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Thornburg Better World International Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 698 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, 3 stars and 5 stars among 698 and 644 funds, as of 29 Feb 2024.

As of 29 Feb 2024
Fund Assets
$587.3 M
As of 29 Feb 2024
NAV
$18.22
As of 18 Mar 2024
Change
$0.00
As of 18 Mar 2024
YTD NAV Performance
4.71%
As of 18 Mar 2024
Asset Category:
International Equity
Fund Benchmark:
MSCI ACWI ex US NTR

Portfolio Managers

Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

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.

Performance

Performance

Returns

(As of 31 Dec 2023)
YTD
1y
3y
5y
Inception
Total Return (%)
12.72
12.72
3.77
12.04
9.42
MSCI ACWI ex US NTR (%)
15.62
15.62
1.55
7.08
6.32
Morningstar Category Avg. (%)
16.25
16.25
2.43
7.62
Morningstar Quartile
4
2
1
YTD
1y
3y
5y
Inception
Total Return (%)
2.76
11.15
2.61
10.77
9.58
MSCI ACWI ex US NTR (%)
1.51
12.51
1.32
5.44
6.38
Morningstar Category Avg. (%)
1.97
12.85
2.6
6.03
Morningstar Quartile
3
3
1
YTD
1y
3y
5y
Inception
Total Return (%)
12.72
12.72
11.75
76.52
110.18
MSCI ACWI ex US NTR (%)
15.62
15.62
4.71
40.79
65.77
YTD
1y
3y
5y
Inception
Total Return (%)
2.76
11.15
8.04
66.80
115.98
MSCI ACWI ex US NTR (%)
1.51
12.51
4.01
30.33
68.28
2018
2019
2020
2021
2022
2023
Total Return (%)
-13.59
24.62
26.75
20.92
-18.01
12.72
MSCI ACWI ex US NTR (%)
-14.20
21.51
10.65
7.82
-16.00
15.62
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
1.26
Net Expense Ratio (%)
0.90
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 29 Feb 2024)
(Hypothetical Growth of $10,000 vs MSCI ACWI ex US NTR)
Distributions

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
0.06250
18 Nov 2016
30 Nov 2016
0.69455
0.69455
0.00000
24 Mar 2017
31 Mar 2017
0.02810
0.02810
23 Jun 2017
30 Jun 2017
0.09613
0.09613
22 Sep 2017
30 Sep 2017
0.03270
0.03270
17 Nov 2017
30 Nov 2017
0.37136
0.30226
0.06910
15 Nov 2018
30 Nov 2018
0.96521
0.46085
0.50436
21 Dec 2018
31 Dec 2018
0.22878
0.22878
20 Dec 2019
31 Dec 2019
0.18707
0.18707
17 Dec 2020
31 Dec 2020
0.07245
0.07245
18 Nov 2021
30 Nov 2021
2.86340
1.79872
1.06468
16 Dec 2021
31 Dec 2021
0.04934
0.04934
15 Dec 2022
31 Dec 2022
0.13636
0.13636
14 Dec 2023
31 Dec 2023
0.26942
0.26942
Fund Facts

Fund Facts

(As of 29 Feb 2024)
Net Fund Assets
$587.3 M
Benchmark
MSCI ACWI ex US NTR
Morningstar Category
Foreign Large Blend
Fund Symbol
TBWIX
Share Class
I
Share Class Inception Date
30 Sep 2015
Number of Holdings
60
Portfolio Turnover
80%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 29 Feb 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$112.9 B
$98.8 B
Median Market Cap
$61.3 B
$8.7 B
Price to Earnings - Forward 1YR
19.1x
13.8x
Price to Earnings - Trailing 12 Months
19.3x
14.4x
Price to Cash Flow
10.9x
7.6x
Portfolio
Benchmark
Price to Book Value
2.5x
1.7x
Return on Assets - 5 YR
7.8%
7.2%
Return on Equity - 5 YR
18.2%
16.0%
Historical 3YR Sales Growth
14.8%
16.1%
Active Share
85.4%
Risk & Return Profile

