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Thornburg International Equity Fund (UCITS)

Morningstar Rating  • Info

Overall Morningstar Rating among 5076 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 5076, 3875 and 2074 funds, as of 30 Apr 2025.

As of 30 Apr 2025
Fund Assets
$27.3 M
As of 30 Apr 2025
NAV
$22.91
As of 27 May 2025
Change
$0.21
As of 27 May 2025
YTD NAV Performance
19.57%
As of 27 May 2025
Asset Category:
International Equity
Fund Benchmark:
MSCI ACWI ex-U.S. Index

Portfolio Managers

Portfolio Manager and Managing Director
Head of Equities 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.

Fund Facts

Fund Facts

(As of 30 Apr 2025)
Net Fund Assets
$27.3 M
Benchmark
MSCI ACWI ex-U.S. Index
Morningstar Category
EAA Fund Global Large-Cap Blend Equity
Distribution Frequency
N/A
SFDR
Article 8
Minimum Investment
$1,000
Ongoing Charges
1.75%
Management Fee
1.50%
Share Class
A Acc
Share Class Inception Date
30 Mar 2012
Fund Inception Date
30 Mar 2012
Bloomberg Ticker
TBGXUSA ID
ISIN
IE00B5VD2J54
Cusip
G8T49N 149
SEDOL
B5VD2J5
Performance

Performance

Returns

2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Total Return (%)
3.60
-4.01
23.51
-22.27
28.46
27.13
8.77
-17.44
14.72
10.24
MSCI EAFE Index (%)
-0.81
1.00
25.03
-13.79
22.01
7.82
11.26
-14.45
18.24
3.82
MSCI ACWI ex-U.S. Index (%)
-14.20
21.51
10.65
7.82
-16.00
15.62
5.53
YTD
1y
3y
5y
10y
Inception
Total Return (%)
9.34
12.63
8.33
14.11
6.21
5.85
MSCI ACWI ex-U.S. Index (%)
5.23
6.09
4.48
10.92
4.98
5.30
MSCI EAFE Index (%)
6.86
4.88
6.05
11.77
5.40
6.22
Morningstar Category Avg. (%)
-0.77
4
4.81
12.69
6.89
Morningstar Quartile
1
1
2
3
Morningstar Quartile # of Funds
6432
5076
3875
2074
YTD
1y
3y
5y
10y
Inception
Total Return (%)
13.36
18.17
12.07
13.72
5.93
6.11
MSCI ACWI ex-U.S. Index (%)
9.03
11.93
8.04
10.09
4.83
5.56
MSCI EAFE Index (%)
11.76
12.57
10.07
11.37
5.45
6.54
Morningstar Category Avg. (%)
0.57
8.88
8.11
10.8
6.67
Morningstar Quartile
1
1
1
3
Morningstar Quartile # of Funds
6432
5076
3875
2074
YTD
1y
3y
5y
10y
Inception
Total Return (%)
9.34
12.63
27.12
93.44
82.65
109.50
MSCI ACWI ex-U.S. Index (%)
5.23
6.09
14.06
67.89
62.55
95.82
MSCI EAFE Index (%)
6.86
4.88
19.28
74.44
69.13
119.17
YTD
1y
3y
5y
10y
Inception
Total Return (%)
13.36
18.17
40.76
90.19
77.89
117.20
MSCI ACWI ex-U.S. Index (%)
9.03
11.93
26.09
61.70
60.32
102.89
MSCI EAFE Index (%)
11.76
12.57
33.37
71.36
69.93
129.20
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Apr 2025)
(Hypothetical Growth of $10,000 vs MSCI EAFE Index)
Characteristics

Characteristics

Portfolio

(As of 30 Apr 2025)
Portfolio
Benchmark
Weighted Average Market Cap
$118.6 B
$107.7 B
Median Market Cap
$70.7 B
$11.3 B
Price to Earnings - Forward 1YR
16.0x
14.0x
Dividend Yield
2.6%
2.9%
Price to Earnings - Trailing 12 Months
16.2x
15.9x
Price to Cash Flow
8.4x
8.6x
Portfolio
Benchmark
Price to Book Value
2.1x
1.8x
Return on Assets - 5 YR
5.9%
6.5%
Return on Equity - 5 YR
14.7%
15.5%
Historical 3YR Sales Growth
10.8%
15.3%
Active Share
85.1%
Risk & Return Profile

