Thornburg International Growth Fund

SYMBOL: TIGVX

Morningstar Rating • Info

Overall Morningstar Rating among 369 Foreign Large Growth funds, based on risk-adjusted returns for class R3 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 3 stars, 2 stars and 2 stars among 369, 335 and 213 funds, as of 31 Mar 2025.

As of 31 Mar 2025

Fund Assets

$690.2 M

As of 31 Mar 2025

NAV

$21.76

As of 17 Apr 2025

Change

$0.15

As of 17 Apr 2025

YTD NAV Performance

-2.55%

As of 17 Apr 2025

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

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

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.

Returns

(As of 31 Mar 2025)

YTD

10y

Inception

Total Return (%)

-1.30

-7.86

0.81

5.46

4.09

5.60

MSCI ACWI ex-U.S. Growth Index (%)

1.96

1.15

1.75

8.11

5.06

3.84

Morningstar Category Avg. (%)

2.89

1.27

2.65

9.09

5.53

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

389

369

335

213

—

YTD

10y

Inception

Total Return (%)

-1.30

-7.86

0.81

5.46

4.09

5.60

MSCI ACWI ex-U.S. Growth Index (%)

1.96

1.15

1.75

8.11

5.06

3.84

Morningstar Category Avg. (%)

2.89

1.27

2.65

9.09

5.53

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

389

369

335

213

—

YTD

10y

Inception

Total Return (%)

-1.30

-7.86

2.46

30.44

49.38

168.82

MSCI ACWI ex-U.S. Growth Index (%)

1.96

1.15

5.35

47.66

63.85

98.23

YTD

10y

Inception

Total Return (%)

-1.30

-7.86

2.46

30.44

49.38

168.82

MSCI ACWI ex-U.S. Growth Index (%)

1.96

1.15

5.35

47.66

63.85

98.23

2019

2020

2021

2022

2023

2024

Total Return (%)

25.66

33.64

-4.69

-26.36

17.80

1.93

MSCI ACWI ex-U.S. Growth Index (%)

27.34

22.20

5.09

-23.05

14.03

5.07

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.

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

(As of 1 Feb 2025)

Gross Expense Ratio (%)

2.18

Net Expense Ratio (%)

