Thornburg International Equity Fund

SYMBOL: TGVIX

Morningstar Rating • Info

Overall Morningstar Rating among 700 Foreign Large Blend funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 4 stars, 4 stars and 4 stars among 700, 614 and 420 funds, as of 28 Feb 2023.

As of 28 Feb 2023

Fund Assets

$2.5 B

As of 28 Feb 2023

NAV

$22.63

As of 20 Mar 2023

Change

$0.10

As of 20 Mar 2023

YTD NAV Performance

2.49%

As of 20 Mar 2023

Asset Category:

International Equity

Fund Benchmark:

MSCI ACWI ex US (GR/NR)

Portfolio Managers

Lei Wang, CFA

Portfolio Manager and Managing Director

Matt Burdett

Portfolio Manager and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

Focused, diversified international core equity portfolio that includes promising companies from both developed markets and emerging markets outside the U.S.
Rigorous, fundamental research process focused on buying sustainable businesses with sound business fundamentals trading at a discount to intrinsic value and with a defined path to success.
Three-basket portfolio construction process that seeks to provide style diversification, reduce volatility and deliver superior risk-adjusted performance over time.

Investment Objective

The fund’s goal is to provide investors with long-term capital appreciation by investing in equity and debt securities of all types.

Investment Approach

The fund uses a fundamental, bottom-up investment approach to uncover promising businesses with sound fundamentals in primarily the developed international markets of Europe and the Asia Pacific region. The resulting portfolio is diversified by sector, country and market capitalization. The portfolio is constructed with three types of stocks (basic value, consistent earners and emerging franchises) which provides the opportunity for our portfolio to produce attractive risk-adjusted returns across market cycles with less volatility over time.

Returns

(As of 31 Dec 2022)

YTD

10y

Inception

Total Return (%)

-16.71

3.24

2.63

4.99

7.17

MSCI ACWI ex US (GR/NR) (%)

-16.00

0.07

0.88

3.80

4.26

MSCI EAFE NTR (%)

-14.45

0.87

1.54

4.67

3.96

Morningstar Category Avg. (%)

-15.84

0.55

1.15

4.26

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

4.03

-4.64

7.05

3.45

5.18

7.30

MSCI ACWI ex US (GR/NR) (%)

4.32

-7.19

5.27

1.62

3.94

4.41

MSCI EAFE NTR (%)

5.84

-3.14

6.84

2.64

4.83

4.17

Morningstar Category Avg. (%)

-15.84

0.55

1.15

4.26

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

-16.71

10.03

13.88

62.68

449.57

MSCI ACWI ex US (GR/NR) (%)

-16.00

0.22

4.49

45.20

179.08

MSCI EAFE NTR (%)

-14.45

2.62

7.95

57.87

159.65

YTD

10y

Inception

Total Return (%)

4.03

-4.64

22.66

18.47

65.70

471.72

MSCI ACWI ex US (GR/NR) (%)

4.32

-7.19

16.65

8.36

47.10

191.12

MSCI EAFE NTR (%)

5.84

-3.14

21.96

13.94

60.24

174.82

2017

2018

2019

2020

2021

2022

Total Return (%)

25.47

-19.82

29.09

22.76

7.60

-16.71

MSCI ACWI ex US (GR/NR) (%)

27.19

-14.20

21.51

10.65

7.82

-16.00

MSCI EAFE NTR (%)

25.03

-13.79

22.01

7.82

11.26

-14.45

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 Blend category is based on total returns before sales charges for 1-, 3-, 5- and 10-years, among 744, 704, 611 and 422 funds, respectively, as of 31 Dec 2022, and 744, 702, 614 and 422 funds, respectively, as of 31 Jan 2023.

Prior to inception of I and 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 and C shares, 28 May 1998; I shares, 30 Mar 2001; R3 shares, 1 Jul 2003; R4 shares, 1 Feb 2007; R5 shares, 1 Feb 2005; R6 shares, 1 May 2012.

