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Thornburg International Growth Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 380 Foreign Large Growth funds, based on risk-adjusted returns for class C shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 2 stars and 2 stars among 380, 334 and 222 funds, as of 31 Oct 2024.

As of 31 Oct 2024
Fund Assets
$820.3 M
As of 31 Oct 2024
NAV
$20.28
As of 22 Nov 2024
Change
$0.18
As of 22 Nov 2024
YTD NAV Performance
3.19%
As of 22 Nov 2024
Asset Category:
International Equity
Fund Benchmark:
MSCI ACWI ex-U.S. Growth Index

Portfolio Managers

Sean Koung Sun, CFA
Portfolio Manager and Managing Director
Nicholas Anderson, CFA
Portfolio Manager and Managing Director
Emily Leveille, CFA
Portfolio Manager and Managing Director
OverviewPerformanceFund FactsCharacteristicsPortfolioPortfolio ManagersLiterature
Overview

Overview

Why Invest in This Fund?

 

  • Focused, diversified equity portfolio that invests in high-quality companies with sustainable competitive advantage and durable growth prospects. The fund invests primarily in large and mid-capitalization companies in developed and emerging markets outside the U.S.
  • Rigorous bottom-up fundamental research process focused on uncovering promising growth companies with sound business fundamentals and trading at a discount to their long-term value.
  • Three-basket portfolio construction process seeks to provide diversification, reduce volatility and deliver superior risk-adjusted performance over time.

Investment Objective

The fund’s goal is to provide investors with long-term growth of capital by investing in equity securities selected for their growth potential.

Investment Approach

The fund uses fundamental, bottom-up analysis to uncover companies with robust, high-quality business models and durable growth prospects across geographies and sectors. Our unique three-basket approach to security selection provides diversification across the style spectrum while balancing risk exposures. Ultimately, this high-conviction, active portfolio seeks to outperform its benchmark over a full market cycle.

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Performance

Performance

Returns

(As of 30 Sep 2024)
Average Annual Return
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
10.40
23.61
-2.23
5.73
4.94
5.68
Total Return without Sales Charge (%)
11.40
24.61
-2.23
5.73
4.94
5.68
MSCI ACWI ex-U.S. Growth Index (%)
14.06
26.75
0.81
7.09
5.97
4.32
Morningstar Category Avg. (%)
12.94
26.69
0.19
7.7
6.57
—
Morningstar Quartile
—
3
3
4
4
—
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
3.74
20.53
-5.22
3.78
4.05
5.29
Total Return without Sales Charge (%)
4.74
21.53
-5.22
3.78
4.05
5.29
MSCI ACWI ex-U.S. Growth Index (%)
8.26
25.18
-1.93
5.22
5.46
3.99
Morningstar Category Avg. (%)
7.87
25.36
-2.52
6.01
5.93
—
Morningstar Quartile
—
4
4
4
4
—
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
10.40
23.61
-6.53
32.14
61.97
165.30
Total Return without Sales Charge (%)
11.40
24.61
-6.53
32.14
61.97
165.30
MSCI ACWI ex-U.S. Growth Index (%)
14.06
26.75
2.45
40.84
78.59
111.05
YTD
1y
3y
5y
10y
Inception
Total Return with Sales Charge (%)
3.74
20.53
-14.86
20.37
48.75
149.46
Total Return without Sales Charge (%)
4.74
21.53
-14.86
20.37
48.75
149.46
MSCI ACWI ex-U.S. Growth Index (%)
8.26
25.18
-5.68
28.99
70.10
100.32
2018
2019
2020
2021
2022
2023
Total Return with Sales Charge (%)
-18.47
23.96
31.88
-6.12
-27.69
15.85
MSCI ACWI ex-U.S. Growth Index (%)
-14.43
27.34
22.20
5.09
-23.05
14.03

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 Foreign Large Growth category is based on total returns before sales charges for 1, 3, 5 and 10 years, among 402, 386, 336 and 224 funds, respectively, as of 30 Sep 2024.

Prior to inception of R 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, 1 Feb 2007; R3, R4 and R5 shares, 1 Feb 2008; R6 shares, 1 Feb 2013.

Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
2.28
Net Expense Ratio (%)
2.28

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

Hypothetical Growth of $10,000

(As of 31 Oct 2024)
(Hypothetical Growth of $10,000 vs MSCI ACWI ex-U.S. Growth Index)

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

Distributions

(As of 21 Nov 2024)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
24 Dec 2007
24 Dec 2007
0.36740
—
0.36740
0.00000
26 Dec 2008
31 Dec 2008
0.04967
0.04967
—
—
19 Nov 2013
19 Nov 2013
0.56811
—
0.21987
0.34824
19 Nov 2014
19 Nov 2014
0.98096
—
0.00000
0.98096
17 Nov 2017
17 Nov 2017
0.81162
—
0.05081
0.76081
15 Nov 2018
15 Nov 2018
0.74833
—
0.00000
0.74833
14 Nov 2019
14 Nov 2019
0.11220
—
0.00000
0.11220
19 Nov 2020
19 Nov 2020
0.37721
—
0.30139
0.07582
18 Nov 2021
18 Nov 2021
1.98979
—
0.06248
1.92731
21 Nov 2024
21 Nov 2024
1.88807
—
0.00000
1.88807
Fund Facts

