Thornburg International Growth Fund

SYMBOL: TINGX

Morningstar Rating • Info

Overall Morningstar Rating among 373 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 2 stars among 373, 338 and 224 funds, as of 30 Sep 2025.

As of 30 Sep 2025

Fund Assets

$724.8 M

As of 30 Sep 2025

NAV

$26.60

As of 17 Oct 2025

Change

$-0.20

As of 17 Oct 2025

YTD NAV Performance

12.24%

As of 17 Oct 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 Sep 2025)

YTD

10y

Inception

Total Return (%)

12.45

2.36

15.52

1.51

6.60

6.70

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

22.51

12.86

18.33

6.22

8.17

4.76

Morningstar Category Avg. (%)

18.89

10.69

18.39

5.95

8.01

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

391

373

338

224

—

YTD

10y

Inception

Total Return (%)

12.45

2.36

15.52

1.51

6.60

6.70

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

22.51

12.86

18.33

6.22

8.17

4.76

Morningstar Category Avg. (%)

18.89

10.69

18.39

5.95

8.01

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

391

373

338

224

—

YTD

10y

Inception

Total Return (%)

12.45

2.36

54.14

7.77

89.44

235.42

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

22.51

12.86

65.70

35.22

119.36

138.18

YTD

10y

Inception

Total Return (%)

12.45

2.36

54.14

7.77

89.44

235.42

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

22.51

12.86

65.70

35.22

119.36

138.18

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
2025-08-31,33240,22886
2025-09-30,33542,23818

Hypothetical Growth of $10,000

(As of 30 Sep 2025)

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

                        Categories,I Shares,MSCI ACWI ex-U.S. Growth Index
                        2024-09-30,10000,10000
2024-10-31,9418,9492
2024-11-30,9404,9413
2024-12-31,9103,9212
2025-01-31,9456,9603
2025-02-28,9441,9611
2025-03-31,8995,9393
2025-04-30,9371,9775
2025-05-31,9786,10269
2025-06-30,10028,10676
2025-07-31,9963,10546
2025-08-31,10143,10844
2025-09-30,10236,11286

                        Categories,I Shares,MSCI ACWI ex-U.S. Growth Index
                        2022-09-30,10000,10000
2022-10-31,10242,10196
2022-11-30,11708,11464
2022-12-31,11302,11289
2023-01-31,12407,12244
2023-02-28,12040,11720
2023-03-31,12645,12259
2023-04-30,12757,12383
2023-05-31,12444,12040
2023-06-30,12937,12497
2023-07-31,13150,12887
2023-08-31,12672,12229
2023-09-30,11923,11584
2023-10-31,11515,11133
2023-11-30,12789,12285
2023-12-31,13383,12873
2024-01-31,13586,12774
2024-02-29,14205,13263
2024-03-31,14627,13634
2024-04-30,14024,13257
2024-05-31,14558,13606
2024-06-30,14766,13732
2024-07-31,14504,13877
2024-08-31,15081,14319
2024-09-30,15060,14683
2024-10-31,14184,13936
2024-11-30,14162,13821
2024-12-31,13708,13525
2025-01-31,14240,14100
2025-02-28,14217,14111
2025-03-31,13546,13791
2025-04-30,14113,14353
2025-05-31,14738,15077
2025-06-30,15102,15675
2025-07-31,15004,15485
2025-08-31,15276,15922
2025-09-30,15414,16570

                        Categories,I Shares,MSCI ACWI ex-U.S. Growth Index
                        2020-09-30,10000,10000
2020-10-31,9846,9825
2020-11-30,10609,10823
2020-12-31,11152,11392
2021-01-31,11111,11461
2021-02-28,11125,11420
2021-03-31,10789,11384
2021-04-30,11343,11804
2021-05-31,11170,12088
2021-06-30,11343,12135
2021-07-31,11287,11951
2021-08-31,11581,12221
2021-09-30,10834,11695
2021-10-31,11194,12058
2021-11-30,10452,11622
2021-12-31,10684,11972
2022-01-31,9818,11007
2022-02-28,9361,10699
2022-03-31,9107,10682
2022-04-30,8421,9888
2022-05-31,8381,9803
2022-06-30,7695,9004
2022-07-31,8211,9500
2022-08-31,7802,9129
2022-09-30,6991,8160
2022-10-31,7161,8321
2022-11-30,8186,9355
2022-12-31,7902,9212
2023-01-31,8674,9992
2023-02-28,8418,9564
2023-03-31,8841,10004
2023-04-30,8919,10105
2023-05-31,8700,9825
2023-06-30,9045,10198
2023-07-31,9194,10516
2023-08-31,8860,9980
2023-09-30,8336,9453
2023-10-31,8050,9085
2023-11-30,8941,10026
2023-12-31,9356,10505
2024-01-31,9498,10425
2024-02-29,9931,10823
2024-03-31,10226,11126
2024-04-30,9804,10818
2024-05-31,10178,11103
2024-06-30,10323,11206
2024-07-31,10140,11325
2024-08-31,10544,11685
2024-09-30,10529,11982
2024-10-31,9916,11373
2024-11-30,9901,11279
2024-12-31,9584,11037
2025-01-31,9956,11507
2025-02-28,9940,11515
2025-03-31,9471,11254
2025-04-30,9867,11713
2025-05-31,10304,12304
2025-06-30,10559,12792
2025-07-31,10490,12636
2025-08-31,10680,12993
2025-09-30,10777,13522

