Around the World in Search of Value
Thornburg International Value Fund is a focused, diversified portfolio of
leading, mostly large-cap international companies, selected via a fundamentals-driven,
bottom-up, valuation-sensitive process. The fund is centered
on providing attractive risk-adjusted returns with mitigated volatility
versus its benchmarks.
"We like to find industry leaders
when they are out of favor, offering
value in the context of long-term
prospects. We believe diversification
among three types of stocks
(basic value, consistent earners,
and emerging franchises) provides
the opportunity to produce
positive total returns over time."
— Lei Wang and
A Focus on Risk-Adjusted Returns
We focus on constructing a core portfolio with potential to outperform benchmarks over time—with lower volatility. One way we mitigate volatility is via Thornburg’s three-basket diversification
Basic value companies are, in our opinion, financially sound, well-established businesses selling at
low valuations relative to net assets or earnings power.
Consistent earners normally exhibit steady earnings growth, cash-flow characteristics, and/or dividend
growth. These companies may have above-average profitability measures, and may sell at
Emerging franchises are often in the process of establishing a leading position in a product, service,
or market, or have the potential to grow at an above-average rate.
A Broad, Nuanced View of Valuation
Some value managers who don’t diversify across a basket structure may have a narrow view
of valuation, with a single set of metrics or constraints by which they evaluate stocks. Our view
of valuation is flexible and varies across basket structures. It is a broader, more nuanced, less
A Consistent, Repeatable Process
We have selected stocks via the same bottom-up, collaborative, fundamentals-driven, repeatable
process since the fund’s inception more than 15 years ago.
Seeking Promising, Quality Companies at a Discount
We look for promising, quality companies—industry leaders with modest financial risk and demonstrated
management competence—trading at a discount to their intrinsic value.
A Focus on Economic Exposure, not Country of Domicile
We generally focus on a company’s economic exposure (the countries or markets from which it
derives most revenues) not its country of domicile. Of the top 10 holdings, most operate in a number
of countries worldwide, with a significant share of sales and earnings from outside the country
Emerging Markets Exposure
The portfolio has historically had exposure to emerging markets—either through firms domiciled in
emerging markets or through firms that derive a large portion of revenues from them. The inclusion of
emerging-markets holdings, while they are often more volatile, has benefitted the fund over the years.
Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.
The performance of any index is not indicative of the performance of any particular investment. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index.
Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.
Class R shares are limited to retirement platforms only.
Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.
There is no guarantee that the Fund will meet its investment objectives.
Please see our glossary for a definition of terms.
Thornburg mutual funds are distributed by Thornburg Securities Corporation.
Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities Corporation (TSC) does not act as broker of record for investors.