Thornburg Global Opportunities Fund

SYMBOL: THOIX

Morningstar Rating • Info

Overall Morningstar Rating among 316 World Large-Stock Blend funds, based on risk-adjusted returns for class I shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 4 stars and 2 stars among 316, 302 and 197 funds, as of 30 Nov 2024.

As of 30 Nov 2024

Fund Assets

$1.2 B

As of 30 Nov 2024

NAV

$36.54

As of 26 Dec 2024

Change

$0.04

As of 26 Dec 2024

YTD NAV Performance

14.23%

As of 26 Dec 2024

Asset Category:

Global Equity

Fund Benchmark:

MSCI ACWI Index

Portfolio Managers

Brian McMahon

Vice Chairman, Chief Investment Strategist and Managing Director

Miguel Oleaga

Portfolio Manager and Managing Director

Annual Shareholder Letter
Now Available

Portfolio Managers Brian McMahon and Miguel Oleaga reflect on the performance over the previous year and offer insights on their outlook for shareholders going forward.

Read Now

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

A flexible, focused equity portfolio seeking investment opportunities from around the globe and across market capitalizations.
A proven fundamental research process to identify and select quality, undervalued businesses with a defined path to success and value creation.
The fund seeks to outperform global equity markets over a full market cycle.

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 from issuers around the world.

Investment Approach

The fund has the flexibility to seek investment opportunities from around the world and across market capitalizations. It employs a fundamental, bottom-up investment process to identify companies that we believe have quality business models, trading at a discount to long-term intrinsic value, and have a defined path to success. The portfolio typically holds 30-40 securities and is diversified across countries and sectors.

Returns

(As of 30 Sep 2024)

YTD

10y

Inception

Total Return (%)

18.07

29.05

8.51

14.75

9.29

10.22

MSCI ACWI Index (%)

18.66

31.76

8.09

12.19

9.39

7.50

Morningstar Category Avg. (%)

15.92

28.28

6.94

10.66

8.61

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

14.47

22.42

7.82

12.10

8.21

9.94

MSCI ACWI Index (%)

20.34

26.12

7.68

11.36

9.28

7.51

Morningstar Category Avg. (%)

17.01

22.97

6.55

9.96

8.44

—

Morningstar Quartile

—

YTD

10y

Inception

Total Return (%)

18.07

29.05

27.78

98.94

143.01

486.63

MSCI ACWI Index (%)

18.66

31.76

26.28

77.73

145.26

272.33

YTD

10y

Inception

Total Return (%)

14.47

22.42

25.36

77.00

120.07

468.77

MSCI ACWI Index (%)

20.34

26.12

24.85

71.26

142.92

277.58

2018

2019

2020

2021

2022

2023

Total Return (%)

-20.67

28.76

22.66

14.75

-10.08

16.25

MSCI ACWI Index (%)

-9.42

26.60

16.25

18.54

-18.36

22.20

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.

The maximum sales charge for the equity funds' A shares is 4.50%. C shares include a 1% contingent deferred sales charge (CDSC) for the first year only. There is no up-front sales charge for class I or R shares.

Morningstar quartile ranking for Global Large-Stock Blend category is based on total returns before sales charges for 1, 3, 5 and 10 years, among 346, 328, 297 and 196 funds, respectively, as of 30 Sep 2024.

Prior to inception of R3, R4 and R5 share classes, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Share class inception dates: A, C and I shares, 28 July 2006; R3, R4 and R5 shares, 1 Feb 2008; R6 shares, 10 Apr 2017.

Fund Fees

(As of 1 Feb 2024)

Gross Expense Ratio (%)

1.06

Net Expense Ratio (%)

0.99

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least February 1, 2025, for some of the share classes; these are reflected in the net expense ratio. For more detailed information on fund expenses and waivers/reimbursements, please see the fund's prospectus.

Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

Hypothetical Growth of $10,000

            Categories,I Shares,MSCI ACWI Index
            2006-07-28,10000,10000
2006-07-31,10000,9994
2006-08-31,10209,10253
2006-09-30,10779,10373
2006-10-31,11558,10762
2006-11-30,12026,11066
2006-12-31,12602,11313
2007-01-31,12924,11425
2007-02-28,13068,11365
2007-03-31,13611,11593
2007-04-30,14297,12107
2007-05-31,15246,12468
2007-06-30,15594,12431
2007-07-31,15984,12241
2007-08-31,16162,12207
2007-09-30,17085,12863
2007-10-31,17941,13365
2007-11-30,16883,12774
2007-12-31,16700,12632
2008-01-31,15484,11598
2008-02-29,15685,11630
2008-03-31,14959,11460
2008-04-30,15703,12099
2008-05-31,16193,12288
2008-06-30,14825,11279
2008-07-31,14498,10986
2008-08-31,13907,10750
2008-09-30,11876,9406
2008-10-31,9112,7542
2008-11-30,8326,7047
2008-12-31,8709,7302
2009-01-31,7712,6678
2009-02-28,7025,6024
2009-03-31,7474,6521
2009-04-30,8663,7290
2009-05-31,9925,8017
2009-06-30,10185,7972
2009-07-31,11001,8673
2009-08-31,11540,8984
2009-09-30,12370,9396
2009-10-31,11955,9251
2009-11-30,12153,9631
2009-12-31,12772,9831
2010-01-31,12601,9406
2010-02-28,12885,9526
2010-03-31,13947,10138
2010-04-30,14250,10155
2010-05-31,12990,9193
2010-06-30,12289,8909
2010-07-31,13113,9634
2010-08-31,12374,9298
2010-09-30,13418,10187
2010-10-31,13773,10555
2010-11-30,13658,10320
2010-12-31,14797,11076
2011-01-31,15194,11250
2011-02-28,15939,11577
2011-03-31,15765,11566
2011-04-30,16771,12039
2011-05-31,16926,11780
2011-06-30,16363,11595
2011-07-31,16149,11406
2011-08-31,14855,10573
2011-09-30,12841,9575
2011-10-31,14582,10600
2011-11-30,13970,10283
2011-12-31,13721,10262
2012-01-31,14672,10859
2012-02-29,15444,11405
2012-03-31,15523,11481
2012-04-30,15256,11350
2012-05-31,13949,10332
2012-06-30,14147,10842
2012-07-31,14543,10991
2012-08-31,15038,11230
2012-09-30,15899,11584
2012-10-31,15969,11506
2012-11-30,15919,11654
2012-12-31,16766,11917
2013-01-31,17526,12467
2013-02-28,17556,12465
2013-03-31,18107,12692
2013-04-30,18327,13055
2013-05-31,18868,13019
2013-06-30,18167,12639
2013-07-31,18738,13244
2013-08-31,18948,12968
2013-09-30,19887,13638
2013-10-31,20713,14186
2013-11-30,21136,14387
2013-12-31,21586,14635
2014-01-31,21566,14049
2014-02-28,22718,14728
2014-03-31,22445,14794
2014-04-30,23032,14934
2014-05-31,24083,15252
2014-06-30,24609,15539
2014-07-31,24215,15351
2014-08-31,24741,15690
2014-09-30,24140,15181
2014-10-31,24851,15288
2014-11-30,25845,15544
2014-12-31,25667,15244
2015-01-31,25474,15005
2015-02-28,27475,15841
2015-03-31,27393,15595
2015-04-30,27627,16048
2015-05-31,28500,16027
2015-06-30,27475,15650
2015-07-31,28358,15786
2015-08-31,27018,14703
2015-09-30,24906,14171
2015-10-31,25921,15283
2015-11-30,26246,15157
2015-12-31,26041,14883
2016-01-31,24407,13986
2016-02-29,24367,13890
2016-03-31,25470,14919
2016-04-30,25194,15139
2016-05-31,25827,15158
2016-06-30,24127,15066
2016-07-31,24906,15716
2016-08-31,25244,15769
2016-09-30,25630,15865
2016-10-31,25928,15596
2016-11-30,26462,15714
2016-12-31,27092,16054
2017-01-31,28050,16493
2017-02-28,28194,16956
2017-03-31,29049,17163
2017-04-30,30152,17430
2017-05-31,31286,17815
2017-06-30,30979,17896
2017-07-31,32043,18396
2017-08-31,31578,18467
2017-09-30,32116,18824
2017-10-31,32757,19215
2017-11-30,32188,19587
2017-12-31,33059,19902
2018-01-31,34325,21025
2018-02-28,32634,20142
2018-03-31,31254,19711
2018-04-30,32063,19899
2018-05-31,32157,19924
2018-06-30,31462,19816
2018-07-31,32115,20414
2018-08-31,31669,20574
2018-09-30,31192,20664
2018-10-31,28454,19115
2018-11-30,28267,19395
2018-12-31,26227,18029
2019-01-31,28880,19452
2019-02-28,29211,19973
2019-03-31,29498,20224
2019-04-30,31065,20907
2019-05-31,27836,19666
2019-06-30,29712,20954
2019-07-31,29935,21015
2019-08-31,28401,20517
2019-09-30,29488,20949
2019-10-31,30799,21522
2019-11-30,32134,22047
2019-12-31,33771,22824
2020-01-31,32665,22572
2020-02-29,31278,20749
2020-03-31,25404,17947
2020-04-30,28568,19870
2020-05-31,29956,20734
2020-06-30,30953,21397
2020-07-31,33380,22528
2020-08-31,35418,23907
2020-09-30,34475,23136
2020-10-31,34334,22574
2020-11-30,38910,25356
2020-12-31,41424,26534
2021-01-31,41354,26413
2021-02-28,43226,27025
2021-03-31,44249,27747
2021-04-30,46365,28960
2021-05-31,46876,29411
2021-06-30,46865,29798
2021-07-31,46679,30003
2021-08-31,47411,30754
2021-09-30,45911,29484
2021-10-31,46958,30989
2021-11-30,45372,30243
2021-12-31,47534,31452
2022-01-31,47321,29908
2022-02-28,45976,29135
2022-03-31,46349,29766
2022-04-30,43646,27384
2022-05-31,44671,27416
2022-06-30,40331,25105
2022-07-31,41409,26858
2022-08-31,40637,25869
2022-09-30,37162,23393
2022-10-31,39612,24804
2022-11-30,44202,26728
2022-12-31,42742,25677
2023-01-31,46219,27517
2023-02-28,44903,26728
2023-03-31,44543,27552
2023-04-30,44889,27948
2023-05-31,43947,27649
2023-06-30,45803,29254
2023-07-31,48920,30325
2023-08-31,46662,29478
2023-09-30,45457,28259
2023-10-31,43310,27409
2023-11-30,46461,29939
2023-12-31,49687,31377
2024-01-31,49437,31561
2024-02-29,50745,32916
2024-03-31,53845,33949
2024-04-30,53727,32829
2024-05-31,55725,34162
2024-06-30,55799,34923
2024-07-31,56577,35486
2024-08-31,57018,36388
2024-09-30,58663,37233
2024-10-31,57047,36397
2024-11-30,56877,37758

