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Thornburg International Equity ESG ADR SMA

Strategy Overview
The strategy actively integrates ESG criteria into a rigorous, fundamental bottom-up process, enabling investors to align their portfolios with their ESG values without compromising the potential for strong risk-adjusted returns. This high-conviction portfolio is diversified across industries, sectors, and geographies. Additionally, our unique three-basket construction approach enhances diversification across investment styles, aiming to deliver consistent, long-term performance.
Strategy Inception Date
1 Jun 2022

Portfolio Managers

Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Strategy?

  • High-Conviction, Sustainable Investing – A focused and diversified equity portfolio targeting sustainable companies in primarily developed markets outside the U.S.
  • Disciplined, Research-Driven Approach – A rigorous fundamental process identifies businesses with strong financials, attractive valuations, and a clear path to long-term success—while demonstrating meaningful ESG characteristics.
  • Balanced Portfolio for Risk-Adjusted Returns – A three-basket construction process provides style diversification, reduces volatility, and seeks to deliver superior risk-adjusted performance over time.
Key Facts

Key Facts

(As of 31 Jan 2026)
Assets
$1.2 M
Benchmark
MSCI ACWI ex-U.S. Index
Performance

Performance

Returns

(As of 31 Dec 2025)
YTD
1y
3y
Inception
Thornburg International Equity ESG ADR Strategy - Gross (%)
22.01
22.01
15.33
11.46
Thornburg International Equity ESG ADR Strategy - Net (%)
21.29
21.29
14.65
10.80
MSCI ACWI ex-U.S. Index (%)
32.39
32.39
17.33
12.40
YTD
1y
3y
Inception
Thornburg International Equity ESG ADR Strategy - Gross (%)
3.23
19.41
12.88
12.15
Thornburg International Equity ESG ADR Strategy - Net (%)
3.18
18.71
12.22
11.49
MSCI ACWI ex-U.S. Index (%)
5.98
34.87
16.56
13.89
2020
2021
2022
2023
2024
2025
Thornburg International Equity ESG ADR Strategy - Gross (%)
13.72
10.57
22.01
Thornburg International Equity ESG ADR Strategy - Net (%)
13.05
9.92
21.29
MSCI ACWI ex-U.S. Index (%)
15.62
5.53
32.39
Characteristics

Characteristics

Portfolio

(As of 31 Jan 2026)
Portfolio
Benchmark
Number of Holdings
48
Weighted Average Market Cap
$163.5 B
$177.0 B
Median Market Cap
$66.7 B
$14.6 B
Annual Portfolio Turnover
57%
Price to Earnings - Forward 1YR
18.5x
16.0x
Portfolio
Benchmark
Price to Earnings - Trailing 12 Months
24.4x
18.5x
Price to Cash Flow
12.7x
10.5x
Price to Book Value
2.7x
2.3x
Active Share
85.3%
Portfolio

Portfolio

Top Holdings

(As of 31 Dec 2025)
Name
Ticker/Symbol
Sector
Weight %
BNP Paribas S.A.
BNPQY
Financials
3.9
Linde plc
LIN
Materials
3.5
Schneider Electric SE
SBGSY
Industrials
3.2
ING Groep N.V.
ING
Financials
3.2
AXA S.A.
AXAHY
Financials
3.1
Mitsubishi UFJ Financial Group, Inc.
MUFG
Financials
3.1
Iberdrola S.A.
IBDRY
Utilities
3.1
Mitsubishi Electric Corp.
MIELY
Industrials
3.0
Enel SpA
ENLAY
Utilities
2.9
Canadian Pacific Kansas City Ltd.
CP
Industrials
2.9
Exposure Breakdown

Exposure Breakdown

(As of 31 Jan 2026)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
24.6
14.9
Financials
19.2
25.0
Consumer Discretionary
12.8
9.2
Health Care
9.4
7.8
Utilities
9.3
3.2
Information Technology
6.8
15.6
Materials
5.4
7.2
Cash & Equivalents
5.2
Communication Services
4.6
5.3
Consumer Staples
2.8
5.7
Energy
0.0
4.5
Real Estate
0.0
1.5
Sector Allocation
Portfolio (%)
Industrials
24.6
Financials
19.2
Consumer Discretionary
12.8
Health Care
9.4
Utilities
9.3
Information Technology
6.8
Materials
5.4
Cash & Equivalents
5.2
Communication Services
4.6
Consumer Staples
2.8
Energy
0.0
Real Estate
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Capital Goods
14.1
11.8
Banks
12.2
16.3
Utilities
9.3
3.2
Pharmaceuticals, Biotechnology & Life Sciences
6.6
6.4
Transportation
5.5
2.0
Materials
5.4
7.2
Commercial & Professional Services
5.0
1.1
Consumer Services
4.6
1.2
Financial Services
4.2
3.8
Semiconductors & Semiconductor Equipment
3.8
8.7
Top 10 Industries
Portfolio (%)
Capital Goods
14.1
Banks
12.2
Utilities
9.3
Pharmaceuticals, Biotechnology & Life Sciences
6.6
Transportation
5.5
Materials
5.4
Commercial & Professional Services
5.0
Consumer Services
4.6
Financial Services
4.2
Semiconductors & Semiconductor Equipment
3.8
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
France
17.8
6.2
Europe ex UK
Japan
16.8
13.6
Japan
China
9.5
8.1
Asia Pacific ex Japan
United Kingdom
7.8
9.2
UK
Switzerland
7.3
5.7
Europe ex UK
Spain
6.3
2.4
Europe ex UK
United States
5.7
0.1
North America
Netherlands
5.5
3.3
Europe ex UK
Germany
3.9
5.7
Europe ex UK
Italy
3.0
1.9
Europe ex UK
Top 10 Countries
Portfolio (%)
France
17.8
Japan
16.8
China
9.5
United Kingdom
7.8
Switzerland
7.3
Spain
6.3
United States
5.7
Netherlands
5.5
Germany
3.9
Italy
3.0
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
90.6
91.5
Mid Cap ($2.5 to $12 B)
9.4
8.5
Small Cap (< $2.5 B)
0.0
0.0
Capitalization
Portfolio (%)
Large Cap (> $12 B)
90.6
Mid Cap ($2.5 to $12 B)
9.4
Small Cap (< $2.5 B)
0.0
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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Brian Burrell, CFA, FSA

Portfolio Manager and Managing Director
Brian Burrell is a portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as an equity research analyst and became an associate portfolio manager in 2021 and portfolio manager in 2024. Brian earned a BA in economics from Reed College and an MBA from the University of Wisconsin in the Applied Security Analysis Program (ASAP). He is…
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