Thornburg International Value Fund

Basic Value as of

SYMBOL % OF PORTFOLIO
Telefonaktiebolaget LM Ericsson ERICB SS 3.1%
BAE Systems plc BA/ LN 2.3%
Sika AG SIKA SW 2.3%
Ping An Bank Co. Ltd. 000001 C2 2.3%
Citigroup, Inc. C US 2.0%
Knorr-Bremse AG KBX GR 2.0%
ABB Ltd. ABBN SW 2.0%
SK Hynix, Inc. 000660 KS 1.9%
Electricite de France S.A. EDF FP 1.8%
Linde plc LIN GR 1.8%
The Walt Disney Co. DIS US 1.5%
Keyence Corp. 6861 JP 1.5%
CME Group, Inc. CME US 1.4%
Infineon Technologies AG IFX GR 1.4%
UBS Group AG UBSG SW 1.3%
L3Harris Technologies, Inc. LHX US 1.3%
Shiseido Co. Ltd. 4911 JP 1.2%
Samsung Electronics Co. Ltd. 005930 KS 1.1%
Schneider Electric SE SU FP 1.1%
Taiwan Semiconductor Manufacturing Co. Ltd. TSM US 1.0%
Kuehne + Nagel International AG KNIN SW 1.0%
ASML Holding N.V. ASML NA 0.8%
Franco-Nevada Corp. FNV US 0.3%

Consistent Earners as of

SYMBOL % OF PORTFOLIO
Z Holdings Corp. 4689 JP 2.9%
adidas AG ADS GR 2.9%
Ferrovial S.A. FER SM 2.9%
Wuliangye Yibin Co Ltd 000858 C2 2.8%
Vinci S.A. DG FP 2.8%
Kweichow Moutai Co. Ltd. 600519 C1 2.4%
Iberdrola S.A. IBE SM 2.4%
SAP SE SAP GR 2.2%
Safran S.A. SAF FP 2.2%
Canadian Pacific Railway Ltd. CP US 2.0%
Mastercard, Inc. MA US 2.0%
Nestle S.A. NESN SW 1.8%
Lonza Group AG LONN SW 1.8%
Enel SpA ENEL IM 1.7%
Unilever plc ULVR LN 1.4%
Amadeus IT Group S.A. AMS SM 1.3%
Alcon, Inc. ALC SW 1.2%
Shanghai International Airport Co. Ltd. 600009 C1 1.1%
Roche Holding AG ROG SW 1.0%
Kone Oyj KNEBV FH 1.0%
Orange S.A. ORA FP 1.0%
S&P Global, Inc. SPGI US 1.0%
Atlantia SpA ATL IM 0.8%
JDE Peet's BV JDEP NA 0.2%
Fresenius Medical Care AG & Co. KGaA FME GR 0.1%

Emerging Franchises as of

SYMBOL % OF PORTFOLIO
Meituan Dianping 3690 HK 3.2%
Alibaba Group Holding Ltd. BABA US 3.2%
Tencent Holdings Ltd. 700 HK 2.6%
Nintendo Co. Ltd. 7974 JP 2.1%
Ping An Insurance Group Co. of China Ltd. 2318 HK 2.0%
Proya Cosmetics Co. Ltd. 603605 C1 1.2%
Recruit Holdings Co. Ltd. 6098 JP 1.0%
Kering S.A. KER FP 1.0%
Bilibili, Inc. BILI US 0.6%

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