Thornburg International Equity Fund (UCITS)

SYMBOL: TBGXUSI ID

Morningstar Rating • Info

Overall Morningstar Rating among 5101 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, 4 stars, 4 stars and 3 stars among 5101, 3890 and 2069 funds, as of 30 Jun 2025.

As of 30 Jun 2025

Fund Assets

$29.9 M

As of 30 Jun 2025

NAV

$26.92

As of 7 Aug 2025

Change

$0.22

As of 7 Aug 2025

YTD NAV Performance

25.33%

As of 7 Aug 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 EAFE Index (%),MSCI ACWI ex-U.S. Index (%)
2015,4.5,-0.8
2016,-3.1,1.0
2017,24.7,25.0
2018,-21.6,-13.8,-14.2
2019,29.6,22.0,21.5
2020,28.3,7.8,10.7
2021,9.8,11.3,7.8
2022,-16.6,-14.5,-16.0
2023,15.7,18.2,15.6
2024,11.2,3.8,5.5

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

Total Return (%)

4.51

-3.11

24.69

-21.59

29.63

28.27

9.76

-16.63

15.70

11.24

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

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,23.2,17.9,19.5
1y,23.8,17.7,17.7
3y,18.7,14.0,16.0
5y,14.0,10.1,11.2
10y,8.0,6.1,6.5
Inception,7.6,6.1,7.0

YTD

10y

Inception

Total Return (%)

23.23

23.81

18.74

13.98

7.99

7.62

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

17.90

17.72

13.99

10.13

6.12

6.11

MSCI EAFE Index (%)

19.45

17.73

15.97

11.16

6.51

6.99

Morningstar Category Avg. (%)

10.29

13.45

14.94

11.39

7.93

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

6407

5101

3890

2069

—

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,23.1,17.6,17.8
1y,19.9,14.7,12.8
3y,17.3,12.6,13.6
5y,12.5,9.1,10.3
10y,7.7,6.1,6.1
Inception,7.6,6.0,6.8

YTD

10y

Inception

Total Return (%)

23.14

19.85

17.27

12.53

7.71

7.57

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

17.56

14.73

12.61

9.11

6.12

6.04

MSCI EAFE Index (%)

17.77

12.77

13.57

10.34

6.14

6.84

Morningstar Category Avg. (%)

10.29

13.45

14.94

11.39

7.93

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

6407

5101

3890

2069

—

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,23.2,17.9,19.5
1y,23.8,17.7,17.7
3y,67.4,48.1,56.0
5y,92.4,62.0,69.7
10y,115.7,81.2,87.9
Inception,164.7,119.4,145.0

YTD

10y

Inception

Total Return (%)

23.23

23.81

67.43

92.37

115.73

164.70

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

17.90

17.72

48.11

61.98

81.15

119.38

MSCI EAFE Index (%)

19.45

17.73

55.96

69.73

87.88

144.97

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,23.1,17.6,17.8
1y,19.9,14.7,12.8
3y,61.3,42.8,46.5
5y,80.4,54.6,63.5
10y,110.1,81.1,81.5
Inception,164.5,118.8,141.5

YTD

10y

Inception

Total Return (%)

23.14

19.85

61.28

80.42

110.09

164.50

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

17.56

14.73

42.80

54.62

81.14

118.75

MSCI EAFE Index (%)

