Thornburg International Equity Fund (UCITS)

SYMBOL: TBGXUSA ID

Morningstar Rating • Info

Overall Morningstar Rating among 5201 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, 3 stars and 3 stars among 5201, 3977 and 2113 funds, as of 31 Oct 2025.

As of 31 Oct 2025

Fund Assets

$32.4 M

As of 31 Oct 2025

NAV

$25.61

As of 4 Dec 2025

Change

$0.09

As of 4 Dec 2025

YTD NAV Performance

33.66%

As of 4 Dec 2025

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 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

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
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

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 ACWI ex-U.S. Index (%)

-5.66

4.50

27.19

-14.20

21.51

10.65

7.82

-16.00

15.62

5.53

MSCI EAFE Index (%)

-0.81

1.00

25.03

-13.79

22.01

7.82

11.26

-14.45

18.24

3.82

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,29.9,26.0,25.1
1y,19.7,16.5,15.0
3y,24.7,20.7,21.7
5y,11.1,10.3,11.2
10y,8.6,8.2,8.2
Inception,7.0,6.5,7.2

YTD

10y

Inception

Total Return (%)

29.91

19.66

24.69

11.08

8.63

6.99

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

26.02

16.45

20.67

10.26

8.23

6.51

MSCI EAFE Index (%)

25.14

14.99

21.70

11.15

8.17

7.23

Morningstar Category Avg. (%)

16.41

20.11

10.92

9.59

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

6641

5201

3977

2113

—

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,32.5,28.5,27.4
1y,29.7,26.0,24.5
3y,19.0,15.9,16.1
5y,9.4,8.4,9.3
10y,8.4,7.9,7.7
Inception,7.1,6.6,7.3

YTD

10y

Inception

Total Return (%)

32.52

29.67

18.97

9.36

8.37

7.05

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

28.53

26.04

15.89

8.41

7.89

6.59

MSCI EAFE Index (%)

27.40

24.50

16.11

9.27

7.72

7.28

Morningstar Category Avg. (%)

18.2

17.98

18.55

11.88

8.93

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

6641

5201

3977

2113

—

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,29.9,26.0,25.1
1y,19.7,16.5,15.0
3y,93.9,75.7,80.3
5y,69.1,63.0,69.7
10y,128.8,120.5,119.3
Inception,148.9,134.5,156.7

YTD

10y

Inception

Total Return (%)

29.91

19.66

93.85

69.09

128.77

148.90

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

26.02

16.45

75.73

62.95

120.47

134.50

MSCI EAFE Index (%)

25.14

14.99

80.26

69.68

119.28

156.65

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,32.5,28.5,27.4
1y,29.7,26.0,24.5
3y,68.4,55.7,56.5
5y,56.4,49.7,55.8
10y,123.5,113.7,110.3
Inception,153.9,139.2,161.3

YTD

10y

Inception

Total Return (%)

32.52

29.67

68.37

56.44

123.50

153.90

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

28.53

26.04

55.66

49.72

113.69

139.18

MSCI EAFE Index (%)

