Thornburg International Growth Fund

SYMBOL: THGIX

Morningstar Rating • Info

Overall Morningstar Rating among 410 Foreign Large Growth funds, based on risk-adjusted returns for class R6 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

$22.65

As of 29 Sep 2023

Change

$0.08

As of 29 Sep 2023

YTD NAV Performance

5.59%

As of 29 Sep 2023

Asset Category:

International Equity

Fund Benchmark:

MSCI ACWI ex US Growth NTR

Portfolio Managers

Sean Koung Sun, CFA

Portfolio Manager and Managing Director

Nicholas Anderson, CFA

Portfolio Manager and Managing Director

Emily Leveille, 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 2023)

YTD

10y

Inception

Total Return (%)

14.55

17.69

0.54

2.06

5.50

6.55

MSCI ACWI ex US Growth NTR (%)

10.70

13.26

3.96

4.06

5.61

3.63

Morningstar Category Avg. (%)

12.39

15.91

4.32

4.54

6.2

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

12.21

13.68

-4.17

1.70

4.71

6.35

MSCI ACWI ex US Growth NTR (%)

8.33

9.32

-0.36

3.49

5.16

3.46

Morningstar Category Avg. (%)

14.89

10.46

3.2

4.67

5.91

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

14.55

17.69

1.64

10.71

70.75

183.24

MSCI ACWI ex US Growth NTR (%)

10.70

13.26

12.34

21.99

72.53

79.64

YTD

10y

Inception

Total Return (%)

12.21

13.68

-11.98

8.80

58.45

177.48

MSCI ACWI ex US Growth NTR (%)

8.33

9.32

-1.08

18.70

65.34

75.79

2017

2018

2019

2020

2021

2022

Total Return (%)

35.04

-16.64

26.40

34.45

-4.08

-25.96

MSCI ACWI ex US Growth NTR (%)

32.01

-14.43

27.34

22.20

5.09

-23.05

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 for 1-, 3-, 5- and 10-years, among 447, 407, 351 and 238 funds, respectively, as of 30 Jun 2023.

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 2023)

Gross Expense Ratio (%)

1.01

Net Expense Ratio (%)

