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Welcome to Thornburg

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Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.

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Reference to a fund or security anywhere on this website is not a recommendation to buy, sell or hold that or any other security. The information is not a complete analysis of every material fact concerning any market, industry, or investment, nor is it intended to predict the performance of any investment or market.

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Thornburg International Equity Fund

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 3 stars among 700, 608 and 419 funds, as of 31 Oct 2022.

As of 31 Oct 2022
Fund Assets
$2.1 B
As of 31 Oct 2022
NAV
$22.54
As of 30 Nov 2022
Change
$0.55
As of 30 Nov 2022
YTD NAV Performance
-16.64%
As of 30 Nov 2022
Asset Category:
International Equity
Fund Benchmark:
MSCI ACWI ex US (GR/NR)
Portfolio Managers
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

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.

Performance

Performance

Returns

(As of 30 Sep 2022)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-29.84
-27.64
0.18
-0.12
3.74
6.50
MSCI ACWI ex US (GR/NR) (%)
-26.50
-25.17
-1.52
-0.81
3.01
3.74
MSCI EAFE NTR (%)
-27.09
-25.13
-1.83
-0.84
3.67
3.32
Morningstar Category Avg. (%)
-27.41
-25.51
-1.79
-1.12
3.31
Morningstar Quartile
4
1
1
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-16.64
-13.75
4.47
2.96
5.28
7.20
MSCI ACWI ex US (GR/NR) (%)
-15.37
-11.87
1.75
1.48
4.23
4.31
MSCI EAFE NTR (%)
-14.52
-10.14
1.92
1.85
4.99
3.97
Morningstar Category Avg. (%)
-23.93
-24.04
-1.29
-0.51
3.75
Morningstar Quartile
4
1
2
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-29.84
-27.64
0.54
-0.62
44.37
362.88
MSCI ACWI ex US (GR/NR) (%)
-26.50
-25.17
-4.49
-4.00
34.48
144.19
MSCI EAFE NTR (%)
-27.09
-25.13
-5.40
-4.11
43.38
121.28
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-16.64
-13.75
14.01
15.71
67.21
449.99
MSCI ACWI ex US (GR/NR) (%)
-15.37
-11.87
5.34
7.63
51.36
181.18
MSCI EAFE NTR (%)
-14.52
-10.14
5.87
9.59
62.79
159.45
2016
2017
2018
2019
2020
2021
Total Return (%)
-2.39
25.47
-19.82
29.09
22.76
7.60
MSCI ACWI ex US (GR/NR) (%)
4.50
27.19
-14.20
21.51
10.65
7.82
MSCI EAFE NTR (%)
1.00
25.03
-13.79
22.01
7.82
11.26
Fund Fees

Fund Fees

(As of 30 Sep 2022)
Gross Expense Ratio (%)
0.94
Net Expense Ratio (%)
0.90
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Nov 2022)
(Hypothetical Growth of $10,000 vs MSCI EAFE NTR)
Distributions

Distributions

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

Fund Facts

(As of 31 Oct 2022)
Net Fund Assets
$2.1 B
Benchmark
MSCI ACWI ex US (GR/NR)
Morningstar Category
Foreign Large Blend
Fund Symbol
TGVIX
Share Class
I
Share Class Inception Date
30 Mar 2001
Number of Holdings
52
Portfolio Turnover
49%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2022)
Portfolio
Benchmark
Weighted Average Market Cap
$107.7 B
$69.9 B
Median Market Cap
$47.5 B
$7.5 B
Price to Earnings - Forward 1YR
12.8x
10.9x
Price to Earnings - Trailing 12 Months
15.1x
11.8x
Price to Cash Flow
7.9x
7.2x
Portfolio
Benchmark
Price to Book Value
2.2x
1.6x
Return on Assets - 5 YR
7.6%
7.3%
Return on Equity - 5 YR
17.5%
14.8%
Historical 3YR Sales Growth
7.2%
8.0%
Active Share
85.5%
Risk & Return Profile