Fund Fees

(As of 1 Feb 2023)

Gross Expense Ratio (%)

1.00

Net Expense Ratio (%)

0.90

Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2024, 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,I Shares,MSCI EAFE NTR
            1998-05-28,10000,10000
1998-05-31,9975,9951
1998-06-30,10056,10027
1998-07-31,10002,10128
1998-08-31,8372,8874
1998-09-30,8237,8602
1998-10-31,8771,9498
1998-11-30,9171,9985
1998-12-31,9099,10379
1999-01-31,8800,10348
1999-02-28,8956,10101
1999-03-31,9499,10523
1999-04-30,10105,10950
1999-05-31,10313,10386
1999-06-30,10802,10791
1999-07-31,11080,11111
1999-08-31,11103,11152
1999-09-30,11082,11264
1999-10-31,11370,11686
1999-11-30,12609,12092
1999-12-31,14951,13177
2000-01-31,14448,12340
2000-02-29,15338,12672
2000-03-31,15623,13163
2000-04-30,15108,12471
2000-05-31,14907,12166
2000-06-30,15472,12642
2000-07-31,15137,12112
2000-08-31,15742,12217
2000-09-30,14981,11622
2000-10-31,14601,11348
2000-11-30,14238,10922
2000-12-31,14801,11310
2001-01-31,15253,11305
2001-02-28,14331,10457
2001-03-31,13873,9760
2001-04-30,14641,10438
2001-05-31,14745,10070
2001-06-30,14282,9658
2001-07-31,13870,9482
2001-08-31,13220,9242
2001-09-30,11862,8306
2001-10-31,12196,8519
2001-11-30,12828,8833
2001-12-31,13306,8885
2002-01-31,13306,8413
2002-02-28,13574,8472
2002-03-31,14215,8930
2002-04-30,14636,8989
2002-05-31,14330,9103
2002-06-30,13736,8741
2002-07-31,12656,7878
2002-08-31,12608,7860
2002-09-30,11441,7016
2002-10-31,11900,7393
2002-11-30,12282,7729
2002-12-31,11976,7469
2003-01-31,11316,7157
2003-02-28,11029,6993
2003-03-31,10867,6855
2003-04-30,12082,7527
2003-05-31,12646,7983
2003-06-30,13163,8176
2003-07-31,13574,8374
2003-08-31,14243,8576
2003-09-30,14473,8841
2003-10-31,15305,9392
2003-11-30,15764,9601
2003-12-31,16845,10351
2004-01-31,17209,10497
2004-02-29,17419,10739
2004-03-31,17706,10800
2004-04-30,17018,10556
2004-05-31,17018,10591
2004-06-30,17429,10823
2004-07-31,16941,10472
2004-08-31,17104,10518
2004-09-30,17678,10793
2004-10-31,18041,11161
2004-11-30,19045,11923
2004-12-31,19937,12446
2005-01-31,19552,12218
2005-02-28,20351,12746
2005-03-31,19947,12426
2005-04-30,19447,12134
2005-05-31,19947,12140
2005-06-30,20274,12301
2005-07-31,21264,12678
2005-08-31,21524,12998
2005-09-30,22477,13577
2005-10-31,21954,13180
2005-11-30,22590,13503
2005-12-31,23567,14131
2006-01-31,25303,14999
2006-02-28,25185,14966
2006-03-31,25909,15459
2006-04-30,27127,16197
2006-05-31,25880,15568
2006-06-30,25939,15567
2006-07-31,26236,15721
2006-08-31,26890,16153
2006-09-30,26916,16178
2006-10-31,27893,16808
2006-11-30,28601,17310
2006-12-31,29720,17853
2007-01-31,29833,17974
2007-02-28,29649,18119
2007-03-31,30663,18581
2007-04-30,32425,19406
2007-05-31,33654,19747
2007-06-30,34454,19771
2007-07-31,34845,19480
2007-08-31,35566,19175
2007-09-30,37997,20201
2007-10-31,40012,20995
2007-11-30,38356,20305
2007-12-31,38099,19848
2008-01-31,34164,18014
2008-02-29,34726,18272
2008-03-31,34041,18080
2008-04-30,35929,19061
2008-05-31,35952,19247
2008-06-30,33198,17673
2008-07-31,32382,17105
2008-08-31,30829,16412
2008-09-30,27567,14039
2008-10-31,22402,11206
2008-11-30,21365,10601
2008-12-31,22232,11238
2009-01-31,20162,10135
2009-02-28,18801,9095
2009-03-31,19887,9672
2009-04-30,21980,10910
2009-05-31,24611,12201
2009-06-30,24442,12132
2009-07-31,26703,13239
2009-08-31,27014,13959
2009-09-30,28244,14493
2009-10-31,28244,14312
2009-11-30,28984,14599
2009-12-31,29342,14809
2010-01-31,28024,14157
2010-02-28,28128,14059
2010-03-31,29901,14937
2010-04-30,29797,14667
