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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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Thornburg International Equity Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 683 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 683, 622 and 413 funds, as of 30 Apr 2023.

As of 30 Apr 2023
Fund Assets
$2.5 B
As of 30 Apr 2023
NAV
$24.10
As of 7 Jun 2023
Change
$-0.05
As of 7 Jun 2023
YTD NAV Performance
9.15%
As of 7 Jun 2023
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 31 Mar 2023)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
8.02
0.82
13.85
4.71
5.54
7.43
MSCI ACWI ex US (GR/NR) (%)
6.87
-5.07
11.80
2.47
4.17
4.50
MSCI EAFE NTR (%)
8.47
-1.38
12.99
3.52
5.00
4.26
Morningstar Category Avg. (%)
7.79
-2.32
12.54
2.86
4.67
Morningstar Quartile
1
1
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
6.48
4.63
8.61
4.69
5.08
7.32
MSCI ACWI ex US (GR/NR) (%)
4.77
-1.41
7.23
2.22
3.83
4.38
MSCI EAFE NTR (%)
6.81
3.06
8.53
3.21
4.56
4.16
Morningstar Category Avg. (%)
7.79
-2.32
12.54
2.86
4.67
Morningstar Quartile
1
1
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
8.02
0.82
47.58
25.90
71.42
493.63
MSCI ACWI ex US (GR/NR) (%)
6.87
-5.07
39.73
13.00
50.40
198.24
MSCI EAFE NTR (%)
8.47
-1.38
44.23
18.91
62.88
181.64
YTD
1y
3y
5y
10y
Inception
Total Return (%)
6.48
4.63
28.11
25.73
64.11
485.16
MSCI ACWI ex US (GR/NR) (%)
4.77
-1.41
23.31
11.62
45.59
192.39
MSCI EAFE NTR (%)
6.81
3.06
27.84
17.11
56.22
177.33
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 May 2023)
(Hypothetical Growth of $10,000 vs MSCI EAFE NTR)
Distributions

Distributions

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

Fund Facts

(As of 30 Apr 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
52
Portfolio Turnover
49%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 30 Apr 2023)
Portfolio
Benchmark
Weighted Average Market Cap
$128.6 B
$88.5 B
Median Market Cap
$51.5 B
$8.8 B
Price to Earnings - Forward 1YR
15.0x
12.9x
Price to Earnings - Trailing 12 Months
16.6x
12.7x
Price to Cash Flow
7.9x
6.5x
Portfolio
Benchmark
Price to Book Value
2.2x
1.7x
Return on Assets - 5 YR
6.6%
7.3%
Return on Equity - 5 YR
16.0%
15.8%
Historical 3YR Sales Growth
13.5%
12.9%
Active Share
85.1%
Risk & Return Profile

Risk & Return Profile

(As of 31 Mar 2023)
3y
5y
10y
Annualized Alpha (%)
3.32
2.76
1.99
Beta
0.91
0.98
0.92
R-Squared (%)
65.92
68.73
66.75
Standard Deviation (%)
17.38
18.46
15.82
Sharpe Ratio
0.73
0.18
0.29
Information Ratio
0.20
0.22
0.15
Up Capture (%)
89.19
95.19
89.09
Down Capture (%)
85.90
92.59
86.87
Portfolio

Portfolio

Top Holdings

(As of 30 Apr 2023)
Name
Ticker/Symbol
Sector
Weight %
TotalEnergies SE
TTE
Energy
4.3
Roche Holding AG
ROG
Health Care
3.6
Kweichow Moutai Co. Ltd.
600519
Consumer Staples
3.5
L'Oreal S.A.
OR
Consumer Staples
3.3
Canadian Pacific Kansas City Ltd.
CP
Industrials
3.1
Alibaba Group Holding Ltd.
9988
Consumer Discretionary
3.1
Galaxy Entertainment Group Ltd.
27
Consumer Discretionary
3.1
Tencent Holdings Ltd.
700
Communication Services
3.0
Seven & i Holdings Co. Ltd.
3382
Consumer Staples
2.8
AstraZeneca plc
AZN
Health Care
2.8
Exposure Breakdown

Exposure Breakdown

(As of 30 Apr 2023)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
17.6
12.8
Financials
13.1
20.6
Consumer Discretionary
12.0
11.7
Consumer Staples
11.7
9.1
Communication Services
8.6
5.8
Utilities
8.4
3.3
Health Care
7.7
9.9
Information Technology
6.9
10.7
Materials
6.5
8.1
Energy
5.5
5.7
Cash & Cash Equivalents
2.0
Real Estate
0.0
2.1
Sector Allocation
Fund (%)
Industrials
17.6
Financials
13.1
Consumer Discretionary
12.0
Consumer Staples
11.7
Communication Services
8.6
Utilities
8.4
Health Care
7.7
Information Technology
6.9
Materials
6.5
Energy
5.5
Cash & Cash Equivalents
2.0
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
12.8
8.8
Utilities
8.4
3.3
Materials
6.5
8.1
Pharmaceuticals, Biotechnology & Life Sciences
6.3
8.0
Banks
6.1
12.1
Energy
5.5
5.7
Consumer Services
5.4
2.1
Media & Entertainment
5.0
2.8
Household & Personal Products
4.4
2.1
Insurance
3.8
4.8
Top 10 Industries
Fund (%)
Capital Goods
12.8
Utilities
8.4
Materials
6.5
Pharmaceuticals, Biotechnology & Life Sciences
6.3
Banks
6.1
Energy
5.5
Consumer Services
5.4
Media & Entertainment
5.0
Household & Personal Products
4.4
Insurance
3.8
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
France
18.7
8.3
Europe ex UK
Japan
15.8
13.8
Japan
China
14.4
8.5
Asia Pacific ex Japan
Netherlands
7.5
2.9
Europe ex UK
Switzerland
6.4
6.7
Europe ex UK
Spain
5.8
1.7
Europe ex UK
Canada
5.1
7.6
North America
Hong Kong
4.4
1.8
Asia Pacific ex Japan
United Kingdom
4.1
9.9
UK
United States
4.1
0.2
North America
Top 10 Countries
Fund (%)
France
18.7
Japan
15.8
China
14.4
Netherlands
7.5
Switzerland
6.4
Spain
5.8
Canada
5.1
Hong Kong
4.4
United Kingdom
4.1
United States
4.1
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
97.6
82.3
Mid Cap ($2.5 to $12 B)
2.4
17.4
Small Cap (< $2.5 B)
0.0
0.3
Capitalization
Fund (%)
Large Cap (> $12 B)
97.6
Mid Cap ($2.5 to $12 B)
2.4
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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