Unsubscribe

Confirm you would like to unsubscribe from this list

Don't save
Cancel

Remove strategy

Confirm you would like to remove this strategy from your list

Welcome to Thornburg

Please select your location and role to help personalize the site.
Please review our Terms & Conditions

TERMS AND CONDITIONS OF USE

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.

Disclaimers

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.

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.

All opinions and estimates included on this website constitute judgements of Thornburg as at the date of this website and are subject to change without notice.

All information and contents of this website are furnished "as is." Data has been obtained from sources considered reliable, but Thornburg makes no representation as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg disclaims, to the fullest extent of the law, any implied or express warranty of any kind, including without limitation the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

If you live in a state that does not allow disclaimers of implied warranties, our disclaimer may not apply to you.

Although Thornburg intends the information contained in this website to be accurate and reliable, errors sometimes occur. Thornburg does not warrant that the information to be free of errors, that the functions contained in the site will be uninterrupted, that defects will be corrected or that the site and servers are free from viruses or other harmful components. You agree that you are responsible for the means you use to access this website and understand that your hardware, software, the Internet, your Internet service provider, and other third parties involved in connecting you to our website may not perform as intended or desired. We also disclaim responsibility for damages third parties may cause to you through the use of this website, whether intentional or unintentional. For example, you understand that hackers could breach our security procedures, and that we will not be responsible for any related damages.

Thornburg Investment Management, Inc. is regulated by the U.S. Securities and Exchange under U.S. laws which may differ materially from laws in other jurisdictions.

Online Privacy and Cookie Policy

Please review our Online Privacy and Cookie Policy, which is hereby incorporated by reference as part of these terms and conditions.

Third Party Content

Certain website's content has been obtained from sources that Thornburg believes to be reliable as of the date presented but Thornburg cannot guarantee the accuracy, timeliness, completeness, or suitability for use of such content. The content does not take into account individual investor's circumstances, objectives or needs. The content is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services, nor does it constitute investment advice and should not be used as the basis for any investment decision.

Suitability

No determination has been made regarding the suitability of any securities, financial instruments or strategies for any investor. The website's content is provided on the basis and subject to the explanations, caveats and warnings set out in this notice and elsewhere herein. The website's content does not purport to provide any legal, tax or accounting advice. Any discussion of risk management is intended to describe Thornburg's efforts to monitor and manage risk but does not imply low risk.

Limited License and Restrictions on Use

Except as otherwise stated in these terms of use or as expressly authorized by Thornburg in writing, you may not:

  • Modify, copy, distribute, transmit, post, display, perform, reproduce, publish, broadcast, license, create derivative works from, transfer, sell, or exploit any reports, data, information, content, software, RSS and podcast feeds, products, services, or other materials (collectively, "Materials") on, generated by or obtained from this website, whether through links or otherwise;
  • Redeliver any page, text, image or Materials on this website using "framing" or other technology;
  • Engage in any conduct that could damage, disable, or overburden (i) this website, (ii) any Materials or services provided through this website, or (iii) any systems, networks, servers, or accounts related to this website, including without limitation, using devices or software that provide repeated automated access to this website, other than those made generally available by Thornburg;
  • Probe, scan, or test the vulnerability of any Materials, services, systems, networks, servers, or accounts related to this website or attempt to gain unauthorized access to Materials, services, systems, networks, servers, or accounts connected or associated with this website through hacking, password or data mining, or any other means of circumventing any access-limiting, user authentication or security device of any Materials, services, systems, networks, servers, or accounts related to this website; or
  • Modify, copy, obscure, remove or display the Thornburg name, logo, trademarks, notices or images without Thornburg's express written permission. To obtain such permission, you may e-mail us at info@thornburg.com.

Severability, Governing Law

Failure by Thornburg to enforce any provision(s) of these terms and conditions shall not be construed as a waiver of any provision or right. This website is controlled and operated by Thornburg from its offices in Santa Fe, New Mexico. The laws of the State of New Mexico govern these terms and conditions. If you take legal action relating to these terms and conditions, you agree to file such action only in state or federal court in New Mexico and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.

Termination

You acknowledge and agree that Thornburg may restrict, suspend or terminate these terms and conditions or your access to, and use, of the all or any part this website, including any links to third-party sites, at any time, with or without cause, including but not limited to any breach of these terms and conditions, in Thornburg's absolute discretion and without prior notice or liability.

