Thornburg International Growth Fund

SYMBOL: TIGCX

Morningstar Rating • Info

Overall Morningstar Rating among 366 Foreign Large Growth funds, based on risk-adjusted returns for class C shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 2 stars and 1 star among 366, 334 and 218 funds, as of 31 May 2025.

As of 31 May 2025

Fund Assets

$706.4 M

As of 30 Apr 2025

NAV

$21.74

As of 11 Jun 2025

Change

$0.09

As of 11 Jun 2025

YTD NAV Performance

9.52%

As of 11 Jun 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 31 Mar 2025)

YTD

10y

Inception

Total Return with Sales Charge (%)

-2.50

-9.52

-0.04

4.67

3.38

4.86

Total Return without Sales Charge (%)

-1.51

-8.68

-0.04

4.67

3.38

4.86

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

1.96

1.15

1.75

8.11

5.06

3.84

Morningstar Category Avg. (%)

2.89

1.27

2.65

9.09

5.53

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

389

366

334

218

—

YTD

10y

Inception

Total Return with Sales Charge (%)

5.90

-1.07

5.69

2.70

3.75

5.29

Total Return without Sales Charge (%)

6.90

-0.16

5.69

2.70

3.75

5.29

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

11.47

10.81

7.87

7.33

5.66

4.31

Morningstar Category Avg. (%)

7.21

10.17

7.15

8.16

5.53

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

389

366

334

218

—

YTD

10y

Inception

Total Return with Sales Charge (%)

-2.50

-9.52

-0.11

25.63

39.41

136.90

Total Return without Sales Charge (%)

-1.51

-8.68

-0.11

25.63

39.41

136.90

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

1.96

1.15

5.35

47.66

63.85

98.23

YTD

10y

Inception

Total Return with Sales Charge (%)

5.90

-1.07

18.07

14.26

44.47

157.14

Total Return without Sales Charge (%)

6.90

-0.16

18.07

14.26

44.47

157.14

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

11.47

10.81

25.52

42.42

73.45

116.73

2019

2020

2021

2022

2023

2024

Total Return with Sales Charge (%)

23.96

31.88

-6.12

-27.69

15.85

0.07

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 (%)

2.37

Net Expense Ratio (%)

