TBGXUSI ID

Thornburg International Equity Fund (UCITS)

Morningstar Rating • Info

Overall Morningstar Rating among 5348 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, 5 stars, 3 stars and 3 stars among 5348, 4258 and 2219 funds, as of 31 May 2026.

As of 31 May 2026

Fund Assets

$39.3 M

As of 31 May 2026

NAV

$32.37

As of 11 Jun 2026

Change

$0.22

As of 11 Jun 2026

YTD NAV Performance

9.88%

As of 11 Jun 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

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

(As of 31 Mar 2026)

YTD

10y

Inception

Total Return (%)

1.87

27.49

18.38

9.62

10.56

8.16

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

-0.71

24.91

14.49

7.02

8.38

6.60

MSCI EAFE Index (%)

-1.24

21.27

13.62

7.91

8.38

7.23

Morningstar Category Avg. (%)

-4.9

15.13

12.8

6.8

8.87

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

6893

5314

4175

2173

—

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,1.9,-0.7,-1.2
1y,27.5,24.9,21.3
3y,18.4,14.5,13.6
5y,9.6,7.0,7.9
10y,10.6,8.4,8.4
Inception,8.2,6.6,7.2

YTD

10y

Inception

Total Return (%)

11.27

27.15

22.50

10.01

11.36

8.74

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

14.36

32.77

20.81

8.77

9.82

7.58

MSCI EAFE Index (%)

9.37

22.80

18.15

8.79

9.28

7.92

Morningstar Category Avg. (%)

8.74

23.11

17.85

8.39

10.2

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

6967

5348

4258

2219

—

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,11.3,14.4,9.4
1y,27.2,32.8,22.8
3y,22.5,20.8,18.2
5y,10.0,8.8,8.8
10y,11.4,9.8,9.3
Inception,8.7,7.6,7.9

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 (%)
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

YTD

10y

Inception

Total Return (%)

1.87

27.49

65.89

58.28

172.82

200.10

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

-0.71

24.91

50.09

40.36

123.58

144.61

MSCI EAFE Index (%)

-1.24

21.27

46.67

46.33

123.59

165.78

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,1.9,-0.7,-1.2
1y,27.5,24.9,21.3
3y,65.9,50.1,46.7
5y,58.3,40.4,46.3
10y,172.8,123.6,123.6
Inception,200.1,144.6,165.8

YTD

10y

Inception

Total Return (%)

11.27

27.15

83.85

61.16

193.20

227.80

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

14.36

32.77

76.31

52.27

155.21

181.72

MSCI EAFE Index (%)

9.37

22.80

64.95

52.35

142.85

194.34

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,11.3,14.4,9.4
1y,27.2,32.8,22.8
3y,83.9,76.3,65.0
5y,61.2,52.3,52.4
10y,193.2,155.2,142.9
Inception,227.8,181.7,194.3

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
2026-02-28,33210,27419
2026-03-31,30010,24461
2026-04-30,32070,26821
2026-05-31,32780,28172

Hypothetical Growth of $10,000

(As of 31 May 2026)

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

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2025-05-31,10000,10000
2025-06-30,10268,10339
2025-07-31,10260,10310
2025-08-31,10543,10667
2025-09-30,10892,11052
2025-10-31,11005,11275
2025-11-30,11125,11272
2025-12-31,11427,11610
2026-01-31,12071,12305
2026-02-28,12882,12922
2026-03-31,11641,11528
2026-04-30,12440,12641
2026-05-31,12715,13277

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2023-05-31,10000,10000
2023-06-30,10426,10449
2023-07-31,10808,10873
2023-08-31,10432,10382
2023-09-30,9989,10054
2023-10-31,9764,9640
2023-11-30,10465,10507
2023-12-31,10830,11035
2024-01-31,10824,10926
2024-02-29,11172,11202
2024-03-31,11621,11552
2024-04-30,11486,11345
2024-05-31,12064,11674
2024-06-30,11991,11663
2024-07-31,12378,11933
2024-08-31,12686,12273
2024-09-30,13045,12604
2024-10-31,12417,11985
2024-11-30,12299,11877
2024-12-31,12047,11646
2025-01-31,12647,12115
2025-02-28,12849,12283
2025-03-31,13202,12255
2025-04-30,13690,12698
2025-05-31,14459,13280
2025-06-30,14846,13730
2025-07-31,14835,13691
2025-08-31,15244,14166
2025-09-30,15749,14676
2025-10-31,15911,14973
2025-11-30,16085,14969
2025-12-31,16523,15418
2026-01-31,17454,16340
2026-02-28,18626,17161
2026-03-31,16831,15309
2026-04-30,17987,16786
2026-05-31,18385,17631

