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Thornburg International Equity Fund (UCITS)

Fund Assets
$31.2 M
As of 30 Jun 2022
NAV
$16.40
As of 29 Jul 2022
Change
$0.12
As of 29 Jul 2022
YTD NAV Performance
-18.08%
As of 29 Jul 2022
Inception Date
30 Mar 2012
Portfolio Managers
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Fund?

  • Focused, diversified equity portfolio to include promising companies from primarily developed markets outside the U.S.
  • Rigorous, fundamental research process focused on buying sustainable businesses with sound business fundamentals trading at a discount to their intrinsic value and 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. We build a diversified portfolio with three types of stocks (basic value, consistent earners and emerging franchises) which provides the opportunity for our portfolio to produce positive risk-adjusted returns with less volatility over time.

Performance

Performance

Returns

(As of 30 Jun 2022)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-21.03
-20.35
6.01
3.78
5.44
4.57
MSCI ACWI ex US NTR (%)
-18.42
-19.42
1.35
2.50
4.83
3.91
MSCI EAFE NTR (%)
-19.57
-17.77
1.07
2.20
5.40
4.50
Morningstar Category Avg. (%)
-21.49
-17.42
4.37
4.97
7.12
Morningstar Quartile
3
2
3
4
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-18.08
-15.55
7.50
3.91
5.59
4.90
MSCI ACWI ex US NTR (%)
-15.63
-15.26
2.91
2.45
5.04
4.21
MSCI EAFE NTR (%)
-15.56
-14.32
3.16
2.61
5.79
4.96
Morningstar Category Avg. (%)
-21.49
-17.42
4.37
4.97
7.12
Morningstar Quartile
3
2
3
4
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-21.03
-20.35
19.14
20.41
69.82
58.10
MSCI ACWI ex US NTR (%)
-18.42
-19.42
4.11
13.13
60.31
48.12
MSCI EAFE NTR (%)
-19.57
-17.77
3.25
11.50
69.13
57.08
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-18.08
-15.55
24.24
21.12
72.27
64.00
MSCI ACWI ex US NTR (%)
-15.63
-15.26
8.99
12.84
63.49
53.19
MSCI EAFE NTR (%)
-15.56
-14.32
9.78
13.78
75.57
64.90
2016
2017
2018
2019
2020
2021
Total Return (%)
-3.11
24.69
-21.59
29.63
28.27
9.76
MSCI ACWI ex US NTR (%)
4.50
27.19
-14.20
21.51
10.65
7.82
MSCI EAFE NTR (%)
1.00
25.03
-13.79
22.01
7.82
11.26
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Jun 2022)
(Hypothetical Growth of $10,000 vs MSCI EAFE NTR)
Fund Facts

Fund Facts

(As of 30 Jun 2022)
Net Fund Assets
$31.2 M
Benchmark
MSCI ACWI ex US NTR
Morningstar Category
EAA Fund Global Large-Cap Blend Equity
Fund Symbol
TBGXUSI ID
Share Class
I Acc
Share Class Inception Date
30 Mar 2012
Number of Holdings
59
Portfolio Turnover
52%
Distribution Frequency
N/a
Characteristics

Characteristics

Portfolio

(As of 30 Jun 2022)
Portfolio
Benchmark
Weighted Average Market Cap
$107.5 B
$81.3 B
Median Market Cap
$47.6 B
$8.6 B
Price to Earnings - Forward 1YR
13.8x
11.3x
Dividend Yield
2.8%
3.2%
Price to Earnings - Trailing 12 Months
14.9x
12.2x
Price to Cash Flow
7.6x
7.4x
Portfolio
Benchmark
Price to Book Value
2.1x
1.6x
Return on Assets - 5 YR
6.8%
7.3%
Return on Equity - 5 YR
16.9%
14.8%
Historical 3YR Sales Growth
8.4%
9.4%
Active Share
86.8%
Risk & Return Profile

