Thornburg Better World International Fund

SYMBOL: TBWIX

Morningstar Rating • Info

Overall Morningstar Rating among 672 Foreign Large Blend funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three- and five-year ratings: respectively, 2 stars and 5 stars among 672 and 632 funds, as of 31 Aug 2024.

As of 31 Aug 2024

Fund Assets

$581.1 M

As of 31 Aug 2024

NAV

$19.69

As of 19 Sep 2024

Change

$0.33

As of 19 Sep 2024

YTD NAV Performance

13.16%

As of 19 Sep 2024

Asset Category:

International Equity

Fund Benchmark:

MSCI ACWI ex-U.S. Index

Portfolio Managers

Lei Wang, CFA

Portfolio Manager and Managing Director

Brian Burrell, CFA

Portfolio Manager and Managing Director

Joe Salmond

Portfolio Manager and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

Focused, diversified equity portfolio to include sustainable companies primarily in 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. Companies must also demonstrate one or more significant positive environmental, social and governance (ESG) characteristics; emphasizing the areas of environmental impact, ethical business activity, corporate governance, social factors surrounding customers, suppliers and employees and product integrity.
Three-basket portfolio construction process seeks to provide style diversification and 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.

Investment Approach

The fund actively integrates ESG criteria into a fundamental bottom-up approach, allowing investors to reflect their ESG values through their investment without sacrificing the potential for attractive risk-adjusted returns. This high-conviction portfolio is diversified by industry, sector and geography. Diversification is further enhanced across styles by constructing the portfolio using our unique three-basket approach.

Returns

(As of 30 Jun 2024)

YTD

Inception

Total Return (%)

6.61

7.24

-1.24

10.38

9.66

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

5.69

11.62

0.46

5.55

6.62

Morningstar Category Avg. (%)

5.4

10.57

1.24

5.95

—

Morningstar Quartile

—

YTD

Inception

Total Return (%)

14.02

15.75

0.53

12.82

10.29

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

11.22

18.21

2.11

7.56

7.10

Morningstar Category Avg. (%)

11.65

18.29

2.63

7.98

—

Morningstar Quartile

—

YTD

Inception

Total Return (%)

6.61

7.24

-3.68

63.83

124.07

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

5.69

11.62

1.38

30.99

75.20

YTD

Inception

Total Return (%)

14.02

15.75

1.58

82.80

139.66

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

11.22

18.21

6.45

43.97

84.36

2018

2019

2020

2021

2022

2023

Total Return (%)

-13.59

24.62

26.75

20.92

-18.01

12.72

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

-14.20

21.51

10.65

7.82

-16.00

15.62

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.

The maximum sales charge are as follows: A shares, 4.50%; C shares, 1%. There is no up-front sales charge for class I shares.

Morningstar quartile ranking for Foreign Large Blend category is based on total returns before sales charges for 1-, 3- and 5-years, among 748, 696 and 646 funds, respectively, as of 31 Mar 2024, and 733, 680 and 633 funds, respectively, as of 31 May 2024.

Share class inception dates: A, C and I shares, 30 Sep 2015.

Fund Fees

(As of 1 Feb 2024)

Gross Expense Ratio (%)

1.26

Net Expense Ratio (%)

0.90

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least February 1, 2025, for some of the share classes; these are reflected in the net expense ratio. For more detailed information on fund expenses and waivers/reimbursements, please see the fund's prospectus.

Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

Hypothetical Growth of $10,000

            Categories,I Shares,MSCI ACWI ex-U.S. Index
            2015-09-30,10000,10000
2015-10-31,10394,10744
2015-11-30,10486,10523
2015-12-31,10427,10324
2016-01-31,9941,9622
2016-02-29,9916,9512
2016-03-31,10477,10286
2016-04-30,10595,10556
2016-05-31,10511,10378
2016-06-30,10394,10219
2016-07-31,10972,10725
2016-08-31,11156,10793
2016-09-30,11744,10926
2016-10-31,11593,10769
2016-11-30,11161,10519
2016-12-31,11215,10789
2017-01-31,11383,11171
2017-02-28,11321,11349
2017-03-31,11817,11637
2017-04-30,11959,11886
2017-05-31,12377,12271
2017-06-30,12472,12309
2017-07-31,12813,12763
2017-08-31,12858,12830
2017-09-30,12869,13068
2017-10-31,13201,13314
2017-11-30,13430,13422
2017-12-31,13780,13722
2018-01-31,14342,14486
2018-02-28,13651,13803
2018-03-31,13586,13560
2018-04-30,13780,13776
2018-05-31,13651,13458
2018-06-30,13623,13205
2018-07-31,13881,13521
2018-08-31,13549,13238
2018-09-30,13660,13298
2018-10-31,12380,12217
2018-11-30,12537,12332
2018-12-31,11907,11774
2019-01-31,12544,12664
2019-02-28,12949,12911
2019-03-31,13111,12988
2019-04-30,13718,13331
2019-05-31,12827,12616
2019-06-30,13677,13375
2019-07-31,13424,13214
2019-08-31,13111,12805
2019-09-30,13313,13135
2019-10-31,13869,13593
2019-11-30,14254,13713
2019-12-31,14839,14307
2020-01-31,14521,13923
2020-02-29,13650,12822
2020-03-31,11949,10966
2020-04-30,13035,11797
2020-05-31,13886,12183
2020-06-30,14716,12733
2020-07-31,15648,13301
2020-08-31,16642,13870
2020-09-30,16458,13529
2020-10-31,16140,13238
2020-11-30,17964,15019
2020-12-31,18808,15831
2021-01-31,18694,15865
2021-02-28,19991,16179
2021-03-31,20526,16384
2021-04-30,21267,16866
2021-05-31,21678,17394
2021-06-30,23263,17281
2021-07-31,22831,16996
2021-08-31,23592,17320
2021-09-30,22666,16765
2021-10-31,23324,17165
2021-11-30,22437,16392
2021-12-31,22743,17070
2022-01-31,22118,16441
2022-02-28,21116,16115
2022-03-31,20986,16141
2022-04-30,19253,15127
2022-05-31,19265,15236
2022-06-30,18050,13925
2022-07-31,18852,14402
2022-08-31,17968,13939
2022-09-30,16423,12546
2022-10-31,16777,12921
2022-11-30,18899,14446
2022-12-31,18647,14338
2023-01-31,20360,15501
2023-02-28,19432,14957
2023-03-31,20098,15322
2023-04-30,20467,15589
2023-05-31,20086,15022
2023-06-30,20895,15696
2023-07-31,21489,16334
2023-08-31,20705,15596
2023-09-30,19789,15104
2023-10-31,19087,14480
2023-11-30,20276,15784
2023-12-31,21018,16577
2024-01-31,20837,16412
2024-02-29,21598,16828
2024-03-31,22021,17354
2024-04-30,21501,17042
2024-05-31,22432,17537
2024-06-30,22407,17520
2024-07-31,23265,17926
2024-08-31,23966,18436

Hypothetical Growth of $10,000

(As of 31 Aug 2024)

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

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2023-08-31,10000,10000
2023-09-30,9558,9684
2023-10-31,9219,9285
2023-11-30,9793,10120
2023-12-31,10152,10629
2024-01-31,10064,10523
2024-02-29,10432,10790
2024-03-31,10636,11127
2024-04-30,10385,10927
2024-05-31,10834,11244
2024-06-30,10822,11234
2024-07-31,11237,11494
2024-08-31,11575,11821

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2021-08-31,10000,10000
2021-09-30,9608,9680
2021-10-31,9887,9911
2021-11-30,9511,9465
2021-12-31,9640,9856
2022-01-31,9375,9493
2022-02-28,8950,9305
2022-03-31,8895,9319
2022-04-30,8161,8734
2022-05-31,8166,8797
2022-06-30,7651,8040
2022-07-31,7991,8315
2022-08-31,7616,8048
2022-09-30,6961,7244
2022-10-31,7111,7460
2022-11-30,8011,8341
2022-12-31,7904,8278
2023-01-31,8630,8950
2023-02-28,8237,8636
2023-03-31,8519,8847
2023-04-30,8675,9001
2023-05-31,8514,8673
2023-06-30,8857,9063
2023-07-31,9109,9431
2023-08-31,8776,9005
2023-09-30,8388,8721
2023-10-31,8091,8361
2023-11-30,8595,9113
2023-12-31,8909,9571
2024-01-31,8832,9476
2024-02-29,9155,9716
2024-03-31,9334,10020
2024-04-30,9114,9840
2024-05-31,9508,10126
2024-06-30,9498,10116
2024-07-31,9861,10350
2024-08-31,10158,10645

