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TGVAX

Thornburg International Equity Fund

Morningstar Rating • Info

Overall Morningstar Rating among 645 Foreign Large Blend funds, based on risk-adjusted returns for class A shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 5 stars, 4 stars and 5 stars among 645, 607 and 481 funds, as of 31 Jul 2026.

As of 31 Jul 2026

Fund Assets

$5.7 B

As of 31 Jul 2026

NAV

$37.07

As of 27 Aug 2026

Change

$-0.20

As of 27 Aug 2026

YTD NAV Performance

14.91%

As of 27 Aug 2026

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, Portfolio Manager and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

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.

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Considering the Cost of Future Growth

Performance

Performance

Returns

(As of 30 Jun 2026)

YTD

1y

3y

5y

10y

Inception

Total Return with Sales Charge (%)

4.91

15.43

17.70

8.21

10.25

8.13

Total Return without Sales Charge (%)

9.86

20.86

19.52

9.21

10.76

8.30

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

13.68

27.66

18.82

8.79

9.93

5.99

Morningstar Category Avg. (%)

10.85

21.46

16.72

8.43

9.46

—

Morningstar Quartile

—

3

1

2

1

—

Morningstar Quartile # of Funds

—

676

645

606

479

—

YTD

1y

3y

5y

10y

Inception

Total Return with Sales Charge (%)

9.30

20.29

17.91

9.65

10.27

8.26

Total Return without Sales Charge (%)

14.44

25.95

19.74

10.66

10.78

8.43

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

14.08

28.46

17.39

9.22

9.43

5.98

Morningstar Category Avg. (%)

11.87

24.46

15.95

8.62

9.1

—

Morningstar Quartile

—

2

1

1

1

—

Morningstar Quartile # of Funds

—

677

645

607

481

—

YTD

1y

3y

5y

10y

Inception

Total Return with Sales Charge (%)

4.91

15.43

63.05

48.35

165.38

797.43

Total Return without Sales Charge (%)

9.86

20.86

70.74

55.32

177.84

839.52

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

13.68

27.66

67.75

52.36

157.65

412.49

YTD

1y

3y

5y

10y

Inception

Total Return with Sales Charge (%)

9.30

20.29

63.94

58.48

165.70

834.91

Total Return without Sales Charge (%)

14.44

25.95

71.67

65.96

178.26

878.76

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

14.08

28.46

61.75

55.44

146.35

414.25

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total Return with Sales Charge (%)

-7.13

19.34

-23.64

22.88

16.84

2.44

-20.76

10.56

6.24

27.79

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

4.50

27.19

-14.20

21.51

10.65

7.82

-16.00

15.62

5.53

32.39

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

Fund Fees

(As of 1 Feb 2026)

Gross Expense Ratio (%)

1.24

Net Expense Ratio (%)

1.15

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least 1 February 2027, 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

Hypothetical Growth of $10,000

(As of 31 Jul 2026)

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

Categories,A Shares,MSCI ACWI ex-U.S. Index                        
2025-07-31,9551,10000
2025-08-31,9790,10347
2025-09-30,10069,10720
2025-10-31,10157,10936
2025-11-30,10263,10934
2025-12-31,10511,11261
2026-01-31,11075,11935
2026-02-28,11788,12534
2026-03-31,10827,11182
2026-04-30,11384,12261
2026-05-31,11622,12878
2026-06-30,11547,12802
2026-07-31,12029,12846

Categories,A Shares,MSCI ACWI ex-U.S. Index                        
2023-07-31,9550,10000
2023-08-31,9221,9548
2023-09-30,8817,9247
2023-10-31,8625,8865
2023-11-30,9291,9663
2023-12-31,9622,10149
2024-01-31,9638,10048
2024-02-29,9939,10302
2024-03-31,10356,10624
2024-04-30,10235,10434
2024-05-31,10788,10737
2024-06-30,10680,10726
2024-07-31,11037,10975
2024-08-31,11301,11287
2024-09-30,11633,11591
2024-10-31,11077,11022
2024-11-30,10957,10923
2024-12-31,10704,10710
2025-01-31,11205,11142
2025-02-28,11466,11297
2025-03-31,11757,11271
2025-04-30,12091,11678
2025-05-31,12708,12213
2025-06-30,13020,12627
2025-07-31,13016,12591
2025-08-31,13341,13028
2025-09-30,13723,13497
2025-10-31,13842,13770
2025-11-30,13987,13767
2025-12-31,14325,14179
2026-01-31,15093,15027
2026-02-28,16065,15782
2026-03-31,14755,14079
2026-04-30,15515,15438
2026-05-31,15839,16215
2026-06-30,15737,16120
2026-07-31,16394,16175

