TIGAX

Thornburg International Growth Fund

Morningstar Rating • Info

Overall Morningstar Rating among 352 Foreign Large Growth funds, based on risk-adjusted returns for class A shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 2 stars and 2 stars among 352, 333 and 222 funds, as of 31 Aug 2026.

As of 31 Aug 2026

Fund Assets

$666.1 M

As of 31 Aug 2026

NAV

$27.17

As of 1 Oct 2026

Change

$-0.06

As of 1 Oct 2026

YTD NAV Performance

9.29%

As of 1 Oct 2026

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 2026)

YTD

10y

Inception

Total Return with Sales Charge (%)

4.61

2.86

9.67

0.15

5.68

6.06

Total Return without Sales Charge (%)

9.53

7.70

11.37

1.08

6.17

6.31

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

10.02

12.84

17.30

5.46

8.30

5.16

Morningstar Category Avg. (%)

10.18

14.02

13.04

4.14

8.98

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

374

350

333

223

—

YTD

10y

Inception

Total Return with Sales Charge (%)

4.61

2.86

9.67

0.15

5.68

6.06

Total Return without Sales Charge (%)

9.53

7.70

11.37

1.08

6.17

6.31

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

10.02

12.84

17.30

5.46

8.30

5.16

Morningstar Category Avg. (%)

9.99

14.39

14.04

3.36

8.55

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

373

352

333

222

—

YTD

10y

Inception

Total Return with Sales Charge (%)

4.61

2.86

31.91

0.75

73.67

218.00

Total Return without Sales Charge (%)

9.53

7.70

38.14

5.51

81.89

232.91

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

10.02

12.84

61.41

30.47

121.99

168.77

YTD

10y

Inception

Total Return with Sales Charge (%)

4.61

2.86

31.91

0.75

73.67

218.00

Total Return without Sales Charge (%)

9.53

7.70

38.14

5.51

81.89

232.91

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

10.02

12.84

61.41

30.47

121.99

168.77

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total Return with Sales Charge (%)

-9.31

28.26

-20.74

20.22

27.92

-8.76

-29.65

12.63

-2.56

5.30

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

0.12

32.01

-14.43

27.34

22.20

5.09

-23.05

14.03

5.07

25.65

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 2026)

Gross Expense Ratio (%)

1.40

Net Expense Ratio (%)

1.40

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least 1 February 2027, 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

(As of 30 Sep 2026)

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

Categories,A Shares,MSCI ACWI ex-U.S. Growth Index                        
2025-09-30,9551,10000
2025-10-31,9645,10241
2025-11-30,9267,10057
2025-12-31,9391,10256
2026-01-31,9686,10823
2026-02-28,9765,11252
2026-03-31,9051,9885
2026-04-30,9867,10988
2026-05-31,10290,11601
2026-06-30,10551,11569
2026-07-31,10203,11253
2026-08-31,10419,11624
2026-09-30,10286,11284

Categories,A Shares,MSCI ACWI ex-U.S. Growth Index                        
2023-09-30,9549,10000
2023-10-31,9213,9611
2023-11-30,10234,10605
2023-12-31,10705,11113
2024-01-31,10865,11028
2024-02-29,11357,11449
2024-03-31,11689,11769
2024-04-30,11202,11444
2024-05-31,11623,11745
2024-06-30,11787,11854
2024-07-31,11574,11980
2024-08-31,12031,12361
2024-09-30,12013,12675
2024-10-31,11308,12030
2024-11-30,11290,11931
2024-12-31,10924,11676
2025-01-31,11341,12172
2025-02-28,11322,12182
2025-03-31,10785,11905
2025-04-30,11236,12390
2025-05-31,11725,13016
2025-06-30,12013,13532
2025-07-31,11932,13367
2025-08-31,12143,13744
2025-09-30,12248,14304
2025-10-31,12368,14649
2025-11-30,11883,14386
2025-12-31,12043,14671
2026-01-31,12421,15481
2026-02-28,12523,16095
2026-03-31,11607,14140
2026-04-30,12654,15718
2026-05-31,13196,16595
2026-06-30,13530,16549
2026-07-31,13085,16097
2026-08-31,13361,16627
2026-09-30,13191,16141

