Thornburg International Equity Fund

SYMBOL: TGVIX

Morningstar Rating • Info

Overall Morningstar Rating among 651 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, 5 stars and 5 stars among 651, 615 and 425 funds, as of 31 Mar 2025.

As of 31 Mar 2025

Fund Assets

$3.1 B

As of 31 Mar 2025

NAV

$29.73

As of 8 May 2025

Change

$-0.12

As of 8 May 2025

YTD NAV Performance

13.86%

As of 8 May 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 31 Mar 2025)

YTD

10y

Inception

Total Return (%)

9.92

13.84

9.92

14.22

7.01

7.96

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

5.23

6.09

4.48

10.92

4.98

4.87

MSCI EAFE Index (%)

6.86

4.88

6.05

11.77

5.40

4.67

Morningstar Category Avg. (%)

6.5

6.09

5.58

11.48

5.21

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

692

651

615

425

—

YTD

10y

Inception

Total Return (%)

13.10

18.49

13.49

13.42

6.60

8.05

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

9.03

11.93

8.04

10.09

4.83

4.99

MSCI EAFE Index (%)

11.76

12.57

10.07

11.37

5.45

4.83

Morningstar Category Avg. (%)

6.5

6.09

5.58

11.48

5.21

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

692

651

615

425

—

YTD

10y

Inception

Total Return (%)

9.92

13.84

32.81

94.41

96.84

681.99

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

5.23

6.09

14.06

67.89

62.55

258.34

MSCI EAFE Index (%)

6.86

4.88

19.28

74.44

69.13

240.63

YTD

10y

Inception

Total Return (%)

13.10

18.49

46.16

87.65

89.48

704.61

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

9.03

11.93

26.09

61.70

60.32

271.27

MSCI EAFE Index (%)

11.76

12.57

33.37

71.36

69.93

256.23

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

MSCI EAFE Index (%)

