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Thornburg International Equity Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 667 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, 5 stars and 5 stars among 667, 629 and 422 funds, as of 30 Sep 2024.

As of 30 Sep 2024
Fund Assets
$2.9 B
As of 31 Aug 2024
NAV
$29.77
As of 10 Oct 2024
Change
$0.03
As of 10 Oct 2024
YTD NAV Performance
19.03%
As of 10 Oct 2024
Asset Category:
International Equity
Fund Benchmark:
MSCI ACWI ex-U.S. Index

Portfolio Managers

Portfolio Manager and Managing Director
Head of Equities and Managing Director

Better World and International Equities: Mundane is Undervalued

Portfolio Managers Brian Burrell and Joe Salmond believe unappreciated stability provides opportunities for investors in international equities and diversification.

Read Transcript
Thornburg International Equity Fund

Craig Blessing: Thornburg, we pursue a bottom up, high conviction approach to international equity investing. We spend most of our time looking for and evaluating opportunities in individual companies. Joining me today are Brian Burrell and Joe Salmond, managing directors and members of the International Equity Portfolio Team. So, as we look forward into 2024, how are we thinking about and positioning in our portfolios for what we think might be coming?

Brian Burrell: Well, if you look at the Thornburg Better World Fund, you’ll see our three-basket allocation is a little bit different than the past. So, you know, as a reminder, we have your basic values, some of your cyclicals, which have a more volatile earnings stream, your consistent earners, which kind of steady compounders, and then you exciting emerging franchises which are on the cusp of accelerating earnings in new markets often.

We spend most of our time looking for and evaluate rating opportunities in individual companies. Joining me today are Brian Burrell and Joe Salmon, managing directors and members of the International Equity Portfolio Team. So as we look forward into 2024, how are we thinking about and positioning in our portfolios for what we think might be coming

Well, if you look at the Thornburg Better World Fund, you’ll see our three best get allocation is a little bit different than the past. So, you know, as a reminder, we have your basic values, some of your cyclicals, which have a more volatile earnings stream, your consistent earners, which kind of steady compounders, and then you exciting emerging franchises which are on the cusp of accelerating earnings in new markets often.

And if you look at where the Better World Fund is today, we’re a little bit heavier into those consistent earner companies. We’re finding opportunities where steady is not being valued as such because people are excited about new growth themes. So we’re finding attractive valuations in the realms of health care, consumer staples and so on.

I think, you know, something is as mundane as a railroad, for example. So if you look at Canadian Pacific, this is a company which just merged with Kansas City Southern, creating your only trans North America railroad. Go across Canada through the United States and down into Mexico, where a lot of this nearshoring and reshoring is occurring.

This one line is quite powerful, not only from in a mission standpoint. You know, if you switch from a truck to a train load, you’re cutting your emissions. But now with this being a single line you’re actually getting from Chicago to the industrial heartland of Mexico faster on a train than you were on a truck. So, this is a powerful value proposition. And what’s kind of boring, you know, a railroad with some of these lines built 100 plus years ago, but where there’s exceedingly becoming a great earnings power acceleration drivers, as we start to reshore, bring a lot of production. And those goods need to move on that rail line.

Joe Salmond: And then just on the international equity side, I think it’s a little more at our traditional blend of 40% basic value, 40% emerging franchise and then some opportunistic investments in the emerging franchise.

Part of the baskets. And I think it reflects a lot of the same themes that the Brian is talking about. And it’s just maybe, you know, there are slightly different types of companies that we tend to own there, but it comes back to this being in the core, being nimble. We think there’s a lot of uncertainty in the world and we want to be positioned to protect for that and be able to react without making any huge calls on unknowable things.

And I think we continue to just look for good, solid companies that are doing the right thing. There’s a lot of valuation opportunities and in that basic value up through the consistent earnings side of things that we think minimize the risk we’re taking but give a lot of upside opportunity. And I think there’s that will continue to be kind of our thinking is to be positioned for change and risk while taking a few calls on the exciting themes in the world but not getting carried away by it.

