Thornburg International Value Fund

Top Ten Countries as of

  1. China
    16.7%
  2. France
    14.2%
  3. Switzerland
    12.8%
  4. Japan
    11.4%
  5. Germany
    9.0%
  6. Spain
    8.1%
  7. United Kingdom
    7.7%
  8. Canada
    5.5%
  9. Netherlands
    5.2%
  10. Sweden
    2.8%
Holdings are classified by country of risk as determined by MSCI and Bloomberg.

Sector Allocation as of

Industrials
20.6%
Communication Services
11.9%
Information Technology
11.8%
Consumer Staples
10.6%
Financials
10.5%
Consumer Discretionary
8.5%
Utilities
6.5%
Materials
4.8%
Health Care
3.8%
Energy
2.8%
Cash & Cash Equivalents
8.3%

Top Ten Industry Groups as of

Capital Goods
15.4%
Food, Beverage & Tobacco
9.0%
Media & Entertainment
8.6%
Utilities
6.5%
Banks
5.6%
Technology Hardware & Equipment
5.4%
Software & Services
4.9%
Materials
4.8%
Retailing
4.7%
Consumer Durables & Apparel
3.5%

Top Ten Positions as of

% OF PORTFOLIO
Z Holdings Corp. 3.5%
Tencent Holdings Ltd. 3.4%
Ferrovial S.A. 3.0%
ING Groep N.V. 3.0%
Alibaba Group Holding Ltd. 2.9%
Keyence Corp. 2.8%
Vinci S.A. 2.8%
Nintendo Co. Ltd. 2.8%
Danone S.A. 2.7%
Safran S.A. 2.7%
Portfolio holdings are subject to change.

Key Portfolio Attributes as of

Fund Assets $3.1 B
Portfolio P/E Forecast 12 Months* 19.3x
Portfolio P/E Trailing 12 Months* 23.6x
Portfolio Price to Cash Flow* 11.2x
Portfolio Price to Book* 2.4x
Median Market Capitalization* $45.0 B
Number of Holdings 52
7-Year Beta* (A Shares vs. MSCI EAFE Index) 0.99
7-Year Beta* (A Shares vs. MSCI AC World ex-U.S. Index) 0.96
Emerging Markets Exposure 18.5%
Active Share* (vs. MSCI EAFE Index) 88.0%
Active Share* (vs. MSCI AC World ex-U.S. Index) 87.2%
* Source: FactSet

Portfolio Composition as of

Basic Value
30.7%
Consistent Earners
41.5%
Emerging Franchises
19.5%
Cash & Cash Equivalents
8.3%
The percentages may not add up to 100 due to rounding.

Capitalization Exposure as of

Large Cap (> $12 B)
97.6%
Mid Cap ($2.5 to $12 B)
2.4%
Small Cap (< $2.5 B)
0.0%
The percentages may not add up to 100 due to rounding.
Important Information