17.77

12.77

46.47

63.54

81.48

141.53

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 EAFE Index
            2012-03-30,10000,10000
2012-03-31,10000,10000
2012-04-30,9940,9804
2012-05-31,8960,8679
2012-06-30,9310,9287
2012-07-31,9520,9392
2012-08-31,9580,9645
2012-09-30,9820,9930
2012-10-31,9920,10013
2012-11-30,10090,10255
2012-12-31,10360,10582
2013-01-31,10790,11141
2013-02-28,10540,11035
2013-03-31,10560,11125
2013-04-30,10800,11705
2013-05-31,10770,11423
2013-06-30,10310,11017
2013-07-31,10820,11598
2013-08-31,10620,11445
2013-09-30,11290,12291
2013-10-31,11390,12704
2013-11-30,11620,12801
2013-12-31,11750,12993
2014-01-31,11020,12470
2014-02-28,11440,13163
2014-03-31,11270,13079
2014-04-30,11320,13268
2014-05-31,11500,13484
2014-06-30,11600,13614
2014-07-31,11310,13346
2014-08-31,11410,13326
2014-09-30,11310,12814
2014-10-31,11230,12628
2014-11-30,11510,12799
2014-12-31,11080,12356
2015-01-31,11240,12416
2015-02-28,11850,13159
2015-03-31,11780,12959
2015-04-30,12550,13488
2015-05-31,12630,13419
2015-06-30,12270,13039
2015-07-31,12590,13309
2015-08-31,11700,12330
2015-09-30,11210,11704
2015-10-31,11900,12619
2015-11-30,11730,12423
2015-12-31,11580,12255
2016-01-31,10640,11369
2016-02-29,10390,11161
2016-03-31,11000,11887
2016-04-30,11270,12231
2016-05-31,11180,12120
2016-06-30,10690,11713
2016-07-31,11140,12307
2016-08-31,11280,12316
2016-09-30,11390,12467
2016-10-31,11250,12212
2016-11-30,10990,11969
2016-12-31,11220,12378
2017-01-31,11450,12737
2017-02-28,11440,12919
2017-03-31,12020,13275
2017-04-30,12460,13613
2017-05-31,12880,14112
2017-06-30,13130,14087
2017-07-31,13540,14494
2017-08-31,13300,14488
2017-09-30,13600,14849
2017-10-31,13670,15074
2017-11-30,13840,15232
2017-12-31,13990,15477
2018-01-31,14910,16253
2018-02-28,14120,15519
2018-03-31,13610,15240
2018-04-30,13620,15588
2018-05-31,13320,15237
2018-06-30,12900,15051
2018-07-31,13170,15422
2018-08-31,12780,15124
2018-09-30,12720,15255
2018-10-31,11550,14041
2018-11-30,11770,14023
2018-12-31,10970,13342
2019-01-31,11950,14219
2019-02-28,12380,14582
2019-03-31,12680,14674
2019-04-30,13400,15086
2019-05-31,12530,14362
2019-06-30,13270,15214
2019-07-31,13200,15021
2019-08-31,12870,14631
2019-09-30,13020,15051
2019-10-31,13470,15591
2019-11-30,13710,15767
2019-12-31,14220,16280
2020-01-31,14060,15940
2020-02-29,13160,14499
2020-03-31,11630,12564
2020-04-30,12280,13375
2020-05-31,13040,13958
2020-06-30,13760,14433
2020-07-31,14660,14769
2020-08-31,15610,15529
2020-09-30,15890,15125
2020-10-31,15680,14521
2020-11-30,17530,16772
2020-12-31,18240,17552
2021-01-31,18500,17365
2021-02-28,18860,17755
2021-03-31,18960,18163
2021-04-30,19510,18709
2021-05-31,20340,19319
2021-06-30,19850,19102
2021-07-31,19420,19246
2021-08-31,19750,19585
2021-09-30,19310,19017
2021-10-31,19950,19485
2021-11-30,19420,18578
2021-12-31,20020,19529
2022-01-31,19190,18585
2022-02-28,18200,18257
2022-03-31,18020,18374
2022-04-30,16890,17185
2022-05-31,17060,17314
2022-06-30,15810,15708
2022-07-31,16400,16490
2022-08-31,15630,15707
2022-09-30,14100,14238
2022-10-31,14420,15003
2022-11-30,16590,16693
2022-12-31,16690,16707
2023-01-31,18230,18060
2023-02-28,17400,17683
2023-03-31,18090,18121
2023-04-30,18440,18633
2023-05-31,17830,17844
2023-06-30,18590,18656
2023-07-31,19270,19260
2023-08-31,18600,18522
2023-09-30,17810,17889
2023-10-31,17410,17164
2023-11-30,18660,18757
2023-12-31,19310,19754
2024-01-31,19300,19867
2024-02-29,19920,20231
2024-03-31,20720,20896
2024-04-30,20480,20361
2024-05-31,21510,21150
2024-06-30,21380,20809
2024-07-31,22070,21419
2024-08-31,22620,22115
2024-09-30,23260,22320
2024-10-31,22140,21106
2024-11-30,21930,20986
2024-12-31,21480,20509
2025-01-31,22550,21587
2025-02-28,22910,22005
2025-03-31,23540,21917
2025-04-30,24410,22920
2025-05-31,25780,23969
2025-06-30,26470,24497
2025-07-31,26450,24153

Hypothetical Growth of $10,000

(As of 31 Jul 2025)

