Thornburg International Equity Fund (UCITS)

SYMBOL: TBGXUSA ID

Morningstar Rating • Info

Overall Morningstar Rating among 5290 EAA Fund Global Large-Cap Blend Equity funds, based on risk-adjusted returns for class A Acc shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 5 stars, 4 stars and 3 stars among 5290, 4120 and 2165 funds, as of 28 Feb 2026.

As of 28 Feb 2026

Fund Assets

$36.8 M

As of 31 Jan 2026

NAV

$27.44

As of 5 Mar 2026

Change

$-0.18

As of 5 Mar 2026

YTD NAV Performance

5.26%

As of 5 Mar 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 (%)
2013,12.4,15.3,22.8
2014,-6.5,-3.9,-4.9
2015,3.6,-5.7,-0.8
2016,-4.0,4.5,1.0
2017,23.5,27.2,25.0
2018,-22.3,-14.2,-13.8
2019,28.5,21.5,22.0
2020,27.1,10.7,7.8
2021,8.8,7.8,11.3
2022,-17.4,-16.0,-14.5
2023,14.7,15.6,18.2
2024,10.2,5.5,3.8
2025,36.1,32.4,31.2

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

Total Return (%)

12.44

-6.48

3.60

-4.01

23.51

-22.27

28.46

27.13

8.77

-17.44

14.72

10.24

36.06

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,36.1,32.4,31.2
1y,36.1,32.4,31.2
3y,19.8,17.3,17.2
5y,9.1,7.9,8.9
10y,8.8,8.4,8.2
Inception,7.2,6.8,7.5

YTD

10y

Inception

Total Return (%)

36.06

19.83

9.10

8.81

7.21

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,12.6,11.3,10.1
1y,43.8,39.7,34.6
3y,23.0,19.9,18.8
5y,11.0,9.8,10.8
10y,11.3,10.5,10.3
Inception,8.0,7.5,8.1

YTD

10y

Inception

Total Return (%)

12.58

43.80

22.98

11.01

11.32

8.04

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

11.30

39.71

19.90

9.76

10.48

7.52

MSCI EAFE Index (%)

10.09

34.63

18.77

10.78

10.26

8.12

Morningstar Category Avg. (%)

2.51

18.58

15.71

9.38

10.46

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

6819

5290

4120

2165

—

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,36.1,32.4,31.2
1y,36.1,32.4,31.2
3y,72.1,61.5,61.1
5y,54.5,46.3,53.3
10y,132.6,124.3,119.6
Inception,160.7,146.4,169.1

YTD

10y

Inception

Total Return (%)

36.06

72.08

54.53

132.56

160.70

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,12.6,11.3,10.1
1y,43.8,39.7,34.6
3y,86.0,72.4,67.5
5y,68.6,59.3,66.9
10y,192.3,171.0,165.5
Inception,193.5,174.2,196.3

YTD

10y

Inception

Total Return (%)

12.58

43.80

86.00

68.58

192.33

193.50

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

11.30

39.71

72.35

59.33

171.00

174.19

MSCI EAFE Index (%)