Craig Blessing:. None of these opportunities that we have talked about in the companies we’ve talked about are normally available to investors who are investing only in US funds or U.S. index funds. Am I right?

Brian Burrell: It’s true. Yeah. I think, you know, with a portfolio 50 or 60 names, we’re really zeroing in on where earnings are inflecting positively and where that’s not appreciated by the market. So, you can’t look at the index, which often contains about 2000 companies. But if you really hone in on where the biggest change or the stability that is in appreciated is not value by that market, by the market, that’s where we’re going to be positioned in the portfolio.

Craig Blessing: And if we had an investor and we do have a lot of clients who are probably have been very overweight the US and have benefited and might be now thinking about rebalancing or moving back a little bit towards international. Is that type of investment vehicle, say international equity or better world, the right type of investment for them to diversify internationally?

Joe Salmond: So what I’d maybe point to is just the opportunity with kind of that high conviction 50 name, give or take portfolio is when you look at somewhere like Europe, which we talked about, for example, as a whole, it’s exposed globally, but some of those companies are exposed to bad themes that you wouldn’t want to own in your index.

Others are exposed to wonderful themes, but you’re getting the discount either way. If you’re just owning the broad index, you’re getting the good and the bad and it balances out and there’s probably some validity to the discount. But if you could go in and selectively pick the good parts out with active stock selection, I think there’s really good wins to be had in there that give you a lot of the opportunities maybe of what you’re used to in the US that give you some diversification in some cheap valuations.

Brian Burell: Diversification is your only free lunch. And we’ve seen the dollar be really strong over the past few years and we’re entering a period where the Fed is probably more biased to cut. That’s a good set up for international currencies. So I guess as we’re looking at the world in terms of opportunities, reallocating some of those gains you’ve had from the US into some of these strong companies, international markets that aren’t valued as richly as the US that makes sense to us.

Craig Blessing: Well, and to your point, isn’t it something like 40 to 50% of either International’s underperformance or outperformance to US investors have stories during periods where international has been outperforming or underperforming has come from dollar appreciation or dollar depreciation, am I right?

Brian Burrell: It’s true, and you never know when the dollar is going to turn. But what you can do is you can position your portfolio to take advantage of when that might occur by picking strong companies that are going to be resilient through cycles. And when that that change does happen, you’re positioned for it ahead of time.

Craig Blessing: Perfect. Well, thank you, Brian. Thank you, Joe. And thank you to all of you for for listening today.

Important Information:

The views expressed are subject to change and do not necessarily reflect the views of Thornburg Investment Management, Inc. This information should not be relied upon as a recommendation or investment advice and is not intended to predict the performance of any investment or market.

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.

Top ten holdings for the Better World International Fund: https://www.thornburg.com/product/mutual-funds/fbwi/?class=I#portfolio

Top ten holdings for the International Equity Fund: https://www.thornburg.com/product/mutual-funds/fiv/?class=I#portfolio

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

The Better World International Fund’s adherence to its ESG ratings process may affect the Fund/Strategy’s exposure to certain companies, sectors, regions, and countries and may affect the Fund’s performance depending on whether such investments are in or out of favor. This process may result in the Fund foregoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. Additionally, the process may result in incorrectly evaluating a company’s commitment to positive ESG practices and may result in investment in companies with practices that are not consistent with the Fund’s aspirations.

Investing in an ESG-focused strategy does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Funds invested in a limited number of holdings may expose an investor to greater volatility.

There is no guarantee that the Fund will meet its investment objectives.

The Fund may invest in shares of companies through initial public offerings (IPOs). IPOs have the potential to produce substantial gains and there is no assurance that the Fund will have continued access to profitable IPOs. As Fund assets grow, the impact of IPO investments on performance may decline.