2010-05-31,27294,12979
2010-06-30,27155,12850
2010-07-31,29158,14068
2010-08-31,28331,13632
2010-09-30,31041,14967
2010-10-31,32372,15508
2010-11-30,31461,14761
2010-12-31,33494,15957
2011-01-31,33740,16333
2011-02-28,34944,16872
2011-03-31,34956,16494
2011-04-30,36924,17479
2011-05-31,36022,16963
2011-06-30,35383,16751
2011-07-31,34675,16484
2011-08-31,31221,14996
2011-09-30,28008,13567
2011-10-31,30969,14875
2011-11-30,29879,14154
2011-12-31,29160,14019
2012-01-31,30892,14767
2012-02-29,32518,15615
2012-03-31,32429,15542
2012-04-30,32334,15238
2012-05-31,29098,13488
2012-06-30,30207,14434
2012-07-31,30950,14598
2012-08-31,31130,14990
2012-09-30,32062,15433
2012-10-31,32363,15562
2012-11-30,32892,15938
2012-12-31,33782,16447
2013-01-31,35345,17315
2013-02-28,34503,17150
2013-03-31,34630,17291
2013-04-30,35753,18192
2013-05-31,35656,17753
2013-06-30,34116,17122
2013-07-31,35878,18026
2013-08-31,35210,17787
2013-09-30,37494,19102
2013-10-31,37823,19744
2013-11-30,38664,19896
2013-12-31,39110,20193
2014-01-31,36573,19380
2014-02-28,37988,20458
2014-03-31,37305,20327
2014-04-30,37305,20621
2014-05-31,37683,20956
2014-06-30,38122,21158
2014-07-31,37520,20743
2014-08-31,37987,20711
2014-09-30,37580,19915
2014-10-31,37654,19626
2014-11-30,38616,19893
2014-12-31,36938,19204
2015-01-31,37733,19297
2015-02-28,39809,20451
2015-03-31,39728,20140
2015-04-30,42463,20963
2015-05-31,42908,20855
2015-06-30,41728,20264
2015-07-31,42528,20685
2015-08-31,39734,19164
2015-09-30,38201,18191
2015-10-31,40326,19612
2015-11-30,39854,19307
2015-12-31,39405,19047
2016-01-31,36615,17670
2016-02-29,35611,17346
2016-03-31,37731,18475
2016-04-30,38624,19010
2016-05-31,38401,18837
2016-06-30,36632,18205
2016-07-31,38116,19127
2016-08-31,38583,19141
2016-09-30,39047,19376
2016-10-31,38397,18980
2016-11-30,37714,18602
2016-12-31,38462,19238
2017-01-31,39193,19796
2017-02-28,39193,20079
2017-03-31,41137,20632
2017-04-30,42439,21157
2017-05-31,44066,21933
2017-06-30,44822,21894
2017-07-31,46195,22526
2017-08-31,45313,22517
2017-09-30,46578,23078
2017-10-31,47120,23428
2017-11-30,47533,23674
2017-12-31,48258,24054
2018-01-31,51293,25260
2018-02-28,48258,24120
2018-03-31,47151,23685
2018-04-30,47533,24226
2018-05-31,46540,23682
2018-06-30,44975,23392
2018-07-31,46273,23968
2018-08-31,44860,23505
2018-09-30,44803,23709
2018-10-31,40851,21822
2018-11-30,41520,21795
2018-12-31,38693,20737
2019-01-31,42152,22099
2019-02-28,43765,22663
2019-03-31,44756,22806
2019-04-30,47321,23447
2019-05-31,44290,22321
2019-06-30,46738,23645
2019-07-31,46350,23345
2019-08-31,45553,22740
2019-09-30,46039,23392
2019-10-31,47516,24232
2019-11-30,48240,24505
2019-12-31,49948,25302
2020-01-31,49326,24773
2020-02-29,46610,22534
2020-03-31,40224,19526
2020-04-30,42878,20788
2020-05-31,45677,21693
2020-06-30,47688,22432
2020-07-31,50964,22954
2020-08-31,54426,24135
2020-09-30,53286,23507
2020-10-31,52540,22569
2020-11-30,58833,26067
2020-12-31,61317,27279
2021-01-31,61788,26989
2021-02-28,63480,27594
2021-03-31,63908,28228
2021-04-30,65599,29078
2021-05-31,68640,30026
2021-06-30,66627,29688
2021-07-31,64978,29912
2021-08-31,65856,30439
2021-09-30,63972,29556
2021-10-31,66220,30283
2021-11-30,63769,28873
2021-12-31,65980,30352
2022-01-31,63784,28885
2022-02-28,59953,28374
2022-03-31,58879,28557
2022-04-30,55048,26709
2022-05-31,55926,26910
2022-06-30,51852,24413
2022-07-31,53608,25629
2022-08-31,51144,24412
2022-09-30,46288,22128
2022-10-31,47484,23318
2022-11-30,54999,25945
2022-12-31,54957,25965
2023-01-31,59885,28068
2023-02-28,57172,27482