Decline
Give Us a Call

Fund Operations
800.847.0200

FIND ANOTHER CONTACT

Thornburg International Equity Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 676 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, 2 stars, 5 stars and 4 stars among 676, 617 and 407 funds, as of 31 Aug 2023.

As of 31 Aug 2023
Fund Assets
$2.5 B
As of 31 Aug 2023
NAV
$23.45
As of 29 Sep 2023
Change
$0.02
As of 29 Sep 2023
YTD NAV Performance
6.20%
As of 29 Sep 2023
Asset Category:
International Equity
Fund Benchmark:
MSCI EAFE NTR

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 Jun 2023)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
11.01
17.65
8.56
6.29
5.98
7.47
MSCI ACWI ex US (GR/NR) (%)
9.47
12.72
7.22
3.52
4.75
4.55
MSCI EAFE NTR (%)
11.67
18.77
8.93
4.39
5.41
4.33
Morningstar Category Avg. (%)
10.91
15.72
7.96
3.89
5.1
Morningstar Quartile
2
2
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
11.10
19.38
3.91
6.36
5.66
7.42
MSCI ACWI ex US (GR/NR) (%)
8.78
11.89
3.99
3.33
4.38
4.49
MSCI EAFE NTR (%)
10.87
17.92
6.05
4.14
4.93
4.27
Morningstar Category Avg. (%)
14.15
14.01
7.81
4.03
4.88
Morningstar Quartile
1
3
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
11.01
17.65
27.93
35.64
78.82
510.05
MSCI ACWI ex US (GR/NR) (%)
9.47
12.72
23.27
18.86
59.02
205.51
MSCI EAFE NTR (%)
11.67
18.77
29.26
23.95
69.34
189.95
YTD
1y
3y
5y
10y
Inception
Total Return (%)
11.10
19.38
12.18
36.10
73.41
510.55
MSCI ACWI ex US (GR/NR) (%)
8.78
11.89
12.44
17.81
53.50
203.57
MSCI EAFE NTR (%)
10.87
17.92
19.28
22.47
61.84
187.87
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
Fund Fees

Fund Fees

(As of 1 Feb 2023)
Gross Expense Ratio (%)
1.00
Net Expense Ratio (%)
0.90
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Aug 2023)
(Hypothetical Growth of $10,000 vs MSCI EAFE NTR)
Distributions

Distributions

(As of 15 Dec 2022)
Payable 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
15 Dec 2022
0.44390
0.44390
Fund Facts

Fund Facts

(As of 31 Aug 2023)
Net Fund Assets
$2.5 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
53
Portfolio Turnover
49%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2023)
Portfolio
Benchmark
Weighted Average Market Cap
$139.8 B
$43.0 B
Median Market Cap
$62.2 B
$8.5 B
Price to Earnings - Forward 1YR
14.5x
13.1x
Price to Earnings - Trailing 12 Months
15.5x
12.8x
Price to Cash Flow
7.5x
6.5x
Portfolio
Benchmark
Price to Book Value
2.1x
1.7x
Return on Assets - 5 YR
5.9%
7.3%
Return on Equity - 5 YR
15.3%
15.6%
Historical 3YR Sales Growth
14.8%
13.9%
Active Share
83.3%
Risk & Return Profile

Risk & Return Profile

(As of 30 Jun 2023)
3y
5y
10y
Annualized Alpha (%)
1.05
2.74
1.33
Beta
1.05
1.03
0.99
R-Squared (%)
92.97
92.91
89.63
Standard Deviation (%)
18.37
18.52
15.45
Sharpe Ratio
0.38
0.25
0.32
Information Ratio
0.27
0.56
0.25
Up Capture (%)
110.51
112.97
103.70
Down Capture (%)
107.45
102.61
97.96
Portfolio