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2021-05-31,10000,10000
2021-06-30,9759,9935
2021-07-31,9548,9771
2021-08-31,9710,9957
2021-09-30,9494,9638
2021-10-31,9808,9868
2021-11-30,9548,9424
2021-12-31,9843,9814
2022-01-31,9435,9452
2022-02-28,8948,9265
2022-03-31,8859,9280
2022-04-30,8304,8697
2022-05-31,8387,8759
2022-06-30,7773,8006
2022-07-31,8063,8280
2022-08-31,7684,8014
2022-09-30,6932,7213
2022-10-31,7089,7428
2022-11-30,8156,8305
2022-12-31,8206,8243
2023-01-31,8963,8912
2023-02-28,8555,8599
2023-03-31,8894,8809
2023-04-30,9066,8962
2023-05-31,8766,8636
2023-06-30,9140,9024
2023-07-31,9474,9391
2023-08-31,9145,8967
2023-09-30,8756,8683
2023-10-31,8559,8325
2023-11-30,9174,9074
2023-12-31,9494,9530
2024-01-31,9489,9436
2024-02-29,9794,9675
2024-03-31,10187,9977
2024-04-30,10069,9798
2024-05-31,10575,10082
2024-06-30,10511,10073
2024-07-31,10851,10306
2024-08-31,11121,10599
2024-09-30,11436,10885
2024-10-31,10885,10351
2024-11-30,10782,10257
2024-12-31,10560,10058
2025-01-31,11087,10463
2025-02-28,11264,10608
2025-03-31,11573,10584
2025-04-30,12001,10966
2025-05-31,12675,11469
2025-06-30,13014,11858
2025-07-31,13004,11824
2025-08-31,13363,12234
2025-09-30,13805,12675
2025-10-31,13948,12931
2025-11-30,14100,12928
2025-12-31,14484,13315
2026-01-31,15300,14112
2026-02-28,16327,14820
2026-03-31,14754,13221
2026-04-30,15767,14497
2026-05-31,16116,15227

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2016-05-31,10000,10000
2016-06-30,9562,9847
2016-07-31,9964,10334
2016-08-31,10089,10399
2016-09-30,10188,10528
2016-10-31,10063,10376
2016-11-30,9830,10136
2016-12-31,10036,10395
2017-01-31,10241,10764
2017-02-28,10233,10935
2017-03-31,10751,11213
2017-04-30,11145,11453
2017-05-31,11521,11824
2017-06-30,11744,11861
2017-07-31,12111,12298
2017-08-31,11896,12362
2017-09-30,12165,12592
2017-10-31,12227,12829
2017-11-30,12379,12933
2017-12-31,12513,13222
2018-01-31,13336,13959
2018-02-28,12630,13300
2018-03-31,12174,13066
2018-04-30,12182,13274
2018-05-31,11914,12968
2018-06-30,11538,12724
2018-07-31,11780,13029
2018-08-31,11431,12756
2018-09-30,11377,12814
2018-10-31,10331,11772
2018-11-30,10528,11883
2018-12-31,9812,11345
2019-01-31,10689,12202
2019-02-28,11073,12441
2019-03-31,11342,12515
2019-04-30,11986,12846
2019-05-31,11208,12156
2019-06-30,11869,12888
2019-07-31,11807,12732
2019-08-31,11512,12339
2019-09-30,11646,12656
2019-10-31,12048,13098
2019-11-30,12263,13214
2019-12-31,12719,13786
2020-01-31,12576,13415
2020-02-29,11771,12355
2020-03-31,10403,10566
2020-04-30,10984,11367
2020-05-31,11664,11739
2020-06-30,12308,12269
2020-07-31,13113,12816
2020-08-31,13962,13365
2020-09-30,14213,13036
2020-10-31,14025,12756
2020-11-30,15680,14472
2020-12-31,16315,15254
2021-01-31,16547,15287
2021-02-28,16869,15590
2021-03-31,16959,15787
2021-04-30,17451,16252
2021-05-31,18193,16760
2021-06-30,17755,16652
2021-07-31,17370,16377
2021-08-31,17665,16688
2021-09-30,17272,16154
2021-10-31,17844,16540
2021-11-30,17370,15795
2021-12-31,17907,16448
2022-01-31,17165,15842
2022-02-28,16279,15528
2022-03-31,16118,15553
2022-04-30,15107,14576
2022-05-31,15259,14681
2022-06-30,14141,13418
2022-07-31,14669,13877
2022-08-31,13980,13431
2022-09-30,12612,12089
2022-10-31,12898,12450
2022-11-30,14839,13920
2022-12-31,14928,13816
2023-01-31,16306,14936
2023-02-28,15563,14412
2023-03-31,16181,14764
2023-04-30,16494,15021
2023-05-31,15948,14474
2023-06-30,16628,15124
2023-07-31,17236,15739
2023-08-31,16637,15028
2023-09-30,15930,14553
2023-10-31,15572,13953
2023-11-30,16691,15209
2023-12-31,17272,15973
2024-01-31,17263,15814
2024-02-29,17818,16215
2024-03-31,18533,16722
2024-04-30,18318,16421
2024-05-31,19240,16898
2024-06-30,19123,16882
2024-07-31,19741,17273
2024-08-31,20233,17765
2024-09-30,20805,18243
2024-10-31,19803,17348
2024-11-30,19615,17191
2024-12-31,19213,16857
2025-01-31,20170,17536
2025-02-28,20492,17780
2025-03-31,21055,17739
2025-04-30,21834,18380
2025-05-31,23059,19222
2025-06-30,23676,19874
2025-07-31,23658,19817
2025-08-31,24311,20504
2025-09-30,25116,21243
2025-10-31,25376,21673
2025-11-30,25653,21667
2025-12-31,26351,22316
2026-01-31,27835,23651
2026-02-28,29705,24839
2026-03-31,26843,22159
2026-04-30,28685,24297
2026-05-31,29320,25521

