Thornburg International Growth Fund

SYMBOL: TINFX

Morningstar Rating • Info

Overall Morningstar Rating among 372 Foreign Large Growth funds, based on risk-adjusted returns for class R5 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 2 stars and 2 stars among 372, 337 and 223 funds, as of 31 Aug 2025.

As of 31 Aug 2025

Fund Assets

$722.7 M

As of 31 Jul 2025

NAV

$26.91

As of 11 Sep 2025

Change

$0.14

As of 11 Sep 2025

YTD NAV Performance

13.11%

As of 11 Sep 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 Jun 2025)

YTD

10y

Inception

Total Return (%)

10.17

2.27

11.12

3.40

5.61

6.67

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

15.90

14.15

12.42

7.10

6.35

4.51

Morningstar Category Avg. (%)

16.3

14.78

13.63

7.49

6.71

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

391

372

337

223

—

YTD

10y

Inception

Total Return (%)

11.43

1.28

11.01

1.11

6.08

6.67

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

17.72

11.19

12.48

5.19

7.33

4.56

Morningstar Category Avg. (%)

13.02

9.95

9.9

5.68

6.3

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

391

372

337

223

—

YTD

10y

Inception

Total Return (%)

10.17

2.27

37.20

18.21

72.62

228.26

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

15.90

14.15

42.07

40.91

85.16

125.32

YTD

10y

Inception

Total Return (%)

11.43

1.28

36.81

5.69

80.47

232.02

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

17.72

11.19

42.32

28.79

102.81

128.86

2019

2020

2021

2022

2023

2024

Total Return (%)

26.28

34.32

-4.22

-26.02

18.43

2.38

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 (%)

