Thornburg International Value Fund

Basic Value as of

ING Groep N.V. INGA NA 3.3%
Keyence Corp. 6861 JP 2.8%
BAE Systems plc BA/ LN 2.4%
UBS Group AG UBSG SW 2.3%
Nutrien Ltd. NTR US 2.2%
Telefonaktiebolaget LM Ericsson ERICB SS 2.1%
Royal Dutch Shell plc RDS/A US 2.1%
Electricite de France S.A. EDF FP 1.8%
Knorr-Bremse AG KBX GR 1.6%
Sika AG SIKA SW 1.5% Group Ltd CTRP US 1.3%
ABB Ltd. ABBN SW 1.2%
Barclays plc BARC LN 1.2%
NN Group N.V. NN NA 1.0%
Infineon Technologies AG IFX GR 1.0%
Kuehne + Nagel International AG KNIN SW 1.0%
Hong Kong Exchanges & Clearing Ltd. 388 HK 1.0%
Intesa Sanpaolo SpA ISP IM 0.9%
Franco-Nevada Corp. FNV US 0.9%

Consistent Earners as of

Ferrovial S.A. FER SM 3.0%
Safran S.A. SAF FP 3.0%
Vinci S.A. DG FP 2.9%
Z Holdings Corp. 4689 JP 2.8%
Danone S.A. BN FP 2.8%
adidas AG ADS GR 2.6%
Vodafone Group plc VOD LN 2.4%
Iberdrola S.A. IBE SM 2.3%
Amadeus IT Group S.A. AMS SM 2.2%
Lonza Group AG LONN SW 2.0%
Canadian Pacific Railway Ltd. CP US 2.0%
Wuliangye Yibin Co Ltd 000858 C2 2.0%
Enel SpA ENEL IM 1.5%
Nestle S.A. NESN SW 1.5%
Unilever plc ULVR LN 1.3%
Kweichow Moutai Co. Ltd. 600519 C1 1.2%
Alcon, Inc. ALC SW 1.2%
Wirecard AG WDI GR 1.0%
Fresenius Medical Care AG & Co. KGaA FME GR 1.0%
Kose Corp. 4922 JP 0.7%

Emerging Franchises as of

Tencent Holdings Ltd. 700 HK 3.0%
Nintendo Co. Ltd. 7974 JP 3.0%
Alibaba Group Holding Ltd. BABA US 2.7%
Ping An Insurance Group Co. of China Ltd. 2318 HK 2.6%
Treasury Wine Estates Ltd. TWE AU 2.4%
Recruit Holdings Co. Ltd. 6098 JP 2.0%
Meituan Dianping 3690 HK 1.7%
Kering S.A. KER FP 1.6%
Reliance Industries Ltd. RIL IN 1.1%
AIA Group Ltd. 1299 HK 1.1%
Huazhu Group Ltd. HTHT US 0.8%
TAL Education Group TAL US 0.2%

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