TBGXUSI ID

Thornburg International Equity Fund (UCITS)

Morningstar Rating • Info

Overall Morningstar Rating among 5290 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, 4 stars and 4 stars among 5290, 4120 and 2165 funds, as of 28 Feb 2026.

As of 28 Feb 2026

Fund Assets

$40.2 M

As of 28 Feb 2026

NAV

$30.86

As of 1 Apr 2026

Change

$0.85

As of 1 Apr 2026

YTD NAV Performance

4.75%

As of 1 Apr 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. (%)

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,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 (%)

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. (%)

3.32

20.7

16.91

9.11

10.54

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

6819

5290

4120

2165

—

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

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 (%)

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

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

Hypothetical Growth of $10,000

(As of 31 Mar 2026)

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

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2025-03-31,10000,10000
2025-04-30,10370,10361
2025-05-31,10952,10836
2025-06-30,11245,11203
2025-07-31,11236,11171
2025-08-31,11546,11559
2025-09-30,11929,11975
2025-10-31,12052,12217
2025-11-30,12184,12214
2025-12-31,12515,12580
2026-01-31,13220,13333
2026-02-28,14108,14002
2026-03-31,12749,12491

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2023-03-31,10000,10000
2023-04-30,10193,10174
2023-05-31,9856,9804
2023-06-30,10276,10244
2023-07-31,10652,10660
2023-08-31,10282,10179
2023-09-30,9845,9857
2023-10-31,9624,9451
2023-11-30,10315,10301
2023-12-31,10674,10819
2024-01-31,10669,10711
2024-02-29,11012,10982
2024-03-31,11454,11326
2024-04-30,11321,11122
2024-05-31,11891,11445
2024-06-30,11819,11434
2024-07-31,12200,11699
2024-08-31,12504,12032
2024-09-30,12858,12356
2024-10-31,12239,11750
2024-11-30,12123,11644
2024-12-31,11874,11418
2025-01-31,12465,11878
2025-02-28,12664,12042
2025-03-31,13013,12015
2025-04-30,13494,12449
2025-05-31,14251,13019
2025-06-30,14632,13461
2025-07-31,14621,13422
2025-08-31,15025,13888
2025-09-30,15522,14388
2025-10-31,15683,14679
2025-11-30,15854,14675
2025-12-31,16285,15115
2026-01-31,17203,16019
2026-02-28,18358,16824
2026-03-31,16589,15009

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2021-03-31,10000,10000
2021-04-30,10290,10294
2021-05-31,10728,10616
2021-06-30,10469,10548
2021-07-31,10243,10374
2021-08-31,10417,10571
2021-09-30,10185,10232
2021-10-31,10522,10477
2021-11-30,10243,10005
2021-12-31,10559,10418
2022-01-31,10121,10035
2022-02-28,9599,9836
2022-03-31,9504,9852
2022-04-30,8908,9233
2022-05-31,8998,9299
2022-06-30,8339,8499
2022-07-31,8650,8790
2022-08-31,8244,8508
2022-09-30,7437,7657
2022-10-31,7605,7886
2022-11-30,8750,8817
2022-12-31,8803,8751
2023-01-31,9615,9461
2023-02-28,9177,9129
2023-03-31,9541,9352
2023-04-30,9726,9515
2023-05-31,9404,9169
2023-06-30,9805,9580
2023-07-31,10163,9969
2023-08-31,9810,9519
2023-09-30,9393,9219
2023-10-31,9182,8838
2023-11-30,9842,9634
2023-12-31,10185,10118
2024-01-31,10179,10017
2024-02-29,10506,10271
2024-03-31,10928,10592
2024-04-30,10802,10402
2024-05-31,11345,10704
2024-06-30,11276,10693
2024-07-31,11640,10941
2024-08-31,11930,11253
2024-09-30,12268,11556
2024-10-31,11677,10989
2024-11-30,11566,10889
2024-12-31,11329,10678
2025-01-31,11893,11108
2025-02-28,12083,11262
2025-03-31,12416,11237
2025-04-30,12874,11642
2025-05-31,13597,12176
2025-06-30,13961,12589
2025-07-31,13950,12553
2025-08-31,14335,12988
2025-09-30,14810,13456
2025-10-31,14963,13728
2025-11-30,15127,13725
2025-12-31,15538,14136
2026-01-31,16413,14981
2026-02-28,17516,15734
2026-03-31,15828,14036