Hypothetical Growth of $10,000

(As of 30 Nov 2024)

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

                        Categories,I Shares,MSCI ACWI Index
                        2023-11-30,10000,10000
2023-12-31,10694,10480
2024-01-31,10641,10542
2024-02-29,10922,10994
2024-03-31,11589,11339
2024-04-30,11564,10965
2024-05-31,11994,11411
2024-06-30,12010,11665
2024-07-31,12177,11853
2024-08-31,12272,12154
2024-09-30,12626,12436
2024-10-31,12279,12157
2024-11-30,12242,12612

                        Categories,I Shares,MSCI ACWI Index
                        2021-11-30,10000,10000
2021-12-31,10477,10400
2022-01-31,10430,9889
2022-02-28,10133,9634
2022-03-31,10215,9842
2022-04-30,9620,9055
2022-05-31,9846,9065
2022-06-30,8889,8301
2022-07-31,9127,8881
2022-08-31,8956,8554
2022-09-30,8191,7735
2022-10-31,8730,8202
2022-11-30,9742,8838
2022-12-31,9421,8490
2023-01-31,10187,9099
2023-02-28,9897,8838
2023-03-31,9817,9110
2023-04-30,9894,9241
2023-05-31,9686,9142
2023-06-30,10095,9673
2023-07-31,10782,10027
2023-08-31,10284,9747
2023-09-30,10019,9344
2023-10-31,9546,9063
2023-11-30,10240,9900
2023-12-31,10951,10375
2024-01-31,10896,10436
2024-02-29,11184,10884
2024-03-31,11867,11226
2024-04-30,11842,10855
2024-05-31,12282,11296
2024-06-30,12298,11548
2024-07-31,12470,11734
2024-08-31,12567,12032
2024-09-30,12930,12311
2024-10-31,12573,12035
2024-11-30,12536,12485

