TINVX

Thornburg International Growth Fund

Morningstar Rating • Info

Overall Morningstar Rating among 359 Foreign Large Growth funds, based on risk-adjusted returns for class R4 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 2 stars and 2 stars among 359, 332 and 225 funds, as of 31 Mar 2026.

As of 31 Mar 2026

Fund Assets

$630.6 M

As of 31 Mar 2026

NAV

$25.58

As of 29 Apr 2026

Change

$-0.14

As of 29 Apr 2026

YTD NAV Performance

4.11%

As of 29 Apr 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 31 Mar 2026)

YTD

10y

Inception

Total Return (%)

-3.58

7.62

4.57

-1.46

5.16

5.80

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

-3.62

18.77

10.14

3.26

7.56

4.57

Morningstar Category Avg. (%)

-4.01

12.49

8.99

2.82

7.42

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

382

359

332

225

—

YTD

10y

Inception

Total Return (%)

-3.58

7.62

4.57

-1.46

5.16

5.80

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

-3.62

18.77

10.14

3.26

7.56

4.57

Morningstar Category Avg. (%)

-4.01

12.49

8.99

2.82

7.42

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

382

359

332

225

—

YTD

10y

Inception

Total Return (%)

-3.58

7.62

14.36

-7.07

65.41

194.45

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

-3.62

18.77

33.62

17.42

107.22

135.45

YTD

10y

Inception

Total Return (%)

-3.58

7.62

14.36

-7.07

65.41

194.45

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

-3.62

18.77

33.62

17.42

107.22

135.45

2020

2021

2022

2023

2024

2025

Total Return (%)

33.76

-4.56

-26.35

17.93

2.02

10.18

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

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 (%)

2.12

Net Expense Ratio (%)

