Thornburg International Equity Fund (UCITS)

SYMBOL: TBGXUSI ID

Morningstar Rating • Info

Overall Morningstar Rating among 5201 EAA Fund Global Large-Cap Blend Equity funds, based on risk-adjusted returns for class I Acc shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 5 stars, 3 stars and 3 stars among 5201, 3977 and 2113 funds, as of 31 Oct 2025.

As of 31 Oct 2025

Fund Assets

$32.4 M

As of 31 Oct 2025

NAV

$28.22

As of 25 Nov 2025

Change

$0.27

As of 25 Nov 2025

YTD NAV Performance

31.38%

As of 25 Nov 2025

Asset Category:

International Equity

Fund Benchmark:

MSCI ACWI ex-U.S. Index

Portfolio Managers

Lei Wang, CFA

Portfolio Manager and Managing Director

Matt Burdett

Head of Equities and Managing Director

Overview Fund Facts Performance Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

Focused exposure to promising global ex-U.S. companies – Invests in a thoughtfully selected set of businesses, primarily in developed markets outside the U.S., offering distinct international diversification and return potential.
Thorough fundamental research and disciplined valuation at its core – Employs a rigorous bottom-up research process to identify sustainable, high-quality companies trading below intrinsic value with a clear path to long-term value creation.
Diversified portfolio construction– Invests across three types of stocks—basic value, consistent earners, and emerging franchises—to balance styles, reduce volatility, and enhance risk-adjusted returns.

Investment Objective

The fund’s goal is to provide investors with long-term capital appreciation by investing in equity and debt securities of all types.

Investment Approach

The fund combines deep bottom-up research with a flexible, three-basket framework to build a balanced portfolio of global ex-U.S. companies. This approach enables thoughtful style diversification, active risk management, and consistent alignment with long-term fundamentals.

Returns

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
2015,4.5,-5.7,-0.8
2016,-3.1,4.5,1.0
2017,24.7,27.2,25.0
2018,-21.6,-14.2,-13.8
2019,29.6,21.5,22.0
2020,28.3,10.7,7.8
2021,9.8,7.8,11.3
2022,-16.6,-16.0,-14.5
2023,15.7,15.6,18.2
2024,11.2,5.5,3.8

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

Total Return (%)

4.51

-3.11

24.69

-21.59

29.63

28.27

9.76

-16.63

15.70

11.24

MSCI ACWI ex-U.S. Index (%)

-5.66

4.50

27.19

-14.20

21.51

10.65

7.82

-16.00

15.62

5.53

MSCI EAFE Index (%)

-0.81

1.00

25.03

-13.79

22.01

7.82

11.26

-14.45

18.24

3.82

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,30.7,26.0,25.1
1y,20.7,16.5,15.0
3y,25.8,20.7,21.7
5y,12.1,10.3,11.2
10y,9.6,8.2,8.2
Inception,8.0,6.5,7.2

YTD

10y

Inception

Total Return (%)

30.73

20.72

25.81

12.06

9.62

7.95

MSCI ACWI ex-U.S. Index (%)

26.02

16.45

20.67

10.26

8.23

6.51

MSCI EAFE Index (%)

25.14

14.99

21.70

11.15

8.17

7.23

Morningstar Category Avg. (%)

16.41

20.11

10.92

9.59

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

6641

5201

3977

2113

—

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,32.1,28.6,26.6
1y,28.1,24.9,23.0
3y,25.3,20.3,20.1
5y,12.6,11.2,12.3
10y,9.1,7.7,7.5
Inception,8.0,6.6,7.3

YTD

10y

Inception

Total Return (%)

32.08

28.14

25.30

12.59

9.08

7.98

MSCI ACWI ex-U.S. Index (%)

28.57

24.93

20.29

11.18

7.67

6.63

MSCI EAFE Index (%)

26.61

23.03

20.06

12.33

7.48

7.27

Morningstar Category Avg. (%)

18.2

17.98

18.55

11.88

8.93

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

6641

5201

3977

2113

—

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,30.7,26.0,25.1
1y,20.7,16.5,15.0
3y,99.2,75.7,80.3
5y,76.7,63.0,69.7
10y,150.5,120.5,119.3
Inception,180.8,134.5,156.7

YTD

10y

Inception

Total Return (%)

30.73

20.72

99.15

76.72

150.49

180.80

MSCI ACWI ex-U.S. Index (%)