Any securities, sectors, or countries mentioned are for illustration purposes only. Holdings are subject to change. Under no circumstances does the information contained within represent a recommendation to buy or sell any security.

Environmental, social and governance (ESG) criteria are a set of standards for a company’s operations that socially conscious investors use to screen potential investments. Environmental criteria consider how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company’s leadership, executive pay, audits, internal controls, and shareholder rights.

Basic Value: Companies generally operating in mature industries and which generally exhibit more economic sensitivity and/or higher volatility in earnings and cash flow.

Consistent Earners: Companies which generally exhibit predictable growth, profitability, cash flow and/or dividends.

Emerging Franchises: Companies with the potential to grow at an above average rate because of a product or service that is establishing a new market and/or taking share from existing participants.

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.

Thornburg mutual funds are distributed by Thornburg Securities LLC.

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 30 Sep 2024)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
21.19
32.37
6.49
10.91
7.47
8.07
MSCI ACWI ex-U.S. Index (%)
14.21
25.35
4.14
7.59
5.22
5.08
MSCI EAFE Index (%)
12.99
24.77
5.48
8.20
5.71
4.84
Morningstar Category Avg. (%)
5.4
10.57
1.24
5.95
4.17
Morningstar Quartile
1
2
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
21.19
32.37
6.49
10.91
7.47
8.07
MSCI ACWI ex-U.S. Index (%)
14.21
25.35
4.14
7.59
5.22
5.08
MSCI EAFE Index (%)
12.99
24.77
5.48
8.20
5.71
4.84
Morningstar Category Avg. (%)
11.65
18.29
2.63
7.98
4.91
Morningstar Quartile
1
1
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
21.19
32.37
20.77
67.81
105.58
672.58
MSCI ACWI ex-U.S. Index (%)
14.21
25.35
12.93
44.14
66.30
268.52
MSCI EAFE Index (%)
12.99
24.77
17.37
48.30
74.19
246.89
YTD
1y
3y
5y
10y
Inception
Total Return (%)
21.19
32.37
20.77
67.81
105.58
672.58
MSCI ACWI ex-U.S. Index (%)
14.21
25.35
12.93
44.14
66.30
268.52
MSCI EAFE Index (%)
12.99
24.77
17.37
48.30
74.19
246.89
2018
2019
2020
2021
2022
2023
Total Return (%)
-19.82
29.09
22.76
7.60
-16.71
16.00
MSCI ACWI ex-U.S. Index (%)
-14.20
21.51
10.65
7.82
-16.00
15.62
MSCI EAFE Index (%)
-13.79
22.01
7.82
11.26
-14.45
18.24
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
1.01
Net Expense Ratio (%)
0.90
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Sep 2024)
(Hypothetical Growth of $10,000 vs MSCI EAFE Index)
Distributions

