Confirm or change your location

Please verify your location. This page is not intended for United States investors.
By continuing you agree to the Terms Of Use of this site.

Decline

Unsubscribe

Confirm you would like to unsubscribe from this list

You have unsaved changes on the page. Would you like to save them?

Remove strategy

Confirm you would like to remove this strategy from your list

Welcome to Thornburg

Please select your location and role to help personalize the site.
Please review our Terms & Conditions

For Institutional / Wholesale / Professional Clients

The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.

TERMS AND CONDITIONS OF USE

Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.

Disclaimers

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.

Reference to a fund or security anywhere on this website is not a recommendation to buy, sell or hold that or any other security. The information is not a complete analysis of every material fact concerning any market, industry, or investment, nor is it intended to predict the performance of any investment or market.

All opinions and estimates included on this website constitute judgements of Thornburg as at the date of this website and are subject to change without notice.

All information and contents of this website are furnished "as is." Data has been obtained from sources considered reliable, but Thornburg makes no representation as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg disclaims, to the fullest extent of the law, any implied or express warranty of any kind, including without limitation the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

If you live in a state that does not allow disclaimers of implied warranties, our disclaimer may not apply to you.

Although Thornburg intends the information contained in this website to be accurate and reliable, errors sometimes occur. Thornburg does not warrant that the information to be free of errors, that the functions contained in the site will be uninterrupted, that defects will be corrected or that the site and servers are free from viruses or other harmful components. You agree that you are responsible for the means you use to access this website and understand that your hardware, software, the Internet, your Internet service provider, and other third parties involved in connecting you to our website may not perform as intended or desired. We also disclaim responsibility for damages third parties may cause to you through the use of this website, whether intentional or unintentional. For example, you understand that hackers could breach our security procedures, and that we will not be responsible for any related damages.

Thornburg Investment Management, Inc. is regulated by the U.S. Securities and Exchange under U.S. laws which may differ materially from laws in other jurisdictions.

Online Privacy and Cookie Policy

Please review our Online Privacy and Cookie Policy, which is hereby incorporated by reference as part of these terms and conditions.

Third Party Content

Certain website's content has been obtained from sources that Thornburg believes to be reliable as of the date presented but Thornburg cannot guarantee the accuracy, timeliness, completeness, or suitability for use of such content. The content does not take into account individual investor's circumstances, objectives or needs. The content is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services, nor does it constitute investment advice and should not be used as the basis for any investment decision.

Suitability

No determination has been made regarding the suitability of any securities, financial instruments or strategies for any investor. The website's content is provided on the basis and subject to the explanations, caveats and warnings set out in this notice and elsewhere herein. The website's content does not purport to provide any legal, tax or accounting advice. Any discussion of risk management is intended to describe Thornburg's efforts to monitor and manage risk but does not imply low risk.

Limited License and Restrictions on Use

Except as otherwise stated in these terms of use or as expressly authorized by Thornburg in writing, you may not:

  • Modify, copy, distribute, transmit, post, display, perform, reproduce, publish, broadcast, license, create derivative works from, transfer, sell, or exploit any reports, data, information, content, software, RSS and podcast feeds, products, services, or other materials (collectively, "Materials") on, generated by or obtained from this website, whether through links or otherwise;
  • Redeliver any page, text, image or Materials on this website using "framing" or other technology;
  • Engage in any conduct that could damage, disable, or overburden (i) this website, (ii) any Materials or services provided through this website, or (iii) any systems, networks, servers, or accounts related to this website, including without limitation, using devices or software that provide repeated automated access to this website, other than those made generally available by Thornburg;
  • Probe, scan, or test the vulnerability of any Materials, services, systems, networks, servers, or accounts related to this website or attempt to gain unauthorized access to Materials, services, systems, networks, servers, or accounts connected or associated with this website through hacking, password or data mining, or any other means of circumventing any access-limiting, user authentication or security device of any Materials, services, systems, networks, servers, or accounts related to this website; or
  • Modify, copy, obscure, remove or display the Thornburg name, logo, trademarks, notices or images without Thornburg's express written permission. To obtain such permission, you may e-mail us at info@thornburg.com.

Severability, Governing Law

Failure by Thornburg to enforce any provision(s) of these terms and conditions shall not be construed as a waiver of any provision or right. This website is controlled and operated by Thornburg from its offices in Santa Fe, New Mexico. The laws of the State of New Mexico govern these terms and conditions. If you take legal action relating to these terms and conditions, you agree to file such action only in state or federal court in New Mexico and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.

Termination

You acknowledge and agree that Thornburg may restrict, suspend or terminate these terms and conditions or your access to, and use, of the all or any part this website, including any links to third-party sites, at any time, with or without cause, including but not limited to any breach of these terms and conditions, in Thornburg's absolute discretion and without prior notice or liability.