                        Categories,I Shares,MSCI ACWI Index
                        2019-11-30,10000,10000
2019-12-31,10509,10352
2020-01-31,10165,10238
2020-02-29,9734,9411
2020-03-31,7906,8140
2020-04-30,8890,9012
2020-05-31,9322,9404
2020-06-30,9632,9705
2020-07-31,10388,10218
2020-08-31,11022,10844
2020-09-30,10729,10494
2020-10-31,10685,10239
2020-11-30,12109,11501
2020-12-31,12891,12035
2021-01-31,12869,11980
2021-02-28,13452,12258
2021-03-31,13770,12585
2021-04-30,14429,13135
2021-05-31,14588,13340
2021-06-30,14584,13515
2021-07-31,14526,13609
2021-08-31,14754,13949
2021-09-30,14288,13373
2021-10-31,14613,14056
2021-11-30,14120,13717
2021-12-31,14793,14266
2022-01-31,14726,13565
2022-02-28,14308,13215
2022-03-31,14424,13501
2022-04-30,13583,12420
2022-05-31,13902,12435
2022-06-30,12551,11387
2022-07-31,12887,12182
2022-08-31,12646,11733
2022-09-30,11565,10610
2022-10-31,12327,11250
2022-11-30,13756,12123
2022-12-31,13301,11646
2023-01-31,14383,12481
2023-02-28,13974,12123
2023-03-31,13862,12497
2023-04-30,13970,12676
2023-05-31,13676,12541
2023-06-30,14254,13269
2023-07-31,15224,13755
2023-08-31,14521,13370
2023-09-30,14146,12817
2023-10-31,13478,12432
2023-11-30,14459,13579
2023-12-31,15463,14232
2024-01-31,15385,14315
2024-02-29,15792,14929
2024-03-31,16756,15398
2024-04-30,16720,14890
2024-05-31,17342,15495
2024-06-30,17365,15840
2024-07-31,17607,16095
2024-08-31,17744,16504
2024-09-30,18256,16888
2024-10-31,17753,16509
2024-11-30,17700,17126