                        Categories,I Shares,MSCI ACWI ex-U.S. Growth Index
                        2015-09-30,10000,10000
2015-10-31,10714,10758
2015-11-30,10896,10637
2015-12-31,10791,10500
2016-01-31,10027,9852
2016-02-29,9845,9728
2016-03-31,10439,10465
2016-04-30,10302,10623
2016-05-31,10488,10555
2016-06-30,9904,10513
2016-07-31,10559,11019
2016-08-31,10835,10980
2016-09-30,10863,11151
2016-10-31,10504,10772
2016-11-30,10245,10361
2016-12-31,10283,10513
2017-01-31,10686,10936
2017-02-28,10763,11156
2017-03-31,11403,11472
2017-04-30,12005,11806
2017-05-31,12529,12331
2017-06-30,12559,12340
2017-07-31,13216,12768
2017-08-31,13122,12896
2017-09-30,13541,13122
2017-10-31,13535,13437
2017-11-30,13543,13585
2017-12-31,13875,13878
2018-01-31,14877,14601
2018-02-28,14350,13948
2018-03-31,14150,13757
2018-04-30,14218,13861
2018-05-31,14465,13782
2018-06-30,14436,13562
2018-07-31,14631,13794
2018-08-31,14390,13639
2018-09-30,14030,13526
2018-10-31,12753,12260
2018-11-30,12515,12446
2018-12-31,11553,11876
2019-01-31,12530,12780
2019-02-28,12846,13125
2019-03-31,13293,13338
2019-04-30,13996,13758
2019-05-31,12912,13053
2019-06-30,13501,13919
2019-07-31,13531,13890
2019-08-31,13275,13639
2019-09-30,13186,13801
2019-10-31,13621,14303
2019-11-30,13963,14521
2019-12-31,14593,15123
2020-01-31,14635,14978
2020-02-29,13951,13885
2020-03-31,12449,12364
2020-04-30,13608,13431
2020-05-31,14888,14015
2020-06-30,15692,14726
2020-07-31,16972,15725
2020-08-31,17752,16366
2020-09-30,17578,16222
2020-10-31,17308,15938
2020-11-30,18649,17558
2020-12-31,19604,18481
2021-01-31,19531,18593
2021-02-28,19555,18525
2021-03-31,18965,18467
2021-04-30,19938,19148
2021-05-31,19634,19610
2021-06-30,19938,19686
2021-07-31,19841,19387
2021-08-31,20358,19825
2021-09-30,19044,18973
2021-10-31,19677,19561
2021-11-30,18373,18854
2021-12-31,18781,19422
2022-01-31,17258,17856
2022-02-28,16455,17357
2022-03-31,16008,17329
2022-04-30,14803,16040
2022-05-31,14732,15902
2022-06-30,13527,14607
2022-07-31,14434,15411
2022-08-31,13715,14810
2022-09-30,12290,13238
2022-10-31,12588,13498
2022-11-30,14389,15176
2022-12-31,13890,14945
2023-01-31,15247,16209
2023-02-28,14797,15515
2023-03-31,15541,16229
2023-04-30,15678,16393
2023-05-31,15293,15939
2023-06-30,15900,16544
2023-07-31,16161,17060
2023-08-31,15573,16190
2023-09-30,14653,15335
2023-10-31,14151,14739
2023-11-30,15717,16264
2023-12-31,16447,17041
2024-01-31,16696,16911
2024-02-29,17457,17558
2024-03-31,17976,18049
2024-04-30,17234,17549
2024-05-31,17891,18012
2024-06-30,18147,18179
2024-07-31,17825,18371
2024-08-31,18534,18956
2024-09-30,18507,19437
2024-10-31,17431,18449
2024-11-30,17405,18297
2024-12-31,16847,17905
2025-01-31,17501,18667
2025-02-28,17472,18681
2025-03-31,16648,18257
2025-04-30,17344,19001
2025-05-31,18112,19960
2025-06-30,18560,20752
2025-07-31,18439,20499
2025-08-31,18773,21077
2025-09-30,18944,21936

