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Thornburg Global Opportunities Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 305 World Large-Stock Blend funds, based on risk-adjusted returns for class R6 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 5 stars, 5 stars and 3 stars among 305, 286 and 191 funds, as of 31 Mar 2025.

As of 31 Mar 2025
Fund Assets
$1.3 B
As of 31 Mar 2025
NAV
$37.05
As of 17 Apr 2025
Change
$0.30
As of 17 Apr 2025
YTD NAV Performance
2.04%
As of 17 Apr 2025
Asset Category:
Global Equity
Fund Benchmark:
MSCI ACWI Index

Portfolio Managers

Vice Chairman, Chief Investment Strategist and Managing Director
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

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Overview

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.

Performance

Performance

Returns

(As of 31 Mar 2025)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
7.27
12.00
9.29
19.01
8.33
10.17
MSCI ACWI Index (%)
-1.32
7.15
6.91
15.18
8.84
7.16
Morningstar Category Avg. (%)
-0.34
4.75
6.07
13.94
7.96
Morningstar Quartile
1
1
1
2
Morningstar Quartile # of Funds
322
305
286
191
YTD
1y
3y
5y
10y
Inception
Total Return (%)
7.27
12.00
9.29
19.01
8.33
10.17
MSCI ACWI Index (%)
-1.32
7.15
6.91
15.18
8.84
7.16
Morningstar Category Avg. (%)
-0.34
4.75
6.07
13.94
7.96
Morningstar Quartile
1
1
1
2
Morningstar Quartile # of Funds
322
305
286
191
YTD
1y
3y
5y
10y
Inception
Total Return (%)
7.27
12.00
30.53
138.73
122.65
509.87
MSCI ACWI Index (%)
-1.32
7.15
22.21
102.68
133.25
263.76
YTD
1y
3y
5y
10y
Inception
Total Return (%)
7.27
12.00
30.53
138.73
122.65
509.87
MSCI ACWI Index (%)
-1.32
7.15
22.21
102.68
133.25
263.76
2019
2020
2021
2022
2023
2024
Total Return (%)
28.94
22.83
14.91
-9.95
16.40
13.21
MSCI ACWI Index (%)
26.60
16.25
18.54
-18.36
22.20
17.49
Fund Fees

Fund Fees

(As of 1 Feb 2025)
Gross Expense Ratio (%)
1.01
Net Expense Ratio (%)
0.85
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Mar 2025)
(Hypothetical Growth of $10,000 vs MSCI ACWI Index)
Distributions

Distributions

(As of 19 Dec 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
22 Sep 2017
30 Sep 2017
0.02966
0.02966
22 Dec 2017
31 Dec 2017
0.10980
0.10980
21 Dec 2018
31 Dec 2018
0.70239
0.70239
14 Nov 2019
14 Nov 2019
0.28174
0.00000
0.28174
20 Dec 2019
31 Dec 2019
0.27310
0.27310
19 Nov 2020
19 Nov 2020
2.30329
0.68813
1.61516
17 Dec 2020
31 Dec 2020
0.13293
0.13293
18 Nov 2021
18 Nov 2021
4.54624
0.00000
4.54624
16 Dec 2021
31 Dec 2021
0.64117
0.64117
17 Nov 2022
17 Nov 2022
0.78534
0.00000
0.78534
15 Dec 2022
31 Dec 2022
0.49202
0.49202
16 Nov 2023
16 Nov 2023
1.19547
0.17333
1.02214
14 Dec 2023
31 Dec 2023
0.77713
0.77713
21 Nov 2024
21 Nov 2024
0.97178
0.06433
0.90745
19 Dec 2024
31 Dec 2024
1.14213
1.14213
Fund Facts

Fund Facts

(As of 31 Mar 2025)
Net Fund Assets
$1.3 B
Benchmark
MSCI ACWI Index
Morningstar Category
World Large-Stock Blend
Fund Symbol
THOGX
Share Class
R6
Share Class Inception Date
10 Apr 2017
Number of Holdings
38
Portfolio Turnover
15%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 31 Mar 2025)
Portfolio
Benchmark
Weighted Average Market Cap
$281.9 B
$599.1 B
Median Market Cap
$68.4 B
$14.2 B
Price to Earnings - Forward 1YR
12.6x
17.8x
Price to Earnings - Trailing 12 Months
15.3x
21.0x
Price to Cash Flow
6.7x
12.5x
Portfolio
Benchmark
Price to Book Value
1.7x
3.1x
Return on Assets - 5 YR
7.7%
9.8%
Return on Equity - 5 YR
14.4%
31.8%
Historical 3YR Sales Growth
12.3%
15.6%
Active Share
92.1%
Risk & Return Profile

