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Thornburg International Growth Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 410 Foreign Large Growth funds, based on risk-adjusted returns for class R5 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 2 stars and 2 stars among 410, 354 and 245 funds, as of 31 Aug 2023.

As of 31 Aug 2023
Fund Assets
$885.8 M
As of 31 Aug 2023
NAV
$22.33
As of 2 Oct 2023
Change
$-0.20
As of 2 Oct 2023
YTD NAV Performance
4.59%
As of 2 Oct 2023
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 30 Sep 2023)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
5.53
19.25
-5.88
0.87
3.29
5.89
MSCI ACWI ex US Growth NTR (%)
2.61
15.84
-1.86
2.54
3.92
3.11
Morningstar Category Avg. (%)
12.39
15.91
4.32
4.54
6.2
Morningstar Quartile
2
4
4
3
YTD
1y
3y
5y
10y
Inception
Total Return (%)
5.53
19.25
-5.88
0.87
3.29
5.89
MSCI ACWI ex US Growth NTR (%)
2.61
15.84
-1.86
2.54
3.92
3.11
Morningstar Category Avg. (%)
14.89
10.46
3.2
4.67
5.91
Morningstar Quartile
2
4
4
3
YTD
1y
3y
5y
10y
Inception
Total Return (%)
5.53
19.25
-16.61
4.44
38.28
159.30
MSCI ACWI ex US Growth NTR (%)
2.61
15.84
-5.47
13.37
46.94
66.51
YTD
1y
3y
5y
10y
Inception
Total Return (%)
5.53
19.25
-16.61
4.44
38.28
159.30
MSCI ACWI ex US Growth NTR (%)
2.61
15.84
-5.47
13.37
46.94
66.51
2017
2018
2019
2020
2021
2022
Total Return (%)
34.92
-16.74
26.28
34.32
-4.22
-26.02
MSCI ACWI ex US Growth NTR (%)
32.01
-14.43
27.34
22.20
5.09
-23.05
Fund Fees

Fund Fees

(As of 1 Feb 2023)
Gross Expense Ratio (%)
1.45
Net Expense Ratio (%)
0.99
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Aug 2023)
(Hypothetical Growth of $10,000 vs MSCI ACWI ex US Growth NTR)
Distributions

Distributions

(As of 15 Dec 2022)
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
26 Dec 2008
0.18631
0.18631
24 Dec 2009
0.09310
0.09310
27 Dec 2010
0.07279
0.07279
26 Mar 2012
0.02978
0.02978
28 Sep 2012
0.00000
0.00000
19 Nov 2013
0.56811
0.21987
0.34824
24 Sep 2014
0.06267
0.06267
19 Nov 2014
0.98096
0.00000
0.98096
24 Dec 2014
0.00426
0.00426
24 Sep 2015
0.04769
0.04769
24 Dec 2015
0.00867
0.00867
24 Jun 2016
0.03621
0.03621
26 Sep 2016
0.03372
0.03372
23 Jun 2017
0.03096
0.03096
22 Sep 2017
0.02668
0.02668
17 Nov 2017
0.81162
0.05081
0.76081
15 Nov 2018
0.74833
0.00000
0.74833
21 Dec 2018
0.10117
0.10117
14 Nov 2019
0.11220
0.00000
0.11220
20 Dec 2019
0.07188
0.07188
19 Nov 2020
0.37721
0.30139
0.07582
18 Nov 2021
1.98979
0.06248
1.92731
15 Dec 2022
0.15741
0.15741
Fund Facts

Fund Facts

(As of 31 Aug 2023)
Net Fund Assets
$885.8 M
Benchmark
MSCI ACWI ex US Growth NTR
Morningstar Category
Foreign Large Growth
Fund Symbol
TINFX
Share Class
R5
Share Class Inception Date
1 Feb 2008
Number of Holdings
48
Portfolio Turnover
64%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2023)
Portfolio
Benchmark
Weighted Average Market Cap
$169.2 B
$111.5 B
Median Market Cap
$63.4 B
$8.4 B
Price to Earnings - Forward 1YR
23.7x
20.4x
Price to Earnings - Trailing 12 Months
26.8x
21.0x
Price to Cash Flow
17.7x
13.4x
Portfolio
Benchmark
Price to Book Value
5.0x
3.3x
Return on Assets - 5 YR
11.7%
9.3%
Return on Equity - 5 YR
27.7%
19.0%
Historical 3YR Sales Growth
18.3%
17.8%
Active Share
75.3%
Risk & Return Profile