2.37

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,C Shares,MSCI ACWI ex-U.S. Growth Index
            2007-02-01,10000,10000
2007-02-28,10092,9924
2007-03-31,10553,10247
2007-04-30,11030,10714
2007-05-31,11432,10997
2007-06-30,11692,11106
2007-07-31,11633,11130
2007-08-31,11633,10999
2007-09-30,12437,11816
2007-10-31,13241,12494
2007-11-30,13116,12033
2007-12-31,13181,11886
2008-01-31,11732,10680
2008-02-29,11989,11139
2008-03-31,11423,10845
2008-04-30,11809,11458
2008-05-31,11938,11790
2008-06-30,10728,10951
2008-07-31,10420,10493
2008-08-31,9965,9931
2008-09-30,8765,8335
2008-10-31,6672,6514
2008-11-30,6226,6089
2008-12-31,6502,6464
2009-01-31,5975,5974
2009-02-28,5388,5461
2009-03-31,5966,5858
2009-04-30,6856,6456
2009-05-31,7633,7334
2009-06-30,7676,7258
2009-07-31,8254,7916
2009-08-31,8289,8074
2009-09-30,8919,8514
2009-10-31,8850,8478
2009-11-30,9014,8747
2009-12-31,9394,8964
2010-01-31,9118,8520
2010-02-28,9247,8558
2010-03-31,9964,9147
2010-04-30,10042,9086
2010-05-31,9247,8159
2010-06-30,9256,8101
2010-07-31,9739,8772
2010-08-31,9731,8581
2010-09-30,10516,9486
2010-10-31,11173,9795
2010-11-30,11207,9534
2010-12-31,11863,10260
2011-01-31,12062,10207
2011-02-28,12433,10456
2011-03-31,12312,10494
2011-04-30,13081,11036
2011-05-31,13271,10771
2011-06-30,13133,10588
2011-07-31,13400,10525
2011-08-31,12545,9655
2011-09-30,11423,8454
2011-10-31,12416,9394
2011-11-30,11743,8946
2011-12-31,11423,8802
2012-01-31,11993,9368
2012-02-29,12727,9915
2012-03-31,13219,9837
2012-04-30,13020,9776
2012-05-31,11872,8691
2012-06-30,12071,9103
2012-07-31,12226,9271
2012-08-31,12623,9427
2012-09-30,13374,9755
2012-10-31,13556,9767
2012-11-30,13806,9993
2012-12-31,13806,10269
2013-01-31,14359,10635
2013-02-28,14739,10653
2013-03-31,15265,10732
2013-04-30,15628,11059
2013-05-31,15852,10849
2013-06-30,15377,10412
2013-07-31,16120,10796
2013-08-31,16206,10632
2013-09-30,17277,11332
2013-10-31,17795,11699
2013-11-30,17960,11739
2013-12-31,18697,11860
2014-01-31,17889,11293
2014-02-28,18493,11887
2014-03-31,17676,11895
2014-04-30,17143,11981
2014-05-31,17552,12248
2014-06-30,17898,12425
2014-07-31,17445,12244
2014-08-31,17481,12355
2014-09-30,16380,11818
2014-10-31,16770,11777
2014-11-30,16797,11949
2014-12-31,16244,11545
2015-01-31,15935,11632
2015-02-28,17303,12229
2015-03-31,16993,12098
2015-04-30,17827,12631
2015-05-31,17799,12495
2015-06-30,17181,12169
2015-07-31,17387,12201
2015-08-31,16581,11284
2015-09-30,15935,10858
2015-10-31,17050,11681
2015-11-30,17331,11550
2015-12-31,17143,11401
2016-01-31,15916,10697
2016-02-29,15616,10563
2016-03-31,16534,11362
2016-04-30,16310,11535
2016-05-31,16581,11460
2016-06-30,15644,11415
2016-07-31,16666,11964
2016-08-31,17078,11922
2016-09-30,17106,12107
2016-10-31,16525,11696
2016-11-30,16094,11250
2016-12-31,16150,11415
2017-01-31,16769,11874
2017-02-28,16862,12113
2017-03-31,17855,12457
2017-04-30,18773,12819
2017-05-31,19579,13389
2017-06-30,19607,13399
2017-07-31,20609,13863
2017-08-31,20441,14002
2017-09-30,21078,14248
2017-10-31,21050,14590
2017-11-30,21044,14751
2017-12-31,21540,15069
2018-01-31,23067,15854
2018-02-28,22240,15145
2018-03-31,21900,14938
2018-04-30,21987,15050
2018-05-31,22357,14964
2018-06-30,22289,14725
2018-07-31,22561,14978
2018-08-31,22172,14809
2018-09-30,21598,14687
2018-10-31,19614,13312
2018-11-30,19229,13514
2018-12-31,17733,12895
2019-01-31,19219,13876
2019-02-28,19693,14251
2019-03-31,20350,14483
2019-04-30,21411,14939
2019-05-31,19734,14173
2019-06-30,20613,15114
2019-07-31,20643,15082
2019-08-31,20239,14809
2019-09-30,20077,14985
2019-10-31,20724,15530
2019-11-30,21224,15767
2019-12-31,22159,16421
2020-01-31,22199,16263
2020-02-29,21153,15076
2020-03-31,18857,13425
2020-04-30,20594,14583
2020-05-31,22504,15218
2020-06-30,23703,15990
2020-07-31,25613,17074
2020-08-31,26771,17770
2020-09-30,26477,17614
2020-10-31,26050,17305
2020-11-30,28044,19065
2020-12-31,29446,20067
2021-01-31,29312,20188
2021-02-28,29332,20115
2021-03-31,28415,20051
2021-04-30,29847,20791
2021-05-31,29363,21293
2021-06-30,29796,21375
2021-07-31,29621,21050
2021-08-31,30373,21526
2021-09-30,28384,20601
2021-10-31,29301,21239
2021-11-30,27328,20472
2021-12-31,27904,21089
2022-01-31,25622,19388
2022-02-28,24403,18846
2022-03-31,23717,18816
2022-04-30,21911,17416
2022-05-31,21778,17267
2022-06-30,19972,15860
2022-07-31,21291,16733
2022-08-31,20205,16080
2022-09-30,18089,14374
2022-10-31,18510,14657
2022-11-30,21136,16478
2022-12-31,20382,16227
2023-01-31,22343,17600
2023-02-28,21667,16846
2023-03-31,22731,17621
2023-04-30,22908,17799
2023-05-31,22310,17307
2023-06-30,23185,17964
2023-07-31,23539,18523
2023-08-31,22653,17579
2023-09-30,21291,16651
2023-10-31,20526,16003
2023-11-30,22786,17659
2023-12-31,23816,18504
2024-01-31,24149,18362
2024-02-29,25223,19064
2024-03-31,25943,19597
2024-04-30,24835,19055
2024-05-31,25755,19558
2024-06-30,26098,19739
2024-07-31,25600,19948
2024-08-31,26586,20582
2024-09-30,26530,21105
2024-10-31,24946,20032
2024-11-30,24890,19867
2024-12-31,24054,19442
2025-01-31,24963,20268
2025-02-28,24902,20284
2025-03-31,23690,19823
2025-04-30,24660,20631
2025-05-31,25714,21673