22.01

7.82

11.26

-14.45

18.24

3.82

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 EAFE Index
            1998-05-28,10000,10000
1998-05-31,9975,9951
1998-06-30,10056,10027
1998-07-31,10002,10128
1998-08-31,8372,8874
1998-09-30,8237,8602
1998-10-31,8771,9498
1998-11-30,9171,9985
1998-12-31,9099,10379
1999-01-31,8800,10348
1999-02-28,8956,10101
1999-03-31,9499,10523
1999-04-30,10105,10950
1999-05-31,10313,10386
1999-06-30,10802,10791
1999-07-31,11080,11111
1999-08-31,11103,11152
1999-09-30,11082,11264
1999-10-31,11370,11686
1999-11-30,12609,12092
1999-12-31,14951,13177
2000-01-31,14448,12340
2000-02-29,15338,12672
2000-03-31,15623,13163
2000-04-30,15108,12471
2000-05-31,14907,12166
2000-06-30,15472,12642
2000-07-31,15137,12112
2000-08-31,15742,12217
2000-09-30,14981,11622
2000-10-31,14601,11348
2000-11-30,14238,10922
2000-12-31,14801,11310
2001-01-31,15253,11305
2001-02-28,14331,10457
2001-03-31,13873,9760
2001-04-30,14641,10438
2001-05-31,14745,10070
2001-06-30,14282,9658
2001-07-31,13870,9482
2001-08-31,13220,9242
2001-09-30,11862,8306
2001-10-31,12196,8519
2001-11-30,12828,8833
2001-12-31,13306,8885
2002-01-31,13306,8413
2002-02-28,13574,8472
2002-03-31,14215,8930
2002-04-30,14636,8989
2002-05-31,14330,9103
2002-06-30,13736,8741
2002-07-31,12656,7878
2002-08-31,12608,7860
2002-09-30,11441,7016
2002-10-31,11900,7393
2002-11-30,12282,7729
2002-12-31,11976,7469
2003-01-31,11316,7157
2003-02-28,11029,6993
2003-03-31,10867,6855
2003-04-30,12082,7527
2003-05-31,12646,7983
2003-06-30,13163,8176
2003-07-31,13574,8374
2003-08-31,14243,8576
2003-09-30,14473,8841
2003-10-31,15305,9392
2003-11-30,15764,9601
2003-12-31,16845,10351
2004-01-31,17209,10497
2004-02-29,17419,10739
2004-03-31,17706,10800
2004-04-30,17018,10556
2004-05-31,17018,10591
2004-06-30,17429,10823
2004-07-31,16941,10472
2004-08-31,17104,10518
2004-09-30,17678,10793
2004-10-31,18041,11161
2004-11-30,19045,11923
2004-12-31,19937,12446
2005-01-31,19552,12218
2005-02-28,20351,12746
2005-03-31,19947,12426
2005-04-30,19447,12134
2005-05-31,19947,12140
2005-06-30,20274,12301
2005-07-31,21264,12678
2005-08-31,21524,12998
2005-09-30,22477,13577
2005-10-31,21954,13180
2005-11-30,22590,13503
2005-12-31,23567,14131
2006-01-31,25303,14999
2006-02-28,25185,14966
2006-03-31,25909,15459
2006-04-30,27127,16197
2006-05-31,25880,15568
2006-06-30,25939,15567
2006-07-31,26236,15721
2006-08-31,26890,16153
2006-09-30,26916,16178
2006-10-31,27893,16808
2006-11-30,28601,17310
2006-12-31,29720,17853
2007-01-31,29833,17974
2007-02-28,29649,18119
2007-03-31,30663,18581
2007-04-30,32425,19406
2007-05-31,33654,19747
2007-06-30,34454,19771
2007-07-31,34845,19480
2007-08-31,35566,19175
2007-09-30,37997,20201
2007-10-31,40012,20995
2007-11-30,38356,20305
2007-12-31,38099,19848
2008-01-31,34164,18014
2008-02-29,34726,18272
2008-03-31,34041,18080
2008-04-30,35929,19061
2008-05-31,35952,19247
2008-06-30,33198,17673
2008-07-31,32382,17105
2008-08-31,30829,16412
2008-09-30,27567,14039
2008-10-31,22402,11206
2008-11-30,21365,10601
2008-12-31,22232,11238
2009-01-31,20162,10135
2009-02-28,18801,9095
2009-03-31,19887,9672
2009-04-30,21980,10910
2009-05-31,24611,12201
2009-06-30,24442,12132
2009-07-31,26703,13239
2009-08-31,27014,13959
2009-09-30,28244,14493
2009-10-31,28244,14312
2009-11-30,28984,14599
2009-12-31,29342,14809
2010-01-31,28024,14157
2010-02-28,28128,14059
2010-03-31,29901,14937
2010-04-30,29797,14667
2010-05-31,27294,12979
2010-06-30,27155,12850
2010-07-31,29158,14068
2010-08-31,28331,13632
2010-09-30,31041,14967
2010-10-31,32372,15508
2010-11-30,31461,14761
2010-12-31,33494,15957
2011-01-31,33740,16333
2011-02-28,34944,16872
2011-03-31,34956,16494
2011-04-30,36924,17479
2011-05-31,36022,16963
2011-06-30,35383,16751
2011-07-31,34675,16484
2011-08-31,31221,14996