Hypothetical Growth of $10,000

(As of 28 Feb 2023)

(Hypothetical Growth of $10,000 vs MSCI EAFE NTR)

                        Categories,I Shares,MSCI EAFE NTR
                        2022-02-28,10000,10000
2022-03-31,9821,10064
2022-04-30,9182,9413
2022-05-31,9328,9484
2022-06-30,8649,8604
2022-07-31,8942,9032
2022-08-31,8531,8603
2022-09-30,7721,7799
2022-10-31,7920,8218
2022-11-30,9174,9144
2022-12-31,9167,9151
2023-01-31,9989,9892
2023-02-28,9536,9686

                        Categories,I Shares,MSCI EAFE NTR
                        2020-02-29,10000,10000
2020-03-31,8630,8665
2020-04-30,9199,9225
2020-05-31,9800,9627
2020-06-30,10231,9955
2020-07-31,10934,10187
2020-08-31,11677,10710
2020-09-30,11432,10432
2020-10-31,11272,10016
2020-11-30,12622,11568
2020-12-31,13155,12106
2021-01-31,13257,11977
2021-02-28,13619,12246
2021-03-31,13711,12527
2021-04-30,14074,12904
2021-05-31,14726,13325
2021-06-30,14295,13175
2021-07-31,13941,13274
2021-08-31,14129,13508
2021-09-30,13725,13116
2021-10-31,14207,13439
2021-11-30,13682,12813
2021-12-31,14156,13469
2022-01-31,13685,12819
2022-02-28,12863,12592
2022-03-31,12632,12673
2022-04-30,11810,11853
2022-05-31,11999,11942
2022-06-30,11125,10834
2022-07-31,11502,11374
2022-08-31,10973,10833
2022-09-30,9931,9820
2022-10-31,10188,10348
2022-11-30,11800,11514
2022-12-31,11791,11523
2023-01-31,12848,12456
2023-02-28,12266,12196

                        Categories,I Shares,MSCI EAFE NTR
                        2018-02-28,10000,10000
2018-03-31,9771,9820
2018-04-30,9850,10044
2018-05-31,9644,9818
2018-06-30,9320,9698
2018-07-31,9589,9937
2018-08-31,9296,9745
2018-09-30,9284,9830
2018-10-31,8465,9047
2018-11-30,8604,9036
2018-12-31,8018,8597
2019-01-31,8735,9162
2019-02-28,9069,9396
2019-03-31,9274,9455
2019-04-30,9806,9721
2019-05-31,9178,9254
2019-06-30,9685,9803
2019-07-31,9605,9679
2019-08-31,9439,9428
2019-09-30,9540,9698
2019-10-31,9846,10046
2019-11-30,9996,10160
2019-12-31,10350,10490
2020-01-31,10221,10271
2020-02-29,9658,9342
2020-03-31,8335,8095
2020-04-30,8885,8618
2020-05-31,9465,8994
2020-06-30,9882,9300
2020-07-31,10561,9517
2020-08-31,11278,10006
2020-09-30,11042,9746
2020-10-31,10887,9357
2020-11-30,12191,10807
2020-12-31,12706,11310
2021-01-31,12804,11189
2021-02-28,13154,11440
2021-03-31,13243,11703
2021-04-30,13593,12055
2021-05-31,14223,12449
2021-06-30,13806,12308
2021-07-31,13465,12401
2021-08-31,13647,12620
2021-09-30,13256,12254
2021-10-31,13722,12555
2021-11-30,13214,11971
2021-12-31,13672,12584
2022-01-31,13217,11976
2022-02-28,12423,11764
2022-03-31,12201,11839
2022-04-30,11407,11073
2022-05-31,11589,11156
2022-06-30,10745,10121
2022-07-31,11109,10626
2022-08-31,10598,10121
2022-09-30,9592,9174
2022-10-31,9840,9668
2022-11-30,11397,10756
2022-12-31,11388,10765
2023-01-31,12409,11637
2023-02-28,11847,11394