1.57

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,R5 Shares,MSCI ACWI ex-U.S. Growth Index
            2007-02-01,10000,10000
2007-02-28,10105,9924
2007-03-31,10571,10247
2007-04-30,11063,10714
2007-05-31,11480,10997
2007-06-30,11754,11106
2007-07-31,11709,11130
2007-08-31,11715,10999
2007-09-30,12545,11816
2007-10-31,13367,12494
2007-11-30,13256,12033
2007-12-31,13337,11886
2008-01-31,11886,10680
2008-02-29,12153,11139
2008-03-31,11596,10845
2008-04-30,12007,11458
2008-05-31,12153,11790
2008-06-30,10927,10951
2008-07-31,10627,10493
2008-08-31,10173,9931
2008-09-30,8965,8335
2008-10-31,6831,6514
2008-11-30,6376,6089
2008-12-31,6669,6464
2009-01-31,6142,5974
2009-02-28,5536,5461
2009-03-31,6142,5858
2009-04-30,7030,6456
2009-05-31,7838,7334
2009-06-30,7882,7258
2009-07-31,8488,7916
2009-08-31,8532,8074
2009-09-30,9191,8514
2009-10-31,9139,8478
2009-11-30,9314,8747
2009-12-31,9713,8964
2010-01-31,9447,8520
2010-02-28,9589,8558
2010-03-31,10342,9147
2010-04-30,10431,9086
2010-05-31,9624,8159
2010-06-30,9642,8101
2010-07-31,10165,8772
2010-08-31,10156,8581
2010-09-30,10989,9486
2010-10-31,11689,9795
2010-11-30,11742,9534
2010-12-31,12446,10260
2011-01-31,12659,10207
2011-02-28,13060,10456
2011-03-31,12953,10494
2011-04-30,13773,11036
2011-05-31,13987,10771
2011-06-30,13862,10588
2011-07-31,14165,10525
2011-08-31,13265,9655
2011-09-30,12098,8454
2011-10-31,13167,9394
2011-11-30,12463,8946
2011-12-31,12134,8802
2012-01-31,12757,9368
2012-02-29,13559,9915
2012-03-31,14093,9837
2012-04-30,13897,9776
2012-05-31,12683,8691
2012-06-30,12906,9103
2012-07-31,13094,9271
2012-08-31,13531,9427
2012-09-30,14343,9755
2012-10-31,14557,9767
2012-11-30,14843,9993
2012-12-31,14861,10269
2013-01-31,15468,10635
2013-02-28,15887,10653
2013-03-31,16476,10732
2013-04-30,16878,11059
2013-05-31,17137,10849
2013-06-30,16646,10412
2013-07-31,17458,10796
2013-08-31,17565,10632
2013-09-30,18752,11332
2013-10-31,19333,11699
2013-11-30,19530,11739
2013-12-31,20346,11860
2014-01-31,19484,11293
2014-02-28,20162,11887
2014-03-31,19292,11895
2014-04-30,18714,11981
2014-05-31,19182,12248
2014-06-30,19576,12425
2014-07-31,19099,12244
2014-08-31,19163,12355
2014-09-30,17973,11818
2014-10-31,18415,11777
2014-11-30,18460,11949
2014-12-31,17875,11545
2015-01-31,17546,11632
2015-02-28,19064,12229
2015-03-31,18755,12098
2015-04-30,19683,12631
2015-05-31,19674,12495
2015-06-30,19016,12169
2015-07-31,19258,12201
2015-08-31,18397,11284
2015-09-30,17698,10858
2015-10-31,18959,11681
2015-11-30,19279,11550
2015-12-31,19093,11401
2016-01-31,17745,10697
2016-02-29,17424,10563
2016-03-31,18472,11362
2016-04-30,18230,11535
2016-05-31,18559,11460
2016-06-30,17528,11415
2016-07-31,18685,11964
2016-08-31,19171,11922
2016-09-30,19213,12107
2016-10-31,18590,11696
2016-11-30,18123,11250
2016-12-31,18200,11415
2017-01-31,18911,11874
2017-02-28,19038,12113
2017-03-31,20177,12457
2017-04-30,21239,12819
2017-05-31,22174,13389
2017-06-30,22223,13399
2017-07-31,23383,13863
2017-08-31,23218,14002
2017-09-30,23956,14248
2017-10-31,23946,14590
2017-11-30,23959,14751
2017-12-31,24555,15069
2018-01-31,26323,15854
2018-02-28,25394,15145
2018-03-31,25030,14938
2018-04-30,25161,15050
2018-05-31,25596,14964
2018-06-30,25545,14725
2018-07-31,25879,14978
2018-08-31,25454,14809
2018-09-30,24828,14687
2018-10-31,22555,13312
2018-11-30,22135,13514
2018-12-31,20445,12895
2019-01-31,22169,13876
2019-02-28,22726,14251
2019-03-31,23515,14483
2019-04-30,24765,14939
2019-05-31,22842,14173
2019-06-30,23882,15114
2019-07-31,23946,15082
2019-08-31,23494,14809
2019-09-30,23325,14985
2019-10-31,24103,15530
2019-11-30,24707,15767
2019-12-31,25819,16421
2020-01-31,25893,16263
2020-02-29,24675,15076
2020-03-31,22026,13425
2020-04-30,24071,14583
2020-05-31,26338,15218
2020-06-30,27769,15990
2020-07-31,30025,17074
2020-08-31,31413,17770
2020-09-30,31095,17614
2020-10-31,30619,17305
2020-11-30,32995,19065
2020-12-31,34679,20067
2021-01-31,34551,20188
2021-02-28,34594,20115
2021-03-31,33553,20051
2021-04-30,35269,20791
2021-05-31,34733,21293
2021-06-30,35280,21375
2021-07-31,35098,21050
2021-08-31,36020,21526
2021-09-30,33692,20601
2021-10-31,34819,21239
2021-11-30,32496,20472
2021-12-31,33216,21089
2022-01-31,30531,19388
2022-02-28,29114,18846
2022-03-31,28326,18816
2022-04-30,26189,17416
2022-05-31,26063,17267
2022-06-30,23927,15860
2022-07-31,25538,16733
2022-08-31,24269,16080
2022-09-30,21744,14374
2022-10-31,22270,14657
2022-11-30,25458,16478
2022-12-31,24572,16227
2023-01-31,26978,17600
2023-02-28,26183,16846
2023-03-31,27495,17621
2023-04-30,27737,17799
2023-05-31,27047,17307
2023-06-30,28140,17964
2023-07-31,28589,18523
2023-08-31,27553,17579
2023-09-30,25930,16651
2023-10-31,25033,16003
2023-11-30,27806,17659
2023-12-31,29102,18504
2024-01-31,29542,18362
2024-02-29,30884,19064
2024-03-31,31810,19597
2024-04-30,30490,19055
2024-05-31,31648,19558
2024-06-30,32099,19739
2024-07-31,31520,19948
2024-08-31,32782,20582
2024-09-30,32735,21105
2024-10-31,30826,20032
2024-11-30,30791,19867
2024-12-31,29795,19442
2025-01-31,30947,20268
2025-02-28,30910,20284
2025-03-31,29457,19823
2025-04-30,30684,20631
2025-05-31,32037,21673
2025-06-30,32826,22532
2025-07-31,32613,22258
2025-08-31,33202,22886

