Thornburg International Equity Fund (UCITS)

SYMBOL: TBGXUSI ID

Morningstar Rating • Info

Overall Morningstar Rating among 5252 EAA Fund Global Large-Cap Blend Equity funds, based on risk-adjusted returns for class I Acc shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 4 stars, 3 stars and 3 stars among 5252, 4071 and 2143 funds, as of 31 Jan 2026.

As of 31 Jan 2026

Fund Assets

$36.8 M

As of 31 Jan 2026

NAV

$32.60

As of 24 Feb 2026

Change

$0.09

As of 24 Feb 2026

YTD NAV Performance

10.66%

As of 24 Feb 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

All share classes may not be available in all jurisdictions.

Overview Fund Facts Performance Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

Focused exposure to promising global ex-U.S. companies – Invests in a thoughtfully selected set of businesses, primarily in developed markets outside the U.S., offering distinct international diversification and return potential.
Thorough fundamental research and disciplined valuation at its core – Employs a rigorous bottom-up research process to identify sustainable, high-quality companies trading below intrinsic value with a clear path to long-term value creation.
Diversified portfolio construction– Invests across three types of stocks—basic value, consistent earners, and emerging franchises—to balance styles, reduce volatility, and enhance risk-adjusted returns.

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 combines deep bottom-up research with a flexible, three-basket framework to build a balanced portfolio of global ex-U.S. companies. This approach enables thoughtful style diversification, active risk management, and consistent alignment with long-term fundamentals.

Returns

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
2013,13.4,15.3,22.8
2014,-5.7,-3.9,-4.9
2015,4.5,-5.7,-0.8
2016,-3.1,4.5,1.0
2017,24.7,27.2,25.0
2018,-21.6,-14.2,-13.8
2019,29.6,21.5,22.0
2020,28.3,10.7,7.8
2021,9.8,7.8,11.3
2022,-16.6,-16.0,-14.5
2023,15.7,15.6,18.2
2024,11.2,5.5,3.8
2025,37.2,32.4,31.2

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total Return (%)

13.42

-5.70

4.51

-3.11

24.69

-21.59

29.63

28.27

9.76

-16.63

15.70

11.24

37.15

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

15.29

-3.87

-5.66

4.50

27.19

-14.20

21.51

10.65

7.82

-16.00

15.62

5.53

32.39

MSCI EAFE Index (%)

22.78

-4.90

-0.81

1.00

25.03

-13.79

22.01

7.82

11.26

-14.45

18.24

3.82

31.22

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,37.2,32.4,31.2
1y,37.2,32.4,31.2
3y,20.9,17.3,17.2
5y,10.1,7.9,8.9
10y,9.8,8.4,8.2
Inception,8.2,6.8,7.5

YTD

10y

Inception

Total Return (%)

37.15

20.85

10.06

9.79

8.17

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

32.39

17.33

7.91

8.41

6.77

MSCI EAFE Index (%)

31.22

17.22

8.92

8.18

7.46

Morningstar Category Avg. (%)

19.95

17.3

8.84

9.37

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

6668

5227

4021

2131

—

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,5.6,6.0,5.2
1y,38.0,34.9,31.2
3y,19.5,16.6,16.2
5y,11.0,9.1,10.3
10y,11.3,9.8,9.6
Inception,8.6,7.2,7.8

YTD

10y

Inception

Total Return (%)

5.63

38.00

19.51

10.96

11.33

8.55

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

5.98

34.87

16.56

9.12

9.82

7.18

MSCI EAFE Index (%)

5.22

31.18

16.17

10.27

9.55

7.81

Morningstar Category Avg. (%)

2.51

18.58

15.71

9.38

10.46

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

6754

5252

4071

2143

—

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,37.2,32.4,31.2
1y,37.2,32.4,31.2
3y,76.5,61.5,61.1
5y,61.5,46.3,53.3
10y,154.4,124.3,119.6
Inception,194.6,146.4,169.1