Hypothetical Growth of $10,000

(As of 31 May 2025)

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

                        Categories,C Shares,MSCI ACWI ex-U.S. Growth Index
                        2024-05-31,10000,10000
2024-06-30,10133,10093
2024-07-31,9940,10199
2024-08-31,10323,10524
2024-09-30,10301,10791
2024-10-31,9686,10243
2024-11-30,9664,10158
2024-12-31,9340,9941
2025-01-31,9693,10363
2025-02-28,9669,10371
2025-03-31,9198,10136
2025-04-30,9575,10549
2025-05-31,9893,11081

                        Categories,C Shares,MSCI ACWI ex-U.S. Growth Index
                        2022-05-31,10000,10000
2022-06-30,9171,9185
2022-07-31,9776,9691
2022-08-31,9278,9313
2022-09-30,8306,8325
2022-10-31,8499,8488
2022-11-30,9705,9544
2022-12-31,9359,9398
2023-01-31,10259,10193
2023-02-28,9949,9756
2023-03-31,10437,10205
2023-04-30,10519,10309
2023-05-31,10244,10023
2023-06-30,10646,10404
2023-07-31,10809,10728
2023-08-31,10402,10181
2023-09-30,9776,9644
2023-10-31,9425,9268
2023-11-30,10463,10227
2023-12-31,10936,10716
2024-01-31,11089,10635
2024-02-29,11582,11041
2024-03-31,11913,11350
2024-04-30,11404,11036
2024-05-31,11826,11327
2024-06-30,11984,11432
2024-07-31,11755,11553
2024-08-31,12208,11920
2024-09-30,12182,12223
2024-10-31,11455,11602
2024-11-30,11429,11506
2024-12-31,11045,11260
2025-01-31,11462,11738
2025-02-28,11435,11747
2025-03-31,10878,11481
2025-04-30,11323,11949
2025-05-31,11807,12552