26.02

16.45

75.73

62.95

120.47

134.50

MSCI EAFE Index (%)

25.14

14.99

80.26

69.68

119.28

156.65

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,32.1,28.6,26.6
1y,28.1,24.9,23.0
3y,96.7,74.1,73.1
5y,80.9,69.9,78.8
10y,138.4,109.3,105.8
Inception,183.7,139.2,159.7

YTD

10y

Inception

Total Return (%)

32.08

28.14

96.74

80.93

138.40

183.70

MSCI ACWI ex-U.S. Index (%)

28.57

24.93

74.08

69.90

109.34

139.24

MSCI EAFE Index (%)

26.61

23.03

73.07

78.82

105.78

159.67

Source: Confluence

Periods less than one year are not annualized.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.

Performance data shown does not reflect the deduction of any applicable sales charges, including initial sales charges or contingent deferred sales charges (CDSCS).

Morningstar quartile ranking for EAA Fund Global Large-Cap Blend Equity category is based on total returns before sales charges.

Share class inception dates: A Acc and I Acc shares, 30 Mar 2012; N Acc shares 03 Jan 2024; X Acc shares 04 Aug 2021.

Click here for PRIIPS Performance Risk Scenario information.

Effective 30 September 2024, the Fund no longer lists the MSCI EAFE Index as a secondary benchmark. The Index performance data will be available as a reference until 30 September 2025.

Hypothetical Growth of $10,000

            Categories,I Shares,MSCI EAFE Index
            2012-03-30,10000,10000
2012-03-31,10000,10000
2012-04-30,9940,9804
2012-05-31,8960,8679
2012-06-30,9310,9287
2012-07-31,9520,9392
2012-08-31,9580,9645
2012-09-30,9820,9930
2012-10-31,9920,10013
2012-11-30,10090,10255
2012-12-31,10360,10582
2013-01-31,10790,11141
2013-02-28,10540,11035
2013-03-31,10560,11125
2013-04-30,10800,11705
2013-05-31,10770,11423
2013-06-30,10310,11017
2013-07-31,10820,11598
2013-08-31,10620,11445
2013-09-30,11290,12291
2013-10-31,11390,12704
2013-11-30,11620,12801
2013-12-31,11750,12993
2014-01-31,11020,12470
2014-02-28,11440,13163
2014-03-31,11270,13079
2014-04-30,11320,13268
2014-05-31,11500,13484
2014-06-30,11600,13614
2014-07-31,11310,13346
2014-08-31,11410,13326
2014-09-30,11310,12814
2014-10-31,11230,12628
2014-11-30,11510,12799
2014-12-31,11080,12356
2015-01-31,11240,12416
2015-02-28,11850,13159
2015-03-31,11780,12959
2015-04-30,12550,13488
2015-05-31,12630,13419
2015-06-30,12270,13039
2015-07-31,12590,13309
2015-08-31,11700,12330
2015-09-30,11210,11704
2015-10-31,11900,12619
2015-11-30,11730,12423
2015-12-31,11580,12255
2016-01-31,10640,11369
2016-02-29,10390,11161
2016-03-31,11000,11887
2016-04-30,11270,12231
2016-05-31,11180,12120
2016-06-30,10690,11713
2016-07-31,11140,12307
2016-08-31,11280,12316
2016-09-30,11390,12467
2016-10-31,11250,12212
2016-11-30,10990,11969
2016-12-31,11220,12378
2017-01-31,11450,12737
2017-02-28,11440,12919
2017-03-31,12020,13275
2017-04-30,12460,13613
2017-05-31,12880,14112
2017-06-30,13130,14087
2017-07-31,13540,14494
2017-08-31,13300,14488
2017-09-30,13600,14849
2017-10-31,13670,15074
2017-11-30,13840,15232
2017-12-31,13990,15477
2018-01-31,14910,16253
2018-02-28,14120,15519
2018-03-31,13610,15240
2018-04-30,13620,15588
2018-05-31,13320,15237
2018-06-30,12900,15051
2018-07-31,13170,15422
2018-08-31,12780,15124
2018-09-30,12720,15255
2018-10-31,11550,14041
2018-11-30,11770,14023
2018-12-31,10970,13342
2019-01-31,11950,14219
2019-02-28,12380,14582
2019-03-31,12680,14674
2019-04-30,13400,15086
2019-05-31,12530,14362
2019-06-30,13270,15214
2019-07-31,13200,15021
2019-08-31,12870,14631
2019-09-30,13020,15051
2019-10-31,13470,15591
2019-11-30,13710,15767
2019-12-31,14220,16280
2020-01-31,14060,15940
2020-02-29,13160,14499
2020-03-31,11630,12564
2020-04-30,12280,13375
2020-05-31,13040,13958
2020-06-30,13760,14433
2020-07-31,14660,14769
2020-08-31,15610,15529
2020-09-30,15890,15125
2020-10-31,15680,14521
2020-11-30,17530,16772
2020-12-31,18240,17552
2021-01-31,18500,17365
2021-02-28,18860,17755
2021-03-31,18960,18163
2021-04-30,19510,18709
2021-05-31,20340,19319
2021-06-30,19850,19102
2021-07-31,19420,19246
2021-08-31,19750,19585
2021-09-30,19310,19017
2021-10-31,19950,19485
2021-11-30,19420,18578
2021-12-31,20020,19529
2022-01-31,19190,18585
2022-02-28,18200,18257
2022-03-31,18020,18374
2022-04-30,16890,17185
2022-05-31,17060,17314
2022-06-30,15810,15708
2022-07-31,16400,16490
2022-08-31,15630,15707
2022-09-30,14100,14238
2022-10-31,14420,15003
2022-11-30,16590,16693
2022-12-31,16690,16707
2023-01-31,18230,18060
2023-02-28,17400,17683
2023-03-31,18090,18121
2023-04-30,18440,18633
2023-05-31,17830,17844
2023-06-30,18590,18656
2023-07-31,19270,19260
2023-08-31,18600,18522
2023-09-30,17810,17889
2023-10-31,17410,17164
2023-11-30,18660,18757
2023-12-31,19310,19754
2024-01-31,19300,19867
2024-02-29,19920,20231
2024-03-31,20720,20896
2024-04-30,20480,20361
2024-05-31,21510,21150
2024-06-30,21380,20809
2024-07-31,22070,21419
2024-08-31,22620,22115
2024-09-30,23260,22320
2024-10-31,22140,21106
2024-11-30,21930,20986
2024-12-31,21480,20509
2025-01-31,22550,21587
2025-02-28,22910,22005
2025-03-31,23540,21917
2025-04-30,24410,22920
2025-05-31,25780,23969
2025-06-30,26470,24497
2025-07-31,26450,24153
2025-08-31,27180,25183
2025-09-30,28080,25665
2025-10-31,28370,25967

