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
$28.8 M
As of 31 May 2025
NAV
$26.71
As of 10 Jul 2025
Change
$0.01
As of 10 Jul 2025
YTD NAV Performance
24.35%
As of 10 Jul 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
Fund Facts
Fund Facts
(As of 31 May 2025)Net Fund Assets
$28.8 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
0.80%
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
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
Hypothetical Growth of $10,000
Hypothetical Growth of $10,000
(As of 30 Jun 2025)
(Hypothetical Growth of $10,000 vs MSCI EAFE Index)
Characteristics
Characteristics
Portfolio
(As of 31 May 2025)Portfolio
Benchmark
Weighted Average Market Cap
$122.8 B
$114.1 B
Median Market Cap
$76.7 B
$11.8 B
Price to Earnings - Forward 1YR
16.3x
14.5x
Dividend Yield
2.6%
2.8%
Price to Earnings - Trailing 12 Months
16.7x
16.4x
Price to Cash Flow
8.6x
8.9x
Portfolio
Benchmark
Price to Book Value
2.1x
1.9x
Return on Assets - 5 YR
6.1%
6.8%
Return on Equity - 5 YR
14.1%
15.5%
Historical 3YR Sales Growth
10.8%
15.0%
Active Share
85.2%
—
Risk & Return Profile
Risk & Return Profile
(As of 31 May 2025)3y
5y
10y
Annualized Alpha (%)
4.85
4.07
2.04
Beta
1.02
0.99
0.98
R-Squared (%)
94.32
91.43
90.35
Standard Deviation (%)
16.46
15.60
15.35
Sharpe Ratio
0.61
0.76
0.35
Information Ratio
1.36
0.93
0.40
Tracking Error (%)
3.93
4.57
4.78
Up Capture (%)
109.87
108.12
104.63
Down Capture (%)
88.06
89.69
95.84
Portfolio
Portfolio
Top Holdings
(As of 31 May 2025)Name
Ticker/Symbol
Sector
Weight %
E.ON SE
EOAN
Utilities
3.4
Orange S.A.
ORA
Communication Services
3.3
Mitsubishi UFJ Financial Group, Inc.
8306
Financials
3.2
Canadian Pacific Kansas City Ltd.
CP
Industrials
3.2
Safran S.A.
SAF
Industrials
3.0
Enel SpA
ENEL
Utilities
3.0
Galaxy Entertainment Group Ltd.
27
Consumer Discretionary
3.0
Sony Group Corp.
6758
Consumer Discretionary
2.9
NN Group N.V.
NN
Financials
2.9
AstraZeneca plc
AZN
Health Care
2.8
Exposure Breakdown
Exposure Breakdown
(As of 31 May 2025)Sector Allocation
Fund (%)
Industrials
24.2
Financials
15.9
Utilities
11.2
Information Technology
9.1
Health Care
7.7
Consumer Discretionary
7.7
Materials
7.4
Consumer Staples
6.0
Communication Services
5.5
Energy
4.1
Cash & Cash Equivalents
1.4
Real Estate
0.0
Top 10 Industries
Fund (%)
Capital Goods
17.6
Utilities
11.2
Banks
7.9
Materials
7.4
Pharmaceuticals, Biotechnology & Life Sciences
5.7
Insurance
5.0
Consumer Durables & Apparel
4.7
Technology Hardware & Equipment
4.6
Transportation
4.5
Energy
4.1
Top 10 Countries
Fund (%)
France
22.1
Japan
16.6
Germany
9.0
United States
7.3
Spain
7.2
Canada
5.7
Italy
5.4
United Kingdom
5.1
Netherlands
5.0
Switzerland
4.5
Capitalization
Fund (%)
Large Cap (> $12 B)
95.9
Mid Cap ($2.5 to $12 B)
4.1
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 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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