10.09

34.63

67.54

66.87

165.45

196.27

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,A Shares,MSCI ACWI ex-U.S. Index
            2012-03-30,10000,10000
2012-03-31,10000,10000
2012-04-30,9940,9842
2012-05-31,8950,8725
2012-06-30,9290,9239
2012-07-31,9490,9370
2012-08-31,9540,9566
2012-09-30,9780,9923
2012-10-31,9870,9962
2012-11-30,10030,10151
2012-12-31,10290,10503
2013-01-31,10700,10930
2013-02-28,10450,10815
2013-03-31,10470,10836
2013-04-30,10690,11235
2013-05-31,10660,10975
2013-06-30,10200,10499
2013-07-31,10700,10959
2013-08-31,10490,10807
2013-09-30,11140,11558
2013-10-31,11230,11983
2013-11-30,11450,12003
2013-12-31,11570,12109
2014-01-31,10840,11559
2014-02-28,11250,12139
2014-03-31,11070,12170
2014-04-30,11130,12331
2014-05-31,11290,12571
2014-06-30,11380,12782
2014-07-31,11090,12656
2014-08-31,11170,12726
2014-09-30,11070,12109
2014-10-31,10990,11989
2014-11-30,11250,12076
2014-12-31,10820,11641
2015-01-31,10970,11624
2015-02-28,11560,12245
2015-03-31,11470,12047
2015-04-30,12210,12656
2015-05-31,12290,12458
2015-06-30,11930,12110
2015-07-31,12230,12077
2015-08-31,11360,11154
2015-09-30,10880,10637
2015-10-31,11530,11428
2015-11-30,11360,11192
2015-12-31,11210,10982
2016-01-31,10280,10235
2016-02-29,10040,10118
2016-03-31,10620,10940
2016-04-30,10870,11228
2016-05-31,10770,11039
2016-06-30,10300,10870
2016-07-31,10720,11407
2016-08-31,10850,11480
2016-09-30,10940,11621
2016-10-31,10800,11454
2016-11-30,10550,11189
2016-12-31,10760,11475
2017-01-31,10970,11882
2017-02-28,10950,12071
2017-03-31,11500,12377
2017-04-30,11920,12642
2017-05-31,12310,13053
2017-06-30,12540,13093
2017-07-31,12920,13576
2017-08-31,12680,13647
2017-09-30,12960,13900
2017-10-31,13020,14162
2017-11-30,13170,14277
2017-12-31,13290,14596
2018-01-31,14150,15409
2018-02-28,13400,14682
2018-03-31,12900,14423
2018-04-30,12900,14653
2018-05-31,12610,14315
2018-06-30,12200,14046
2018-07-31,12450,14382
2018-08-31,12070,14081
2018-09-30,12000,14145
2018-10-31,10890,12994
2018-11-30,11090,13117
2018-12-31,10330,12524
2019-01-31,11240,13470
2019-02-28,11640,13733
2019-03-31,11910,13815
2019-04-30,12580,14180
2019-05-31,11760,13419
2019-06-30,12440,14227
2019-07-31,12370,14055
2019-08-31,12040,13621
2019-09-30,12180,13971
2019-10-31,12590,14459
2019-11-30,12800,14586
2019-12-31,13270,15218
2020-01-31,13100,14809
2020-02-29,12260,13638
2020-03-31,10830,11664
2020-04-30,11420,12548
2020-05-31,12120,12958
2020-06-30,12780,13544
2020-07-31,13610,14148
2020-08-31,14480,14753
2020-09-30,14720,14391
2020-10-31,14520,14081
2020-11-30,16230,15975
2020-12-31,16870,16839
2021-01-31,17090,16875
2021-02-28,17410,17209
2021-03-31,17490,17427
2021-04-30,17990,17940
2021-05-31,18740,18501
2021-06-30,18280,18381
2021-07-31,17870,18078
2021-08-31,18160,18422
2021-09-30,17730,17832
2021-10-31,18310,18258
2021-11-30,17810,17436
2021-12-31,18350,18156
2022-01-31,17570,17487
2022-02-28,16660,17141
2022-03-31,16480,17168
2022-04-30,15430,16090
2022-05-31,15580,16206
2022-06-30,14420,14812
2022-07-31,14950,15319
2022-08-31,14240,14826
2022-09-30,12840,13344
2022-10-31,13120,13743
2022-11-30,15080,15366
2022-12-31,15150,15251
2023-01-31,16550,16488
2023-02-28,15780,15909
2023-03-31,16390,16298
2023-04-30,16700,16581
2023-05-31,16130,15978
2023-06-30,16810,16695
2023-07-31,17410,17374
2023-08-31,16790,16589
2023-09-30,16070,16065
2023-10-31,15700,15402
2023-11-30,16810,16789
2023-12-31,17380,17632
2024-01-31,17360,17457
2024-02-29,17900,17899
2024-03-31,18600,18459
2024-04-30,18380,18127
2024-05-31,19280,18653
2024-06-30,19160,18636
2024-07-31,19770,19067
2024-08-31,20240,19610
2024-09-30,20800,20138
2024-10-31,19780,19150
2024-11-30,19580,18977
2024-12-31,19160,18608
2025-01-31,20100,19358
2025-02-28,20410,19626
2025-03-31,20950,19582
2025-04-30,21720,20289
2025-05-31,22920,21218
2025-06-30,23510,21938
2025-07-31,23480,21875
2025-08-31,24120,22634
2025-09-30,24890,23450
2025-10-31,25130,23924
2025-11-30,25390,23918
2025-12-31,26070,24635
2026-01-31,27510,26108
2026-02-28,29350,27419

Hypothetical Growth of $10,000

(As of 28 Feb 2026)