0.89

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2024, 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,R6 Shares,MSCI ACWI ex US Growth NTR
            2007-02-01,10000,10000
2007-02-28,10105,9924
2007-03-31,10570,10247
2007-04-30,11061,10714
2007-05-31,11477,10997
2007-06-30,11750,11106
2007-07-31,11705,11130
2007-08-31,11710,10999
2007-09-30,12538,11816
2007-10-31,13359,12494
2007-11-30,13247,12033
2007-12-31,13327,11886
2008-01-31,11877,10680
2008-02-29,12149,11139
2008-03-31,11585,10845
2008-04-30,11995,11458
2008-05-31,12139,11790
2008-06-30,10918,10951
2008-07-31,10620,10493
2008-08-31,10167,9931
2008-09-30,8952,8335
2008-10-31,6818,6514
2008-11-30,6371,6089
2008-12-31,6656,6464
2009-01-31,6130,5974
2009-02-28,5524,5461
2009-03-31,6126,5858
2009-04-30,7012,6456
2009-05-31,7819,7334
2009-06-30,7866,7258
2009-07-31,8462,7916
2009-08-31,8510,8074
2009-09-30,9168,8514
2009-10-31,9110,8478
2009-11-30,9283,8747
2009-12-31,9688,8964
2010-01-31,9416,8520
2010-02-28,9554,8558
2010-03-31,10307,9147
2010-04-30,10391,9086
2010-05-31,9584,8159
2010-06-30,9606,8101
2010-07-31,10128,8772
2010-08-31,10124,8581
2010-09-30,10950,9486
2010-10-31,11644,9795
2010-11-30,11693,9534
2010-12-31,12393,10260
2011-01-31,12614,10207
2011-02-28,13014,10456
2011-03-31,12903,10494
2011-04-30,13726,11036
2011-05-31,13939,10771
2011-06-30,13810,10588
2011-07-31,14104,10525
2011-08-31,13219,9655
2011-09-30,12045,8454
2011-10-31,13113,9394
2011-11-30,12415,8946
2011-12-31,12087,8802
2012-01-31,12706,9368
2012-02-29,13506,9915
2012-03-31,14036,9837
2012-04-30,13843,9776
2012-05-31,12638,8691
2012-06-30,12861,9103
2012-07-31,13047,9271
2012-08-31,13478,9427
2012-09-30,14290,9755
2012-10-31,14505,9767
2012-11-30,14783,9993
2012-12-31,14807,10269
2013-01-31,15412,10635
2013-02-28,15825,10653
2013-03-31,16420,10732
2013-04-30,16819,11059
2013-05-31,17086,10849
2013-06-30,16588,10412
2013-07-31,17396,10796
2013-08-31,17512,10632
2013-09-30,18693,11332
2013-10-31,19279,11699
2013-11-30,19476,11739
2013-12-31,20287,11860
2014-01-31,19430,11293
2014-02-28,20105,11887
2014-03-31,19238,11895
2014-04-30,18673,11981
2014-05-31,19138,12248
2014-06-30,19530,12425
2014-07-31,19056,12244
2014-08-31,19120,12355
2014-09-30,17936,11818
2014-10-31,18384,11777
2014-11-30,18430,11949
2014-12-31,17842,11545
2015-01-31,17514,11632
2015-02-28,19037,12229
2015-03-31,18719,12098
2015-04-30,19653,12631
2015-05-31,19643,12495
2015-06-30,18988,12169
2015-07-31,19229,12201
2015-08-31,18372,11284
2015-09-30,17679,10858
2015-10-31,18935,11681
2015-11-30,19264,11550
2015-12-31,19074,11401
2016-01-31,17730,10697
2016-02-29,17411,10563
2016-03-31,18455,11362
2016-04-30,18223,11535
2016-05-31,18552,11460
2016-06-30,17513,11415
2016-07-31,18677,11964
2016-08-31,19162,11922
2016-09-30,19209,12107
2016-10-31,18587,11696
2016-11-30,18121,11250
2016-12-31,18198,11415
2017-01-31,18917,11874
2017-02-28,19044,12113
2017-03-31,20180,12457
2017-04-30,21239,12819
2017-05-31,22182,13389
2017-06-30,22230,13399
2017-07-31,23389,13863
2017-08-31,23233,14002
2017-09-30,23976,14248
2017-10-31,23966,14590
2017-11-30,23990,14751
2017-12-31,24575,15069
2018-01-31,26350,15854
2018-02-28,25422,15145
2018-03-31,25069,14938
2018-04-30,25190,15050
2018-05-31,25634,14964
2018-06-30,25584,14725
2018-07-31,25927,14978
2018-08-31,25503,14809
2018-09-30,24867,14687
2018-10-31,22608,13312
2018-11-30,22188,13514
2018-12-31,20486,12895
2019-01-31,22221,13876
2019-02-28,22778,14251
2019-03-31,23566,14483
2019-04-30,24817,14939
2019-05-31,22904,14173
2019-06-30,23944,15114
2019-07-31,24007,15082
2019-08-31,23556,14809
2019-09-30,23398,14985
2019-10-31,24176,15530
2019-11-30,24780,15767
2019-12-31,25895,16421
2020-01-31,25969,16263
2020-02-29,24760,15076
2020-03-31,22099,13425
2020-04-30,24156,14583
2020-05-31,26436,15218
2020-06-30,27867,15990
2020-07-31,30137,17074
2020-08-31,31526,17770
2020-09-30,31218,17614
2020-10-31,30741,17305
2020-11-30,33120,19065
2020-12-31,34816,20067
2021-01-31,34687,20188
2021-02-28,34741,20115
2021-03-31,33700,20051
2021-04-30,35428,20791
2021-05-31,34891,21293
2021-06-30,35439,21375
2021-07-31,35267,21050
2021-08-31,36190,21526
2021-09-30,33861,20601
2021-10-31,34988,21239
2021-11-30,32664,20472
2021-12-31,33396,21089
2022-01-31,30698,19388
2022-02-28,29268,18846
2022-03-31,28480,18816
2022-04-30,26330,17416
2022-05-31,26204,17267
2022-06-30,24066,15860
2022-07-31,25690,16733
2022-08-31,24409,16080
2022-09-30,21871,14374
2022-10-31,22409,14657
2022-11-30,25610,16478
2022-12-31,24728,16227
2023-01-31,27137,17600
2023-02-28,26353,16846
2023-03-31,27667,17621
2023-04-30,27909,17799
2023-05-31,27229,17307
2023-06-30,28324,17964
2023-07-31,28785,18523
2023-08-31,27748,17579

Hypothetical Growth of $10,000

(As of 31 Aug 2023)

(Hypothetical Growth of $10,000 vs MSCI ACWI ex US Growth NTR)

                        Categories,R6 Shares,MSCI ACWI ex US Growth NTR
                        2022-08-31,10000,10000
2022-09-30,8960,8939
2022-10-31,9180,9114
2022-11-30,10492,10247
2022-12-31,10130,10091
2023-01-31,11117,10945
2023-02-28,10796,10476
2023-03-31,11335,10958
2023-04-30,11434,11069
2023-05-31,11155,10762
2023-06-30,11604,11171
2023-07-31,11793,11519
2023-08-31,11368,10932

