Thornburg International Equity Fund

SYMBOL: TGVIX

Morningstar Rating • Info

Overall Morningstar Rating among 649 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, 5 stars, 3 stars and 4 stars among 649, 618 and 473 funds, as of 31 Oct 2025.

As of 31 Oct 2025

Fund Assets

$4.5 B

As of 31 Oct 2025

NAV

$33.34

As of 18 Nov 2025

Change

$-0.54

As of 18 Nov 2025

YTD NAV Performance

27.69%

As of 18 Nov 2025

Asset Category:

International Equity

Fund Benchmark:

MSCI ACWI ex-U.S. Index

Portfolio Managers

Lei Wang, CFA

Portfolio Manager and Managing Director

Matt Burdett

Head of Equities 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 30 Sep 2025)

YTD

10y

Inception

Total Return (%)

28.49

18.32

25.46

11.40

9.12

8.43

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

26.02

16.45

20.67

10.26

8.23

5.47

Morningstar Category Avg. (%)

24.96

15.77

20.96

10.32

7.97

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

681

649

618

473

—

YTD

10y

Inception

Total Return (%)

29.64

25.34

24.77

11.91

8.62

8.44

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

28.57

24.93

20.29

11.18

7.67

5.53

Morningstar Category Avg. (%)

26.19

22.75

19.44

11.25

7.37

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

681

649

618

473

—

YTD

10y

Inception

Total Return (%)

28.49

18.32

97.49

71.55

139.30

814.14

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

26.02

16.45

75.73

62.95

120.47

329.12

YTD

10y

Inception

Total Return (%)

29.64

25.34

94.24

75.55

128.72

822.32

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

28.57

24.93

74.08

69.90

109.34

337.79

2019

2020

2021

2022

2023

2024

Total Return (%)

29.09

22.76

7.60

-16.71

16.00

11.60

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

21.51

10.65

7.82

-16.00

15.62

5.53

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.

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 2025)

Gross Expense Ratio (%)

0.98

Net Expense Ratio (%)