YTD

10y

Inception

Total Return (%)

37.15

76.51

61.51

154.40

194.60

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

32.39

61.53

46.30

124.32

146.35

MSCI EAFE Index (%)

31.22

61.08

53.33

119.59

169.12

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,5.6,6.0,5.2
1y,38.0,34.9,31.2
3y,70.7,58.4,56.8
5y,68.2,54.7,63.1
10y,192.5,155.1,149.1
Inception,211.2,161.1,183.2

YTD

10y

Inception

Total Return (%)

5.63

38.00

70.71

68.22

192.48

211.20

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

5.98

34.87

58.35

54.71

155.09

161.08

MSCI EAFE Index (%)

5.22

31.18

56.79

63.07

149.06

183.16

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.

Performance data shown does not reflect the deduction of any applicable sales charges, including initial sales charges or contingent deferred sales charges (CDSCS).

Morningstar quartile ranking for EAA Fund Global Large-Cap Blend Equity category is based on total returns before sales charges.

Share class inception dates: A Acc and I Acc shares, 30 Mar 2012; N Acc shares 03 Jan 2024; X Acc shares 04 Aug 2021.

Click here for PRIIPS Performance Risk Scenario information.

Effective 30 September 2024, the Fund no longer lists the MSCI EAFE Index as a secondary benchmark. The Index performance data will be available as a reference until 30 September 2025.

