Thornburg International Value Fund

Basic Value as of

SYMBOL % OF PORTFOLIO
Telefonaktiebolaget LM Ericsson ERICB SS 2.8%
BAE Systems plc BA/ LN 2.8%
Electricite de France S.A. EDF FP 2.7%
ING Groep N.V. INGA NA 2.7%
Keyence Corp. 6861 JP 2.5%
Ping An Bank Co. Ltd. 000001 C2 2.4%
Sika AG SIKA SW 2.2%
ABB Ltd. ABBN SW 2.0%
Royal Dutch Shell plc RDS/A US 2.0%
Knorr-Bremse AG KBX GR 1.8%
UBS Group AG UBSG SW 1.4%
Franco-Nevada Corp. FNV US 1.2%
BNP Paribas S.A. BNP FP 1.1%
Infineon Technologies AG IFX GR 1.0%
Kuehne + Nagel International AG KNIN SW 1.0%
SK Hynix, Inc. 000660 KS 1.0%
Barclays plc BARC LN 0.9%
Taiwan Semiconductor Manufacturing Co. Ltd. TSM US 0.8%
Shiseido Co. Ltd. 4911 JP 0.7%
ASML Holding N.V. ASML NA 0.5%
Rolls-Royce Holdings plc RR/ LN 0.4%
Nutrien Ltd. NTR US 0.3%
Trip.com Group Ltd CTRP US 0.1%

Consistent Earners as of

SYMBOL % OF PORTFOLIO
Z Holdings Corp. 4689 JP 2.9%
Ferrovial S.A. FER SM 2.9%
adidas AG ADS GR 2.8%
Vinci S.A. DG FP 2.8%
Iberdrola S.A. IBE SM 2.7%
Safran S.A. SAF FP 2.7%
Danone S.A. BN FP 2.6%
Lonza Group AG LONN SW 2.5%
Wuliangye Yibin Co Ltd 000858 C2 2.3%
SAP SE SAP GR 2.0%
Orange S.A. ORA FP 2.0%
Vodafone Group plc VOD LN 1.9%
Amadeus IT Group S.A. AMS SM 1.9%
Canadian Pacific Railway Ltd. CP US 1.8%
Nestle S.A. NESN SW 1.6%
Enel SpA ENEL IM 1.5%
Kweichow Moutai Co. Ltd. 600519 C1 1.4%
Unilever plc ULVR LN 1.3%
Alcon, Inc. ALC SW 1.0%
Wirecard AG WDI GR 0.9%
Shanghai International Airport Co. Ltd. 600009 C1 0.6%

Emerging Franchises as of

SYMBOL % OF PORTFOLIO
Tencent Holdings Ltd. 700 HK 3.1%
Alibaba Group Holding Ltd. BABA US 2.7%
Ping An Insurance Group Co. of China Ltd. 2318 HK 2.5%
Nintendo Co. Ltd. 7974 JP 2.3%
Meituan Dianping 3690 HK 2.2%
Recruit Holdings Co. Ltd. 6098 JP 1.8%
Treasury Wine Estates Ltd. TWE AU 1.4%
AIA Group Ltd. 1299 HK 1.1%
Kering S.A. KER FP 1.0%
Reliance Industries Ltd. RIL IN 0.9%
Proya Cosmetics Co. Ltd. 603605 C1 0.6%
Huazhu Group Ltd. HTHT US 0.1%

It is probable that buying or selling in the Fund portfolio will have occurred since this list was last updated. As a result of this buying or selling, the fund may own more, fewer, or no shares of the stock of any company listed. In addition, the fund may have purchased shares of companies that are not yet included in the above list.

This list of holdings is published with a one month lag on the first business day of each month. Holdings can and do vary over time.

Important Information