                        Categories,I Shares,MSCI ACWI Index
                        2014-11-30,10000,10000
2014-12-31,9931,9807
2015-01-31,9857,9654
2015-02-28,10630,10191
2015-03-31,10599,10033
2015-04-30,10689,10324
2015-05-31,11027,10311
2015-06-30,10630,10068
2015-07-31,10972,10156
2015-08-31,10454,9459
2015-09-30,9637,9117
2015-10-31,10029,9832
2015-11-30,10155,9751
2015-12-31,10076,9575
2016-01-31,9444,8998
2016-02-29,9428,8936
2016-03-31,9855,9598
2016-04-30,9748,9740
2016-05-31,9993,9752
2016-06-30,9335,9693
2016-07-31,9637,10111
2016-08-31,9767,10145
2016-09-30,9917,10207
2016-10-31,10032,10034
2016-11-30,10239,10110
2016-12-31,10482,10328
2017-01-31,10853,10611
2017-02-28,10909,10908
2017-03-31,11240,11042
2017-04-30,11666,11214
2017-05-31,12105,11461
2017-06-30,11986,11514
2017-07-31,12398,11835
2017-08-31,12218,11881
2017-09-30,12426,12110
2017-10-31,12674,12362
2017-11-30,12454,12601
2017-12-31,12791,12804
2018-01-31,13281,13526
2018-02-28,12627,12958
2018-03-31,12093,12681
2018-04-30,12406,12802
2018-05-31,12442,12818
2018-06-30,12173,12749
2018-07-31,12426,13133
2018-08-31,12253,13236
2018-09-30,12069,13294
2018-10-31,11009,12298
2018-11-30,10937,12478
2018-12-31,10148,11599
2019-01-31,11174,12514
2019-02-28,11302,12849
2019-03-31,11414,13011
2019-04-30,12020,13450
2019-05-31,10770,12652
2019-06-30,11496,13481
2019-07-31,11583,13520
2019-08-31,10989,13200
2019-09-30,11409,13477
2019-10-31,11917,13846
2019-11-30,12433,14184
2019-12-31,13066,14684
2020-01-31,12639,14521
2020-02-29,12102,13349
2020-03-31,9829,11546
2020-04-30,11054,12783
2020-05-31,11590,13339
2020-06-30,11976,13766
2020-07-31,12916,14494
2020-08-31,13704,15381
2020-09-30,13339,14885
2020-10-31,13285,14523
2020-11-30,15055,16313
2020-12-31,16028,17070
2021-01-31,16001,16993
2021-02-28,16725,17386
2021-03-31,17121,17851
2021-04-30,17939,18631
2021-05-31,18137,18921
2021-06-30,18133,19171
2021-07-31,18061,19303
2021-08-31,18344,19786
2021-09-30,17764,18968
2021-10-31,18169,19937
2021-11-30,17555,19457
2021-12-31,18392,20235
2022-01-31,18309,19241
2022-02-28,17789,18744
2022-03-31,17933,19150
2022-04-30,16888,17617
2022-05-31,17284,17638
2022-06-30,15605,16151
2022-07-31,16022,17279
2022-08-31,15723,16643
2022-09-30,14379,15050
2022-10-31,15327,15958
2022-11-30,17103,17196
2022-12-31,16538,16519
2023-01-31,17883,17703
2023-02-28,17374,17196
2023-03-31,17235,17726
2023-04-30,17369,17980
2023-05-31,17004,17788
2023-06-30,17722,18821
2023-07-31,18928,19510
2023-08-31,18054,18965
2023-09-30,17588,18180
2023-10-31,16758,17634
2023-11-30,17977,19261
2023-12-31,19225,20186
2024-01-31,19128,20305
2024-02-29,19634,21176
2024-03-31,20834,21841
2024-04-30,20788,21120
2024-05-31,21561,21978
2024-06-30,21590,22468
2024-07-31,21891,22830
2024-08-31,22061,23410
2024-09-30,22698,23954
2024-10-31,22073,23416
2024-11-30,22007,24292

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.

Distributions

            Categories,Total ($)
            2006-11-17,0.15686
2006-12-31,0.01075
2007-11-19,0.53883
2007-12-31,0.08122
2008-06-30,0.14744
2008-12-31,0.32995
2009-06-30,0.16349
2009-09-30,0.19092
2009-12-31,0.07706
2010-09-30,0.15116
2010-12-31,0.15882
2011-06-30,0.08475
2011-12-31,0.24736
2012-09-30,0.00000
2012-12-31,0.18371
2013-09-30,0.12965
2013-12-31,0.07554
2014-09-30,0.08706
2014-12-31,0.01462
2015-12-31,0.14985
2016-06-30,0.06467
2016-09-30,0.06671
2016-12-31,0.08397
2017-03-31,0.02942
2017-06-30,0.06224
2017-09-30,0.02047
2017-12-31,0.10180
2018-12-31,0.65217
2019-11-14,0.28174
2019-12-31,0.23163
2020-11-19,2.30329
2020-12-31,0.08510
2021-11-18,4.54624
2021-12-31,0.59076
2022-11-17,0.78534
2022-12-31,0.44930
2023-11-16,1.19547
2023-12-31,0.73259
2024-11-21,0.97178
2024-12-31,1.09041