2011-09-30,28008,13567
2011-10-31,30969,14875
2011-11-30,29879,14154
2011-12-31,29160,14019
2012-01-31,30892,14767
2012-02-29,32518,15615
2012-03-31,32429,15542
2012-04-30,32334,15238
2012-05-31,29098,13488
2012-06-30,30207,14434
2012-07-31,30950,14598
2012-08-31,31130,14990
2012-09-30,32062,15433
2012-10-31,32363,15562
2012-11-30,32892,15938
2012-12-31,33782,16447
2013-01-31,35345,17315
2013-02-28,34503,17150
2013-03-31,34630,17291
2013-04-30,35753,18192
2013-05-31,35656,17753
2013-06-30,34116,17122
2013-07-31,35878,18026
2013-08-31,35210,17787
2013-09-30,37494,19102
2013-10-31,37823,19744
2013-11-30,38664,19896
2013-12-31,39110,20193
2014-01-31,36573,19380
2014-02-28,37988,20458
2014-03-31,37305,20327
2014-04-30,37305,20621
2014-05-31,37683,20956
2014-06-30,38122,21158
2014-07-31,37520,20743
2014-08-31,37987,20711
2014-09-30,37580,19915
2014-10-31,37654,19626
2014-11-30,38616,19893
2014-12-31,36938,19204
2015-01-31,37733,19297
2015-02-28,39809,20451
2015-03-31,39728,20140
2015-04-30,42463,20963
2015-05-31,42908,20855
2015-06-30,41728,20264
2015-07-31,42528,20685
2015-08-31,39734,19164
2015-09-30,38201,18191
2015-10-31,40326,19612
2015-11-30,39854,19307
2015-12-31,39405,19047
2016-01-31,36615,17670
2016-02-29,35611,17346
2016-03-31,37731,18475
2016-04-30,38624,19010
2016-05-31,38401,18837
2016-06-30,36632,18205
2016-07-31,38116,19127
2016-08-31,38583,19141
2016-09-30,39047,19376
2016-10-31,38397,18980
2016-11-30,37714,18602
2016-12-31,38462,19238
2017-01-31,39193,19796
2017-02-28,39193,20079
2017-03-31,41137,20632
2017-04-30,42439,21157
2017-05-31,44066,21933
2017-06-30,44822,21894
2017-07-31,46195,22526
2017-08-31,45313,22517
2017-09-30,46578,23078
2017-10-31,47120,23428
2017-11-30,47533,23674
2017-12-31,48258,24054
2018-01-31,51293,25260
2018-02-28,48258,24120
2018-03-31,47151,23685
2018-04-30,47533,24226
2018-05-31,46540,23682
2018-06-30,44975,23392
2018-07-31,46273,23968
2018-08-31,44860,23505
2018-09-30,44803,23709
2018-10-31,40851,21822
2018-11-30,41520,21795
2018-12-31,38693,20737
2019-01-31,42152,22099
2019-02-28,43765,22663
2019-03-31,44756,22806
2019-04-30,47321,23447
2019-05-31,44290,22321
2019-06-30,46738,23645
2019-07-31,46350,23345
2019-08-31,45553,22740
2019-09-30,46039,23392
2019-10-31,47516,24232
2019-11-30,48240,24505
2019-12-31,49948,25302
2020-01-31,49326,24773
2020-02-29,46610,22534
2020-03-31,40224,19526
2020-04-30,42878,20788
2020-05-31,45677,21693
2020-06-30,47688,22432
2020-07-31,50964,22954
2020-08-31,54426,24135
2020-09-30,53286,23507
2020-10-31,52540,22569
2020-11-30,58833,26067
2020-12-31,61317,27279
2021-01-31,61788,26989
2021-02-28,63480,27594
2021-03-31,63908,28228
2021-04-30,65599,29078
2021-05-31,68640,30026
2021-06-30,66627,29688
2021-07-31,64978,29912
2021-08-31,65856,30439
2021-09-30,63972,29556
2021-10-31,66220,30283
2021-11-30,63769,28873
2021-12-31,65980,30352
2022-01-31,63784,28885
2022-02-28,59953,28374
2022-03-31,58879,28557
2022-04-30,55048,26709
2022-05-31,55926,26910
2022-06-30,51852,24413
2022-07-31,53608,25629
2022-08-31,51144,24412
2022-09-30,46288,22128
2022-10-31,47484,23318
2022-11-30,54999,25945
2022-12-31,54957,25965
2023-01-31,59885,28068
2023-02-28,57172,27482
2023-03-31,59363,28164
2023-04-30,60508,28959
2023-05-31,58516,27733
2023-06-30,61005,28995
2023-07-31,63221,29934
2023-08-31,61055,28787
2023-09-30,58367,27803
2023-10-31,57122,26676
2023-11-30,61552,29152
2023-12-31,63748,30701
2024-01-31,63901,30878
2024-02-29,65890,31443
2024-03-31,68693,32477
2024-04-30,67903,31645
2024-05-31,71574,32871
2024-06-30,70860,32341
2024-07-31,73256,33289
2024-08-31,75040,34372
2024-09-30,77258,34689
2024-10-31,73587,32803
2024-11-30,72800,32617
2024-12-31,71142,31875
2025-01-31,74494,33550
2025-02-28,76265,34201
2025-03-31,78199,34063
2025-04-30,80461,35623

