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Thornburg Global Opportunities Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 326 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, 4 stars, 4 stars and 2 stars among 326, 295 and 196 funds, as of 31 Oct 2024.

As of 31 Oct 2024
Fund Assets
$1.2 B
As of 31 Oct 2024
NAV
$37.63
As of 9 Dec 2024
Change
$0.03
As of 9 Dec 2024
YTD NAV Performance
16.05%
As of 9 Dec 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

Annual Shareholder Letter
Now Available


Portfolio Managers Brian McMahon and Miguel Oleaga reflect on the performance over the previous year and offer insights on their outlook for shareholders going forward.

Read Now

GO-SL-promo-image
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 (%)
17.66
28.47
8.00
14.19
8.74
9.68
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
3
YTD
1y
3y
5y
10y
Inception
Total Return (%)
13.98
21.86
7.31
11.55
7.66
9.39
MSCI ACWI Index (%)
20.34
26.12
7.68
11.36
9.28
7.51
Morningstar Category Avg. (%)
12.92
28.85
4.34
9.61
8.22
Morningstar Quartile
2
1
1
3
YTD
1y
3y
5y
10y
Inception
Total Return (%)
17.66
28.47
25.96
94.11
131.15
435.90
MSCI ACWI Index (%)
18.66
31.76
26.28
77.73
145.26
272.33
YTD
1y
3y
5y
10y
Inception
Total Return (%)
13.98
21.86
23.57
72.76
109.25
419.12
MSCI ACWI Index (%)
20.34
26.12
24.85
71.26
142.92
277.58
2018
2019
2020
2021
2022
2023
Total Return (%)
-21.07
28.11
22.05
14.18
-10.52
15.69
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 (%)
2.43
Net Expense Ratio (%)
1.50
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Nov 2024)
(Hypothetical Growth of $10,000 vs MSCI ACWI Index)
Distributions

Distributions

(As of 21 Nov 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
26 Jun 2008
30 Jun 2008
0.12840
0.12840
26 Dec 2008
31 Dec 2008
0.29805
0.29805
26 Jun 2009
30 Jun 2009
0.12819
0.12819
25 Sep 2009
30 Sep 2009
0.17656
0.17656
24 Dec 2009
31 Dec 2009
0.06070
0.06070
24 Sep 2010
30 Sep 2010
0.12762
0.12762
27 Dec 2010
31 Dec 2010
0.14053
0.14053
24 Jun 2011
30 Jun 2011
0.04190
0.04190
23 Dec 2011
31 Dec 2011
0.21324
0.21324
28 Sep 2012
30 Sep 2012
0.00000
0.00000
24 Dec 2012
31 Dec 2012
0.14548
0.14548
24 Sep 2013
30 Sep 2013
0.06542
0.06542
24 Dec 2013
31 Dec 2013
0.04964
0.04964
24 Dec 2015
31 Dec 2015
0.04855
0.04855
24 Jun 2016
30 Jun 2016
0.01109
0.01109
26 Sep 2016
30 Sep 2016
0.03619
0.03619
23 Dec 2016
31 Dec 2016
0.04966
0.04966
23 Jun 2017
30 Jun 2017
0.02275
0.02275
22 Dec 2017
31 Dec 2017
0.05668
0.05668
21 Dec 2018
31 Dec 2018
0.45816
0.45816
14 Nov 2019
14 Nov 2019
0.28174
0.00000
0.28174
20 Dec 2019
31 Dec 2019
0.04885
0.04885
19 Nov 2020
19 Nov 2020
2.30329
0.68813
1.61516
18 Nov 2021
18 Nov 2021
4.54624
0.00000
4.54624
16 Dec 2021
31 Dec 2021
0.39693
0.39693
17 Nov 2022
17 Nov 2022
0.78534
0.00000
0.78534
15 Dec 2022
31 Dec 2022
0.27072
0.27072
16 Nov 2023
16 Nov 2023
1.19547
0.17333
1.02214
14 Dec 2023
31 Dec 2023
0.55321
0.55321
21 Nov 2024
21 Nov 2024
0.97178
0.06433
0.90745
Fund Facts