Categories,A Shares,MSCI ACWI ex-U.S. Index                        
2021-07-31,9549,10000
2021-08-31,9677,10190
2021-09-30,9392,9864
2021-10-31,9719,10099
2021-11-30,9361,9644
2021-12-31,9682,10043
2022-01-31,9358,9673
2022-02-28,8792,9482
2022-03-31,8628,9497
2022-04-30,8066,8900
2022-05-31,8189,8964
2022-06-30,7589,8193
2022-07-31,7846,8474
2022-08-31,7481,8201
2022-09-30,6774,7381
2022-10-31,6945,7602
2022-11-30,8043,8499
2022-12-31,8035,8436
2023-01-31,8754,9120
2023-02-28,8357,8800
2023-03-31,8675,9015
2023-04-30,8842,9172
2023-05-31,8546,8838
2023-06-30,8910,9235
2023-07-31,9232,9610
2023-08-31,8913,9176
2023-09-30,8523,8886
2023-10-31,8338,8520
2023-11-30,8981,9287
2023-12-31,9302,9753
2024-01-31,9317,9656
2024-02-29,9608,9901
2024-03-31,10011,10210
2024-04-30,9894,10027
2024-05-31,10429,10318
2024-06-30,10324,10308
2024-07-31,10669,10547
2024-08-31,10925,10847
2024-09-30,11246,11139
2024-10-31,10708,10593
2024-11-30,10592,10497
2024-12-31,10348,10293
2025-01-31,10832,10708
2025-02-28,11084,10856
2025-03-31,11366,10832
2025-04-30,11689,11223
2025-05-31,12285,11737
2025-06-30,12587,12135
2025-07-31,12583,12100
2025-08-31,12897,12520
2025-09-30,13266,12971
2025-10-31,13381,13233
2025-11-30,13521,13230
2025-12-31,13848,13627
2026-01-31,14590,14442
2026-02-28,15530,15167
2026-03-31,14264,13530
2026-04-30,14998,14836
2026-05-31,15311,15583
2026-06-30,15213,15491
2026-07-31,15848,15544

Categories,A Shares,MSCI ACWI ex-U.S. Index                        
2016-07-31,9548,10000
2016-08-31,9664,10063
2016-09-30,9779,10187
2016-10-31,9612,10041
2016-11-30,9436,9809
2016-12-31,9620,10060
2017-01-31,9804,10416
2017-02-28,9799,10582
2017-03-31,10279,10850
2017-04-30,10605,11082
2017-05-31,11006,11442
2017-06-30,11189,11478
2017-07-31,11528,11901
2017-08-31,11302,11963
2017-09-30,11615,12185
2017-10-31,11745,12414
2017-11-30,11852,12515
2017-12-31,12023,12795
2018-01-31,12779,13507
2018-02-28,12014,12871
2018-03-31,11734,12644
2018-04-30,11827,12845
2018-05-31,11582,12549
2018-06-30,11184,12313
2018-07-31,11508,12607
2018-08-31,11150,12344
2018-09-30,11135,12400
2018-10-31,10149,11391
2018-11-30,10316,11499
2018-12-31,9612,10979
2019-01-31,10469,11808
2019-02-28,10862,12039
2019-03-31,11106,12111
2019-04-30,11739,12430
2019-05-31,10987,11763
2019-06-30,11589,12472
2019-07-31,11490,12321
2019-08-31,11291,11940
2019-09-30,11410,12247
2019-10-31,11774,12675
2019-11-30,11949,12786
2019-12-31,12368,13340
2020-01-31,12209,12982
2020-02-29,11535,11956
2020-03-31,9952,10225
2020-04-30,10605,10999
2020-05-31,11296,11359
2020-06-30,11789,11873
2020-07-31,12591,12402
2020-08-31,13452,12933
2020-09-30,13160,12615
2020-10-31,12979,12344
2020-11-30,14527,14004
2020-12-31,15133,14761
2021-01-31,15243,14793
2021-02-28,15665,15086
2021-03-31,15763,15277
2021-04-30,16174,15727
2021-05-31,16924,16219
2021-06-30,16420,16113
2021-07-31,16010,15848
2021-08-31,16223,16149
2021-09-30,15747,15632
2021-10-31,16294,16005
2021-11-30,15695,15284
2021-12-31,16232,15916
2022-01-31,15689,15330
2022-02-28,14740,15026
2022-03-31,14465,15050
2022-04-30,13523,14105
2022-05-31,13729,14206
2022-06-30,12723,12984
2022-07-31,13154,13429
2022-08-31,12542,12997
2022-09-30,11356,11698
2022-10-31,11643,12048
2022-11-30,13485,13470
2022-12-31,13471,13369
2023-01-31,14677,14453
2023-02-28,14011,13946
2023-03-31,14544,14287
2023-04-30,14823,14535
2023-05-31,14328,14007
2023-06-30,14937,14635
2023-07-31,15477,15230
2023-08-31,14944,14542
2023-09-30,14290,14083
2023-10-31,13979,13502
2023-11-30,15058,14717
2023-12-31,15595,15457
2024-01-31,15621,15303
2024-02-29,16108,15691
2024-03-31,16783,16181
2024-04-30,16589,15891
2024-05-31,17485,16352
2024-06-30,17309,16336
2024-07-31,17887,16715
2024-08-31,18316,17191
2024-09-30,18855,17653
2024-10-31,17952,16787
2024-11-30,17758,16635
2024-12-31,17348,16312
2025-01-31,18160,16969
2025-02-28,18583,17205
2025-03-31,19055,17166
2025-04-30,19596,17786
2025-05-31,20596,18600
2025-06-30,21102,19231
2025-07-31,21095,19176
2025-08-31,21623,19842
2025-09-30,22240,20557
2025-10-31,22435,20972
2025-11-30,22668,20967
2025-12-31,23216,21595
2026-01-31,24461,22887
2026-02-28,26037,24036
2026-03-31,23914,21443
2026-04-30,25145,23512
2026-05-31,25670,24696
2026-06-30,25505,24550
2026-07-31,26570,24635