Risk & Return Profile

(As of 30 Jun 2022)
3y
5y
10y
Annualized Alpha (%)
6.91
2.24
1.63
Beta
0.93
0.94
0.91
R-Squared (%)
81.21
79.24
77.11
Standard Deviation (%)
17.85
15.72
14.27
Sharpe Ratio
0.31
0.17
0.34
Information Ratio
0.50
0.15
0.07
Up Capture (%)
93.05
93.60
89.93
Down Capture (%)
88.13
91.85
88.57
Portfolio

Portfolio

Top Holdings

(As of 30 Jun 2022)
Name
Ticker/Symbol
Sector
Weight %
TotalEnergies SE
TTE
Energy
4.4
Canadian Pacific Railway Ltd.
CP
Industrials
3.4
Meituan
3690
Consumer Discretionary
3.1
Kweichow Moutai Co. Ltd.
600519
Consumer Staples
3.1
Roche Holding AG
ROG
Health Care
3.0
Sony Group Corp.
6758
Consumer Discretionary
2.9
Linde plc
LIN
Materials
2.7
Hong Kong Exchanges & Clearing Ltd.
388
Financials
2.7
Air Liquide S.A.
AI
Materials
2.6
CITIC Securities Co. Ltd.
600030
Financials
2.5
Exposure Breakdown

Exposure Breakdown

(As of 30 Jun 2022)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
15.9
11.8
Financials
14.6
20.3
Information Technology
14.5
11.0
Consumer Discretionary
12.0
11.7
Consumer Staples
7.7
8.9
Utilities
7.6
3.4
Materials
7.1
8.0
Communication Services
6.7
6.5
Health Care
5.2
9.8
Cash & Cash Equivalents
4.4
Energy
4.4
6.0
Real Estate
0.0
2.5
Sector Allocation
Fund (%)
Industrials
15.9
Financials
14.6
Information Technology
14.5
Consumer Discretionary
12.0
Consumer Staples
7.7
Utilities
7.6
Materials
7.1
Communication Services
6.7
Health Care
5.2
Cash & Cash Equivalents
4.4
Energy
4.4
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
Capital Goods
9.3
7.8
Utilities
7.6
3.4
Diversified Financials
7.5
3.3
Materials
7.1
8.0
Consumer Durables & Apparel
6.3
3.3
Semiconductors & Semiconductor Equipment
5.3
4.3
Pharmaceuticals, Biotechnology & Life Sciences
5.2
8.0
Technology Hardware & Equipment
5.2
3.7
Transportation
5.0
2.7
Retailing
4.5
3.5
Top 10 Industries
Fund (%)
Capital Goods
9.3
Utilities
7.6
Diversified Financials
7.5
Materials
7.1
Consumer Durables & Apparel
6.3
Semiconductors & Semiconductor Equipment
5.3
Pharmaceuticals, Biotechnology & Life Sciences
5.2
Technology Hardware & Equipment
5.2
Transportation
5.0
Retailing
4.5
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
France
17.7
7.0
Europe ex UK
Japan
14.9
13.8
Japan
China
12.5
10.5
Asia Pacific ex Japan
Switzerland
7.1
6.5
Europe ex UK
Germany
6.4
4.8
Europe ex UK
United States
5.7
0.1
North America
United Kingdom
5.0
9.9
UK
Canada
4.8
8.1
North America
Italy
4.4
1.3
Europe ex UK
Netherlands
3.8
2.6
Europe ex UK
Top 10 Countries
Fund (%)
France
17.7
Japan
14.9
China
12.5
Switzerland
7.1
Germany
6.4
United States
5.7
United Kingdom
5.0
Canada
4.8
Italy
4.4
Netherlands
3.8
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
94.9
80.4
Mid Cap ($2.5 to $12 B)
5.1
19.2
Small Cap (< $2.5 B)
0.0
0.4
Capitalization
Fund (%)
Large Cap (> $12 B)
94.9
Mid Cap ($2.5 to $12 B)
5.1
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 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 an…
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Matt Burdett
Matt Burdett
Portfolio Manager and Managing Director
Matt Burdett is portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager and was promoted to portfolio manager in 2018. Matt spent several years as a senior vice president and portfolio manager at PIMCO, where he co-managed various dividend-oriented strategies. Prior to his time at PIMCO, Matt worked as an equity analyst…
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