Hypothetical Growth of $10,000

(As of 31 Oct 2025)

(Hypothetical Growth of $10,000 vs MSCI EAFE Index)

                        Categories,I Shares,MSCI EAFE Index
                        2024-10-31,10000,10000
2024-11-30,9905,9943
2024-12-31,9702,9717
2025-01-31,10185,10108
2025-02-28,10348,10426
2025-03-31,10632,10384
2025-04-30,11025,10860
2025-05-31,11644,11357
2025-06-30,11956,11607
2025-07-31,11947,11444
2025-08-31,12276,11932
2025-09-30,12683,12160
2025-10-31,12814,12303

                        Categories,I Shares,MSCI EAFE Index
                        2022-10-31,10000,10000
2022-11-30,11505,11126
2022-12-31,11574,11097
2023-01-31,12642,11997
2023-02-28,12067,11786
2023-03-31,12545,12078
2023-04-30,12788,12065
2023-05-31,12365,11626
2023-06-30,12892,12148
2023-07-31,13363,12642
2023-08-31,12899,12071
2023-09-30,12351,11689
2023-10-31,12074,11440
2023-11-30,12940,12502
2023-12-31,13391,12830
2024-01-31,13384,12702
2024-02-29,13814,13024
2024-03-31,14369,13431
2024-04-30,14202,13571
2024-05-31,14917,14097
2024-06-30,14827,13869
2024-07-31,15305,13874
2024-08-31,15687,14269
2024-09-30,16130,14876
2024-10-31,15354,14067
2024-11-30,15208,13988
2024-12-31,14896,13670
2025-01-31,15638,14388
2025-02-28,15888,14281
2025-03-31,16325,14248
2025-04-30,16928,15277
2025-05-31,17878,15976
2025-06-30,18356,16328
2025-07-31,18343,16099
2025-08-31,18849,16785
2025-09-30,19473,17106
2025-10-31,19674,17307