Categories,A Shares,MSCI ACWI ex-U.S. Index                        
1998-05-28,9552,10000
1998-05-31,9528,9819
1998-06-30,9600,9782
1998-07-31,9544,9875
1998-08-31,7984,8482
1998-09-30,7852,8303
1998-10-31,8357,9173
1998-11-30,8734,9666
1998-12-31,8662,9999
1999-01-31,8373,9988
1999-02-28,8518,9764
1999-03-31,9029,10236
1999-04-30,9601,10748
1999-05-31,9795,10243
1999-06-30,10254,10714
1999-07-31,10513,10965
1999-08-31,10530,11003
1999-09-30,10505,11077
1999-10-31,10773,11490
1999-11-30,11941,11949
1999-12-31,14153,13089
2000-01-31,13670,12379
2000-02-29,14505,12713
2000-03-31,14768,13191
2000-04-30,14275,12455
2000-05-31,14078,12136
2000-06-30,14604,12653
2000-07-31,14281,12154
2000-08-31,14845,12304
2000-09-30,14121,11621
2000-10-31,13756,11252
2000-11-30,13408,10747
2000-12-31,13931,11114
2001-01-31,14349,11280
2001-02-28,13476,10387
2001-03-31,13039,9648
2001-04-30,13761,10299
2001-05-31,13850,10007
2001-06-30,13407,9619
2001-07-31,13020,9404
2001-08-31,12400,9168
2001-09-30,11115,8194
2001-10-31,11430,8423
2001-11-30,12014,8808
2001-12-31,12463,8921
2002-01-31,12463,8538
2002-02-28,12706,8599
2002-03-31,13299,9062
2002-04-30,13694,9116
2002-05-31,13398,9208
2002-06-30,12840,8807
2002-07-31,11816,7948
2002-08-31,11780,7946
2002-09-30,10675,7102
2002-10-31,11106,7483
2002-11-30,11457,7842
2002-12-31,11160,7588
2003-01-31,10540,7320
2003-02-28,10280,7171
2003-03-31,10109,7027
2003-04-30,11241,7697
2003-05-31,11762,8180
2003-06-30,12229,8402
2003-07-31,12607,8625
2003-08-31,13227,8880
2003-09-30,13433,9127
2003-10-31,14206,9718
2003-11-30,14620,9928
2003-12-31,15626,10686
2004-01-31,15949,10856
2004-02-29,16138,11130
2004-03-31,16399,11194
2004-04-30,15761,10838
2004-05-31,15752,10862
2004-06-30,16129,11093
2004-07-31,15671,10768
2004-08-31,15806,10851
2004-09-30,16336,11199
2004-10-31,16659,11587
2004-11-30,17585,12389
2004-12-31,18394,12920
2005-01-31,18033,12695
2005-02-28,18764,13318
2005-03-31,18394,12952
2005-04-30,17916,12620
2005-05-31,18376,12687
2005-06-30,18665,12920
2005-07-31,19566,13395
2005-08-31,19810,13733
2005-09-30,20666,14439
2005-10-31,20186,13912
2005-11-30,20763,14376
2005-12-31,21649,15067
2006-01-31,23245,16115
2006-02-28,23116,16065
2006-03-31,23785,16525
2006-04-30,24895,17367
2006-05-31,23739,16548
2006-06-30,23785,16525
2006-07-31,24053,16691
2006-08-31,24636,17158
2006-09-30,24654,17166
2006-10-31,25547,17863
2006-11-30,26178,18507
2006-12-31,27195,19082
2007-01-31,27290,19151
2007-02-28,27119,19265
2007-03-31,28035,19799
2007-04-30,29630,20702
2007-05-31,30747,21246
2007-06-30,31464,21419
2007-07-31,31819,21354
2007-08-31,32461,21021
2007-09-30,34675,22409
2007-10-31,36491,23657
2007-11-30,34980,22588
2007-12-31,34730,22260
2008-01-31,31142,20102
2008-02-29,31644,20678
2008-03-31,31006,20224
2008-04-30,32711,21448
2008-05-31,32721,21788
2008-06-30,30201,19997
2008-07-31,29443,19277
2008-08-31,28033,18375
2008-09-30,25047,15615
2008-10-31,20351,12177
2008-11-30,19410,11472
2008-12-31,20180,12126
2009-01-31,18294,11054
2009-02-28,17053,10023
2009-03-31,18039,10827
2009-04-30,19915,12303
2009-05-31,22300,13968
2009-06-30,22141,13814
2009-07-31,24179,15165
2009-08-31,24456,15726
2009-09-30,25561,16534
2009-10-31,25550,16329
2009-11-30,26213,16797
2009-12-31,26523,17152
2010-01-31,25326,16314
2010-02-28,25411,16314
2010-03-31,27009,17424
2010-04-30,26903,17270
2010-05-31,24636,15453
2010-06-30,24504,15255
2010-07-31,26297,16632
2010-08-31,25546,16175
2010-09-30,27971,17784
2010-10-31,29165,18390
2010-11-30,28337,17680
2010-12-31,30157,19065
2011-01-31,30361,19252
2011-02-28,31437,19760
2011-03-31,31454,19714
2011-04-30,33198,20677
2011-05-31,32380,20081
2011-06-30,31805,19790
2011-07-31,31155,19520
2011-08-31,28036,17847
2011-09-30,25145,15861
2011-10-31,27797,17532
2011-11-30,26808,16637
2011-12-31,26163,16452
2012-01-31,27697,17568
2012-02-29,29143,18555
2012-03-31,29064,18299
2012-04-30,28966,18011
2012-05-31,26046,15966