0.90

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least February 1, 2026, 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 ACWI ex-U.S. Index
            1998-05-28,10000,10000
1998-05-31,9975,9819
1998-06-30,10056,9782
1998-07-31,10002,9875
1998-08-31,8372,8482
1998-09-30,8237,8303
1998-10-31,8771,9173
1998-11-30,9171,9666
1998-12-31,9099,9999
1999-01-31,8800,9988
1999-02-28,8956,9764
1999-03-31,9499,10236
1999-04-30,10105,10748
1999-05-31,10313,10243
1999-06-30,10802,10714
1999-07-31,11080,10965
1999-08-31,11103,11003
1999-09-30,11082,11077
1999-10-31,11370,11490
1999-11-30,12609,11949
1999-12-31,14951,13089
2000-01-31,14448,12379
2000-02-29,15338,12713
2000-03-31,15623,13191
2000-04-30,15108,12455
2000-05-31,14907,12136
2000-06-30,15472,12653
2000-07-31,15137,12154
2000-08-31,15742,12304
2000-09-30,14981,11621
2000-10-31,14601,11252
2000-11-30,14238,10747
2000-12-31,14801,11114
2001-01-31,15253,11280
2001-02-28,14331,10387
2001-03-31,13873,9648
2001-04-30,14641,10299
2001-05-31,14745,10007
2001-06-30,14282,9619
2001-07-31,13870,9404
2001-08-31,13220,9168
2001-09-30,11862,8194
2001-10-31,12196,8423
2001-11-30,12828,8808
2001-12-31,13306,8921
2002-01-31,13306,8538
2002-02-28,13574,8599
2002-03-31,14215,9062
2002-04-30,14636,9116
2002-05-31,14330,9208
2002-06-30,13736,8807
2002-07-31,12656,7948
2002-08-31,12608,7946
2002-09-30,11441,7102
2002-10-31,11900,7483
2002-11-30,12282,7842
2002-12-31,11976,7588
2003-01-31,11316,7320
2003-02-28,11029,7171
2003-03-31,10867,7027
2003-04-30,12082,7697
2003-05-31,12646,8180
2003-06-30,13163,8402
2003-07-31,13574,8625
2003-08-31,14243,8880
2003-09-30,14473,9127
2003-10-31,15305,9718
2003-11-30,15764,9928
2003-12-31,16845,10686
2004-01-31,17209,10856
2004-02-29,17419,11130
2004-03-31,17706,11194
2004-04-30,17018,10838
2004-05-31,17018,10862
2004-06-30,17429,11093
2004-07-31,16941,10768
2004-08-31,17104,10851
2004-09-30,17678,11199
2004-10-31,18041,11587
2004-11-30,19045,12389
2004-12-31,19937,12920
2005-01-31,19552,12695
2005-02-28,20351,13318
2005-03-31,19947,12952
2005-04-30,19447,12620
2005-05-31,19947,12687
2005-06-30,20274,12920
2005-07-31,21264,13395
2005-08-31,21524,13733
2005-09-30,22477,14439
2005-10-31,21954,13912
2005-11-30,22590,14376
2005-12-31,23567,15067
2006-01-31,25303,16115
2006-02-28,25185,16065
2006-03-31,25909,16525
2006-04-30,27127,17367
2006-05-31,25880,16548
2006-06-30,25939,16525
2006-07-31,26236,16691
2006-08-31,26890,17158
2006-09-30,26916,17166
2006-10-31,27893,17863
2006-11-30,28601,18507
2006-12-31,29720,19082
2007-01-31,29833,19151
2007-02-28,29649,19265
2007-03-31,30663,19799
2007-04-30,32425,20702
2007-05-31,33654,21246
2007-06-30,34454,21419
2007-07-31,34845,21354
2007-08-31,35566,21021
2007-09-30,37997,22409
2007-10-31,40012,23657
2007-11-30,38356,22588
2007-12-31,38099,22260
2008-01-31,34164,20102
2008-02-29,34726,20678
2008-03-31,34041,20224
2008-04-30,35929,21448
2008-05-31,35952,21788
2008-06-30,33198,19997
2008-07-31,32382,19277
2008-08-31,30829,18375
2008-09-30,27567,15615
2008-10-31,22402,12177
2008-11-30,21365,11472
2008-12-31,22232,12126
2009-01-31,20162,11054
2009-02-28,18801,10023
2009-03-31,19887,10827
2009-04-30,21980,12303
2009-05-31,24611,13968
2009-06-30,24442,13814
2009-07-31,26703,15165
2009-08-31,27014,15726
2009-09-30,28244,16534
2009-10-31,28244,16329
2009-11-30,28984,16797
2009-12-31,29342,17152
2010-01-31,28024,16314
2010-02-28,28128,16314
2010-03-31,29901,17424
2010-04-30,29797,17270
2010-05-31,27294,15453
2010-06-30,27155,15255
2010-07-31,29158,16632
2010-08-31,28331,16175
2010-09-30,31041,17784
2010-10-31,32372,18390
2010-11-30,31461,17680
2010-12-31,33494,19065
2011-01-31,33740,19252
2011-02-28,34944,19760
2011-03-31,34956,19714
2011-04-30,36924,20677
2011-05-31,36022,20081
2011-06-30,35383,19790
2011-07-31,34675,19520
2011-08-31,31221,17847
2011-09-30,28008,15861
2011-10-31,30969,17532