                        Categories,I Shares,MSCI EAFE NTR
                        2013-02-28,10000,10000
2013-03-31,10037,10082
2013-04-30,10362,10607
2013-05-31,10334,10351
2013-06-30,9888,9984
2013-07-31,10398,10510
2013-08-31,10205,10371
2013-09-30,10867,11138
2013-10-31,10962,11513
2013-11-30,11206,11601
2013-12-31,11335,11774
2014-01-31,10600,11300
2014-02-28,11010,11928
2014-03-31,10812,11852
2014-04-30,10812,12024
2014-05-31,10922,12219
2014-06-30,11049,12337
2014-07-31,10874,12095
2014-08-31,11010,12076
2014-09-30,10892,11612
2014-10-31,10913,11443
2014-11-30,11192,11599
2014-12-31,10706,11197
2015-01-31,10936,11252
2015-02-28,11538,11925
2015-03-31,11514,11743
2015-04-30,12307,12223
2015-05-31,12436,12160
2015-06-30,12094,11816
2015-07-31,12326,12061
2015-08-31,11516,11174
2015-09-30,11072,10606
2015-10-31,11688,11436
2015-11-30,11551,11258
2015-12-31,11421,11106
2016-01-31,10612,10303
2016-02-29,10321,10114
2016-03-31,10936,10772
2016-04-30,11194,11084
2016-05-31,11130,10983
2016-06-30,10617,10615
2016-07-31,11047,11153
2016-08-31,11183,11161
2016-09-30,11317,11298
2016-10-31,11128,11067
2016-11-30,10931,10846
2016-12-31,11147,11217
2017-01-31,11359,11542
2017-02-28,11359,11708
2017-03-31,11923,12030
2017-04-30,12300,12336
2017-05-31,12772,12789
2017-06-30,12991,12766
2017-07-31,13389,13134
2017-08-31,13133,13129
2017-09-30,13500,13456
2017-10-31,13657,13660
2017-11-30,13777,13804
2017-12-31,13987,14025
2018-01-31,14866,14729
2018-02-28,13987,14064
2018-03-31,13666,13810
2018-04-30,13776,14126
2018-05-31,13489,13808
2018-06-30,13035,13640
2018-07-31,13411,13975
2018-08-31,13002,13705
2018-09-30,12985,13824
2018-10-31,11840,12724
2018-11-30,12034,12708
2018-12-31,11214,12091
2019-01-31,12217,12886
2019-02-28,12684,13214
2019-03-31,12972,13298
2019-04-30,13715,13671
2019-05-31,12836,13015
2019-06-30,13546,13787
2019-07-31,13433,13612
2019-08-31,13203,13259
2019-09-30,13343,13639
2019-10-31,13771,14129
2019-11-30,13981,14289
2019-12-31,14476,14753
2020-01-31,14296,14445
2020-02-29,13509,13139
2020-03-31,11658,11385
2020-04-30,12427,12121
2020-05-31,13238,12649
2020-06-30,13821,13079
2020-07-31,14771,13384
2020-08-31,15774,14072
2020-09-30,15444,13707
2020-10-31,15227,13159
2020-11-30,17051,15199
2020-12-31,17772,15906
2021-01-31,17908,15736
2021-02-28,18398,16089
2021-03-31,18522,16459
2021-04-30,19013,16955
2021-05-31,19894,17508
2021-06-30,19310,17311
2021-07-31,18833,17441
2021-08-31,19087,17749
2021-09-30,18541,17233
2021-10-31,19193,17657
2021-11-30,18482,16835
2021-12-31,19123,17697
2022-01-31,18486,16842
2022-02-28,17376,16544
2022-03-31,17065,16651
2022-04-30,15954,15574
2022-05-31,16209,15690
2022-06-30,15028,14234
2022-07-31,15537,14944
2022-08-31,14823,14234
2022-09-30,13416,12902
2022-10-31,13762,13596
2022-11-30,15940,15128
2022-12-31,15928,15140
2023-01-31,17356,16366
2023-02-28,16570,16024

