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Thornburg International Growth ADR Strategy

Strategy Overview
The International Growth ADR Strategy uses a rigorous bottom-up research process to identify primarily non-U.S. companies with robust, high-quality business models and durable growth prospects to drive strong risk-adjusted returns over time. High conviction and benchmark-agnostic, the strategy pursues growth prospects across geographies, market caps and sectors to uncover the most attractive opportunities. Our three-basket portfolio construction process enhances diversification and balances risk exposures.
Strategy Inception Date
1 May 2010

Portfolio Managers

Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Strategy?

 

  • Focused, diversified equity portfolio that invests in high-quality companies with sustainable competitive advantage and durable growth prospects. The strategy invests primarily in large and mid-capitalization companies in developed and emerging markets outside the U.S.
  • Rigorous bottom-up fundamental research process focused on uncovering promising growth companies with sound business fundamentals and trading at a discount to their long-term value.
  • Three-basket portfolio construction process seeks to provide diversification, reduce volatility and deliver superior risk-adjusted performance over time.
Performance

Performance

Returns

(As of 31 Dec 2023)
YTD
1y
3y
5y
10y
Inception
Thornburg International Growth ADR Strategy - Gross (%)
18.82
18.82
-5.20
8.00
3.80
7.68
Thornburg International Growth ADR Strategy - Net (%)
15.40
15.40
-7.99
4.86
0.78
4.55
MSCI ACWI ex US Growth NTR (%)
14.03
14.03
-2.67
7.49
4.55
5.34
YTD
1y
3y
5y
10y
Inception
Thornburg International Growth ADR Strategy - Gross (%)
6.55
18.77
-3.33
6.98
4.54
8.08
Thornburg International Growth ADR Strategy - Net (%)
6.05
15.35
-6.16
3.87
1.50
4.93
MSCI ACWI ex US Growth NTR (%)
3.03
13.17
-1.77
5.99
4.84
5.50
2018
2019
2020
2021
2022
2023
Thornburg International Growth ADR Strategy - Gross (%)
-17.88
26.40
36.46
-3.53
-25.67
18.82
Thornburg International Growth ADR Strategy - Net (%)
-20.32
22.78
32.57
-6.35
-27.90
15.40
MSCI ACWI ex US Growth NTR (%)
-14.43
27.34
22.20
5.09
-23.05
14.03
Strategy Facts

Strategy Facts

(As of 29 Feb 2024)
Strategy Assets
$714.9 M*
Benchmark
MSCI ACWI ex US Growth NTR
Number of Holdings
51
Portfolio Turnover
44%
eVestment Category
SMA/Wrap - Non-US Diversified Equity
Characteristics

Characteristics

Portfolio

(As of 29 Feb 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$186.7 B
$127.7 B
Median Market Cap
$42.4 B
$8.4 B
Price to Earnings - Forward 1YR
26.0x
21.0x
Price to Earnings - Trailing 12 Months
28.2x
22.7x
Price to Cash Flow
20.5x
15.0x
Portfolio
Benchmark
Price to Book Value
5.5x
3.3x
Return on Assets - 5 YR
12.0%
9.5%
Return on Equity - 5 YR
27.4%
19.4%
Historical 3YR Sales Growth
19.3%
18.5%
Active Share
75.1%
Portfolio

Portfolio

Top Holdings

(As of 31 Jan 2024)
Name
Ticker/Symbol
Sector
Weight %
Novo Nordisk A/S
NVO
Health Care
5.8
ASML Holding N.V.
ASML
Information Technology
5.5
Nestle S.A.
NSRGY
Consumer Staples
5.3
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
4.2
AstraZeneca plc
AZN
Health Care
3.4
Mastercard, Inc.
MA
Financials
3.0
Beiersdorf AG
BDRFY
Consumer Staples
2.8
Ferrari N.V.
RACE
Consumer Discretionary
2.6
Keyence Corp.
KYCCF
Information Technology
2.6
LVMH Moet Hennessy Louis Vuitton SE
LVMUY
Consumer Discretionary
2.4
Exposure Breakdown