Hypothetical Growth of $10,000

            Categories,I Shares,MSCI ACWI ex-U.S. Index
            2012-03-30,10000,10000
2012-03-31,10000,10000
2012-04-30,9940,9842
2012-05-31,8960,8725
2012-06-30,9310,9239
2012-07-31,9520,9370
2012-08-31,9580,9566
2012-09-30,9820,9923
2012-10-31,9920,9962
2012-11-30,10090,10151
2012-12-31,10360,10503
2013-01-31,10790,10930
2013-02-28,10540,10815
2013-03-31,10560,10836
2013-04-30,10800,11235
2013-05-31,10770,10975
2013-06-30,10310,10499
2013-07-31,10820,10959
2013-08-31,10620,10807
2013-09-30,11290,11558
2013-10-31,11390,11983
2013-11-30,11620,12003
2013-12-31,11750,12109
2014-01-31,11020,11559
2014-02-28,11440,12139
2014-03-31,11270,12170
2014-04-30,11320,12331
2014-05-31,11500,12571
2014-06-30,11600,12782
2014-07-31,11310,12656
2014-08-31,11410,12726
2014-09-30,11310,12109
2014-10-31,11230,11989
2014-11-30,11510,12076
2014-12-31,11080,11641
2015-01-31,11240,11624
2015-02-28,11850,12245
2015-03-31,11780,12047
2015-04-30,12550,12656
2015-05-31,12630,12458
2015-06-30,12270,12110
2015-07-31,12590,12077
2015-08-31,11700,11154
2015-09-30,11210,10637
2015-10-31,11900,11428
2015-11-30,11730,11192
2015-12-31,11580,10982
2016-01-31,10640,10235
2016-02-29,10390,10118
2016-03-31,11000,10940
2016-04-30,11270,11228
2016-05-31,11180,11039
2016-06-30,10690,10870
2016-07-31,11140,11407
2016-08-31,11280,11480
2016-09-30,11390,11621
2016-10-31,11250,11454
2016-11-30,10990,11189
2016-12-31,11220,11475
2017-01-31,11450,11882
2017-02-28,11440,12071
2017-03-31,12020,12377
2017-04-30,12460,12642
2017-05-31,12880,13053
2017-06-30,13130,13093
2017-07-31,13540,13576
2017-08-31,13300,13647
2017-09-30,13600,13900
2017-10-31,13670,14162
2017-11-30,13840,14277
2017-12-31,13990,14596
2018-01-31,14910,15409
2018-02-28,14120,14682
2018-03-31,13610,14423
2018-04-30,13620,14653
2018-05-31,13320,14315
2018-06-30,12900,14046
2018-07-31,13170,14382
2018-08-31,12780,14081
2018-09-30,12720,14145
2018-10-31,11550,12994
2018-11-30,11770,13117
2018-12-31,10970,12524
2019-01-31,11950,13470
2019-02-28,12380,13733
2019-03-31,12680,13815
2019-04-30,13400,14180
2019-05-31,12530,13419
2019-06-30,13270,14227
2019-07-31,13200,14055
2019-08-31,12870,13621
2019-09-30,13020,13971
2019-10-31,13470,14459
2019-11-30,13710,14586
2019-12-31,14220,15218
2020-01-31,14060,14809
2020-02-29,13160,13638
2020-03-31,11630,11664
2020-04-30,12280,12548
2020-05-31,13040,12958
2020-06-30,13760,13544
2020-07-31,14660,14148
2020-08-31,15610,14753
2020-09-30,15890,14391
2020-10-31,15680,14081
2020-11-30,17530,15975
2020-12-31,18240,16839
2021-01-31,18500,16875
2021-02-28,18860,17209
2021-03-31,18960,17427
2021-04-30,19510,17940
2021-05-31,20340,18501
2021-06-30,19850,18381
2021-07-31,19420,18078
2021-08-31,19750,18422
2021-09-30,19310,17832
2021-10-31,19950,18258
2021-11-30,19420,17436
2021-12-31,20020,18156
2022-01-31,19190,17487
2022-02-28,18200,17141
2022-03-31,18020,17168
2022-04-30,16890,16090
2022-05-31,17060,16206
2022-06-30,15810,14812
2022-07-31,16400,15319
2022-08-31,15630,14826
2022-09-30,14100,13344
2022-10-31,14420,13743
2022-11-30,16590,15366
2022-12-31,16690,15251
2023-01-31,18230,16488
2023-02-28,17400,15909
2023-03-31,18090,16298
2023-04-30,18440,16581
2023-05-31,17830,15978
2023-06-30,18590,16695
2023-07-31,19270,17374
2023-08-31,18600,16589
2023-09-30,17810,16065
2023-10-31,17410,15402
2023-11-30,18660,16789
2023-12-31,19310,17632
2024-01-31,19300,17457
2024-02-29,19920,17899
2024-03-31,20720,18459
2024-04-30,20480,18127
2024-05-31,21510,18653
2024-06-30,21380,18636
2024-07-31,22070,19067
2024-08-31,22620,19610
2024-09-30,23260,20138
2024-10-31,22140,19150
2024-11-30,21930,18977
2024-12-31,21480,18608
2025-01-31,22550,19358
2025-02-28,22910,19626
2025-03-31,23540,19582
2025-04-30,24410,20289
2025-05-31,25780,21218
2025-06-30,26470,21938
2025-07-31,26450,21875
2025-08-31,27180,22634
2025-09-30,28080,23450
2025-10-31,28370,23924
2025-11-30,28680,23918
2025-12-31,29460,24635
2026-01-31,31120,26108

Hypothetical Growth of $10,000

(As of 31 Jan 2026)

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

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2025-01-31,10000,10000
2025-02-28,10160,10139
2025-03-31,10439,10116
2025-04-30,10825,10481
2025-05-31,11432,10961
2025-06-30,11738,11333
2025-07-31,11729,11301
2025-08-31,12053,11693
2025-09-30,12452,12114
2025-10-31,12581,12359
2025-11-30,12718,12356
2025-12-31,13064,12726
2026-01-31,13800,13487