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 ($)
            2001-06-30,0.13100
2004-12-31,0.11222
2005-09-30,0.18088
2005-11-30,0.40477
2006-03-31,0.09469
2006-09-30,0.19707
2006-11-30,0.64859
2006-12-31,0.10537
2007-06-30,0.15838
2007-09-30,0.13948
2007-11-30,2.87886
2007-12-31,0.04080
2008-06-30,0.23907
2008-09-30,0.14908
2008-12-31,0.05862
2009-06-30,0.18271
2009-09-30,0.06555
2010-03-31,0.05294
2010-06-30,0.11403
2010-09-30,0.08706
2010-12-31,0.03003
2011-03-31,0.04937
2011-06-30,0.18720
2011-09-30,0.10483
2011-12-31,0.04280
2012-03-31,0.07653
2012-06-30,0.17631
2012-09-30,0.09902
2013-03-31,0.10535
2013-06-30,0.17835
2013-09-30,0.10066
2013-12-31,0.02593
2014-06-30,0.22927
2014-09-30,0.15051
2014-11-30,2.52021
2014-12-31,0.05324
2015-06-30,0.20161
2015-09-30,0.12842
2015-11-30,4.25368
2015-12-31,0.01831
2016-06-30,0.25307
2016-09-30,0.19705
2017-03-31,0.02574
2017-06-30,0.12415
2017-09-30,0.12458
2017-11-30,4.02883
2017-12-31,0.00979
2018-12-31,0.35105
2019-11-30,1.28372
2019-12-31,0.28133
2020-11-30,0.76614
2020-12-31,0.12461
2021-11-30,3.43433
2021-12-31,0.40625
2022-12-31,0.44390

            Ex Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
            2001-06-29,0.13100,0.13100,0,0
2004-12-31,0.11222,0.11222,0,0
2005-09-30,0.18088,0.18088,0,0
2005-11-17,0.40477,0,0.08666,0.31811
2006-03-30,0.09469,0.09469,0,0
2006-09-27,0.19707,0.19707,0,0
2006-11-17,0.64859,0,0.05849,0.59010
2006-12-26,0.10537,0.10537,0,0
2007-06-26,0.15838,0.15838,0,0
2007-09-26,0.13948,0.13948,0,0
2007-11-19,2.87886,0,1.40945,1.46941
2007-12-26,0.04080,0.04080,0,0
2008-06-26,0.23907,0.23907,0,0
2008-09-26,0.14908,0.14908,0,0
2008-12-26,0.05862,0.05862,0,0
2009-06-26,0.18271,0.18271,0,0
2009-09-25,0.06555,0.06555,0,0
2010-03-26,0.05294,0.05294,0,0
2010-06-25,0.11403,0.11403,0,0
2010-09-24,0.08706,0.08706,0,0
2010-12-27,0.03003,0.03003,0,0
2011-03-25,0.04937,0.04937,0,0
2011-06-24,0.18720,0.18720,0,0
2011-09-26,0.10483,0.10483,0,0
2011-12-23,0.04280,0.04280,0,0
2012-03-26,0.07653,0.07653,0,0
2012-06-25,0.17631,0.17631,0,0
2012-09-24,0.09902,0.09902,0,0
2013-03-22,0.10535,0.10535,0,0
2013-06-24,0.17835,0.17835,0,0
2013-09-24,0.10066,0.10066,0,0
2013-12-24,0.02593,0.02593,0,0
2014-06-24,0.22927,0.22927,0,0
2014-09-24,0.15051,0.15051,0,0
2014-11-19,2.52021,0,0.00000,2.52021
2014-12-24,0.05324,0.05324,0,0
2015-06-24,0.20161,0.20161,0,0
2015-09-24,0.12842,0.12842,0,0
2015-11-19,4.25368,0,0.00000,4.25368
2015-12-24,0.01831,0.01831,0,0
2016-06-24,0.25307,0.25307,0,0
2016-09-26,0.19705,0.19705,0,0
2017-03-24,0.02574,0.02574,0,0
2017-06-23,0.12415,0.12415,0,0
2017-09-22,0.12458,0.12458,0,0
2017-11-17,4.02883,0,0.64275,3.38608
2017-12-22,0.00979,0.00979,0,0
2018-12-21,0.35105,0.35105,0,0
2019-11-14,1.28372,0,0.00000,1.28372
2019-12-20,0.28133,0.28133,0,0
2020-11-19,0.76614,0,0.38436,0.38178
2020-12-17,0.12461,0.12461,0,0
2021-11-18,3.43433,0,1.31246,2.12187
2021-12-16,0.40625,0.40625,0,0
2022-12-15,0.44390,0.44390,0,0

Distributions

(As of 31 Dec 2022)