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

                        Categories,I Shares,MSCI EAFE Index
                        2024-07-31,10000,10000
2024-08-31,10249,10325
2024-09-30,10539,10562
2024-10-31,10032,10044
2024-11-30,9937,9798
2024-12-31,9733,9575
2025-01-31,10217,10078
2025-02-28,10381,10274
2025-03-31,10666,10232
2025-04-30,11060,10701
2025-05-31,11681,11191
2025-06-30,11994,11437
2025-07-31,11985,11277

                        Categories,I Shares,MSCI EAFE Index
                        2022-07-31,10000,10000
2022-08-31,9530,9525
2022-09-30,8598,8711
2022-10-31,8793,8972
2022-11-30,10116,10123
2022-12-31,10177,10131
2023-01-31,11116,10763
2023-02-28,10610,10385
2023-03-31,11030,10639
2023-04-30,11244,10824
2023-05-31,10872,10430
2023-06-30,11335,10898
2023-07-31,11750,11679
2023-08-31,11341,11232
2023-09-30,10860,10487
2023-10-31,10616,10055
2023-11-30,11378,10960
2023-12-31,11774,11510
2024-01-31,11768,12048
2024-02-29,12146,12268
2024-03-31,12634,12672
2024-04-30,12488,11833
2024-05-31,13116,12177
2024-06-30,13037,12619
2024-07-31,13457,12989
2024-08-31,13793,13411
2024-09-30,14183,13535
2024-10-31,13500,12799
2024-11-30,13372,12388
2024-12-31,13098,12147
2025-01-31,13750,13091
2025-02-28,13970,13344
2025-03-31,14354,13291
2025-04-30,14884,13899
2025-05-31,15720,14535
2025-06-30,16140,14856
2025-07-31,16128,14647

                        Categories,I Shares,MSCI EAFE Index
                        2020-07-31,10000,10000
2020-08-31,10648,10514
2020-09-30,10839,10241
2020-10-31,10696,9832
2020-11-30,11958,11356
2020-12-31,12442,11884
2021-01-31,12619,11758
2021-02-28,12865,12021
2021-03-31,12933,12298
2021-04-30,13308,12668
2021-05-31,13874,13081
2021-06-30,13540,12934
2021-07-31,13247,13031
2021-08-31,13472,13261
2021-09-30,13172,12876
2021-10-31,13608,13193
2021-11-30,13247,12579
2021-12-31,13656,13223
2022-01-31,13090,12584
2022-02-28,12415,12361
2022-03-31,12292,12441
2022-04-30,11521,11636
2022-05-31,11637,11723
2022-06-30,10784,10635
2022-07-31,11187,11165
2022-08-31,10662,10635
2022-09-30,9618,9640
2022-10-31,9836,10158
2022-11-30,11317,11303
2022-12-31,11385,11312
2023-01-31,12435,12228
2023-02-28,11869,11973
2023-03-31,12340,12269
2023-04-30,12578,12616
2023-05-31,12162,12082
2023-06-30,12681,12632
2023-07-31,13145,13040
2023-08-31,12688,12541
2023-09-30,12149,12112
2023-10-31,11876,11621
2023-11-30,12729,12700
2023-12-31,13172,13375
2024-01-31,13165,13452
2024-02-29,13588,13698
2024-03-31,14134,14149
2024-04-30,13970,13786
2024-05-31,14673,14320
2024-06-30,14584,14089
2024-07-31,15055,14502
2024-08-31,15430,14974
2024-09-30,15866,15112
2024-10-31,15102,14290
2024-11-30,14959,14209
2024-12-31,14652,13886
2025-01-31,15382,14616
2025-02-28,15628,14899
2025-03-31,16057,14839
2025-04-30,16651,15519
2025-05-31,17585,16229
2025-06-30,18056,16587
2025-07-31,18042,16354

