Thornburg International ADR Strategy
BENCHMARK: MSCI ACWI ex-U.S. Index
Strategy Overview
The International ADR Strategy employs a rigorous bottom-up research process to identify promising stocks of primarily non-U.S. companies in both developed and emerging markets with sound business fundamentals trading below intrinsic value. The concentrated core portfolio typically holds 45 to 70 mostly large cap stocks diversified by sector, industry and geography. Our three-basket approach with portfolio construction to achieve style diversification in an attempt to reduce volatility and deliver superior risk-adjusted returns across the market cycle.
Strategy Inception Date
1 Aug 2003
Portfolio Managers
Portfolio Manager and Managing Director
Head of Equities and Managing Director
Overview
Performance
Performance
Returns
(As of 31 Dec 2024)2019
2020
2021
2022
2023
2024
Thornburg International ADR Strategy - Gross (%)
29.91
22.08
6.62
-18.99
15.88
12.92
Thornburg International ADR Strategy - Net (%)
29.33
21.51
6.10
-19.41
15.33
12.47
MSCI ACWI ex-U.S. Index (%)
21.51
10.65
7.87
-15.88
15.62
5.53
MSCI EAFE Index (%)
22.01
7.82
11.26
-14.45
18.24
3.82
Strategy Facts
Strategy Facts
(As of 28 Feb 2025)Strategy Assets
$501.4 M*
Benchmark
MSCI ACWI ex-U.S. Index
Number of Holdings
44
Portfolio Turnover
58%
eVestment Category
ACWI ex-US Large Cap Core Equity
Characteristics
Characteristics
Portfolio
(As of 28 Feb 2025)Portfolio
Benchmark
Weighted Average Market Cap
$181.1 B
$114.5 B
Median Market Cap
$66.6 B
$10.4 B
Price to Earnings - Forward 1YR
16.3x
14.2x
Price to Earnings - Trailing 12 Months
19.6x
16.7x
Price to Cash Flow
9.2x
9.0x
Portfolio
Benchmark
Price to Book Value
2.4x
1.9x
Return on Assets - 5 YR
6.1%
6.6%
Return on Equity - 5 YR
14.2%
15.5%
Historical 3YR Sales Growth
7.7%
16.0%
Active Share
85.5%
—
Portfolio
Portfolio
Top Holdings
(As of 31 Jan 2025)Name
Ticker/Symbol
Sector
Weight %
Sony Group Corp.
SONY
Consumer Discretionary
3.8
Mitsubishi UFJ Financial Group, Inc.
MUFG
Financials
3.8
Linde plc
LIN
Materials
3.4
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
3.2
TotalEnergies SE
TTE
Energy
3.1
Schneider Electric SE
SBGSY
Industrials
3.1
Hitachi Ltd.
HTHIY
Industrials
3.0
Galaxy Entertainment Group Ltd.
GXYYY
Consumer Discretionary
2.9
Canadian Pacific Kansas City Ltd.
CP
Industrials
2.9
LVMH Moet Hennessy Louis Vuitton SE
LVMUY
Consumer Discretionary
2.8
Exposure Breakdown
Exposure Breakdown
(As of 28 Feb 2025)Sector Allocation
Portfolio (%)
Industrials
25.0
Financials
16.2
Utilities
8.5
Consumer Discretionary
8.4
Health Care
8.2
Information Technology
8.2
Materials
6.9
Cash & Cash Equivalents
5.1
Consumer Staples
4.9
Energy
4.6
Communication Services
4.0
Real Estate
0.0
Top 10 Industries
Portfolio (%)
Capital Goods
19.0
Utilities
8.5
Materials
6.9
Banks
6.7
Pharmaceuticals, Biotechnology & Life Sciences
6.1
Consumer Durables & Apparel
5.8
Semiconductors & Semiconductor Equipment
5.6
Financial Services
5.0
Energy
4.6
Insurance
4.5
Top 10 Countries
Portfolio (%)
France
21.7
Japan
14.6
United States
11.3
Germany
11.1
Hong Kong
5.3
Switzerland
5.0
United Kingdom
4.8
Italy
4.8
Netherlands
4.0
Spain
3.9
Capitalization
Portfolio (%)
Large Cap (> $12 B)
95.3
Mid Cap ($2.5 to $12 B)
4.7
Small Cap (< $2.5 B)
0.0
Portfolio Managers
Portfolio Managers

Lei Wang, CFA
Portfolio Manager and Managing Director
Lei Wang is 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 an…
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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,…
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