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Home » Investments » Mutual Funds » Thornburg Global Opportunities Fund
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Thornburg Global Opportunities Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 313 World Large-Stock Blend funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 4 stars, 5 stars and 2 stars among 313, 297 and 200 funds, as of 31 May 2025.

As of 31 May 2025
Fund Assets
$1.3 B
As of 31 May 2025
NAV
$43.57
As of 3 Jul 2025
Change
$0.31
As of 3 Jul 2025
YTD NAV Performance
20.46%
As of 3 Jul 2025
Asset Category:
Global Equity
Fund Benchmark:
MSCI ACWI Index

Portfolio Managers

Brian McMahon
Vice Chairman, Chief Investment Strategist and Managing Director
Miguel Oleaga
Portfolio Manager and Managing Director
OverviewPerformanceFund FactsCharacteristicsPortfolioPortfolio ManagersLiterature
Overview

Overview

Why Invest in This Fund?

 

  • A flexible, focused equity portfolio seeking investment opportunities from around the globe and across market capitalizations.
  • A proven fundamental research process to identify and select quality, undervalued businesses with a defined path to success and value creation.
  • The fund seeks to outperform global equity markets over a full market cycle.

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 from issuers around the world.

Investment Approach

The fund has the flexibility to seek investment opportunities from around the world and across market capitalizations. It employs a fundamental, bottom-up investment process to identify companies that we believe have quality business models, trading at a discount to long-term intrinsic value, and have a defined path to success. The portfolio typically holds 30-40 securities and is diversified across countries and sectors.

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Performance

Performance

Returns

(As of 30 Jun 2025)
Average Annual Return
YTD
1y
3y
5y
10y
Inception
Total Return (%)
18.97
19.79
18.34
16.65
9.30
10.56
MSCI ACWI Index (%)
10.05
16.17
17.35
13.65
9.99
7.68
Morningstar Category Avg. (%)
-0.34
4.75
6.07
13.94
7.96
—
Morningstar Quartile
—
1
1
1
2
—
Morningstar Quartile # of Funds
—
331
313
297
200
—
YTD
1y
3y
5y
10y
Inception
Total Return (%)
18.97
19.79
18.34
16.65
9.30
10.56
MSCI ACWI Index (%)
10.05
16.17
17.35
13.65
9.99
7.68
Morningstar Category Avg. (%)
5.63
10.48
10.62
12
8.32
—
Morningstar Quartile
—
1
1
1
3
—
Morningstar Quartile # of Funds
—
331
313
297
200
—
YTD
1y
3y
5y
10y
Inception
Total Return (%)
18.97
19.79
65.73
115.94
143.28
568.41
MSCI ACWI Index (%)
10.05
16.17
61.60
89.60
159.23
305.69
YTD
1y
3y
5y
10y
Inception
Total Return (%)
18.97
19.79
65.73
115.94
143.28
568.41
MSCI ACWI Index (%)
10.05
16.17
61.60
89.60
159.23
305.69
2019
2020
2021
2022
2023
2024
Total Return (%)
28.76
22.66
14.75
-10.08
16.25
13.08
MSCI ACWI Index (%)
26.60
16.25
18.54
-18.36
22.20
17.49

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 for the equity funds' A shares is 4.50%. C shares include a 1% contingent deferred sales charge (CDSC) for the first year only. There is no up-front sales charge for class I or R shares.

Morningstar quartile ranking for World Large-Stock Blend category is based on total returns before sales charges.

Prior to inception of R3, R4 and R5 share classes, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Share class inception dates: A, C and I shares, 28 July 2006; R3, R4 and R5 shares, 1 Feb 2008; R6 shares, 10 Apr 2017.

Fund Fees

Fund Fees

(As of 1 Feb 2025)
Gross Expense Ratio (%)
1.08
Net Expense Ratio (%)
0.99

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least February 1, 2026, 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

Hypothetical Growth of $10,000

(As of 30 Jun 2025)
(Hypothetical Growth of $10,000 vs MSCI ACWI Index)

