TGEENAU ID

Thornburg International Equity Fund (UCITS)

Fund Assets

$42.0 M

As of 31 Aug 2026

NAV

$16.77

As of 24 Sep 2026

Change

$-0.04

As of 24 Sep 2026

YTD NAV Performance

11.65%

As of 24 Sep 2026

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, Portfolio Manager 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

(As of 30 Jun 2026)

YTD

Inception

Total Return (%)

9.79

21.43

22.24

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

13.68

27.66

21.43

MSCI EAFE Index (%)

9.44

20.23

18.41

Morningstar Category Avg. (%)

7.93

17.65

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

6978

—

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,9.8,13.7,9.4
1y,21.4,27.7,20.2
3y,0.0,0.0,0.0
5y,0.0,0.0,0.0
10y,0.0,0.0,0.0
Inception,22.2,21.4,18.4

YTD

Inception

Total Return (%)

14.58

23.64

22.64

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

17.01

27.35

21.24

MSCI EAFE Index (%)

13.81

21.62

18.88

Morningstar Category Avg. (%)

11.38

17.81

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

7122

—

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,14.6,17.0,13.8
1y,23.6,27.4,21.6
3y,0.0,0.0,0.0
5y,0.0,0.0,0.0
10y,0.0,0.0,0.0
Inception,22.6,21.2,18.9

2025

Total Return (%)

35.44

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

32.39

MSCI EAFE Index (%)

31.22

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
2025,35.4,32.4,31.2

YTD

Inception

Total Return (%)

9.79

21.43

64.90

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

13.68

27.66

62.18

MSCI EAFE Index (%)

9.44

20.23

52.33

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,9.8,13.7,9.4
1y,21.4,27.7,20.2
3y,0.0,0.0,0.0
5y,0.0,0.0,0.0
10y,0.0,0.0,0.0
Inception,64.9,62.2,52.3

YTD

Inception

Total Return (%)

14.58

23.64

72.10

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

17.01

27.35

66.92

MSCI EAFE Index (%)

13.81

21.62

58.40

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,14.6,17.0,13.8
1y,23.6,27.4,21.6
3y,0.0,0.0,0.0
5y,0.0,0.0,0.0
10y,0.0,0.0,0.0
Inception,72.1,66.9,58.4

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

(As of 31 Dec 2023)

(Hypothetical Growth of $10,000 vs MSCI ACWI ex-U.S. Index)

Categories,NA Shares,MSCI ACWI ex-U.S. Index                        
2025-08-31,10000,10000
2025-09-30,10316,10360
2025-10-31,10409,10570
2025-11-30,10517,10567
2025-12-31,10790,10884
2026-01-31,11379,11535
2026-02-28,12134,12114
2026-03-31,10955,10807
2026-04-30,11695,11850
2026-05-31,11940,12446
2026-06-30,11846,12373
2026-07-31,12320,12416
2026-08-31,12364,12735