1.24

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

            Categories,R4 Shares,MSCI ACWI ex-U.S. Growth Index
            2007-02-01,10000,10000
2007-02-28,10102,9924
2007-03-31,10564,10247
2007-04-30,11051,10714
2007-05-31,11463,10997
2007-06-30,11733,11106
2007-07-31,11684,11130
2007-08-31,11686,10999
2007-09-30,12509,11816
2007-10-31,13324,12494
2007-11-30,13208,12033
2007-12-31,13284,11886
2008-01-31,11835,10680
2008-02-29,12101,11139
2008-03-31,11543,10845
2008-04-30,11946,11458
2008-05-31,12084,11790
2008-06-30,10864,10951
2008-07-31,10564,10493
2008-08-31,10108,9931
2008-09-30,8897,8335
2008-10-31,6776,6514
2008-11-30,6330,6089
2008-12-31,6612,6464
2009-01-31,6091,5974
2009-02-28,5491,5461
2009-03-31,6082,5858
2009-04-30,6956,6456
2009-05-31,7760,7334
2009-06-30,7804,7258
2009-07-31,8404,7916
2009-08-31,8440,8074
2009-09-30,9084,8514
2009-10-31,9031,8478
2009-11-30,9199,8747
2009-12-31,9594,8964
2010-01-31,9328,8520
2010-02-28,9461,8558
2010-03-31,10207,9147
2010-04-30,10287,9086
2010-05-31,9479,8159
2010-06-30,9505,8101
2010-07-31,10003,8772
2010-08-31,9994,8581
2010-09-30,10820,9486
2010-10-31,11495,9795
2010-11-30,11548,9534
2010-12-31,12235,10260
2011-01-31,12440,10207
2011-02-28,12832,10456
2011-03-31,12716,10494
2011-04-30,13527,11036
2011-05-31,13741,10771
2011-06-30,13616,10588
2011-07-31,13901,10525
2011-08-31,13019,9655
2011-09-30,11861,8454
2011-10-31,12912,9394
2011-11-30,12217,8946
2011-12-31,11896,8802
2012-01-31,12502,9368
2012-02-29,13278,9915
2012-03-31,13793,9837
2012-04-30,13596,9776
2012-05-31,12409,8691
2012-06-30,12623,9103
2012-07-31,12802,9271
2012-08-31,13230,9427
2012-09-30,14016,9755
2012-10-31,14221,9767
2012-11-30,14489,9993
2012-12-31,14507,10269
2013-01-31,15096,10635
2013-02-28,15498,10653
2013-03-31,16069,10732
2013-04-30,16462,11059
2013-05-31,16703,10849
2013-06-30,16221,10412
2013-07-31,17006,10796
2013-08-31,17105,10632
2013-09-30,18256,11332
2013-10-31,18810,11699
2013-11-30,18998,11739
2013-12-31,19787,11860
2014-01-31,18934,11293
2014-02-28,19594,11887
2014-03-31,18741,11895
2014-04-30,18182,11981
2014-05-31,18622,12248
2014-06-30,18998,12425
2014-07-31,18530,12244
2014-08-31,18585,12355
2014-09-30,17430,11818
2014-10-31,17852,11777
2014-11-30,17888,11949
2014-12-31,17308,11545
2015-01-31,16989,11632
2015-02-28,18458,12229
2015-03-31,18149,12098
2015-04-30,19038,12631
2015-05-31,19029,12495
2015-06-30,18381,12169
2015-07-31,18603,12201
2015-08-31,17763,11284
2015-09-30,17086,10858
2015-10-31,18304,11681
2015-11-30,18603,11550
2015-12-31,18420,11401
2016-01-31,17105,10697
2016-02-29,16796,10563
2016-03-31,17801,11362
2016-04-30,17560,11535
2016-05-31,17879,11460
2016-06-30,16864,11415
2016-07-31,17975,11964
2016-08-31,18439,11922
2016-09-30,18482,12107
2016-10-31,17873,11696
2016-11-30,17418,11250
2016-12-31,17476,11415
2017-01-31,18163,11874
2017-02-28,18279,12113
2017-03-31,19362,12457
2017-04-30,20378,12819
2017-05-31,21267,13389
2017-06-30,21306,13399
2017-07-31,22409,13863
2017-08-31,22244,14002
2017-09-30,22952,14248
2017-10-31,22923,14590
2017-11-30,22937,14751
2017-12-31,23488,15069
2018-01-31,25171,15854
2018-02-28,24279,15145
2018-03-31,23929,14938
2018-04-30,24039,15050
2018-05-31,24450,14964
2018-06-30,24390,14725
2018-07-31,24710,14978
2018-08-31,24289,14809
2018-09-30,23678,14687
2018-10-31,21514,13312
2018-11-30,21107,13514
2018-12-31,19476,12895
2019-01-31,21127,13876
2019-02-28,21647,14251
2019-03-31,22384,14483
2019-04-30,23568,14939
2019-05-31,21730,14173
2019-06-30,22717,15114
2019-07-31,22758,15082
2019-08-31,22322,14809
2019-09-30,22166,14985
2019-10-31,22893,15530
2019-11-30,23459,15767
2019-12-31,24503,16421
2020-01-31,24566,16263
2020-02-29,23407,15076
2020-03-31,20880,13425
2020-04-30,22822,14583
2020-05-31,24952,15218
2020-06-30,26299,15990
2020-07-31,28428,17074
2020-08-31,29723,17770
2020-09-30,29420,17614
2020-10-31,28961,17305
2020-11-30,31199,19065
2020-12-31,32774,20067
2021-01-31,32647,20188
2021-02-28,32679,20115
2021-03-31,31685,20051
2021-04-30,33293,20791
2021-05-31,32774,21293
2021-06-30,33282,21375
2021-07-31,33092,21050
2021-08-31,33948,21526
2021-09-30,31748,20601
2021-10-31,32795,21239
2021-11-30,30612,20472
2021-12-31,31279,21089
2022-01-31,28736,19388
2022-02-28,27380,18846
2022-03-31,26635,18816
2022-04-30,24623,17416
2022-05-31,24499,17267
2022-06-30,22476,15860
2022-07-31,23990,16733
2022-08-31,22781,16080
2022-09-30,20408,14374
2022-10-31,20894,14657
2022-11-30,23877,16478
2022-12-31,23038,16227
2023-01-31,25283,17600
2023-02-28,24535,16846
2023-03-31,25748,17621
2023-04-30,25964,17799
2023-05-31,25317,17307
2023-06-30,26326,17964
2023-07-31,26746,18523
2023-08-31,25760,17579
2023-09-30,24240,16651
2023-10-31,23390,16003
2023-11-30,25975,17659
2023-12-31,27169,18504
2024-01-31,27578,18362
2024-02-29,28817,19064
2024-03-31,29669,19597
2024-04-30,28431,19055
2024-05-31,29499,19558
2024-06-30,29908,19739
2024-07-31,29374,19948
2024-08-31,30533,20582
2024-09-30,30487,21105
2024-10-31,28692,20032
2024-11-30,28646,19867
2024-12-31,27717,19442
2025-01-31,28776,20268
2025-02-28,28727,20284
2025-03-31,27360,19823
2025-04-30,28505,20631
2025-05-31,29748,21673
2025-06-30,30474,22532
2025-07-31,30265,22258
2025-08-31,30794,22886
2025-09-30,31065,23818
2025-10-31,31361,24393
2025-11-30,30141,23954
2025-12-31,30539,24429
2026-01-31,31496,25778
2026-02-28,31757,26800
2026-03-31,29445,23545