                        Categories,R6 Shares,MSCI ACWI ex US Growth NTR
                        2020-08-31,10000,10000
2020-09-30,9902,9912
2020-10-31,9751,9738
2020-11-30,10506,10728
2020-12-31,11044,11292
2021-01-31,11003,11361
2021-02-28,11020,11319
2021-03-31,10690,11284
2021-04-30,11238,11700
2021-05-31,11068,11982
2021-06-30,11241,12028
2021-07-31,11187,11846
2021-08-31,11480,12113
2021-09-30,10741,11593
2021-10-31,11098,11952
2021-11-30,10361,11520
2021-12-31,10593,11867
2022-01-31,9737,10911
2022-02-28,9284,10605
2022-03-31,9034,10589
2022-04-30,8352,9801
2022-05-31,8312,9717
2022-06-30,7634,8925
2022-07-31,8149,9416
2022-08-31,7743,9049
2022-09-30,6938,8089
2022-10-31,7108,8248
2022-11-30,8123,9273
2022-12-31,7844,9131
2023-01-31,8608,9904
2023-02-28,8359,9480
2023-03-31,8776,9916
2023-04-30,8853,10016
2023-05-31,8637,9739
2023-06-30,8984,10109
2023-07-31,9131,10424
2023-08-31,8802,9892

                        Categories,R6 Shares,MSCI ACWI ex US Growth NTR
                        2018-08-31,10000,10000
2018-09-30,9751,9917
2018-10-31,8865,8989
2018-11-30,8700,9125
2018-12-31,8033,8708
2019-01-31,8713,9370
2019-02-28,8931,9623
2019-03-31,9241,9780
2019-04-30,9731,10087
2019-05-31,8981,9570
2019-06-30,9389,10205
2019-07-31,9414,10184
2019-08-31,9236,10000
2019-09-30,9175,10119
2019-10-31,9480,10487
2019-11-30,9716,10647
2019-12-31,10154,11088
2020-01-31,10183,10982
2020-02-29,9709,10180
2020-03-31,8665,9065
2020-04-30,9472,9847
2020-05-31,10366,10276
2020-06-30,10927,10797
2020-07-31,11817,11529
2020-08-31,12362,11999
2020-09-30,12241,11894
2020-10-31,12054,11685
2020-11-30,12987,12873
2020-12-31,13652,13550
2021-01-31,13601,13632
2021-02-28,13622,13583
2021-03-31,13214,13540
2021-04-30,13892,14039
2021-05-31,13681,14378
2021-06-30,13896,14433
2021-07-31,13829,14214
2021-08-31,14191,14535
2021-09-30,13277,13911
2021-10-31,13719,14342
2021-11-30,12808,13824
2021-12-31,13095,14240
2022-01-31,12037,13092
2022-02-28,11477,12726
2022-03-31,11167,12706
2022-04-30,10324,11760
2022-05-31,10275,11659
2022-06-30,9437,10710
2022-07-31,10073,11299
2022-08-31,9571,10858
2022-09-30,8576,9706
2022-10-31,8787,9897
2022-11-30,10042,11127
2022-12-31,9696,10957
2023-01-31,10641,11884
2023-02-28,10333,11375
2023-03-31,10849,11899
2023-04-30,10944,12019
2023-05-31,10677,11686
2023-06-30,11106,12130
2023-07-31,11287,12508
2023-08-31,10880,11870

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 ($)
            2013-01-31,0
2013-02-28,0
2013-03-31,0
2013-04-30,0
2013-05-31,0
2013-06-30,0
2013-07-31,0
2013-08-31,0
2013-09-30,0
2013-10-31,0
2013-11-30,0.56811
2013-12-31,0
2014-01-31,0
2014-02-28,0
2014-03-31,0
2014-04-30,0
2014-05-31,0
2014-06-30,0
2014-07-31,0
2014-08-31,0
2014-09-30,0.08239
2014-10-31,0
2014-11-30,0.98096
2014-12-31,0.00909
2015-01-31,0
2015-02-28,0
2015-03-31,0
2015-04-30,0
2015-05-31,0
2015-06-30,0
2015-07-31,0
2015-08-31,0
2015-09-30,0.06114
2015-10-31,0
2015-11-30,0
2015-12-31,0.01371
2016-01-31,0
2016-02-29,0
2016-03-31,0
2016-04-30,0
2016-05-31,0
2016-06-30,0.04536
2016-07-31,0
2016-08-31,0
2016-09-30,0.03884
2016-10-31,0
2016-11-30,0
2016-12-31,0
2017-01-31,0
2017-02-28,0
2017-03-31,0
2017-04-30,0
2017-05-31,0
2017-06-30,0.04979
2017-07-31,0
2017-08-31,0
2017-09-30,0.03287
2017-10-31,0
2017-11-30,0.81162
2017-12-31,0
2018-01-31,0
2018-02-28,0
2018-03-31,0
2018-04-30,0
2018-05-31,0
2018-06-30,0
2018-07-31,0
2018-08-31,0
2018-09-30,0
2018-10-31,0
2018-11-30,0.74833
2018-12-31,0.12660
2019-01-31,0
2019-02-28,0
2019-03-31,0
2019-04-30,0
2019-05-31,0
2019-06-30,0
2019-07-31,0
2019-08-31,0
2019-09-30,0
2019-10-31,0
2019-11-30,0.11220
2019-12-31,0.09508
2020-01-31,0
2020-02-29,0
2020-03-31,0
2020-04-30,0
2020-05-31,0
2020-06-30,0
2020-07-31,0
2020-08-31,0
2020-09-30,0
2020-10-31,0
2020-11-30,0.37721
2020-12-31,0
2021-01-31,0
2021-02-28,0
2021-03-31,0
2021-04-30,0
2021-05-31,0
2021-06-30,0
2021-07-31,0
2021-08-31,0
2021-09-30,0
2021-10-31,0
2021-11-30,1.98979
2021-12-31,0
2022-01-31,0
2022-02-28,0
2022-03-31,0
2022-04-30,0
2022-05-31,0
2022-06-30,0
2022-07-31,0
2022-08-31,0
2022-09-30,0
2022-10-31,0
2022-11-30,0
2022-12-31,0.18097