Categories,A Shares,MSCI ACWI ex-U.S. Growth Index                        
2021-09-30,9549,10000
2021-10-31,9864,10310
2021-11-30,9207,9937
2021-12-31,9409,10237
2022-01-31,8644,9412
2022-02-28,8240,9148
2022-03-31,8014,9134
2022-04-30,7408,8454
2022-05-31,7367,8382
2022-06-30,6761,7699
2022-07-31,7216,8123
2022-08-31,6852,7806
2022-09-30,6138,6978
2022-10-31,6286,7115
2022-11-30,7182,7999
2022-12-31,6932,7877
2023-01-31,7604,8543
2023-02-28,7381,8177
2023-03-31,7749,8554
2023-04-30,7813,8640
2023-05-31,7618,8401
2023-06-30,7922,8720
2023-07-31,8047,8992
2023-08-31,7753,8533
2023-09-30,7293,8083
2023-10-31,7037,7768
2023-11-30,7817,8572
2023-12-31,8177,8982
2024-01-31,8298,8913
2024-02-29,8674,9254
2024-03-31,8928,9513
2024-04-30,8556,9250
2024-05-31,8877,9494
2024-06-30,9003,9582
2024-07-31,8840,9683
2024-08-31,9189,9991
2024-09-30,9175,10245
2024-10-31,8637,9724
2024-11-30,8623,9644
2024-12-31,8344,9437
2025-01-31,8662,9839
2025-02-28,8648,9846
2025-03-31,8237,9623
2025-04-30,8582,10015
2025-05-31,8956,10520
2025-06-30,9175,10938
2025-07-31,9113,10805
2025-08-31,9274,11109
2025-09-30,9355,11562
2025-10-31,9447,11841
2025-11-30,9076,11628
2025-12-31,9198,11858
2026-01-31,9487,12513
2026-02-28,9565,13009
2026-03-31,8865,11429
2026-04-30,9665,12705
2026-05-31,10079,13413
2026-06-30,10334,13376
2026-07-31,9994,13011
2026-08-31,10205,13439
2026-09-30,10075,13047

Categories,A Shares,MSCI ACWI ex-U.S. Growth Index                        
2016-09-30,9548,10000
2016-10-31,9230,9660
2016-11-30,8997,9292
2016-12-31,9031,9428
2017-01-31,9384,9808
2017-02-28,9444,10005
2017-03-31,10000,10288
2017-04-30,10522,10588
2017-05-31,10979,11058
2017-06-30,10999,11067
2017-07-31,11570,11450
2017-08-31,11485,11565
2017-09-30,11851,11768
2017-10-31,11841,12051
2017-11-30,11843,12183
2017-12-31,12131,12446
2018-01-31,13001,13095
2018-02-28,12543,12509
2018-03-31,12358,12338
2018-04-30,12420,12430
2018-05-31,12631,12360
2018-06-30,12605,12162
2018-07-31,12765,12371
2018-08-31,12554,12232
2018-09-30,12240,12131
2018-10-31,11117,10995
2018-11-30,10908,11162
2018-12-31,10068,10651
2019-01-31,10917,11461
2019-02-28,11189,11771
2019-03-31,11574,11962
2019-04-30,12183,12339
2019-05-31,11237,11706
2019-06-30,11745,12483
2019-07-31,11766,12457
2019-08-31,11547,12232
2019-09-30,11462,12377
2019-10-31,11841,12827
2019-11-30,12132,13023
2019-12-31,12675,13563
2020-01-31,12707,13432
2020-02-29,12111,12452
2020-03-31,10807,11088
2020-04-30,11805,12045
2020-05-31,12916,12569
2020-06-30,13609,13207
2020-07-31,14715,14102
2020-08-31,15386,14677
2020-09-30,15230,14549
2020-10-31,14994,14293
2020-11-30,16155,15747
2020-12-31,16977,16574
2021-01-31,16906,16674
2021-02-28,16928,16614
2021-03-31,16411,16561
2021-04-30,17248,17172
2021-05-31,16982,17587
2021-06-30,17243,17655
2021-07-31,17151,17386
2021-08-31,17596,17779
2021-09-30,16460,17015
2021-10-31,17004,17542
2021-11-30,15870,16909
2021-12-31,16219,17418
2022-01-31,14900,16014
2022-02-28,14204,15566
2022-03-31,13815,15541
2022-04-30,12769,14385
2022-05-31,12700,14261
2022-06-30,11654,13100
2022-07-31,12438,13821
2022-08-31,11811,13282
2022-09-30,10580,11872
2022-10-31,10836,12105
2022-11-30,12380,13610
2022-12-31,11949,13403
2023-01-31,13107,14536
2023-02-28,12723,13914
2023-03-31,13358,14554
2023-04-30,13469,14701
2023-05-31,13131,14294
2023-06-30,13655,14837
2023-07-31,13870,15299
2023-08-31,13364,14519
2023-09-30,12572,13753
2023-10-31,12129,13218
2023-11-30,13474,14586
2023-12-31,14094,15283
2024-01-31,14305,15166
2024-02-29,14952,15746
2024-03-31,15390,16186
2024-04-30,14748,15739
2024-05-31,15303,16153
2024-06-30,15518,16304
2024-07-31,15238,16476
2024-08-31,15839,17000
2024-09-30,15816,17432
2024-10-31,14888,16545
2024-11-30,14865,16409
2024-12-31,14382,16058
2025-01-31,14932,16741
2025-02-28,14907,16753
2025-03-31,14199,16373
2025-04-30,14793,17040
2025-05-31,15437,17900
2025-06-30,15816,18610
2025-07-31,15709,18384
2025-08-31,15987,18903
2025-09-30,16126,19673
2025-10-31,16284,20147
2025-11-30,15645,19785
2025-12-31,15856,20177
2026-01-31,16353,21291
2026-02-28,16487,22135
2026-03-31,15282,19447
2026-04-30,16659,21617
2026-05-31,17374,22823
2026-06-30,17814,22760
2026-07-31,17227,22138
2026-08-31,17590,22867
2026-09-30,17367,22199

