Overview
Fund Facts
Fund Facts
(As of 17 Apr 2025)Net Fund Assets
$4.67 M
Exchange
NASDAQ
Benchmark
MSCI EAFE Growth Index
Morningstar Category
—
Inception Date
22 Jan 2025
CUSIP
88521L405
Distribution Frequency
Annual
Total Expense Ratio (%)
0.70%
Pricing & Trading
Pricing & Trading
NAV
$23.37
Market Price / Closing Price
$23.35
Premium / Discount (%)
-0.09%
30-Day Median Bid-Ask Spread (%)
—%
30-Day Average Volume
—
Shares Outstanding
200,000
Performance
Performance
(As of 31 Mar 2025)Inception
Net Asset Value (%)
-7.64
Market Price (%)
-6.96
MSCI EAFE Growth Index (%)
-1.77
Inception
Net Asset Value (%)
-7.64
Market Price (%)
-6.96
MSCI EAFE Growth Index (%)
-1.77
Characteristics
Characteristics
Portfolio
(As of 31 Mar 2025)Portfolio
Benchmark
Number of Holdings
45
—
Weighted Average Market Cap
$120.0 B
$100.5 B
Median Market Cap
$47.7 B
$16.8 B
Price to Earnings - Forward 1YR
25.0x
20.9x
Price to Earnings - Trailing 12 Months
25.8x
23.8x
Price to Cash Flow
19.0x
15.7x
Portfolio
Benchmark
Price to Book Value
4.9x
3.6x
Return on Assets - 5 YR
12.1%
7.9%
Return on Equity - 5 YR
19.5%
18.9%
Historical 3YR Sales Growth
19.2%
13.9%
Active Share
79.0%
—
Portfolio
Portfolio
Top Holdings
(As of 17 Apr 2025)Name
Ticker/Symbol
Market Value
Weight %
Novo Nordisk A/S
NOVOB
$257,198.95
5.51%
Hemnet Group AB
HEM
$238,689.02
5.12%
MercadoLibre, Inc.
MELI
$220,887.59
4.74%
Schibsted ASA
SCHA
$200,908.54
4.31%
Nomura Research Institute Ltd.
4307
$193,052.61
4.14%
Air Liquide S.A.
AI
$182,987.43
3.92%
AstraZeneca plc
AZN
$178,084.80
3.82%
THORNBURG CAPITAL MANAGEMENT FUND
LIQUID
$170,860.18
3.66%
Ferrari N.V.
RACE
$163,146.75
3.50%
Sea Ltd.
SE
$160,048.04
3.43%
Exposure Breakdown
Exposure Breakdown
(As of 31 Mar 2025)Sector Allocation
Fund (%)
Information Technology
23.1
Health Care
22.7
Consumer Discretionary
13.2
Communication Services
12.2
Financials
10.6
Industrials
6.7
Consumer Staples
4.8
Materials
4.7
Utilities
1.6
Cash & Cash Equivalents
0.4
Top 10 Industries
Fund (%)
Pharmaceuticals, Biotechnology & Life Sciences
17.2
Media & Entertainment
12.2
Semiconductors & Semiconductor Equipment
10.6
Software & Services
8.5
Financial Services
8.4
Health Care Equipment & Services
5.5
Household & Personal Products
4.8
Consumer Discretionary Distribution & Retail
4.7
Materials
4.7
Technology Hardware & Equipment
4.0
Top 10 Countries
Fund (%)
United States
14.0
Japan
12.2
France
9.6
Netherlands
7.5
Germany
7.5
United Kingdom
7.3
Switzerland
6.0
Denmark
5.9
Sweden
5.5
Italy
5.4
Capitalization
Fund (%)
Large Cap (> $12 B)
81.3
Mid Cap ($2.5 to $12 B)
15.6
Small Cap (< $2.5 B)
3.1
Portfolio Managers
Portfolio Managers

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
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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Portfolio managers are supported by the entire Thornburg investment team.
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