Thornburg International Equity Fund (UCITS)

SYMBOL: TBGXUSI ID

Morningstar Rating • Info

Overall Morningstar Rating among 5116 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, 4 stars and 3 stars among 5116, 3916 and 2090 funds, as of 31 Aug 2025.

As of 31 Aug 2025

Fund Assets

$31.1 M

As of 31 Aug 2025

NAV

$27.84

As of 16 Sep 2025

Change

$-0.01

As of 16 Sep 2025

YTD NAV Performance

29.61%

As of 16 Sep 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 EAFE Index (%),MSCI ACWI ex-U.S. Index (%)
2015,4.5,-0.8
2016,-3.1,1.0
2017,24.7,25.0
2018,-21.6,-13.8,-14.2
2019,29.6,22.0,21.5
2020,28.3,7.8,10.7
2021,9.8,11.3,7.8
2022,-16.6,-14.5,-16.0
2023,15.7,18.2,15.6
2024,11.2,3.8,5.5

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 EAFE Index (%)

-0.81

1.00

25.03

-13.79

22.01

7.82

11.26

-14.45

18.24

3.82

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

—

-14.20

21.51

10.65

7.82

-16.00

15.62

5.53

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,23.2,17.9,19.5
1y,23.8,17.7,17.7
3y,18.7,14.0,16.0
5y,14.0,10.1,11.2
10y,8.0,6.1,6.5
Inception,7.6,6.1,7.0

YTD

10y

Inception

Total Return (%)

23.23

23.81

18.74

13.98

7.99

7.62

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

17.90

17.72

13.99

10.13

6.12

6.11

MSCI EAFE Index (%)

19.45

17.73

15.97

11.16

6.51

6.99

Morningstar Category Avg. (%)

10.29

13.45

14.94

11.39

7.93

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

6472

5116

3916

2090

—

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,26.5,21.6,22.8
1y,20.2,15.4,13.9
3y,20.3,15.2,17.0
5y,11.7,8.9,10.2
10y,8.8,7.3,7.4
Inception,7.7,6.3,7.1

YTD

10y

Inception

Total Return (%)

26.54

20.16

20.25

11.73

8.79

7.73

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

21.64

15.42

15.15

8.94

7.33

6.28

MSCI EAFE Index (%)

22.79

13.87

17.04

10.15

7.40

7.12

Morningstar Category Avg. (%)

13.52

12.28

15.31

9.64

8.85

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

6472

5116

3916

2090

—

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,23.2,17.9,19.5
1y,23.8,17.7,17.7
3y,67.4,48.1,56.0
5y,92.4,62.0,69.7
10y,115.7,81.2,87.9
Inception,164.7,119.4,145.0

YTD

10y

Inception

Total Return (%)

23.23

23.81

67.43

92.37

115.73

164.70

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

17.90

17.72

48.11

61.98

81.15

119.38

MSCI EAFE Index (%)

19.45

17.73

55.96

69.73

87.88

144.97

Name,Total Return (%),MSCI ACWI ex-U.S. Index (%),MSCI EAFE Index (%)
YTD,26.5,21.6,22.8
1y,20.2,15.4,13.9
3y,73.9,52.7,60.3
5y,74.1,53.4,62.2
10y,132.3,102.9,104.2
Inception,171.8,126.3,151.8

YTD

10y

Inception

Total Return (%)

26.54

20.16

73.90

74.12

132.31

171.80

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

21.64

15.42

52.67

53.42

102.93

126.34

MSCI EAFE Index (%)

22.79

13.87

60.33

62.17

104.24

151.83

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

Hypothetical Growth of $10,000

(As of 31 Aug 2025)

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

                        Categories,I Shares,MSCI EAFE Index
                        2024-08-31,10000,10000
2024-09-30,10283,10092
2024-10-31,9788,9765
2024-11-30,9695,9677
2024-12-31,9496,9274
2025-01-31,9969,9761
2025-02-28,10128,9950
2025-03-31,10407,9910
2025-04-30,10791,10364
2025-05-31,11397,10838
2025-06-30,11702,11077
2025-07-31,11693,10921
2025-08-31,12016,11387

