Thornburg International Growth Fund

SYMBOL: TINGX

Morningstar Rating • Info

Overall Morningstar Rating among 367 Foreign Large Growth funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 2 stars and 3 stars among 367, 332 and 218 funds, as of 31 Jul 2025.

As of 31 Jul 2025

Fund Assets

$722.7 M

As of 31 Jul 2025

NAV

$26.64

As of 22 Aug 2025

Change

$0.29

As of 22 Aug 2025

YTD NAV Performance

12.41%

As of 22 Aug 2025

Asset Category:

International Equity

Fund Benchmark:

MSCI ACWI ex-U.S. Growth Index

Portfolio Managers

Sean Koung Sun, CFA

Portfolio Manager and Managing Director

Nicholas Anderson, CFA

Portfolio Manager and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

Focused, diversified equity portfolio that invests in high-quality companies with sustainable competitive advantage and durable growth prospects. The fund invests primarily in large and mid-capitalization companies in developed and emerging markets outside the U.S.
Rigorous bottom-up fundamental research process focused on uncovering promising growth companies with sound business fundamentals and trading at a discount to their long-term value.
Three-basket portfolio construction process seeks to provide diversification, reduce volatility and deliver superior risk-adjusted performance over time.

Investment Objective

The fund’s goal is to provide investors with long-term growth of capital by investing in equity securities selected for their growth potential.

Investment Approach

The fund uses fundamental, bottom-up analysis to uncover companies with robust, high-quality business models and durable growth prospects across geographies and sectors. Our unique three-basket approach to security selection provides diversification across the style spectrum while balancing risk exposures. Ultimately, this high-conviction, active portfolio seeks to outperform its benchmark over a full market cycle.

Returns

(As of 30 Jun 2025)

YTD

10y

Inception

Total Return (%)

10.17

2.28

11.12

3.41

5.62

6.68

MSCI ACWI ex-U.S. Growth Index (%)

15.90

14.15

12.42

7.10

6.35

4.51

Morningstar Category Avg. (%)

16.3

14.78

13.63

7.49

6.71

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

386

367

332

218

—

YTD

10y

Inception

Total Return (%)

9.45

3.44

8.51

1.67

5.41

6.61

MSCI ACWI ex-U.S. Growth Index (%)

14.49

11.58

9.98

5.45

6.20

4.42

Morningstar Category Avg. (%)

13.02

9.95

9.9

5.68

6.3

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

386

367

332

218

—

YTD

10y

Inception

Total Return (%)

10.17

2.28

37.21

18.27

72.70

228.62

MSCI ACWI ex-U.S. Growth Index (%)

15.90

14.15

42.07

40.91

85.16

125.32

YTD

10y

Inception

Total Return (%)

9.45

3.44

27.75

8.65

69.42

226.48

MSCI ACWI ex-U.S. Growth Index (%)

14.49

11.58

33.02

30.36

82.43

122.58

2019

2020

2021

2022

2023

2024

Total Return (%)

26.32

34.33

-4.20

-26.04

18.41

2.43

MSCI ACWI ex-U.S. Growth Index (%)

27.34

22.20

5.09

-23.05

14.03

5.07

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.

Prior to inception of R 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, 1 Feb 2007; R3, R4 and R5 shares, 1 Feb 2008; R6 shares, 1 Feb 2013.

Fund Fees

(As of 1 Feb 2025)

Gross Expense Ratio (%)

1.04

Net Expense Ratio (%)