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

Distributions

(As of 19 Dec 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
17 Nov 2006
17 Nov 2006
0.15686
—
0.15686
0.00000
26 Dec 2006
31 Dec 2006
0.01075
0.01075
—
—
19 Nov 2007
19 Nov 2007
0.53883
—
0.48583
0.05300
26 Dec 2007
31 Dec 2007
0.08122
0.08122
—
—
26 Jun 2008
30 Jun 2008
0.14744
0.14744
—
—
26 Dec 2008
31 Dec 2008
0.32995
0.32995
—
—
26 Jun 2009
30 Jun 2009
0.16349
0.16349
—
—
25 Sep 2009
30 Sep 2009
0.19092
0.19092
—
—
24 Dec 2009
31 Dec 2009
0.07706
0.07706
—
—
24 Sep 2010
30 Sep 2010
0.15116
0.15116
—
—
27 Dec 2010
31 Dec 2010
0.15882
0.15882
—
—
24 Jun 2011
30 Jun 2011
0.08475
0.08475
—
—
23 Dec 2011
31 Dec 2011
0.24736
0.24736
—
—
28 Sep 2012
30 Sep 2012
0.00000
0.00000
—
—
24 Dec 2012
31 Dec 2012
0.18371
0.18371
—
—
24 Sep 2013
30 Sep 2013
0.12965
0.12965
—
—
24 Dec 2013
31 Dec 2013
0.07554
0.07554
—
—
24 Sep 2014
30 Sep 2014
0.08706
0.08706
—
—
24 Dec 2014
31 Dec 2014
0.01462
0.01462
—
—
24 Dec 2015
31 Dec 2015
0.14985
0.14985
—
—
24 Jun 2016
30 Jun 2016
0.06467
0.06467
—
—
26 Sep 2016
30 Sep 2016
0.06671
0.06671
—
—
23 Dec 2016
31 Dec 2016
0.08397
0.08397
—
—
24 Mar 2017
31 Mar 2017
0.02942
0.02942
—
—
23 Jun 2017
30 Jun 2017
0.06224
0.06224
—
—
22 Sep 2017
30 Sep 2017
0.02047
0.02047
—
—
22 Dec 2017
31 Dec 2017
0.10180
0.10180
—
—
21 Dec 2018
31 Dec 2018
0.65217
0.65217
—
—
14 Nov 2019
14 Nov 2019
0.28174
—
0.00000
0.28174
20 Dec 2019
31 Dec 2019
0.23163
0.23163
—
—
19 Nov 2020
19 Nov 2020
2.30329
—
0.68813
1.61516
17 Dec 2020
31 Dec 2020
0.08510
0.08510
—
—
18 Nov 2021
18 Nov 2021
4.54624
—
0.00000
4.54624
16 Dec 2021
31 Dec 2021
0.59076
0.59076
—
—
17 Nov 2022
17 Nov 2022
0.78534
—
0.00000
0.78534
15 Dec 2022
31 Dec 2022
0.44930
0.44930
—
—
16 Nov 2023
16 Nov 2023
1.19547
—
0.17333
1.02214
14 Dec 2023
31 Dec 2023
0.73259
0.73259
—
—
21 Nov 2024
21 Nov 2024
0.97178
—
0.06433
0.90745
19 Dec 2024
31 Dec 2024
1.09041
1.09041
—
—
Fund Facts

Fund Facts

(As of 31 May 2025)
Net Fund Assets
$1.3 B
Benchmark
MSCI ACWI Index
Morningstar Category
World Large-Stock Blend
Fund Symbol
THOIX
Share Class
I
Share Class Inception Date
28 Jul 2006
Number of Holdings
39
Portfolio Turnover
15%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 31 May 2025)
Portfolio
Benchmark
Weighted Average Market Cap
$325.1 B
$675.5 B
Median Market Cap
$85.7 B
$15.2 B
Price to Earnings - Forward 1YR
13.4x
18.7x
Price to Earnings - Trailing 12 Months
15.5x
21.8x
Price to Cash Flow
6.9x
12.9x
Portfolio
Benchmark
Price to Book Value
1.7x
3.2x
Return on Assets - 5 YR
8.1%
9.8%
Return on Equity - 5 YR
15.4%
30.8%
Historical 3YR Sales Growth
11.2%
16.0%
Active Share
92.0%
—
Risk & Return Profile

Risk & Return Profile

(As of 31 May 2025)
3y
5y
10y
Annualized Alpha (%)
1.35
3.82
-0.55
Beta
0.93
0.92
1.01
R-Squared (%)
79.97
81.96
81.32
Standard Deviation (%)
16.09
15.46
16.54
Sharpe Ratio
0.50
0.88
0.39
Information Ratio
0.05
0.45
-0.12
Up Capture (%)
91.48
96.54
98.39
Down Capture (%)
84.45
78.41
102.25

Past performance does not guarantee future results.