1.50

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least February 1, 2026, 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,R3 Shares,MSCI ACWI ex-U.S. Growth Index
            2007-02-01,10000,10000
2007-02-28,10101,9924
2007-03-31,10562,10247
2007-04-30,11048,10714
2007-05-31,11460,10997
2007-06-30,11728,11106
2007-07-31,11678,11130
2007-08-31,11679,10999
2007-09-30,12501,11816
2007-10-31,13314,12494
2007-11-30,13197,12033
2007-12-31,13272,11886
2008-01-31,11823,10680
2008-02-29,12089,11139
2008-03-31,11531,10845
2008-04-30,11934,11458
2008-05-31,12072,11790
2008-06-30,10853,10951
2008-07-31,10553,10493
2008-08-31,10098,9931
2008-09-30,8889,8335
2008-10-31,6769,6514
2008-11-30,6323,6089
2008-12-31,6606,6464
2009-01-31,6079,5974
2009-02-28,5482,5461
2009-03-31,6079,5858
2009-04-30,6949,6456
2009-05-31,7748,7334
2009-06-30,7792,7258
2009-07-31,8381,7916
2009-08-31,8425,8074
2009-09-30,9075,8514
2009-10-31,9013,8478
2009-11-30,9180,8747
2009-12-31,9578,8964
2010-01-31,9313,8520
2010-02-28,9445,8558
2010-03-31,10179,9147
2010-04-30,10267,9086
2010-05-31,9463,8159
2010-06-30,9481,8101
2010-07-31,9984,8772
2010-08-31,9975,8581
2010-09-30,10797,9486
2010-10-31,11469,9795
2010-11-30,11522,9534
2010-12-31,12208,10260
2011-01-31,12412,10207
2011-02-28,12802,10456
2011-03-31,12686,10494
2011-04-30,13493,11036
2011-05-31,13687,10771
2011-06-30,13563,10588
2011-07-31,13847,10525
2011-08-31,12970,9655
2011-09-30,11818,8454
2011-10-31,12855,9394
2011-11-30,12164,8946
2011-12-31,11836,8802
2012-01-31,12438,9368
2012-02-29,13218,9915
2012-03-31,13726,9837
2012-04-30,13531,9776
2012-05-31,12343,8691
2012-06-30,12556,9103
2012-07-31,12733,9271
2012-08-31,13159,9427
2012-09-30,13938,9755
2012-10-31,14142,9767
2012-11-30,14408,9993
2012-12-31,14426,10269
2013-01-31,15002,10635
2013-02-28,15409,10653
2013-03-31,15968,10732
2013-04-30,16358,11059
2013-05-31,16606,10849
2013-06-30,16118,10412
2013-07-31,16898,10796
2013-08-31,16996,10632
2013-09-30,18130,11332
2013-10-31,18688,11699
2013-11-30,18866,11739
2013-12-31,19649,11860
2014-01-31,18802,11293
2014-02-28,19458,11887
2014-03-31,18602,11895
2014-04-30,18047,11981
2014-05-31,18484,12248
2014-06-30,18857,12425
2014-07-31,18393,12244
2014-08-31,18447,12355
2014-09-30,17291,11818
2014-10-31,17710,11777
2014-11-30,17746,11949
2014-12-31,17180,11545
2015-01-31,16854,11632
2015-02-28,18303,12229
2015-03-31,17996,12098
2015-04-30,18888,12631
2015-05-31,18868,12495
2015-06-30,18226,12169
2015-07-31,18456,12201
2015-08-31,17612,11284
2015-09-30,16940,10858
2015-10-31,18139,11681
2015-11-30,18446,11550
2015-12-31,18255,11401
2016-01-31,16950,10697
2016-02-29,16643,10563
2016-03-31,17631,11362
2016-04-30,17401,11535
2016-05-31,17708,11460
2016-06-30,16710,11415
2016-07-31,17813,11964
2016-08-31,18264,11922
2016-09-30,18301,12107
2016-10-31,17696,11696
2016-11-30,17245,11250
2016-12-31,17312,11415
2017-01-31,17984,11874
2017-02-28,18099,12113
2017-03-31,19165,12457
2017-04-30,20163,12819
2017-05-31,21046,13389
2017-06-30,21084,13399
2017-07-31,22168,13863
2017-08-31,22005,14002
2017-09-30,22706,14248
2017-10-31,22677,14590
2017-11-30,22690,14751
2017-12-31,23237,15069
2018-01-31,24898,15854
2018-02-28,24013,15145
2018-03-31,23655,14938
2018-04-30,23764,15050
2018-05-31,24172,14964
2018-06-30,24112,14725
2018-07-31,24420,14978
2018-08-31,24003,14809
2018-09-30,23406,14687
2018-10-31,21259,13312
2018-11-30,20854,13514
2018-12-31,19246,12895
2019-01-31,20865,13876
2019-02-28,21380,14251
2019-03-31,22112,14483
2019-04-30,23277,14939
2019-05-31,21463,14173
2019-06-30,22432,15114
2019-07-31,22473,15082
2019-08-31,22040,14809
2019-09-30,21885,14985
2019-10-31,22597,15530
2019-11-30,23148,15767
2019-12-31,24184,16421
2020-01-31,24246,16263
2020-02-29,23096,15076
2020-03-31,20609,13425
2020-04-30,22516,14583
2020-05-31,24619,15218
2020-06-30,25945,15990
2020-07-31,28049,17074
2020-08-31,29323,17770
2020-09-30,29023,17614
2020-10-31,28567,17305
2020-11-30,30767,19065
2020-12-31,32320,20067
2021-01-31,32184,20188
2021-02-28,32215,20115
2021-03-31,31229,20051
2021-04-30,32824,20791
2021-05-31,32299,21293
2021-06-30,32793,21375
2021-07-31,32614,21050
2021-08-31,33454,21526
2021-09-30,31281,20601
2021-10-31,32320,21239
2021-11-30,30153,20472
2021-12-31,30804,21089
2022-01-31,28301,19388
2022-02-28,26977,18846
2022-03-31,26237,18816
2022-04-30,24250,17416
2022-05-31,24127,17267
2022-06-30,22141,15860
2022-07-31,23622,16733
2022-08-31,22432,16080
2022-09-30,20087,14374
2022-10-31,20570,14657
2022-11-30,23498,16478
2022-12-31,22683,16227
2023-01-31,24886,17600
2023-02-28,24144,16846
2023-03-31,25335,17621
2023-04-30,25549,17799
2023-05-31,24908,17307
2023-06-30,25897,17964
2023-07-31,26313,18523
2023-08-31,25346,17579
2023-09-30,23840,16651
2023-10-31,22997,16003
2023-11-30,25549,17659
2023-12-31,26721,18504
2024-01-31,27115,18362
2024-02-29,28342,19064
2024-03-31,29175,19597
2024-04-30,27948,19055
2024-05-31,28995,19558
2024-06-30,29400,19739
2024-07-31,28871,19948
2024-08-31,30008,20582
2024-09-30,29951,21105
2024-10-31,28195,20032
2024-11-30,28150,19867
2024-12-31,27235,19442
2025-01-31,28272,20268
2025-02-28,28223,20284
2025-03-31,26882,19823

