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

For Institutional / Wholesale / Professional Clients

The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.

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 698 Foreign Large Blend funds, based on risk-adjusted returns for class R3 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 5 stars and 4 stars among 698, 644 and 423 funds, as of 29 Feb 2024.

As of 29 Feb 2024
Fund Assets
$2.6 B
As of 29 Feb 2024
NAV
$25.82
As of 27 Mar 2024
Change
$0.02
As of 27 Mar 2024
YTD NAV Performance
7.63%
As of 27 Mar 2024
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 Dec 2023)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
15.45
15.45
0.81
9.95
4.47
6.96
MSCI ACWI ex US (GR/NR) (%)
15.62
15.62
1.55
7.08
3.83
4.68
MSCI EAFE NTR (%)
18.24
18.24
4.02
8.16
4.28
4.48
Morningstar Category Avg. (%)
16.25
16.25
2.43
7.62
3.98
Morningstar Quartile
3
4
1
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
3.29
14.71
0.76
8.00
5.12
7.05
MSCI ACWI ex US (GR/NR) (%)
1.51
12.51
1.32
5.44
3.96
4.71
MSCI EAFE NTR (%)
2.42
14.41
4.45
6.77
4.39
4.55
Morningstar Category Avg. (%)
1.97
12.85
2.6
6.03
4.14
Morningstar Quartile
2
4
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
15.45
15.45
2.46
60.68
54.79
459.70
MSCI ACWI ex US (GR/NR) (%)
15.62
15.62
4.71
40.79
45.61
222.66
MSCI EAFE NTR (%)
18.24
18.24
12.54
48.05
52.04
207.01
YTD
1y
3y
5y
10y
Inception
Total Return (%)
3.29
14.71
2.29
46.95
64.77
478.13
MSCI ACWI ex US (GR/NR) (%)
1.51
12.51
4.01
30.33
47.45
227.54
MSCI EAFE NTR (%)
2.42
14.41
13.95
38.74
53.70
214.43
2018
2019
2020
2021
2022
2023
Total Return (%)
-20.22
28.41
22.12
7.10
-17.13
15.45
MSCI ACWI ex US (GR/NR) (%)
-14.20
21.51
10.65
7.82
-16.00
15.62
MSCI EAFE NTR (%)
-13.79
22.01
7.82
11.26
-14.45
18.24
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
1.71
Net Expense Ratio (%)
1.36
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 29 Feb 2024)
(Hypothetical Growth of $10,000 vs MSCI EAFE NTR)
Distributions