2012-06-30,27043,16907
2012-07-31,27690,17146
2012-08-31,27843,17505
2012-09-30,28669,18159
2012-10-31,28922,18229
2012-11-30,29395,18577
2012-12-31,30176,19220
2013-01-31,31572,20002
2013-02-28,30802,19790
2013-03-31,30912,19830
2013-04-30,31891,20559
2013-05-31,31792,20083
2013-06-30,30411,19212
2013-07-31,31982,20053
2013-08-31,31363,19777
2013-09-30,33398,21151
2013-10-31,33675,21927
2013-11-30,34418,21965
2013-12-31,34806,22159
2014-01-31,32533,21152
2014-02-28,33786,22214
2014-03-31,33154,22271
2014-04-30,33154,22565
2014-05-31,33475,23004
2014-06-30,33864,23391
2014-07-31,33318,23159
2014-08-31,33719,23287
2014-09-30,33350,22159
2014-10-31,33406,21940
2014-11-30,34243,22099
2014-12-31,32753,21302
2015-01-31,33436,21270
2015-02-28,35279,22408
2015-03-31,35193,22045
2015-04-30,37597,23159
2015-05-31,37976,22797
2015-06-30,36920,22161
2015-07-31,37631,22100
2015-08-31,35142,20411
2015-09-30,33767,19464
2015-10-31,35649,20913
2015-11-30,35208,20482
2015-12-31,34804,20096
2016-01-31,32335,18729
2016-02-29,31440,18515
2016-03-31,33302,20020
2016-04-30,34082,20547
2016-05-31,33865,20200
2016-06-30,32301,19891
2016-07-31,33598,20875
2016-08-31,34006,21007
2016-09-30,34408,21266
2016-10-31,33820,20960
2016-11-30,33204,20475
2016-12-31,33850,20999
2017-01-31,34496,21743
2017-02-28,34481,22090
2017-03-31,36170,22650
2017-04-30,37315,23135
2017-05-31,38725,23885
2017-06-30,39371,23959
2017-07-31,40565,24843
2017-08-31,39769,24973
2017-09-30,40868,25436
2017-10-31,41327,25915
2017-11-30,41702,26125
2017-12-31,42307,26709
2018-01-31,44966,28197
2018-02-28,42272,26867
2018-03-31,41288,26393
2018-04-30,41616,26815
2018-05-31,40753,26196
2018-06-30,39354,25703
2018-07-31,40494,26318
2018-08-31,39233,25767
2018-09-30,39181,25884
2018-10-31,35710,23779
2018-11-30,36297,24004
2018-12-31,33823,22918
2019-01-31,36837,24649
2019-02-28,38221,25131
2019-03-31,39080,25281
2019-04-30,41306,25948
2019-05-31,38659,24556
2019-06-30,40780,26034
2019-07-31,40429,25719
2019-08-31,39728,24925
2019-09-30,40149,25566
2019-10-31,41428,26458
2019-11-30,42046,26692
2019-12-31,43520,27848
2020-01-31,42960,27099
2020-02-29,40587,24957
2020-03-31,35018,21344
2020-04-30,37317,22961
2020-05-31,39746,23713
2020-06-30,41484,24784
2020-07-31,44305,25889
2020-08-31,47332,26997
2020-09-30,46305,26334
2020-10-31,45669,25768
2020-11-30,51117,29234
2020-12-31,53250,30814
2021-01-31,53635,30881
2021-02-28,55119,31492
2021-03-31,55466,31890
2021-04-30,56911,32829
2021-05-31,59552,33856
2021-06-30,57779,33637
2021-07-31,56333,33082
2021-08-31,57085,33711
2021-09-30,55408,32632
2021-10-31,57335,33411
2021-11-30,55225,31906
2021-12-31,57116,33225
2022-01-31,55204,32000
2022-02-28,51865,31367
2022-03-31,50899,31417
2022-04-30,47582,29444
2022-05-31,48307,29656
2022-06-30,44770,27104
2022-07-31,46286,28032
2022-08-31,44133,27131
2022-09-30,39959,24419
2022-10-31,40969,25149
2022-11-30,47450,28118
2022-12-31,47400,27908
2023-01-31,51645,30171
2023-02-28,49299,29112
2023-03-31,51176,29824
2023-04-30,52158,30342
2023-05-31,50416,29239
2023-06-30,52560,30551
2023-07-31,54459,31793
2023-08-31,52583,30357
2023-09-30,50282,29398
2023-10-31,49187,28185
2023-11-30,52984,30722
2023-12-31,54875,32266
2024-01-31,54966,31945
2024-02-29,56680,32754
2024-03-31,59056,33778
2024-04-30,58370,33171
2024-05-31,61523,34134
2024-06-30,60906,34102
2024-07-31,62939,34891
2024-08-31,64447,35885
2024-09-30,66343,36852
2024-10-31,63168,35043
2024-11-30,62485,34726
2024-12-31,61043,34051
2025-01-31,63900,35423
2025-02-28,65389,35915
2025-03-31,67049,35834
2025-04-30,68954,37127
2025-05-31,72470,38828
2025-06-30,74253,40145
2025-07-31,74228,40031
2025-08-31,76084,41419
2025-09-30,78257,42912
2025-10-31,78941,43779
2025-11-30,79763,43768
2025-12-31,81691,45080
2026-01-31,86072,47776
2026-02-28,91617,50175
2026-03-31,84147,44762
2026-04-30,88477,49081
2026-05-31,90326,51552
2026-06-30,89743,51249
2026-07-31,93491,51425

