TOP TEN COUNTRIES as of 6/30/2018

  • 1.China22.1%
  • 2.France14.3%
  • 3.Germany13.5%
  • 4.United Kingdom7.9%
  • 5.Switzerland7.0%
  • 6.Japan6.7%
  • 7.Netherlands6.4%
  • 8.Spain5.1%
  • 9.Italy4.4%
  • 10.United States3.7%
Holdings are classified by country of risk as determined by MSCI and Bloomberg.

SECTOR ALLOCATION as of 6/30/2018

  • Financials20.7%
  • Energy13.1%
  • Information Technology11.3%
  • Industrials10.2%
  • Consumer Staples8.9%
  • Consumer Discretionary7.6%
  • Utilities7.1%
  • Health Care6.4%
  • Telecommunication Services5.2%
  • Materials4.2%
  • Cash and Cash Equivalents5.3%


  • Energy13.1%
  • Banks9.7%
  • Insurance7.5%
  • Utilities7.1%
  • Food, Beverage & Tobacco7.1%
  • Capital Goods7.0%
  • Software & Services5.2%
  • Telecommunication Services5.2%
  • Semiconductors & Equipment4.3%
  • Materials4.2%

Top Ten Positions as of 5/31/2018

Electricite de France S.A.4.3%
UniCredit SpA4.0%
Canadian Pacific Railway Ltd.3.8%
China Petroleum & Chemical Corp.3.7%
SAP SE3.5%
Ping An Insurance Group Co. of China Ltd.3.5%
Credit Suisse Group AG3.4%
Royal Dutch Shell plc3.4%
Infineon Technologies AG3.3%
China Unicom Hong Kong Ltd.3.3%
Portfolio holdings are subject to change.


Assets$5.0 B
Portfolio P/E Trailing 12 Months*15.6x
Portfolio Price to Cash Flow*6.5x
Portfolio Price to Book*1.3x
Median Market Capitalization*$38.2 B
Number of Holdings43
7-Year Beta* (A shares vs. MSCI EAFE Index)0.94
7-Year Beta* (A shares vs. MSCI AC World ex-U.S. Index)0.92
Emerging Markets Exposure25.9%
Active Share* (vs. MSCI EAFE Index)92.0%
Active Share* (vs. MSCI AC World ex-U.S. Index)91.9%
* Source: FactSet


  • Basic Value54.1%
  • Consistent Earners27.5%
  • Emerging Franchises13.1%
  • Cash & Cash Equivalents5.3%
The percentages may not add up to 100 due to rounding.


  • Large Cap (> $12 B)94.9%
  • Mid Cap ($2.5 to $12 B)5.1%
  • Small Cap (< $2.5 B)0.0%
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.

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.