2011-11-30,29879,16637
2011-12-31,29160,16452
2012-01-31,30892,17568
2012-02-29,32518,18555
2012-03-31,32429,18299
2012-04-30,32334,18011
2012-05-31,29098,15966
2012-06-30,30207,16907
2012-07-31,30950,17146
2012-08-31,31130,17505
2012-09-30,32062,18159
2012-10-31,32363,18229
2012-11-30,32892,18577
2012-12-31,33782,19220
2013-01-31,35345,20002
2013-02-28,34503,19790
2013-03-31,34630,19830
2013-04-30,35753,20559
2013-05-31,35656,20083
2013-06-30,34116,19212
2013-07-31,35878,20053
2013-08-31,35210,19777
2013-09-30,37494,21151
2013-10-31,37823,21927
2013-11-30,38664,21965
2013-12-31,39110,22159
2014-01-31,36573,21152
2014-02-28,37988,22214
2014-03-31,37305,22271
2014-04-30,37305,22565
2014-05-31,37683,23004
2014-06-30,38122,23391
2014-07-31,37520,23159
2014-08-31,37987,23287
2014-09-30,37580,22159
2014-10-31,37654,21940
2014-11-30,38616,22099
2014-12-31,36938,21302
2015-01-31,37733,21270
2015-02-28,39809,22408
2015-03-31,39728,22045
2015-04-30,42463,23159
2015-05-31,42908,22797
2015-06-30,41728,22161
2015-07-31,42528,22100
2015-08-31,39734,20411
2015-09-30,38201,19464
2015-10-31,40326,20913
2015-11-30,39854,20482
2015-12-31,39405,20096
2016-01-31,36615,18729
2016-02-29,35611,18515
2016-03-31,37731,20020
2016-04-30,38624,20547
2016-05-31,38401,20200
2016-06-30,36632,19891
2016-07-31,38116,20875
2016-08-31,38583,21007
2016-09-30,39047,21266
2016-10-31,38397,20960
2016-11-30,37714,20475
2016-12-31,38462,20999
2017-01-31,39193,21743
2017-02-28,39193,22090
2017-03-31,41137,22650
2017-04-30,42439,23135
2017-05-31,44066,23885
2017-06-30,44822,23959
2017-07-31,46195,24843
2017-08-31,45313,24973
2017-09-30,46578,25436
2017-10-31,47120,25915
2017-11-30,47533,26125
2017-12-31,48258,26709
2018-01-31,51293,28197
2018-02-28,48258,26867
2018-03-31,47151,26393
2018-04-30,47533,26815
2018-05-31,46540,26196
2018-06-30,44975,25703
2018-07-31,46273,26318
2018-08-31,44860,25767
2018-09-30,44803,25884
2018-10-31,40851,23779
2018-11-30,41520,24004
2018-12-31,38693,22918
2019-01-31,42152,24649
2019-02-28,43765,25131
2019-03-31,44756,25281
2019-04-30,47321,25948
2019-05-31,44290,24556
2019-06-30,46738,26034
2019-07-31,46350,25719
2019-08-31,45553,24925
2019-09-30,46039,25566
2019-10-31,47516,26458
2019-11-30,48240,26692
2019-12-31,49948,27848
2020-01-31,49326,27099
2020-02-29,46610,24957
2020-03-31,40224,21344
2020-04-30,42878,22961
2020-05-31,45677,23713
2020-06-30,47688,24784
2020-07-31,50964,25889
2020-08-31,54426,26997
2020-09-30,53286,26334
2020-10-31,52540,25768
2020-11-30,58833,29234
2020-12-31,61317,30814
2021-01-31,61788,30881
2021-02-28,63480,31492
2021-03-31,63908,31890
2021-04-30,65599,32829
2021-05-31,68640,33856
2021-06-30,66627,33637
2021-07-31,64978,33082
2021-08-31,65856,33711
2021-09-30,63972,32632
2021-10-31,66220,33411
2021-11-30,63769,31906
2021-12-31,65980,33225
2022-01-31,63784,32000
2022-02-28,59953,31367
2022-03-31,58879,31417
2022-04-30,55048,29444
2022-05-31,55926,29656
2022-06-30,51852,27104
2022-07-31,53608,28032
2022-08-31,51144,27131
2022-09-30,46288,24419
2022-10-31,47484,25149
2022-11-30,54999,28118
2022-12-31,54957,27908
2023-01-31,59885,30171
2023-02-28,57172,29112
2023-03-31,59363,29824
2023-04-30,60508,30342
2023-05-31,58516,29239
2023-06-30,61005,30551
2023-07-31,63221,31793
2023-08-31,61055,30357
2023-09-30,58367,29398
2023-10-31,57122,28185
2023-11-30,61552,30722
2023-12-31,63748,32266
2024-01-31,63901,31945
2024-02-29,65890,32754
2024-03-31,68693,33778
2024-04-30,67903,33171
2024-05-31,71574,34134
2024-06-30,70860,34102
2024-07-31,73256,34891
2024-08-31,75040,35885
2024-09-30,77258,36852
2024-10-31,73587,35043
2024-11-30,72800,34726
2024-12-31,71142,34051
2025-01-31,74494,35423
2025-02-28,76265,35915
2025-03-31,78199,35834
2025-04-30,80461,37127
2025-05-31,84575,38828
2025-06-30,86673,40145
2025-07-31,86673,40031
2025-08-31,88826,41419
2025-09-30,91414,42912
2025-10-31,92232,43779