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2016-03-31,10000,10000
2016-04-30,10245,10263
2016-05-31,10164,10090
2016-06-30,9718,9936
2016-07-31,10127,10427
2016-08-31,10255,10493
2016-09-30,10355,10622
2016-10-31,10227,10469
2016-11-30,9991,10227
2016-12-31,10200,10489
2017-01-31,10409,10861
2017-02-28,10400,11034
2017-03-31,10927,11313
2017-04-30,11327,11556
2017-05-31,11709,11931
2017-06-30,11936,11968
2017-07-31,12309,12409
2017-08-31,12091,12474
2017-09-30,12364,12705
2017-10-31,12427,12944
2017-11-30,12582,13049
2017-12-31,12718,13341
2018-01-31,13555,14084
2018-02-28,12836,13420
2018-03-31,12373,13183
2018-04-30,12382,13394
2018-05-31,12109,13085
2018-06-30,11727,12839
2018-07-31,11973,13146
2018-08-31,11618,12871
2018-09-30,11564,12929
2018-10-31,10500,11878
2018-11-30,10700,11990
2018-12-31,9973,11447
2019-01-31,10864,12312
2019-02-28,11255,12553
2019-03-31,11527,12628
2019-04-30,12182,12961
2019-05-31,11391,12265
2019-06-30,12064,13004
2019-07-31,12000,12847
2019-08-31,11700,12450
2019-09-30,11836,12770
2019-10-31,12245,13216
2019-11-30,12464,13332
2019-12-31,12927,13910
2020-01-31,12782,13536
2020-02-29,11964,12466
2020-03-31,10573,10661
2020-04-30,11164,11469
2020-05-31,11855,11844
2020-06-30,12509,12380
2020-07-31,13327,12932
2020-08-31,14191,13485
2020-09-30,14445,13154
2020-10-31,14255,12871
2020-11-30,15936,14602
2020-12-31,16582,15391
2021-01-31,16818,15425
2021-02-28,17145,15730
2021-03-31,17236,15929
2021-04-30,17736,16398
2021-05-31,18491,16911
2021-06-30,18045,16801
2021-07-31,17655,16524
2021-08-31,17955,16839
2021-09-30,17555,16299
2021-10-31,18136,16688
2021-11-30,17655,15937
2021-12-31,18200,16596
2022-01-31,17445,15984
2022-02-28,16545,15668
2022-03-31,16382,15693
2022-04-30,15355,14707
2022-05-31,15509,14813
2022-06-30,14373,13539
2022-07-31,14909,14002
2022-08-31,14209,13552
2022-09-30,12818,12197
2022-10-31,13109,12562
2022-11-30,15082,14045
2022-12-31,15173,13940
2023-01-31,16573,15070
2023-02-28,15818,14541
2023-03-31,16445,14897
2023-04-30,16764,15156
2023-05-31,16209,14605
2023-06-30,16900,15260
2023-07-31,17518,15880
2023-08-31,16909,15163
2023-09-30,16191,14684
2023-10-31,15827,14078
2023-11-30,16964,15346
2023-12-31,17555,16117
2024-01-31,17545,15957
2024-02-29,18109,16361
2024-03-31,18836,16872
2024-04-30,18618,16569
2024-05-31,19555,17050
2024-06-30,19436,17034
2024-07-31,20064,17428
2024-08-31,20564,17924
2024-09-30,21145,18407
2024-10-31,20127,17504
2024-11-30,19936,17346
2024-12-31,19527,17009
2025-01-31,20500,17694
2025-02-28,20827,17939
2025-03-31,21400,17899
2025-04-30,22191,18545
2025-05-31,23436,19394
2025-06-30,24064,20052
2025-07-31,24045,19995
2025-08-31,24709,20689
2025-09-30,25527,21434
2025-10-31,25791,21867
2025-11-30,26073,21862
2025-12-31,26782,22517
2026-01-31,28291,23864
2026-02-28,30191,25062
2026-03-31,27282,22358

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 28 Feb 2026)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$206.5 B

$197.9 B

Median Market Cap

$91.1 B

$15.4 B

Annual Portfolio Turnover

38%

—

Price to Earnings - Forward 1YR

17.2x

16.0x

Portfolio

Benchmark

Dividend Yield

2.2%

2.3%

Price to Earnings - Trailing 12 Months

21.8x

18.9x

Price to Cash Flow

11.3x

10.7x

Price to Book Value

2.7x

2.4x

Active Share

83.4%

—

Risk & Return Profile

(As of 28 Feb 2026)