Fund Facts

(As of 31 Oct 2024)
Net Fund Assets
$820.3 M
Benchmark
MSCI ACWI ex-U.S. Growth Index
Morningstar Category
Foreign Large Growth
Fund Symbol
TIGCX
Share Class
C
Share Class Inception Date
1 Feb 2007
Number of Holdings
44
Portfolio Turnover
45%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 31 Oct 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$177.7 B
$146.7 B
Median Market Cap
$42.4 B
$10.0 B
Price to Earnings - Forward 1YR
26.5x
21.3x
Price to Earnings - Trailing 12 Months
33.0x
23.5x
Price to Cash Flow
24.9x
15.5x
Portfolio
Benchmark
Price to Book Value
5.4x
3.4x
Return on Assets - 5 YR
11.5%
8.6%
Return on Equity - 5 YR
20.8%
18.7%
Historical 3YR Sales Growth
26.3%
19.5%
Active Share
78.5%
—
Risk & Return Profile

Risk & Return Profile

(As of 30 Sep 2024)
3y
5y
10y
Annualized Alpha (%)
-1.61
-0.14
0.22
Beta
1.06
1.04
1.03
R-Squared (%)
94.61
91.97
87.40
Standard Deviation (%)
19.34
18.64
16.46
Sharpe Ratio
-0.24
0.25
0.27
Information Ratio
-0.38
-0.01
0.04
Up Capture (%)
101.58
103.88
100.73
Down Capture (%)
108.50
105.27
99.83

Past performance does not guarantee future results.

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

Portfolio

Portfolio

Top Holdings

(As of 30 Sep 2024)
Name
Ticker/Symbol
Sector
Weight %
Novo Nordisk A/S
NVO
Health Care
5.7
Taiwan Semiconductor Manufacturing Co. Ltd.
2330
Information Technology
5.4
ASML Holding N.V.
ASML
Information Technology
4.9
Tencent Holdings Ltd.
700
Communication Services
4.0
AstraZeneca plc
AZN
Health Care
3.8
Nomura Research Institute Ltd.
4307
Information Technology
3.6
Mastercard, Inc.
MA
Financials
3.4
MercadoLibre, Inc.
MELI
Consumer Discretionary
3.2
Beiersdorf AG
BEI
Consumer Staples
3.0
Lonza Group AG
LONN
Health Care
2.8
Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

Exposure Breakdown

(As of 31 Oct 2024)
Sector
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Information Technology
25.6
19.8
Health Care
21.0
12.5
Financials
12.5
11.7
Consumer Discretionary
9.6
14.3
Communication Services
9.2
5.8
Cash & Cash Equivalents
8.0
—
Consumer Staples
5.3
7.9
Materials
3.5
6.1
Industrials
2.9
18.1
Utilities
2.4
1.0
Real Estate
0.0
0.8
Energy
0.0
2.1
Sector Allocation
Fund (%)
Information Technology
25.6
Health Care
21.0
Financials
12.5
Consumer Discretionary
9.6
Communication Services
9.2
Cash & Cash Equivalents
8.0
Consumer Staples
5.3
Materials
3.5
Industrials
2.9
Utilities
2.4
Real Estate
0.0
Energy
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Pharmaceuticals, Biotechnology & Life Sciences
16.1
9.3
Semiconductors & Semiconductor Equipment
15.7
10.6
Financial Services
9.3
4.6
Media & Entertainment
9.2
4.6
Software & Services
7.5
5.8
Health Care Equipment & Services
5.0
3.2
Consumer Discretionary Distribution & Retail
4.1
3.6
Materials
3.5
6.1
Household & Personal Products
2.7
1.7
Utilities
2.4
1.0
Top 10 Industries
Fund (%)
Pharmaceuticals, Biotechnology & Life Sciences
16.1
Semiconductors & Semiconductor Equipment
15.7
Financial Services
9.3
Media & Entertainment
9.2
Software & Services
7.5
Health Care Equipment & Services
5.0
Consumer Discretionary Distribution & Retail
4.1
Materials
3.5
Household & Personal Products
2.7
Utilities
2.4
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
United States
13.9
—
North America
Japan
10.8
14.4
Japan
Germany
7.2
4.7
Europe ex UK
Netherlands
6.5
3.6
Europe ex UK
United Kingdom
6.1
7.4
UK
Taiwan
6.0
6.6
Asia Pacific ex Japan
Denmark
5.5
3.8
Europe ex UK
China
5.3
8.6
Asia Pacific ex Japan
Switzerland
5.2
5.8
Europe ex UK
Italy
4.2
1.2
Europe ex UK
Top 10 Countries
Fund (%)
United States
13.9
Japan
10.8
Germany
7.2
Netherlands
6.5
United Kingdom
6.1
Taiwan
6.0
Denmark
5.5
China
5.3
Switzerland
5.2
Italy
4.2
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Large Cap (> $12 B)
83.4
86.4
Mid Cap ($2.5 to $12 B)
13.6
13.6
Small Cap (< $2.5 B)
3.1
0.1
Capitalization
Fund (%)
Large Cap (> $12 B)
83.4
Mid Cap ($2.5 to $12 B)
13.6
Small Cap (< $2.5 B)
3.1

Holdings with the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Cash includes cash and cash equivalents. Weights are percentages of total portfolio unless otherwise noted.

Percentages may not add up to 100 due to rounding.

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…
Learn More
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…
Learn More
Emily Leveille, CFA

Emily Leveille, CFA

Portfolio Manager and Managing Director
Emily Leveille is a portfolio manager for Thornburg Investment Management. She joined the firm in 2021. Prior to Thornburg, Emily was with Nordea Asset Management in Copenhagen, Denmark, where she was a portfolio manager for emerging market growth strategies after initially joining as an analyst responsible for investments in Latin America. Before Nordea, Emily was an analyst with Ashmore Group…
Learn More

Literature

Fact Sheet
Commentary
Summary Prospectus
Annual Report
Semi-annual report
Prospectus
Statement of Additional Information (SAI)

Important Information

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.

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.

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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