                        Categories,C Shares,MSCI ACWI ex-U.S. Growth Index
                        2020-05-31,10000,10000
2020-06-30,10533,10507
2020-07-31,11381,11220
2020-08-31,11896,11677
2020-09-30,11765,11575
2020-10-31,11576,11372
2020-11-30,12462,12528
2020-12-31,13085,13186
2021-01-31,13025,13266
2021-02-28,13034,13218
2021-03-31,12627,13176
2021-04-30,13263,13663
2021-05-31,13048,13992
2021-06-30,13240,14046
2021-07-31,13162,13833
2021-08-31,13497,14145
2021-09-30,12613,13537
2021-10-31,13020,13957
2021-11-30,12143,13453
2021-12-31,12399,13858
2022-01-31,11385,12741
2022-02-28,10844,12385
2022-03-31,10539,12365
2022-04-30,9736,11445
2022-05-31,9677,11346
2022-06-30,8875,10422
2022-07-31,9461,10996
2022-08-31,8978,10567
2022-09-30,8038,9446
2022-10-31,8225,9631
2022-11-30,9392,10829
2022-12-31,9057,10663
2023-01-31,9928,11565
2023-02-28,9628,11070
2023-03-31,10101,11579
2023-04-30,10179,11697
2023-05-31,9914,11373
2023-06-30,10302,11805
2023-07-31,10460,12172
2023-08-31,10066,11552
2023-09-30,9461,10942
2023-10-31,9121,10516
2023-11-30,10125,11605
2023-12-31,10583,12159
2024-01-31,10731,12066
2024-02-29,11208,12528
2024-03-31,11528,12878
2024-04-30,11036,12522
2024-05-31,11444,12852
2024-06-30,11597,12971
2024-07-31,11376,13108
2024-08-31,11814,13525
2024-09-30,11789,13869
2024-10-31,11085,13164
2024-11-30,11060,13055
2024-12-31,10689,12776
2025-01-31,11093,13319
2025-02-28,11066,13329
2025-03-31,10527,13026
2025-04-30,10958,13557
2025-05-31,11426,14242

                        Categories,C Shares,MSCI ACWI ex-U.S. Growth Index
                        2015-05-31,10000,10000
2015-06-30,9653,9739
2015-07-31,9768,9765
2015-08-31,9316,9031
2015-09-30,8953,8690
2015-10-31,9579,9348
2015-11-30,9737,9243
2015-12-31,9632,9124
2016-01-31,8942,8561
2016-02-29,8774,8454
2016-03-31,9289,9094
2016-04-30,9163,9231
2016-05-31,9316,9172
2016-06-30,8789,9136
2016-07-31,9363,9575
2016-08-31,9595,9541
2016-09-30,9611,9690
2016-10-31,9284,9360
2016-11-30,9042,9004
2016-12-31,9074,9135
2017-01-31,9421,9503
2017-02-28,9474,9695
2017-03-31,10032,9969
2017-04-30,10547,10259
2017-05-31,11000,10715
2017-06-30,11016,10723
2017-07-31,11579,11095
2017-08-31,11484,11206
2017-09-30,11842,11403
2017-10-31,11826,11677
2017-11-30,11823,11805
2017-12-31,12102,12060
2018-01-31,12959,12688
2018-02-28,12495,12121
2018-03-31,12304,11955
2018-04-30,12353,12045
2018-05-31,12561,11976
2018-06-30,12522,11785
2018-07-31,12675,11987
2018-08-31,12457,11852
2018-09-30,12134,11754
2018-10-31,11020,10654
2018-11-30,10803,10815
2018-12-31,9963,10320
2019-01-31,10797,11105
2019-02-28,11064,11405
2019-03-31,11433,11591
2019-04-30,12029,11956
2019-05-31,11087,11343
2019-06-30,11581,12096
2019-07-31,11598,12070
2019-08-31,11371,11852
2019-09-30,11280,11993
2019-10-31,11643,12429
2019-11-30,11924,12619
2019-12-31,12449,13142
2020-01-31,12472,13016
2020-02-29,11884,12066
2020-03-31,10594,10744
2020-04-30,11570,11671
2020-05-31,12643,12179
2020-06-30,13317,12797
2020-07-31,14390,13665
2020-08-31,15041,14222
2020-09-30,14875,14097
2020-10-31,14635,13850
2020-11-30,15756,15258
2020-12-31,16543,16060
2021-01-31,16468,16157
2021-02-28,16480,16098
2021-03-31,15964,16047
2021-04-30,16769,16640
2021-05-31,16497,17041
2021-06-30,16740,17107
2021-07-31,16642,16847
2021-08-31,17064,17228
2021-09-30,15947,16487
2021-10-31,16462,16998
2021-11-30,15353,16384
2021-12-31,15677,16878
2022-01-31,14395,15517
2022-02-28,13710,15083
2022-03-31,13325,15059
2022-04-30,12310,13938
2022-05-31,12235,13819
2022-06-30,11221,12693
2022-07-31,11962,13392
2022-08-31,11352,12869
2022-09-30,10163,11504
2022-10-31,10400,11730
2022-11-30,11874,13188
2022-12-31,11451,12987
2023-01-31,12553,14085
2023-02-28,12173,13482
2023-03-31,12771,14102
2023-04-30,12870,14245
2023-05-31,12534,13851
2023-06-30,13026,14377
2023-07-31,13225,14825
2023-08-31,12727,14069
2023-09-30,11962,13326
2023-10-31,11532,12808
2023-11-30,12802,14133
2023-12-31,13381,14809
2024-01-31,13567,14696
2024-02-29,14171,15257
2024-03-31,14576,15684
2024-04-30,13953,15250
2024-05-31,14470,15652
2024-06-30,14663,15798
2024-07-31,14383,15964
2024-08-31,14936,16472
2024-09-30,14905,16891
2024-10-31,14015,16032
2024-11-30,13984,15900
2024-12-31,13514,15560
2025-01-31,14025,16221
2025-02-28,13991,16233
2025-03-31,13310,15865
2025-04-30,13855,16511
2025-05-31,14447,17345

