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Thornburg International Equity Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 657 Foreign Large Blend funds, based on risk-adjusted returns for class C shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 5 stars, 4 stars and 3 stars among 657, 620 and 435 funds, as of 30 Apr 2025.

As of 30 Apr 2025
Fund Assets
$3.4 B
As of 30 Apr 2025
NAV
$25.08
As of 20 May 2025
Change
$0.27
As of 20 May 2025
YTD NAV Performance
17.97%
As of 20 May 2025
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
Overview

Overview

Why Invest in This Fund?

  • Focused, diversified international core equity portfolio that includes promising companies from both developed markets and emerging markets outside the U.S.
  • Rigorous, fundamental research process focused on buying sustainable businesses with sound business fundamentals trading at a discount to intrinsic value and with a defined path to success.
  • Three-basket portfolio construction process that seeks to provide style diversification, reduce volatility and deliver superior risk-adjusted performance over time.

Investment Objective

The fund’s goal is to provide investors with long-term capital appreciation by investing in equity and debt securities of all types.

Investment Approach

The fund uses a fundamental, bottom-up investment approach to uncover promising businesses with sound fundamentals in primarily the developed international markets of Europe and the Asia Pacific region.   The resulting portfolio is diversified by sector, country and market capitalization.  The portfolio is constructed with three types of stocks (basic value, consistent earners and emerging franchises) which provides the opportunity for our portfolio to produce attractive risk-adjusted returns across market cycles with less volatility over time.

Performance

Performance

Returns

(As of 31 Mar 2025)
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
8.60
11.52
8.68
12.98
5.85
6.70
Total Return without Sales Charge (%)
9.60
12.52
8.68
12.98
5.85
6.70
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
1
1
1
1
Morningstar Quartile # of Funds
694
657
620
435
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
11.65
16.08
12.20
12.18
5.45
6.78
Total Return without Sales Charge (%)
12.65
17.08
12.20
12.18
5.45
6.78
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
1
1
1
1
Morningstar Quartile # of Funds
694
657
620
435
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
8.60
11.52
28.38
84.08
76.54
469.45
Total Return without Sales Charge (%)
9.60
12.52
28.38
84.08
76.54
469.45
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
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
11.65
16.08
41.23
77.67
69.93
485.33
Total Return without Sales Charge (%)
12.65
17.08
41.23
77.67
69.93
485.33
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 with Sales Charge (%)
26.66
20.66
5.58
-18.41
13.71
9.28
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
Fund Fees

Fund Fees

(As of 1 Feb 2025)
Gross Expense Ratio (%)
2.17
Net Expense Ratio (%)
2.17
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Apr 2025)
(Hypothetical Growth of $10,000 vs MSCI EAFE Index)
Distributions

Distributions

(As of 19 Dec 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
30 Sep 1998
30 Sep 1998
0.00600
0.00600
31 Mar 1999
31 Mar 1999
0.02000
0.02000
30 Jun 1999
30 Jun 1999
0.05000
0.05000
31 Dec 1999
31 Dec 1999
0.13900
0.13900
31 Mar 2000
31 Mar 2000
0.05200
0.05200
30 Jun 2000
30 Jun 2000
0.14500
0.14500
29 Sep 2000
30 Sep 2000
0.33900
0.33900
29 Dec 2000
31 Dec 2000
0.75700
0.75700
29 Jun 2001
30 Jun 2001
0.09500
0.09500
31 Dec 2004
31 Dec 2004
0.00692
0.00692
30 Sep 2005
30 Sep 2005
0.04055
0.04055
17 Nov 2005
17 Nov 2005
0.40477
0.08666
0.31811
27 Sep 2006
30 Sep 2006
0.06787
0.06787
17 Nov 2006
17 Nov 2006
0.64859
0.05849
0.59010
26 Dec 2006
31 Dec 2006
0.03327
0.03327
26 Jun 2007
30 Jun 2007
0.01085
0.01085
26 Sep 2007
30 Sep 2007
0.05195
0.05195
19 Nov 2007
19 Nov 2007
2.87886
1.40945
1.46941
26 Jun 2008
30 Jun 2008
0.08625
0.08625
26 Sep 2008
30 Sep 2008
0.07581
0.07581
26 Dec 2008
31 Dec 2008
0.00466
0.00466
26 Jun 2009
30 Jun 2009
0.07968
0.07968
25 Sep 2009
30 Sep 2009
0.00690
0.00690
25 Jun 2010
30 Jun 2010
0.04925
0.04925
24 Sep 2010
30 Sep 2010
0.01979
0.01979
24 Jun 2011
30 Jun 2011
0.10925
0.10925
26 Sep 2011
30 Sep 2011
0.03606
0.03606
26 Mar 2012
31 Mar 2012
0.00266
0.00266
25 Jun 2012
30 Jun 2012
0.10647
0.10647
24 Sep 2012
30 Sep 2012
0.03239
0.03239
24 Jun 2013
30 Jun 2013
0.10156
0.10156
24 Sep 2013
30 Sep 2013
0.01803
0.01803
24 Sep 2014
30 Sep 2014
0.07647
0.07647
19 Nov 2014
19 Nov 2014
2.52021
0.00000
2.52021
24 Jun 2015
30 Jun 2015
0.05101
0.05101
24 Sep 2015
30 Sep 2015
0.05190
0.05190
19 Nov 2015
19 Nov 2015
4.25368
0.00000
4.25368
24 Jun 2016
30 Jun 2016
0.13524
0.13524
26 Sep 2016
30 Sep 2016
0.13557
0.13557
23 Jun 2017
30 Jun 2017
0.05438
0.05438
22 Sep 2017
30 Sep 2017
0.05235
0.05235
17 Nov 2017
17 Nov 2017
4.02883
0.64275
3.38608
14 Nov 2019
14 Nov 2019
1.28372
0.00000
1.28372
19 Nov 2020
19 Nov 2020
0.76614
0.38436
0.38178
18 Nov 2021
18 Nov 2021
3.43433
1.31246
2.12187
16 Dec 2021
31 Dec 2021
0.13694
0.13694
15 Dec 2022
31 Dec 2022
0.21480
0.21480
16 Nov 2023
16 Nov 2023
0.09820
0.00000
0.09820
14 Dec 2023
31 Dec 2023
0.21020
0.21020
21 Nov 2024
21 Nov 2024
1.30833
0.08089
1.22744
19 Dec 2024
31 Dec 2024
0.19034
0.19034
Fund Facts

