TOP TEN COUNTRIES as of 9/30/2018

  • 1.United Kingdom21.0%
  • 2.Germany12.9%
  • 3.China11.7%
  • 4.United States10.2%
  • 5.France8.7%
  • 6.Japan8.2%
  • 7.Ireland4.5%
  • 8.Hong Kong3.9%
  • 9.Mexico3.2%
  • 10.India2.8%
Holdings are classified by country of risk as determined by MSCI and Bloomberg.

SECTOR ALLOCATION as of 9/30/2018

  • Consumer Discretionary29.6%
  • Communication Services13.2%
  • Health Care11.2%
  • Information Technology11.2%
  • Consumer Staples9.8%
  • Financials7.4%
  • Industrials5.6%
  • Energy2.5%
  • Cash and Cash Equivalents9.6%


  • Retailing17.5%
  • Media13.2%
  • Software & Services11.2%
  • Consumer Services9.6%
  • Food, Beverage & Tobacco7.6%
  • Pharma, Biotech & Life Sciences6.9%
  • Diversified Financials5.4%
  • Health Care Equipment & Services4.3%
  • Commercial & Professional Services3.7%
  • Consumer Durables & Apparel2.5%

Top Ten Positions as of 8/31/2018

Wirecard AG3.2%
Worldpay, Inc.3.1%
Fresenius Medical Care AG & Co. KGaA2.8%
Astrazeneca plc2.7%
Auto Trader Group plc2.5%
adidas AG2.5%
Alibaba Group Holding Ltd.2.5%
Galaxy Entertainment Group Ltd.2.4%
Tencent Holdings Ltd.2.3%
Just Eat plc2.3%
Portfolio holdings are subject to change.


Assets$1.8 B
Portfolio P/E Trailing 12 Months*29.3x
Portfolio Price to Cash Flow*20.6x
Portfolio Price to Book*4.5x
Median Market Capitalization*$12.5 B
Number of Holdings52
7-Year Beta* (A shares vs. MSCI AC World ex-U.S. Growth Index)0.91
Emerging Markets Exposure19.9%
Active Share* (vs. MSCI AC World ex-U.S. Growth Index)91.1%
* Source: FactSet


  • Consistent Growth31.0%
  • Growth Industry Leaders26.3%
  • Emerging Growth33.1%
  • Cash & Cash Equivalents9.6%
The percentages may not add up to 100 due to rounding.


  • Large Cap (> $12 B)62.5%
  • Mid Cap ($2.5 to $12 B)31.4%
  • Small Cap (< $2.5 B)6.1%
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.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Funds invested in a limited number of holdings may expose an investor to greater volatility.

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.