Exposure Breakdown

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

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
25.8
19.9
Health Care
17.8
11.4
Financials
13.7
12.0
Consumer Staples
11.9
10.4
Consumer Discretionary
11.5
14.7
Industrials
5.2
16.4
Cash & Cash Equivalents
4.4
Materials
4.3
6.4
Communication Services
4.0
5.8
Energy
1.4
1.7
Real Estate
0.0
0.6
Utilities
0.0
0.8
Sector Allocation
Portfolio (%)
Information Technology
25.8
Health Care
17.8
Financials
13.7
Consumer Staples
11.9
Consumer Discretionary
11.5
Industrials
5.2
Cash & Cash Equivalents
4.4
Materials
4.3
Communication Services
4.0
Energy
1.4
Real Estate
0.0
Utilities
0.0
Top 10 Industries
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
5%
10%
15%
20%
Semiconductors & Semiconductor Equipment
18.2
10.4
Pharmaceuticals, Biotechnology & Life Sciences
15.9
8.5
Financial Services
10.8
4.0
Food, Beverage & Tobacco
6.8
5.7
Software & Services
5.4
5.6
Household & Personal Products
4.7
2.4
Materials
4.3
6.4
Media & Entertainment
4.0
4.2
Consumer Durables & Apparel
3.9
5.5
Consumer Discretionary Distribution & Retail
3.6
3.4
Top 10 Industries
Portfolio (%)
Semiconductors & Semiconductor Equipment
18.2
Pharmaceuticals, Biotechnology & Life Sciences
15.9
Financial Services
10.8
Food, Beverage & Tobacco
6.8
Software & Services
5.4
Household & Personal Products
4.7
Materials
4.3
Media & Entertainment
4.0
Consumer Durables & Apparel
3.9
Consumer Discretionary Distribution & Retail
3.6
Top 10 Countries
Portfolio (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
United States
17.4
North America
Japan
10.4
15.0
Japan
Netherlands
9.2
4.6
Europe ex UK
United Kingdom
9.1
8.3
UK
France
8.4
8.8
Europe ex UK
Switzerland
7.9
6.6
Europe ex UK
Denmark
5.8
4.0
Europe ex UK
Taiwan
4.5
5.3
Asia Pacific ex Japan
Germany
4.5
4.8
Europe ex UK
Italy
3.9
1.0
Europe ex UK
Top 10 Countries
Portfolio (%)
United States
17.4
Japan
10.4
Netherlands
9.2
United Kingdom
9.1
France
8.4
Switzerland
7.9
Denmark
5.8
Taiwan
4.5
Germany
4.5
Italy
3.9
Capitalization
Portfolio (%)
Benchmark (%)

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
90.5
85.9
Mid Cap ($2.5 to $12 B)
8.3
13.9
Small Cap (< $2.5 B)
1.2
0.2
Capitalization
Portfolio (%)
Large Cap (> $12 B)
90.5
Mid Cap ($2.5 to $12 B)
8.3
Small Cap (< $2.5 B)
1.2
Portfolio Managers

Portfolio Managers

Sean Koung Sun, CFA

Sean Koung Sun, CFA

Portfolio Manager and Managing Director
Sean Sun is portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as an equity research analyst and was promoted to associate portfolio manager in 2015 and portfolio manager in 2017. Sean holds an MBA with concentrations in finance and entrepreneurship from the University of Chicago Booth School of Business and a BA in economics from the…
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Nicholas Anderson, CFA

Nicholas Anderson, CFA

Portfolio Manager and Managing Director
Nicholas Anderson is a portfolio manager for Thornburg Investment Management. He joined the firm in 2016 as an equity research analyst, was promoted to senior equity research analyst in 2020, an associate portfolio manager in early 2021, and portfolio manager in late 2021. Nick holds an MBA with honors from the University of Chicago Booth School of Business and a…
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Emily Leveille, CFA

Emily Leveille, CFA

Portfolio Manager and Managing Director
Emily Leveille is a portfolio manager for Thornburg Investment Management. She joined the firm in 2021. Prior to Thornburg, Emily was with Nordea Asset Management in Copenhagen, Denmark, where she was a portfolio manager for emerging market growth strategies after initially joining as an analyst responsible for investments in Latin America. Before Nordea, Emily was an analyst with Ashmore Group…
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Literature

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International Equities

A New Era of Navigating Geopolitical Shocks and Risks

Portfolio Manager Joe Salmond points out that staying invested and diversified might feel painful during times of turbulence, but it is more important than ever.
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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.
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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.
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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.
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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.
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Global Equity

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.