Hypothetical Growth of $10,000

(As of 31 Oct 2025)

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

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2024-10-31,10000,10000
2024-11-30,9893,9909
2024-12-31,9668,9717
2025-01-31,10123,10108
2025-02-28,10364,10249
2025-03-31,10627,10226
2025-04-30,10934,10595
2025-05-31,11493,11080
2025-06-30,11778,11456
2025-07-31,11778,11423
2025-08-31,12071,11820
2025-09-30,12423,12245
2025-10-31,12534,12493

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2022-10-31,10000,10000
2022-11-30,11583,11180
2022-12-31,11574,11097
2023-01-31,12612,11997
2023-02-28,12040,11576
2023-03-31,12502,11859
2023-04-30,12743,12065
2023-05-31,12323,11626
2023-06-30,12848,12148
2023-07-31,13314,12642
2023-08-31,12858,12071
2023-09-30,12292,11689
2023-10-31,12030,11207
2023-11-30,12963,12216
2023-12-31,13425,12830
2024-01-31,13458,12702
2024-02-29,13876,13024
2024-03-31,14467,13431
2024-04-30,14300,13190
2024-05-31,15073,13573
2024-06-30,14923,13560
2024-07-31,15428,13874
2024-08-31,15803,14269
2024-09-30,16270,14653
2024-10-31,15497,13934
2024-11-30,15332,13808
2024-12-31,14982,13540
2025-01-31,15688,14085
2025-02-28,16061,14281
2025-03-31,16469,14248
2025-04-30,16945,14763
2025-05-31,17811,15439
2025-06-30,18253,15963
2025-07-31,18253,15917
2025-08-31,18707,16469
2025-09-30,19252,17063
2025-10-31,19424,17408

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2020-10-31,10000,10000
2020-11-30,11198,11345
2020-12-31,11671,11958
2021-01-31,11760,11984
2021-02-28,12082,12222
2021-03-31,12164,12376
2021-04-30,12486,12740
2021-05-31,13064,13139
2021-06-30,12681,13054
2021-07-31,12368,12839
2021-08-31,12535,13083
2021-09-30,12176,12664
2021-10-31,12604,12966
2021-11-30,12137,12382
2021-12-31,12558,12894
2022-01-31,12140,12419
2022-02-28,11411,12173
2022-03-31,11207,12192
2022-04-30,10477,11427
2022-05-31,10645,11509
2022-06-30,9869,10519
2022-07-31,10203,10879
2022-08-31,9734,10529
2022-09-30,8810,9477
2022-10-31,9038,9760
2022-11-30,10468,10912
2022-12-31,10460,10831
2023-01-31,11398,11709
2023-02-28,10882,11298
2023-03-31,11299,11574
2023-04-30,11517,11775
2023-05-31,11138,11347
2023-06-30,11611,11856
2023-07-31,12033,12338
2023-08-31,11621,11781
2023-09-30,11109,11409
2023-10-31,10872,10938
2023-11-30,11715,11923
2023-12-31,12133,12522
2024-01-31,12163,12397
2024-02-29,12541,12711
2024-03-31,13075,13109
2024-04-30,12924,12873
2024-05-31,13623,13247
2024-06-30,13487,13234
2024-07-31,13943,13541
2024-08-31,14283,13926
2024-09-30,14705,14301
2024-10-31,14006,13600
2024-11-30,13856,13477
2024-12-31,13541,13215
2025-01-31,14179,13747
2025-02-28,14516,13938
2025-03-31,14884,13906
2025-04-30,15314,14409
2025-05-31,16097,15069
2025-06-30,16497,15580
2025-07-31,16497,15535
2025-08-31,16906,16074
2025-09-30,17399,16653
2025-10-31,17555,16990

