TBGXUSI ID
Thornburg International Equity Fund (UCITS)
Morningstar Rating • Info
Overall Morningstar Rating among 5543 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, 5 stars and 4 stars among 5543, 4434 and 2303 funds, as of 31 Jul 2026.
As of 31 Jul 2026
Fund Assets
$39.9 M
As of 31 Jul 2026
NAV
$33.97
As of 4 Sep 2026
Change
$0.07
As of 4 Sep 2026
YTD NAV Performance
15.31%
As of 4 Sep 2026
Asset Category:
International Equity
Fund Benchmark:
MSCI ACWI ex-U.S. Index
Portfolio Managers
Portfolio Manager and Managing Director
Head of Equities, Portfolio Manager and Managing Director
Overview
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.
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Fund Facts
Fund Facts
(As of 31 Jul 2026)Net Fund Assets
$39.9 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
$1,000,000
Ongoing Charges
0.95%
Management Fee
0.75%
Share Class
I Acc
Share Class Inception Date
30 Mar 2012
Fund Inception Date
30 Mar 2012
Bloomberg Ticker
TBGXUSI ID
ISIN
IE00B5LLW880
Cusip
G8T49N 131
SEDOL
B5LLW88
Performance
Performance
Returns
(As of 30 Jun 2026)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
Hypothetical Growth of $10,000
Hypothetical Growth of $10,000
(As of 31 Aug 2026)
(Hypothetical Growth of $10,000 vs MSCI ACWI ex-U.S. Index)
Characteristics
Characteristics
Portfolio
(As of 31 Jul 2026)Portfolio
Benchmark
Number of Holdings
46
—
Weighted Average Market Cap
$234.7 B
$245.6 B
Median Market Cap
$106.0 B
$14.9 B
Annual Portfolio Turnover
31%
—
Price to Earnings - Forward 1YR
15.7x
14.3x
Portfolio
Benchmark
Dividend Yield
2.3%
2.3%
Price to Earnings - Trailing 12 Months
21.6x
19.2x
Price to Cash Flow
11.0x
11.0x
Price to Book Value
2.7x
2.4x
Active Share
82.3%
—
Risk & Return Profile
Risk & Return Profile
(As of 31 Jul 2026)3y
5y
10y
Annualized Alpha (%)
5.44
2.86
2.62
Beta
0.86
0.96
0.96
R-Squared (%)
87.89
91.24
89.79
Standard Deviation (%)
12.47
15.54
15.15
Sharpe Ratio
1.29
0.53
0.62
Information Ratio
0.75
0.58
0.49
Tracking Error (%)
4.75
4.63
4.87
Up Capture (%)
100.67
103.07
104.90
Down Capture (%)
76.46
90.60
94.05
Portfolio
Portfolio
Top Holdings
(As of 31 Jul 2026)Name
Ticker/Symbol
Sector
Weight %
ING Groep N.V.
INGA
Financials
3.6
BNP Paribas S.A.
BNP
Financials
3.5
Mitsubishi UFJ Financial Group, Inc.
8306
Financials
3.5
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
3.3
TotalEnergies SE
TTE
Energy
3.1
NN Group N.V.
NN
Financials
3.1
Tencent Holdings Ltd.
700
Communication Services
2.9
Endesa S.A.
ELE
Utilities
2.9
ABB Ltd.
ABBN
Industrials
2.7
Enel SpA
ENEL
Utilities
2.7
Exposure Breakdown
Exposure Breakdown
(As of 31 Jul 2026)Sector Allocation
Fund (%)
Industrials
21.0
Financials
18.5
Information Technology
10.5
Utilities
10.0
Materials
8.6
Consumer Discretionary
7.6
Health Care
6.5
Consumer Staples
6.2
Communication Services
5.4
Energy
3.7
Cash & Equivalents
2.0
Real Estate
0.0
Top 10 Industries
Fund (%)
Capital Goods
16.0
Banks
12.0
Utilities
10.0
Materials
8.6
Technology Hardware & Equipment
5.9
Insurance
5.3
Pharmaceuticals, Biotechnology & Life Sciences
4.9
Transportation
4.5
Energy
3.7
Consumer Durables & Apparel
3.5
Top 10 Countries
Fund (%)
France
18.7
Japan
14.3
China
7.5
Germany
7.3
Spain
7.3
Netherlands
6.8
United States
6.7
United Kingdom
5.7
Switzerland
5.1
Italy
4.8
Capitalization
Fund (%)
Large Cap (> $12 B)
99.5
Mid Cap ($2.5 to $12 B)
0.5
Small Cap (< $2.5 B)
0.0
Portfolio Managers
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…
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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,…
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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
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