Risk & Return Profile

(As of 31 Oct 2022)
3y
5y
10y
Annualized Alpha (%)
2.29
1.25
1.22
Beta
0.97
0.97
0.92
R-Squared (%)
69.09
66.67
66.44
Standard Deviation (%)
20.96
18.18
15.54
Sharpe Ratio
-0.03
-0.06
0.20
Information Ratio
0.14
0.07
0.07
Up Capture (%)
91.69
93.71
88.10
Down Capture (%)
90.21
92.91
86.84
Portfolio

Portfolio

Top Holdings

(As of 31 Oct 2022)
Name
Ticker/Symbol
Sector
Weight %
TotalEnergies SE
TTE
Energy
5.7
LVMH Moet Hennessy Louis Vuitton SE
MC
Consumer Discretionary
3.4
Canadian Pacific Railway Ltd.
CP
Industrials
3.4
ABB Ltd.
ABBN
Industrials
3.1
AstraZeneca plc
AZN
Health Care
2.9
Roche Holding AG
ROG
Health Care
2.9
Linde plc
LIN
Materials
2.9
Mastercard, Inc.
MA
Information Technology
2.8
Seven & i Holdings Co. Ltd.
3382
Consumer Staples
2.8
Keyence Corp.
6861
Information Technology
2.6
Exposure Breakdown

Exposure Breakdown

(As of 31 Oct 2022)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
18.6
12.5
Information Technology
13.3
10.9
Financials
11.4
20.9
Consumer Staples
9.0
9.1
Consumer Discretionary
8.3
10.7
Utilities
7.0
3.3
Energy
6.9
6.6
Communication Services
6.8
5.7
Health Care
6.6
10.0
Materials
6.4
8.1
Cash & Cash Equivalents
5.8
Real Estate
0.0
2.2
Sector Allocation
Fund (%)
Industrials
18.6
Information Technology
13.3
Financials
11.4
Consumer Staples
9.0
Consumer Discretionary
8.3
Utilities
7.0
Energy
6.9
Communication Services
6.8
Health Care
6.6
Materials
6.4
Cash & Cash Equivalents
5.8
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
12.0
8.2
Utilities
7.0
3.3
Energy
6.9
6.6
Materials
6.4
8.1
Pharmaceuticals, Biotechnology & Life Sciences
5.9
8.1
Consumer Durables & Apparel
5.7
3.0
Software & Services
5.4
3.3
Insurance
5.1
4.5
Technology Hardware & Equipment
5.1
3.8
Transportation
4.4
2.8
Top 10 Industries
Fund (%)
Capital Goods
12.0
Utilities
7.0
Energy
6.9
Materials
6.4
Pharmaceuticals, Biotechnology & Life Sciences
5.9
Consumer Durables & Apparel
5.7
Software & Services
5.4
Insurance
5.1
Technology Hardware & Equipment
5.1
Transportation
4.4
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
France
20.4
7.5
Europe ex UK
Japan
15.1
14.1
Japan
China
9.2
7.4
Asia Pacific ex Japan
Switzerland
7.4
6.7
Europe ex UK
Spain
5.9
1.6
Europe ex UK
United Kingdom
5.8
10.0
UK
Canada
5.2
8.5
North America
Netherlands
5.1
2.6
Europe ex UK
United States
4.4
0.1
North America
Hong Kong
4.2
1.6
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
France
20.4
Japan
15.1
China
9.2
Switzerland
7.4
Spain
5.9
United Kingdom
5.8
Canada
5.2
Netherlands
5.1
United States
4.4
Hong Kong
4.2
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
97.9
79.0
Mid Cap ($2.5 to $12 B)
2.1
20.3
Small Cap (< $2.5 B)
0.0
0.7
Capitalization
Fund (%)
Large Cap (> $12 B)
97.9
Mid Cap ($2.5 to $12 B)
2.1
Small Cap (< $2.5 B)
0.0
Portfolio Managers

Portfolio Managers

Lei Wang, CFA
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…
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Matt Burdett
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

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