                        Categories,I Shares,MSCI ACWI ex-U.S. Index
                        2019-08-31,10000,10000
2019-09-30,10154,10257
2019-10-31,10579,10615
2019-11-30,10872,10709
2019-12-31,11318,11173
2020-01-31,11076,10872
2020-02-29,10411,10013
2020-03-31,9114,8563
2020-04-30,9942,9212
2020-05-31,10591,9514
2020-06-30,11224,9944
2020-07-31,11935,10387
2020-08-31,12694,10831
2020-09-30,12553,10565
2020-10-31,12311,10338
2020-11-30,13702,11729
2020-12-31,14345,12363
2021-01-31,14259,12390
2021-02-28,15248,12635
2021-03-31,15656,12795
2021-04-30,16221,13171
2021-05-31,16535,13583
2021-06-30,17743,13495
2021-07-31,17414,13273
2021-08-31,17995,13525
2021-09-30,17288,13092
2021-10-31,17790,13404
2021-11-30,17114,12801
2021-12-31,17347,13330
2022-01-31,16870,12839
2022-02-28,16106,12585
2022-03-31,16007,12605
2022-04-30,14685,11813
2022-05-31,14694,11898
2022-06-30,13768,10874
2022-07-31,14379,11247
2022-08-31,13705,10885
2022-09-30,12527,9797
2022-10-31,12796,10090
2022-11-30,14415,11281
2022-12-31,14223,11197
2023-01-31,15529,12105
2023-02-28,14822,11680
2023-03-31,15330,11965
2023-04-30,15611,12173
2023-05-31,15321,11731
2023-06-30,15937,12257
2023-07-31,16391,12755
2023-08-31,15792,12179
2023-09-30,15094,11795
2023-10-31,14559,11308
2023-11-30,15466,12326
2023-12-31,16032,12945
2024-01-31,15893,12817
2024-02-29,16474,13141
2024-03-31,16796,13552
2024-04-30,16400,13309
2024-05-31,17110,13695
2024-06-30,17091,13682
2024-07-31,17745,13999
2024-08-31,18280,14397

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.

Distributions

            Categories,Total ($)
            2016-09-30,0.06250
2016-11-18,0.69455
2017-03-31,0.02810
2017-06-30,0.09613
2017-09-30,0.03270
2017-11-17,0.37136
2018-11-15,0.96521
2018-12-31,0.22878
2019-12-31,0.18707
2020-12-31,0.07245
2021-11-18,2.86340
2021-12-31,0.04934
2022-12-31,0.13636
2023-12-31,0.26942

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2016-09-26,1475193600,0.06250,0.06250,0,0
2016-11-18,1479427200,0.69455,0,0.69455,0.00000
2017-03-24,1490918400,0.02810,0.02810,0,0
2017-06-23,1498780800,0.09613,0.09613,0,0
2017-09-22,1506729600,0.03270,0.03270,0,0
2017-11-17,1510876800,0.37136,0,0.30226,0.06910
2018-11-15,1542240000,0.96521,0,0.46085,0.50436
2018-12-21,1546214400,0.22878,0.22878,0,0
2019-12-20,1577750400,0.18707,0.18707,0,0
2020-12-17,1609372800,0.07245,0.07245,0,0
2021-11-18,1637193600,2.86340,0,1.79872,1.06468
2021-12-16,1640908800,0.04934,0.04934,0,0
2022-12-15,1672444800,0.13636,0.13636,0,0
2023-12-14,1703980800,0.26942,0.26942,0,0