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2015-10-31,10000,10000
2015-11-30,9883,9794
2015-12-31,9772,9609
2016-01-31,9080,8955
2016-02-29,8831,8853
2016-03-31,9357,9573
2016-04-30,9578,9825
2016-05-31,9523,9659
2016-06-30,9084,9511
2016-07-31,9452,9982
2016-08-31,9568,10045
2016-09-30,9683,10169
2016-10-31,9522,10022
2016-11-30,9352,9791
2016-12-31,9538,10041
2017-01-31,9719,10397
2017-02-28,9719,10563
2017-03-31,10201,10830
2017-04-30,10524,11062
2017-05-31,10928,11421
2017-06-30,11115,11457
2017-07-31,11456,11879
2017-08-31,11237,11941
2017-09-30,11550,12163
2017-10-31,11685,12392
2017-11-30,11787,12492
2017-12-31,11967,12771
2018-01-31,12720,13483
2018-02-28,11967,12847
2018-03-31,11693,12620
2018-04-30,11787,12822
2018-05-31,11541,12526
2018-06-30,11153,12290
2018-07-31,11475,12584
2018-08-31,11124,12321
2018-09-30,11110,12377
2018-10-31,10130,11370
2018-11-30,10296,11478
2018-12-31,9595,10958
2019-01-31,10453,11786
2019-02-28,10853,12017
2019-03-31,11099,12088
2019-04-30,11735,12408
2019-05-31,10983,11742
2019-06-30,11590,12449
2019-07-31,11494,12298
2019-08-31,11296,11918
2019-09-30,11417,12225
2019-10-31,11783,12652
2019-11-30,11963,12763
2019-12-31,12386,13316
2020-01-31,12232,12958
2020-02-29,11558,11934
2020-03-31,9975,10206
2020-04-30,10633,10979
2020-05-31,11327,11339
2020-06-30,11826,11851
2020-07-31,12638,12379
2020-08-31,13497,12909
2020-09-30,13214,12592
2020-10-31,13029,12321
2020-11-30,14589,13979
2020-12-31,15206,14734
2021-01-31,15322,14766
2021-02-28,15742,15058
2021-03-31,15848,15249
2021-04-30,16267,15698
2021-05-31,17021,16189
2021-06-30,16522,16084
2021-07-31,16113,15819
2021-08-31,16331,16120
2021-09-30,15864,15603
2021-10-31,16421,15976
2021-11-30,15814,15256
2021-12-31,16362,15887
2022-01-31,15817,15302
2022-02-28,14867,14999
2022-03-31,14601,15023
2022-04-30,13651,14079
2022-05-31,13869,14180
2022-06-30,12858,12960
2022-07-31,13294,13404
2022-08-31,12683,12973
2022-09-30,11479,11677
2022-10-31,11775,12026
2022-11-30,13639,13445
2022-12-31,13628,13345
2023-01-31,14850,14427
2023-02-28,14178,13920
2023-03-31,14721,14261
2023-04-30,15005,14509
2023-05-31,14511,13981
2023-06-30,15128,14608
2023-07-31,15677,15202
2023-08-31,15140,14516
2023-09-30,14474,14057
2023-10-31,14165,13477
2023-11-30,15264,14690
2023-12-31,15808,15428
2024-01-31,15846,15275
2024-02-29,16339,15662
2024-03-31,17035,16151
2024-04-30,16839,15861
2024-05-31,17749,16322
2024-06-30,17572,16306
2024-07-31,18166,16684
2024-08-31,18608,17159
2024-09-30,19158,17621
2024-10-31,18248,16757
2024-11-30,18053,16605
2024-12-31,17642,16282
2025-01-31,18473,16938
2025-02-28,18912,17173
2025-03-31,19392,17134
2025-04-30,19953,17753
2025-05-31,20973,18566
2025-06-30,21493,19196
2025-07-31,21493,19141
2025-08-31,22027,19805
2025-09-30,22669,20519
2025-10-31,22872,20934

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
2005-11-17,0.40477
2006-03-31,0.09469
2006-09-30,0.19707
2006-11-17,0.64859
2006-12-31,0.10537
2007-06-30,0.15838
2007-09-30,0.13948
2007-11-19,2.87886
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
2014-11-19,2.52021
2014-12-31,0.05324
2015-06-30,0.20161
2015-09-30,0.12842
2015-11-19,4.25368
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
2017-11-17,4.02883
2017-12-31,0.00979
2018-12-31,0.35105
2019-11-14,1.28372
2019-12-31,0.28133
2020-11-19,0.76614
2020-12-31,0.12461
2021-11-18,3.43433
2021-12-31,0.40625
2022-12-31,0.44390
2023-11-16,0.09820
2023-12-31,0.49384
2024-11-21,1.30833
2024-12-31,0.49697

