TOP TEN COUNTRIES as of 12/31/2018

  • 1.Japan14.8%
  • 2.United Kingdom13.3%
  • 3.Germany11.1%
  • 4.Switzerland9.8%
  • 5.China8.8%
  • 6.Netherlands8.3%
  • 7.Italy7.1%
  • 8.France6.7%
  • 9.Spain4.1%
  • 10.United States3.3%
Holdings are classified by country of risk as determined by MSCI and Bloomberg.

SECTOR ALLOCATION as of 12/31/2018

  • Financials21.2%
  • Industrials19.6%
  • Consumer Discretionary13.7%
  • Communication Services9.8%
  • Health Care9.4%
  • Information Technology6.9%
  • Consumer Staples6.6%
  • Materials6.5%
  • Utilities2.6%
  • Real Estate1.8%
  • Cash and Cash Equivalents2.0%

TOP TEN INDUSTRY GROUPS as of 12/31/2018

  • Banks12.9%
  • Capital Goods10.3%
  • Household & Personal Products6.6%
  • Materials6.5%
  • Retailing5.9%
  • Insurance5.9%
  • Pharma, Biotech & Life Sciences5.6%
  • Telecommunication Services5.3%
  • Semiconductors & Equipment4.8%
  • Consumer Services4.7%

Top Ten Positions as of 11/30/2018

Resona Holdings, Inc.3.7%
Compass Group plc3.2%
AIA Group Ltd.2.9%
Novartis AG2.8%
ING Groep N.V.2.7%
Sony Corp.2.5%
UBS Group AG2.4%
Orange S.A.2.4%
Reckitt Benckiser Group plc2.3%
Kao Corp.2.3%
Portfolio holdings are subject to change.


Assets$56.6 M
Portfolio P/E Trailing 12 Months*16.7x
Portfolio Price to Cash Flow*8.5x
Portfolio Price to Book*1.8x
Median Market Capitalization*$23.1 B
Number of Holdings58
Emerging Markets Exposure10.7%
Active Share* (vs. MSCI AC World ex-U.S. Index)89.2%
* Source: FactSet


  • Basic Value40.9%
  • Consistent Earners44.7%
  • Emerging Franchises12.4%
  • Cash & Cash Equivalents2.0%
The percentages may not add up to 100 due to rounding.


  • Large Cap (> $12 B)78.4%
  • Mid Cap ($2.5 to $12 B)18.3%
  • Small Cap (< $2.5 B)3.4%
The percentages may not add up to 100 due to rounding.
Important Information
Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit Read them carefully before investing.

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.

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.