Decline
Give Us a Call

Fund Operations
800.847.0200

FIND ANOTHER CONTACT

Thornburg International Equity Fund (UCITS)

Morningstar Rating  • Info

Overall Morningstar Rating among 4764 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, 3 stars, 4 stars and 3 stars among 4764, 3577 and 1935 funds, as of 31 Aug 2024.

As of 31 Aug 2024
Fund Assets
$29.1 M
As of 31 Aug 2024
NAV
$23.01
As of 3 Oct 2024
Change
$-0.19
As of 3 Oct 2024
YTD NAV Performance
19.16%
As of 3 Oct 2024
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.

Performance

Performance

Returns

2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Total Return (%)
-5.70
4.51
-3.11
24.69
-21.59
29.63
28.27
9.76
-16.63
15.70
MSCI EAFE Index (%)
-4.90
-0.81
1.00
25.03
-13.79
22.01
7.82
11.26
-14.45
18.24
MSCI ACWI ex-U.S. Index (%)
-3.87
-5.66
4.50
27.19
-14.20
21.51
10.65
7.82
-16.00
15.62
YTD
1y
3y
5y
10y
Inception
Total Return (%)
20.46
30.60
6.40
12.31
7.48
6.98
MSCI ACWI ex-U.S. Index (%)
14.21
25.35
4.14
7.59
5.22
5.76
MSCI EAFE Index (%)
12.99
24.77
5.48
8.20
5.71
6.63
Morningstar Category Avg. (%)
8.97
15.89
3.36
8.77
6.5
Morningstar Quartile
3
3
2
3
YTD
1y
3y
5y
10y
Inception
Total Return (%)
20.46
30.60
6.40
12.31
7.48
6.98
MSCI ACWI ex-U.S. Index (%)
14.21
25.35
4.14
7.59
5.22
5.76
MSCI EAFE Index (%)
12.99
24.77
5.48
8.20
5.71
6.63
Morningstar Category Avg. (%)
13.31
20.05
3.61
10.14
6.96
Morningstar Quartile
2
2
2
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
20.46
30.60
20.46
78.65
105.66
132.60
MSCI ACWI ex-U.S. Index (%)
14.21
25.35
12.93
44.14
66.30
101.38
MSCI EAFE Index (%)
12.99
24.77
17.37
48.30
74.19
123.20
YTD
1y
3y
5y
10y
Inception
Total Return (%)
20.46
30.60
20.46
78.65
105.66
132.60
MSCI ACWI ex-U.S. Index (%)
14.21
25.35
12.93
44.14
66.30
101.38
MSCI EAFE Index (%)
12.99
24.77
17.37
48.30
74.19
123.20
PRIIPS Performance Risk Scenario

PRIIPS Performance Risk Scenario

Loading, please wait...
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 30 Sep 2024)
(Hypothetical Growth of $10,000 vs MSCI EAFE Index)
Fund Facts

Fund Facts

(As of 31 Aug 2024)
Net Fund Assets
$29.1 M
Benchmark
MSCI ACWI ex-U.S. Index
Morningstar Category
EAA Fund Global Large-Cap Blend Equity
Fund Symbol
TBGXUSI ID
Share Class
I Acc
Share Class Inception Date
30 Mar 2012
Number of Holdings
57
Portfolio Turnover
43%
Distribution Frequency
N/a
Characteristics

Characteristics

Portfolio

(As of 31 Aug 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$174.0 B
$113.7 B
Median Market Cap
$69.2 B
$10.3 B
Price to Earnings - Forward 1YR
16.3x
14.1x
Dividend Yield
2.4%
2.8%
Price to Earnings - Trailing 12 Months
21.9x
15.9x
Price to Cash Flow
10.1x
9.0x
Portfolio
Benchmark
Price to Book Value
2.2x
1.8x
Return on Assets - 5 YR
6.2%
6.6%
Return on Equity - 5 YR
14.7%
16.1%
Historical 3YR Sales Growth
16.4%
17.4%
Active Share
83.7%
Risk & Return Profile

Risk & Return Profile

(As of 31 Aug 2024)
3y
5y
10y
Annualized Alpha (%)
2.55
4.56
2.79
Beta
1.01
0.94
0.97
R-Squared (%)
93.29
91.68
89.66
Standard Deviation (%)
16.96
16.75
15.30
Sharpe Ratio
0.07
0.57
0.36
Information Ratio
0.57
0.89
0.54
Up Capture (%)
106.39
105.90
105.14
Down Capture (%)
95.83
88.07
92.63
Portfolio