Hypothetical Growth of $10,000

(As of 31 Mar 2026)

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

                        Categories,R4 Shares,MSCI ACWI ex-U.S. Growth Index
                        2025-03-31,10000,10000
2025-04-30,10418,10407
2025-05-31,10873,10933
2025-06-30,11138,11367
2025-07-31,11062,11228
2025-08-31,11255,11545
2025-09-30,11354,12015
2025-10-31,11462,12305
2025-11-30,11016,12084
2025-12-31,11162,12323
2026-01-31,11512,13004
2026-02-28,11607,13519
2026-03-31,10762,11877

                        Categories,R4 Shares,MSCI ACWI ex-U.S. Growth Index
                        2023-03-31,10000,10000
2023-04-30,10084,10101
2023-05-31,9833,9821
2023-06-30,10225,10194
2023-07-31,10388,10512
2023-08-31,10004,9976
2023-09-30,9414,9450
2023-10-31,9084,9082
2023-11-30,10088,10022
2023-12-31,10552,10501
2024-01-31,10711,10421
2024-02-29,11192,10819
2024-03-31,11523,11122
2024-04-30,11042,10814
2024-05-31,11457,11099
2024-06-30,11616,11202
2024-07-31,11408,11320
2024-08-31,11858,11680
2024-09-30,11841,11977
2024-10-31,11143,11368
2024-11-30,11125,11274
2024-12-31,10765,11033
2025-01-31,11176,11502
2025-02-28,11157,11511
2025-03-31,10626,11250
2025-04-30,11071,11708
2025-05-31,11554,12299
2025-06-30,11836,12787
2025-07-31,11754,12632
2025-08-31,11960,12988
2025-09-30,12065,13517
2025-10-31,12180,13843
2025-11-30,11706,13594
2025-12-31,11861,13863
2026-01-31,12232,14629
2026-02-28,12334,15209
2026-03-31,11436,13362