Hypothetical Growth of $10,000

(As of 30 Apr 2025)

(Hypothetical Growth of $10,000 vs MSCI EAFE Index)

                        Categories,I Shares,MSCI EAFE Index
                        2024-04-30,10000,10000
2024-05-31,10541,10387
2024-06-30,10435,10280
2024-07-31,10788,10519
2024-08-31,11051,10862
2024-09-30,11378,10962
2024-10-31,10837,10366
2024-11-30,10721,10307
2024-12-31,10477,10072
2025-01-31,10971,10602
2025-02-28,11231,10807
2025-03-31,11516,10764
2025-04-30,11849,11257

                        Categories,I Shares,MSCI EAFE Index
                        2022-04-30,10000,10000
2022-05-31,10160,10075
2022-06-30,9419,9205
2022-07-31,9738,9520
2022-08-31,9291,9140
2022-09-30,8409,8285
2022-10-31,8626,8541
2022-11-30,9991,9550
2022-12-31,9983,9478
2023-01-31,10879,10247
2023-02-28,10386,9887
2023-03-31,10784,10129
2023-04-30,10992,10842
2023-05-31,10630,10383
2023-06-30,11082,10376
2023-07-31,11485,10798
2023-08-31,11091,10310
2023-09-30,10603,9984
2023-10-31,10377,9988
2023-11-30,11181,10915
2023-12-31,11580,11495
2024-01-31,11608,10849
2024-02-29,11969,11124
2024-03-31,12479,12159
2024-04-30,12335,11848
2024-05-31,13002,12307
2024-06-30,12872,12108
2024-07-31,13308,12464
2024-08-31,13632,12188
2024-09-30,14035,12516
2024-10-31,13368,12281
2024-11-30,13225,12212
2024-12-31,12924,11934
2025-01-31,13532,12561
2025-02-28,13854,12805
2025-03-31,14206,12753
2025-04-30,14616,13337

                        Categories,I Shares,MSCI EAFE Index
                        2020-04-30,10000,10000
2020-05-31,10653,10435
2020-06-30,11122,10791
2020-07-31,11886,11042
2020-08-31,12693,11610
2020-09-30,12427,11308
2020-10-31,12253,10857
2020-11-30,13721,12540
2020-12-31,14301,13123
2021-01-31,14410,12983
2021-02-28,14805,13274
2021-03-31,14905,13579
2021-04-30,15299,13988
2021-05-31,16008,14444
2021-06-30,15539,14282
2021-07-31,15154,14389
2021-08-31,15359,14643
2021-09-30,14920,14218
2021-10-31,15444,14568
2021-11-30,14872,13890
2021-12-31,15388,14601
2022-01-31,14876,13895
2022-02-28,13982,13650
2022-03-31,13732,13737
2022-04-30,12838,12849
2022-05-31,13043,12945
2022-06-30,12093,11744
2022-07-31,12503,12329
2022-08-31,11928,11743
2022-09-30,10795,10645
2022-10-31,11074,11217
2022-11-30,12827,12481
2022-12-31,12817,12491
2023-01-31,13967,13502
2023-02-28,13334,13221
2023-03-31,13845,13548
2023-04-30,14112,13931
2023-05-31,13647,13341
2023-06-30,14228,13948
2023-07-31,14744,14400
2023-08-31,14239,13848
2023-09-30,13612,13375
2023-10-31,13322,12833
2023-11-30,14355,14024
2023-12-31,14868,14769
2024-01-31,14903,14854
2024-02-29,15367,15126
2024-03-31,16021,15623
2024-04-30,15836,15223
2024-05-31,16693,15813
2024-06-30,16526,15558
2024-07-31,17085,16014
2024-08-31,17501,16535
2024-09-30,18018,16687
2024-10-31,17162,15780
2024-11-30,16979,15690
2024-12-31,16592,15333
2025-01-31,17374,16139
2025-02-28,17787,16452
2025-03-31,18238,16386
2025-04-30,18765,17136