                        Categories,I Shares,MSCI EAFE Index
                        2022-08-31,10000,10000
2022-09-30,9021,9065
2022-10-31,9226,9270
2022-11-30,10614,10364
2022-12-31,10678,10636
2023-01-31,11663,11498
2023-02-28,11132,10730
2023-03-31,11574,10993
2023-04-30,11798,11184
2023-05-31,11408,10777
2023-06-30,11894,11261
2023-07-31,12329,11718
2023-08-31,11900,11792
2023-09-30,11395,11389
2023-10-31,11139,10389
2023-11-30,11939,11324
2023-12-31,12354,11893
2024-01-31,12348,11775
2024-02-29,12745,12880
2024-03-31,13257,13304
2024-04-30,13103,12963
2024-05-31,13762,12581
2024-06-30,13679,12569
2024-07-31,14120,13636
2024-08-31,14472,14080
2024-09-30,14882,14210
2024-10-31,14165,13437
2024-11-30,14031,13361
2024-12-31,13743,12551
2025-01-31,14427,13057
2025-02-28,14658,14010
2025-03-31,15061,13953
2025-04-30,15617,14592
2025-05-31,16494,15260
2025-06-30,16935,15596
2025-07-31,16923,15377
2025-08-31,17390,16033

                        Categories,I Shares,MSCI EAFE Index
                        2020-08-31,10000,10000
2020-09-30,10179,9740
2020-10-31,10045,9351
2020-11-30,11230,10801
2020-12-31,11685,11303
2021-01-31,11851,11183
2021-02-28,12082,11433
2021-03-31,12146,11696
2021-04-30,12498,12048
2021-05-31,13030,12441
2021-06-30,12716,12301
2021-07-31,12441,12394
2021-08-31,12652,12612
2021-09-30,12370,12246
2021-10-31,12780,12548
2021-11-30,12441,11964
2021-12-31,12825,12576
2022-01-31,12293,11968
2022-02-28,11659,11757
2022-03-31,11544,11832
2022-04-30,10820,11067
2022-05-31,10929,11150
2022-06-30,10128,10115
2022-07-31,10506,10619
2022-08-31,10013,10115
2022-09-30,9033,9169
2022-10-31,9238,9662
2022-11-30,10628,10750
2022-12-31,10692,10759
2023-01-31,11678,11630
2023-02-28,11147,11387
2023-03-31,11589,11669
2023-04-30,11813,11999
2023-05-31,11422,11491
2023-06-30,11909,12014
2023-07-31,12345,12403
2023-08-31,11915,11928
2023-09-30,11409,11520
2023-10-31,11153,11053
2023-11-30,11954,12079
2023-12-31,12370,12721
2024-01-31,12364,12794
2024-02-29,12761,13028
2024-03-31,13274,13457
2024-04-30,13120,13112
2024-05-31,13780,13620
2024-06-30,13696,13400
2024-07-31,14138,13793
2024-08-31,14491,14242
2024-09-30,14901,14373
2024-10-31,14183,13592
2024-11-30,14049,13514
2024-12-31,13760,13207
2025-01-31,14446,13901
2025-02-28,14676,14171
2025-03-31,15080,14114
2025-04-30,15637,14760
2025-05-31,16515,15435
2025-06-30,16957,15776
2025-07-31,16944,15554
2025-08-31,17412,16217