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

                        Categories,A Shares,MSCI ACWI ex-U.S. Index
                        2025-02-28,10000,10000
2025-03-31,10265,9977
2025-04-30,10642,10338
2025-05-31,11230,10811
2025-06-30,11519,11178
2025-07-31,11504,11146
2025-08-31,11818,11533
2025-09-30,12195,11948
2025-10-31,12313,12190
2025-11-30,12440,12186
2025-12-31,12773,12552
2026-01-31,13479,13303
2026-02-28,14380,13971

                        Categories,A Shares,MSCI ACWI ex-U.S. Index
                        2023-02-28,10000,10000
2023-03-31,10387,10244
2023-04-30,10583,10422
2023-05-31,10222,10043
2023-06-30,10653,10494
2023-07-31,11033,10921
2023-08-31,10640,10428
2023-09-30,10184,10098
2023-10-31,9949,9682
2023-11-30,10653,10553
2023-12-31,11014,11083
2024-01-31,11001,10973
2024-02-29,11343,11251
2024-03-31,11787,11603
2024-04-30,11648,11394
2024-05-31,12218,11725
2024-06-30,12142,11714
2024-07-31,12529,11985
2024-08-31,12826,12326
2024-09-30,13181,12658
2024-10-31,12535,12037
2024-11-30,12408,11928
2024-12-31,12142,11697
2025-01-31,12738,12168
2025-02-28,12934,12337
2025-03-31,13276,12309
2025-04-30,13764,12753
2025-05-31,14525,13337
2025-06-30,14899,13790
2025-07-31,14880,13750
2025-08-31,15285,14227
2025-09-30,15773,14740
2025-10-31,15925,15038
2025-11-30,16090,15034
2025-12-31,16521,15485
2026-01-31,17433,16411
2026-02-28,18600,17235

                        Categories,A Shares,MSCI ACWI ex-U.S. Index
                        2021-02-28,10000,10000
2021-03-31,10046,10126
2021-04-30,10333,10425
2021-05-31,10764,10751
2021-06-30,10500,10681
2021-07-31,10264,10505
2021-08-31,10431,10705
2021-09-30,10184,10362
2021-10-31,10517,10609
2021-11-30,10230,10131
2021-12-31,10540,10550
2022-01-31,10092,10161
2022-02-28,9569,9960
2022-03-31,9466,9976
2022-04-30,8863,9350
2022-05-31,8949,9417
2022-06-30,8283,8607
2022-07-31,8587,8901
2022-08-31,8179,8615
2022-09-30,7375,7754
2022-10-31,7536,7986
2022-11-30,8662,8929
2022-12-31,8702,8862
2023-01-31,9506,9581
2023-02-28,9064,9244
2023-03-31,9414,9470
2023-04-30,9592,9635
2023-05-31,9265,9284
2023-06-30,9655,9701
2023-07-31,10000,10095
2023-08-31,9644,9640
2023-09-30,9230,9335
2023-10-31,9018,8950
2023-11-30,9655,9756
2023-12-31,9983,10246
2024-01-31,9971,10144
2024-02-29,10281,10401
2024-03-31,10684,10726
2024-04-30,10557,10533
2024-05-31,11074,10839
2024-06-30,11005,10829
2024-07-31,11356,11079
2024-08-31,11626,11395
2024-09-30,11947,11702
2024-10-31,11361,11128
2024-11-30,11246,11027
2024-12-31,11005,10813
2025-01-31,11545,11248
2025-02-28,11723,11404
2025-03-31,12033,11379
2025-04-30,12476,11789
2025-05-31,13165,12329
2025-06-30,13504,12748
2025-07-31,13487,12711
2025-08-31,13854,13152
2025-09-30,14296,13626
2025-10-31,14434,13902
2025-11-30,14584,13898
2025-12-31,14974,14315
2026-01-31,15801,15171
2026-02-28,16858,15933

