Unsubscribe

Confirm you would like to unsubscribe from this list

Don't save
Cancel

Remove strategy

Confirm you would like to remove this strategy from your list

Welcome to Thornburg

Please select your location and role to help personalize the site.
Please review our Terms & Conditions

For Institutional / Wholesale / Professional Clients

The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.

TERMS AND CONDITIONS OF USE

Please read the information below. By accessing this web site of Thornburg Investment Management, Inc. ("Thornburg" or "we"), you acknowledge that you understand and accept the following terms and conditions of use.

Disclaimers

Products or services mentioned on this site are subject to legal and regulatory requirements in applicable jurisdictions and may not be licensed or available in all jurisdictions and there may be restrictions or limitations to whom this information may be made available. Unless otherwise indicated, no regulator or government authority has reviewed the information or the merits of the products and services referenced herein. Past performance is not a reliable indicator of future performance. Investments carry risks, including possible loss of principal.

Reference to a fund or security anywhere on this website is not a recommendation to buy, sell or hold that or any other security. The information is not a complete analysis of every material fact concerning any market, industry, or investment, nor is it intended to predict the performance of any investment or market.

All opinions and estimates included on this website constitute judgements of Thornburg as at the date of this website and are subject to change without notice.

All information and contents of this website are furnished "as is." Data has been obtained from sources considered reliable, but Thornburg makes no representation as to the completeness or accuracy of such information and has no obligation to provide updates or changes. Thornburg disclaims, to the fullest extent of the law, any implied or express warranty of any kind, including without limitation the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

If you live in a state that does not allow disclaimers of implied warranties, our disclaimer may not apply to you.

Although Thornburg intends the information contained in this website to be accurate and reliable, errors sometimes occur. Thornburg does not warrant that the information to be free of errors, that the functions contained in the site will be uninterrupted, that defects will be corrected or that the site and servers are free from viruses or other harmful components. You agree that you are responsible for the means you use to access this website and understand that your hardware, software, the Internet, your Internet service provider, and other third parties involved in connecting you to our website may not perform as intended or desired. We also disclaim responsibility for damages third parties may cause to you through the use of this website, whether intentional or unintentional. For example, you understand that hackers could breach our security procedures, and that we will not be responsible for any related damages.

Thornburg Investment Management, Inc. is regulated by the U.S. Securities and Exchange under U.S. laws which may differ materially from laws in other jurisdictions.

Online Privacy and Cookie Policy

Please review our Online Privacy and Cookie Policy, which is hereby incorporated by reference as part of these terms and conditions.

Third Party Content

Certain website's content has been obtained from sources that Thornburg believes to be reliable as of the date presented but Thornburg cannot guarantee the accuracy, timeliness, completeness, or suitability for use of such content. The content does not take into account individual investor's circumstances, objectives or needs. The content is not intended as an offer or solicitation with respect to the purchase or sale of any security or other financial instrument or any investment management services, nor does it constitute investment advice and should not be used as the basis for any investment decision.

Suitability

No determination has been made regarding the suitability of any securities, financial instruments or strategies for any investor. The website's content is provided on the basis and subject to the explanations, caveats and warnings set out in this notice and elsewhere herein. The website's content does not purport to provide any legal, tax or accounting advice. Any discussion of risk management is intended to describe Thornburg's efforts to monitor and manage risk but does not imply low risk.

Limited License and Restrictions on Use

Except as otherwise stated in these terms of use or as expressly authorized by Thornburg in writing, you may not:

  • Modify, copy, distribute, transmit, post, display, perform, reproduce, publish, broadcast, license, create derivative works from, transfer, sell, or exploit any reports, data, information, content, software, RSS and podcast feeds, products, services, or other materials (collectively, "Materials") on, generated by or obtained from this website, whether through links or otherwise;
  • Redeliver any page, text, image or Materials on this website using "framing" or other technology;
  • Engage in any conduct that could damage, disable, or overburden (i) this website, (ii) any Materials or services provided through this website, or (iii) any systems, networks, servers, or accounts related to this website, including without limitation, using devices or software that provide repeated automated access to this website, other than those made generally available by Thornburg;
  • Probe, scan, or test the vulnerability of any Materials, services, systems, networks, servers, or accounts related to this website or attempt to gain unauthorized access to Materials, services, systems, networks, servers, or accounts connected or associated with this website through hacking, password or data mining, or any other means of circumventing any access-limiting, user authentication or security device of any Materials, services, systems, networks, servers, or accounts related to this website; or
  • Modify, copy, obscure, remove or display the Thornburg name, logo, trademarks, notices or images without Thornburg's express written permission. To obtain such permission, you may e-mail us at info@thornburg.com.

Severability, Governing Law

Failure by Thornburg to enforce any provision(s) of these terms and conditions shall not be construed as a waiver of any provision or right. This website is controlled and operated by Thornburg from its offices in Santa Fe, New Mexico. The laws of the State of New Mexico govern these terms and conditions. If you take legal action relating to these terms and conditions, you agree to file such action only in state or federal court in New Mexico and you consent and submit to the personal jurisdiction of those courts for the purposes of litigating any such action.