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
2008-12-31,0.04967
2013-11-19,0.56811
2014-11-19,0.98096
2017-11-17,0.81162
2018-11-15,0.74833
2019-11-14,0.11220
2020-11-19,0.37721
2021-11-18,1.98979
2024-11-21,1.88807

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2007-12-24,1198454400,0.36740,0,0.36740,0.00000
2008-12-26,1230681600,0.04967,0.04967,0,0
2013-11-19,1384819200,0.56811,0,0.21987,0.34824
2014-11-19,1416355200,0.98096,0,0.00000,0.98096
2017-11-17,1510876800,0.81162,0,0.05081,0.76081
2018-11-15,1542240000,0.74833,0,0.00000,0.74833
2019-11-14,1573689600,0.11220,0,0.00000,0.11220
2020-11-19,1605744000,0.37721,0,0.30139,0.07582
2021-11-18,1637193600,1.98979,0,0.06248,1.92731
2024-11-21,1732147200,1.88807,0,0.00000,1.88807

Distributions

(As of 21 Nov 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

0.04967

—

19 Nov 2013

0.56811

—

0.21987

0.34824

19 Nov 2014

0.98096

—

0.00000

0.98096

17 Nov 2017

0.81162

—

0.05081

0.76081

15 Nov 2018

0.74833

—

0.00000

0.74833

14 Nov 2019

0.11220

—

0.00000

0.11220

19 Nov 2020

0.37721

—

0.30139

0.07582

18 Nov 2021

1.98979

—

0.06248

1.92731

21 Nov 2024

1.88807

—

0.00000

1.88807

Fund Facts

(As of 30 Apr 2025)

Net Fund Assets

$706.4 M

Benchmark

MSCI ACWI ex-U.S. Growth Index

Morningstar Category

Foreign Large Growth

Fund Symbol

TIGCX

Share Class

Share Class Inception Date

1 Feb 2007

Number of Holdings

Portfolio Turnover

45%

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 30 Apr 2025)

Portfolio

Benchmark

Weighted Average Market Cap

$172.3 B

$134.1 B

Median Market Cap

$49.3 B

$11.0 B

Price to Earnings - Forward 1YR

23.7x

19.9x

Price to Earnings - Trailing 12 Months

27.5x

23.4x

Price to Cash Flow

16.7x

14.4x

Portfolio

Benchmark

Price to Book Value

4.7x

3.4x

Return on Assets - 5 YR

11.4%

9.1%

Return on Equity - 5 YR

18.8%

18.2%

Historical 3YR Sales Growth

19.6%

16.7%

Active Share

79.0%

—

Risk & Return Profile

(As of 30 Apr 2025)

10y

Annualized Alpha (%)

-0.55

-2.33

-0.42

Beta

1.06

1.07

1.03

R-Squared (%)

94.99

91.65

88.11

Standard Deviation (%)

18.23

17.82

16.45

Sharpe Ratio

0.05

0.13

0.16

Information Ratio

-0.09

-0.42

-0.09

Up Capture (%)

101.62

102.48

100.51

Down Capture (%)

103.71

114.14

103.16

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 30 Apr 2025)

Name

Ticker/Symbol

Sector

Weight %

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

6.4

Tencent Holdings Ltd.