Categories,NA Shares,MSCI ACWI ex-U.S. Index                        
2024-01-03,10000,10000
2024-01-31,10090,10109
2024-02-29,10400,10365
2024-03-31,10810,10689
2024-04-30,10670,10497
2024-05-31,11190,10802
2024-06-30,11120,10791
2024-07-31,11470,11041
2024-08-31,11730,11356
2024-09-30,12060,11662
2024-10-31,11460,11089
2024-11-30,11340,10989
2024-12-31,11090,10776
2025-01-31,11630,11210
2025-02-28,11810,11365
2025-03-31,12120,11340
2025-04-30,12550,11749
2025-05-31,13240,12287
2025-06-30,13580,12704
2025-07-31,13550,12668
2025-08-31,13920,13107
2025-09-30,14360,13579
2025-10-31,14490,13854
2025-11-30,14640,13850
2025-12-31,15020,14265
2026-01-31,15840,15119
2026-02-28,16890,15878
2026-03-31,15250,14165
2026-04-30,16280,15532
2026-05-31,16620,16314
2026-06-30,16490,16218
2026-07-31,17150,16273
2026-08-31,17210,16692
2012-03-30,,10000
2012-03-31,,10000
2012-04-30,,9842
2012-05-31,,8725
2012-06-30,,9239
2012-07-31,,9370
2012-08-31,,9566
2012-09-30,,9923
2012-10-31,,9962
2012-11-30,,10151
2012-12-31,,10503
2013-01-31,,10930
2013-02-28,,10815
2013-03-31,,10836
2013-04-30,,11235
2013-05-31,,10975
2013-06-30,,10499
2013-07-31,,10959
2013-08-31,,10807
2013-09-30,,11558
2013-10-31,,11983
2013-11-30,,12003
2013-12-31,,12109
2014-01-31,,11559
2014-02-28,,12139
2014-03-31,,12170
2014-04-30,,12331
2014-05-31,,12571
2014-06-30,,12782
2014-07-31,,12656
2014-08-31,,12726
2014-09-30,,12109
2014-10-31,,11989
2014-11-30,,12076
2014-12-31,,11641
2015-01-31,,11624
2015-02-28,,12245
2015-03-31,,12047
2015-04-30,,12656
2015-05-31,,12458
2015-06-30,,12110
2015-07-31,,12077
2015-08-31,,11154
2015-09-30,,10637
2015-10-31,,11428
2015-11-30,,11192
2015-12-31,,10982
2016-01-31,,10235
2016-02-29,,10118
2016-03-31,,10940
2016-04-30,,11228
2016-05-31,,11039
2016-06-30,,10870
2016-07-31,,11407
2016-08-31,,11480
2016-09-30,,11621
2016-10-31,,11454
2016-11-30,,11189
2016-12-31,,11475
2017-01-31,,11882
2017-02-28,,12071
2017-03-31,,12377
2017-04-30,,12642
2017-05-31,,13053
2017-06-30,,13093
2017-07-31,,13576
2017-08-31,,13647
2017-09-30,,13900
2017-10-31,,14162
2017-11-30,,14277
2017-12-31,,14596
2018-01-31,,15409
2018-02-28,,14682
2018-03-31,,14423
2018-04-30,,14653
2018-05-31,,14315
2018-06-30,,14046
2018-07-31,,14382
2018-08-31,,14081
2018-09-30,,14145
2018-10-31,,12994
2018-11-30,,13117
2018-12-31,,12524
2019-01-31,,13470
2019-02-28,,13733
2019-03-31,,13815
2019-04-30,,14180
2019-05-31,,13419
2019-06-30,,14227
2019-07-31,,14055
2019-08-31,,13621
2019-09-30,,13971
2019-10-31,,14459
2019-11-30,,14586
2019-12-31,,15218
2020-01-31,,14809
2020-02-29,,13638
2020-03-31,,11664
2020-04-30,,12548
2020-05-31,,12958
2020-06-30,,13544
2020-07-31,,14148
2020-08-31,,14753
2020-09-30,,14391
2020-10-31,,14081
2020-11-30,,15975
2020-12-31,,16839
2021-01-31,,16875
2021-02-28,,17209
2021-03-31,,17427
2021-04-30,,17940
2021-05-31,,18501
2021-06-30,,18381
2021-07-31,,18078
2021-08-31,,18422
2021-09-30,,17832
2021-10-31,,18258
2021-11-30,,17436
2021-12-31,,18156
2022-01-31,,17487
2022-02-28,,17141
2022-03-31,,17168
2022-04-30,,16090
2022-05-31,,16206
2022-06-30,,14812
2022-07-31,,15319
2022-08-31,,14826
2022-09-30,,13344
2022-10-31,,13743
2022-11-30,,15366
2022-12-31,,15251
2023-01-31,,16488
2023-02-28,,15909
2023-03-31,,16298
2023-04-30,,16581
2023-05-31,,15978
2023-06-30,,16695
2023-07-31,,17374
2023-08-31,,16589
2023-09-30,,16065
2023-10-31,,15402
2023-11-30,,16789
2023-12-31,,17632

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 Aug 2026)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$241.1 B

$246.9 B

Median Market Cap

$104.9 B

$15.5 B

Annual Portfolio Turnover

29%

—

Price to Earnings - Forward 1YR

15.5x

14.2x

Portfolio

Benchmark

Dividend Yield

2.3%

Price to Earnings - Trailing 12 Months

21.5x

19.4x

Price to Cash Flow

10.9x

11.2x

Price to Book Value

2.7x

2.4x

Active Share

82.3%

—

Risk & Return Profile

(As of 31 Aug 2026)