Termination

You acknowledge and agree that Thornburg may restrict, suspend or terminate these terms and conditions or your access to, and use, of the all or any part this website, including any links to third-party sites, at any time, with or without cause, including but not limited to any breach of these terms and conditions, in Thornburg's absolute discretion and without prior notice or liability.

Decline
Give Us a Call

Fund Operations
800.847.0200

FIND ANOTHER CONTACT

Thornburg International ADR Strategy

Strategy Overview
The International ADR Strategy employs a rigorous bottom-up research process to identify promising stocks of primarily non-U.S. companies in both developed and emerging markets with sound business fundamentals trading below intrinsic value. The concentrated core portfolio typically holds 45 to 70 mostly large cap stocks diversified by sector, industry and geography. Our three-basket approach with portfolio construction to achieve style diversification in an attempt to reduce volatility and deliver superior risk-adjusted returns across the market cycle.
Strategy Inception Date
1 Aug 2003

Portfolio Managers

Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Strategy?

 

  • Focused, diversified international equity portfolio to include promising companies from both developed and emerging markets outside the U.S.
  • Rigorous, fundamental research process focused on buying sustainable businesses with sound business fundamentals trading at a discount to intrinsic value and with a defined path to success.
  • Three-basket portfolio construction process that seeks to provide style diversification, reduce volatility and deliver superior risk-adjusted performance over a full market cycle.
Performance

Performance

Returns

(As of 31 Dec 2023)
YTD
1y
3y
5y
10y
Inception
Thornburg International ADR Strategy - Gross (%)
15.88
15.88
0.03
9.68
3.43
7.33
Thornburg International ADR Strategy - Net (%)
15.33
15.33
-0.47
9.16
2.90
6.70
MSCI ACWI ex US NTR (%)
15.62
15.62
1.55
7.08
3.83
6.68
MSCI EAFE NTR (%)
18.24
18.24
4.02
8.16
4.28
6.57
YTD
1y
3y
5y
10y
Inception
Thornburg International ADR Strategy - Gross (%)
2.97
14.82
-0.19
7.49
3.79
7.42
Thornburg International ADR Strategy - Net (%)
2.84
14.26
-0.69
6.97
3.25
6.79
MSCI ACWI ex US NTR (%)
1.51
12.51
1.32
5.44
3.96
6.70
MSCI EAFE NTR (%)
2.42
14.41
4.45
6.77
4.39
6.64
2018
2019
2020
2021
2022
2023
Thornburg International ADR Strategy - Gross (%)
-23.13
29.91
22.08
6.62
-18.99
15.88
Thornburg International ADR Strategy - Net (%)
-23.51
29.33
21.51
6.10
-19.41
15.33
MSCI EAFE NTR (%)
-13.79
22.01
7.82
11.26
-14.45
18.24
MSCI ACWI ex US NTR (%)
-14.20
21.51
10.65
7.87
-15.88
15.62
Strategy Facts

Strategy Facts

(As of 29 Feb 2024)
Strategy Assets
$453.9 M*
Benchmark
MSCI ACWI ex US NTR
Number of Holdings
51
Portfolio Turnover
33%
eVestment Category
ACWI ex-US Large Cap Core Equity
Characteristics

Characteristics

Portfolio

(As of 29 Feb 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$162.7 B
$98.8 B
Median Market Cap
$74.9 B
$8.7 B
Price to Earnings - Forward 1YR
15.2x
13.8x
Price to Earnings - Trailing 12 Months
16.5x
14.4x
Price to Cash Flow
9.2x
7.6x
Portfolio
Benchmark
Price to Book Value
2.1x
1.7x
Return on Assets - 5 YR
6.3%
7.2%
Return on Equity - 5 YR
15.2%
16.0%
Historical 3YR Sales Growth
12.8%
16.1%
Active Share
84.0%
Portfolio

Portfolio

Top Holdings

(As of 31 Dec 2023)
Name
Ticker/Symbol
Sector
Weight %
TotalEnergies SE
TTE
Energy
3.9
NN Group N.V.
NNGRY
Financials
3.3
Linde plc
LIN
Materials
3.2
Canadian Pacific Kansas City Ltd.
CP
Industrials
3.2
Roche Holding AG
RHHBY
Health Care
3.1
ABB Ltd.
ABBNY
Industrials
3.0
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
2.9
Schneider Electric SE
SBGSY
Industrials
2.9
Tencent Holdings Ltd.
TCEHY
Communication Services
2.8
Safran S.A.
SAFRY
Industrials
2.7
Exposure Breakdown