Hypothetical Growth of $10,000

(As of 31 Aug 2025)

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

                        Categories,R5 Shares,MSCI ACWI ex-U.S. Growth Index
                        2024-08-31,10000,10000
2024-09-30,9986,10254
2024-10-31,9403,9733
2024-11-30,9393,9652
2024-12-31,9089,9446
2025-01-31,9441,9848
2025-02-28,9429,9855
2025-03-31,8986,9631
2025-04-30,9360,10024
2025-05-31,9773,10530
2025-06-30,10014,10947
2025-07-31,9949,10814
2025-08-31,10128,11119

                        Categories,R5 Shares,MSCI ACWI ex-U.S. Growth Index
                        2022-08-31,10000,10000
2022-09-30,8960,8939
2022-10-31,9176,9114
2022-11-30,10490,10247
2022-12-31,10125,10091
2023-01-31,11116,10945
2023-02-28,10789,10476
2023-03-31,11329,10958
2023-04-30,11429,11069
2023-05-31,11144,10762
2023-06-30,11595,11171
2023-07-31,11780,11519
2023-08-31,11353,10932
2023-09-30,10684,10355
2023-10-31,10314,9952
2023-11-30,11457,10982
2023-12-31,11991,11507
2024-01-31,12172,11419
2024-02-29,12725,11856
2024-03-31,13107,12187
2024-04-30,12563,11850
2024-05-31,13040,12162
2024-06-30,13226,12275
2024-07-31,12988,12405
2024-08-31,13507,12799
2024-09-30,13488,13125
2024-10-31,12702,12457
2024-11-30,12687,12355
2024-12-31,12277,12090
2025-01-31,12752,12604
2025-02-28,12736,12614
2025-03-31,12138,12328
2025-04-30,12643,12830
2025-05-31,13201,13478
2025-06-30,13526,14012
2025-07-31,13438,13842
2025-08-31,13681,14232

                        Categories,R5 Shares,MSCI ACWI ex-U.S. Growth Index
                        2020-08-31,10000,10000
2020-09-30,9899,9912
2020-10-31,9747,9738
2020-11-30,10504,10728
2020-12-31,11040,11292
2021-01-31,10999,11361
2021-02-28,11012,11319
2021-03-31,10681,11284
2021-04-30,11228,11700
2021-05-31,11057,11982
2021-06-30,11231,12028
2021-07-31,11173,11846
2021-08-31,11467,12113
2021-09-30,10726,11593
2021-10-31,11084,11952
2021-11-30,10345,11520
2021-12-31,10574,11867
2022-01-31,9719,10911
2022-02-28,9268,10605
2022-03-31,9017,10589
2022-04-30,8337,9801
2022-05-31,8297,9717
2022-06-30,7617,8925
2022-07-31,8130,9416
2022-08-31,7726,9049
2022-09-30,6922,8089
2022-10-31,7089,8248
2022-11-30,8104,9273
2022-12-31,7822,9131
2023-01-31,8588,9904
2023-02-28,8335,9480
2023-03-31,8753,9916
2023-04-30,8830,10016
2023-05-31,8610,9739
2023-06-30,8958,10109
2023-07-31,9101,10424
2023-08-31,8771,9892
2023-09-30,8255,9370
2023-10-31,7969,9006
2023-11-30,8852,9938
2023-12-31,9264,10413
2024-01-31,9404,10333
2024-02-29,9832,10728
2024-03-31,10126,11028
2024-04-30,9706,10723
2024-05-31,10075,11006
2024-06-30,10218,11108
2024-07-31,10034,11225
2024-08-31,10436,11582
2024-09-30,10421,11877
2024-10-31,9813,11273
2024-11-30,9802,11180
2024-12-31,9485,10941
2025-01-31,9852,11406
2025-02-28,9840,11414
2025-03-31,9377,11155
2025-04-30,9768,11610
2025-05-31,10199,12196
2025-06-30,10450,12680
2025-07-31,10382,12526
2025-08-31,10569,12879