                        Categories,I Shares,MSCI EAFE Index
                        2020-10-31,10000,10000
2020-11-30,11180,11550
2020-12-31,11633,12087
2021-01-31,11798,11958
2021-02-28,12028,12227
2021-03-31,12092,12508
2021-04-30,12443,12884
2021-05-31,12972,13304
2021-06-30,12659,13155
2021-07-31,12385,13254
2021-08-31,12596,13487
2021-09-30,12315,13096
2021-10-31,12723,13418
2021-11-30,12385,12794
2021-12-31,12768,13449
2022-01-31,12239,12799
2022-02-28,11607,12572
2022-03-31,11492,12653
2022-04-30,10772,11835
2022-05-31,10880,11923
2022-06-30,10083,10817
2022-07-31,10459,11356
2022-08-31,9968,10817
2022-09-30,8992,9805
2022-10-31,9196,10332
2022-11-30,10580,11496
2022-12-31,10644,11505
2023-01-31,11626,12437
2023-02-28,11097,12177
2023-03-31,11537,12479
2023-04-30,11760,12831
2023-05-31,11371,12288
2023-06-30,11856,12848
2023-07-31,12290,13263
2023-08-31,11862,12755
2023-09-30,11358,12319
2023-10-31,11103,11820
2023-11-30,11901,12917
2023-12-31,12315,13603
2024-01-31,12309,13682
2024-02-29,12704,13932
2024-03-31,13214,14390
2024-04-30,13061,14022
2024-05-31,13718,14565
2024-06-30,13635,14330
2024-07-31,14075,14750
2024-08-31,14426,15230
2024-09-30,14834,15370
2024-10-31,14120,14535
2024-11-30,13986,14452
2024-12-31,13699,14123
2025-01-31,14381,14866
2025-02-28,14611,15154
2025-03-31,15013,15093
2025-04-30,15568,15784
2025-05-31,16441,16506
2025-06-30,16881,16870
2025-07-31,16869,16633
2025-08-31,17334,17342
2025-09-30,17908,17674
2025-10-31,18093,17882

                        Categories,I Shares,MSCI EAFE Index
                        2015-10-31,10000,10000
2015-11-30,9857,9844
2015-12-31,9731,9712
2016-01-31,8941,9009
2016-02-29,8731,8844
2016-03-31,9244,9420
2016-04-30,9471,9693
2016-05-31,9395,9605
2016-06-30,8983,9282
2016-07-31,9361,9753
2016-08-31,9479,9760
2016-09-30,9571,9879
2016-10-31,9454,9677
2016-11-30,9235,9485
2016-12-31,9429,9809
2017-01-31,9622,10093
2017-02-28,9613,10238
2017-03-31,10101,10520
2017-04-30,10471,10787
2017-05-31,10824,11183
2017-06-30,11034,11163
2017-07-31,11378,11485
2017-08-31,11176,11481
2017-09-30,11429,11767
2017-10-31,11487,11945
2017-11-30,11630,12071
2017-12-31,11756,12265
2018-01-31,12529,12880
2018-02-28,11866,12298
2018-03-31,11437,12077
2018-04-30,11445,12352
2018-05-31,11193,12075
2018-06-30,10840,11927
2018-07-31,11067,12221
2018-08-31,10739,11985
2018-09-30,10689,12089
2018-10-31,9706,11127
2018-11-30,9891,11113
2018-12-31,9218,10573
2019-01-31,10042,11268
2019-02-28,10403,11555
2019-03-31,10655,11628
2019-04-30,11261,11955
2019-05-31,10529,11381
2019-06-30,11151,12056
2019-07-31,11092,11903
2019-08-31,10815,11595
2019-09-30,10941,11927
2019-10-31,11319,12355
2019-11-30,11521,12495
2019-12-31,11950,12901
2020-01-31,11815,12631
2020-02-29,11059,11490
2020-03-31,9773,9956
2020-04-30,10319,10599
2020-05-31,10958,11061
2020-06-30,11563,11437
2020-07-31,12319,11704
2020-08-31,13118,12306
2020-09-30,13353,11986
2020-10-31,13176,11507
2020-11-30,14731,13291
2020-12-31,15328,13909
2021-01-31,15546,13761
2021-02-28,15849,14070
2021-03-31,15933,14393
2021-04-30,16395,14826
2021-05-31,17092,15310
2021-06-30,16681,15137
2021-07-31,16319,15251
2021-08-31,16597,15520
2021-09-30,16227,15070
2021-10-31,16765,15441
2021-11-30,16319,14722
2021-12-31,16824,15476
2022-01-31,16126,14728
2022-02-28,15294,14468
2022-03-31,15143,14561
2022-04-30,14193,13619
2022-05-31,14336,13721
2022-06-30,13286,12448
2022-07-31,13782,13068
2022-08-31,13134,12447
2022-09-30,11849,11283
2022-10-31,12118,11889
2022-11-30,13941,13229
2022-12-31,14025,13239
2023-01-31,15319,14311
2023-02-28,14622,14013
2023-03-31,15202,14360
2023-04-30,15496,14765
2023-05-31,14983,14141
2023-06-30,15622,14784
2023-07-31,16193,15262
2023-08-31,15630,14678
2023-09-30,14966,14176
2023-10-31,14630,13602
2023-11-30,15681,14864
2023-12-31,16227,15654
2024-01-31,16218,15744
2024-02-29,16739,16032
2024-03-31,17412,16559
2024-04-30,17210,16135
2024-05-31,18076,16760
2024-06-30,17966,16490
2024-07-31,18546,16974
2024-08-31,19008,17525
2024-09-30,19546,17687
2024-10-31,18605,16725
2024-11-30,18429,16631
2024-12-31,18050,16252
2025-01-31,18950,17106
2025-02-28,19252,17438
2025-03-31,19782,17368
2025-04-30,20513,18163
2025-05-31,21664,18994
2025-06-30,22244,19413
2025-07-31,22227,19140
2025-08-31,22840,19956
2025-09-30,23597,20338
2025-10-31,23840,20578