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2001-06-29,993859200,0.13100,0.13100,0,0
2004-12-31,1104451200,0.11222,0.11222,0,0
2005-09-30,1128038400,0.18088,0.18088,0,0
2005-11-17,1132185600,0.40477,0,0.08666,0.31811
2006-03-30,1143763200,0.09469,0.09469,0,0
2006-09-27,1159574400,0.19707,0.19707,0,0
2006-11-17,1163721600,0.64859,0,0.05849,0.59010
2006-12-26,1167523200,0.10537,0.10537,0,0
2007-06-26,1183161600,0.15838,0.15838,0,0
2007-09-26,1191110400,0.13948,0.13948,0,0
2007-11-19,1195430400,2.87886,0,1.40945,1.46941
2007-12-26,1199059200,0.04080,0.04080,0,0
2008-06-26,1214784000,0.23907,0.23907,0,0
2008-09-26,1222732800,0.14908,0.14908,0,0
2008-12-26,1230681600,0.05862,0.05862,0,0
2009-06-26,1246320000,0.18271,0.18271,0,0
2009-09-25,1254268800,0.06555,0.06555,0,0
2010-03-26,1269993600,0.05294,0.05294,0,0
2010-06-25,1277856000,0.11403,0.11403,0,0
2010-09-24,1285804800,0.08706,0.08706,0,0
2010-12-27,1293753600,0.03003,0.03003,0,0
2011-03-25,1301529600,0.04937,0.04937,0,0
2011-06-24,1309392000,0.18720,0.18720,0,0
2011-09-26,1317340800,0.10483,0.10483,0,0
2011-12-23,1325289600,0.04280,0.04280,0,0
2012-03-26,1333152000,0.07653,0.07653,0,0
2012-06-25,1341014400,0.17631,0.17631,0,0
2012-09-24,1348963200,0.09902,0.09902,0,0
2013-03-22,1364688000,0.10535,0.10535,0,0
2013-06-24,1372550400,0.17835,0.17835,0,0
2013-09-24,1380499200,0.10066,0.10066,0,0
2013-12-24,1388448000,0.02593,0.02593,0,0
2014-06-24,1404086400,0.22927,0.22927,0,0
2014-09-24,1412035200,0.15051,0.15051,0,0
2014-11-19,1416355200,2.52021,0,0.00000,2.52021
2014-12-24,1419984000,0.05324,0.05324,0,0
2015-06-24,1435622400,0.20161,0.20161,0,0
2015-09-24,1443571200,0.12842,0.12842,0,0
2015-11-19,1447891200,4.25368,0,0.00000,4.25368
2015-12-24,1451520000,0.01831,0.01831,0,0
2016-06-24,1467244800,0.25307,0.25307,0,0
2016-09-26,1475193600,0.19705,0.19705,0,0
2017-03-24,1490918400,0.02574,0.02574,0,0
2017-06-23,1498780800,0.12415,0.12415,0,0
2017-09-22,1506729600,0.12458,0.12458,0,0
2017-11-17,1510876800,4.02883,0,0.64275,3.38608
2017-12-22,1514678400,0.00979,0.00979,0,0
2018-12-21,1546214400,0.35105,0.35105,0,0
2019-11-14,1573689600,1.28372,0,0.00000,1.28372
2019-12-20,1577750400,0.28133,0.28133,0,0
2020-11-19,1605744000,0.76614,0,0.38436,0.38178
2020-12-17,1609372800,0.12461,0.12461,0,0
2021-11-18,1637193600,3.43433,0,1.31246,2.12187
2021-12-16,1640908800,0.40625,0.40625,0,0
2022-12-15,1672444800,0.44390,0.44390,0,0
2023-11-16,1700092800,0.09820,0,0.00000,0.09820
2023-12-14,1703980800,0.49384,0.49384,0,0
2024-11-21,1732147200,1.30833,0,0.08089,1.22744
2024-12-19,1735603200,0.49697,0.49697,0,0