                        Categories,I Shares,MSCI EAFE Index
                        2015-04-30,10000,10000
2015-05-31,10105,9949
2015-06-30,9827,9667
2015-07-31,10015,9868
2015-08-31,9357,9142
2015-09-30,8996,8678
2015-10-31,9497,9356
2015-11-30,9385,9210
2015-12-31,9280,9086
2016-01-31,8623,8429
2016-02-29,8386,8275
2016-03-31,8886,8813
2016-04-30,9096,9068
2016-05-31,9043,8986
2016-06-30,8627,8684
2016-07-31,8976,9124
2016-08-31,9086,9131
2016-09-30,9195,9243
2016-10-31,9042,9054
2016-11-30,8881,8874
2016-12-31,9058,9177
2017-01-31,9230,9443
2017-02-28,9230,9578
2017-03-31,9688,9842
2017-04-30,9994,10092
2017-05-31,10377,10463
2017-06-30,10555,10444
2017-07-31,10879,10746
2017-08-31,10671,10742
2017-09-30,10969,11009
2017-10-31,11097,11176
2017-11-30,11194,11293
2017-12-31,11365,11475
2018-01-31,12079,12050
2018-02-28,11365,11506
2018-03-31,11104,11299
2018-04-30,11194,11557
2018-05-31,10960,11297
2018-06-30,10591,11159
2018-07-31,10897,11434
2018-08-31,10564,11213
2018-09-30,10551,11310
2018-10-31,9620,10410
2018-11-30,9778,10397
2018-12-31,9112,9892
2019-01-31,9927,10542
2019-02-28,10307,10811
2019-03-31,10540,10879
2019-04-30,11144,11185
2019-05-31,10430,10648
2019-06-30,11007,11280
2019-07-31,10915,11136
2019-08-31,10728,10848
2019-09-30,10842,11159
2019-10-31,11190,11560
2019-11-30,11360,11690
2019-12-31,11763,12070
2020-01-31,11616,11818
2020-02-29,10976,10749
2020-03-31,9473,9315
2020-04-30,10098,9917
2020-05-31,10757,10348
2020-06-30,11230,10701
2020-07-31,12002,10950
2020-08-31,12817,11513
2020-09-30,12549,11214
2020-10-31,12373,10766
2020-11-30,13855,12435
2020-12-31,14440,13013
2021-01-31,14551,12875
2021-02-28,14949,13163
2021-03-31,15050,13466
2021-04-30,15448,13871
2021-05-31,16164,14324
2021-06-30,15690,14162
2021-07-31,15302,14269
2021-08-31,15509,14521
2021-09-30,15065,14099
2021-10-31,15595,14446
2021-11-30,15017,13774
2021-12-31,15538,14479
2022-01-31,15021,13779
2022-02-28,14119,13536
2022-03-31,13866,13623
2022-04-30,12964,12741
2022-05-31,13170,12837
2022-06-30,12211,11646
2022-07-31,12625,12226
2022-08-31,12044,11645
2022-09-30,10901,10556
2022-10-31,11182,11124
2022-11-30,12952,12377
2022-12-31,12942,12387
2023-01-31,14103,13390
2023-02-28,13464,13110
2023-03-31,13980,13435
2023-04-30,14249,13814
2023-05-31,13780,13230
2023-06-30,14367,13832
2023-07-31,14888,14279
2023-08-31,14378,13732
2023-09-30,13745,13263
2023-10-31,13452,12726
2023-11-30,14495,13907
2023-12-31,15013,14646
2024-01-31,15049,14730
2024-02-29,15517,14999
2024-03-31,16177,15493
2024-04-30,15991,15096
2024-05-31,16855,15681
2024-06-30,16687,15428
2024-07-31,17252,15880
2024-08-31,17672,16397
2024-09-30,18194,16548
2024-10-31,17330,15648
2024-11-30,17144,15559
2024-12-31,16754,15205
2025-01-31,17543,16005
2025-02-28,17960,16315
2025-03-31,18416,16249
2025-04-30,18948,16993

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 Mar 2025)

Net Fund Assets

$3.1 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

Number of Holdings

Portfolio Turnover

45%

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Mar 2025)