27.40

24.50

56.52

55.78

110.33

161.28

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 EAFE Index
            2012-03-30,10000,10000
2012-03-31,10000,10000
2012-04-30,9940,9804
2012-05-31,8950,8679
2012-06-30,9290,9287
2012-07-31,9490,9392
2012-08-31,9540,9645
2012-09-30,9780,9930
2012-10-31,9870,10013
2012-11-30,10030,10255
2012-12-31,10290,10582
2013-01-31,10700,11141
2013-02-28,10450,11035
2013-03-31,10470,11125
2013-04-30,10690,11705
2013-05-31,10660,11423
2013-06-30,10200,11017
2013-07-31,10700,11598
2013-08-31,10490,11445
2013-09-30,11140,12291
2013-10-31,11230,12704
2013-11-30,11450,12801
2013-12-31,11570,12993
2014-01-31,10840,12470
2014-02-28,11250,13163
2014-03-31,11070,13079
2014-04-30,11130,13268
2014-05-31,11290,13484
2014-06-30,11380,13614
2014-07-31,11090,13346
2014-08-31,11170,13326
2014-09-30,11070,12814
2014-10-31,10990,12628
2014-11-30,11250,12799
2014-12-31,10820,12356
2015-01-31,10970,12416
2015-02-28,11560,13159
2015-03-31,11470,12959
2015-04-30,12210,13488
2015-05-31,12290,13419
2015-06-30,11930,13039
2015-07-31,12230,13309
2015-08-31,11360,12330
2015-09-30,10880,11704
2015-10-31,11530,12619
2015-11-30,11360,12423
2015-12-31,11210,12255
2016-01-31,10280,11369
2016-02-29,10040,11161
2016-03-31,10620,11887
2016-04-30,10870,12231
2016-05-31,10770,12120
2016-06-30,10300,11713
2016-07-31,10720,12307
2016-08-31,10850,12316
2016-09-30,10940,12467
2016-10-31,10800,12212
2016-11-30,10550,11969
2016-12-31,10760,12378
2017-01-31,10970,12737
2017-02-28,10950,12919
2017-03-31,11500,13275
2017-04-30,11920,13613
2017-05-31,12310,14112
2017-06-30,12540,14087
2017-07-31,12920,14494
2017-08-31,12680,14488
2017-09-30,12960,14849
2017-10-31,13020,15074
2017-11-30,13170,15232
2017-12-31,13290,15477
2018-01-31,14150,16253
2018-02-28,13400,15519
2018-03-31,12900,15240
2018-04-30,12900,15588
2018-05-31,12610,15237
2018-06-30,12200,15051
2018-07-31,12450,15422
2018-08-31,12070,15124
2018-09-30,12000,15255
2018-10-31,10890,14041
2018-11-30,11090,14023
2018-12-31,10330,13342
2019-01-31,11240,14219
2019-02-28,11640,14582
2019-03-31,11910,14674
2019-04-30,12580,15086
2019-05-31,11760,14362
2019-06-30,12440,15214
2019-07-31,12370,15021
2019-08-31,12040,14631
2019-09-30,12180,15051
2019-10-31,12590,15591
2019-11-30,12800,15767
2019-12-31,13270,16280
2020-01-31,13100,15940
2020-02-29,12260,14499
2020-03-31,10830,12564
2020-04-30,11420,13375
2020-05-31,12120,13958
2020-06-30,12780,14433
2020-07-31,13610,14769
2020-08-31,14480,15529
2020-09-30,14720,15125
2020-10-31,14520,14521
2020-11-30,16230,16772
2020-12-31,16870,17552
2021-01-31,17090,17365
2021-02-28,17410,17755
2021-03-31,17490,18163
2021-04-30,17990,18709
2021-05-31,18740,19319
2021-06-30,18280,19102
2021-07-31,17870,19246
2021-08-31,18160,19585
2021-09-30,17730,19017
2021-10-31,18310,19485
2021-11-30,17810,18578
2021-12-31,18350,19529
2022-01-31,17570,18585
2022-02-28,16660,18257
2022-03-31,16480,18374
2022-04-30,15430,17185
2022-05-31,15580,17314
2022-06-30,14420,15708
2022-07-31,14950,16490
2022-08-31,14240,15707
2022-09-30,12840,14238
2022-10-31,13120,15003
2022-11-30,15080,16693
2022-12-31,15150,16707
2023-01-31,16550,18060
2023-02-28,15780,17683
2023-03-31,16390,18121
2023-04-30,16700,18633
2023-05-31,16130,17844
2023-06-30,16810,18656
2023-07-31,17410,19260
2023-08-31,16790,18522
2023-09-30,16070,17889
2023-10-31,15700,17164
2023-11-30,16810,18757
2023-12-31,17380,19754
2024-01-31,17360,19867
2024-02-29,17900,20231
2024-03-31,18600,20896
2024-04-30,18380,20361
2024-05-31,19280,21150
2024-06-30,19160,20809
2024-07-31,19770,21419
2024-08-31,20240,22115
2024-09-30,20800,22320
2024-10-31,19780,21106
2024-11-30,19580,20986
2024-12-31,19160,20509
2025-01-31,20100,21587
2025-02-28,20410,22005
2025-03-31,20950,21917
2025-04-30,21720,22920
2025-05-31,22920,23969
2025-06-30,23510,24497
2025-07-31,23480,24153
2025-08-31,24120,25183
2025-09-30,24890,25665
2025-10-31,25130,25967
2025-11-30,25390,26128