                        Categories,I Shares,MSCI EAFE Index
                        2015-07-31,10000,10000
2015-08-31,9293,9264
2015-09-30,8904,8794
2015-10-31,9452,9481
2015-11-30,9317,9334
2015-12-31,9198,9208
2016-01-31,8451,8542
2016-02-29,8253,8386
2016-03-31,8737,8931
2016-04-30,8952,9190
2016-05-31,8880,9106
2016-06-30,8491,8801
2016-07-31,8848,9247
2016-08-31,8959,9253
2016-09-30,9047,9367
2016-10-31,8936,9175
2016-11-30,8729,8993
2016-12-31,8912,9300
2017-01-31,9095,9570
2017-02-28,9087,9707
2017-03-31,9547,9974
2017-04-30,9897,10228
2017-05-31,10230,10603
2017-06-30,10429,10584
2017-07-31,10755,10890
2017-08-31,10564,10886
2017-09-30,10802,11157
2017-10-31,10858,11326
2017-11-30,10993,11445
2017-12-31,11112,11628
2018-01-31,11843,12212
2018-02-28,11215,11661
2018-03-31,10810,11450
2018-04-30,10818,11712
2018-05-31,10580,11449
2018-06-30,10246,11309
2018-07-31,10461,11587
2018-08-31,10151,11363
2018-09-30,10103,11462
2018-10-31,9174,10550
2018-11-30,9349,10536
2018-12-31,8713,10025
2019-01-31,9492,10684
2019-02-28,9833,10956
2019-03-31,10071,11025
2019-04-30,10643,11335
2019-05-31,9952,10791
2019-06-30,10540,11431
2019-07-31,10485,11286
2019-08-31,10222,10993
2019-09-30,10342,11308
2019-10-31,10699,11715
2019-11-30,10890,11847
2019-12-31,11295,12232
2020-01-31,11168,11976
2020-02-29,10453,10894
2020-03-31,9237,9440
2020-04-30,9754,10050
2020-05-31,10357,10487
2020-06-30,10929,10844
2020-07-31,11644,11097
2020-08-31,12399,11668
2020-09-30,12621,11364
2020-10-31,12454,10911
2020-11-30,13924,12602
2020-12-31,14488,13188
2021-01-31,14694,13047
2021-02-28,14980,13340
2021-03-31,15060,13647
2021-04-30,15496,14057
2021-05-31,16156,14516
2021-06-30,15766,14352
2021-07-31,15425,14460
2021-08-31,15687,14715
2021-09-30,15338,14288
2021-10-31,15846,14640
2021-11-30,15425,13958
2021-12-31,15902,14673
2022-01-31,15242,13964
2022-02-28,14456,13717
2022-03-31,14313,13805
2022-04-30,13415,12912
2022-05-31,13550,13009
2022-06-30,12558,11802
2022-07-31,13026,12390
2022-08-31,12415,11802
2022-09-30,11199,10698
2022-10-31,11454,11273
2022-11-30,13177,12543
2022-12-31,13257,12553
2023-01-31,14480,13569
2023-02-28,13820,13286
2023-03-31,14369,13615
2023-04-30,14647,14000
2023-05-31,14162,13407
2023-06-30,14766,14017
2023-07-31,15306,14471
2023-08-31,14774,13917
2023-09-30,14146,13441
2023-10-31,13828,12896
2023-11-30,14821,14093
2023-12-31,15338,14842
2024-01-31,15330,14927
2024-02-29,15822,15201
2024-03-31,16458,15701
2024-04-30,16267,15299
2024-05-31,17085,15891
2024-06-30,16982,15635
2024-07-31,17530,16093
2024-08-31,17967,16617
2024-09-30,18475,16770
2024-10-31,17585,15858
2024-11-30,17419,15768
2024-12-31,17061,15409
2025-01-31,17911,16219
2025-02-28,18197,16534
2025-03-31,18697,16467
2025-04-30,19388,17221
2025-05-31,20477,18009
2025-06-30,21025,18406
2025-07-31,21009,18148

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 30 Jun 2025)

Portfolio

Benchmark

Weighted Average Market Cap

$128.8 B

$120.2 B

Median Market Cap

$77.5 B

$12.2 B

Price to Earnings - Forward 1YR

16.4x

14.8x

Dividend Yield

2.6%

2.8%

Price to Earnings - Trailing 12 Months

16.6x

16.5x

Portfolio

Benchmark

Price to Cash Flow

8.6x

9.0x

Price to Book Value

2.2x

1.9x

Return on Equity - 5 YR

14.0%

15.5%

Historical 3YR Sales Growth

10.9%

15.2%

Active Share

84.7%

—

Risk & Return Profile

(As of 30 Jun 2025)

10y

Annualized Alpha (%)

3.91

3.76

2.00

Beta

1.03

0.99

0.98

R-Squared (%)

93.73

91.28

90.29

Standard Deviation (%)

15.69

15.50

15.33

Sharpe Ratio

0.89

0.72

0.39

Information Ratio

1.20

0.84

0.39

Tracking Error (%)

3.95

4.58

4.79

Up Capture (%)

108.63

106.88

104.26

Down Capture (%)

88.69

89.69

95.74

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 30 Jun 2025)

Name

Ticker/Symbol

Sector

Weight %

E.ON SE

EOAN

Utilities

3.4

Orange S.A.