Risk & Return Profile

(As of 29 Feb 2024)
3y
5y
Annualized Alpha (%)
1.48
5.46
Beta
0.94
0.95
R-Squared (%)
85.00
88.07
Standard Deviation (%)
16.40
17.63
Sharpe Ratio
0.00
0.50
Information Ratio
0.20
0.87
Up Capture (%)
95.91
109.59
Down Capture (%)
90.18
88.95
Portfolio

Portfolio

Top Holdings

(As of 31 Jan 2024)
Name
Ticker/Symbol
Sector
Weight %
Hitachi Ltd.
6501
Industrials
3.1
Canadian Pacific Kansas City Ltd.
CP
Industrials
3.1
Constellation Software, Inc./Canada
CSU
Information Technology
3.1
Nestle S.A.
NESN
Consumer Staples
3.0
SAP SE
SAP
Information Technology
3.0
BNP Paribas S.A.
BNP
Financials
2.9
L'Oreal S.A.
OR
Consumer Staples
2.9
Roche Holding AG
ROG
Health Care
2.7
Tencent Holdings Ltd.
700
Communication Services
2.5
Hong Kong Exchanges & Clearing Ltd.
388
Financials
2.5
Exposure Breakdown

Exposure Breakdown

(As of 29 Feb 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
19.2
13.8
Consumer Staples
15.4
7.6
Financials
13.8
21.3
Health Care
11.9
9.3
Information Technology
10.0
13.1
Communication Services
9.7
5.2
Consumer Discretionary
8.2
11.9
Cash & Cash Equivalents
7.8
Utilities
2.6
3.0
Materials
1.5
7.3
Real Estate
0.0
2.0
Energy
0.0
5.5
Sector Allocation
Fund (%)
Industrials
19.2
Consumer Staples
15.4
Financials
13.8
Health Care
11.9
Information Technology
10.0
Communication Services
9.7
Consumer Discretionary
8.2
Cash & Cash Equivalents
7.8
Utilities
2.6
Materials
1.5
Real Estate
0.0
Energy
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
8.8
9.8
Pharmaceuticals, Biotechnology & Life Sciences
8.8
7.4
Commercial & Professional Services
7.4
1.6
Consumer Staples Distribution & Retail
6.4
1.5
Software & Services
6.1
3.4
Banks
6.0
12.9
Media & Entertainment
5.9
2.5
Household & Personal Products
5.6
1.8
Financial Services
5.4
3.7
Consumer Services
4.7
1.9
Top 10 Industries
Fund (%)
Capital Goods
8.8
Pharmaceuticals, Biotechnology & Life Sciences
8.8
Commercial & Professional Services
7.4
Consumer Staples Distribution & Retail
6.4
Software & Services
6.1
Banks
6.0
Media & Entertainment
5.9
Household & Personal Products
5.6
Financial Services
5.4
Consumer Services
4.7
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
Japan
16.8
15.3
Japan
France
13.3
7.8
Europe ex UK
United States
10.9
0.2
North America
China
10.6
7.1
Asia Pacific ex Japan
Switzerland
10.4
6.2
Europe ex UK
Canada
8.2
7.5
North America
Hong Kong
4.8
1.3
Asia Pacific ex Japan
Germany
4.0
5.6
Europe ex UK
United Kingdom
3.1
9.3
UK
Denmark
2.4
2.3
Europe ex UK
Top 10 Countries
Fund (%)
Japan
16.8
France
13.3
United States
10.9
China
10.6
Switzerland
10.4
Canada
8.2
Hong Kong
4.8
Germany
4.0
United Kingdom
3.1
Denmark
2.4
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
92.0
83.6
Mid Cap ($2.5 to $12 B)
4.9
16.1
Small Cap (< $2.5 B)
3.1
0.2
Capitalization
Fund (%)
Large Cap (> $12 B)
92.0
Mid Cap ($2.5 to $12 B)
4.9
Small Cap (< $2.5 B)
3.1
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…
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Brian Burrell, CFA

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

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…
Learn More

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