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Thornburg International Growth Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 392 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, 2 stars, 2 stars and 3 stars among 392, 349 and 223 funds, as of 30 Apr 2022.

As of 30 Apr 2022
Fund Assets
$1.3 B
As of 30 Apr 2022
NAV
$21.86
As of 24 May 2022
Change
$-0.24
As of 24 May 2022
YTD NAV Performance
-24.59%
As of 24 May 2022
Asset Category:
International Equity
Fund Benchmark:
MSCI ACWI ex US Growth NTR
Portfolio Managers
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

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.

Performance

Performance

Returns

(As of 31 Mar 2022)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-14.76
-15.59
6.39
7.02
7.24
7.11
MSCI ACWI ex US Growth NTR (%)
-10.78
-6.16
9.12
8.60
6.70
4.26
Morningstar Category Avg. (%)
-13.43
-6.83
9.62
8.92
7.29
Morningstar Quartile
4
4
4
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-21.18
-25.75
1.89
4.28
6.55
6.53
MSCI ACWI ex US Growth NTR (%)
-17.41
-16.23
5.25
6.32
5.94
3.71
Morningstar Category Avg. (%)
-20.61
-17.85
5.3
6.3
6.44
Morningstar Quartile
4
4
4
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-14.76
-15.59
20.43
40.38
101.08
183.44
MSCI ACWI ex US Growth NTR (%)
-10.78
-6.16
29.92
51.05
91.29
88.16
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-21.18
-25.75
5.77
23.31
88.58
162.10
MSCI ACWI ex US Growth NTR (%)
-17.41
-16.23
16.58
35.87
78.16
74.16
2016
2017
2018
2019
2020
2021
Total Return (%)
-4.70
34.93
-16.74
26.32
34.33
-4.20
MSCI ACWI ex US Growth NTR (%)
0.12
32.01
-14.43
27.34
22.20
5.09
Fund Fees

Fund Fees

(As of 31 Mar 2022)
Gross Expense Ratio (%)
0.99
Net Expense Ratio (%)
0.99
Thornburg International Growth Fund

Hypothetical Growth of $10,000

(As of 30 Apr 2022)
(Thornburg International Growth Fund vs MSCI ACWI ex US Growth NTR)
Distributions

Distributions

(As of 30 Nov 2021)
Ex-Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
24 Dec 2007
0.36740
0.36740
0.00000
26 Dec 2008
0.20292
0.20292
24 Dec 2009
0.09310
0.09310
27 Dec 2010
0.07361
0.07361
26 Mar 2012
0.02979
0.02979
28 Sep 2012
0.00001
0.00001
19 Nov 2013
0.56811
0.21987
0.34824
24 Sep 2014
0.06743
0.06743
19 Nov 2014
0.98096
0.00000
0.98096
24 Dec 2014
0.00473
0.00473
24 Sep 2015
0.04804
0.04804
24 Dec 2015
0.00916
0.00916
24 Jun 2016
0.03581
0.03581
26 Sep 2016
0.03110
0.03110
23 Jun 2017
0.03477
0.03477
22 Sep 2017
0.02724
0.02724
17 Nov 2017
0.81162
0.05081
0.76081
15 Nov 2018
0.74833
0.00000
0.74833
21 Dec 2018
0.10375
0.10375
14 Nov 2019
0.11220
0.00000
0.11220
20 Dec 2019
0.07215
0.07215
19 Nov 2020
0.37721
0.30139
0.07582
18 Nov 2021
1.98979
0.06248
1.92731
Fund Facts

Fund Facts

(As of 30 Apr 2022)
Net Fund Assets
$1.3 B
Benchmark
MSCI ACWI ex US Growth NTR
Morningstar Category
Foreign Large Growth
Fund Symbol
TINGX
Share Class
I
Share Class Inception Date
1 Feb 2007
Number of Holdings
48
Portfolio Turnover
34%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 30 Apr 2022)
Portfolio
Benchmark
Weighted Average Market Cap
$171.6 B
$110.5 B
Median Market Cap
$39.2 B
$8.8 B
Price to Earnings - Forward 1YR
22.5x
19.5x
Price to Earnings - Trailing 12 Months
25.2x
20.2x
Price to Cash Flow
19.1x
14.4x
Portfolio
Benchmark
Price to Book Value
5.4x
3.4x
Return on Assets - 5 YR
10.8%
9.6%
Return on Equity - 5 YR
22.2%
19.7%
Historical 3YR Sales Growth
14.3%
13.7%
Active Share
80.2%
Risk & Return Profile