Risk & Return Profile

(As of 31 Mar 2025)
3y
5y
10y
Annualized Alpha (%)
2.86
4.26
-0.33
Beta
0.91
0.94
1.00
R-Squared (%)
79.91
83.20
80.63
Standard Deviation (%)
16.32
16.16
16.48
Sharpe Ratio
0.29
1.00
0.38
Information Ratio
0.30
0.55
-0.09
Up Capture (%)
94.25
98.45
97.77
Down Capture (%)
82.84
78.41
100.28
Portfolio

Portfolio

Top Holdings

(As of 28 Feb 2025)
Name
Ticker/Symbol
Sector
Weight %
Meta Platforms, Inc.
META
Communication Services
5.3
Citigroup, Inc.
C
Financials
4.7
Bank of Ireland Group plc
BIRG
Financials
4.4
Alphabet, Inc.
GOOGL
Communication Services
4.3
BNP Paribas S.A.
BNP
Financials
4.1
AT&T, Inc.
T
Communication Services
4.1
SAP SE
SAP
Information Technology
4.0
The Charles Schwab Corp.
SCHW
Financials
4.0
Orange S.A.
ORA
Communication Services
3.7
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
3.7
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Communication Services
26.6
8.2
Financials
20.8
18.1
Consumer Discretionary
16.7
10.6
Information Technology
10.5
23.4
Energy
8.8
4.2
Industrials
5.7
10.6
Materials
3.5
3.6
Consumer Staples
3.3
6.3
Cash & Cash Equivalents
2.7
Health Care
1.3
10.3
Real Estate
0.0
2.1
Utilities
0.0
2.7
Sector Allocation
Fund (%)
Communication Services
26.6
Financials
20.8
Consumer Discretionary
16.7
Information Technology
10.5
Energy
8.8
Industrials
5.7
Materials
3.5
Consumer Staples
3.3
Cash & Cash Equivalents
2.7
Health Care
1.3
Real Estate
0.0
Utilities
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Telecommunication Services
15.5
1.7
Banks
12.6
7.7
Media & Entertainment
11.1
6.5
Energy
8.8
4.2
Consumer Discretionary Distribution & Retail
6.2
5.0
Consumer Services
5.9
2.0
Financial Services
5.6
6.9
Software & Services
3.8
8.5
Capital Goods
3.8
7.5
Materials
3.5
3.6
Top 10 Industries
Fund (%)
Telecommunication Services
15.5
Banks
12.6
Media & Entertainment
11.1
Energy
8.8
Consumer Discretionary Distribution & Retail
6.2
Consumer Services
5.9
Financial Services
5.6
Software & Services
3.8
Capital Goods
3.8
Materials
3.5
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
United States
36.9
64.5
North America
France
11.4
2.6
Europe ex UK
Germany
7.9
2.2
Europe ex UK
United Kingdom
7.6
3.4
UK
China
6.3
3.2
Asia Pacific ex Japan
Hong Kong
4.0
0.4
Asia Pacific ex Japan
Ireland
3.9
0.1
Europe ex UK
Taiwan
3.7
1.7
Asia Pacific ex Japan
Korea, Republic of (South Korea)
3.3
0.9
Asia Pacific ex Japan
India
3.2
1.9
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
United States
36.9
France
11.4
Germany
7.9
United Kingdom
7.6
China
6.3
Hong Kong
4.0
Ireland
3.9
Taiwan
3.7
Korea, Republic of (South Korea)
3.3
India
3.2
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
82.4
94.7
Mid Cap ($2.5 to $12 B)
15.0
5.3
Small Cap (< $2.5 B)
2.6
0.0
Capitalization
Fund (%)
Large Cap (> $12 B)
82.4
Mid Cap ($2.5 to $12 B)
15.0
Small Cap (< $2.5 B)
2.6
Portfolio Managers

Portfolio Managers

Brian McMahon

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

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

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