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 ($)
            1998-09-30,0.02500
1999-03-31,0.04800
1999-06-30,0.09000
1999-12-31,0.15700
2000-03-31,0.07100
2000-06-30,0.17100
2000-09-30,0.37700
2000-12-31,0.78600
2001-06-30,0.12200
2004-12-31,0.07068
2005-09-30,0.12000
2005-11-17,0.40477
2006-03-31,0.05500
2006-09-30,0.15000
2006-11-17,0.64859
2006-12-31,0.07624
2007-06-30,0.10000
2007-09-30,0.11000
2007-11-19,2.87886
2007-12-31,0.01050
2008-06-30,0.18000
2008-09-30,0.12000
2008-12-31,0.03728
2009-06-30,0.14000
2009-09-30,0.04500
2010-03-31,0.00500
2010-06-30,0.09000
2010-09-30,0.06000
2010-12-31,0.00205
2011-03-31,0.02500
2011-06-30,0.16000
2011-09-30,0.08000
2011-12-31,0.01690
2012-03-31,0.04750
2012-06-30,0.15000
2012-09-30,0.07500
2013-03-31,0.02000
2013-06-30,0.15000
2013-09-30,0.07000
2014-06-30,0.12000
2014-09-30,0.12000
2014-11-19,2.52021
2014-12-31,0.01860
2015-06-30,0.14000
2015-09-30,0.09750
2015-11-19,4.25368
2016-06-30,0.21000
2016-09-30,0.17500
2017-06-30,0.09940
2017-09-30,0.09600
2017-11-17,4.02883
2018-12-31,0.28021
2019-11-14,1.28372
2019-12-31,0.21467
2020-11-19,0.76614
2020-12-31,0.05849
2021-11-18,3.43433
2021-12-31,0.26745
2022-12-31,0.35851
2023-11-16,0.09820
2023-12-31,0.43819
2024-11-21,1.30833
2024-12-31,0.41695
2025-11-20,0.74682
2025-12-31,0.39602