ORA

Communication Services

3.2

Safran S.A.

SAF

Industrials

3.2

Mitsubishi UFJ Financial Group, Inc.

8306

Financials

3.0

Canadian Pacific Kansas City Ltd.

Industrials

3.0

Enel SpA

ENEL

Utilities

3.0

Samsung Electronics Co. Ltd.

005930

Information Technology

3.0

Galaxy Entertainment Group Ltd.

Consumer Discretionary

3.0

NN Group N.V.

Financials

2.9

TotalEnergies SE

TTE

Energy

2.9

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 30 Jun 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Industrials

24.3

14.8

Financials

15.1

25.1

Utilities

11.2

3.2

Information Technology

9.1

13.3

Health Care

8.3

8.0

Consumer Discretionary

7.4

10.1

Materials

7.3

6.2

Consumer Staples

6.0

6.7

Communication Services

5.5

6.4

Energy

4.2

4.6

Cash & Cash Equivalents

1.7

—

Real Estate

0.0

1.7

Sector Allocation

Fund (%)

Industrials

24.3

Financials

15.1

Utilities

11.2

Information Technology

9.1

Health Care

8.3

Consumer Discretionary

7.4

Materials

7.3

Consumer Staples

6.0

Communication Services

5.5

Energy

4.2

Cash & Cash Equivalents

1.7

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Capital Goods

18.0

11.0

Utilities

11.2

3.2

Banks

7.6

15.6

Materials

7.3

6.2

Pharmaceuticals, Biotechnology & Life Sciences

6.2

6.4

Insurance

4.9

5.4

Technology Hardware & Equipment

4.6

3.5

Consumer Durables & Apparel

4.4

2.6

Transportation

4.3

2.2

Energy

4.2

4.6

Top 10 Industries

Fund (%)

Capital Goods

18.0

Utilities

11.2

Banks

7.6

Materials

7.3

Pharmaceuticals, Biotechnology & Life Sciences

6.2

Insurance

4.9

Technology Hardware & Equipment

4.6

Consumer Durables & Apparel

4.4

Transportation

4.3

Energy

4.2

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

25%

30%

France

21.9

7.0

Europe ex UK

Japan

15.8

13.7

Japan

Germany

9.0

6.5

Europe ex UK

United States

7.5

0.1

North America

Spain

7.2

2.1

Europe ex UK

Canada

5.7

8.1

North America

Italy

5.3

1.9

Europe ex UK

Netherlands

5.1

3.0

Europe ex UK

United Kingdom

4.8

9.3

Switzerland

4.4

6.0

Europe ex UK

Top 10 Countries

Fund (%)

France

21.9

Japan

15.8

Germany

9.0

United States

7.5

Spain

7.2

Canada

5.7

Italy

5.3

Netherlands

5.1

United Kingdom

4.8

Switzerland

4.4

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

96.0

88.5

Mid Cap ($2.5 to $12 B)

4.0

11.5

Small Cap (< $2.5 B)

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

96.0

Mid Cap ($2.5 to $12 B)

4.0

Small Cap (< $2.5 B)

0.0

Portfolio holdings are subject to change daily.

Holdings within the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Cash includes cash and cash equivalents. Weights are percentages of total portfolio unless otherwise noted.

The percentages may not add up to 100 due to rounding.

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

Fixed Income

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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

Thornburg Investment Insights: A Deep Dive Into Fixed Income Markets

The Essential Role of Dividends in Retirement

Investing in Equities: Dividends, Earnings, and the Rise of International

FOMC Update: Interest Rate Cut on Hold Until (At Least) September

The CPM Roundtable: Adventures in Global Equity

Q&A: Brian McMahon, Matt Burdett, and Christian Hoffmann

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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

Thornburg Investment Insights: A Deep Dive Into Fixed Income Markets

The Essential Role of Dividends in Retirement

Investing in Equities: Dividends, Earnings, and the Rise of International

FOMC Update: Interest Rate Cut on Hold Until (At Least) September

The CPM Roundtable: Adventures in Global Equity

Q&A: Brian McMahon, Matt Burdett, and Christian Hoffmann