                        Categories,R5 Shares,MSCI ACWI ex-U.S. Growth Index
                        2015-08-31,10000,10000
2015-09-30,9620,9622
2015-10-31,10305,10351
2015-11-30,10479,10235
2015-12-31,10378,10103
2016-01-31,9645,9480
2016-02-29,9471,9361
2016-03-31,10041,10069
2016-04-30,9909,10222
2016-05-31,10088,10156
2016-06-30,9528,10116
2016-07-31,10156,10603
2016-08-31,10421,10565
2016-09-30,10444,10729
2016-10-31,10105,10365
2016-11-30,9851,9970
2016-12-31,9893,10116
2017-01-31,10280,10523
2017-02-28,10348,10735
2017-03-31,10968,11039
2017-04-30,11545,11360
2017-05-31,12053,11865
2017-06-30,12080,11874
2017-07-31,12711,12285
2017-08-31,12620,12409
2017-09-30,13022,12626
2017-10-31,13016,12930
2017-11-30,13024,13072
2017-12-31,13347,13354
2018-01-31,14308,14050
2018-02-28,13803,13421
2018-03-31,13606,13238
2018-04-30,13677,13337
2018-05-31,13913,13261
2018-06-30,13886,13049
2018-07-31,14067,13274
2018-08-31,13836,13124
2018-09-30,13496,13016
2018-10-31,12260,11797
2018-11-30,12032,11976
2018-12-31,11113,11428
2019-01-31,12050,12297
2019-02-28,12353,12629
2019-03-31,12782,12835
2019-04-30,13462,13239
2019-05-31,12416,12560
2019-06-30,12982,13394
2019-07-31,13016,13366
2019-08-31,12770,13124
2019-09-30,12679,13280
2019-10-31,13102,13763
2019-11-30,13430,13973
2019-12-31,14034,14552
2020-01-31,14075,14412
2020-02-29,13412,13360
2020-03-31,11973,11897
2020-04-30,13084,12923
2020-05-31,14317,13486
2020-06-30,15094,14170
2020-07-31,16321,15131
2020-08-31,17075,15748
2020-09-30,16902,15610
2020-10-31,16643,15336
2020-11-30,17935,16895
2020-12-31,18851,17783
2021-01-31,18781,17891
2021-02-28,18804,17826
2021-03-31,18238,17769
2021-04-30,19171,18425
2021-05-31,18880,18870
2021-06-30,19177,18942
2021-07-31,19078,18655
2021-08-31,19579,19076
2021-09-30,18314,18256
2021-10-31,18926,18822
2021-11-30,17664,18142
2021-12-31,18055,18689
2022-01-31,16596,17182
2022-02-28,15825,16701
2022-03-31,15397,16675
2022-04-30,14235,15434
2022-05-31,14167,15302
2022-06-30,13006,14055
2022-07-31,13881,14829
2022-08-31,13192,14250
2022-09-30,11819,12738
2022-10-31,12105,12988
2022-11-30,13838,14603
2022-12-31,13357,14380
2023-01-31,14664,15597
2023-02-28,14232,14929
2023-03-31,14946,15616
2023-04-30,15077,15774
2023-05-31,14702,15337
2023-06-30,15296,15919
2023-07-31,15540,16415
2023-08-31,14977,15578
2023-09-30,14095,14756
2023-10-31,13607,14182
2023-11-30,15115,15650
2023-12-31,15819,16398
2024-01-31,16058,16273
2024-02-29,16787,16895
2024-03-31,17291,17367
2024-04-30,16574,16887
2024-05-31,17203,17332
2024-06-30,17448,17493
2024-07-31,17133,17677
2024-08-31,17819,18240
2024-09-30,17794,18703
2024-10-31,16756,17752
2024-11-30,16737,17606
2024-12-31,16196,17229
2025-01-31,16822,17962
2025-02-28,16802,17975
2025-03-31,16012,17567
2025-04-30,16679,18283
2025-05-31,17414,19206
2025-06-30,17843,19968
2025-07-31,17727,19725
2025-08-31,18047,20281

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 ($)
            2008-12-31,0.18631
2009-12-31,0.09310
2010-12-31,0.07279
2012-03-31,0.02978
2012-09-30,0.00000
2013-11-19,0.56811
2014-09-30,0.06267
2014-11-19,0.98096
2014-12-31,0.00426
2015-09-30,0.04769
2015-12-31,0.00867
2016-06-30,0.03621
2016-09-30,0.03372
2017-06-30,0.03096
2017-09-30,0.02668
2017-11-17,0.81162
2018-11-15,0.74833
2018-12-31,0.10117
2019-11-14,0.11220
2019-12-31,0.07188
2020-11-19,0.37721
2021-11-18,1.98979
2022-12-31,0.15741
2023-12-31,0.13364
2024-11-21,1.88807
2024-12-31,0.09311