Categories,A Shares,MSCI ACWI ex-U.S. Growth Index                        
2007-02-01,9552,10000
2007-02-28,9648,9924
2007-03-31,10088,10247
2007-04-30,10552,10714
2007-05-31,10944,10997
2007-06-30,11200,11106
2007-07-31,11152,11130
2007-08-31,11152,10999
2007-09-30,11936,11816
2007-10-31,12712,12494
2007-11-30,12600,12033
2007-12-31,12671,11886
2008-01-31,11286,10680
2008-02-29,11540,11139
2008-03-31,11000,10845
2008-04-30,11385,11458
2008-05-31,11516,11790
2008-06-30,10353,10951
2008-07-31,10066,10493
2008-08-31,9632,9931
2008-09-30,8477,8335
2008-10-31,6454,6514
2008-11-30,6028,6089
2008-12-31,6295,6464
2009-01-31,5795,5974
2009-02-28,5219,5461
2009-03-31,5786,5858
2009-04-30,6620,6456
2009-05-31,7379,7334
2009-06-30,7420,7258
2009-07-31,7979,7916
2009-08-31,8021,8074
2009-09-30,8638,8514
2009-10-31,8579,8478
2009-11-30,8738,8747
2009-12-31,9115,8964
2010-01-31,8856,8520
2010-02-28,8981,8558
2010-03-31,9685,9147
2010-04-30,9760,9086
2010-05-31,8998,8159
2010-06-30,9015,8101
2010-07-31,9501,8772
2010-08-31,9492,8581
2010-09-30,10263,9486
2010-10-31,10908,9795
2010-11-30,10950,9534
2010-12-31,11600,10260
2011-01-31,11802,10207
2011-02-28,12171,10456
2011-03-31,12062,10494
2011-04-30,12827,11036
2011-05-31,13020,10771
2011-06-30,12894,10588
2011-07-31,13163,10525
2011-08-31,12331,9655
2011-09-30,11231,8454
2011-10-31,12222,9394
2011-11-30,11567,8946
2011-12-31,11256,8802
2012-01-31,11827,9368
2012-02-29,12566,9915
2012-03-31,13054,9837
2012-04-30,12869,9776
2012-05-31,11744,8691
2012-06-30,11945,9103
2012-07-31,12113,9271
2012-08-31,12508,9427
2012-09-30,13256,9755
2012-10-31,13449,9767
2012-11-30,13701,9993
2012-12-31,13718,10269
2013-01-31,14272,10635
2013-02-28,14650,10653
2013-03-31,15188,10732
2013-04-30,15557,11059
2013-05-31,15793,10849
2013-06-30,15331,10412
2013-07-31,16078,10796
2013-08-31,16171,10632
2013-09-30,17254,11332
2013-10-31,17784,11699
2013-11-30,17961,11739
2013-12-31,18712,11860
2014-01-31,17909,11293
2014-02-28,18531,11887
2014-03-31,17728,11895
2014-04-30,17193,11981
2014-05-31,17616,12248
2014-06-30,17970,12425
2014-07-31,17529,12244
2014-08-31,17581,12355
2014-09-30,16485,11818
2014-10-31,16882,11777
2014-11-30,16917,11949
2014-12-31,16380,11545
2015-01-31,16071,11632
2015-02-28,17462,12229
2015-03-31,17162,12098
2015-04-30,18007,12631
2015-05-31,17989,12495
2015-06-30,17380,12169
2015-07-31,17598,12201
2015-08-31,16798,11284
2015-09-30,16153,10858
2015-10-31,17307,11681
2015-11-30,17598,11550
2015-12-31,17416,11401
2016-01-31,16180,10697
2016-02-29,15889,10563
2016-03-31,16835,11362
2016-04-30,16607,11535
2016-05-31,16907,11460
2016-06-30,15953,11415
2016-07-31,17007,11964
2016-08-31,17435,11922
2016-09-30,17483,12107
2016-10-31,16900,11696