Distributions

(As of 19 Dec 2024)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

29 Jun 2001

30 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

31 Mar 2006

0.09469

—

27 Sep 2006

30 Sep 2006

0.19707

—

17 Nov 2006

0.64859

—

0.05849

0.59010

26 Dec 2006

31 Dec 2006

0.10537

—

26 Jun 2007

30 Jun 2007

0.15838

—

26 Sep 2007

30 Sep 2007

0.13948

—

19 Nov 2007

2.87886

—

1.40945

1.46941

26 Dec 2007

31 Dec 2007

0.04080

—

26 Jun 2008

30 Jun 2008

0.23907

—

26 Sep 2008

30 Sep 2008

0.14908

—

26 Dec 2008

31 Dec 2008

0.05862

—

26 Jun 2009

30 Jun 2009

0.18271

—

25 Sep 2009

30 Sep 2009

0.06555

—

26 Mar 2010

31 Mar 2010

0.05294

—

25 Jun 2010

30 Jun 2010

0.11403

—

24 Sep 2010

30 Sep 2010

0.08706

—

27 Dec 2010

31 Dec 2010

0.03003

—

25 Mar 2011

31 Mar 2011

0.04937

—

24 Jun 2011

30 Jun 2011

0.18720

—

26 Sep 2011

30 Sep 2011

0.10483

—

23 Dec 2011

31 Dec 2011

0.04280

—

26 Mar 2012

31 Mar 2012

0.07653

—

25 Jun 2012

30 Jun 2012

0.17631

—

24 Sep 2012

30 Sep 2012

0.09902

—

22 Mar 2013

31 Mar 2013

0.10535

—

24 Jun 2013

30 Jun 2013

0.17835

—

24 Sep 2013

30 Sep 2013

0.10066

—

24 Dec 2013

31 Dec 2013

0.02593

—

24 Jun 2014

30 Jun 2014

0.22927

—

24 Sep 2014

30 Sep 2014

0.15051

—

19 Nov 2014

2.52021

—

0.00000

2.52021

24 Dec 2014

31 Dec 2014

0.05324

—

24 Jun 2015

30 Jun 2015

0.20161

—

24 Sep 2015

30 Sep 2015

0.12842

—

19 Nov 2015

4.25368

—

0.00000

4.25368

24 Dec 2015

31 Dec 2015

0.01831

—

24 Jun 2016

30 Jun 2016

0.25307

—

26 Sep 2016

30 Sep 2016

0.19705

—

24 Mar 2017

31 Mar 2017

0.02574

—

23 Jun 2017

30 Jun 2017

0.12415

—

22 Sep 2017

30 Sep 2017

0.12458

—

17 Nov 2017

4.02883

—

0.64275

3.38608

22 Dec 2017

31 Dec 2017

0.00979

—

21 Dec 2018

31 Dec 2018

0.35105

—

14 Nov 2019

1.28372

—

0.00000

1.28372

20 Dec 2019

31 Dec 2019

0.28133

—

19 Nov 2020

0.76614

—

0.38436

0.38178

17 Dec 2020

31 Dec 2020

0.12461

—

18 Nov 2021

3.43433

—

1.31246

2.12187

16 Dec 2021

31 Dec 2021

0.40625

—

15 Dec 2022

31 Dec 2022

0.44390

—

16 Nov 2023

0.09820

—

0.00000

0.09820

14 Dec 2023

31 Dec 2023

0.49384

—

21 Nov 2024

1.30833

—

0.08089

1.22744

19 Dec 2024

31 Dec 2024

0.49697

—

Fund Facts

(As of 31 Oct 2025)

Net Fund Assets

$4.5 B

Benchmark

MSCI ACWI ex-U.S. Index

Morningstar Category

Foreign Large Blend

Fund Symbol

TGVIX

Share Class

Share Class Inception Date

30 Mar 2001

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Oct 2025)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$165.0 B

$153.0 B

Median Market Cap

$71.1 B

$13.5 B

Annual Portfolio Turnover

28%

—

Price to Earnings - Forward 1YR

17.5x

16.2x

Portfolio

Benchmark

Price to Earnings - Trailing 12 Months

19.2x

18.3x

Price to Cash Flow

8.0x

9.9x

Price to Book Value

2.3x

2.2x

Active Share

83.8%

—

Risk & Return Profile

(As of 31 Oct 2025)