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2008-12-26,1230681600,0.18631,0.18631,0,0
2009-12-24,1262217600,0.09310,0.09310,0,0
2010-12-27,1293753600,0.07279,0.07279,0,0
2012-03-26,1333152000,0.02978,0.02978,0,0
2012-09-28,1348963200,0.00000,0.00000,0,0
2013-11-19,1384819200,0.56811,0,0.21987,0.34824
2014-09-24,1412035200,0.06267,0.06267,0,0
2014-11-19,1416355200,0.98096,0,0.00000,0.98096
2014-12-24,1419984000,0.00426,0.00426,0,0
2015-09-24,1443571200,0.04769,0.04769,0,0
2015-12-24,1451520000,0.00867,0.00867,0,0
2016-06-24,1467244800,0.03621,0.03621,0,0
2016-09-26,1475193600,0.03372,0.03372,0,0
2017-06-23,1498780800,0.03096,0.03096,0,0
2017-09-22,1506729600,0.02668,0.02668,0,0
2017-11-17,1510876800,0.81162,0,0.05081,0.76081
2018-11-15,1542240000,0.74833,0,0.00000,0.74833
2018-12-21,1546214400,0.10117,0.10117,0,0
2019-11-14,1573689600,0.11220,0,0.00000,0.11220
2019-12-20,1577750400,0.07188,0.07188,0,0
2020-11-19,1605744000,0.37721,0,0.30139,0.07582
2021-11-18,1637193600,1.98979,0,0.06248,1.92731
2022-12-15,1672444800,0.15741,0.15741,0,0
2023-12-14,1703980800,0.13364,0.13364,0,0
2024-11-21,1732147200,1.88807,0,0.00000,1.88807
2024-12-19,1735603200,0.09311,0.09311,0,0

Distributions

(As of 19 Dec 2024)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

26 Dec 2008

31 Dec 2008

0.18631

—

24 Dec 2009

31 Dec 2009

0.09310

—

27 Dec 2010

31 Dec 2010

0.07279

—

26 Mar 2012

31 Mar 2012

0.02978

—

28 Sep 2012

30 Sep 2012

0.00000

—

19 Nov 2013

0.56811

—

0.21987

0.34824

24 Sep 2014

30 Sep 2014

0.06267

—

19 Nov 2014

0.98096

—

0.00000

0.98096

24 Dec 2014

31 Dec 2014

0.00426

—

24 Sep 2015

30 Sep 2015

0.04769

—

24 Dec 2015

31 Dec 2015

0.00867

—

24 Jun 2016

30 Jun 2016

0.03621

—

26 Sep 2016

30 Sep 2016

0.03372

—

23 Jun 2017

30 Jun 2017

0.03096

—

22 Sep 2017

30 Sep 2017

0.02668

—

17 Nov 2017

0.81162

—

0.05081

0.76081

15 Nov 2018

0.74833

—

0.00000

0.74833

21 Dec 2018

31 Dec 2018

0.10117

—

14 Nov 2019

0.11220

—

0.00000

0.11220

20 Dec 2019

31 Dec 2019

0.07188

—

19 Nov 2020

0.37721

—

0.30139

0.07582

18 Nov 2021

1.98979

—

0.06248

1.92731

15 Dec 2022

31 Dec 2022

0.15741

—

14 Dec 2023

31 Dec 2023

0.13364

—

21 Nov 2024

1.88807

—

0.00000

1.88807

19 Dec 2024

31 Dec 2024

0.09311

—

Fund Facts

(As of 31 Jul 2025)

Net Fund Assets

$722.7 M

Benchmark

MSCI ACWI ex-U.S. Growth Index

Morningstar Category

Foreign Large Growth

Fund Symbol

TINFX

Share Class

Share Class Inception Date

1 Feb 2008

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Jul 2025)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$219.1 B

$162.0 B

Median Market Cap

$53.3 B

$11.9 B

Annual Portfolio Turnover

45%

—

Price to Earnings - Forward 1YR

24.6x

21.3x

Price to Earnings - Trailing 12 Months

29.6x

24.5x

Portfolio

Benchmark

Price to Cash Flow

17.8x

15.1x

Price to Book Value

5.0x

3.7x

Return on Equity - 5 YR

18.2%

17.7%

Historical 3YR Sales Growth

18.9%

16.7%

Active Share

78.4%

—

Risk & Return Profile

(As of 31 Jul 2025)