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
1998-09-30,907113600,0.02500,0.02500,0,0
1999-03-31,922838400,0.04800,0.04800,0,0
1999-06-30,930700800,0.09000,0.09000,0,0
1999-12-31,946598400,0.15700,0.15700,0,0
2000-03-31,954460800,0.07100,0.07100,0,0
2000-06-30,962323200,0.17100,0.17100,0,0
2000-09-29,970272000,0.37700,0.37700,0,0
2000-12-29,978220800,0.78600,0.78600,0,0
2001-06-29,993859200,0.12200,0.12200,0,0
2004-12-31,1104451200,0.07068,0.07068,0,0
2005-09-30,1128038400,0.12000,0.12000,0,0
2005-11-17,1132185600,0.40477,0,0.08666,0.31811
2006-03-30,1143763200,0.05500,0.05500,0,0
2006-09-27,1159574400,0.15000,0.15000,0,0
2006-11-17,1163721600,0.64859,0,0.05849,0.59010
2006-12-26,1167523200,0.07624,0.07624,0,0
2007-06-26,1183161600,0.10000,0.10000,0,0
2007-09-26,1191110400,0.11000,0.11000,0,0
2007-11-19,1195430400,2.87886,0,1.40945,1.46941
2007-12-26,1199059200,0.01050,0.01050,0,0
2008-06-26,1214784000,0.18000,0.18000,0,0
2008-09-26,1222732800,0.12000,0.12000,0,0
2008-12-26,1230681600,0.03728,0.03728,0,0
2009-06-26,1246320000,0.14000,0.14000,0,0
2009-09-25,1254268800,0.04500,0.04500,0,0
2010-03-26,1269993600,0.00500,0.00500,0,0
2010-06-25,1277856000,0.09000,0.09000,0,0
2010-09-24,1285804800,0.06000,0.06000,0,0
2010-12-27,1293753600,0.00205,0.00205,0,0
2011-03-25,1301529600,0.02500,0.02500,0,0
2011-06-24,1309392000,0.16000,0.16000,0,0
2011-09-26,1317340800,0.08000,0.08000,0,0
2011-12-23,1325289600,0.01690,0.01690,0,0
2012-03-26,1333152000,0.04750,0.04750,0,0
2012-06-25,1341014400,0.15000,0.15000,0,0
2012-09-30,1348963200,0.07500,0.07500,0,0
2013-03-22,1364688000,0.02000,0.02000,0,0
2013-06-24,1372550400,0.15000,0.15000,0,0
2013-09-24,1380499200,0.07000,0.07000,0,0
2014-06-24,1404086400,0.12000,0.12000,0,0
2014-09-24,1412035200,0.12000,0.12000,0,0
2014-11-19,1416355200,2.52021,0,0.00000,2.52021
2014-12-24,1419984000,0.01860,0.01860,0,0
2015-06-24,1435622400,0.14000,0.14000,0,0
2015-09-24,1443571200,0.09750,0.09750,0,0
2015-11-19,1447891200,4.25368,0,0.00000,4.25368
2016-06-24,1467244800,0.21000,0.21000,0,0
2016-09-26,1475193600,0.17500,0.17500,0,0
2017-06-23,1498780800,0.09940,0.09940,0,0
2017-09-22,1506729600,0.09600,0.09600,0,0
2017-11-17,1510876800,4.02883,0,0.64275,3.38608
2018-12-21,1546214400,0.28021,0.28021,0,0
2019-11-14,1573689600,1.28372,0,0.00000,1.28372
2019-12-20,1577750400,0.21467,0.21467,0,0
2020-11-19,1605744000,0.76614,0,0.38436,0.38178
2020-12-17,1609372800,0.05849,0.05849,0,0
2021-11-18,1637193600,3.43433,0,1.31246,2.12187
2021-12-16,1640908800,0.26745,0.26745,0,0
2022-12-15,1672444800,0.35851,0.35851,0,0
2023-11-16,1700092800,0.09820,0,0.00000,0.09820
2023-12-14,1703980800,0.43819,0.43819,0,0
2024-11-21,1732147200,1.30833,0,0.08089,1.22744
2024-12-19,1735603200,0.41695,0.41695,0,0
2025-11-20,1763596800,0.74682,0,0.00000,0.74682
2025-12-18,1767139200,0.39602,0.39602,0,0