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 May 2026)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$228.6 B

$260.3 B

Median Market Cap

$92.7 B

$15.3 B

Annual Portfolio Turnover

35%

—

Price to Earnings - Forward 1YR

15.4x

14.8x

Portfolio

Benchmark

Dividend Yield

2.4%

2.3%

Price to Earnings - Trailing 12 Months

20.8x

19.1x

Price to Cash Flow

10.7x

11.0x

Price to Book Value

2.6x

2.4x

Active Share

82.5%

—

Risk & Return Profile

(As of 31 May 2026)

10y

Annualized Alpha (%)

4.27

1.57

1.86

Beta

0.86

0.97

R-Squared (%)

90.42

92.01

90.03

Standard Deviation (%)

12.46

15.59

15.24

Sharpe Ratio

1.43

0.42

0.59

Information Ratio

0.45

0.31

0.33

Tracking Error (%)

4.29

4.43

4.84

Up Capture (%)

95.83

100.19

103.06

Down Capture (%)

75.93

93.32

95.85

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 30 Apr 2026)

Name

Ticker/Symbol

Sector

Weight %

TotalEnergies SE

TTE

Energy

3.5

ING Groep N.V.

INGA

Financials

3.2

NN Group N.V.

Financials

3.1

BNP Paribas S.A.

BNP

Financials

3.1

Mitsubishi UFJ Financial Group, Inc.

8306

Financials

2.9

AstraZeneca plc

AZN

Health Care

2.9

Enel SpA

ENEL

Utilities

2.9

ABB Ltd.

ABBN

Industrials

2.9

Orange S.A.

ORA

Communication Services

2.9

Glencore plc

GLEN

Materials

2.8

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 May 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Industrials

22.4

14.4

Financials

16.9

23.5

Information Technology

10.3

21.6

Utilities

9.6

3.1

Materials

8.9

6.9

Consumer Discretionary

6.8

8.1

Health Care

6.7

6.8

Consumer Staples

6.1

5.1

Communication Services

5.3

4.6

Energy

4.3

4.7

Cash & Equivalents

2.7

—

Real Estate

0.0

1.4

Sector Allocation

Fund (%)

Industrials

22.4

Financials

16.9

Information Technology

10.3

Utilities

9.6

Materials

8.9

Consumer Discretionary

6.8

Health Care

6.7

Consumer Staples

6.1

Communication Services

5.3

Energy

4.3

Cash & Equivalents

2.7

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Capital Goods

16.2

11.5

Banks

10.6

15.4

Utilities

9.6

3.1

Materials

8.9

6.9

Technology Hardware & Equipment

6.3

7.2

Pharmaceuticals, Biotechnology & Life Sciences

5.1

5.7

Insurance

4.8

4.6

Transportation

4.6

1.9

Energy

4.3

4.7

Consumer Durables & Apparel

2.9

2.0

Top 10 Industries

Fund (%)

Capital Goods

16.2

Banks

10.6

Utilities

9.6

Materials

8.9

Technology Hardware & Equipment

6.3

Pharmaceuticals, Biotechnology & Life Sciences

5.1

Insurance

4.8

Transportation

4.6

Energy

4.3

Consumer Durables & Apparel

2.9

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

France

17.8

5.7

Europe ex UK

Japan

14.6

13.7

Japan

China

8.5

6.7

Asia Pacific ex Japan

United States

7.4

0.0

North America

Spain

7.0

2.2

Europe ex UK

Germany

6.8

5.2

Europe ex UK

United Kingdom

6.1

8.5

Netherlands

6.1

3.3

Europe ex UK

Switzerland

5.3

5.4

Europe ex UK

Italy

4.6

1.9

Europe ex UK

Top 10 Countries

Fund (%)

France

17.8

Japan

14.6

China

8.5

United States

7.4

Spain

7.0

Germany

6.8

United Kingdom

6.1

Netherlands

6.1

Switzerland

5.3

Italy

4.6

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

98.8

92.7

Mid Cap ($2.5 to $12 B)

1.2

7.3

Small Cap (< $2.5 B)

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

98.8

Mid Cap ($2.5 to $12 B)

1.2

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

Prospectus Supplement

Operational Facts

Prospectus

Annual Report

Semi-Annual Report

Article 10 Transparency Statement

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TBGXUSI ID

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

A Disinflationary Paradox of High Oil Prices

Oil Shock Hits Different in a World of Shrinking Petrodollars

Structural Forces Are Reshaping the Investment Landscape

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TBGXUSI ID

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

A Disinflationary Paradox of High Oil Prices

Oil Shock Hits Different in a World of Shrinking Petrodollars

Structural Forces Are Reshaping the Investment Landscape