Hypothetical Growth of $10,000

(As of 30 Nov 2025)

(Hypothetical Growth of $10,000 vs MSCI EAFE Index)

                        Categories,A Shares,MSCI EAFE Index
                        2024-11-30,10000,10000
2024-12-31,9785,9773
2025-01-31,10266,10201
2025-02-28,10424,10342
2025-03-31,10700,10443
2025-04-30,11093,10922
2025-05-31,11706,11421
2025-06-30,12007,11673
2025-07-31,11992,11509
2025-08-31,12319,12000
2025-09-30,12712,12230
2025-10-31,12835,12373
2025-11-30,12967,12450

                        Categories,A Shares,MSCI EAFE Index
                        2022-11-30,10000,10000
2022-12-31,10046,10008
2023-01-31,10975,10730
2023-02-28,10464,10354
2023-03-31,10869,10855
2023-04-30,11074,11162
2023-05-31,10696,10399
2023-06-30,11147,10865
2023-07-31,11545,11307
2023-08-31,11134,10796
2023-09-30,10656,10455
2023-10-31,10411,10024
2023-11-30,11147,11236
2023-12-31,11525,11833
2024-01-31,11512,11361
2024-02-29,11870,11649
2024-03-31,12334,12013
2024-04-30,12188,11797
2024-05-31,12785,12670
2024-06-30,12706,12465
2024-07-31,13110,12831
2024-08-31,13422,12762
2024-09-30,13793,13106
2024-10-31,13117,12643
2024-11-30,12984,12572
2024-12-31,12706,12286
2025-01-31,13329,12931
2025-02-28,13534,13182
2025-03-31,13893,12744
2025-04-30,14403,13204
2025-05-31,15199,14359
2025-06-30,15590,14675
2025-07-31,15570,14469
2025-08-31,15995,15086
2025-09-30,16505,15374
2025-10-31,16664,15555
2025-11-30,16837,15652

                        Categories,A Shares,MSCI EAFE Index
                        2020-11-30,10000,10000
2020-12-31,10394,10465
2021-01-31,10530,10353
2021-02-28,10727,10586
2021-03-31,10776,10829
2021-04-30,11084,11155
2021-05-31,11547,11519
2021-06-30,11263,11389
2021-07-31,11010,11475
2021-08-31,11189,11677
2021-09-30,10924,11338
2021-10-31,11282,11617
2021-11-30,10974,11077
2021-12-31,11306,11644
2022-01-31,10826,11081
2022-02-28,10265,10885
2022-03-31,10154,10955
2022-04-30,9507,10246
2022-05-31,9600,10323
2022-06-30,8885,9365
2022-07-31,9211,9832
2022-08-31,8774,9365
2022-09-30,7911,8489
2022-10-31,8084,8945
2022-11-30,9291,9953
2022-12-31,9335,9961
2023-01-31,10197,10768
2023-02-28,9723,10543
2023-03-31,10099,10804
2023-04-30,10290,11109
2023-05-31,9938,10639
2023-06-30,10357,11123
2023-07-31,10727,11483
2023-08-31,10345,11043
2023-09-30,9901,10666
2023-10-31,9673,10234
2023-11-30,10357,11183
2023-12-31,10709,11778
2024-01-31,10696,11845
2024-02-29,11029,12062
2024-03-31,11460,12459
2024-04-30,11325,12140
2024-05-31,11879,12610
2024-06-30,11805,12407
2024-07-31,12181,12771
2024-08-31,12471,13186
2024-09-30,12816,13308
2024-10-31,12187,12584
2024-11-30,12064,12512
2024-12-31,11805,12228
2025-01-31,12384,12871
2025-02-28,12575,13120
2025-03-31,12908,13067
2025-04-30,13383,13666
2025-05-31,14122,14291
2025-06-30,14486,14606
2025-07-31,14467,14401
2025-08-31,14861,15015
2025-09-30,15336,15302
2025-10-31,15484,15482
2025-11-30,15644,15578