Portfolio

Top Holdings

(As of 31 Jul 2023)
Name
Ticker/Symbol
Sector
Weight %
Alibaba Group Holding Ltd.
9988
Consumer Discretionary
4.0
TotalEnergies SE
TTE
Energy
3.7
Roche Holding AG
ROG
Health Care
3.5
Meituan
3690
Consumer Discretionary
3.4
Canadian Pacific Kansas City Ltd.
CP
Industrials
3.2
L'Oreal S.A.
OR
Consumer Staples
3.1
Tencent Holdings Ltd.
700
Communication Services
3.1
ING Groep N.V.
INGA
Financials
2.8
ABB Ltd.
ABBN
Industrials
2.7
Safran S.A.
SAF
Industrials
2.7
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2023)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
19.4
13.2
Financials
13.6
20.7
Consumer Discretionary
9.8
12.1
Information Technology
9.3
11.6
Consumer Staples
8.7
8.6
Utilities
7.7
3.1
Cash & Cash Equivalents
7.2
Materials
7.1
7.8
Health Care
6.4
9.7
Communication Services
5.7
5.4
Energy
5.2
5.7
Real Estate
0.0
2.1
Sector Allocation
Fund (%)
Industrials
19.4
Financials
13.6
Consumer Discretionary
9.8
Information Technology
9.3
Consumer Staples
8.7
Utilities
7.7
Cash & Cash Equivalents
7.2
Materials
7.1
Health Care
6.4
Communication Services
5.7
Energy
5.2
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
14.6
9.1
Utilities
7.7
3.1
Materials
7.1
7.8
Pharmaceuticals, Biotechnology & Life Sciences
6.0
7.8
Insurance
5.3
4.6
Energy
5.2
5.7
Banks
5.1
12.5
Semiconductors & Semiconductor Equipment
4.5
4.8
Consumer Discretionary Distribution & Retail
3.8
2.8
Consumer Staples Distribution & Retail
3.4
1.6
Top 10 Industries
Fund (%)
Capital Goods
14.6
Utilities
7.7
Materials
7.1
Pharmaceuticals, Biotechnology & Life Sciences
6.0
Insurance
5.3
Energy
5.2
Banks
5.1
Semiconductors & Semiconductor Equipment
4.5
Consumer Discretionary Distribution & Retail
3.8
Consumer Staples Distribution & Retail
3.4
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
France
19.2
8.0
Europe ex UK
Japan
12.3
14.7
Japan
Netherlands
8.9
2.8
Europe ex UK
China
8.7
8.3
Asia Pacific ex Japan
Switzerland
8.0
6.6
Europe ex UK
United States
5.7
0.2
North America
Spain
5.6
1.7
Europe ex UK
Canada
5.4
7.5
North America
Germany
5.3
5.5
Europe ex UK
Italy
3.9
1.5
Europe ex UK
Top 10 Countries
Fund (%)
France
19.2
Japan
12.3
Netherlands
8.9
China
8.7
Switzerland
8.0
United States
5.7
Spain
5.6
Canada
5.4
Germany
5.3
Italy
3.9
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
94.1
81.9
Mid Cap ($2.5 to $12 B)
5.9
17.8
Small Cap (< $2.5 B)
0.0
0.3
Capitalization
Fund (%)
Large Cap (> $12 B)
94.1
Mid Cap ($2.5 to $12 B)
5.9
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…
Learn More
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

More Insights

The silent generation represented by two ladies hugging.
Advising Clients

Managing Legacy Wealth Part 1 The Wealth Holders

Become an expert in Managing Legacy Wealth and position yourself for success
Thornburg Investment Management courtyard.
Markets & Economy

Thornburg Investment Income Builder Fund – 3rd Quarter Update 2023

When searching for income, investors tend to focus solely on dividends and distributions from U.S.-based firms. However, a global approach may yield better results.
Ozempic Insulin injection pen or insulin cartridge pen for diabetics. Medical equipment for diabetes parients.
International Growth

Therapies for Treating Obesity Create XL Opportunities

Groundbreaking new anti-obesity drugs are poised to revolutionize the healthcare industry, giving way to tremendous opportunities for investors.
Advising Clients

5 Essential Reasons the Public Need Financial Advisors

Financial Success Begins and Ends with a Financial Advisor
A few people using a map and a compass to pinpoint their current location and future destination.
Economy

Navigating Recession, the Fed, Inflation and Borrowing

Jeff Klingelhofer discusses when the recession may finally arrive, whether the Fed will tolerate inflation above its 2% target, and that surging government debt.
Business meeting with financial advisor in the office
Advising Clients

Help Clients Make Better Social Security Claiming Decisions

Social Security is another area where you demonstrate your value to clients.
Feedback