                        Categories,I Shares,MSCI EAFE Index
                        2015-08-31,10000,10000
2015-09-30,9581,9492
2015-10-31,10171,10234
2015-11-30,10026,10075
2015-12-31,9897,9939
2016-01-31,9094,9221
2016-02-29,8880,9052
2016-03-31,9402,9641
2016-04-30,9632,9920
2016-05-31,9556,9830
2016-06-30,9137,9500
2016-07-31,9521,9981
2016-08-31,9641,9988
2016-09-30,9735,10111
2016-10-31,9615,9904
2016-11-30,9393,9707
2016-12-31,9590,10039
2017-01-31,9786,10330
2017-02-28,9778,10478
2017-03-31,10274,10766
2017-04-30,10650,11040
2017-05-31,11009,11445
2017-06-30,11222,11425
2017-07-31,11573,11755
2017-08-31,11368,11750
2017-09-30,11624,12042
2017-10-31,11684,12225
2017-11-30,11829,12354
2017-12-31,11957,12552
2018-01-31,12744,13181
2018-02-28,12068,12586
2018-03-31,11632,12360
2018-04-30,11641,12642
2018-05-31,11385,12358
2018-06-30,11026,12207
2018-07-31,11256,12507
2018-08-31,10923,12266
2018-09-30,10872,12372
2018-10-31,9872,11387
2018-11-30,10060,11373
2018-12-31,9376,10821
2019-01-31,10214,11532
2019-02-28,10581,11826
2019-03-31,10838,11901
2019-04-30,11453,12235
2019-05-31,10709,11648
2019-06-30,11342,12339
2019-07-31,11282,12182
2019-08-31,11000,11866
2019-09-30,11128,12206
2019-10-31,11513,12645
2019-11-30,11718,12787
2019-12-31,12154,13203
2020-01-31,12017,12927
2020-02-29,11248,11759
2020-03-31,9940,10189
2020-04-30,10496,10848
2020-05-31,11145,11320
2020-06-30,11761,11705
2020-07-31,12530,11978
2020-08-31,13342,12594
2020-09-30,13581,12267
2020-10-31,13402,11777
2020-11-30,14983,13603
2020-12-31,15590,14235
2021-01-31,15812,14083
2021-02-28,16120,14399
2021-03-31,16205,14730
2021-04-30,16675,15173
2021-05-31,17385,15668
2021-06-30,16966,15492
2021-07-31,16598,15609
2021-08-31,16880,15884
2021-09-30,16504,15423
2021-10-31,17051,15802
2021-11-30,16598,15067
2021-12-31,17111,15838
2022-01-31,16402,15073
2022-02-28,15556,14806
2022-03-31,15402,14902
2022-04-30,14436,13938
2022-05-31,14581,14042
2022-06-30,13513,12739
2022-07-31,14017,13374
2022-08-31,13359,12739
2022-09-30,12051,11547
2022-10-31,12325,12168
2022-11-30,14179,13539
2022-12-31,14265,13549
2023-01-31,15581,14647
2023-02-28,14872,14341
2023-03-31,15462,14696
2023-04-30,15761,15111
2023-05-31,15239,14472
2023-06-30,15889,15130
2023-07-31,16470,15620
2023-08-31,15897,15022
2023-09-30,15222,14508
2023-10-31,14880,13920
2023-11-30,15949,15212
2023-12-31,16504,16021
2024-01-31,16496,16113
2024-02-29,17026,16408
2024-03-31,17709,16947
2024-04-30,17504,16513
2024-05-31,18385,17153
2024-06-30,18274,16876
2024-07-31,18863,17371
2024-08-31,19333,17936
2024-09-30,19880,18102
2024-10-31,18923,17117
2024-11-30,18744,17020
2024-12-31,18359,16633
2025-01-31,19274,17507
2025-02-28,19581,17847
2025-03-31,20120,17775
2025-04-30,20863,18589
2025-05-31,22034,19439
2025-06-30,22624,19868
2025-07-31,22607,19589
2025-08-31,23231,20424

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 Aug 2025)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$139.6 B

$125.1 B

Median Market Cap

$79.7 B

$13.2 B

Annual Portfolio Turnover

46%

—

Price to Earnings - Forward 1YR

16.9x

15.5x

Dividend Yield

2.5%

2.7%

Portfolio

Benchmark

Price to Earnings - Trailing 12 Months

17.5x

17.2x

Price to Cash Flow

8.9x

9.4x

Price to Book Value

2.3x

2.1x

Return on Equity - 5 YR

13.7%

15.2%

Historical 3YR Sales Growth

11.2%

15.4%

Active Share

84.2%

—

Risk & Return Profile

(As of 31 Aug 2025)

10y

Annualized Alpha (%)

4.38

2.92

1.62

Beta

1.01

0.97

0.98

R-Squared (%)

93.66

91.48

90.34

Standard Deviation (%)

15.26

15.15

15.13

Sharpe Ratio

1.01

0.58

0.44

Information Ratio

1.34

0.63

0.31

Tracking Error (%)

3.85

4.44

4.71

Up Capture (%)

107.52

103.33

103.94

Down Capture (%)

83.74

89.46

97.45

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 31 Jul 2025)

Name

Ticker/Symbol

Sector

Weight %

Samsung Electronics Co. Ltd.

005930

Information Technology

3.5

Mitsubishi UFJ Financial Group, Inc.

8306

Financials

3.1

NN Group N.V.