2016-11-30,16473,11250
2016-12-31,16537,11415
2017-01-31,17182,11874
2017-02-28,17292,12113
2017-03-31,18310,12457
2017-04-30,19265,12819
2017-05-31,20102,13389
2017-06-30,20139,13399
2017-07-31,21185,13863
2017-08-31,21030,14002
2017-09-30,21700,14248
2017-10-31,21682,14590
2017-11-30,21685,14751
2017-12-31,22213,15069
2018-01-31,23806,15854
2018-02-28,22967,15145
2018-03-31,22628,14938
2018-04-30,22741,15050
2018-05-31,23127,14964
2018-06-30,23080,14725
2018-07-31,23372,14978
2018-08-31,22986,14809
2018-09-30,22411,14687
2018-10-31,20356,13312
2018-11-30,19973,13514
2018-12-31,18434,12895
2019-01-31,19989,13876
2019-02-28,20488,14251
2019-03-31,21192,14483
2019-04-30,22307,14939
2019-05-31,20576,14173
2019-06-30,21505,15114
2019-07-31,21544,15082
2019-08-31,21143,14809
2019-09-30,20987,14985
2019-10-31,21681,15530
2019-11-30,22214,15767
2019-12-31,23208,16421
2020-01-31,23267,16263
2020-02-29,22176,15076
2020-03-31,19787,13425
2020-04-30,21616,14583
2020-05-31,23651,15218
2020-06-30,24919,15990
2020-07-31,26944,17074
2020-08-31,28172,17770
2020-09-30,27887,17614
2020-10-31,27455,17305
2020-11-30,29581,19065
2020-12-31,31085,20067
2021-01-31,30955,20188
2021-02-28,30995,20115
2021-03-31,30049,20051
2021-04-30,31582,20791
2021-05-31,31095,21293
2021-06-30,31572,21375
2021-07-31,31403,21050
2021-08-31,32220,21526
2021-09-30,30139,20601
2021-10-31,31134,21239
2021-11-30,29059,20472
2021-12-31,29697,21089
2022-01-31,27283,19388
2022-02-28,26007,18846
2022-03-31,25295,18816
2022-04-30,23381,17416
2022-05-31,23253,17267
2022-06-30,21340,15860
2022-07-31,22775,16733
2022-08-31,21627,16080
2022-09-30,19373,14374
2022-10-31,19840,14657
2022-11-30,22669,16478
2022-12-31,21878,16227
2023-01-31,24000,17600
2023-02-28,23297,16846
2023-03-31,24459,17621
2023-04-30,24661,17799
2023-05-31,24043,17307
2023-06-30,25002,17964
2023-07-31,25397,18523
2023-08-31,24469,17579
2023-09-30,23019,16651
2023-10-31,22209,16003
2023-11-30,24672,17659
2023-12-31,25807,18504
2024-01-31,26192,18362
2024-02-29,27378,19064
2024-03-31,28180,19597
2024-04-30,27004,19055
2024-05-31,28019,19558
2024-06-30,28415,19739
2024-07-31,27902,19948
2024-08-31,29003,20582
2024-09-30,28960,21105
2024-10-31,27261,20032
2024-11-30,27218,19867
2024-12-31,26335,19442
2025-01-31,27341,20268
2025-02-28,27294,20284
2025-03-31,25999,19823
2025-04-30,27086,20631
2025-05-31,28266,21673
2025-06-30,28960,22532
2025-07-31,28763,22258
2025-08-31,29272,22886
2025-09-30,29527,23818
2025-10-31,29816,24393
2025-11-30,28647,23954
2025-12-31,29032,24429
2026-01-31,29943,25778
2026-02-28,30188,26800
2026-03-31,27981,23545
2026-04-30,30504,26172
2026-05-31,31812,27632
2026-06-30,32618,27556
2026-07-31,31543,26803
2026-08-31,32209,27686
2026-09-30,31800,26877

