Thornburg Value Fund

Sector Allocation as of

Financials
21.4%
Communication Services
17.9%
Health Care
13.3%
Consumer Discretionary
10.4%
Information Technology
9.0%
Consumer Staples
7.5%
Energy
7.4%
Materials
6.3%
Industrials
2.6%
Utilities
1.3%
Cash & Cash Equivalents
2.9%

Top Ten Industry Groups as of

Media & Entertainment
15.5%
Diversified Financials
10.4%
Pharma, Biotech & Life Sciences
10.1%
Banks
7.7%
Technology Hardware & Equipment
7.4%
Energy
7.4%
Materials
6.3%
Retailing
4.7%
Food & Staples Retailing
4.4%
Consumer Services
3.7%

Top Ten Positions as of

% OF PORTFOLIO
Thermo Fisher Scientific, Inc. 5.1%
JPMorgan Chase & Co. 4.8%
US Foods Holding Corp. 4.5%
Alphabet, Inc. 4.1%
Crown Holdings, Inc. 4.1%
Gilead Sciences, Inc. 4.1%
Enterprise Products Partners L.P. 3.5%
Assured Guaranty Ltd. 3.4%
Comcast Corp. 3.4%
Medtronic plc 3.1%
Portfolio holdings are subject to change.

Key Portfolio Attributes as of

Fund Assets $892.3 M
Portfolio P/E Forecast 12 Months* 14.1x
Portfolio P/E Trailing 12 Months* 14.7x
Portfolio Price to Cash Flow* 8.6x
Portfolio Price to Book* 2.2x
Median Market Capitalization* $14.5 B
Number of Holdings 43
7-Year Beta* (A Shares vs. S&P 500 Index) 1.02
Active Share* (vs. S&P 500 Index) 87.8%
* Source: FactSet

Portfolio Composition as of

Basic Value
45.2%
Consistent Earners
43.3%
Emerging Franchises
8.7%
Cash & Cash Equivalents
2.9%
The percentages may not add up to 100 due to rounding.

Capitalization Exposure as of

Large Cap (> $12 B)
61.4%
Mid Cap ($2.5 to $12 B)
33.3%
Small Cap (< $2.5 B)
5.3%
The percentages may not add up to 100 due to rounding.
Important Information