Fund Facts

(As of 31 Oct 2024)
Net Fund Assets
$1.2 B
Benchmark
MSCI ACWI Index
Morningstar Category
World Large-Stock Blend
Fund Symbol
THORX
Share Class
R3
Share Class Inception Date
1 Feb 2008
Number of Holdings
38
Portfolio Turnover
15%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$338.0 B
$659.0 B
Median Market Cap
$70.9 B
$13.5 B
Price to Earnings - Forward 1YR
12.7x
19.2x
Price to Earnings - Trailing 12 Months
17.7x
22.1x
Price to Cash Flow
7.4x
13.4x
Portfolio
Benchmark
Price to Book Value
1.7x
3.1x
Return on Assets - 5 YR
7.8%
9.8%
Return on Equity - 5 YR
15.1%
30.3%
Historical 3YR Sales Growth
17.4%
17.4%
Active Share
92.3%
Risk & Return Profile

Risk & Return Profile

(As of 31 Oct 2024)
3y
5y
10y
Annualized Alpha (%)
1.72
2.06
-0.22
Beta
0.92
1.01
1.02
R-Squared (%)
82.08
86.35
81.80
Standard Deviation (%)
16.40
18.70
16.55
Sharpe Ratio
0.18
0.57
0.42
Information Ratio
0.17
0.30
-0.06
Up Capture (%)
94.93
101.48
100.07
Down Capture (%)
88.78
93.20
102.33
Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2024)
Name
Ticker/Symbol
Sector
Weight %
Meta Platforms Inc
META
Communication Services
6.3
Alphabet Inc
GOOGL
Communication Services
5.1
Charles Schwab Corp/The
SCHW
Financials
4.1
Citigroup Inc
C
Financials
3.9
Taiwan Semiconductor Manufacturing Co Ltd
2330
Information Technology
3.9
BNP Paribas SA
BNP
Financials
3.8
Samsung Electronics Co Ltd
005930
Information Technology
3.7
SAP SE
SAP
Information Technology
3.6
Bank of Ireland Group PLC
BIRG
Financials
3.5
Reliance Industries Ltd
1536180D
Energy
3.5
Exposure Breakdown

Exposure Breakdown

(As of 31 Oct 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Communication Services
22.4
7.9
Financials
19.4
16.6
Consumer Discretionary
16.5
10.5
Information Technology
11.2
24.8
Energy
9.0
4.1
Industrials
7.8
10.6
Materials
5.6
3.9
Cash & Cash Equivalents
3.6
Consumer Staples
3.1
6.2
Health Care
1.5
10.6
Real Estate
0.0
2.2
Utilities
0.0
2.7
Sector Allocation
Fund (%)
Communication Services
22.4
Financials
19.4
Consumer Discretionary
16.5
Information Technology
11.2
Energy
9.0
Industrials
7.8
Materials
5.6
Cash & Cash Equivalents
3.6
Consumer Staples
3.1
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
13.6
6.4
Banks
11.3
7.0
Energy
9.0
4.1
Telecommunication Services
8.8
1.5
Consumer Services
6.6
2.1
Financial Services
5.7
6.4
Materials
5.6
3.9
Consumer Discretionary Distribution & Retail
5.4
4.8
Capital Goods
4.8
7.4
Semiconductors & Semiconductor Equipment
3.9
9.4
Top 10 Industries
Fund (%)
Media & Entertainment
13.6
Banks
11.3
Energy
9.0
Telecommunication Services
8.8
Consumer Services
6.6
Financial Services
5.7
Materials
5.6
Consumer Discretionary Distribution & Retail
5.4
Capital Goods
4.8
Semiconductors & Semiconductor Equipment
3.9
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
United States
41.3
65.1
North America
Germany
7.9
2.0
Europe ex UK
France
6.9
2.4
Europe ex UK
United Kingdom
6.1
3.2
UK
China
4.9
2.8
Asia Pacific ex Japan
Hong Kong
4.8
0.4
Asia Pacific ex Japan
Taiwan
3.9
2.0
Asia Pacific ex Japan
Korea, Republic of (South Korea)
3.7
1.0
Asia Pacific ex Japan
Netherlands
3.5
1.0
Europe ex UK
Ireland
3.5
0.1
Europe ex UK
Top 10 Countries
Fund (%)
United States
41.3
Germany
7.9
France
6.9
United Kingdom
6.1
China
4.9
Hong Kong
4.8
Taiwan
3.9
Korea, Republic of (South Korea)
3.7
Netherlands
3.5
Ireland
3.5
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
85.4
94.1
Mid Cap ($2.5 to $12 B)
12.2
5.8
Small Cap (< $2.5 B)
2.4
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
85.4
Mid Cap ($2.5 to $12 B)
12.2
Small Cap (< $2.5 B)
2.4
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

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