Financials

3.0

AstraZeneca plc

AZN

Health Care

3.0

Hitachi Ltd.

6501

Industrials

3.0

Orange S.A.

ORA

Communication Services

3.0

TotalEnergies SE

TTE

Energy

2.9

Safran S.A.

SAF

Industrials

2.9

Canadian Pacific Kansas City Ltd.

Industrials

2.8

Enel SpA

ENEL

Utilities

2.8

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Aug 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Industrials

24.2

14.8

Financials

15.1

25.3

Utilities

9.8

3.1

Information Technology

9.3

13.0

Consumer Discretionary

9.1

10.2

Health Care

8.2

8.0

Materials

7.5

6.4

Consumer Staples

6.5

Energy

4.1

4.6

Communication Services

3.1

6.5

Cash & Cash Equivalents

3.1

—

Real Estate

0.0

1.7

Sector Allocation

Fund (%)

Industrials

24.2

Financials

15.1

Utilities

9.8

Information Technology

9.3

Consumer Discretionary

9.1

Health Care

8.2

Materials

7.5

Consumer Staples

6.5

Energy

4.1

Communication Services

3.1

Cash & Cash Equivalents

3.1

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Capital Goods

16.5

11.2

Utilities

9.8

3.1

Banks

7.8

15.9

Materials

7.5

6.4

Pharmaceuticals, Biotechnology & Life Sciences

6.0

6.4

Technology Hardware & Equipment

5.7

3.7

Insurance

5.0

5.4

Consumer Durables & Apparel

4.6

2.5

Energy

4.1

4.6

Transportation

4.0

2.1

Top 10 Industries

Fund (%)

Capital Goods

16.5

Utilities

9.8

Banks

7.8

Materials

7.5

Pharmaceuticals, Biotechnology & Life Sciences

6.0

Technology Hardware & Equipment

5.7

Insurance

5.0

Consumer Durables & Apparel

4.6

Energy

4.1

Transportation

4.0

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

25%

30%

France

20.5

6.7

Europe ex UK

Japan

16.8

13.9

Japan

United States

7.5

0.1

North America

Germany

7.1

6.3

Europe ex UK

Spain

6.9

2.2

Europe ex UK

United Kingdom

5.6

9.3

China

5.2

8.7

Asia Pacific ex Japan

Netherlands

5.1

2.8

Europe ex UK

Canada

5.1

8.3

North America

Italy

4.9

1.9

Europe ex UK

Top 10 Countries

Fund (%)

France

20.5

Japan

16.8

United States

7.5

Germany

7.1

Spain

6.9

United Kingdom

5.6

China

5.2

Netherlands

5.1

Canada

5.1

Italy

4.9

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

96.3

89.0

Mid Cap ($2.5 to $12 B)

3.7

11.0

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

Portfolio holdings are subject to change daily.

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

Cash includes cash and cash equivalents. Weights are percentages of total portfolio unless otherwise noted.

The percentages may not add up to 100 due to rounding.

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

Strictly Necessary Cookies
Whilst these cookies cannot be turned off (as they are needed to run our website securely), they do not store any personal data about you. If you are reluctant to accept use of them, we advise you navigate away from this website.
Statistics Cookies
These cookies gather information about how you use our website, for example which pages you visit most often. The information collected is completely anonymous and used only for the purpose of improving user experience for our website visitors.
Marketing Cookies
These cookies gather information about your browsing habits and allow us to better understand your interests. They remember that you've visited our website and share this information with our partners, such as advertisers.
Preferences Cookies
These cookies allow our website to remember the choices you make (such as language or location selection) and tailor the experience to provide enhanced features and relevant content for you.

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

Investment Landscape: Surveying Potential Risks and Opportunities

Investment Perspectives from the Road: Hong Kong and China

The U.S.-China Relationship, the Fed, and Data Reliability

Retirement Resources: The Endowment Spending Policy

The Enduring Role of Active Investment Management

Active Investing in a Passive World

Unsubscribe

Unsaved Changes

Remove strategy

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

Investment Landscape: Surveying Potential Risks and Opportunities

Investment Perspectives from the Road: Hong Kong and China

The U.S.-China Relationship, the Fed, and Data Reliability

Retirement Resources: The Endowment Spending Policy

The Enduring Role of Active Investment Management

Active Investing in a Passive World