Ex-Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

29 Jun 2001

0.13100

—

31 Dec 2004

0.11222

—

30 Sep 2005

0.18088

—

17 Nov 2005

0.40477

—

0.08666

0.31811

30 Mar 2006

0.09469

—

27 Sep 2006

0.19707

—

17 Nov 2006

0.64859

—

0.05849

0.59010

26 Dec 2006

0.10537

—

26 Jun 2007

0.15838

—

26 Sep 2007

0.13948

—

19 Nov 2007

2.87886

—

1.40945

1.46941

26 Dec 2007

0.04080

—

26 Jun 2008

0.23907

—

26 Sep 2008

0.14908

—

26 Dec 2008

0.05862

—

26 Jun 2009

0.18271

—

25 Sep 2009

0.06555

—

26 Mar 2010

0.05294

—

25 Jun 2010

0.11403

—

24 Sep 2010

0.08706

—

27 Dec 2010

0.03003

—

25 Mar 2011

0.04937

—

24 Jun 2011

0.18720

—

26 Sep 2011

0.10483

—

23 Dec 2011

0.04280

—

26 Mar 2012

0.07653

—

25 Jun 2012

0.17631

—

24 Sep 2012

0.09902

—

22 Mar 2013

0.10535

—

24 Jun 2013

0.17835

—

24 Sep 2013

0.10066

—

24 Dec 2013

0.02593

—

24 Jun 2014

0.22927

—

24 Sep 2014

0.15051

—

19 Nov 2014

2.52021

—

0.00000

2.52021

24 Dec 2014

0.05324

—

24 Jun 2015

0.20161

—

24 Sep 2015

0.12842

—

19 Nov 2015

4.25368

—

0.00000

4.25368

24 Dec 2015

0.01831

—

24 Jun 2016

0.25307

—

26 Sep 2016

0.19705

—

24 Mar 2017

0.02574

—

23 Jun 2017

0.12415

—

22 Sep 2017

0.12458

—

17 Nov 2017

4.02883

—

0.64275

3.38608

22 Dec 2017

0.00979

—

21 Dec 2018

0.35105

—

14 Nov 2019

1.28372

—

0.00000

1.28372

20 Dec 2019

0.28133

—

19 Nov 2020

0.76614

—

0.38436

0.38178

17 Dec 2020

0.12461

—

18 Nov 2021

3.43433

—

1.31246

2.12187

16 Dec 2021

0.40625

—

15 Dec 2022

0.44390

—

Fund Facts

(As of 28 Feb 2023)

Net Fund Assets

$2.5 B

Benchmark

MSCI ACWI ex US (GR/NR)

Morningstar Category

Foreign Large Blend

Fund Symbol

TGVIX

Share Class

Share Class Inception Date

30 Mar 2001

Number of Holdings

Portfolio Turnover

49%

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 28 Feb 2023)

Portfolio

Benchmark

Weighted Average Market Cap

$128.8 B

$83.0 B

Median Market Cap

$54.1 B

$8.6 B

Price to Earnings - Forward 1YR

14.3x

12.3x

Price to Earnings - Trailing 12 Months

14.4x

12.2x

Price to Cash Flow

7.6x

7.1x

Portfolio

Benchmark

Price to Book Value

2.3x

1.7x

Return on Assets - 5 YR

6.4%

7.3%

Return on Equity - 5 YR

17.5%

14.8%

Historical 3YR Sales Growth

11.0%

12.3%

Active Share

85.4%

—

Risk & Return Profile

(As of 28 Feb 2023)

10y

Annualized Alpha (%)

2.50

2.36

1.85

Beta

0.98

0.92

R-Squared (%)

69.20

68.25

66.70

Standard Deviation (%)

21.49

18.47

15.79

Sharpe Ratio

0.28

0.11

0.27

Information Ratio

0.15

0.17

0.14

Up Capture (%)

92.45

94.95

88.92

Down Capture (%)

90.44

92.82

86.88

Past performance does not guarantee future results.

Portfolio

Top Holdings

(As of 31 Jan 2023)

Name

Ticker/Symbol

Sector

Weight %

TotalEnergies SE

TTE

Energy

4.1

Kweichow Moutai Co. Ltd.

600519

Consumer Staples

3.6

China Merchants Bank Co. Ltd.

600036

Financials

3.6

Tencent Holdings Ltd.

700

Communication Services

3.3

ABB Ltd.

ABBN

Industrials

3.2

Alibaba Group Holding Ltd.

9988

Consumer Discretionary

3.1

Canadian Pacific Railway Ltd.

Industrials

2.9

Hong Kong Exchanges & Clearing Ltd.

388

Financials

2.9

Seven & i Holdings Co. Ltd.