Distributions

(As of 18 Dec 2025)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

30 Sep 1998

30 Sep 1998

0.02500

0.02500

—

—

31 Mar 1999

31 Mar 1999

0.04800

0.04800

—

—

30 Jun 1999

30 Jun 1999

0.09000

0.09000

—

—

31 Dec 1999

31 Dec 1999

0.15700

0.15700

—

—

31 Mar 2000

31 Mar 2000

0.07100

0.07100

—

—

30 Jun 2000

30 Jun 2000

0.17100

0.17100

—

—

29 Sep 2000

30 Sep 2000

0.37700

0.37700

—

—

29 Dec 2000

31 Dec 2000

0.78600

0.78600

—

—

29 Jun 2001

30 Jun 2001

0.12200

0.12200

—

—

31 Dec 2004

31 Dec 2004

0.07068

0.07068

—

—

30 Sep 2005

30 Sep 2005

0.12000

0.12000

—

—

17 Nov 2005

17 Nov 2005

0.40477

—

0.08666

0.31811

30 Mar 2006

31 Mar 2006

0.05500

0.05500

—

—

27 Sep 2006

30 Sep 2006

0.15000

0.15000

—

—

17 Nov 2006

17 Nov 2006

0.64859

—

0.05849

0.59010

26 Dec 2006

31 Dec 2006

0.07624

0.07624

—

—

26 Jun 2007

30 Jun 2007

0.10000

0.10000

—

—

26 Sep 2007

30 Sep 2007

0.11000

0.11000

—

—

19 Nov 2007

19 Nov 2007

2.87886

—

1.40945

1.46941

26 Dec 2007

31 Dec 2007

0.01050

0.01050

—

—

26 Jun 2008

30 Jun 2008

0.18000

0.18000

—

—

26 Sep 2008

30 Sep 2008

0.12000

0.12000

—

—

26 Dec 2008

31 Dec 2008

0.03728

0.03728

—

—

26 Jun 2009

30 Jun 2009

0.14000

0.14000

—

—

25 Sep 2009

30 Sep 2009

0.04500

0.04500

—

—

26 Mar 2010

31 Mar 2010

0.00500

0.00500

—

—

25 Jun 2010

30 Jun 2010

0.09000

0.09000

—

—

24 Sep 2010

30 Sep 2010

0.06000

0.06000

—

—

27 Dec 2010

31 Dec 2010

0.00205

0.00205

—

—

25 Mar 2011

31 Mar 2011

0.02500

0.02500

—

—

24 Jun 2011

30 Jun 2011

0.16000

0.16000

—

—

26 Sep 2011

30 Sep 2011

0.08000

0.08000

—

—

23 Dec 2011

31 Dec 2011

0.01690

0.01690

—

—

26 Mar 2012

31 Mar 2012

0.04750

0.04750

—

—

25 Jun 2012

30 Jun 2012

0.15000

0.15000

—

—

30 Sep 2012

30 Sep 2012

0.07500

0.07500

—

—

22 Mar 2013

31 Mar 2013

0.02000

0.02000

—

—

24 Jun 2013

30 Jun 2013

0.15000

0.15000

—

—

24 Sep 2013

30 Sep 2013

0.07000

0.07000

—

—

24 Jun 2014

30 Jun 2014

0.12000

0.12000

—

—

24 Sep 2014

30 Sep 2014

0.12000

0.12000

—

—

19 Nov 2014

19 Nov 2014

2.52021

—

0.00000

2.52021

24 Dec 2014

31 Dec 2014

0.01860

0.01860

—

—

24 Jun 2015

30 Jun 2015

0.14000

0.14000

—

—

24 Sep 2015

30 Sep 2015

0.09750

0.09750

—

—

19 Nov 2015

19 Nov 2015

4.25368

—

0.00000

4.25368

24 Jun 2016

30 Jun 2016

0.21000

0.21000

—

—

26 Sep 2016

30 Sep 2016

0.17500

0.17500

—

—

23 Jun 2017

30 Jun 2017

0.09940

0.09940

—

—

22 Sep 2017

30 Sep 2017

0.09600

0.09600

—

—

17 Nov 2017

17 Nov 2017

4.02883

—

0.64275

3.38608

21 Dec 2018

31 Dec 2018

0.28021

0.28021

—

—

14 Nov 2019

14 Nov 2019

1.28372

—

0.00000

1.28372

20 Dec 2019

31 Dec 2019

0.21467

0.21467

—

—

19 Nov 2020

19 Nov 2020

0.76614

—

0.38436

0.38178

17 Dec 2020

31 Dec 2020

0.05849

0.05849

—

—

18 Nov 2021

18 Nov 2021

3.43433

—

1.31246

2.12187

16 Dec 2021

31 Dec 2021

0.26745

0.26745

—

—

15 Dec 2022

31 Dec 2022

0.35851

0.35851

—

—

16 Nov 2023

16 Nov 2023

0.09820

—

0.00000

0.09820

14 Dec 2023

31 Dec 2023

0.43819

0.43819

—

—

21 Nov 2024

21 Nov 2024

1.30833

—

0.08089

1.22744

19 Dec 2024

31 Dec 2024

0.41695

0.41695

—

—

20 Nov 2025

20 Nov 2025

0.74682

—

0.00000

0.74682

18 Dec 2025

31 Dec 2025

0.39602

0.39602

—

—

Fund Facts

Fund Facts

(As of 31 Jul 2026)

Net Fund Assets

$5.7 B

Benchmark

MSCI ACWI ex-U.S. Index

Morningstar Category

Foreign Large Blend

Fund Symbol

TGVAX

Share Class

A

Share Class Inception Date

28 May 1998

Distribution Frequency

Annually

Characteristics

Characteristics

Portfolio

(As of 31 Jul 2026)

Portfolio

Benchmark

Number of Holdings

46

—

Weighted Average Market Cap

$242.5 B

$245.6 B

Median Market Cap

$111.9 B

$14.9 B

Annual Portfolio Turnover

28%

—

Price to Earnings - Forward 1YR

15.7x

14.3x

Portfolio

Benchmark

Price to Earnings - Trailing 12 Months

21.5x

19.2x

Price to Cash Flow

11.0x

11.0x

Price to Book Value

2.7x

2.4x

Active Share

82.2%

—

Annual Portfolio Turnover reflects data as of the Fund’s fiscal year end (9/30).