Risk & Return Profile

(As of 30 Jun 2023)
3y
5y
10y
Annualized Alpha (%)
-3.42
-2.02
-0.18
Beta
1.06
1.06
1.03
R-Squared (%)
93.65
91.63
86.02
Standard Deviation (%)
19.11
19.13
16.24
Sharpe Ratio
-0.06
0.02
0.27
Information Ratio
-0.71
-0.37
-0.04
Up Capture (%)
102.29
104.18
100.03
Down Capture (%)
118.05
113.88
101.23
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2023)
Name
Ticker/Symbol
Sector
Weight %
Nestle S.A.
NESN
Consumer Staples
6.0
Novo Nordisk A/S
NVO
Health Care
4.5
AstraZeneca plc
AZN
Health Care
4.4
ASML Holding N.V.
ASML
Information Technology
4.2
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
3.9
LVMH Moet Hennessy Louis Vuitton SE
MC
Consumer Discretionary
3.8
Kweichow Moutai Co. Ltd.
600519
Consumer Staples
2.9
Mastercard, Inc.
MA
Financials
2.9
Tencent Holdings Ltd.
700
Communication Services
2.7
HDFC Bank Ltd.
HDB
Financials
2.7
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2023)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Information Technology
18.6
17.5
Consumer Staples
18.0
12.1
Health Care
17.1
13.0
Consumer Discretionary
14.1
14.8
Financials
12.2
10.9
Industrials
6.1
16.1
Materials
5.0
6.1
Communication Services
4.5
6.5
Cash & Cash Equivalents
3.0
Energy
1.3
1.4
Real Estate
0.0
0.9
Utilities
0.0
0.9
Sector Allocation
Fund (%)
Information Technology
18.6
Consumer Staples
18.0
Health Care
17.1
Consumer Discretionary
14.1
Financials
12.2
Industrials
6.1
Materials
5.0
Communication Services
4.5
Cash & Cash Equivalents
3.0
Energy
1.3
Real Estate
0.0
Utilities
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Pharmaceuticals, Biotechnology & Life Sciences
16.1
10.0
Semiconductors & Semiconductor Equipment
12.6
8.4
Food, Beverage & Tobacco
11.7
7.2
Financial Services
7.6
3.2
Household & Personal Products
5.1
2.4
Materials
5.0
6.1
Consumer Discretionary Distribution & Retail
4.7
3.5
Capital Goods
4.6
10.6
Consumer Durables & Apparel
3.8
5.9
Software & Services
3.5
5.2
Top 10 Industries
Fund (%)
Pharmaceuticals, Biotechnology & Life Sciences
16.1
Semiconductors & Semiconductor Equipment
12.6
Food, Beverage & Tobacco
11.7
Financial Services
7.6
Household & Personal Products
5.1
Materials
5.0
Consumer Discretionary Distribution & Retail
4.7
Capital Goods
4.6
Consumer Durables & Apparel
3.8
Software & Services
3.5
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
United States
14.2
North America
United Kingdom
11.8
6.3
UK
Netherlands
9.8
4.1
Europe ex UK
Switzerland
9.6
8.4
Europe ex UK
France
9.6
9.2
Europe ex UK
China
7.1
8.9
Asia Pacific ex Japan
Japan
6.7
13.9
Japan
Denmark
4.5
3.8
Europe ex UK
Germany
4.3
4.7
Europe ex UK
Taiwan
3.9
4.5
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
United States
14.2
United Kingdom
11.8
Netherlands
9.8
Switzerland
9.6
France
9.6
China
7.1
Japan
6.7
Denmark
4.5
Germany
4.3
Taiwan
3.9
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
91.3
83.2
Mid Cap ($2.5 to $12 B)
8.2
16.7
Small Cap (< $2.5 B)
0.6
0.2
Capitalization
Fund (%)
Large Cap (> $12 B)
91.3
Mid Cap ($2.5 to $12 B)
8.2
Small Cap (< $2.5 B)
0.6
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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