0.99

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least February 1, 2026, 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,I Shares,MSCI ACWI ex-U.S. Growth Index
            2007-02-01,10000,10000
2007-02-28,10109,9924
2007-03-31,10578,10247
2007-04-30,11072,10714
2007-05-31,11482,10997
2007-06-30,11759,11106
2007-07-31,11717,11130
2007-08-31,11725,10999
2007-09-30,12554,11816
2007-10-31,13384,12494
2007-11-30,13266,12033
2007-12-31,13349,11886
2008-01-31,11891,10680
2008-02-29,12157,11139
2008-03-31,11600,10845
2008-04-30,12011,11458
2008-05-31,12157,11790
2008-06-30,10931,10951
2008-07-31,10631,10493
2008-08-31,10177,9931
2008-09-30,8968,8335
2008-10-31,6833,6514
2008-11-30,6379,6089
2008-12-31,6669,6464
2009-01-31,6141,5974
2009-02-28,5542,5461
2009-03-31,6141,5858
2009-04-30,7031,6456
2009-05-31,7841,7334
2009-06-30,7885,7258
2009-07-31,8493,7916
2009-08-31,8537,8074
2009-09-30,9198,8514
2009-10-31,9136,8478
2009-11-30,9312,8747
2009-12-31,9721,8964
2010-01-31,9454,8520
2010-02-28,9587,8558
2010-03-31,10343,9147
2010-04-30,10432,9086
2010-05-31,9623,8159
2010-06-30,9650,8101
2010-07-31,10165,8772
2010-08-31,10165,8581
2010-09-30,11000,9486
2010-10-31,11693,9795
2010-11-30,11747,9534
2010-12-31,12452,10260
2011-01-31,12667,10207
2011-02-28,13069,10456
2011-03-31,12962,10494
2011-04-30,13783,11036
2011-05-31,13998,10771
2011-06-30,13873,10588
2011-07-31,14167,10525
2011-08-31,13274,9655
2011-09-30,12104,8454
2011-10-31,13167,9394
2011-11-30,12461,8946
2011-12-31,12140,8802
2012-01-31,12756,9368
2012-02-29,13560,9915
2012-03-31,14096,9837
2012-04-30,13899,9776
2012-05-31,12691,8691
2012-06-30,12914,9103
2012-07-31,13102,9271
2012-08-31,13541,9427
2012-09-30,14355,9755
2012-10-31,14561,9767
2012-11-30,14847,9993
2012-12-31,14865,10269
2013-01-31,15474,10635
2013-02-28,15895,10653
2013-03-31,16485,10732
2013-04-30,16888,11059
2013-05-31,17148,10849
2013-06-30,16655,10412
2013-07-31,17461,10796
2013-08-31,17577,10632
2013-09-30,18758,11332
2013-10-31,19340,11699
2013-11-30,19538,11739
2013-12-31,20356,11860
2014-01-31,19492,11293
2014-02-28,20172,11887
2014-03-31,19299,11895
2014-04-30,18729,11981
2014-05-31,19198,12248
2014-06-30,19593,12425
2014-07-31,19115,12244
2014-08-31,19180,12355
2014-09-30,17991,11818
2014-10-31,18433,11777
2014-11-30,18480,11949
2014-12-31,17883,11545
2015-01-31,17563,11632
2015-02-28,19076,12229
2015-03-31,18766,12098
2015-04-30,19697,12631
2015-05-31,19688,12495
2015-06-30,19028,12169
2015-07-31,19270,12201
2015-08-31,18407,11284
2015-09-30,17706,10858
2015-10-31,18971,11681
2015-11-30,19292,11550
2015-12-31,19106,11401
2016-01-31,17753,10697
2016-02-29,17432,10563
2016-03-31,18483,11362
2016-04-30,18240,11535
2016-05-31,18571,11460
2016-06-30,17535,11415
2016-07-31,18696,11964
2016-08-31,19184,11922
2016-09-30,19233,12107
2016-10-31,18598,11696
2016-11-30,18139,11250
2016-12-31,18208,11415
2017-01-31,18921,11874
2017-02-28,19058,12113
2017-03-31,20191,12457
2017-04-30,21255,12819
2017-05-31,22183,13389
2017-06-30,22237,13399
2017-07-31,23401,13863
2017-08-31,23235,14002
2017-09-30,23975,14248
2017-10-31,23966,14590
2017-11-30,23979,14751
2017-12-31,24567,15069
2018-01-31,26341,15854
2018-02-28,25408,15145
2018-03-31,25054,14938
2018-04-30,25175,15050
2018-05-31,25611,14964
2018-06-30,25560,14725
2018-07-31,25905,14978
2018-08-31,25479,14809
2018-09-30,24841,14687
2018-10-31,22581,13312
2018-11-30,22159,13514
2018-12-31,20456,12895
2019-01-31,22186,13876
2019-02-28,22745,14251
2019-03-31,23536,14483
2019-04-30,24781,14939
2019-05-31,22861,14173
2019-06-30,23905,15114
2019-07-31,23958,15082
2019-08-31,23505,14809
2019-09-30,23346,14985
2019-10-31,24116,15530
2019-11-30,24723,15767
2019-12-31,25839,16421
2020-01-31,25913,16263
2020-02-29,24701,15076
2020-03-31,22043,13425
2020-04-30,24095,14583
2020-05-31,26360,15218
2020-06-30,27785,15990
2020-07-31,30050,17074
2020-08-31,31432,17770
2020-09-30,31124,17614
2020-10-31,30645,17305
2020-11-30,33020,19065
2020-12-31,34710,20067
2021-01-31,34581,20188
2021-02-28,34624,20115
2021-03-31,33580,20051
2021-04-30,35302,20791
2021-05-31,34764,21293
2021-06-30,35302,21375
2021-07-31,35130,21050
2021-08-31,36045,21526
2021-09-30,33720,20601
2021-10-31,34839,21239
2021-11-30,32531,20472
2021-12-31,33253,21089
2022-01-31,30558,19388
2022-02-28,29136,18846
2022-03-31,28344,18816
2022-04-30,26210,17416
2022-05-31,26084,17267
2022-06-30,23951,15860
2022-07-31,25557,16733
2022-08-31,24283,16080
2022-09-30,21760,14374
2022-10-31,22288,14657
2022-11-30,25476,16478
2022-12-31,24594,16227
2023-01-31,26997,17600
2023-02-28,26200,16846
2023-03-31,27516,17621
2023-04-30,27759,17799
2023-05-31,27077,17307
2023-06-30,28152,17964
2023-07-31,28614,18523
2023-08-31,27574,17579
2023-09-30,25945,16651
2023-10-31,25056,16003
2023-11-30,27828,17659
2023-12-31,29121,18504
2024-01-31,29562,18362
2024-02-29,30910,19064
2024-03-31,31828,19597
2024-04-30,30515,19055
2024-05-31,31677,19558
2024-06-30,32130,19739
2024-07-31,31561,19948
2024-08-31,32816,20582
2024-09-30,32769,21105
2024-10-31,30864,20032
2024-11-30,30817,19867
2024-12-31,29829,19442
2025-01-31,30987,20268
2025-02-28,30936,20284
2025-03-31,29476,19823
2025-04-30,30710,20631
2025-05-31,32069,21673
2025-06-30,32862,22532
2025-07-31,32648,22258