Fund Facts

(As of 30 Apr 2025)
Net Fund Assets
$3.4 B
Benchmark
MSCI ACWI ex-U.S. Index
Morningstar Category
Foreign Large Blend
Fund Symbol
THGCX
Share Class
C
Share Class Inception Date
28 May 1998
Number of Holdings
50
Portfolio Turnover
45%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 30 Apr 2025)
Portfolio
Benchmark
Weighted Average Market Cap
$120.3 B
$107.7 B
Median Market Cap
$74.0 B
$11.3 B
Price to Earnings - Forward 1YR
15.9x
14.0x
Price to Earnings - Trailing 12 Months
16.4x
15.9x
Price to Cash Flow
8.6x
8.6x
Portfolio
Benchmark
Price to Book Value
2.1x
1.8x
Return on Assets - 5 YR
5.9%
6.5%
Return on Equity - 5 YR
14.5%
15.5%
Historical 3YR Sales Growth
11.1%
15.3%
Active Share
85.1%
Risk & Return Profile

Risk & Return Profile

(As of 31 Mar 2025)
3y
5y
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
Portfolio

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.
NN
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.
CP
Industrials
2.6
Exposure Breakdown

Exposure Breakdown

(As of 30 Apr 2025)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
21.0
14.2
Financials
15.8
24.9
Cash & Cash Equivalents
10.8
Information Technology
9.4
12.2
Utilities
9.3
3.3
Health Care
7.0
8.6
Consumer Discretionary
6.6
10.8
Materials
6.3
6.3
Consumer Staples
5.7
7.2
Communication Services
4.5
6.3
Energy
3.6
4.6
Real Estate
0.0
1.7
Sector Allocation
Fund (%)
Industrials
21.0
Financials
15.8
Cash & Cash Equivalents
10.8
Information Technology
9.4
Utilities
9.3
Health Care
7.0
Consumer Discretionary
6.6
Materials
6.3
Consumer Staples
5.7
Communication Services
4.5
Energy
3.6
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
15.3
10.4
Utilities
9.3
3.3
Banks
7.1
15.3
Materials
6.3
6.3
Pharmaceuticals, Biotechnology & Life Sciences
5.1
6.9
Insurance
4.7
5.6
Consumer Durables & Apparel
4.3
2.8
Technology Hardware & Equipment
4.2
3.4
Financial Services
4.0
4.0
Transportation
3.8
2.1
Top 10 Industries
Fund (%)
Capital Goods
15.3
Utilities
9.3
Banks
7.1
Materials
6.3
Pharmaceuticals, Biotechnology & Life Sciences
5.1
Insurance
4.7
Consumer Durables & Apparel
4.3
Technology Hardware & Equipment
4.2
Financial Services
4.0
Transportation
3.8
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
France
19.5
7.3
Europe ex UK
Japan
15.0
13.9
Japan
Germany
8.1
6.6
Europe ex UK
United States
6.9
0.1
North America
Spain
6.1
2.0
Europe ex UK
Canada
5.5
7.9
North America
Netherlands
5.0
2.8
Europe ex UK
Italy
4.4
1.9
Europe ex UK
United Kingdom
4.3
9.5
UK
Switzerland
4.1
6.3
Europe ex UK
Top 10 Countries
Fund (%)
France
19.5
Japan
15.0
Germany
8.1
United States
6.9
Spain
6.1
Canada
5.5
Netherlands
5.0
Italy
4.4
United Kingdom
4.3
Switzerland
4.1
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
96.1
86.8
Mid Cap ($2.5 to $12 B)
3.9
13.1
Small Cap (< $2.5 B)
0.0
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
96.1
Mid Cap ($2.5 to $12 B)
3.9
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 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

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

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