Distributions

(As of 14 Dec 2023)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
29 Jun 2001
30 Jun 2001
0.13100
0.13100
31 Dec 2004
31 Dec 2004
0.11222
0.11222
30 Sep 2005
30 Sep 2005
0.18088
0.18088
17 Nov 2005
17 Nov 2005
0.40477
0.08666
0.31811
30 Mar 2006
31 Mar 2006
0.09469
0.09469
27 Sep 2006
30 Sep 2006
0.19707
0.19707
17 Nov 2006
17 Nov 2006
0.64859
0.05849
0.59010
26 Dec 2006
31 Dec 2006
0.10537
0.10537
26 Jun 2007
30 Jun 2007
0.15838
0.15838
26 Sep 2007
30 Sep 2007
0.13948
0.13948
19 Nov 2007
19 Nov 2007
2.87886
1.40945
1.46941
26 Dec 2007
31 Dec 2007
0.04080
0.04080
26 Jun 2008
30 Jun 2008
0.23907
0.23907
26 Sep 2008
30 Sep 2008
0.14908
0.14908
26 Dec 2008
31 Dec 2008
0.05862
0.05862
26 Jun 2009
30 Jun 2009
0.18271
0.18271
25 Sep 2009
30 Sep 2009
0.06555
0.06555
26 Mar 2010
31 Mar 2010
0.05294
0.05294
25 Jun 2010
30 Jun 2010
0.11403
0.11403
24 Sep 2010
30 Sep 2010
0.08706
0.08706
27 Dec 2010
31 Dec 2010
0.03003
0.03003
25 Mar 2011
31 Mar 2011
0.04937
0.04937
24 Jun 2011
30 Jun 2011
0.18720
0.18720
26 Sep 2011
30 Sep 2011
0.10483
0.10483
23 Dec 2011
31 Dec 2011
0.04280
0.04280
26 Mar 2012
31 Mar 2012
0.07653
0.07653
25 Jun 2012
30 Jun 2012
0.17631
0.17631
24 Sep 2012
30 Sep 2012
0.09902
0.09902
22 Mar 2013
31 Mar 2013
0.10535
0.10535
24 Jun 2013
30 Jun 2013
0.17835
0.17835
24 Sep 2013
30 Sep 2013
0.10066
0.10066
24 Dec 2013
31 Dec 2013
0.02593
0.02593
24 Jun 2014
30 Jun 2014
0.22927
0.22927
24 Sep 2014
30 Sep 2014
0.15051
0.15051
19 Nov 2014
19 Nov 2014
2.52021
0.00000
2.52021
24 Dec 2014
31 Dec 2014
0.05324
0.05324
24 Jun 2015
30 Jun 2015
0.20161
0.20161
24 Sep 2015
30 Sep 2015
0.12842
0.12842
19 Nov 2015
19 Nov 2015
4.25368
0.00000
4.25368
24 Dec 2015
31 Dec 2015
0.01831
0.01831
24 Jun 2016
30 Jun 2016
0.25307
0.25307
26 Sep 2016
30 Sep 2016
0.19705
0.19705
24 Mar 2017
31 Mar 2017
0.02574
0.02574
23 Jun 2017
30 Jun 2017
0.12415
0.12415
22 Sep 2017
30 Sep 2017
0.12458
0.12458
17 Nov 2017
17 Nov 2017
4.02883
0.64275
3.38608
22 Dec 2017
31 Dec 2017
0.00979
0.00979
21 Dec 2018
31 Dec 2018
0.35105
0.35105
14 Nov 2019
14 Nov 2019
1.28372
0.00000
1.28372
20 Dec 2019
31 Dec 2019
0.28133
0.28133
19 Nov 2020
19 Nov 2020
0.76614
0.38436
0.38178
17 Dec 2020
31 Dec 2020
0.12461
0.12461
18 Nov 2021
18 Nov 2021
3.43433
1.31246
2.12187
16 Dec 2021
31 Dec 2021
0.40625
0.40625
15 Dec 2022
31 Dec 2022
0.44390
0.44390
16 Nov 2023
16 Nov 2023
0.09820
0.00000
0.09820
14 Dec 2023
31 Dec 2023
0.49384
0.49384
Fund Facts

Fund Facts

(As of 31 Aug 2024)
Net Fund Assets
$2.9 B
Benchmark
MSCI ACWI ex-U.S. Index
Morningstar Category
Foreign Large Blend
Fund Symbol
TGVIX
Share Class
I
Share Class Inception Date
30 Mar 2001
Number of Holdings
55
Portfolio Turnover
43%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$174.8 B
$113.7 B
Median Market Cap
$69.2 B
$10.3 B
Price to Earnings - Forward 1YR
16.2x
14.1x
Price to Earnings - Trailing 12 Months
21.9x
15.9x
Price to Cash Flow
10.2x
9.0x
Portfolio
Benchmark
Price to Book Value
2.2x
1.8x
Return on Assets - 5 YR
6.2%
6.6%
Return on Equity - 5 YR
14.7%
16.1%
Historical 3YR Sales Growth
16.7%
17.4%
Active Share
83.7%
Risk & Return Profile