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
2008-12-31,0.13163
2009-12-31,0.05250
2010-12-31,0.03565
2012-03-31,0.00096
2013-11-19,0.56811
2014-11-19,0.98096
2016-09-30,0.01275
2017-09-30,0.00660
2017-11-17,0.81162
2018-11-15,0.74833
2018-12-31,0.02330
2019-11-14,0.11220
2019-12-31,0.00176
2020-11-19,0.37721
2021-11-18,1.98979
2022-12-31,0.05778
2023-12-31,0.05408
2024-11-21,1.88807
2024-12-31,0.00613
2025-11-20,0.23002

            Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2007-12-24,0.36740,0,0.36740,0.00000
2008-12-26,0.13163,0.13163,0,0
2009-12-24,0.05250,0.05250,0,0
2010-12-27,0.03565,0.03565,0,0
2012-03-26,0.00096,0.00096,0,0
2013-11-19,0.56811,0,0.21987,0.34824
2014-11-19,0.98096,0,0.00000,0.98096
2016-09-26,0.01275,0.01275,0,0
2017-09-22,0.00660,0.00660,0,0
2017-11-17,0.81162,0,0.05081,0.76081
2018-11-15,0.74833,0,0.00000,0.74833
2018-12-21,0.02330,0.02330,0,0
2019-11-14,0.11220,0,0.00000,0.11220
2019-12-20,0.00176,0.00176,0,0
2020-11-19,0.37721,0,0.30139,0.07582
2021-11-18,1.98979,0,0.06248,1.92731
2022-12-15,0.05778,0.05778,0,0
2023-12-14,0.05408,0.05408,0,0
2024-11-21,1.88807,0,0.00000,1.88807
2024-12-19,0.00613,0.00613,0,0
2025-11-20,0.23002,0,0.00000,0.23002

Distributions

(As of 20 Nov 2025)

Payable Date

Total

Income

ST Cap Gains

LT Cap Gains

24 Dec 2007

$0.36740

—

$0.36740

$0.00000

26 Dec 2008

$0.13163

—

24 Dec 2009

$0.05250

—

27 Dec 2010

$0.03565

—

26 Mar 2012

$0.00096

—

19 Nov 2013

$0.56811

—

$0.21987

$0.34824

19 Nov 2014

$0.98096

—

$0.00000

$0.98096

26 Sep 2016

$0.01275

—

22 Sep 2017

$0.00660

—

17 Nov 2017

$0.81162

—

$0.05081

$0.76081

15 Nov 2018

$0.74833

—

$0.00000

$0.74833

21 Dec 2018

$0.02330

—

14 Nov 2019

$0.11220

—

$0.00000

$0.11220

20 Dec 2019

$0.00176

—

19 Nov 2020

$0.37721

—

$0.30139

$0.07582

18 Nov 2021

$1.98979

—

$0.06248

$1.92731

15 Dec 2022

$0.05778

—

14 Dec 2023

$0.05408

—

21 Nov 2024

$1.88807

—

$0.00000

$1.88807

19 Dec 2024

$0.00613

—

20 Nov 2025

$0.23002

—

$0.00000

$0.23002

Fund Facts

(As of 31 Aug 2026)

Net Fund Assets

$666.1 M

Benchmark

MSCI ACWI ex-U.S. Growth Index

Morningstar Category

Foreign Large Growth

Fund Symbol

TIGAX

Share Class

Share Class Inception Date

1 Feb 2007

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Aug 2026)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$476.0 B

$287.3 B

Median Market Cap

$64.3 B

$15.2 B

Annual Portfolio Turnover

29%

—

Price to Earnings - Forward 1YR

18.2x

17.5x

Portfolio

Benchmark

Price to Earnings - Trailing 12 Months

29.0x

26.1x

Price to Cash Flow

20.2x

16.0x

Price to Book Value

5.7x

4.0x

Active Share

77.5%

—

Annual Portfolio Turnover reflects data as of the Fund’s fiscal year end (9/30).