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2023-01-31,10000,10000
2023-02-28,9545,9649
2023-03-31,9923,9885
2023-04-30,10115,10057
2023-05-31,9781,9691
2023-06-30,10197,10126
2023-07-31,10570,10537
2023-08-31,10203,10062
2023-09-30,9770,9744
2023-10-31,9550,9342
2023-11-30,10236,10183
2023-12-31,10592,10694
2024-01-31,10587,10588
2024-02-29,10927,10856
2024-03-31,11366,11195
2024-04-30,11234,10994
2024-05-31,11799,11314
2024-06-30,11728,11303
2024-07-31,12106,11564
2024-08-31,12408,11894
2024-09-30,12759,12214
2024-10-31,12145,11615
2024-11-30,12030,11510
2024-12-31,11783,11286
2025-01-31,12370,11741
2025-02-28,12567,11904
2025-03-31,12913,11877
2025-04-30,13390,12305
2025-05-31,14142,12869
2025-06-30,14520,13306
2025-07-31,14509,13268
2025-08-31,14909,13728
2025-09-30,15403,14223
2025-10-31,15562,14510
2025-11-30,15732,14506
2025-12-31,16160,14941
2026-01-31,17071,15835

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2021-01-31,10000,10000
2021-02-28,10195,10198
2021-03-31,10249,10327
2021-04-30,10546,10631
2021-05-31,10995,10963
2021-06-30,10730,10892
2021-07-31,10497,10713
2021-08-31,10676,10917
2021-09-30,10438,10567
2021-10-31,10784,10819
2021-11-30,10497,10332
2021-12-31,10822,10759
2022-01-31,10373,10363
2022-02-28,9838,10157
2022-03-31,9741,10174
2022-04-30,9130,9535
2022-05-31,9222,9603
2022-06-30,8546,8777
2022-07-31,8865,9078
2022-08-31,8449,8786
2022-09-30,7622,7908
2022-10-31,7795,8144
2022-11-30,8968,9105
2022-12-31,9022,9037
2023-01-31,9854,9770
2023-02-28,9405,9427
2023-03-31,9778,9658
2023-04-30,9968,9826
2023-05-31,9638,9468
2023-06-30,10049,9893
2023-07-31,10416,10295
2023-08-31,10054,9830
2023-09-30,9627,9520
2023-10-31,9411,9127
2023-11-30,10086,9949
2023-12-31,10438,10448
2024-01-31,10432,10345
2024-02-29,10768,10607
2024-03-31,11200,10938
2024-04-30,11070,10742
2024-05-31,11627,11054
2024-06-30,11557,11043
2024-07-31,11930,11299
2024-08-31,12227,11621
2024-09-30,12573,11933
2024-10-31,11968,11348
2024-11-30,11854,11245
2024-12-31,11611,11027
2025-01-31,12189,11471
2025-02-28,12384,11630
2025-03-31,12724,11604
2025-04-30,13195,12023
2025-05-31,13935,12574
2025-06-30,14308,13000
2025-07-31,14297,12963
2025-08-31,14692,13413
2025-09-30,15178,13896
2025-10-31,15335,14177
2025-11-30,15503,14173
2025-12-31,15924,14598
2026-01-31,16822,15471