Distributions

(As of 14 Dec 2023)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
31 Dec 2004
31 Dec 2004
0.10134
0.10134
30 Sep 2005
30 Sep 2005
0.13778
0.13778
17 Nov 2005
30 Nov 2005
0.40477
0.08666
0.31811
30 Mar 2006
31 Mar 2006
0.05552
0.05552
27 Sep 2006
30 Sep 2006
0.14114
0.14114
17 Nov 2006
30 Nov 2006
0.64859
0.05849
0.59010
26 Dec 2006
31 Dec 2006
0.06732
0.06732
26 Jun 2007
30 Jun 2007
0.08136
0.08136
26 Sep 2007
30 Sep 2007
0.09418
0.09418
19 Nov 2007
30 Nov 2007
2.87886
1.40945
1.46941
26 Jun 2008
30 Jun 2008
0.15915
0.15915
26 Sep 2008
30 Sep 2008
0.11437
0.11437
26 Dec 2008
31 Dec 2008
0.03436
0.03436
26 Jun 2009
30 Jun 2009
0.13511
0.13511
25 Sep 2009
30 Sep 2009
0.03519
0.03519
25 Jun 2010
30 Jun 2010
0.08201
0.08201
24 Sep 2010
30 Sep 2010
0.05827
0.05827
25 Mar 2011
31 Mar 2011
0.00777
0.00777
24 Jun 2011
30 Jun 2011
0.14357
0.14357
26 Sep 2011
30 Sep 2011
0.07020
0.07020
23 Dec 2011
31 Dec 2011
0.00832
0.00832
26 Mar 2012
31 Mar 2012
0.03769
0.03769
25 Jun 2012
30 Jun 2012
0.14035
0.14035
24 Sep 2012
30 Sep 2012
0.06300
0.06300
24 Jun 2013
30 Jun 2013
0.13434
0.13434
24 Sep 2013
30 Sep 2013
0.05560
0.05560
24 Jun 2014
30 Jun 2014
0.07815
0.07815
24 Sep 2014
30 Sep 2014
0.11256
0.11256
19 Nov 2014
30 Nov 2014
2.52021
0.00000
2.52021
24 Dec 2014
31 Dec 2014
0.01605
0.01605
24 Jun 2015
30 Jun 2015
0.10833
0.10833
24 Sep 2015
30 Sep 2015
0.08483
0.08483
19 Nov 2015
30 Nov 2015
4.25368
0.00000
4.25368
24 Jun 2016
30 Jun 2016
0.17972
0.17972
26 Sep 2016
30 Sep 2016
0.16354
0.16354
23 Jun 2017
30 Jun 2017
0.08951
0.08951
22 Sep 2017
30 Sep 2017
0.08343
0.08343
17 Nov 2017
30 Nov 2017
4.02883
0.64275
3.38608
21 Dec 2018
31 Dec 2018
0.22238
0.22238
14 Nov 2019
30 Nov 2019
1.28372
0.00000
1.28372
20 Dec 2019
31 Dec 2019
0.15816
0.15816
19 Nov 2020
30 Nov 2020
0.76614
0.38436
0.38178
18 Nov 2021
30 Nov 2021
3.43433
1.31246
2.12187
16 Dec 2021
31 Dec 2021
0.26438
0.26438
15 Dec 2022
31 Dec 2022
0.33876
0.33876
14 Dec 2023
31 Dec 2023
0.37839
0.37839
Fund Facts

Fund Facts

(As of 29 Feb 2024)
Net Fund Assets
$2.6 B
Benchmark
MSCI ACWI ex US (GR/NR)
Morningstar Category
Foreign Large Blend
Fund Symbol
TGVRX
Share Class
R3
Share Class Inception Date
1 Jul 2003
Number of Holdings
56
Portfolio Turnover
43%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 29 Feb 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$147.4 B
$98.8 B
Median Market Cap
$65.3 B
$8.7 B
Price to Earnings - Forward 1YR
15.7x
13.8x
Price to Earnings - Trailing 12 Months
17.1x
14.4x
Price to Cash Flow
9.5x
7.6x
Portfolio
Benchmark
Price to Book Value
2.1x
1.7x
Return on Assets - 5 YR
6.3%
7.2%
Return on Equity - 5 YR
15.5%
16.0%
Historical 3YR Sales Growth
14.8%
16.1%
Active Share
82.9%
Risk & Return Profile

Risk & Return Profile

(As of 29 Feb 2024)
3y
5y
10y
Annualized Alpha (%)
0.02
3.10
1.81
Beta
1.03
0.99
0.98
R-Squared (%)
92.36
92.36
89.94
Standard Deviation (%)
17.30
17.85
15.44
Sharpe Ratio
-0.08
0.36
0.28
Information Ratio
-0.01
0.62
0.35
Up Capture (%)
103.18
107.67
103.17
Down Capture (%)
103.54
96.02
94.97
Portfolio

Portfolio

Top Holdings

(As of 31 Jan 2024)
Name
Ticker/Symbol
Sector
Weight %
TotalEnergies SE
TTE
Energy
4.1
NN Group N.V.
NN
Financials
3.4
Canadian Pacific Kansas City Ltd.
CP
Industrials
3.3
Safran S.A.
SAF
Industrials
3.2
Hitachi Ltd.
6501
Industrials
3.1
L'Oreal S.A.
OR
Consumer Staples
3.0
Roche Holding AG
ROG
Health Care
2.8
Sony Group Corp.
6758
Consumer Discretionary
2.8
ABB Ltd.
ABBN
Industrials
2.8
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
2.8
Exposure Breakdown

