Thornburg International ADR Strategy

Top Ten Countries as of

  1. China
  2. France
  3. Switzerland
  4. Japan
  5. Germany
  6. United Kingdom
  7. Spain
  8. Canada
  9. Netherlands
  10. Hong Kong
Holdings are classified by country of risk as determined by MSCI and Bloomberg.

Sector Allocation as of

Communication Services
Consumer Discretionary
Information Technology
Consumer Staples
Health Care
Cash & Cash Equivalents

Selected Characteristics as of

Weighted Average Dividend Yield 1.8%
Weighted Average Forward Est. P/E 19.3x
Median Market Capitalization $39.7 B
Weighted Average Market Capitalization $85.0 B
Emerging Markets Exposure 15.2%
Active Share (vs. MSCI AC World ex-U.S. Index) 87.9%
Active Share (vs. MSCI EAFE Index) 87.2%


Ferrovial S.A. 3.3%
Alibaba Group Holding Ltd. 3.2%
Nintendo Co. Ltd. 3.2%
Safran S.A. 3.1%
Tencent Holdings Ltd. 3.1%
Canadian Pacific Railway Ltd. 3.0%
SAP SE 3.0%
ING Groep N.V. 2.9%
Iberdrola S.A. 2.9%
Ping An Insurance Group Co. of China Ltd. 2.7%

Portfolio Composition as of

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

Market Cap Breakout as of

Large Cap (> $12 B)
Mid Cap ($2.5 to $12 B)
Small Cap (< $2.5 B)
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.

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Please see our glossaryglossary ( for a definition of terms.

For United Kingdom: This communication is issued by Thornburg Investment Management Ltd. (“TIM Ltd.”) and approved by Robert Quinn Advisory LLP which is authorised and regulated by the UK Financial Conduct Authority (“FCA”). TIM Ltd. is an appointed representative of Robert Quinn Advisory LLP.

This material constitutes a financial promotion for the purposes of the Financial Services and Markets Act 2000 (the “Act”) and the handbook of rules and guidance issued from time to time by the FCA (the "FCA Rules"). This material is for information purposes only and does not constitute an offer to subscribe for or purchase any financial instrument. Thornburg Investment Management Ltd. ("TIM Ltd.") neither provides investment advice to, nor receives and transmits orders from, persons to whom this material is communicated nor does it carry on any other activities with or for such persons that constitute "MiFID or equivalent third country business" for the purposes of the FCA Rules. All information provided is not warranted as to completeness or accuracy and is subject to change without notice.

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