Distributions

(As of 14 Dec 2023)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

26 Sep 2016

30 Sep 2016

0.06250

—

18 Nov 2016

0.69455

—

0.69455

0.00000

24 Mar 2017

31 Mar 2017

0.02810

—

23 Jun 2017

30 Jun 2017

0.09613

—

22 Sep 2017

30 Sep 2017

0.03270

—

17 Nov 2017

0.37136

—

0.30226

0.06910

15 Nov 2018

0.96521

—

0.46085

0.50436

21 Dec 2018

31 Dec 2018

0.22878

—

20 Dec 2019

31 Dec 2019

0.18707

—

17 Dec 2020

31 Dec 2020

0.07245

—

18 Nov 2021

2.86340

—

1.79872

1.06468

16 Dec 2021

31 Dec 2021

0.04934

—

15 Dec 2022

31 Dec 2022

0.13636

—

14 Dec 2023

31 Dec 2023

0.26942

—

Fund Facts

(As of 31 Aug 2024)

Net Fund Assets

$581.1 M

Benchmark

MSCI ACWI ex-U.S. Index

Morningstar Category

Foreign Large Blend

Fund Symbol

TBWIX

Share Class

Share Class Inception Date

30 Sep 2015

Number of Holdings

Portfolio Turnover

80%

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Aug 2024)

Portfolio

Benchmark

Weighted Average Market Cap

$132.0 B

$113.7 B

Median Market Cap

$51.4 B

$10.3 B

Price to Earnings - Forward 1YR

19.5x

14.1x

Price to Earnings - Trailing 12 Months

27.2x

15.9x

Price to Cash Flow

13.3x

9.0x

Portfolio

Benchmark

Price to Book Value

2.8x

1.8x

Return on Assets - 5 YR

6.8%

6.6%

Return on Equity - 5 YR

16.1%

Historical 3YR Sales Growth

15.5%

17.4%

Active Share

86.3%

—

Risk & Return Profile

(As of 31 Aug 2024)

Annualized Alpha (%)

-1.42

5.47

Beta

0.95

0.94

R-Squared (%)

92.39

87.49

Standard Deviation (%)

16.01

17.15

Sharpe Ratio

-0.18

0.61

Information Ratio

-0.35

0.86

Up Capture (%)

95.45

108.49

Down Capture (%)

102.16

87.58

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 31 Jul 2024)

Name

Ticker/Symbol

Sector

Weight %

Hitachi Ltd.

6501

Industrials

3.5

Constellation Software, Inc./Canada

CSU

Information Technology

3.5

Mitsubishi UFJ Financial Group, Inc.

8306

Financials

3.2

Roche Holding AG

ROG

Health Care

3.2

Sony Group Corp.

6758

Consumer Discretionary

3.1

Canadian Pacific Kansas City Ltd.

Industrials

3.1

Samsung Electronics Co. Ltd.

005930

Information Technology

3.1

Linde plc

LIN

Materials

3.0

Schneider Electric SE

Industrials

2.7

SAP SE

SAP

Information Technology

2.7

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Aug 2024)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Industrials

25.9

13.8

Health Care

14.8

10.1

Information Technology

12.7

13.2

Consumer Staples

12.7

7.4

Financials

9.8

22.1

Consumer Discretionary

8.3

10.9

Cash & Cash Equivalents

6.2

—

Utilities

3.8

3.2

Materials

3.1

6.9

Communication Services

2.8

5.3

Real Estate

0.0

1.8

Energy

0.0

5.3

Sector Allocation

Fund (%)

Industrials

25.9

Health Care

14.8

Information Technology

12.7

Consumer Staples

12.7

Financials

9.8

Consumer Discretionary

8.3

Cash & Cash Equivalents

6.2

Utilities

3.8

Materials

3.1

Communication Services

2.8

Real Estate

0.0

Energy

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Capital Goods

12.3

9.8

Pharmaceuticals, Biotechnology & Life Sciences

11.2

8.3

Commercial & Professional Services

10.6

1.7

Banks

7.2

13.4

Software & Services

6.7

3.4

Consumer Durables & Apparel

5.7

2.9

Consumer Staples Distribution & Retail

5.5

1.4

Household & Personal Products

4.2

1.8

Utilities

3.8

3.2

Technology Hardware & Equipment

3.7

3.8

Top 10 Industries

Fund (%)