Exposure Breakdown

(As of 29 Feb 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
21.4
13.8
Financials
16.2
21.3
Information Technology
11.4
13.1
Consumer Staples
9.4
7.6
Utilities
7.4
3.0
Communication Services
7.2
5.2
Health Care
5.9
9.3
Materials
5.8
7.3
Consumer Discretionary
5.7
11.9
Energy
5.1
5.5
Cash & Cash Equivalents
4.4
Real Estate
0.0
2.0
Sector Allocation
Fund (%)
Industrials
21.4
Financials
16.2
Information Technology
11.4
Consumer Staples
9.4
Utilities
7.4
Communication Services
7.2
Health Care
5.9
Materials
5.8
Consumer Discretionary
5.7
Energy
5.1
Cash & Cash Equivalents
4.4
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
17.2
9.8
Utilities
7.4
3.0
Insurance
6.6
4.7
Materials
5.8
7.3
Banks
5.4
12.9
Energy
5.1
5.5
Semiconductors & Semiconductor Equipment
4.9
5.9
Pharmaceuticals, Biotechnology & Life Sciences
4.8
7.4
Financial Services
4.2
3.7
Media & Entertainment
4.0
2.5
Top 10 Industries
Fund (%)
Capital Goods
17.2
Utilities
7.4
Insurance
6.6
Materials
5.8
Banks
5.4
Energy
5.1
Semiconductors & Semiconductor Equipment
4.9
Pharmaceuticals, Biotechnology & Life Sciences
4.8
Financial Services
4.2
Media & Entertainment
4.0
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
France
20.9
7.8
Europe ex UK
Japan
14.3
15.3
Japan
Switzerland
7.3
6.2
Europe ex UK
Germany
7.1
5.6
Europe ex UK
Netherlands
6.8
3.3
Europe ex UK
Canada
5.9
7.5
North America
Spain
5.5
1.6
Europe ex UK
Hong Kong
5.5
1.3
Asia Pacific ex Japan
China
4.8
7.1
Asia Pacific ex Japan
United States
4.4
0.2
North America
Top 10 Countries
Fund (%)
France
20.9
Japan
14.3
Switzerland
7.3
Germany
7.1
Netherlands
6.8
Canada
5.9
Spain
5.5
Hong Kong
5.5
China
4.8
United States
4.4
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
99.7
83.6
Mid Cap ($2.5 to $12 B)
0.3
16.1
Small Cap (< $2.5 B)
0.0
0.2
Capitalization
Fund (%)
Large Cap (> $12 B)
99.7
Mid Cap ($2.5 to $12 B)
0.3
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

Basketball and a March Madness Bracket diagram laying on the court.
Advising Clients

Creating a Winning NCAA Basketball Tournament Bracket is More Challenging Than Successfully Selecting Stocks

If your NCAA Basketball Tournament bracket is already busted, consider a pastime that may be more rewarding.
Plastic multi-color tanks and dice on a map
International Equities

A New Era of Navigating Geopolitical Shocks and Risks

Portfolio Manager Joe Salmond points out that staying invested and diversified might feel painful during times of turbulence, but it is more important than ever.
The Indian flag overlays some cash bills from India
Emerging Markets

Spotlight on India: High Valuations and Other Risks to Watch

Portfolio Manager Josh Rubin reviews risks associated with investing in India, such as valuation disconnects, currency fragility and the urban/rural imbalance.
Women cheering with jerseys on in a crowd
Advising Clients

March Is Women’s History Month. It’s Time to Celebrate the Ladies.

It's Women's History Month let's celebrate women's historic successes and acknowledge the history they're making today.
Businessman on a call walks along a ridge in front of the Taj Mahal.
Emerging Markets

Spotlight on India: Opportunities Abound, but Valuations Are High

Portfolio Manager Josh Rubin believes high valuations favor attractive “derivative” opportunities in specific sectors such as housing, health care and financials.
View from the ground looking up at office buildings
Fixed Income

Considering Private Credit? The Value of a “Cross-Silo” Approach

Private credit can add value to an overall portfolio, but allocators may find more opportunities by breaking down the credit market’s traditional investment silos.