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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 R5 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 5 stars, 5 stars and 4 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
$30.90
As of 20 May 2025
Change
$0.33
As of 20 May 2025
YTD NAV Performance
18.48%
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 (%)
9.93
13.83
9.91
14.18
6.96
7.89
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 (%)
13.08
18.45
13.45
13.38
6.55
7.98
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 (%)
9.93
13.83
32.78
94.09
95.97
668.23
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 (%)
13.08
18.45
46.03
87.36
88.64
690.21
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 (%)
29.03
22.67
7.57
-16.73
15.99
11.54
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 (%)
1.18
Net Expense Ratio (%)
0.90
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 2005
30 Sep 2005
0.18791
0.18791
17 Nov 2005
17 Nov 2005
0.40477
0.08666
0.31811
30 Mar 2006
31 Mar 2006
0.09297
0.09297
27 Sep 2006
30 Sep 2006
0.19801
0.19801
17 Nov 2006
17 Nov 2006
0.64859
0.05849
0.59010
26 Dec 2006
31 Dec 2006
0.10222
0.10222
26 Jun 2007
30 Jun 2007
0.15263
0.15263
26 Sep 2007
30 Sep 2007
0.14282
0.14282
19 Nov 2007
19 Nov 2007
2.87886
1.40945
1.46941
26 Dec 2007
31 Dec 2007
0.04180
0.04180
26 Jun 2008
30 Jun 2008
0.23550
0.23550
26 Sep 2008
30 Sep 2008
0.13717
0.13717
26 Dec 2008
31 Dec 2008
0.06053
0.06053
26 Jun 2009
30 Jun 2009
0.17295
0.17295
25 Sep 2009
30 Sep 2009
0.06116
0.06116
26 Mar 2010
31 Mar 2010
0.04434
0.04434
25 Jun 2010
30 Jun 2010
0.10916
0.10916
24 Sep 2010
30 Sep 2010
0.08600
0.08600
27 Dec 2010
31 Dec 2010
0.02262
0.02262
25 Mar 2011
31 Mar 2011
0.04291
0.04291
24 Jun 2011
30 Jun 2011
0.17804
0.17804
26 Sep 2011
30 Sep 2011
0.09819
0.09819
23 Dec 2011
31 Dec 2011
0.03632
0.03632
26 Mar 2012
31 Mar 2012
0.06763
0.06763
25 Jun 2012
30 Jun 2012
0.16929
0.16929
24 Sep 2012
30 Sep 2012
0.09293
0.09293
22 Mar 2013
31 Mar 2013
0.08005
0.08005
24 Jun 2013
30 Jun 2013
0.17181
0.17181
24 Sep 2013
30 Sep 2013
0.09029
0.09029
24 Dec 2013
31 Dec 2013
0.01457
0.01457
24 Jun 2014
30 Jun 2014
0.19477
0.19477
24 Sep 2014
30 Sep 2014
0.14738
0.14738
19 Nov 2014
19 Nov 2014
2.52021
0.00000
2.52021
24 Dec 2014
31 Dec 2014
0.04667
0.04667
24 Jun 2015
30 Jun 2015
0.17859
0.17859
24 Sep 2015
30 Sep 2015
0.12032
0.12032
19 Nov 2015
19 Nov 2015
4.25368
0.00000
4.25368
24 Dec 2015
31 Dec 2015
0.01404
0.01404
24 Jun 2016
30 Jun 2016
0.25080
0.25080
26 Sep 2016
30 Sep 2016
0.19799
0.19799
24 Mar 2017
31 Mar 2017
0.02167
0.02167
23 Jun 2017
30 Jun 2017
0.11718
0.11718
22 Sep 2017
30 Sep 2017
0.11528
0.11528
17 Nov 2017
17 Nov 2017
4.02883
0.64275
3.38608
22 Dec 2017
31 Dec 2017
0.00432
0.00432
21 Dec 2018
31 Dec 2018
0.33820
0.33820
14 Nov 2019
14 Nov 2019
1.28372
0.00000
1.28372
20 Dec 2019
31 Dec 2019
0.27655
0.27655
19 Nov 2020
19 Nov 2020
0.76614
0.38436
0.38178
17 Dec 2020
31 Dec 2020
0.09755
0.09755
18 Nov 2021
18 Nov 2021
3.43433
1.31246
2.12187
16 Dec 2021
31 Dec 2021
0.39526
0.39526
15 Dec 2022
31 Dec 2022
0.43967
0.43967
16 Nov 2023
16 Nov 2023
0.09820
0.00000
0.09820
14 Dec 2023
31 Dec 2023
0.48956
0.48956
21 Nov 2024
21 Nov 2024
1.30833
0.08089
1.22744
19 Dec 2024
31 Dec 2024
0.49084
0.49084
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
TIVRX
Share Class
R5
Share Class Inception Date
1 Feb 2005
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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