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2016-01-31,10000,10000
2016-02-29,9765,9886
2016-03-31,10338,10690
2016-04-30,10592,10971
2016-05-31,10508,10786
2016-06-30,10047,10621
2016-07-31,10470,11146
2016-08-31,10602,11216
2016-09-30,10705,11355
2016-10-31,10573,11191
2016-11-30,10329,10933
2016-12-31,10545,11212
2017-01-31,10761,11609
2017-02-28,10752,11794
2017-03-31,11297,12094
2017-04-30,11711,12352
2017-05-31,12105,12753
2017-06-30,12340,12793
2017-07-31,12726,13264
2017-08-31,12500,13334
2017-09-30,12782,13581
2017-10-31,12848,13837
2017-11-30,13008,13949
2017-12-31,13149,14261
2018-01-31,14013,15055
2018-02-28,13271,14345
2018-03-31,12791,14092
2018-04-30,12801,14317
2018-05-31,12519,13987
2018-06-30,12124,13724
2018-07-31,12378,14052
2018-08-31,12011,13758
2018-09-30,11955,13821
2018-10-31,10855,12697
2018-11-30,11062,12817
2018-12-31,10310,12237
2019-01-31,11231,13161
2019-02-28,11635,13418
2019-03-31,11917,13498
2019-04-30,12594,13855
2019-05-31,11776,13111
2019-06-30,12472,13901
2019-07-31,12406,13732
2019-08-31,12096,13308
2019-09-30,12237,13651
2019-10-31,12660,14127
2019-11-30,12885,14252
2019-12-31,13365,14869
2020-01-31,13214,14469
2020-02-29,12368,13326
2020-03-31,10930,11396
2020-04-30,11541,12260
2020-05-31,12256,12661
2020-06-30,12932,13233
2020-07-31,13778,13823
2020-08-31,14671,14415
2020-09-30,14934,14061
2020-10-31,14737,13758
2020-11-30,16476,15609
2020-12-31,17143,16453
2021-01-31,17387,16488
2021-02-28,17726,16815
2021-03-31,17820,17027
2021-04-30,18336,17529
2021-05-31,19117,18077
2021-06-30,18656,17960
2021-07-31,18252,17664
2021-08-31,18562,18000
2021-09-30,18149,17423
2021-10-31,18750,17839
2021-11-30,18252,17036
2021-12-31,18816,17740
2022-01-31,18036,17086
2022-02-28,17105,16748
2022-03-31,16936,16775
2022-04-30,15874,15721
2022-05-31,16034,15834
2022-06-30,14859,14472
2022-07-31,15414,14967
2022-08-31,14690,14486
2022-09-30,13252,13038
2022-10-31,13553,13428
2022-11-30,15592,15013
2022-12-31,15686,14901
2023-01-31,17133,16110
2023-02-28,16353,15544
2023-03-31,17002,15924
2023-04-30,17331,16201
2023-05-31,16758,15612
2023-06-30,17472,16312
2023-07-31,18111,16975
2023-08-31,17481,16209
2023-09-30,16739,15697
2023-10-31,16363,15049
2023-11-30,17538,16404
2023-12-31,18149,17228
2024-01-31,18139,17057
2024-02-29,18722,17489
2024-03-31,19474,18035
2024-04-30,19248,17711
2024-05-31,20216,18226
2024-06-30,20094,18208
2024-07-31,20742,18630
2024-08-31,21259,19160
2024-09-30,21861,19676
2024-10-31,20808,18711
2024-11-30,20611,18542
2024-12-31,20188,18181
2025-01-31,21194,18914
2025-02-28,21532,19176
2025-03-31,22124,19133
2025-04-30,22942,19824
2025-05-31,24229,20732
2025-06-30,24878,21435
2025-07-31,24859,21374
2025-08-31,25545,22115
2025-09-30,26391,22912
2025-10-31,26664,23375
2025-11-30,26955,23369
2025-12-31,27688,24070
2026-01-31,29248,25509

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.

The performance data quoted represents past performance; it does not guarantee future results.

Characteristics

Portfolio

(As of 31 Jan 2026)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$187.1 B

$177.0 B

Median Market Cap

$84.3 B

$14.6 B

Annual Portfolio Turnover

46%

—

Price to Earnings - Forward 1YR

17.3x

16.0x

Portfolio

Benchmark

Dividend Yield

2.4%

Price to Earnings - Trailing 12 Months

21.4x

18.5x

Price to Cash Flow

10.3x

10.5x

Price to Book Value

2.5x

2.3x

Active Share

83.5%

—

Risk & Return Profile

(As of 31 Jan 2026)

10y

Annualized Alpha (%)

4.04

1.81

1.76

Beta

0.92

1.01

0.98

R-Squared (%)

90.04

92.45

89.89

Standard Deviation (%)

10.86

14.49

14.77

Sharpe Ratio

1.35

0.53

0.62

Information Ratio

0.89

0.49

0.33

Tracking Error (%)

3.54

3.98

4.71

Up Capture (%)

102.15

103.57

103.75

Down Capture (%)

79.20

93.97

96.66

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 31 Dec 2025)

Name

Ticker/Symbol

Sector

Weight %

BNP Paribas S.A.