                        Categories,A Shares,MSCI EAFE Index
                        2015-11-30,10000,10000
2015-12-31,9868,9865
2016-01-31,9049,9152
2016-02-29,8838,8984
2016-03-31,9349,9569
2016-04-30,9569,9846
2016-05-31,9481,9756
2016-06-30,9067,9429
2016-07-31,9437,9907
2016-08-31,9551,9914
2016-09-30,9630,10036
2016-10-31,9507,9830
2016-11-30,9287,9634
2016-12-31,9472,9964
2017-01-31,9657,10253
2017-02-28,9639,10400
2017-03-31,10123,10686
2017-04-30,10493,10958
2017-05-31,10836,11360
2017-06-30,11039,11340
2017-07-31,11373,11667
2017-08-31,11162,11663
2017-09-30,11408,11953
2017-10-31,11461,12134
2017-11-30,11593,12262
2017-12-31,11699,12458
2018-01-31,12456,13083
2018-02-28,11796,12493
2018-03-31,11356,12268
2018-04-30,11356,12548
2018-05-31,11100,12266
2018-06-30,10739,12116
2018-07-31,10960,12414
2018-08-31,10625,12174
2018-09-30,10563,12280
2018-10-31,9586,11303
2018-11-30,9762,11288
2018-12-31,9093,10740
2019-01-31,9894,11446
2019-02-28,10246,11738
2019-03-31,10484,11812
2019-04-30,11074,12144
2019-05-31,10352,11561
2019-06-30,10951,12247
2019-07-31,10889,12091
2019-08-31,10599,11778
2019-09-30,10722,12115
2019-10-31,11083,12551
2019-11-30,11268,12692
2019-12-31,11681,13105
2020-01-31,11532,12831
2020-02-29,10792,11671
2020-03-31,9533,10113
2020-04-30,10053,10767
2020-05-31,10669,11236
2020-06-30,11250,11618
2020-07-31,11981,11889
2020-08-31,12746,12500
2020-09-30,12958,12175
2020-10-31,12782,11689
2020-11-30,14287,13501
2020-12-31,14850,14129
2021-01-31,15044,13978
2021-02-28,15326,14292
2021-03-31,15396,14621
2021-04-30,15836,15060
2021-05-31,16496,15552
2021-06-30,16092,15377
2021-07-31,15731,15492
2021-08-31,15986,15766
2021-09-30,15607,15308
2021-10-31,16118,15685
2021-11-30,15678,14955
2021-12-31,16153,15720
2022-01-31,15467,14961
2022-02-28,14665,14696
2022-03-31,14507,14791
2022-04-30,13583,13834
2022-05-31,13715,13937
2022-06-30,12694,12644
2022-07-31,13160,13274
2022-08-31,12535,12644
2022-09-30,11303,11461
2022-10-31,11549,12077
2022-11-30,13275,13438
2022-12-31,13336,13448
2023-01-31,14569,14538
2023-02-28,13891,14234
2023-03-31,14428,14587
2023-04-30,14701,14999
2023-05-31,14199,14364
2023-06-30,14798,15018
2023-07-31,15326,15504
2023-08-31,14780,14910
2023-09-30,14146,14400
2023-10-31,13820,13817
2023-11-30,14798,15099
2023-12-31,15299,15901
2024-01-31,15282,15993
2024-02-29,15757,16285
2024-03-31,16373,16821
2024-04-30,16180,16390
2024-05-31,16972,17025
2024-06-30,16866,16750
2024-07-31,17403,17242
2024-08-31,17817,17802
2024-09-30,18310,17967
2024-10-31,17412,16990
2024-11-30,17236,16893
2024-12-31,16866,16509
2025-01-31,17694,17377
2025-02-28,17967,17714
2025-03-31,18442,17642
2025-04-30,19120,18450
2025-05-31,20176,19295
2025-06-30,20695,19720
2025-07-31,20669,19443
2025-08-31,21232,20272
2025-09-30,21910,20660
2025-10-31,22121,20903
2025-11-30,22350,21033

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 Oct 2025)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$153.0 B

Median Market Cap

$71.1 B

$13.5 B

Annual Portfolio Turnover

45%

—

Price to Earnings - Forward 1YR

17.5x

16.2x

Portfolio

Benchmark

Dividend Yield

2.5%

2.6%

Price to Earnings - Trailing 12 Months

18.9x

18.3x

Price to Cash Flow

8.0x

9.9x

Price to Book Value

2.3x

2.2x

Active Share

84.1%

—

Risk & Return Profile

(As of 31 Oct 2025)

10y

Annualized Alpha (%)

4.18

1.62

1.60

Beta

1.02

0.98

R-Squared (%)

91.84

92.68

90.11

Standard Deviation (%)

13.80

15.17

14.99

Sharpe Ratio

1.49

0.63

0.47

Information Ratio

1.33

0.37

0.31

Tracking Error (%)

3.95

4.11

4.72

Up Capture (%)

107.18

102.56

104.15

Down Capture (%)

78.93

95.40

97.65

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 Oct 2025)

Name

Ticker/Symbol

Sector

Weight %

Samsung Electronics Co. Ltd.