10y

Annualized Alpha (%)

4.76

2.50

2.36

Beta

0.85

0.96

R-Squared (%)

86.10

90.82

89.57

Standard Deviation (%)

12.13

15.54

15.15

Sharpe Ratio

1.47

0.50

0.61

Information Ratio

0.47

0.48

0.43

Tracking Error (%)

4.92

4.75

4.93

Up Capture (%)

98.13

101.55

103.76

Down Capture (%)

76.39

90.60

94.05

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 Aug 2026)

Name

Ticker/Symbol

Sector

Weight %

ING Groep N.V.

INGA

Financials

3.5

Mitsubishi UFJ Financial Group, Inc.

8306

Financials

3.4

Taiwan Semiconductor Manufacturing Co. Ltd.

TSM

Information Technology

3.3

BNP Paribas S.A.

BNP

Financials

3.1

Freeport-McMoRan, Inc.

FCX

Materials

3.1

TotalEnergies SE

TTE

Energy

3.0

NN Group N.V.

Financials

2.9

Endesa S.A.

ELE

Utilities

2.7

Tencent Holdings Ltd.

700

Communication Services

2.7

Glencore plc

GLEN

Materials

2.6

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Aug 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Industrials

19.5

14.1

Financials

17.6

25.3

Information Technology

10.3

20.3

Utilities

9.3

3.0

Materials

9.0

7.1

Consumer Discretionary

7.3

7.8

Cash & Equivalents

6.8

—

Health Care

6.2

6.9

Consumer Staples

5.7

5.0

Communication Services

4.9

4.4

Energy

3.5

4.8

Real Estate

0.0

1.2

Sector Allocation

Fund (%)

Industrials

19.5

Financials

17.6

Information Technology

10.3

Utilities

9.3

Materials

9.0

Consumer Discretionary

7.3

Cash & Equivalents

6.8

Health Care

6.2

Consumer Staples

5.7

Communication Services

4.9

Energy

3.5

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Capital Goods

14.9

11.1

Banks

11.4

16.7

Utilities

9.3

3.0

Materials

9.0

7.1

Technology Hardware & Equipment

5.5

6.4

Insurance

4.9

Pharmaceuticals, Biotechnology & Life Sciences

4.6

5.8

Transportation

4.3

1.8

Energy

3.5

4.8

Consumer Durables & Apparel

3.4

2.0

Top 10 Industries

Fund (%)

Capital Goods

14.9

Banks

11.4

Utilities

9.3

Materials

9.0

Technology Hardware & Equipment

5.5

Insurance

4.9

Pharmaceuticals, Biotechnology & Life Sciences

4.6

Transportation

4.3

Energy

3.5

Consumer Durables & Apparel

3.4

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

France

17.4

5.7

Europe ex UK

Japan

13.4

14.0

Japan

Germany

7.0

5.3

Europe ex UK

United States

7.0

0.0

North America

China

6.8

6.6

Asia Pacific ex Japan

Spain

6.6

2.4

Europe ex UK

Netherlands

6.3

3.4

Europe ex UK

United Kingdom

5.7

8.7

Switzerland

4.8

5.5

Europe ex UK

Italy

4.5

2.0

Europe ex UK

Top 10 Countries

Fund (%)

France

17.4

Japan

13.4

Germany

7.0

United States

7.0

China

6.8

Spain

6.6

Netherlands

6.3

United Kingdom

5.7

Switzerland

4.8

Italy

4.5

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

99.7

93.4

Mid Cap ($2.5 to $12 B)

0.3

6.6

Small Cap (< $2.5 B)

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

99.7

Mid Cap ($2.5 to $12 B)

0.3

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, 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,…

Learn More

Literature

Fact Sheet - EN

Fact Sheet - ES

Commentary - EN

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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TGEENAU ID

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

Quality Without Dogma: Why Valuation Still Matters

Signal Over Noise: A Conversation on Global Markets

Hyperscalers at the Inflection

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Create an account to save this article or product.

TGEENAU ID

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

Quality Without Dogma: Why Valuation Still Matters

Signal Over Noise: A Conversation on Global Markets

Hyperscalers at the Inflection