700

Communication Services

5.6

Mastercard, Inc.

Financials

4.8

AstraZeneca plc

AZN

Health Care

4.5

Novo Nordisk A/S

NVO

Health Care

3.8

MercadoLibre, Inc.

MELI

Consumer Discretionary

3.7

Air Liquide S.A.

Materials

3.7

E.ON SE

EOAN

Utilities

3.7

Lonza Group AG

LONN

Health Care

3.4

Deutsche Boerse AG

DB1

Financials

3.4

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 30 Apr 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Health Care

20.3

11.8

Information Technology

20.1

19.1

Financials

15.1

12.2

Communication Services

12.9

7.2

Consumer Discretionary

10.3

13.5

Industrials

5.3

19.8

Consumer Staples

5.1

7.5

Materials

3.7

5.9

Utilities

3.7

1.1

Cash & Cash Equivalents

3.5

—

Real Estate

0.0

0.6

Energy

0.0

1.1

Sector Allocation

Fund (%)

Health Care

20.3

Information Technology

20.1

Financials

15.1

Communication Services

12.9

Consumer Discretionary

10.3

Industrials

5.3

Consumer Staples

5.1

Materials

3.7

Utilities

3.7

Cash & Cash Equivalents

3.5

Real Estate

0.0

Energy

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Pharmaceuticals, Biotechnology & Life Sciences

14.8

9.1

Media & Entertainment

12.9

5.7

Semiconductors & Semiconductor Equipment

12.2

8.9

Financial Services

11.2

4.8

Software & Services

5.8

6.4

Health Care Equipment & Services

5.5

2.7

Household & Personal Products

5.1

2.0

Consumer Discretionary Distribution & Retail

3.7

3.6

Materials

3.7

5.9

Utilities

3.7

1.1

Top 10 Industries

Fund (%)

Pharmaceuticals, Biotechnology & Life Sciences

14.8

Media & Entertainment

12.9

Semiconductors & Semiconductor Equipment

12.2

Financial Services

11.2

Software & Services

5.8

Health Care Equipment & Services

5.5

Household & Personal Products

5.1

Consumer Discretionary Distribution & Retail

3.7

Materials

3.7

Utilities

3.7

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

United States

12.4

—

North America

Germany

10.4

6.0

Europe ex UK

Japan

9.2

13.4

Japan

United Kingdom

7.6

8.3

France

6.5

7.4

Europe ex UK

Switzerland

6.5

6.3

Europe ex UK

Taiwan

6.4

5.5

Asia Pacific ex Japan

Netherlands

6.2

3.6

Europe ex UK

China

5.6

9.3

Asia Pacific ex Japan

Italy

4.2

0.9

Europe ex UK

Top 10 Countries

Fund (%)

United States

12.4

Germany

10.4

Japan

9.2

United Kingdom

7.6

France

6.5

Switzerland

6.5

Taiwan

6.4

Netherlands

6.2

China

5.6

Italy

4.2

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

Large Cap (> $12 B)

85.2

87.4

Mid Cap ($2.5 to $12 B)

13.1

12.5

Small Cap (< $2.5 B)

1.7

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

85.2

Mid Cap ($2.5 to $12 B)

13.1

Small Cap (< $2.5 B)

1.7

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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Exposure Breakdown

Portfolio Managers

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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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Fixed Income: Finding Income and Playing Defense Through Volatility

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Revisiting Our 2025 Outlook: What’s Unfolding and What Lies Ahead

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