Hypothetical Growth of $10,000

(As of 31 Jul 2025)

(Hypothetical Growth of $10,000 vs MSCI ACWI ex-U.S. Growth Index)

                        Categories,I Shares,MSCI ACWI ex-U.S. Growth Index
                        2024-07-31,10000,10000
2024-08-31,10398,10318
2024-09-30,10383,10580
2024-10-31,9779,10042
2024-11-30,9764,9959
2024-12-31,9451,9746
2025-01-31,9818,10161
2025-02-28,9802,10169
2025-03-31,9340,9938
2025-04-30,9730,10343
2025-05-31,10161,10865
2025-06-30,10412,11296
2025-07-31,10344,11158

                        Categories,I Shares,MSCI ACWI ex-U.S. Growth Index
                        2022-07-31,10000,10000
2022-08-31,9502,9610
2022-09-30,8514,8590
2022-10-31,8721,8759
2022-11-30,9969,9848
2022-12-31,9623,9697
2023-01-31,10563,10518
2023-02-28,10252,10067
2023-03-31,10767,10531
2023-04-30,10862,10637
2023-05-31,10595,10343
2023-06-30,11015,10735
2023-07-31,11196,11070
2023-08-31,10789,10505
2023-09-30,10152,9951
2023-10-31,9804,9564
2023-11-30,10889,10554
2023-12-31,11395,11058
2024-01-31,11567,10974
2024-02-29,12095,11393
2024-03-31,12454,11712
2024-04-30,11940,11388
2024-05-31,12395,11688
2024-06-30,12572,11796
2024-07-31,12349,11921
2024-08-31,12840,12300
2024-09-30,12822,12613
2024-10-31,12077,11972
2024-11-30,12058,11873
2024-12-31,11672,11619
2025-01-31,12125,12113
2025-02-28,12105,12122
2025-03-31,11534,11847
2025-04-30,12016,12329
2025-05-31,12548,12952
2025-06-30,12858,13466
2025-07-31,12775,13302