The Hypothetical Growth graph compares a hypothetical investment in the Fund to the performance of the Index for the stated time period. Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

The performance data quoted represents past performance; it does not guarantee future results.

Characteristics

Portfolio

(As of 31 Oct 2025)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$153.0 B

Median Market Cap

$71.1 B

$13.5 B

Annual Portfolio Turnover

45%

—

Price to Earnings - Forward 1YR

17.5x

16.2x

Portfolio

Benchmark

Dividend Yield

2.5%

2.6%

Price to Earnings - Trailing 12 Months

18.9x

18.3x

Price to Cash Flow

8.0x

9.9x

Price to Book Value

2.3x

2.2x

Active Share

84.1%

—

Risk & Return Profile

(As of 31 Oct 2025)

10y

Annualized Alpha (%)

4.18

1.62

1.60

Beta

1.02

0.98

R-Squared (%)

91.84

92.68

90.11

Standard Deviation (%)

13.80

15.17

14.99

Sharpe Ratio

1.49

0.63

0.47

Information Ratio

1.33

0.37

0.31

Tracking Error (%)

3.95

4.11

4.72

Up Capture (%)

107.18

102.56

104.15

Down Capture (%)

78.93

95.40

97.65

Past performance does not guarantee future results.

Risk & Return Profile metrics are based on the I Accumulating share class.

Portfolio

Top Holdings

(As of 30 Sep 2025)

Name

Ticker/Symbol

Sector

Weight %

Samsung Electronics Co. Ltd.

005930

Information Technology

3.7

Mitsubishi UFJ Financial Group, Inc.

8306

Financials

3.3

NN Group N.V.

Financials

2.9

Sony Group Corp.

6758

Consumer Discretionary

2.8

Safran S.A.

SAF

Industrials

2.8

AstraZeneca plc

AZN

Health Care

2.8

Enel SpA

ENEL

Utilities

2.8

Alibaba Group Holding Ltd.

9988

Consumer Discretionary

2.8

Canadian Pacific Kansas City Ltd.