10y

Annualized Alpha (%)

-1.67

-3.64

-0.70

Beta

1.05

1.04

1.02

R-Squared (%)

94.20

92.49

88.11

Standard Deviation (%)

17.32

16.99

16.46

Sharpe Ratio

0.22

-0.08

0.21

Information Ratio

-0.35

-0.80

-0.14

Up Capture (%)

97.62

95.63

99.19

Down Capture (%)

103.87

113.38

103.04

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 31 Jul 2025)

Name

Ticker/Symbol

Sector

Weight %

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

8.6

Tencent Holdings Ltd.

700

Communication Services

6.5

Mastercard, Inc.

Financials

4.8

AstraZeneca plc

AZN

Health Care

4.5

MercadoLibre, Inc.

MELI

Consumer Discretionary

3.6

E.ON SE

EOAN

Utilities

3.5

Sea Ltd.

Communication Services

3.4

Lonza Group AG

LONN

Health Care

3.3

Air Liquide S.A.

Materials

3.2

Deutsche Boerse AG

DB1

Financials

3.0

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Jul 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Information Technology

21.8

19.9

Health Care

17.9

10.3

Financials

16.3

12.8

Communication Services

14.7

8.0

Consumer Discretionary

10.6

12.0

Industrials

6.9

21.8

Consumer Staples

4.0

6.7

Utilities

3.5

1.5

Materials

3.2

5.3

Cash & Cash Equivalents

1.2

—

Real Estate

0.0

0.7

Energy

0.0

0.9

Sector Allocation

Fund (%)

Information Technology

21.8

Health Care

17.9

Financials

16.3

Communication Services

14.7

Consumer Discretionary

10.6

Industrials

6.9

Consumer Staples

4.0

Utilities

3.5

Materials

3.2

Cash & Cash Equivalents

1.2

Real Estate

0.0

Energy

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Semiconductors & Semiconductor Equipment

14.7

10.5

Media & Entertainment

14.7

6.6

Pharmaceuticals, Biotechnology & Life Sciences

12.7

7.6

Financial Services

11.3

4.5

Software & Services

5.5

5.9

Health Care Equipment & Services

5.3

2.7

Household & Personal Products

4.0

1.7

Capital Goods

3.8

16.5

Consumer Discretionary Distribution & Retail

3.6

3.3

Banks

3.5

6.0

Top 10 Industries

Fund (%)

Semiconductors & Semiconductor Equipment

14.7

Media & Entertainment

14.7

Pharmaceuticals, Biotechnology & Life Sciences

12.7

Financial Services

11.3

Software & Services

5.5

Health Care Equipment & Services

5.3

Household & Personal Products

4.0

Capital Goods

3.8

Consumer Discretionary Distribution & Retail

3.6

Banks

3.5

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

United States

15.1

—

North America

Germany

9.2

6.3

Europe ex UK

Taiwan

8.6

7.1

Asia Pacific ex Japan

United Kingdom

8.0

7.5

France

6.6

7.7

Europe ex UK

China

6.5

8.6

Asia Pacific ex Japan

Netherlands

6.5

3.4

Europe ex UK

Japan

6.1

13.5

Japan

Switzerland

5.9

Europe ex UK

Italy

4.0

1.2

Europe ex UK

Top 10 Countries

Fund (%)

United States

15.1

Germany

9.2

Taiwan

8.6

United Kingdom

8.0

France

6.6

China

6.5

Netherlands

6.5

Japan

6.1

Switzerland

5.9

Italy

4.0

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

Large Cap (> $12 B)

84.1

89.4

Mid Cap ($2.5 to $12 B)

14.5

10.6

Small Cap (< $2.5 B)

1.4

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

84.1

Mid Cap ($2.5 to $12 B)

14.5

Small Cap (< $2.5 B)

1.4

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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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

Investment Perspectives from the Road: Hong Kong and China

The U.S.-China Relationship, the Fed, and Data Reliability

Retirement Resources: The Endowment Spending Policy

The Enduring Role of Active Investment Management

Active Investing in a Passive World

Solving the Hunt for Yield Amid Rate Volatility and Compressed Spreads