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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.

Disclaimers

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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.

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.

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Thornburg International Equity Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 676 Foreign Large Blend funds, based on risk-adjusted returns for class C shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 4 stars and 3 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
$19.00
As of 2 Oct 2023
Change
$-0.24
As of 2 Oct 2023
YTD NAV Performance
4.05%
As of 2 Oct 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 Sep 2023)
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
4.37
23.70
2.00
4.34
3.41
5.95
Total Return without Sales Charge (%)
5.37
24.70
2.00
4.34
3.41
5.95
MSCI ACWI ex US (GR/NR) (%)
5.34
20.39
3.74
2.58
3.35
4.35
MSCI EAFE NTR (%)
7.08
25.65
5.75
3.24
3.82
4.12
Morningstar Category Avg. (%)
10.91
15.72
7.96
3.89
5.1
Morningstar Quartile
2
3
1
3
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
4.37
23.70
2.00
4.34
3.41
5.95
Total Return without Sales Charge (%)
5.37
24.70
2.00
4.34
3.41
5.95
MSCI ACWI ex US (GR/NR) (%)
5.34
20.39
3.74
2.58
3.35
4.35
MSCI EAFE NTR (%)
7.08
25.65
5.75
3.24
3.82
4.12
Morningstar Category Avg. (%)
14.15
14.01
7.81
4.03
4.88
Morningstar Quartile
1
4
1
3
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
4.37
23.70
6.13
23.66
39.85
332.80
Total Return without Sales Charge (%)
5.37
24.70
6.13
23.66
39.85
332.80
MSCI ACWI ex US (GR/NR) (%)
5.34
20.39
11.64
13.57
38.99
193.98
MSCI EAFE NTR (%)
7.08
25.65
18.28
17.27
45.55
178.03
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
4.37
23.70
6.13
23.66
39.85
332.80
Total Return without Sales Charge (%)
5.37
24.70
6.13
23.66
39.85
332.80
MSCI ACWI ex US (GR/NR) (%)
5.34
20.39
11.64
13.57
38.99
193.98
MSCI EAFE NTR (%)
7.08
25.65
18.28
17.27
45.55
178.03
2017
2018
2019
2020
2021
2022
Total Return with Sales Charge (%)
23.06
-21.50
26.66
20.66
5.58
-18.41
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 (%)
2.05
Net Expense Ratio (%)
2.05
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 ($)
LT Cap Gains ($)
30 Sep 1998
0.00600
0.00600
31 Mar 1999
0.02000
0.02000
30 Jun 1999
0.05000
0.05000
31 Dec 1999
0.13900
0.13900
31 Mar 2000
0.05200
0.05200
30 Jun 2000
0.14500
0.14500
29 Sep 2000
0.33900
0.33900
29 Dec 2000
0.75700
0.75700
29 Jun 2001
0.09500
0.09500
31 Dec 2004
0.00692
0.00692
30 Sep 2005
0.04055
0.04055
17 Nov 2005
0.40477
0.08666
0.31811
27 Sep 2006
0.06787
0.06787
17 Nov 2006
0.64859
0.05849
0.59010
26 Dec 2006
0.03327
0.03327
26 Jun 2007
0.01085
0.01085
26 Sep 2007
0.05195
0.05195
19 Nov 2007
2.87886
1.40945
1.46941
26 Jun 2008
0.08625
0.08625
26 Sep 2008
0.07581
0.07581
26 Dec 2008
0.00466
0.00466
26 Jun 2009
0.07968
0.07968
25 Sep 2009
0.00690
0.00690
25 Jun 2010
0.04925
0.04925
24 Sep 2010
0.01979
0.01979
24 Jun 2011
0.10925
0.10925
26 Sep 2011
0.03606
0.03606
26 Mar 2012
0.00266
0.00266
25 Jun 2012
0.10647
0.10647
24 Sep 2012
0.03239
0.03239
24 Jun 2013
0.10156
0.10156
24 Sep 2013
0.01803
0.01803
24 Sep 2014
0.07647
0.07647
19 Nov 2014
2.52021
0.00000
2.52021
24 Jun 2015
0.05101
0.05101
24 Sep 2015
0.05190
0.05190
19 Nov 2015
4.25368
0.00000
4.25368
24 Jun 2016
0.13524
0.13524
26 Sep 2016
0.13557
0.13557
23 Jun 2017
0.05438
0.05438
22 Sep 2017
0.05235
0.05235
17 Nov 2017
4.02883
0.64275
3.38608
14 Nov 2019
1.28372
0.00000
1.28372
19 Nov 2020
0.76614
0.38436
0.38178
18 Nov 2021
3.43433
1.31246
2.12187
16 Dec 2021
0.13694
0.13694
15 Dec 2022
0.21480
0.21480
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
THGCX
Share Class
C
Share Class Inception Date
28 May 1998
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 Aug 2023)
Name
Ticker/Symbol
Sector
Weight %
TotalEnergies SE
TTE
Energy
4.0
Alibaba Group Holding Ltd.
9988
Consumer Discretionary
3.8
Roche Holding AG
ROG
Health Care
3.4
Canadian Pacific Kansas City Ltd.
CP
Industrials
3.2
Meituan
3690
Consumer Discretionary
3.1
L'Oreal S.A.
OR
Consumer Staples
3.1
ING Groep N.V.
INGA
Financials
2.8
Linde plc
LIN
Materials
2.8
NN Group N.V.
NN
Financials
2.8
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…
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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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