                        Categories,R4 Shares,MSCI ACWI ex-U.S. Growth Index
                        2021-03-31,10000,10000
2021-04-30,10507,10369
2021-05-31,10344,10619
2021-06-30,10504,10660
2021-07-31,10444,10498
2021-08-31,10714,10735
2021-09-30,10020,10274
2021-10-31,10350,10592
2021-11-30,9661,10210
2021-12-31,9872,10517
2022-01-31,9069,9669
2022-02-28,8641,9399
2022-03-31,8406,9384
2022-04-30,7771,8686
2022-05-31,7732,8611
2022-06-30,7094,7910
2022-07-31,7571,8345
2022-08-31,7190,8020
2022-09-30,6441,7169
2022-10-31,6594,7309
2022-11-30,7536,8218
2022-12-31,7271,8093
2023-01-31,7980,8777
2023-02-28,7743,8401
2023-03-31,8126,8788
2023-04-30,8194,8877
2023-05-31,7990,8631
2023-06-30,8309,8959
2023-07-31,8441,9238
2023-08-31,8130,8767
2023-09-30,7650,8304
2023-10-31,7382,7981
2023-11-30,8198,8807
2023-12-31,8575,9228
2024-01-31,8704,9158
2024-02-29,9095,9508
2024-03-31,9364,9774
2024-04-30,8973,9503
2024-05-31,9310,9754
2024-06-30,9439,9844
2024-07-31,9271,9948
2024-08-31,9636,10265
2024-09-30,9622,10526
2024-10-31,9055,9990
2024-11-30,9041,9908
2024-12-31,8748,9696
2025-01-31,9082,10108
2025-02-28,9066,10116
2025-03-31,8635,9886
2025-04-30,8996,10289
2025-05-31,9389,10809
2025-06-30,9618,11237
2025-07-31,9552,11101
2025-08-31,9719,11414
2025-09-30,9804,11879
2025-10-31,9898,12165
2025-11-30,9513,11946
2025-12-31,9638,12183
2026-01-31,9940,12856
2026-02-28,10023,13366
2026-03-31,9293,11742

                        Categories,R4 Shares,MSCI ACWI ex-U.S. Growth Index
                        2016-03-31,10000,10000
2016-04-30,9864,10152
2016-05-31,10043,10086
2016-06-30,9473,10046
2016-07-31,10098,10530
2016-08-31,10358,10492
2016-09-30,10382,10656
2016-10-31,10040,10293
2016-11-30,9785,9901
2016-12-31,9817,10046
2017-01-31,10203,10451
2017-02-28,10268,10661
2017-03-31,10877,10963
2017-04-30,11447,11282
2017-05-31,11947,11783
2017-06-30,11969,11792
2017-07-31,12588,12201
2017-08-31,12496,12323
2017-09-30,12894,12539
2017-10-31,12877,12841
2017-11-30,12885,12982
2017-12-31,13194,13262
2018-01-31,14140,13953
2018-02-28,13639,13329
2018-03-31,13442,13147
2018-04-30,13504,13245
2018-05-31,13735,13170
2018-06-30,13701,12960
2018-07-31,13881,13182
2018-08-31,13645,13034
2018-09-30,13301,12926
2018-10-31,12086,11716
2018-11-30,11857,11893
2018-12-31,10941,11349
2019-01-31,11868,12212
2019-02-28,12160,12542
2019-03-31,12574,12746
2019-04-30,13240,13148
2019-05-31,12207,12473
2019-06-30,12761,13301
2019-07-31,12785,13274
2019-08-31,12539,13034
2019-09-30,12452,13189
2019-10-31,12860,13668
2019-11-30,13178,13877
2019-12-31,13765,14452
2020-01-31,13800,14313
2020-02-29,13149,13268
2020-03-31,11730,11815
2020-04-30,12820,12835
2020-05-31,14017,13393
2020-06-30,14773,14073
2020-07-31,15970,15027
2020-08-31,16697,15640
2020-09-30,16527,15502
2020-10-31,16269,15230
2020-11-30,17526,16779
2020-12-31,18411,17660
2021-01-31,18340,17768
2021-02-28,18358,17703
2021-03-31,17799,17647
2021-04-30,18702,18298
2021-05-31,18411,18740
2021-06-30,18696,18812
2021-07-31,18589,18526
2021-08-31,19071,18945
2021-09-30,17835,18131
2021-10-31,18423,18692
2021-11-30,17197,18017
2021-12-31,17571,18560
2022-01-31,16143,17064
2022-02-28,15381,16586
2022-03-31,14962,16560
2022-04-30,13832,15328
2022-05-31,13762,15196
2022-06-30,12626,13958
2022-07-31,13477,14727
2022-08-31,12797,14152
2022-09-30,11464,12651
2022-10-31,11737,12899
2022-11-30,13413,14503
2022-12-31,12942,14281
2023-01-31,14203,15489
2023-02-28,13783,14826
2023-03-31,14464,15508
2023-04-30,14585,15665
2023-05-31,14222,15231
2023-06-30,14789,15810
2023-07-31,15025,16302
2023-08-31,14471,15471
2023-09-30,13617,14655
2023-10-31,13139,14084
2023-11-30,14592,15542
2023-12-31,15263,16285
2024-01-31,15492,16161
2024-02-29,16188,16778
2024-03-31,16667,17247
2024-04-30,15971,16770
2024-05-31,16571,17212
2024-06-30,16801,17372
2024-07-31,16501,17556
2024-08-31,17152,18114
2024-09-30,17127,18575
2024-10-31,16118,17630
2024-11-30,16092,17485
2024-12-31,15570,17111
2025-01-31,16165,17838
2025-02-28,16137,17852
2025-03-31,15370,17446
2025-04-30,16013,18157
2025-05-31,16711,19074
2025-06-30,17119,19830
2025-07-31,17002,19589
2025-08-31,17299,20142
2025-09-30,17451,20962
2025-10-31,17617,21468
2025-11-30,16932,21082
2025-12-31,17156,21500
2026-01-31,17693,22687
2026-02-28,17840,23586
2026-03-31,16541,20722