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

Portfolio

Portfolio

Top Holdings

(As of 31 May 2025)
Name
Ticker/Symbol
Sector
Weight %
Alphabet, Inc.
GOOGL
Communication Services
4.9
Meta Platforms, Inc.
META
Communication Services
4.7
Orange S.A.
ORA
Communication Services
4.4
BNP Paribas S.A.
BNP
Financials
4.3
Bank of Ireland Group plc
BIRG
Financials
4.1
Citigroup, Inc.
C
Financials
4.0
AT&T, Inc.
T
Communication Services
3.9
The Charles Schwab Corp.
SCHW
Financials
3.9
SAP SE
SAP
Information Technology
3.8
Zegona Communications plc
ZEG
Communication Services
3.6
Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 31 May 2025)
Sector
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Communication Services
27.3
8.4
Financials
21.0
18.0
Consumer Discretionary
15.2
10.7
Information Technology
10.5
24.7
Energy
8.1
3.6
Industrials
6.6
11.0
Consumer Staples
3.4
6.2
Materials
3.3
3.5
Cash & Cash Equivalents
2.4
—
Health Care
2.2
9.2
Real Estate
0.0
2.0
Utilities
0.0
2.7
Sector Allocation
Fund (%)
Communication Services
27.3
Financials
21.0
Consumer Discretionary
15.2
Information Technology
10.5
Energy
8.1
Industrials
6.6
Consumer Staples
3.4
Materials
3.3
Cash & Cash Equivalents
2.4
Health Care
2.2
Real Estate
0.0
Utilities
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Telecommunication Services
15.2
1.6
Banks
12.4
7.8
Media & Entertainment
12.1
6.8
Energy
8.1
3.6
Financial Services
5.6
6.8
Consumer Services
5.4
2.0
Consumer Discretionary Distribution & Retail
5.2
4.9
Capital Goods
4.3
7.9
Software & Services
3.8
9.4
Semiconductors & Semiconductor Equipment
3.5
9.1
Top 10 Industries
Fund (%)
Telecommunication Services
15.2
Banks
12.4
Media & Entertainment
12.1
Energy
8.1
Financial Services
5.6
Consumer Services
5.4
Consumer Discretionary Distribution & Retail
5.2
Capital Goods
4.3
Software & Services
3.8
Semiconductors & Semiconductor Equipment
3.5
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
United States
36.2
64.0
North America
France
11.0
2.5
Europe ex UK
United Kingdom
8.0
3.4
UK
Germany
6.8
2.4
Europe ex UK
China
6.1
3.0
Asia Pacific ex Japan
Taiwan
4.2
1.9
Asia Pacific ex Japan
Ireland
4.1
0.1
Europe ex UK
Hong Kong
3.9
0.4
Asia Pacific ex Japan
India
3.5
1.9
Asia Pacific ex Japan
Korea, Republic of (South Korea)
3.3
1.0
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
United States
36.2
France
11.0
United Kingdom
8.0
Germany
6.8
China
6.1
Taiwan
4.2
Ireland
4.1
Hong Kong
3.9
India
3.5
Korea, Republic of (South Korea)
3.3
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
84.2
95.0
Mid Cap ($2.5 to $12 B)
14.1
4.9
Small Cap (< $2.5 B)
1.7
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
84.2
Mid Cap ($2.5 to $12 B)
14.1
Small Cap (< $2.5 B)
1.7

Holdings within 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

Portfolio Managers

Brian McMahon

Brian McMahon

Vice Chairman, Chief Investment Strategist and Managing Director
Brian McMahon is chief investment strategist for Thornburg Investment Management. Brian is deeply respected for his market and investment insight and serves as a key voice for the investment team and Thornburg clients. He also co-manages Thornburg’s global equity portfolios and serves as vice chairman of Thornburg. Brian joined Thornburg in 1984 as chief investment officer; a role he held…
Learn More
Miguel Oleaga

Miguel Oleaga

Portfolio Manager and Managing Director
Miguel Oleaga is a portfolio manager for Thornburg Investment Management. He joined the firm in 2014 as an equity research analyst, was promoted to associate portfolio manager in 2017, and was named portfolio manager in 2018. Miguel holds a BS in business administration (finance and management specialties) from the University of Massachusetts. Prior to his joining Thornburg, Miguel worked at…
Learn More

Literature

Fact Sheet
Commentary
Summary Prospectus
Annual Financial Statements
Semi-Annual Financial Statements
Prospectus
Statement of Additional Information (SAI)
Annual TSR
Semi-Annual TSR

Annual Shareholder Letter


Download

Important Information

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.

© 2025 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.

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 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.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Funds invested in a limited number of holdings may expose an investor to greater volatility.

Class R shares are limited to retirement platforms only.

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.

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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