Capital Goods

12.3

Pharmaceuticals, Biotechnology & Life Sciences

11.2

Commercial & Professional Services

10.6

Banks

7.2

Software & Services

6.7

Consumer Durables & Apparel

5.7

Consumer Staples Distribution & Retail

5.5

Household & Personal Products

4.2

Utilities

3.8

Technology Hardware & Equipment

3.7

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

25%

30%

Japan

21.7

14.7

Japan

France

16.8

7.2

Europe ex UK

United States

13.2

0.1

North America

Switzerland

10.8

6.5

Europe ex UK

Canada

8.2

7.7

North America

Germany

3.7

5.6

Europe ex UK

Korea, Republic of (South Korea)

2.7

3.3

Asia Pacific ex Japan

Denmark

2.6

2.4

Europe ex UK

Italy

2.5

1.6

Europe ex UK

Spain

2.1

1.7

Europe ex UK

Top 10 Countries

Fund (%)

Japan

21.7

France

16.8

United States

13.2

Switzerland

10.8

Canada

8.2

Germany

3.7

Korea, Republic of (South Korea)

2.7

Denmark

2.6

Italy

2.5

Spain

2.1

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

Large Cap (> $12 B)

83.0

85.7

Mid Cap ($2.5 to $12 B)

14.7

14.2

Small Cap (< $2.5 B)

2.3

0.1

Capitalization

Fund (%)

Large Cap (> $12 B)

83.0

Mid Cap ($2.5 to $12 B)

14.7

Small Cap (< $2.5 B)

2.3

Holdings as seen in 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.

Percentages may not add up to 100 due to rounding.

Portfolio Managers

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…

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Brian Burrell, CFA

Portfolio Manager and Managing Director

Brian Burrell is portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as an equity research analyst and became an associate portfolio manager in 2021 and portfolio manager in 2024. Brian earned a BA in economics from Reed College and an MBA from the University of Wisconsin in the Applied Security Analysis Program (ASAP). He is a…

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Joe Salmond

Portfolio Manager and Managing Director

Joe Salmond is portfolio manager for Thornburg Investment Management. He joined the firm in 2018 as an equity research analyst and became an associate portfolio manager in 2021, managing director in 2023 and portfolio manager in 2024. Joe earned an MBA from the Tepper School of Business at Carnegie Mellon University and graduated from Arizona State University with a BS…

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Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Report

Semi-annual report

Prospectus

Statement of Additional Information (SAI)

Important Information

Before investing, carefully consider the Fund's investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

The Better World International Fund's adherence to its ESG ratings process may affect the fund's exposure to certain companies, sectors, regions, and countries and may affect the Fund's performance depending on whether such investments are in or out of favor. This process may result in the Fund foregoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. Additionally, the process may result in incorrectly evaluating a company’s commitment to positive ESG practices and may result in investment in companies with practices that are not consistent with the Fund’s aspirations.

Investing in an ESG-focused strategy does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Environmental, social and governance (ESG) criteria are a set of standards for a company's operations that socially conscious investors use to screen potential investments. Environmental criteria consider how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company's leadership, executive pay, audits, internal controls, and shareholder rights.

The performance of any index is not indicative of the performance of any particular investment. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index.

Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

There is no guarantee that the Fund will meet its investment objectives.

To determine a fund's Morningstar Rating™, funds and other managed products with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a managed product's monthly excess performance (excluding sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics.

© 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities LLC.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities LLC (TSL) does not act as broker of record for investors.

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Thornburg Better World International Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Lei Wang, CFA

Brian Burrell, CFA

Joe Salmond

Literature

Important Information

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Thornburg Better World International Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Lei Wang, CFA

Brian Burrell, CFA

Joe Salmond

Literature

Important Information

More Insights

Finding Income, Opportunities and Defense in Today’s Markets

Generative AI: Finding Undervalued Investment Opportunities

Will Cash Be Dethroned? Why Bonds Should Reign Going Forward

Finding Investment Opportunities in Healthcare Innovation

The Analogy of the Olympics and International Investing

Global AI Winners: Identifying Key Investment Opportunities