                        Categories,I Shares,MSCI ACWI ex-U.S. Growth Index
                        2020-07-31,10000,10000
2020-08-31,10460,10408
2020-09-30,10357,10317
2020-10-31,10198,10136
2020-11-30,10988,11166
2020-12-31,11551,11753
2021-01-31,11508,11824
2021-02-28,11522,11781
2021-03-31,11175,11744
2021-04-30,11748,12177
2021-05-31,11569,12471
2021-06-30,11748,12519
2021-07-31,11691,12329
2021-08-31,11995,12607
2021-09-30,11221,12066
2021-10-31,11594,12439
2021-11-30,10826,11990
2021-12-31,11066,12351
2022-01-31,10169,11356
2022-02-28,9696,11038
2022-03-31,9432,11021
2022-04-30,8722,10201
2022-05-31,8680,10113
2022-06-30,7970,9289
2022-07-31,8505,9800
2022-08-31,8081,9418
2022-09-30,7241,8419
2022-10-31,7417,8584
2022-11-30,8478,9651
2022-12-31,8184,9504
2023-01-31,8984,10308
2023-02-28,8719,9866
2023-03-31,9157,10320
2023-04-30,9238,10425
2023-05-31,9011,10136
2023-06-30,9368,10521
2023-07-31,9522,10849
2023-08-31,9176,10296
2023-09-30,8634,9752
2023-10-31,8338,9373
2023-11-30,9261,10343
2023-12-31,9691,10837
2024-01-31,9838,10755
2024-02-29,10286,11166
2024-03-31,10592,11478
2024-04-30,10155,11160
2024-05-31,10542,11455
2024-06-30,10692,11561
2024-07-31,10503,11683
2024-08-31,10920,12055
2024-09-30,10905,12361
2024-10-31,10271,11733
2024-11-30,10255,11636
2024-12-31,9926,11387
2025-01-31,10312,11871
2025-02-28,10295,11880
2025-03-31,9809,11610
2025-04-30,10220,12083
2025-05-31,10672,12693
2025-06-30,10936,13197
2025-07-31,10865,13036