Portfolio

Benchmark

Weighted Average Market Cap

$134.3 B

$107.5 B

Median Market Cap

$65.5 B

$11.0 B

Price to Earnings - Forward 1YR

16.0x

13.8x

Price to Earnings - Trailing 12 Months

16.5x

16.0x

Price to Cash Flow

8.9x

8.7x

Portfolio

Benchmark

Price to Book Value

2.2x

1.9x

Return on Assets - 5 YR

6.2%

6.5%

Return on Equity - 5 YR

14.7%

15.5%

Historical 3YR Sales Growth

11.5%

16.0%

Active Share

84.8%

—

Risk & Return Profile

(As of 31 Mar 2025)

10y

Annualized Alpha (%)

5.18

2.93

2.06

Beta

1.03

1.02

1.00

R-Squared (%)

94.30

91.45

90.80

Standard Deviation (%)

17.00

16.27

15.61

Sharpe Ratio

0.32

0.71

0.33

Information Ratio

1.33

0.69

0.43

Up Capture (%)

113.45

110.61

106.72

Down Capture (%)

90.96

98.94

97.79

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 31 Mar 2025)

Name

Ticker/Symbol

Sector

Weight %

TotalEnergies SE

TTE

Energy

3.2

Mitsubishi UFJ Financial Group, Inc.

8306

Financials

3.1

NN Group N.V.

Financials

2.9

Sony Group Corp.

6758

Consumer Discretionary

2.9

Linde plc

LIN

Materials

2.8

E.ON SE

EOAN

Utilities

2.7

Safran S.A.

SAF

Industrials

2.7

Samsung Electronics Co. Ltd.

005930

Information Technology

2.7

Orange S.A.

ORA

Communication Services

2.7

Canadian Pacific Kansas City Ltd.

Industrials

2.6

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Mar 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Industrials

21.9

14.0

Financials

16.3

24.8

Information Technology

10.7

12.2

Utilities

9.0

3.1

Consumer Discretionary

7.5

11.1

Cash & Cash Equivalents

7.3

—

Health Care

6.8

8.7

Materials

6.3

Consumer Staples

5.6

6.9

Energy

4.4

5.0

Communication Services

4.2

6.2

Real Estate

0.0

1.7

Sector Allocation

Fund (%)

Industrials

21.9

Financials

16.3

Information Technology

10.7

Utilities

9.0

Consumer Discretionary

7.5

Cash & Cash Equivalents

7.3

Health Care

6.8

Materials

6.3

Consumer Staples

5.6

Energy

4.4

Communication Services

4.2

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Capital Goods

16.1

10.3

Utilities

9.0

3.1

Banks

7.2

15.3

Materials

6.3

Consumer Durables & Apparel

4.9

2.9

Insurance

4.8

5.5

Pharmaceuticals, Biotechnology & Life Sciences

4.7

7.0

Energy

4.4

5.0

Technology Hardware & Equipment

4.4

3.4

Financial Services

4.3

4.0

Top 10 Industries

Fund (%)

Capital Goods

16.1

Utilities

9.0

Banks

7.2

Materials

6.3

Consumer Durables & Apparel

4.9

Insurance

4.8

Pharmaceuticals, Biotechnology & Life Sciences

4.7

Energy

4.4

Technology Hardware & Equipment

4.4

Financial Services

4.3

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

25%

30%

France

20.1

7.3

Europe ex UK

Japan

15.2

13.7

Japan

Germany

9.1

6.3

Europe ex UK

United States

8.3

0.1

North America

Spain

6.0

2.0

Europe ex UK

Canada

5.5

7.8

North America

Netherlands

5.0

2.8

Europe ex UK

Switzerland

4.5

6.3

Europe ex UK

Italy

4.4

1.9

Europe ex UK

Hong Kong

4.3

1.2

Asia Pacific ex Japan

Top 10 Countries

Fund (%)

France

20.1

Japan

15.2

Germany

9.1

United States

8.3

Spain

6.0

Canada

5.5

Netherlands

5.0

Switzerland

4.5

Italy

4.4

Hong Kong

4.3

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

95.2

86.4

Mid Cap ($2.5 to $12 B)

4.8

13.5

Small Cap (< $2.5 B)

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

95.2

Mid Cap ($2.5 to $12 B)

4.8

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 Report

Prospectus

Statement of Additional Information (SAI)

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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Fixed Income in Focus—Yield Potential Amid Narrow Spreads

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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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