            Ex Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
            ,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.56811,0,0.21987,0.34824
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.08239,0.08239,0,0
,0,0,0,0
,0.98096,0,0.00000,0.98096
,0.00909,0.00909,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.06114,0.06114,0,0
,0,0,0,0
,0,0,0,0
,0.01371,0.01371,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.04536,0.04536,0,0
,0,0,0,0
,0,0,0,0
,0.03884,0.03884,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.04979,0.04979,0,0
,0,0,0,0
,0,0,0,0
,0.03287,0.03287,0,0
,0,0,0,0
,0.81162,0,0.05081,0.76081
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.74833,0,0.00000,0.74833
,0.12660,0.12660,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.11220,0,0.00000,0.11220
,0.09508,0.09508,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.37721,0,0.30139,0.07582
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,1.98979,0,0.06248,1.92731
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0,0,0,0
,0.18097,0.18097,0,0

Distributions

(As of 15 Dec 2022)

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

19 Nov 2013

0.56811

—

0.21987

0.34824

24 Sep 2014

0.08239

—

19 Nov 2014

0.98096

—

0.00000

0.98096

24 Dec 2014

0.00909

—

24 Sep 2015

0.06114

—

24 Dec 2015

0.01371

—

24 Jun 2016

0.04536

—

26 Sep 2016

0.03884

—

23 Jun 2017

0.04979

—

22 Sep 2017

0.03287

—

17 Nov 2017

0.81162

—

0.05081

0.76081

15 Nov 2018

0.74833

—

0.00000

0.74833

21 Dec 2018

0.12660

—

14 Nov 2019

0.11220

—

0.00000

0.11220

20 Dec 2019

0.09508

—

19 Nov 2020

0.37721

—

0.30139

0.07582

18 Nov 2021

1.98979

—

0.06248

1.92731

15 Dec 2022

0.18097

—

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

THGIX

Share Class

Share Class Inception Date

1 Feb 2013

Number of Holdings

Portfolio Turnover

64%

Distribution Frequency

Annually

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

(As of 30 Jun 2023)

10y

Annualized Alpha (%)

-3.42

-2.02

-0.18

Beta

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

Past performance does not guarantee future results.

Portfolio

Top Holdings

(As of 31 Jul 2023)

Name

Ticker/Symbol

Sector

Weight %

Nestle S.A.

NESN

Consumer Staples

5.9

AstraZeneca plc

AZN

Health Care

4.5

ASML Holding N.V.

ASML

Information Technology

4.4

LVMH Moet Hennessy Louis Vuitton SE

Consumer Discretionary

4.0

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

3.9

Novo Nordisk A/S

NVO

Health Care

3.7

Kweichow Moutai Co. Ltd.

600519

Consumer Staples

3.0

Tencent Holdings Ltd.

700

Communication Services

2.9

HDFC Bank Ltd.

HDB

Financials

2.9

Diageo plc

DGE

Consumer Staples

2.8

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Aug 2023)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

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

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

10%

15%

20%

United States

14.2

—

North America

United Kingdom

11.8

6.3

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

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

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 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…

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

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…

Learn More

Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Report

Semi-annual report

Prospectus

Statement of Additional Information (SAI)

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.

© 2023 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 Corporation.

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 Corporation (TSC) 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?

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Investment Approach

Related Content

Performance

Returns

Fund Fees

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