                        Categories,I Shares,MSCI ACWI ex-U.S. Growth Index
                        2015-07-31,10000,10000
2015-08-31,9552,9249
2015-09-30,9188,8899
2015-10-31,9844,9574
2015-11-30,10011,9466
2015-12-31,9915,9344
2016-01-31,9213,8768
2016-02-29,9046,8657
2016-03-31,9591,9313
2016-04-30,9465,9454
2016-05-31,9637,9393
2016-06-30,9100,9356
2016-07-31,9702,9806
2016-08-31,9955,9771
2016-09-30,9981,9923
2016-10-31,9651,9586
2016-11-30,9413,9221
2016-12-31,9448,9356
2017-01-31,9819,9732
2017-02-28,9889,9928
2017-03-31,10477,10209
2017-04-30,11030,10506
2017-05-31,11512,10973
2017-06-30,11539,10982
2017-07-31,12143,11362
2017-08-31,12057,11476
2017-09-30,12442,11677
2017-10-31,12436,11958
2017-11-30,12443,12090
2017-12-31,12749,12351
2018-01-31,13669,12994
2018-02-28,13185,12413
2018-03-31,13001,12243
2018-04-30,13064,12335
2018-05-31,13290,12265
2018-06-30,13264,12069
2018-07-31,13443,12276
2018-08-31,13222,12138
2018-09-30,12891,12038
2018-10-31,11718,10911
2018-11-30,11499,11076
2018-12-31,10615,10569
2019-01-31,11513,11373
2019-02-28,11803,11680
2019-03-31,12214,11870
2019-04-30,12860,12244
2019-05-31,11863,11616
2019-06-30,12405,12387
2019-07-31,12433,12361
2019-08-31,12197,12138
2019-09-30,12115,12282
2019-10-31,12515,12729
2019-11-30,12829,12923
2019-12-31,13409,13459
2020-01-31,13447,13329
2020-02-29,12818,12357
2020-03-31,11439,11003
2020-04-30,12504,11952
2020-05-31,13679,12472
2020-06-30,14418,13105
2020-07-31,15594,13994
2020-08-31,16311,14565
2020-09-30,16151,14437
2020-10-31,15903,14184
2020-11-30,17135,15626
2020-12-31,18012,16447
2021-01-31,17945,16546
2021-02-28,17967,16486
2021-03-31,17426,16434
2021-04-30,18319,17041
2021-05-31,18040,17452
2021-06-30,18319,17519
2021-07-31,18230,17253
2021-08-31,18705,17643
2021-09-30,17498,16884
2021-10-31,18079,17408
2021-11-30,16881,16779
2021-12-31,17256,17284
2022-01-31,15857,15891
2022-02-28,15119,15447
2022-03-31,14709,15422
2022-04-30,13601,14274
2022-05-31,13536,14152
2022-06-30,12429,12999
2022-07-31,13262,13715
2022-08-31,12601,13180
2022-09-30,11292,11781
2022-10-31,11566,12013
2022-11-30,13220,13506
2022-12-31,12762,13300
2023-01-31,14009,14425
2023-02-28,13596,13807
2023-03-31,14279,14442
2023-04-30,14405,14588
2023-05-31,14051,14185
2023-06-30,14609,14723
2023-07-31,14849,15182
2023-08-31,14309,14408
2023-09-30,13464,13647
2023-10-31,13002,13116
2023-11-30,14441,14474
2023-12-31,15111,15166
2024-01-31,15341,15050
2024-02-29,16040,15625
2024-03-31,16516,16062
2024-04-30,15835,15618
2024-05-31,16438,16029
2024-06-30,16673,16178
2024-07-31,16378,16349
2024-08-31,17029,16869
2024-09-30,17005,17298
2024-10-31,16016,16418
2024-11-30,15992,16283
2024-12-31,15479,15935
2025-01-31,16080,16612
2025-02-28,16054,16625
2025-03-31,15296,16247
2025-04-30,15936,16909
2025-05-31,16642,17763
2025-06-30,17053,18467
2025-07-31,16942,18243

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 ($)
            2007-12-24,0.36740
2008-12-31,0.20292
2009-12-31,0.09310
2010-12-31,0.07361
2012-03-31,0.02979
2012-09-30,0.00001
2013-11-19,0.56811
2014-09-30,0.06743
2014-11-19,0.98096
2014-12-31,0.00473
2015-09-30,0.04804
2015-12-31,0.00916
2016-06-30,0.03581
2016-09-30,0.03110
2017-06-30,0.03477
2017-09-30,0.02724
2017-11-17,0.81162
2018-11-15,0.74833
2018-12-31,0.10375
2019-11-14,0.11220
2019-12-31,0.07215
2020-11-19,0.37721
2021-11-18,1.98979
2022-12-31,0.15293
2023-12-31,0.14640
2024-11-21,1.88807
2024-12-31,0.10282

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2007-12-24,1198454400,0.36740,0,0.36740,0.00000
2008-12-26,1230681600,0.20292,0.20292,0,0
2009-12-24,1262217600,0.09310,0.09310,0,0
2010-12-27,1293753600,0.07361,0.07361,0,0
2012-03-26,1333152000,0.02979,0.02979,0,0
2012-09-28,1348963200,0.00001,0.00001,0,0
2013-11-19,1384819200,0.56811,0,0.21987,0.34824
2014-09-24,1412035200,0.06743,0.06743,0,0
2014-11-19,1416355200,0.98096,0,0.00000,0.98096
2014-12-24,1419984000,0.00473,0.00473,0,0
2015-09-24,1443571200,0.04804,0.04804,0,0
2015-12-24,1451520000,0.00916,0.00916,0,0
2016-06-24,1467244800,0.03581,0.03581,0,0
2016-09-26,1475193600,0.03110,0.03110,0,0
2017-06-23,1498780800,0.03477,0.03477,0,0
2017-09-22,1506729600,0.02724,0.02724,0,0
2017-11-17,1510876800,0.81162,0,0.05081,0.76081
2018-11-15,1542240000,0.74833,0,0.00000,0.74833
2018-12-21,1546214400,0.10375,0.10375,0,0
2019-11-14,1573689600,0.11220,0,0.00000,0.11220
2019-12-20,1577750400,0.07215,0.07215,0,0
2020-11-19,1605744000,0.37721,0,0.30139,0.07582
2021-11-18,1637193600,1.98979,0,0.06248,1.92731
2022-12-15,1672444800,0.15293,0.15293,0,0
2023-12-14,1703980800,0.14640,0.14640,0,0
2024-11-21,1732147200,1.88807,0,0.00000,1.88807
2024-12-19,1735603200,0.10282,0.10282,0,0

