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Fund Operations
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Overview

Overview

Why Invest in This ETF?

  • Long-Term Growth Potential — The team employs a rigorous, bottom-up fundamental research process focused on uncovering promising growth companies with sustainable competitive advantages trading at a discount to their long-term value.
  • Non-U.S. Growth Opportunities — Focused exposure of high-quality international companies in developed markets outside the U.S., targeting those with durable growth potential and sustainable competitive advantages.
  • Distinct Return Profile — With a time-tested three-basket portfolio construction process, the ETF seeks to provide diversification across the growth spectrum, to reduce volatility and deliver investors superior risk-adjusted performance over time.

Investment Objective

The Thornburg International Growth ETF (the “ETF”) seeks long-term capital growth. The ETF’s investment objective may be changed without shareholder approval.

Investment Approach

The ETF offers exposure to high-quality, international securities in developed markets that signal durable growth and sustainability. By focusing on fundamentals and maintaining a disciplined, active approach, the ETF aims to deliver long-term capital appreciation while managing risk through diversification and rigorous stock selection. With a focus on growth factors, this ETF provides a compelling option for international equity exposure without the volatility of emerging markets.

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
Premium / Discount History

Premium / Discount History

(As of Current Quarter)
Days at Premium
30
Days at Discount
14
Days at NAV
3
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%
Download Holdings
Exposure Breakdown

Exposure Breakdown

(As of 31 Mar 2025)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
23.1
15.0
Health Care
22.7
16.9
Consumer Discretionary
13.2
14.2
Communication Services
12.2
3.9
Financials
10.6
11.4
Industrials
6.7
24.8
Consumer Staples
4.8
7.9
Materials
4.7
4.6
Utilities
1.6
0.8
Cash & Cash Equivalents
0.4
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 (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Pharmaceuticals, Biotechnology & Life Sciences
17.2
13.1
Media & Entertainment
12.2
2.8
Semiconductors & Semiconductor Equipment
10.6
5.8
Software & Services
8.5
6.7
Financial Services
8.4
6.5
Health Care Equipment & Services
5.5
3.8
Household & Personal Products
4.8
2.9
Consumer Discretionary Distribution & Retail
4.7
3.3
Materials
4.7
4.6
Technology Hardware & Equipment
4.0
2.5
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 (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
United States
14.0
North America
Japan
12.2
21.3
Japan
France
9.6
12.3
Europe ex UK
Netherlands
7.5
6.0
Europe ex UK
Germany
7.5
9.4
Europe ex UK
United Kingdom
7.3
13.4
UK
Switzerland
6.0
10.3
Europe ex UK
Denmark
5.9
4.3
Europe ex UK
Sweden
5.5
5.0
Europe ex UK
Italy
5.4
1.5
Europe ex UK
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 (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
81.3
91.8
Mid Cap ($2.5 to $12 B)
15.6
8.2
Small Cap (< $2.5 B)
3.1
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

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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Portfolio managers are supported by the entire Thornburg investment team.

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