Risk & Return Profile

Risk & Return Profile

(As of 31 Jul 2026)

3y

5y

10y

Annualized Alpha (%)

5.18

1.98

1.79

Beta

0.81

0.95

0.98

R-Squared (%)

84.43

88.97

89.79

Standard Deviation (%)

12.05

15.54

15.35

Sharpe Ratio

1.26

0.46

0.56

Information Ratio

0.45

0.31

0.33

Tracking Error (%)

5.40

5.21

4.92

Up Capture (%)

97.19

101.01

104.86

Down Capture (%)

76.46

93.11

98.35

Past performance does not guarantee future results.

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

Portfolio

Portfolio

Top Holdings

(As of 30 Jun 2026)

Name

Ticker/Symbol

Sector

Weight %

ING Groep N.V.

INGA

Financials

3.3

Taiwan Semiconductor Manufacturing Co. Ltd.

TSM

Information Technology

3.3

BNP Paribas S.A.

BNP

Financials

3.2

Mitsubishi UFJ Financial Group, Inc.

8306

Financials

3.1

TotalEnergies SE

TTE

Energy

2.8

Schneider Electric SE

SU

Industrials

2.8

AstraZeneca plc

AZN

Health Care

2.7

Tencent Holdings Ltd.

700

Communication Services

2.7

Samsung Electronics Co. Ltd.

005930

Information Technology

2.7

Canadian Pacific Kansas City Ltd.

CP

Industrials

2.7

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 31 Jul 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

5%

10%

15%

20%

25%

30%

Industrials

19.4

14.1

Financials

17.4

25.7

Information Technology

10.3

19.8

Utilities

9.0

3.1

Materials

7.7

6.5

Consumer Discretionary

7.4

8.0

Cash & Equivalents

7.2

—

Consumer Staples

6.4

5.2

Health Care

6.1

6.9

Communication Services

5.4

4.5

Energy

3.6

4.8

Real Estate

0.0

1.3

Sector Allocation

Fund (%)

Industrials

19.4

Financials

17.4

Information Technology

10.3

Utilities

9.0

Materials

7.7

Consumer Discretionary

7.4

Cash & Equivalents

7.2

Consumer Staples

6.4

Health Care

6.1

Communication Services

5.4

Energy

3.6

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

5%

10%

15%

20%

Capital Goods

14.7

11.2

Banks

11.7

17.0

Utilities

9.0

3.1

Materials

7.7

6.5

Technology Hardware & Equipment

5.8

6.1

Pharmaceuticals, Biotechnology & Life Sciences

4.7

5.8

Insurance

4.6

5.0

Transportation

4.3

1.9

Energy

3.6

4.8

Consumer Durables & Apparel

3.4

2.0

Top 10 Industries

Fund (%)

Capital Goods

14.7

Banks

11.7

Utilities

9.0

Materials

7.7

Technology Hardware & Equipment

5.8

Pharmaceuticals, Biotechnology & Life Sciences

4.7

Insurance

4.6

Transportation

4.3

Energy

3.6

Consumer Durables & Apparel

3.4

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

0%

5%

10%

15%

20%

France

18.0

5.9

Europe ex UK

Japan

14.1

13.9

Japan

China

7.4

6.8

Asia Pacific ex Japan

Germany

7.0

5.3

Europe ex UK

Spain

6.5

2.4

Europe ex UK

Netherlands

6.2

3.4

Europe ex UK

United States

6.0

0.0

North America

United Kingdom

5.6

8.8

UK

Canada

4.3

8.3

North America

Switzerland

4.3

5.6

Europe ex UK

Top 10 Countries

Fund (%)

France

18.0

Japan

14.1

China

7.4

Germany

7.0

Spain

6.5

Netherlands

6.2

United States

6.0

United Kingdom

5.6

Canada

4.3

Switzerland

4.3

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

99.6

92.9

Mid Cap ($2.5 to $12 B)

0.4

7.1

Small Cap (< $2.5 B)

0.0

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

99.6

Mid Cap ($2.5 to $12 B)

0.4

Small Cap (< $2.5 B)

0.0

Holdings with the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Cash and Equivalents includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

Portfolio Managers

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…

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Matt Burdett

Head of Equities, Portfolio Manager 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,…

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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.

© 2026 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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