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 ($)
            2008-12-31,0.20291
2009-12-31,0.06749
2010-12-31,0.04254
2012-03-31,0.02800
2013-11-19,0.56811
2014-11-19,0.98096
2016-09-30,0.01448
2017-09-30,0.00214
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
2022-12-31,0.06875
2023-12-31,0.05271
2024-11-21,1.88807
2024-12-31,0.00538
2025-11-20,0.23002

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2008-12-26,1230681600,0.20291,0.20291,0,0
2009-12-24,1262217600,0.06749,0.06749,0,0
2010-12-27,1293753600,0.04254,0.04254,0,0
2012-03-26,1333152000,0.02800,0.02800,0,0
2013-11-19,1384819200,0.56811,0,0.21987,0.34824
2014-11-19,1416355200,0.98096,0,0.00000,0.98096
2016-09-26,1475193600,0.01448,0.01448,0,0
2017-09-22,1506729600,0.00214,0.00214,0,0
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
2022-12-15,1672444800,0.06875,0.06875,0,0
2023-12-14,1703980800,0.05271,0.05271,0,0
2024-11-21,1732147200,1.88807,0,0.00000,1.88807
2024-12-19,1735603200,0.00538,0.00538,0,0
2025-11-20,1763596800,0.23002,0,0.00000,0.23002

Distributions

(As of 20 Nov 2025)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

26 Dec 2008

31 Dec 2008

0.20291

—

24 Dec 2009

31 Dec 2009

0.06749

—

27 Dec 2010

31 Dec 2010

0.04254

—

26 Mar 2012

31 Mar 2012

0.02800

—

19 Nov 2013

0.56811

—

0.21987

0.34824

19 Nov 2014

0.98096

—

0.00000

0.98096

26 Sep 2016

30 Sep 2016

0.01448

—

22 Sep 2017

30 Sep 2017

0.00214

—

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

15 Dec 2022

31 Dec 2022

0.06875

—

14 Dec 2023

31 Dec 2023

0.05271

—

21 Nov 2024

1.88807

—

0.00000

1.88807

19 Dec 2024

31 Dec 2024

0.00538

—

20 Nov 2025

0.23002

—

0.00000

0.23002

Fund Facts

(As of 31 Mar 2026)

Net Fund Assets

$630.6 M

Benchmark

MSCI ACWI ex-U.S. Growth Index

Morningstar Category

Foreign Large Growth

Fund Symbol

TINVX

Share Class

Share Class Inception Date

1 Feb 2008

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Mar 2026)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$327.2 B

$192.1 B

Median Market Cap

$45.3 B

$12.9 B

Annual Portfolio Turnover

29%

—

Price to Earnings - Forward 1YR

20.8x

17.7x

Portfolio

Benchmark

Price to Earnings - Trailing 12 Months

26.7x

23.0x

Price to Cash Flow

17.8x

13.7x

Price to Book Value

4.8x

3.7x

Active Share

78.5%

—

Risk & Return Profile

(As of 31 Mar 2026)

10y

Annualized Alpha (%)

-3.61

-4.13

-1.74

Beta

0.86

0.98

1.00

R-Squared (%)

85.58

89.87

86.59

Standard Deviation (%)

13.26

16.87

16.21

Sharpe Ratio

0.01

-0.27

0.20

Information Ratio

-0.99

-0.82

-0.34

Up Capture (%)

77.79

88.80

95.33

Down Capture (%)

96.00

107.61

104.45

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 28 Feb 2026)

Name

Ticker/Symbol

Sector

Weight %

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

12.0

Tencent Holdings Ltd.

