|International ADR Composite (Net)||-1.46%||-1.46%||13.17%||4.15%||4.83%||2.77%||8.08%|
|International ADR Composite (Gross)||-1.33%||-1.33%||13.75%||4.71%||5.42%||3.41%||8.76%|
|MSCI AC World ex-U.S. Index||-1.18%||-1.18%||16.53%||6.18%||5.89%||2.70%||7.92%|
|MSCI EAFE Index||-1.53%||-1.53%||14.80%||5.55%||6.50%||2.74%||7.35%|
Performance data for the International ADR Strategy is from the International ADR Composite, inception date of August 1, 2003. The International ADR Composite includes discretionary institutional and high net worth accounts that are not part of a broker-sponsored or wrap program. Effective January 1, 2014, the composite includes separately managed institutional and high net worth accounts. Prior to January 1, 2014, the composite also included broker-sponsored accounts that paid transaction costs. The composite was redefined to include broker-sponsored accounts in the same composite. Returns are calculated using a time-weighted and asset-weighted calculation including reinvestment of dividends and income. Returns are annualized for periods greater than one year. Individual account performance will vary. The performance data quoted represents past performance; it does not guarantee future results. Gross of fee returns are net of transaction costs. Net of fee returns are net of transaction costs and investment advisory fees. Thornburg Investment Management Inc.’s fee schedule is detailed in Part 2A of its ADV brochure. Performance results of the firm's clients will be reduced by the firm's management fees. For example, an account with a compounded annual total return of 10% would have increased by 159% over ten years. Assuming an annual management fee of .75%, this increase would be 142%.
The performance data quoted represents past performance; it does not guarantee future results.