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Thornburg International Growth Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 380 Foreign Large Growth funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 3 stars and 3 stars among 380, 327 and 223 funds, as of 30 Apr 2024.

As of 30 Apr 2024
Fund Assets
$860.6 M
As of 30 Apr 2024
NAV
$27.61
As of 17 May 2024
Change
$-0.07
As of 17 May 2024
YTD NAV Performance
10.18%
As of 17 May 2024
Asset Category:
International Equity
Fund Benchmark:
MSCI ACWI ex US Growth NTR

Portfolio Managers

Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

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.

Performance

Performance

Returns

(As of 31 Mar 2024)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
9.30
15.67
-1.77
6.22
5.13
6.98
MSCI ACWI ex US Growth NTR (%)
5.91
11.22
-0.76
6.24
5.12
4.00
Morningstar Category Avg. (%)
6.58
13
0.02
7.2
5.71
Morningstar Quartile
2
3
3
3
YTD
1y
3y
5y
10y
Inception
Total Return (%)
4.79
9.93
-4.74
4.25
5.00
6.68
MSCI ACWI ex US Growth NTR (%)
2.98
7.06
-2.86
4.99
4.75
3.81
Morningstar Category Avg. (%)
6.58
13
0.02
7.2
5.71
Morningstar Quartile
2
3
3
3
YTD
1y
3y
5y
10y
Inception
Total Return (%)
9.30
15.67
-5.22
35.23
64.92
218.28
MSCI ACWI ex US Growth NTR (%)
5.91
11.22
-2.26
35.31
64.75
95.97
YTD
1y
3y
5y
10y
Inception
Total Return (%)
4.79
9.93
-13.56
23.14
62.93
205.15
MSCI ACWI ex US Growth NTR (%)
2.98
7.06
-8.35
27.55
59.04
90.55
2018
2019
2020
2021
2022
2023
Total Return (%)
-16.74
26.32
34.33
-4.20
-26.04
18.41
MSCI ACWI ex US Growth NTR (%)
-14.43
27.34
22.20
5.09
-23.05
14.03
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
1.06
Net Expense Ratio (%)
0.99
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Apr 2024)
(Hypothetical Growth of $10,000 vs MSCI ACWI ex US Growth NTR)
Distributions

Distributions

(As of 14 Dec 2023)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
24 Dec 2007
31 Dec 2007
0.36740
0.36740
0.00000
26 Dec 2008
31 Dec 2008
0.20292
0.20292
24 Dec 2009
31 Dec 2009
0.09310
0.09310
27 Dec 2010
31 Dec 2010
0.07361
0.07361
26 Mar 2012
31 Mar 2012
0.02979
0.02979
28 Sep 2012
30 Sep 2012
0.00001
0.00001
19 Nov 2013
30 Nov 2013
0.56811
0.21987
0.34824
24 Sep 2014
30 Sep 2014
0.06743
0.06743
19 Nov 2014
30 Nov 2014
0.98096
0.00000
0.98096
24 Dec 2014
31 Dec 2014
0.00473
0.00473
24 Sep 2015
30 Sep 2015
0.04804
0.04804
24 Dec 2015
31 Dec 2015
0.00916
0.00916
24 Jun 2016
30 Jun 2016
0.03581
0.03581
26 Sep 2016
30 Sep 2016
0.03110
0.03110
23 Jun 2017
30 Jun 2017
0.03477
0.03477
22 Sep 2017
30 Sep 2017
0.02724
0.02724
17 Nov 2017
30 Nov 2017
0.81162
0.05081
0.76081
15 Nov 2018
30 Nov 2018
0.74833
0.00000
0.74833
21 Dec 2018
31 Dec 2018
0.10375
0.10375
14 Nov 2019
30 Nov 2019
0.11220
0.00000
0.11220
20 Dec 2019
31 Dec 2019
0.07215
0.07215
19 Nov 2020
30 Nov 2020
0.37721
0.30139
0.07582
18 Nov 2021
30 Nov 2021
1.98979
0.06248
1.92731
15 Dec 2022
31 Dec 2022
0.15293
0.15293
14 Dec 2023
31 Dec 2023
0.14640
0.14640
Fund Facts

Fund Facts

(As of 30 Apr 2024)
Net Fund Assets
$860.6 M
Benchmark
MSCI ACWI ex US Growth NTR
Morningstar Category
Foreign Large Growth
Fund Symbol
TINGX
Share Class
I
Share Class Inception Date
1 Feb 2007
Number of Holdings
52
Portfolio Turnover
37%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 30 Apr 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$168.1 B
$136.4 B
Median Market Cap
$36.2 B
$8.9 B
Price to Earnings - Forward 1YR
25.2x
20.4x
Price to Earnings - Trailing 12 Months
29.0x
22.9x
Price to Cash Flow
20.9x
14.9x
Portfolio
Benchmark
Price to Book Value
5.1x
3.5x
Return on Assets - 5 YR
11.0%
9.5%
Return on Equity - 5 YR
25.8%
19.5%
Historical 3YR Sales Growth
24.1%
18.4%
Active Share
75.8%
Risk & Return Profile