Risk & Return Profile

(As of 31 Mar 2025)
3y
5y
10y
Annualized Alpha (%)
4.65
4.15
2.30
Beta
1.02
0.98
0.98
R-Squared (%)
94.54
90.65
90.14
Standard Deviation (%)
16.72
15.72
15.36
Sharpe Ratio
0.29
0.79
0.34
Information Ratio
1.23
0.88
0.45
Tracking Error (%)
3.92
4.82
4.83
Up Capture (%)
109.76
107.86
104.84
Down Capture (%)
89.33
89.69
94.67
Portfolio

Portfolio

Top Holdings

(As of 31 Mar 2025)
Name
Ticker/Symbol
Sector
Weight %
TotalEnergies SE
TTE
Energy
3.3
E.ON SE
EOAN
Utilities
3.1
Orange S.A.
ORA
Communication Services
3.1
Sony Group Corp.
6758
Consumer Discretionary
2.9
Enel SpA
ENEL
Utilities
2.9
Safran S.A.
SAF
Industrials
2.9
Mitsubishi UFJ Financial Group, Inc.
8306
Financials
2.8
NN Group N.V.
NN
Financials
2.7
Linde plc
LIN
Materials
2.7
Samsung Electronics Co. Ltd.
005930
Information Technology
2.7
Exposure Breakdown

Exposure Breakdown

(As of 30 Apr 2025)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
22.2
14.2
Financials
16.9
24.9
Utilities
11.5
3.3
Information Technology
10.7
12.2
Consumer Discretionary
7.4
10.8
Health Care
7.4
8.6
Materials
6.9
6.3
Consumer Staples
6.4
7.2
Communication Services
5.2
6.3
Energy
4.2
4.6
Cash & Cash Equivalents
1.2
Real Estate
0.0
1.7
Sector Allocation
Fund (%)
Industrials
22.2
Financials
16.9
Utilities
11.5
Information Technology
10.7
Consumer Discretionary
7.4
Health Care
7.4
Materials
6.9
Consumer Staples
6.4
Communication Services
5.2
Energy
4.2
Cash & Cash Equivalents
1.2
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
16.1
10.4
Utilities
11.5
3.3
Banks
7.5
15.3
Materials
6.9
6.3
Pharmaceuticals, Biotechnology & Life Sciences
5.3
6.9
Insurance
5.2
5.6
Consumer Durables & Apparel
4.9
2.8
Technology Hardware & Equipment
4.5
3.4
Software & Services
4.3
3.6
Financial Services
4.2
4.0
Top 10 Industries
Fund (%)
Capital Goods
16.1
Utilities
11.5
Banks
7.5
Materials
6.9
Pharmaceuticals, Biotechnology & Life Sciences
5.3
Insurance
5.2
Consumer Durables & Apparel
4.9
Technology Hardware & Equipment
4.5
Software & Services
4.3
Financial Services
4.2
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
France
22.4
7.3
Europe ex UK
Japan
15.7
13.9
Japan
Germany
9.1
6.6
Europe ex UK
United States
7.5
0.1
North America
Spain
7.4
2.0
Europe ex UK
Canada
6.4
7.9
North America
Italy
5.5
1.9
Europe ex UK
Netherlands
5.0
2.8
Europe ex UK
Switzerland
4.6
6.3
Europe ex UK
United Kingdom
4.2
9.5
UK
Top 10 Countries
Fund (%)
France
22.4
Japan
15.7
Germany
9.1
United States
7.5
Spain
7.4
Canada
6.4
Italy
5.5
Netherlands
5.0
Switzerland
4.6
United Kingdom
4.2
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
96.4
86.8
Mid Cap ($2.5 to $12 B)
3.6
13.1
Small Cap (< $2.5 B)
0.0
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
96.4
Mid Cap ($2.5 to $12 B)
3.6
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 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…
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Matt Burdett

Matt Burdett

Head of Equities 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,…
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