BNP

Financials

3.2

AstraZeneca plc

AZN

Health Care

3.1

Samsung Electronics Co. Ltd.

005930

Information Technology

3.0

NN Group N.V.

Financials

3.0

Enel SpA

ENEL

Utilities

2.9

TotalEnergies SE

TTE

Energy

2.7

Alibaba Group Holding Ltd.

9988

Consumer Discretionary

2.7

Mitsubishi UFJ Financial Group, Inc.

8306

Financials

2.7

Roche Holding AG

ROG

Health Care

2.6

Ferrovial SE

FER

Industrials

2.6

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Jan 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Industrials

23.9

14.9

Financials

17.0

25.0

Utilities

9.9

3.2

Information Technology

9.8

15.6

Materials

8.3

7.2

Health Care

7.7

7.8

Consumer Discretionary

7.0

9.2

Consumer Staples

5.7

Communication Services

4.5

5.3

Energy

3.9

4.5

Cash & Equivalents

2.3

—

Real Estate

0.0

1.5

Sector Allocation

Fund (%)

Industrials

23.9

Financials

17.0

Utilities

9.9

Information Technology

9.8

Materials

8.3

Health Care

7.7

Consumer Discretionary

7.0

Consumer Staples

5.7

Communication Services

4.5

Energy

3.9

Cash & Equivalents

2.3

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Capital Goods

16.1

11.8

Utilities

9.9

3.2

Banks

9.8

16.3

Materials

8.3

7.2

Technology Hardware & Equipment

7.0

4.4

Pharmaceuticals, Biotechnology & Life Sciences

5.6

6.4

Insurance

4.7

4.9

Transportation

4.3

2.0

Energy

3.9

4.5

Commercial & Professional Services

3.5

1.1

Top 10 Industries

Fund (%)

Capital Goods

16.1

Utilities

9.9

Banks

9.8

Materials

8.3

Technology Hardware & Equipment

7.0

Pharmaceuticals, Biotechnology & Life Sciences

5.6

Insurance

4.7

Transportation

4.3

Energy

3.9

Commercial & Professional Services

3.5

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

France

17.5

6.2

Europe ex UK

Japan

15.2

13.6

Japan

China

9.3

8.1

Asia Pacific ex Japan

United States

7.7

0.1

North America

Germany

7.2

5.7

Europe ex UK

Spain

7.1

2.4

Europe ex UK

United Kingdom

6.0

9.2

Switzerland

5.3

5.7

Europe ex UK

Netherlands

5.2

3.3

Europe ex UK

Italy

4.7

1.9

Europe ex UK

Top 10 Countries

Fund (%)

France

17.5

Japan

15.2

China

9.3

United States

7.7

Germany

7.2

Spain

7.1

United Kingdom

6.0

Switzerland

5.3

Netherlands

5.2

Italy

4.7

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

96.9

91.5

Mid Cap ($2.5 to $12 B)

3.1

8.5

Small Cap (< $2.5 B)

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

96.9

Mid Cap ($2.5 to $12 B)

3.1

Small Cap (< $2.5 B)

0.0

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

Portfolio holdings are subject to change daily.

