Thornburg International Value Fund

Top Ten Countries as of

  1. China
    15.2%
  2. Japan
    15.2%
  3. France
    14.8%
  4. Germany
    11.2%
  5. Spain
    8.4%
  6. United Kingdom
    7.1%
  7. Netherlands
    6.0%
  8. Canada
    5.6%
  9. Switzerland
    5.2%
  10. Hong Kong
    2.9%
Holdings are classified by country of risk as determined by MSCI and Bloomberg.

Sector Allocation as of

Industrials
18.1%
Communication Services
13.3%
Financials
13.3%
Information Technology
12.7%
Consumer Staples
11.9%
Consumer Discretionary
8.6%
Health Care
4.8%
Utilities
4.6%
Energy
3.1%
Materials
2.9%
Cash & Cash Equivalents
6.6%

Top Ten Industry Groups as of

Capital Goods
12.8%
Media & Entertainment
9.0%
Food, Beverage & Tobacco
8.9%
Software & Services
5.6%
Banks
4.9%
Insurance
4.7%
Utilities
4.6%
Technology Hardware & Equipment
4.5%
Telecommunication Services
4.3%
Diversified Financials
3.8%

Top Ten Positions as of

% OF PORTFOLIO
Tencent Holdings Ltd. 3.2%
Ferrovial S.A. 3.2%
Alibaba Group Holding Ltd. 3.2%
Danone S.A. 2.9%
Vinci S.A. 2.8%
Safran S.A. 2.7%
Ping An Insurance Group Co. of China Ltd. 2.7%
Kose Corp. 2.7%
Hong Kong Exchanges & Clearing Ltd. 2.6%
Nintendo Co. Ltd. 2.6%
Portfolio holdings are subject to change.

Key Portfolio Attributes as of

Fund Assets $3.1 B
Portfolio P/E Forecast 12 Months* 17.3x
Portfolio P/E Trailing 12 Months* 19.3x
Portfolio Price to Cash Flow* 10.2x
Portfolio Price to Book* 2.0x
Median Market Capitalization* $37.3 B
Number of Holdings 51
7-Year Beta* (A Shares vs. MSCI EAFE Index) 0.99
7-Year Beta* (A Shares vs. MSCI AC World ex-U.S. Index) 0.97
Emerging Markets Exposure 17.9%
Active Share* (vs. MSCI EAFE Index) 89.6%
Active Share* (vs. MSCI AC World ex-U.S. Index) 89.3%
* Source: FactSet

Portfolio Composition as of

Basic Value
28.8%
Consistent Earners
40.5%
Emerging Franchises
24.2%
Cash & Cash Equivalents
6.6%
The percentages may not add up to 100 due to rounding.

Capitalization Exposure as of

Large Cap (> $12 B)
90.7%
Mid Cap ($2.5 to $12 B)
9.3%
Small Cap (< $2.5 B)
0.0%
The percentages may not add up to 100 due to rounding.
Important Information