10y

Annualized Alpha (%)

5.35

2.09

2.05

Beta

0.91

1.02

0.98

R-Squared (%)

89.60

92.48

89.95

Standard Deviation (%)

10.64

14.71

14.84

Sharpe Ratio

1.81

0.59

0.68

Information Ratio

1.23

0.58

0.40

Tracking Error (%)

3.56

4.04

4.71

Up Capture (%)

104.02

104.84

104.33

Down Capture (%)

72.45

93.97

95.83

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 28 Feb 2026)

Name

Ticker/Symbol

Sector

Weight %

Samsung Electronics Co. Ltd.

005930

Information Technology

4.0

AstraZeneca plc

AZN

Health Care

3.0

BNP Paribas S.A.

BNP

Financials

3.0

Enel SpA

ENEL

Utilities

2.8

TotalEnergies SE

TTE

Energy

2.8

Orange S.A.

ORA

Communication Services

2.8

Mitsubishi UFJ Financial Group, Inc.

8306

Financials

2.7

Schneider Electric SE

Industrials

2.7

NN Group N.V.

Financials

2.7

Freeport-McMoRan, Inc.

FCX

Materials

2.7

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 28 Feb 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Industrials

23.5

15.2

Financials

16.8

24.3

Information Technology

10.7

16.3

Utilities

9.9

3.2

Materials

8.4

7.5

Health Care

7.7

7.6

Consumer Discretionary

6.0

8.9

Consumer Staples

5.9

5.8

Communication Services

4.3

4.9

Energy

3.9

4.6

Cash & Equivalents

2.9

—

Real Estate

0.0

1.6

Sector Allocation

Fund (%)

Industrials

23.5

Financials

16.8

Information Technology

10.7

Utilities

9.9

Materials

8.4

Health Care

7.7

Consumer Discretionary

6.0

Consumer Staples

5.9

Communication Services

4.3

Energy

3.9

Cash & Equivalents

2.9

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Capital Goods

16.4

12.2

Utilities

9.9

3.2

Banks

9.4

15.9

Materials

8.4

7.5

Technology Hardware & Equipment

7.4

5.0

Pharmaceuticals, Biotechnology & Life Sciences

5.6

6.3

Insurance

4.5

4.8

Transportation

4.4

2.0

Energy

3.9

4.6

Financial Services

2.9

3.6

Top 10 Industries

Fund (%)

Capital Goods

16.4

Utilities

9.9

Banks

9.4

Materials

8.4

Technology Hardware & Equipment

7.4

Pharmaceuticals, Biotechnology & Life Sciences

5.6

Insurance

4.5

Transportation

4.4

Energy

3.9

Financial Services

2.9

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

France

17.3

6.2

Europe ex UK

Japan

15.7

14.1

Japan

China

7.9

7.3

Asia Pacific ex Japan

United States

7.8

0.0

North America

Germany

7.2

5.6

Europe ex UK

Spain

7.1

2.3

Europe ex UK

United Kingdom

6.1

9.2

Switzerland

5.1

5.7

Europe ex UK

Netherlands

5.1

3.2

Europe ex UK

Italy

4.6

1.9

Europe ex UK

Top 10 Countries

Fund (%)

France

17.3

Japan

15.7

China

7.9

United States

7.8

Germany

7.2

Spain

7.1

United Kingdom

6.1

Switzerland

5.1

Netherlands

5.1

Italy

4.6

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

98.6

92.6

Mid Cap ($2.5 to $12 B)

1.4

7.4

Small Cap (< $2.5 B)

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

98.6

Mid Cap ($2.5 to $12 B)

1.4

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

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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

Global Markets Amid the Energy Shock: Policy, Inflation, and Opportunity

Navigating Supply, Rates, and Opportunities in Real Estate

Structural Forces Are Reshaping the Investment Landscape

When Geopolitics Drive Volatility: An Active Approach to the Iran Conflict

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Create an account to save this article or product.

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

Global Markets Amid the Energy Shock: Policy, Inflation, and Opportunity

Navigating Supply, Rates, and Opportunities in Real Estate

Structural Forces Are Reshaping the Investment Landscape

When Geopolitics Drive Volatility: An Active Approach to the Iran Conflict