its impact on global equities
Capital Appreciation

Covid’s Ongoing Impact on Global Equities

Covid continues to create opportunities for active managers who take a balanced and measured approach.
ESG Investing: farmers pick leafy crops
Capital Appreciation

There’s Always Room for SMID

It's always time for SMID, but especially with a resurgent economy and accommodative monetary policy.
Identifying strength in businesses.
Capital Appreciation

Thornburg PM Perspectives: Identifying Strong Companies

Four Thornburg equity PMs discuss how they identify strong but undervalued companies while also seeking to mitigate material ESG issue risks.
A magnifying glass points towards emerging markets.
Capital Appreciation

Why You Should Favor Emerging Market Stocks in Asset Allocation

Emerging market equities may be positioned to provide long-term returns and diversification. Understand why in order to create better portfolios for clients.
How intangible assets drive more real value in a digital world.
Capital Appreciation

Why Intangible Assets Drive More Real Value in a Digital World

Understanding a technology firms' true value can be difficult, but it also greatly benefits shareholders.