005930

Information Technology

3.6

Mitsubishi UFJ Financial Group, Inc.

8306

Financials

3.1

Hitachi Ltd.

6501

Industrials

3.0

Enel SpA

ENEL

Utilities

2.9

AstraZeneca plc

AZN

Health Care

2.9

NN Group N.V.

Financials

2.8

Safran S.A.

SAF

Industrials

2.8

Sony Group Corp.

6758

Consumer Discretionary

2.7

Schneider Electric SE

Industrials

2.7

TotalEnergies SE

TTE

Energy

2.7

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Oct 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Industrials

25.9

14.8

Financials

16.0

24.4

Utilities

10.3

3.1

Information Technology

10.1

15.1

Consumer Discretionary

8.5

10.1

Materials

7.6

6.5

Health Care

7.6

Consumer Staples

5.6

6.0

Energy

4.0

4.5

Communication Services

2.9

6.3

Cash & Equivalents

1.6

—

Real Estate

0.0

1.6

Sector Allocation

Fund (%)

Industrials

25.9

Financials

16.0

Utilities

10.3

Information Technology

10.1

Consumer Discretionary

8.5

Materials

7.6

Health Care

7.6

Consumer Staples

5.6

Energy

4.0

Communication Services

2.9

Cash & Equivalents

1.6

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Capital Goods

18.0

11.5

Utilities

10.3

3.1

Banks

8.6

15.6

Materials

7.6

6.5

Technology Hardware & Equipment

6.9

4.3

Pharmaceuticals, Biotechnology & Life Sciences

5.4

6.1

Insurance

4.8

4.9

Transportation

4.4

2.0

Energy

4.0

4.5

Commercial & Professional Services

3.4

1.3

Top 10 Industries

Fund (%)

Capital Goods

18.0

Utilities

10.3

Banks

8.6

Materials

7.6

Technology Hardware & Equipment

6.9

Pharmaceuticals, Biotechnology & Life Sciences

5.4

Insurance

4.8

Transportation

4.4

Energy

4.0

Commercial & Professional Services

3.4

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

France

18.6

6.6

Europe ex UK

Japan

18.3

13.9

Japan

Germany

7.7

5.8

Europe ex UK

Spain

7.4

2.2

Europe ex UK

United States

7.4

0.1

North America

China

6.2

8.6

Asia Pacific ex Japan

United Kingdom

5.1

9.1

Netherlands

5.0

3.1

Europe ex UK

Italy

4.9

1.9

Europe ex UK

Switzerland

4.6

5.6

Europe ex UK

Top 10 Countries

Fund (%)

France

18.6

Japan

18.3

Germany

7.7

Spain

7.4

United States

7.4

China

6.2

United Kingdom

5.1

Netherlands

5.0

Italy

4.9

Switzerland

4.6

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

96.3

90.1

Mid Cap ($2.5 to $12 B)

3.7

9.9

Small Cap (< $2.5 B)

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

96.3

Mid Cap ($2.5 to $12 B)

3.7

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 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

More Insights

Global Equity

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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

Investment Perspectives from the Road: European Luxury Goods

Turn Cash Into Opportunities With Active Management

The High-Quality Case for Investing in Global Luxury Goods

Why Cash Is No Longer King: Bonds Should Reign

Using Dividends to Strengthen Portfolios Amid Lower Rates

The ABCs of Tax-Loss Harvesting

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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

Investment Perspectives from the Road: European Luxury Goods

Turn Cash Into Opportunities With Active Management

The High-Quality Case for Investing in Global Luxury Goods

Why Cash Is No Longer King: Bonds Should Reign

Using Dividends to Strengthen Portfolios Amid Lower Rates

The ABCs of Tax-Loss Harvesting