Risk & Return Profile

(As of 31 Aug 2026)

10y

Annualized Alpha (%)

-3.69

-4.44

-1.75

Beta

0.86

0.97

0.99

R-Squared (%)

85.89

90.91

88.14

Standard Deviation (%)

14.05

17.35

16.28

Sharpe Ratio

0.38

-0.20

0.26

Information Ratio

-1.15

-0.93

-0.38

Tracking Error (%)

5.66

5.26

5.61

Up Capture (%)

77.34

87.22

94.32

Down Capture (%)

94.56

106.40

103.13

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 2026)

Name

Ticker/Symbol

Sector

Weight %

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

13.2

ASML Holding N.V.

ASML

Information Technology

6.1

Tencent Holdings Ltd.

700

Communication Services

4.3

Mastercard, Inc.

Financials

4.0

Samsung Electronics Co. Ltd.

005930

Information Technology

3.5

Rolls-Royce Holdings plc

RR/

Industrials

3.4

AstraZeneca plc

AZN

Health Care

3.2

Hoya Corp.

7741

Health Care

3.2

Advanced Micro Devices, Inc.

AMD

Information Technology

2.9

SK Square Co. Ltd.

402340

Industrials

2.7

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Aug 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

Information Technology

39.8

28.1

Industrials

20.0

21.3

Financials

13.1

12.3

Health Care

8.8

Consumer Discretionary

8.6

9.5

Communication Services

5.4

5.2

Materials

1.7

7.9

Cash & Equivalents

1.6

—

Utilities

1.1

1.5

Real Estate

0.0

0.6

Consumer Staples

0.0

3.7

Energy

0.0

1.1

Sector Allocation

Fund (%)

Information Technology

39.8

Industrials

20.0

Financials

13.1

Health Care

8.8

Consumer Discretionary

8.6

Communication Services

5.4

Materials

1.7

Cash & Equivalents

1.6

Utilities

1.1

Real Estate

0.0

Consumer Staples

0.0

Energy

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Semiconductors & Semiconductor Equipment

26.0

18.1

Capital Goods

19.2

16.9

Technology Hardware & Equipment

9.0

6.3

Financial Services

8.3

4.6

Pharmaceuticals, Biotechnology & Life Sciences

5.7

7.3

Software & Services

4.8

3.7

Media & Entertainment

4.7

3.3

Consumer Discretionary Distribution & Retail

4.2

3.9

Banks

3.6

5.9

Health Care Equipment & Services

3.2

1.5

Top 10 Industries

Fund (%)

Semiconductors & Semiconductor Equipment

26.0

Capital Goods

19.2

Technology Hardware & Equipment

9.0

Financial Services

8.3

Pharmaceuticals, Biotechnology & Life Sciences

5.7

Software & Services

4.8

Media & Entertainment

4.7

Consumer Discretionary Distribution & Retail

4.2

Banks

3.6

Health Care Equipment & Services

3.2

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

Taiwan

15.2

9.1

Asia Pacific ex Japan

Netherlands

11.2

4.9

Europe ex UK

United States

10.9

—

North America

United Kingdom

9.1

7.7

China

8.1

6.6

Asia Pacific ex Japan

Japan

7.8

13.8

Japan

Korea, Republic of (South Korea)

6.3

6.9

Asia Pacific ex Japan

Italy

6.3

1.0

Europe ex UK

Germany

5.8

5.4

Europe ex UK

France

4.5

5.5

Europe ex UK

Top 10 Countries

Fund (%)

Taiwan

15.2

Netherlands

11.2

United States

10.9

United Kingdom

9.1

China

8.1

Japan

7.8

Korea, Republic of (South Korea)

6.3

Italy

6.3

Germany

5.8

France

4.5

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

91.9

93.6

Mid Cap ($2.5 to $12 B)

6.3

Small Cap (< $2.5 B)

1.9

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

91.9

Mid Cap ($2.5 to $12 B)

6.3

Small Cap (< $2.5 B)

1.9

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

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Cash and Equivalents includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

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.

© 2026 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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TIGAX

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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TIGAX

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

More Insights

Reflecting On the Anniversary of Thornburg Global Opportunities Fund

Quality Without Dogma: Why Valuation Still Matters

Signal Over Noise: A Conversation on Global Markets