10y

Annualized Alpha (%)

3.27

0.75

0.98

Beta

1.03

1.00

R-Squared (%)

91.04

91.84

90.90

Standard Deviation (%)

14.09

15.52

15.26

Sharpe Ratio

1.42

0.57

0.43

Information Ratio

1.07

0.17

0.21

Up Capture (%)

106.87

102.87

105.03

Down Capture (%)

83.52

100.36

101.67

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 30 Sep 2025)

Name

Ticker/Symbol

Sector

Weight %

Samsung Electronics Co. Ltd.

005930

Information Technology

3.7

Mitsubishi UFJ Financial Group, Inc.

8306

Financials

3.2

Canadian Pacific Kansas City Ltd.

Industrials

2.8

BNP Paribas S.A.

BNP

Financials

2.8

Alibaba Group Holding Ltd.

9988

Consumer Discretionary

2.8

Sony Group Corp.

6758

Consumer Discretionary

2.8

Schneider Electric SE

Industrials

2.8

AstraZeneca plc

AZN

Health Care

2.7

TotalEnergies SE

TTE

Energy

2.7

L'Oreal S.A.

Consumer Staples

2.7

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Oct 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Industrials

24.3

14.8

Financials

15.0

24.4

Information Technology

11.6

15.1

Utilities

9.4

3.1

Consumer Discretionary

8.3

10.1

Cash & Equivalents

7.3

—

Health Care

6.5

7.6

Consumer Staples

5.9

6.0

Materials

5.4

6.5

Energy

3.6

4.5

Communication Services

2.7

6.3

Real Estate

0.0

1.6

Sector Allocation

Fund (%)

Industrials

24.3

Financials

15.0

Information Technology

11.6

Utilities

9.4

Consumer Discretionary

8.3

Cash & Equivalents

7.3

Health Care

6.5

Consumer Staples

5.9

Materials

5.4

Energy

3.6

Communication Services

2.7

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Capital Goods

16.5

11.5

Utilities

9.4

3.1

Banks

8.2

15.6

Technology Hardware & Equipment

7.9

4.3

Materials

5.4

6.5

Pharmaceuticals, Biotechnology & Life Sciences

5.1

6.1

Transportation

4.4

2.0

Insurance

4.0

4.9

Energy

3.6

4.5

Commercial & Professional Services

3.4

1.3

Top 10 Industries

Fund (%)

Capital Goods

16.5

Utilities

9.4

Banks

8.2

Technology Hardware & Equipment

7.9

Materials

5.4

Pharmaceuticals, Biotechnology & Life Sciences

5.1

Transportation

4.4

Insurance

4.0

Energy

3.6

Commercial & Professional Services

3.4

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

Japan

18.3

13.9

Japan

France

17.3

6.6

Europe ex UK

Germany

7.4

5.8

Europe ex UK

Spain

6.8

2.2

Europe ex UK

China

6.1

8.6

Asia Pacific ex Japan

Canada

5.5

8.1

North America

United Kingdom

5.2

9.1

Korea, Republic of (South Korea)

4.5

4.0

Asia Pacific ex Japan

United States

4.5

0.1

North America

Netherlands

4.5

3.1

Europe ex UK

Top 10 Countries

Fund (%)

Japan

18.3

France

17.3

Germany

7.4

Spain

6.8

China

6.1

Canada

5.5

United Kingdom

5.2

Korea, Republic of (South Korea)

4.5

United States

4.5

Netherlands

4.5

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

96.0

90.1

Mid Cap ($2.5 to $12 B)

4.0

9.9

Small Cap (< $2.5 B)

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

96.0

Mid Cap ($2.5 to $12 B)

4.0

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 a 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…

Learn More

Matt Burdett

Head of Equities and Managing Director

Matt Burdett is head of equities and a portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager. Matt was named a managing director and was promoted to portfolio manager in 2018 and to head of equities in 2024. Matt spent several years as a senior vice president and portfolio manager at PIMCO,…

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.

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.

© 2025 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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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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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

Using Dividends to Strengthen Portfolios Amid Lower Rates

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Beyond ESG Scores: Active, Governance-Driven Alpha

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