                        Categories,A Shares,MSCI ACWI ex-U.S. Index
                        2016-02-29,10000,10000
2016-03-31,10578,10813
2016-04-30,10827,11098
2016-05-31,10727,10910
2016-06-30,10259,10743
2016-07-31,10677,11275
2016-08-31,10807,11346
2016-09-30,10896,11486
2016-10-31,10757,11321
2016-11-30,10508,11059
2016-12-31,10717,11342
2017-01-31,10926,11744
2017-02-28,10906,11931
2017-03-31,11454,12233
2017-04-30,11873,12495
2017-05-31,12261,12901
2017-06-30,12490,12941
2017-07-31,12869,13418
2017-08-31,12629,13488
2017-09-30,12908,13738
2017-10-31,12968,13997
2017-11-30,13118,14110
2017-12-31,13237,14426
2018-01-31,14094,15229
2018-02-28,13347,14511
2018-03-31,12849,14255
2018-04-30,12849,14483
2018-05-31,12560,14148
2018-06-30,12151,13883
2018-07-31,12400,14215
2018-08-31,12022,13917
2018-09-30,11952,13980
2018-10-31,10847,12843
2018-11-30,11046,12965
2018-12-31,10289,12378
2019-01-31,11195,13313
2019-02-28,11594,13573
2019-03-31,11863,13654
2019-04-30,12530,14015
2019-05-31,11713,13263
2019-06-30,12390,14061
2019-07-31,12321,13891
2019-08-31,11992,13462
2019-09-30,12131,13809
2019-10-31,12540,14290
2019-11-30,12749,14416
2019-12-31,13217,15041
2020-01-31,13048,14637
2020-02-29,12211,13480
2020-03-31,10787,11528
2020-04-30,11375,12402
2020-05-31,12072,12807
2020-06-30,12729,13386
2020-07-31,13556,13983
2020-08-31,14422,14582
2020-09-30,14661,14223
2020-10-31,14462,13917
2020-11-30,16165,15789
2020-12-31,16803,16643
2021-01-31,17022,16679
2021-02-28,17341,17009
2021-03-31,17420,17224
2021-04-30,17918,17731
2021-05-31,18665,18286
2021-06-30,18207,18167
2021-07-31,17799,17868
2021-08-31,18088,18208
2021-09-30,17659,17625
2021-10-31,18237,18045
2021-11-30,17739,17233
2021-12-31,18277,17945
2022-01-31,17500,17284
2022-02-28,16594,16942
2022-03-31,16414,16969
2022-04-30,15369,15903
2022-05-31,15518,16017
2022-06-30,14363,14639
2022-07-31,14890,15140
2022-08-31,14183,14654
2022-09-30,12789,13189
2022-10-31,13068,13583
2022-11-30,15020,15187
2022-12-31,15090,15073
2023-01-31,16484,16296
2023-02-28,15717,15724
2023-03-31,16325,16108
2023-04-30,16633,16388
2023-05-31,16066,15792
2023-06-30,16743,16501
2023-07-31,17341,17172
2023-08-31,16723,16396
2023-09-30,16006,15878
2023-10-31,15637,15223
2023-11-30,16743,16593
2023-12-31,17311,17427
2024-01-31,17291,17254
2024-02-29,17829,17691
2024-03-31,18526,18244
2024-04-30,18307,17916
2024-05-31,19203,18436
2024-06-30,19084,18419
2024-07-31,19691,18845
2024-08-31,20159,19382
2024-09-30,20717,19904
2024-10-31,19701,18927
2024-11-30,19502,18756
2024-12-31,19084,18392
2025-01-31,20020,19133
2025-02-28,20329,19398
2025-03-31,20867,19354
2025-04-30,21633,20053
2025-05-31,22829,20971
2025-06-30,23416,21683
2025-07-31,23386,21621
2025-08-31,24024,22371
2025-09-30,24791,23177
2025-10-31,25030,23646
2025-11-30,25289,23639
2025-12-31,25966,24348
2026-01-31,27400,25804
2026-02-28,29233,27100

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 Jan 2026)

Name

Ticker/Symbol

Sector

Weight %

Samsung Electronics Co. Ltd.

005930

Information Technology

3.8

BNP Paribas S.A.

BNP

Financials

3.4

Alibaba Group Holding Ltd.

9988

Consumer Discretionary

3.0

AstraZeneca plc

AZN

Health Care

2.9

NN Group N.V.

Financials

2.9

Mitsubishi UFJ Financial Group, Inc.

8306

Financials

2.8

Enel SpA

ENEL

Utilities

2.8

TotalEnergies SE

TTE

Energy

2.8

Roche Holding AG

ROG

Health Care

2.7

Orange S.A.

ORA

Communication Services

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

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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

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

AI and the Increasing Instability of Global Relationships

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

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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

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

AI and the Increasing Instability of Global Relationships

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