Distributions

(As of 19 Dec 2024)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

24 Dec 2007

0.36740

—

0.36740

0.00000

26 Dec 2008

31 Dec 2008

0.20292

—

24 Dec 2009

31 Dec 2009

0.09310

—

27 Dec 2010

31 Dec 2010

0.07361

—

26 Mar 2012

31 Mar 2012

0.02979

—

28 Sep 2012

30 Sep 2012

0.00001

—

19 Nov 2013

0.56811

—

0.21987

0.34824

24 Sep 2014

30 Sep 2014

0.06743

—

19 Nov 2014

0.98096

—

0.00000

0.98096

24 Dec 2014

31 Dec 2014

0.00473

—

24 Sep 2015

30 Sep 2015

0.04804

—

24 Dec 2015

31 Dec 2015

0.00916

—

24 Jun 2016

30 Jun 2016

0.03581

—

26 Sep 2016

30 Sep 2016

0.03110

—

23 Jun 2017

30 Jun 2017

0.03477

—

22 Sep 2017

30 Sep 2017

0.02724

—

17 Nov 2017

0.81162

—

0.05081

0.76081

15 Nov 2018

0.74833

—

0.00000

0.74833

21 Dec 2018

31 Dec 2018

0.10375

—

14 Nov 2019

0.11220

—

0.00000

0.11220

20 Dec 2019

31 Dec 2019

0.07215

—

19 Nov 2020

0.37721

—

0.30139

0.07582

18 Nov 2021

1.98979

—

0.06248

1.92731

15 Dec 2022

31 Dec 2022

0.15293

—

14 Dec 2023

31 Dec 2023

0.14640

—

21 Nov 2024

1.88807

—

0.00000

1.88807

19 Dec 2024

31 Dec 2024

0.10282

—

Fund Facts

(As of 31 Jul 2025)

Net Fund Assets

$722.7 M

Benchmark

MSCI ACWI ex-U.S. Growth Index

Morningstar Category

Foreign Large Growth

Fund Symbol

TINGX

Share Class

Share Class Inception Date

1 Feb 2007

Number of Holdings

Portfolio Turnover

45%

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Jul 2025)

Portfolio

Benchmark

Weighted Average Market Cap

$219.1 B

$162.0 B

Median Market Cap

$53.3 B

$11.9 B

Price to Earnings - Forward 1YR

24.6x

21.3x

Price to Earnings - Trailing 12 Months

29.6x

24.5x

Price to Cash Flow

17.8x

15.1x

Portfolio

Benchmark

Price to Book Value

5.0x

3.7x

Return on Equity - 5 YR

18.2%

17.7%

Historical 3YR Sales Growth

18.9%

16.7%

Active Share

78.4%

—

Risk & Return Profile

(As of 31 Jul 2025)

10y

Annualized Alpha (%)

-1.67

-3.64

-0.70

Beta

1.05

1.04

1.02

R-Squared (%)

94.20

92.49

88.11

Standard Deviation (%)

17.32

16.99

16.46

Sharpe Ratio

0.22

-0.08

0.21

Information Ratio

-0.35

-0.80

-0.14

Up Capture (%)

97.62

95.63

99.19

Down Capture (%)

103.87

113.38

103.04

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 30 Jun 2025)

Name

Ticker/Symbol

Sector

Weight %

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

7.9

Tencent Holdings Ltd.

700

Communication Services

5.6

Mastercard, Inc.

Financials

4.7

AstraZeneca plc

AZN

Health Care

4.1

MercadoLibre, Inc.