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

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…

Learn More

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,…

Learn More

Literature

Fact Sheet - EN

Fact Sheet - ES

Commentary - EN

Commentary - ES

Prospectus Supplement

Operational Facts

Prospectus

Annual Report

Semi-Annual Report

Article 10 Transparency Statement

Transparency Statement Translations

Article 10 Transparency Statement (Danish)
Article 10 Transparency Statement (Dutch)
Article 10 Transparency Statement (German)
Article 10 Transparency Statement (Italian)
Article 10 Transparency Statement (Spanish)
Article 10 Transparency Statement (Swedish)

Prospectus Supplement

Additional Information for Investors in Hong Kong

More Insights

Real Estate

Real Estate Market Recap: Trends, Challenges, and What Comes Next

The U.S. real estate market is both vast and diverse, and it continues to evolve.

Investor Advice

Beyond the Hype—Building Smarter Private Credit Portfolios

Private credit’s growth to $2T brings new risks. Learn where to find better risk adjusted returns—and how to navigate cov-lite, redemption pressure, and mega fund concentration.

Global Equity

Structural Forces Are Driving the Current Investment Environment

The current investment environment is primarily being shaped by three structural forces—disruption, decoupling, and dislocation—amid a weakening US dollar.

Economy

Finding Opportunity Amid Imbalance: 2026 Market Outlook

Entering 2026, markets appear imbalanced, with equity returns becoming increasingly concentrated, while fixed income offers asymmetric outcomes with limited downside protection. Opportunity still exists, just not where it’s most crowded. In 30 minutes, we cut through the noise and focus on what’s working, what’s changing, and where to position client portfolios now.

Markets & Economy

Will the Real Kevin Warsh Please Stand Up?

Short‑term calm may lead to long‑term volatility: A seeming hawk‑turned‑dove now confronts a labor market and inflation backdrop that remain far from ideal.

Image of a metal mesh framework artistically warped into a honeycomb walkway in the city to describe Outlook 2023

Markets & Economy

FOMC Update: Fed Holds Rates Steady After Three Successive Cuts

Ali Hassan shares his perspective on the Fed’s stance and the potential impact of monetary policy.

Strictly Necessary Cookies
Whilst these cookies cannot be turned off (as they are needed to run our website securely), they do not store any personal data about you. If you are reluctant to accept use of them, we advise you navigate away from this website.
Statistics Cookies
These cookies gather information about how you use our website, for example which pages you visit most often. The information collected is completely anonymous and used only for the purpose of improving user experience for our website visitors.
Marketing Cookies
These cookies gather information about your browsing habits and allow us to better understand your interests. They remember that you've visited our website and share this information with our partners, such as advertisers.
Preferences Cookies
These cookies allow our website to remember the choices you make (such as language or location selection) and tailor the experience to provide enhanced features and relevant content for you.

Create an account to save this article or product.

Thornburg International Equity Fund (UCITS)

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Fund Facts

Performance

Returns

Hypothetical Growth of $10,000

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Lei Wang, CFA

Matt Burdett

Literature

Transparency Statement Translations

Prospectus Supplement

Related Content

More Insights

Real Estate Market Recap: Trends, Challenges, and What Comes Next

Beyond the Hype—Building Smarter Private Credit Portfolios

Structural Forces Are Driving the Current Investment Environment

Finding Opportunity Amid Imbalance: 2026 Market Outlook

Will the Real Kevin Warsh Please Stand Up?

FOMC Update: Fed Holds Rates Steady After Three Successive Cuts

Unsubscribe

Unsaved Changes

Remove strategy

Create an account to save this article or product.

Thornburg International Equity Fund (UCITS)

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Fund Facts

Performance

Returns

Hypothetical Growth of $10,000

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Lei Wang, CFA

Matt Burdett

Literature

Transparency Statement Translations

Prospectus Supplement

Related Content

More Insights

Real Estate Market Recap: Trends, Challenges, and What Comes Next

Beyond the Hype—Building Smarter Private Credit Portfolios

Structural Forces Are Driving the Current Investment Environment

Finding Opportunity Amid Imbalance: 2026 Market Outlook

Will the Real Kevin Warsh Please Stand Up?

FOMC Update: Fed Holds Rates Steady After Three Successive Cuts