Risk & Return Profile

(As of 30 Apr 2022)
3y
5y
10y
Annualized Alpha (%)
-3.54
-1.69
2.01
Beta
0.99
0.96
0.91
R-Squared (%)
65.32
62.62
61.74
Standard Deviation (%)
24.14
20.82
18.48
Sharpe Ratio
-0.01
0.16
0.42
Information Ratio
-0.48
-0.33
0.02
Up Capture (%)
95.68
94.47
89.49
Down Capture (%)
100.65
97.65
88.58
Portfolio

Portfolio

Top Holdings

(As of 31 Mar 2022)
Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
7.4
Nestle S.A.
NESN
Consumer Staples
6.6
AstraZeneca plc
AZN
Health Care
4.9
ASML Holding N.V.
ASML
Information Technology
4.2
Tencent Holdings Ltd.
700
Communication Services
3.8
LVMH Moet Hennessy Louis Vuitton SE
MC
Consumer Discretionary
3.0
Air Liquide S.A.
AI
Materials
2.8
Visa, Inc.
V
Information Technology
2.7
Mastercard, Inc.
MA
Information Technology
2.6
Adyen N.V.
ADYEN
Information Technology
2.6
Exposure Breakdown

Exposure Breakdown

(As of 30 Apr 2022)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
Information Technology
23.8
17.8
Communication Services
13.2
6.8
Consumer Discretionary
13.0
13.9
Industrials
10.0
15.4
Health Care
9.9
12.6
Consumer Staples
9.8
11.2
Financials
6.9
11.3
Materials
6.5
7.2
Cash & Cash Equivalents
5.8
Energy
1.1
2.1
Real Estate
0.0
0.9
Utilities
0.0
0.9
Sector Allocation
Fund (%)
Information Technology
23.8
Communication Services
13.2
Consumer Discretionary
13.0
Industrials
10.0
Health Care
9.9
Consumer Staples
9.8
Financials
6.9
Materials
6.5
Cash & Cash Equivalents
5.8
Energy
1.1
Real Estate
0.0
Utilities
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
Software & Services
12.1
4.8
Semiconductors & Semiconductor Equipment
11.8
8.4
Media & Entertainment
10.9
5.2
Pharmaceuticals, Biotechnology & Life Sciences
9.9
9.5
Food, Beverage & Tobacco
9.8
6.3
Materials
6.5
7.2
Capital Goods
5.4
9.3
Consumer Durables & Apparel
4.7
5.7
Diversified Financials
3.9
3.9
Commercial & Professional Services
3.4
2.5
Top 10 Industries
Fund (%)
Software & Services
12.1
Semiconductors & Semiconductor Equipment
11.8
Media & Entertainment
10.9
Pharmaceuticals, Biotechnology & Life Sciences
9.9
Food, Beverage & Tobacco
9.8
Materials
6.5
Capital Goods
5.4
Consumer Durables & Apparel
4.7
Diversified Financials
3.9
Commercial & Professional Services
3.4
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
United States
14.7
North America
Switzerland
11.8
8.1
Europe ex UK
France
10.1
7.9
Europe ex UK
United Kingdom
9.1
7.1
UK
Netherlands
9.0
4.3
Europe ex UK
Taiwan
7.0
5.4
Asia Pacific ex Japan
China
6.0
9.0
Asia Pacific ex Japan
Japan
5.0
13.3
Japan
Germany
4.1
3.4
Europe ex UK
Australia
3.9
4.9
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
United States
14.7
Switzerland
11.8
France
10.1
United Kingdom
9.1
Netherlands
9.0
Taiwan
7.0
China
6.0
Japan
5.0
Germany
4.1
Australia
3.9
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Large Cap (> $12 B)
85.5
83.0
Mid Cap ($2.5 to $12 B)
12.8
16.6
Small Cap (< $2.5 B)
1.7
0.5
Capitalization
Fund (%)
Large Cap (> $12 B)
85.5
Mid Cap ($2.5 to $12 B)
12.8
Small Cap (< $2.5 B)
1.7
Portfolio Managers

Portfolio Managers

Sean Koung Sun, CFA
Sean Koung Sun, CFA
Portfolio Manager and Managing Director
Sean Sun is 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 the…
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Nicholas Anderson, CFA
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…
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Emily Leveille, CFA
Emily Leveille, CFA
Portfolio Manager and Managing Director
Emily Leveille is a portfolio manager for Thornburg Investment Management. She joined the firm in 2021. Prior to Thornburg, Emily was with Nordea Asset Management in Copenhagen, Denmark, where she was a portfolio manager for emerging market growth strategies after initially joining as an analyst responsible for investments in Latin America. Before Nordea, Emily was an analyst with Ashmore Group…
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