MELI

Consumer Discretionary

3.9

E.ON SE

EOAN

Utilities

3.7

Novo Nordisk A/S

NVO

Health Care

3.6

Sea Ltd.

Communication Services

3.4

Air Liquide S.A.

Materials

3.3

Deutsche Boerse AG

DB1

Financials

3.3

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Jul 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Information Technology

21.8

19.9

Health Care

17.9

10.3

Financials

16.3

12.8

Communication Services

14.7

8.0

Consumer Discretionary

10.6

12.0

Industrials

6.9

21.8

Consumer Staples

4.0

6.7

Utilities

3.5

1.5

Materials

3.2

5.3

Cash & Cash Equivalents

1.2

—

Real Estate

0.0

0.7

Energy

0.0

0.9

Sector Allocation

Fund (%)

Information Technology

21.8

Health Care

17.9

Financials

16.3

Communication Services

14.7

Consumer Discretionary

10.6

Industrials

6.9

Consumer Staples

4.0

Utilities

3.5

Materials

3.2

Cash & Cash Equivalents

1.2

Real Estate

0.0

Energy

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Semiconductors & Semiconductor Equipment

14.7

10.5

Media & Entertainment

14.7

6.6

Pharmaceuticals, Biotechnology & Life Sciences

12.7

7.6

Financial Services

11.3

4.5

Software & Services

5.5

5.9

Health Care Equipment & Services

5.3

2.7

Household & Personal Products

4.0

1.7

Capital Goods

3.8

16.5

Consumer Discretionary Distribution & Retail

3.6

3.3

Banks

3.5

6.0

Top 10 Industries

Fund (%)

Semiconductors & Semiconductor Equipment

14.7

Media & Entertainment

14.7

Pharmaceuticals, Biotechnology & Life Sciences

12.7

Financial Services

11.3

Software & Services

5.5

Health Care Equipment & Services

5.3

Household & Personal Products

4.0

Capital Goods

3.8

Consumer Discretionary Distribution & Retail

3.6

Banks

3.5

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

United States

15.1

—

North America

Germany

9.2

6.3

Europe ex UK

Taiwan

8.6

7.1

Asia Pacific ex Japan

United Kingdom

8.0

7.5

France

6.6

7.7

Europe ex UK

China

6.5

8.6

Asia Pacific ex Japan

Netherlands

6.5

3.4

Europe ex UK

Japan

6.1

13.5

Japan

Switzerland

5.9

Europe ex UK

Italy

4.0

1.2

Europe ex UK

Top 10 Countries

Fund (%)

United States

15.1

Germany

9.2

Taiwan

8.6

United Kingdom

8.0

France

6.6

China

6.5

Netherlands

6.5

Japan

6.1

Switzerland

5.9

Italy

4.0

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

Large Cap (> $12 B)

84.1

89.4

Mid Cap ($2.5 to $12 B)

14.5

10.6

Small Cap (< $2.5 B)

1.4

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

84.1

Mid Cap ($2.5 to $12 B)

14.5

Small Cap (< $2.5 B)

1.4

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

Cash includes cash and cash equivalents. Weights are percentages of total portfolio unless otherwise noted.

Percentages may not add up to 100 due to rounding.

Portfolio Managers

Sean Koung Sun, CFA

Portfolio Manager and Managing Director

Sean Sun is a portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as an equity research analyst and was promoted to associate portfolio manager in 2015 and portfolio manager in 2017. Sean holds an MBA with concentrations in finance and entrepreneurship from the University of Chicago Booth School of Business and a BA in economics from…

Learn More

Nicholas Anderson, CFA

Portfolio Manager and Managing Director

Nicholas Anderson is a portfolio manager for Thornburg Investment Management. He joined the firm in 2016 as an equity research analyst, was promoted to senior equity research analyst in 2020, an associate portfolio manager in early 2021, and portfolio manager in late 2021. Nick holds an MBA with honors from the University of Chicago Booth School of Business and a…

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

Important Information

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.

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.

© 2025 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.

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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Thornburg International Growth 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

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Top Holdings

Exposure Breakdown

Portfolio Managers

Sean Koung Sun, CFA

Nicholas Anderson, CFA

Literature

Important Information

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