Exposure Breakdown

(As of 29 Feb 2024)
Sector Allocation
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
19.7
13.8
Financials
15.9
21.3
Consumer Staples
10.1
7.6
Communication Services
8.1
5.2
Utilities
7.8
3.0
Information Technology
7.4
13.1
Health Care
7.3
9.3
Consumer Discretionary
6.7
11.9
Cash & Cash Equivalents
6.3
Materials
6.0
7.3
Energy
4.9
5.5
Real Estate
0.0
2.0
Sector Allocation
Portfolio (%)
Industrials
19.7
Financials
15.9
Consumer Staples
10.1
Communication Services
8.1
Utilities
7.8
Information Technology
7.4
Health Care
7.3
Consumer Discretionary
6.7
Cash & Cash Equivalents
6.3
Materials
6.0
Energy
4.9
Real Estate
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Capital Goods
15.2
9.8
Utilities
7.8
3.0
Insurance
6.9
4.7
Materials
6.0
7.3
Banks
5.7
12.9
Semiconductors & Semiconductor Equipment
5.4
5.9
Pharmaceuticals, Biotechnology & Life Sciences
5.1
7.4
Energy
4.9
5.5
Media & Entertainment
4.8
2.5
Consumer Staples Distribution & Retail
4.2
1.5
Top 10 Industries
Portfolio (%)
Capital Goods
15.2
Utilities
7.8
Insurance
6.9
Materials
6.0
Banks
5.7
Semiconductors & Semiconductor Equipment
5.4
Pharmaceuticals, Biotechnology & Life Sciences
5.1
Energy
4.9
Media & Entertainment
4.8
Consumer Staples Distribution & Retail
4.2
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
France
20.2
7.8
Europe ex UK
Japan
12.1
15.3
Japan
Switzerland
9.5
6.2
Europe ex UK
Germany
7.1
5.6
Europe ex UK
United States
6.5
0.2
North America
Hong Kong
6.0
1.3
Asia Pacific ex Japan
United Kingdom
5.8
9.3
UK
Netherlands
5.8
3.3
Europe ex UK
China
5.1
7.1
Asia Pacific ex Japan
Italy
3.8
1.5
Europe ex UK
Top 10 Countries
Portfolio (%)
France
20.2
Japan
12.1
Switzerland
9.5
Germany
7.1
United States
6.5
Hong Kong
6.0
United Kingdom
5.8
Netherlands
5.8
China
5.1
Italy
3.8
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
99.4
83.6
Mid Cap ($2.5 to $12 B)
0.6
16.1
Small Cap (< $2.5 B)
0.0
0.2
Capitalization
Portfolio (%)
Large Cap (> $12 B)
99.4
Mid Cap ($2.5 to $12 B)
0.6
Small Cap (< $2.5 B)
0.0
Portfolio Managers

Portfolio Managers

Lei Wang, CFA

Lei Wang, CFA

Portfolio Manager and Managing Director
Lei Wang is portfolio manager for Thornburg Investment Management. He joined Thornburg Investment Management in 2004 as associate portfolio ­manager and was promoted to portfolio manager in 2006. Lei holds a BA and an MA from East China Normal University and an MBA from New York University. He is a CFA charterholder. Prior to joining Thornburg, he served as an…
Learn More
Matt Burdett

Matt Burdett

Portfolio Manager and Managing Director
Matt Burdett is portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager and was promoted to portfolio manager in 2018. Matt spent several years as a senior vice president and portfolio manager at PIMCO, where he co-managed various dividend-oriented strategies. Prior to his time at PIMCO, Matt worked as an equity analyst…
Learn More

Literature

More Insights

Man pondering pending events

How to Position Bond Portfolios As the Fed Ponders the Pivot

Help clients move out of cash as we discuss the March Federal Reserve announcement, unpack existing fixed income opportunities across rates and credit, and provide ammunition for why investing ahead of rate cuts add value for clients.
The Indian flag overlays some cash bills from India
Emerging Markets

Spotlight on India: High Valuations and Other Risks to Watch

Portfolio Manager Josh Rubin reviews risks associated with investing in India, such as valuation disconnects, currency fragility and the urban/rural imbalance.
Women cheering with jerseys on in a crowd
Advising Clients

March Is Women’s History Month. It’s Time to Celebrate the Ladies.

It's Women's History Month let's celebrate women's historic successes and acknowledge the history they're making today.
Businessman on a call walks along a ridge in front of the Taj Mahal.
Emerging Markets

Spotlight on India: Opportunities Abound, but Valuations Are High

Portfolio Manager Josh Rubin believes high valuations favor attractive “derivative” opportunities in specific sectors such as housing, health care and financials.
View from the ground looking up at office buildings
Fixed Income

Considering Private Credit? The Value of a “Cross-Silo” Approach

Private credit can add value to an overall portfolio, but allocators may find more opportunities by breaking down the credit market’s traditional investment silos.
Prominent building in Mexico
Emerging Markets

Spotlight on India: Changing Demographics and Political Stability

Portfolio Manager Josh Rubin thinks demographics and stable economic policies are essential starting points when analyzing Indian equities.
Feedback