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2006-11-17,1163721600,0.15686,0,0.15686,0.00000
2006-12-26,1167523200,0.01075,0.01075,0,0
2007-11-19,1195430400,0.53883,0,0.48583,0.05300
2007-12-26,1199059200,0.08122,0.08122,0,0
2008-06-26,1214784000,0.14744,0.14744,0,0
2008-12-26,1230681600,0.32995,0.32995,0,0
2009-06-26,1246320000,0.16349,0.16349,0,0
2009-09-25,1254268800,0.19092,0.19092,0,0
2009-12-24,1262217600,0.07706,0.07706,0,0
2010-09-24,1285804800,0.15116,0.15116,0,0
2010-12-27,1293753600,0.15882,0.15882,0,0
2011-06-24,1309392000,0.08475,0.08475,0,0
2011-12-23,1325289600,0.24736,0.24736,0,0
2012-09-28,1348963200,0.00000,0.00000,0,0
2012-12-24,1356912000,0.18371,0.18371,0,0
2013-09-24,1380499200,0.12965,0.12965,0,0
2013-12-24,1388448000,0.07554,0.07554,0,0
2014-09-24,1412035200,0.08706,0.08706,0,0
2014-12-24,1419984000,0.01462,0.01462,0,0
2015-12-24,1451520000,0.14985,0.14985,0,0
2016-06-24,1467244800,0.06467,0.06467,0,0
2016-09-26,1475193600,0.06671,0.06671,0,0
2016-12-23,1483142400,0.08397,0.08397,0,0
2017-03-24,1490918400,0.02942,0.02942,0,0
2017-06-23,1498780800,0.06224,0.06224,0,0
2017-09-22,1506729600,0.02047,0.02047,0,0
2017-12-22,1514678400,0.10180,0.10180,0,0
2018-12-21,1546214400,0.65217,0.65217,0,0
2019-11-14,1573689600,0.28174,0,0.00000,0.28174
2019-12-20,1577750400,0.23163,0.23163,0,0
2020-11-19,1605744000,2.30329,0,0.68813,1.61516
2020-12-17,1609372800,0.08510,0.08510,0,0
2021-11-18,1637193600,4.54624,0,0.00000,4.54624
2021-12-16,1640908800,0.59076,0.59076,0,0
2022-11-17,1668643200,0.78534,0,0.00000,0.78534
2022-12-15,1672444800,0.44930,0.44930,0,0
2023-11-16,1700092800,1.19547,0,0.17333,1.02214
2023-12-14,1703980800,0.73259,0.73259,0,0
2024-11-21,1732147200,0.97178,0,0.06433,0.90745
2024-12-19,1735603200,1.09041,1.09041,0,0

Distributions

(As of 19 Dec 2024)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

17 Nov 2006

0.15686

—

0.15686

0.00000

26 Dec 2006

31 Dec 2006

0.01075

—

19 Nov 2007

0.53883

—

0.48583

0.05300

26 Dec 2007

31 Dec 2007

0.08122

—

26 Jun 2008

30 Jun 2008

0.14744

—

26 Dec 2008

31 Dec 2008

0.32995

—

26 Jun 2009

30 Jun 2009

0.16349

—

25 Sep 2009

30 Sep 2009

0.19092

—

24 Dec 2009

31 Dec 2009

0.07706

—

24 Sep 2010

30 Sep 2010

0.15116

—

27 Dec 2010

31 Dec 2010

0.15882

—

24 Jun 2011

30 Jun 2011

0.08475

—

23 Dec 2011

31 Dec 2011

0.24736

—

28 Sep 2012

30 Sep 2012

0.00000

—

24 Dec 2012

31 Dec 2012

0.18371

—

24 Sep 2013

30 Sep 2013

0.12965

—

24 Dec 2013

31 Dec 2013

0.07554

—

24 Sep 2014

30 Sep 2014

0.08706

—

24 Dec 2014

31 Dec 2014

0.01462

—

24 Dec 2015

31 Dec 2015

0.14985

—

24 Jun 2016

30 Jun 2016

0.06467

—

26 Sep 2016

30 Sep 2016

0.06671

—

23 Dec 2016

31 Dec 2016

0.08397

—

24 Mar 2017

31 Mar 2017

0.02942

—

23 Jun 2017

30 Jun 2017

0.06224

—

22 Sep 2017

30 Sep 2017

0.02047

—

22 Dec 2017

31 Dec 2017

0.10180

—

21 Dec 2018

31 Dec 2018

0.65217

—

14 Nov 2019

0.28174

—

0.00000

0.28174

20 Dec 2019

31 Dec 2019

0.23163

—

19 Nov 2020

2.30329

—

0.68813

1.61516

17 Dec 2020

31 Dec 2020

0.08510

—

18 Nov 2021

4.54624

—

0.00000

4.54624

16 Dec 2021

31 Dec 2021

0.59076

—

17 Nov 2022

0.78534

—

0.00000

0.78534

15 Dec 2022

31 Dec 2022

0.44930

—

16 Nov 2023

1.19547

—

0.17333

1.02214

14 Dec 2023

31 Dec 2023

0.73259

—

21 Nov 2024

0.97178

—

0.06433

0.90745

19 Dec 2024

31 Dec 2024

1.09041

—

Fund Facts

(As of 30 Nov 2024)