700

Communication Services

6.5

AstraZeneca plc

AZN

Health Care

4.8

ASML Holding N.V.

ASML

Information Technology

4.4

Mastercard, Inc.

Financials

4.1

Hoya Corp.

7741

Health Care

3.9

Ferrari N.V.

RACE

Consumer Discretionary

3.1

Lonza Group AG

LONN

Health Care

3.0

Rolls-Royce Holdings plc

RR/

Industrials

2.7

ASM International N.V.

ASM

Information Technology

2.5

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Mar 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

Information Technology

33.1

22.6

Financials

14.6

11.3

Health Care

13.1

10.5

Industrials

12.4

22.7

Communication Services

9.8

6.2

Consumer Discretionary

9.2

10.9

Cash & Equivalents

4.1

—

Materials

2.1

7.6

Utilities

1.5

1.3

Consumer Staples

0.0

5.1

Energy

0.0

1.0

Real Estate

0.0

0.8

Sector Allocation

Fund (%)

Information Technology

33.1

Financials

14.6

Health Care

13.1

Industrials

12.4

Communication Services

9.8

Consumer Discretionary

9.2

Cash & Equivalents

4.1

Materials

2.1

Utilities

1.5

Consumer Staples

0.0

Energy

0.0

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Semiconductors & Semiconductor Equipment

23.3

14.0

Capital Goods

11.8

18.2

Media & Entertainment

9.8

4.5

Financial Services

9.8

4.6

Pharmaceuticals, Biotechnology & Life Sciences

7.7

8.3

Software & Services

5.9

3.7

Health Care Equipment & Services

5.4

2.2

Consumer Discretionary Distribution & Retail

4.1

Technology Hardware & Equipment

4.0

4.9

Banks

3.8

4.7

Top 10 Industries

Fund (%)

Semiconductors & Semiconductor Equipment

23.3

Capital Goods

11.8

Media & Entertainment

9.8

Financial Services

9.8

Pharmaceuticals, Biotechnology & Life Sciences

7.7

Software & Services

5.9

Health Care Equipment & Services

5.4

Consumer Discretionary Distribution & Retail

4.1

Technology Hardware & Equipment

4.0

Banks

3.8

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

Taiwan

12.0

7.5

Asia Pacific ex Japan

United States

10.9

—

North America

Netherlands

10.2

4.7

Europe ex UK

United Kingdom

9.7

7.4

Japan

8.7

13.4

Japan

China

8.7

7.7

Asia Pacific ex Japan

France

6.5

7.1

Europe ex UK

Switzerland

5.7

6.2

Europe ex UK

Italy

5.1

1.0

Europe ex UK

Germany

4.7

5.6

Europe ex UK

Top 10 Countries

Fund (%)

Taiwan

12.0

United States

10.9

Netherlands

10.2

United Kingdom

9.7

Japan

8.7

China

8.7

France

6.5

Switzerland

5.7

Italy

5.1

Germany

4.7

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

85.1

90.4

Mid Cap ($2.5 to $12 B)

12.7

9.5

Small Cap (< $2.5 B)

2.2

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

85.1

Mid Cap ($2.5 to $12 B)

12.7

Small Cap (< $2.5 B)

2.2

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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TINVX

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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TINVX

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

A Disinflationary Paradox of High Oil Prices

Oil Shock Hits Different in a World of Shrinking Petrodollars

Global Markets Amid the Energy Shock: Policy, Inflation, and Opportunity

Navigating Supply, Rates, and Opportunities in Real Estate

Structural Forces Are Reshaping the Investment Landscape

When Geopolitics Drive Volatility: An Active Approach to the Iran Conflict