Risk & Return Profile

(As of 31 Aug 2024)
3y
5y
10y
Annualized Alpha (%)
2.36
2.93
2.69
Beta
1.04
0.99
0.99
R-Squared (%)
92.55
92.38
90.14
Standard Deviation (%)
17.44
17.50
15.57
Sharpe Ratio
0.05
0.47
0.35
Information Ratio
0.49
0.61
0.54
Up Capture (%)
108.89
107.54
106.81
Down Capture (%)
99.22
96.62
94.81
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2024)
Name
Ticker/Symbol
Sector
Weight %
Sony Group Corp.
6758
Consumer Discretionary
3.4
TotalEnergies SE
TTE
Energy
3.4
Hitachi Ltd.
6501
Industrials
3.3
Linde plc
LIN
Materials
3.1
Schneider Electric SE
SU
Industrials
3.1
ABB Ltd.
ABBN
Industrials
2.9
Canadian Pacific Kansas City Ltd.
CP
Industrials
2.9
Roche Holding AG
ROG
Health Care
2.9
NN Group N.V.
NN
Financials
2.8
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
2.7
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
23.6
13.8
Financials
14.6
22.1
Information Technology
11.6
13.2
Utilities
8.0
3.2
Consumer Discretionary
8.0
10.9
Consumer Staples
7.6
7.4
Health Care
6.5
10.1
Materials
5.6
6.9
Cash & Cash Equivalents
5.2
Communication Services
4.8
5.3
Energy
4.6
5.3
Real Estate
0.0
1.8
Sector Allocation
Fund (%)
Industrials
23.6
Financials
14.6
Information Technology
11.6
Utilities
8.0
Consumer Discretionary
8.0
Consumer Staples
7.6
Health Care
6.5
Materials
5.6
Cash & Cash Equivalents
5.2
Communication Services
4.8
Energy
4.6
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
18.1
9.8
Banks
8.4
13.4
Utilities
8.0
3.2
Materials
5.6
6.9
Consumer Durables & Apparel
5.4
2.9
Pharmaceuticals, Biotechnology & Life Sciences
5.4
8.3
Energy
4.6
5.3
Insurance
4.4
4.9
Technology Hardware & Equipment
4.2
3.8
Semiconductors & Semiconductor Equipment
4.0
6.0
Top 10 Industries
Fund (%)
Capital Goods
18.1
Banks
8.4
Utilities
8.0
Materials
5.6
Consumer Durables & Apparel
5.4
Pharmaceuticals, Biotechnology & Life Sciences
5.4
Energy
4.6
Insurance
4.4
Technology Hardware & Equipment
4.2
Semiconductors & Semiconductor Equipment
4.0
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
France
20.3
7.2
Europe ex UK
Japan
17.0
14.7
Japan
Germany
7.8
5.6
Europe ex UK
United States
6.2
0.1
North America
Canada
6.1
7.7
North America
Switzerland
5.7
6.5
Europe ex UK
Spain
5.7
1.7
Europe ex UK
Netherlands
5.7
3.2
Europe ex UK
Italy
4.0
1.6
Europe ex UK
United Kingdom
3.5
9.7
UK
Top 10 Countries
Fund (%)
France
20.3
Japan
17.0
Germany
7.8
United States
6.2
Canada
6.1
Switzerland
5.7
Spain
5.7
Netherlands
5.7
Italy
4.0
United Kingdom
3.5
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
96.9
85.7
Mid Cap ($2.5 to $12 B)
3.1
14.2
Small Cap (< $2.5 B)
0.0
0.1
Capitalization
Fund (%)
Large Cap (> $12 B)
96.9
Mid Cap ($2.5 to $12 B)
3.1
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

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,…
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