3382

Consumer Staples

2.9

Meituan

3690

Consumer Discretionary

2.8

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 28 Feb 2023)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Industrials

17.2

12.5

Financials

12.8

21.3

Consumer Discretionary

12.6

11.6

Consumer Staples

11.2

8.6

Communication Services

8.4

5.9

Utilities

7.7

3.1

Information Technology

7.4

11.3

Materials

6.6

8.2

Health Care

6.3

9.3

Energy

5.5

5.9

Cash & Cash Equivalents

4.4

—

Unassigned

0.0

—

Real Estate

0.0

2.2

Sector Allocation

Fund (%)

Industrials

17.2

Financials

12.8

Consumer Discretionary

12.6

Consumer Staples

11.2

Communication Services

8.4

Utilities

7.7

Information Technology

7.4

Materials

6.6

Health Care

6.3

Energy

5.5

Cash & Cash Equivalents

4.4

Unassigned

0.0

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Capital Goods

12.4

8.5

Utilities

7.7

3.1

Banks

6.6

12.9

Materials

6.6

8.2

Energy

5.5

5.9

Pharmaceuticals, Biotechnology & Life Sciences

5.2

7.5

Media & Entertainment

5.0

3.0

Retailing

4.9

3.2

Consumer Durables & Apparel

4.6

3.5

Household & Personal Products

3.9

2.0

Top 10 Industries

Fund (%)

Capital Goods

12.4

Utilities

7.7

Banks

6.6

Materials

6.6

Energy

5.5

Pharmaceuticals, Biotechnology & Life Sciences

5.2

Media & Entertainment

5.0

Retailing

4.9

Consumer Durables & Apparel

4.6

Household & Personal Products

3.9

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

France

18.6

8.0

Europe ex UK

Japan

15.4

13.8

Japan

China

14.9

8.8

Asia Pacific ex Japan

Netherlands

6.9

2.9

Europe ex UK

United Kingdom

6.5

9.9

Switzerland

5.9

6.4

Europe ex UK

Spain

5.8

1.7

Europe ex UK

Hong Kong

5.8

1.8

Asia Pacific ex Japan

Canada

5.0

7.7

North America

Italy

3.5

1.5

Europe ex UK

Top 10 Countries

Fund (%)

France

18.6

Japan

15.4

China

14.9

Netherlands

6.9

United Kingdom

6.5

Switzerland

5.9

Spain

5.8

Hong Kong

5.8

Canada

5.0

Italy

3.5

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Unassigned

0.0

—

Large Cap (> $12 B)

98.3

81.6

Mid Cap ($2.5 to $12 B)

1.7

18.2

Small Cap (< $2.5 B)

0.0

0.3

Capitalization

Fund (%)

Unassigned

0.0

Large Cap (> $12 B)

98.3

Mid Cap ($2.5 to $12 B)

1.7

Small Cap (< $2.5 B)

0.0

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.

The percentages may not add up to 100 due to rounding.

Portfolio Managers

Lei Wang, CFA

Portfolio Manager and Managing Director

Lei Wang is portfolio manager for Thornburg Investment Management. He joined Thornburg Investment Management in 2004 as associate portfolio manager and was promoted to portfolio manager in 2006. Lei holds a BA and an MA from East China Normal University and an MBA from New York University. He is a CFA charterholder. Prior to joining Thornburg, he served as an…

Learn More

Matt Burdett

Portfolio Manager and Managing Director

Matt Burdett is portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager and was promoted to portfolio manager in 2018. Matt spent several years as a senior vice president and portfolio manager at PIMCO, where he co-managed various dividend-oriented strategies. Prior to his time at PIMCO, Matt worked as an equity analyst…

Learn More

Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Report

Semi-annual report

Prospectus

Statement of Additional Information (SAI)

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.

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.

© 2023 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 Corporation.

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 Corporation (TSC) does not act as broker of record for investors.

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Thornburg International Equity 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

Lei Wang, CFA

Matt Burdett

Literature

Important Information

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Where Are the Opportunities Hiding in International Equities?

Yield Is Back! But Inflation May Prove Sticky for the Fed

Are General Obligation Bonds the Safest Municipal Bonds?

Why International and Why Now?

Life’s Best Gifts Are Yours

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Thornburg International Equity 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

Lei Wang, CFA

Matt Burdett

Literature

Important Information

More Insights

The Situation Remains Fluid: An Update on the Banking Industry

Where Are the Opportunities Hiding in International Equities?

Yield Is Back! But Inflation May Prove Sticky for the Fed

Are General Obligation Bonds the Safest Municipal Bonds?

Why International and Why Now?

Life’s Best Gifts Are Yours