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 30 Sep 2025)

Net Fund Assets

$724.8 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

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 30 Sep 2025)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$260.6 B

$183.6 B

Median Market Cap

$47.5 B

$13.1 B

Annual Portfolio Turnover

45%

—

Price to Earnings - Forward 1YR

24.6x

22.2x

Portfolio

Benchmark

Price to Earnings - Trailing 12 Months

29.2x

25.7x

Price to Cash Flow

18.3x

15.1x

Price to Book Value

5.1x

3.9x

Active Share

78.4%

—

Risk & Return Profile

(As of 30 Sep 2025)

10y

Annualized Alpha (%)

-2.99

-4.46

-1.51

Beta

1.05

1.03

R-Squared (%)

91.62

91.80

87.93

Standard Deviation (%)

15.66

16.90

16.34

Sharpe Ratio

0.69

-0.09

0.28

Information Ratio

-0.61

-0.97

-0.27

Up Capture (%)

93.44

92.20

97.62

Down Capture (%)

103.48

113.53

105.22

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 31 Aug 2025)

Name

Ticker/Symbol

Sector

Weight %

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

8.3

Tencent Holdings Ltd.

700

Communication Services

7.1

Mastercard, Inc.

Financials

5.0

AstraZeneca plc

AZN

Health Care

4.7

MercadoLibre, Inc.

MELI

Consumer Discretionary

3.8

Sea Ltd.

Communication Services

3.7

E.ON SE

EOAN

Utilities

3.3

Air Liquide S.A.

Materials

3.3

Lonza Group AG

LONN

Health Care

3.2

Ferrari N.V.

RACE

Consumer Discretionary

3.1

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 30 Sep 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Information Technology

22.8

20.7

Communication Services

17.6

8.4

Financials

17.5

12.3

Health Care

15.5

9.9

Consumer Discretionary

9.6

12.0

Industrials

6.8

21.5

Utilities

3.5

1.4

Materials

3.3

6.0

Consumer Staples

1.8

6.3

Cash & Cash Equivalents

1.5

—

Energy

0.0

0.9

Real Estate

0.0

0.7

Sector Allocation

Fund (%)

Information Technology

22.8

Communication Services

17.6

Financials

17.5

Health Care

15.5

Consumer Discretionary

9.6

Industrials

6.8

Utilities

3.5

Materials

3.3

Consumer Staples

1.8

Cash & Cash Equivalents

1.5

Energy

0.0

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Media & Entertainment

17.6

6.9

Semiconductors & Semiconductor Equipment

16.5

11.5

Financial Services

12.3

4.3

Pharmaceuticals, Biotechnology & Life Sciences

10.9

7.3

Health Care Equipment & Services

4.6

2.6

Software & Services

4.5

5.5

Capital Goods

4.2

16.7

Banks

3.7

5.8

Consumer Discretionary Distribution & Retail

3.6

3.4

Utilities

3.5

1.4

Top 10 Industries

Fund (%)

Media & Entertainment

17.6

Semiconductors & Semiconductor Equipment

16.5

Financial Services

12.3

Pharmaceuticals, Biotechnology & Life Sciences

10.9

Health Care Equipment & Services

4.6

Software & Services

4.5

Capital Goods

4.2

Banks

3.7

Consumer Discretionary Distribution & Retail

3.6

Utilities

3.5

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

United States

13.6

—

North America

Taiwan

9.4

7.4

Asia Pacific ex Japan

Germany

8.1

5.9

Europe ex UK

China

8.0

9.5

Asia Pacific ex Japan

United Kingdom

7.9

7.2

Netherlands

7.6

3.8

Europe ex UK

Japan

7.0

13.3

Japan

Switzerland

6.7

5.8

Europe ex UK

France

5.5

7.5

Europe ex UK

Italy

4.3

1.2

Europe ex UK

Top 10 Countries

Fund (%)

United States

13.6

Taiwan

9.4

Germany

8.1

China

8.0

United Kingdom

7.9

Netherlands

7.6

Japan

7.0

Switzerland

6.7

France

5.5

Italy

4.3

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

84.5

90.1

Mid Cap ($2.5 to $12 B)

11.6

9.8

Small Cap (< $2.5 B)

3.9

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

84.5

Mid Cap ($2.5 to $12 B)

11.6

Small Cap (< $2.5 B)

3.9

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

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Sean Koung Sun, CFA

Nicholas Anderson, CFA

Literature

Important Information

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