Industrials

2.8

Schneider Electric SE

Industrials

2.7

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Oct 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Industrials

25.9

14.8

Financials

16.0

24.4

Utilities

10.3

3.1

Information Technology

10.1

15.1

Consumer Discretionary

8.5

10.1

Materials

7.6

6.5

Health Care

7.6

Consumer Staples

5.6

6.0

Energy

4.0

4.5

Communication Services

2.9

6.3

Cash & Equivalents

1.6

—

Real Estate

0.0

1.6

Sector Allocation

Fund (%)

Industrials

25.9

Financials

16.0

Utilities

10.3

Information Technology

10.1

Consumer Discretionary

8.5

Materials

7.6

Health Care

7.6

Consumer Staples

5.6

Energy

4.0

Communication Services

2.9

Cash & Equivalents

1.6

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Capital Goods

18.0

11.5

Utilities

10.3

3.1

Banks

8.6

15.6

Materials

7.6

6.5

Technology Hardware & Equipment

6.9

4.3

Pharmaceuticals, Biotechnology & Life Sciences

5.4

6.1

Insurance

4.8

4.9

Transportation

4.4

2.0

Energy

4.0

4.5

Commercial & Professional Services

3.4

1.3

Top 10 Industries

Fund (%)

Capital Goods

18.0

Utilities

10.3

Banks

8.6

Materials

7.6

Technology Hardware & Equipment

6.9

Pharmaceuticals, Biotechnology & Life Sciences

5.4

Insurance

4.8

Transportation

4.4

Energy

4.0

Commercial & Professional Services

3.4

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

France

18.6

6.6

Europe ex UK

Japan

18.3

13.9

Japan

Germany

7.7

5.8

Europe ex UK

Spain

7.4

2.2

Europe ex UK

United States

7.4

0.1

North America

China

6.2

8.6

Asia Pacific ex Japan

United Kingdom

5.1

9.1

Netherlands

5.0

3.1

Europe ex UK

Italy

4.9

1.9

Europe ex UK

Switzerland

4.6

5.6

Europe ex UK

Top 10 Countries

Fund (%)

France

18.6

Japan

18.3

Germany

7.7

Spain

7.4

United States

7.4

China

6.2

United Kingdom

5.1

Netherlands

5.0

Italy

4.9

Switzerland

4.6

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

96.3

90.1

Mid Cap ($2.5 to $12 B)

3.7

9.9

Small Cap (< $2.5 B)

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

96.3

Mid Cap ($2.5 to $12 B)

3.7

Small Cap (< $2.5 B)

0.0

Holdings within the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Portfolio holdings are subject to change daily.

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Cash and Equivalents includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

Portfolio Managers

Lei Wang, CFA

Portfolio Manager and Managing Director

Lei Wang is a 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…

Learn More

Matt Burdett

Head of Equities and Managing Director

Matt Burdett is head of equities and a portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager. Matt was named a managing director and was promoted to portfolio manager in 2018 and to head of equities in 2024. Matt spent several years as a senior vice president and portfolio manager at PIMCO,…

Learn More

Literature

Fact Sheet - EN

Fact Sheet - ES

Commentary - EN

Commentary - ES

Prospectus Supplement

Operational Facts

Prospectus

Annual Report

Semi-Annual Report

Article 10 Transparency Statement

Transparency Statement Translations

Article 10 Transparency Statement (Danish)
Article 10 Transparency Statement (Dutch)
Article 10 Transparency Statement (German)
Article 10 Transparency Statement (Italian)
Article 10 Transparency Statement (Spanish)
Article 10 Transparency Statement (Swedish)

Prospectus Supplement

Additional Information for Investors in Hong Kong

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Thornburg International Equity Fund (UCITS)

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Fund Facts

Performance

Returns

Hypothetical Growth of $10,000

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Lei Wang, CFA

Matt Burdett

Literature

Transparency Statement Translations

Prospectus Supplement

Related Content

More Insights

Turn Cash Into Opportunities With Active Management

The High-Quality Case for Investing in Global Luxury Goods

Why Cash Is No Longer King: Bonds Should Reign

Using Dividends to Strengthen Portfolios Amid Lower Rates

The ABCs of Tax-Loss Harvesting

Beyond ESG Scores: Active, Governance-Driven Alpha

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Create an account to save this article or product.

Thornburg International Equity Fund (UCITS)

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Fund Facts

Performance

Returns

Hypothetical Growth of $10,000

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Lei Wang, CFA

Matt Burdett

Literature

Transparency Statement Translations

Prospectus Supplement

Related Content

More Insights

Turn Cash Into Opportunities With Active Management

The High-Quality Case for Investing in Global Luxury Goods

Why Cash Is No Longer King: Bonds Should Reign

Using Dividends to Strengthen Portfolios Amid Lower Rates

The ABCs of Tax-Loss Harvesting

Beyond ESG Scores: Active, Governance-Driven Alpha