Risk & Return Profile

(As of 31 Mar 2024)
3y
5y
10y
Annualized Alpha (%)
-0.77
-0.05
0.04
Beta
1.06
1.04
1.03
R-Squared (%)
94.27
92.27
87.54
Standard Deviation (%)
19.57
18.99
16.53
Sharpe Ratio
-0.23
0.22
0.22
Information Ratio
-0.21
0.00
0.00
Up Capture (%)
104.38
104.86
100.61
Down Capture (%)
107.94
106.01
100.69
Portfolio

Portfolio

Top Holdings

(As of 31 Mar 2024)
Name
Ticker/Symbol
Sector
Weight %
Novo Nordisk A/S
NVO
Health Care
6.1
ASML Holding N.V.
ASML
Information Technology
5.7
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
4.6
Nestle S.A.
NESN
Consumer Staples
4.3
AstraZeneca plc
AZN
Health Care
3.4
Mastercard, Inc.
MA
Financials
3.3
Beiersdorf AG
BEI
Consumer Staples
2.8
Lonza Group AG
LONN
Health Care
2.6
Diageo plc
DGE
Consumer Staples
2.6
ICON plc
ICLR
Health Care
2.5
Exposure Breakdown

Exposure Breakdown

(As of 30 Apr 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
24.3
19.7
Health Care
19.4
11.7
Financials
14.9
11.8
Consumer Staples
12.8
10.1
Consumer Discretionary
9.5
14.4
Materials
5.2
6.5
Communication Services
5.1
6.0
Industrials
5.0
16.5
Cash & Cash Equivalents
2.1
Energy
1.6
1.8
Real Estate
0.0
0.6
Utilities
0.0
0.9
Sector Allocation
Fund (%)
Information Technology
24.3
Health Care
19.4
Financials
14.9
Consumer Staples
12.8
Consumer Discretionary
9.5
Materials
5.2
Communication Services
5.1
Industrials
5.0
Cash & Cash Equivalents
2.1
Energy
1.6
Real Estate
0.0
Utilities
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Pharmaceuticals, Biotechnology & Life Sciences
17.7
8.9
Semiconductors & Semiconductor Equipment
16.8
10.6
Financial Services
10.6
3.8
Food, Beverage & Tobacco
6.8
5.6
Software & Services
5.5
5.2
Materials
5.2
6.5
Media & Entertainment
5.1
4.6
Household & Personal Products
5.0
2.5
Capital Goods
3.7
11.5
Automobiles & Components
3.7
2.6
Top 10 Industries
Fund (%)
Pharmaceuticals, Biotechnology & Life Sciences
17.7
Semiconductors & Semiconductor Equipment
16.8
Financial Services
10.6
Food, Beverage & Tobacco
6.8
Software & Services
5.5
Materials
5.2
Media & Entertainment
5.1
Household & Personal Products
5.0
Capital Goods
3.7
Automobiles & Components
3.7
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
United States
15.0
North America
United Kingdom
10.9
8.5
UK
Japan
10.2
14.3
Japan
Netherlands
8.0
4.4
Europe ex UK
Switzerland
7.9
6.4
Europe ex UK
Denmark
6.3
4.2
Europe ex UK
France
6.1
8.5
Europe ex UK
Taiwan
4.9
5.8
Asia Pacific ex Japan
Germany
4.8
4.7
Europe ex UK
Canada
4.3
7.4
North America
Top 10 Countries
Fund (%)
United States
15.0
United Kingdom
10.9
Japan
10.2
Netherlands
8.0
Switzerland
7.9
Denmark
6.3
France
6.1
Taiwan
4.9
Germany
4.8
Canada
4.3
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Large Cap (> $12 B)
84.0
85.4
Mid Cap ($2.5 to $12 B)
13.0
14.4
Small Cap (< $2.5 B)
2.9
0.1
Capitalization
Fund (%)
Large Cap (> $12 B)
84.0
Mid Cap ($2.5 to $12 B)
13.0
Small Cap (< $2.5 B)
2.9
Portfolio Managers

Portfolio Managers

Sean Koung Sun, CFA

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…
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Nicholas Anderson, CFA

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…
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Emily Leveille, CFA

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…
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