Portfolio

Top Holdings

(As of 31 Aug 2024)
Name
Ticker/Symbol
Sector
Weight %
Sony Group Corp.
6758
Consumer Discretionary
3.4
Hitachi Ltd.
6501
Industrials
3.3
Schneider Electric SE
SU
Industrials
3.3
ABB Ltd.
ABBN
Industrials
3.1
Linde plc
LIN
Materials
3.1
NN Group N.V.
NN
Financials
2.9
TotalEnergies SE
TTE
Energy
2.9
Roche Holding AG
ROG
Health Care
2.9
Canadian Pacific Kansas City Ltd.
CP
Industrials
2.9
Mitsubishi UFJ Financial Group, Inc.
8306
Financials
2.8
Exposure Breakdown

Exposure Breakdown

(As of 31 Aug 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
24.3
13.8
Financials
14.8
22.1
Information Technology
12.2
13.2
Consumer Staples
7.9
7.4
Consumer Discretionary
7.9
10.9
Utilities
7.9
3.2
Health Care
6.6
10.1
Materials
5.8
6.9
Communication Services
4.9
5.3
Energy
4.3
5.3
Cash & Cash Equivalents
3.6
Real Estate
0.0
1.8
Sector Allocation
Fund (%)
Industrials
24.3
Financials
14.8
Information Technology
12.2
Consumer Staples
7.9
Consumer Discretionary
7.9
Utilities
7.9
Health Care
6.6
Materials
5.8
Communication Services
4.9
Energy
4.3
Cash & Cash Equivalents
3.6
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
18.7
9.8
Banks
8.4
13.4
Utilities
7.9
3.2
Materials
5.8
6.9
Consumer Durables & Apparel
5.5
2.9
Pharmaceuticals, Biotechnology & Life Sciences
5.4
8.3
Insurance
4.6
4.9
Energy
4.3
5.3
Technology Hardware & Equipment
4.3
3.8
Semiconductors & Semiconductor Equipment
4.0
6.0
Top 10 Industries
Fund (%)
Capital Goods
18.7
Banks
8.4
Utilities
7.9
Materials
5.8
Consumer Durables & Apparel
5.5
Pharmaceuticals, Biotechnology & Life Sciences
5.4
Insurance
4.6
Energy
4.3
Technology Hardware & Equipment
4.3
Semiconductors & Semiconductor Equipment
4.0
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
France
20.1
7.2
Europe ex UK
Japan
17.3
14.7
Japan
Germany
7.5
5.6
Europe ex UK
Canada
6.6
7.7
North America
United States
6.3
0.1
North America
Netherlands
6.1
3.2
Europe ex UK
Spain
6.0
1.7
Europe ex UK
Switzerland
6.0
6.5
Europe ex UK
Italy
4.5
1.6
Europe ex UK
United Kingdom
3.5
9.7
UK
Top 10 Countries
Fund (%)
France
20.1
Japan
17.3
Germany
7.5
Canada
6.6
United States
6.3
Netherlands
6.1
Spain
6.0
Switzerland
6.0
Italy
4.5
United Kingdom
3.5
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
96.9
85.7
Mid Cap ($2.5 to $12 B)
3.1
14.2
Small Cap (< $2.5 B)
0.0
0.1
Capitalization
Fund (%)
Large Cap (> $12 B)
96.9
Mid Cap ($2.5 to $12 B)
3.1
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 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 an…
Learn More
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,…
Learn More

More Insights

Cut to the Chase webcast

Cut to the Chase: Seizing Fixed Income Opportunities

The Fed looks set to cut interest rates this week, prompting a re-evaluation of fixed income strategies. There are strategies and opportunities in fixed income to exploit.
A woman with umbrella and smart phone.
Markets & Economy

Finding Income, Opportunities and Defense in Today’s Markets

Gain insights on how to position fixed income portfolios for yield and ballast given mixed signals on consumer health and policy outlook.
Digital generated image of robotic hand touching line and making new multicoloured impulse on black background. Digitization, automation and artificial intelligence concept.
Global Equity

Generative AI: Finding Undervalued Investment Opportunities

Are there ways to invest in Generative AI that can help diversify the risk besides putting all the eggs in the U.S. large cap basket?
Cash is losing its crown and no longer a bandaid for investors.
Interest Rates

Will Cash Be Dethroned? Why Bonds Should Reign Going Forward

While cash instruments were attractive during the Fed hiking cycle, bonds have historically outperformed cash both prior to and when the Fed began cutting rates.
Woman in a lab looking into her microscope at her experiment.
International Equities

Finding Investment Opportunities in Healthcare Innovation

Emily Leveille explores companies exposed to growing mega-trends, with proven R&D track records, and the picks and shovels enabling drug development.
A set of Olympic medals sit on a table.
International Equities

The Analogy of the Olympics and International Investing

Thornburg Portfolio Manager Brian Burrell draws a parallel between the Olympics and portfolio investing.