Net Fund Assets

$1.2 B

Benchmark

MSCI ACWI Index

Morningstar Category

World Large-Stock Blend

Fund Symbol

THOIX

Share Class

Share Class Inception Date

28 Jul 2006

Number of Holdings

Portfolio Turnover

15%

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 30 Nov 2024)

Portfolio

Benchmark

Weighted Average Market Cap

$320.9 B

$700.7 B

Median Market Cap

$70.4 B

$13.7 B

Price to Earnings - Forward 1YR

12.9x

19.8x

Price to Earnings - Trailing 12 Months

17.2x

22.8x

Price to Cash Flow

7.1x

14.1x

Portfolio

Benchmark

Price to Book Value

1.6x

3.3x

Return on Assets - 5 YR

7.8%

8.9%

Return on Equity - 5 YR

15.1%

30.3%

Historical 3YR Sales Growth

17.0%

17.7%

Active Share

92.6%

—

Risk & Return Profile

(As of 30 Nov 2024)

10y

Annualized Alpha (%)

1.04

0.97

-0.80

Beta

0.90

1.00

1.01

R-Squared (%)

80.12

85.46

81.35

Standard Deviation (%)

16.24

18.65

16.53

Sharpe Ratio

0.24

0.52

0.39

Information Ratio

0.02

0.10

-0.15

Up Capture (%)

90.37

97.60

97.52

Down Capture (%)

86.78

93.20

102.33

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 31 Oct 2024)

Name

Ticker/Symbol

Sector

Weight %

Meta Platforms Inc

Brian McMahon

Vice Chairman, Chief Investment Strategist and Managing Director

Brian McMahon is chief investment strategist for Thornburg Investment Management. Brian is deeply respected for his market and investment insight and serves as a key voice for the investment team and Thornburg clients. He also co-manages Thornburg’s global equity portfolios and serves as vice chairman of Thornburg. Brian joined Thornburg in 1984 as chief investment officer; a role he held…

Learn More

Miguel Oleaga

Portfolio Manager and Managing Director

Miguel Oleaga is portfolio manager for Thornburg Investment Management. He joined the firm in 2014 as an equity research analyst, was promoted to associate portfolio manager in 2017, and was named portfolio manager in 2018. Miguel holds a BS in business administration (finance and management specialties) from the University of Massachusetts. Prior to his joining Thornburg, Miguel worked at Putnam…

Learn More

Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Financial Statements

Semi-annual report

Prospectus

Statement of Additional Information (SAI)

Annual TSR

Annual Shareholder Letter

Download

Important Information

To determine a fund's Morningstar Rating™, funds and other managed products with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a managed product's monthly excess performance (excluding sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics.

© 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Before investing, carefully consider the Fund's investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

The performance of any index is not indicative of the performance of any particular investment. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Funds invested in a limited number of holdings may expose an investor to greater volatility.

Class R shares are limited to retirement platforms only.

Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

There is no guarantee that the Fund will meet its investment objectives.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities LLC.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities LLC (TSL) does not act as broker of record for investors.

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Thornburg Global Opportunities Fund

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Overview

Why Invest in This Fund?

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Related Content

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Portfolio Managers

Brian McMahon

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Literature

Annual Shareholder Letter

Important Information

More Insights

Looking Past the Pandemic: Opportunities in Global Equities

Covid’s Ongoing Impact on Global Equities

There’s Always Room for SMID

Thornburg PM Perspectives: Identifying Strong Companies

Why You Should Favor Emerging Market Stocks in Asset Allocation

Why Intangible Assets Drive More Real Value in a Digital World

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