Thornburg International ADR Strategy

Top Ten Countries as of

  1. Japan
    16.5%
  2. China
    14.8%
  3. Germany
    14.3%
  4. France
    12.1%
  5. Spain
    7.9%
  6. United Kingdom
    7.3%
  7. Canada
    5.1%
  8. Netherlands
    5.0%
  9. Switzerland
    4.6%
  10. Hong Kong
    2.9%
Holdings are classified by country of risk as determined by MSCI and Bloomberg.

Sector Allocation as of

Industrials
18.4%
Financials
16.1%
Communication Services
13.9%
Information Technology
10.1%
Consumer Discretionary
9.9%
Consumer Staples
7.5%
Materials
6.1%
Health Care
4.7%
Utilities
4.3%
Energy
3.5%
Cash & Cash Equivalents
5.5%

Selected Characteristics as of

Weighted Average Dividend Yield 1.9%
Weighted Average Forward Est. P/E 16.9x
Median Market Capitalization $32.1 B
Weighted Average Market Capitalization $73.0 B
Emerging Markets Exposure 14.8%
Active Share (vs. MSCI EAFE Index) 90.7%
Active Share (vs. MSCI AC World ex-U.S. Index) 90.6%

TEN LARGEST HOLDINGS as of

% OF PORTFOLIO
Ping An Insurance Group Co. of China Ltd. 4.0%
Canadian Pacific Railway Ltd. 3.3%
Tencent Holdings Ltd. 3.0%
Shin-Etsu Chemical Co. Ltd. 3.0%
Iberdrola S.A. 3.0%
ING Groep N.V. 3.0%
SAP SE 3.0%
Ferrovial S.A. 2.9%
SoftBank Group Corp. 2.8%
Hong Kong Exchanges & Clearing Ltd. 2.8%

Portfolio Composition as of

Basic Value
31.5%
Consistent Earners
38.3%
Emerging Franchises
24.7%
Cash & Cash Equivalents
5.5%
The percentages may not add up to 100 due to rounding.

Market Cap Breakout as of

Large Cap (> $12 B)
88.7%
Mid Cap ($2.5 to $12 B)
11.3%
Small Cap (< $2.5 B)
0.0%
The percentages may not add up to 100 due to rounding.

Important Information

Investments in the Strategy carry risks, including possible loss of principal. Special 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 capitalization companies may increase the risk of greater price fluctuations. Carefully consider the Strategy’s investment objectives, risks, fees and expenses before investing. There is no guarantee that the Strategy will meet its investment objectives.

The information provided herein should not be considered a recommendation to purchase or sell any particular security. There is no assurance that any securities discussed herein will remain in an account's portfolio at the time you receive this report or that securities sold have not been repurchased. The securities discussed may not represent an account's entire portfolio and in the aggregate may represent only a small percentage of an account's portfolio holdings. It should not be assumed that any of the securities transactions or holdings discussed were or will prove to be profitable, or that the investment recommendations or decisions we make in the future will be profitable or will equal the investment performance of the securities discussed herein.

Weight percentages are of the total portfolio unless otherwise noted.

Portfolio characteristics are derived using currently available data from independent research resources that are believed to be accurate. Portfolio attributes can and do vary.

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

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

Portfolio construction will have significant differences from that of a benchmark index in terms of security holdings, industry weightings, asset allocations and number of positions held, all of which may contribute to performance, characteristics and volatility differences. Investors may not make direct investments into any index.

Valuations are computed and reported in U.S. dollars.

Source: Advent/APX, FactSet, APL, Vestmark, and Thornburg.

View the International ADR Composite GIPS compliant presentation.

To receive a complete list and description of Thornburg Investment Management's composites, please contact the Business Development Group at bdg@thornburg.com

Please see our glossary for a definition of terms.

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