Hypothetical Growth of $10,000

(As of 31 Mar 2025)

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

                        Categories,R3 Shares,MSCI ACWI ex-U.S. Growth Index
                        2024-03-31,10000,10000
2024-04-30,9579,9723
2024-05-31,9938,9980
2024-06-30,10077,10072
2024-07-31,9896,10179
2024-08-31,10285,10502
2024-09-30,10266,10769
2024-10-31,9664,10222
2024-11-30,9649,10137
2024-12-31,9335,9921
2025-01-31,9691,10342
2025-02-28,9674,10350
2025-03-31,9214,10115

                        Categories,R3 Shares,MSCI ACWI ex-U.S. Growth Index
                        2022-03-31,10000,10000
2022-04-30,9243,9256
2022-05-31,9196,9176
2022-06-30,8439,8429
2022-07-31,9003,8893
2022-08-31,8550,8546
2022-09-30,7656,7639
2022-10-31,7840,7789
2022-11-30,8956,8758
2022-12-31,8645,8624
2023-01-31,9485,9353
2023-02-28,9202,8953
2023-03-31,9656,9365
2023-04-30,9738,9460
2023-05-31,9494,9198
2023-06-30,9871,9547
2023-07-31,10029,9844
2023-08-31,9661,9342
2023-09-30,9087,8849
2023-10-31,8765,8505
2023-11-30,9738,9385
2023-12-31,10185,9834
2024-01-31,10335,9759
2024-02-29,10802,10132
2024-03-31,11120,10415
2024-04-30,10652,10127
2024-05-31,11051,10394
2024-06-30,11206,10490
2024-07-31,11004,10601
2024-08-31,11437,10938
2024-09-30,11416,11216
2024-10-31,10747,10646
2024-11-30,10729,10558
2024-12-31,10381,10332
2025-01-31,10776,10772
2025-02-28,10757,10780
2025-03-31,10246,10535

                        Categories,R3 Shares,MSCI ACWI ex-U.S. Growth Index
                        2020-03-31,10000,10000
2020-04-30,10925,10863
2020-05-31,11946,11335
2020-06-30,12589,11911
2020-07-31,13610,12718
2020-08-31,14228,13237
2020-09-30,14082,13121
2020-10-31,13861,12891
2020-11-30,14929,14201
2020-12-31,15683,14947
2021-01-31,15616,15038
2021-02-28,15632,14983
2021-03-31,15153,14936
2021-04-30,15927,15487
2021-05-31,15672,15861
2021-06-30,15912,15922
2021-07-31,15825,15680
2021-08-31,16233,16034
2021-09-30,15178,15345
2021-10-31,15683,15821
2021-11-30,14631,15249
2021-12-31,14947,15709
2022-01-31,13732,14442
2022-02-28,13090,14038
2022-03-31,12731,14016
2022-04-30,11767,12973
2022-05-31,11707,12862
2022-06-30,10743,11814
2022-07-31,11462,12464
2022-08-31,10885,11978
2022-09-30,9747,10707
2022-10-31,9981,10917
2022-11-30,11402,12275
2022-12-31,11006,12087
2023-01-31,12075,13110
2023-02-28,11715,12548
2023-03-31,12293,13126
2023-04-30,12397,13259
2023-05-31,12086,12891
2023-06-30,12566,13381
2023-07-31,12768,13798
2023-08-31,12299,13094
2023-09-30,11568,12403
2023-10-31,11159,11921
2023-11-30,12397,13154
2023-12-31,12966,13783
2024-01-31,13157,13678
2024-02-29,13752,14201
2024-03-31,14156,14598
2024-04-30,13561,14194
2024-05-31,14069,14568
2024-06-30,14265,14703
2024-07-31,14009,14859
2024-08-31,14560,15331
2024-09-30,14533,15721
2024-10-31,13681,14922
2024-11-30,13659,14799
2024-12-31,13215,14482
2025-01-31,13718,15098
2025-02-28,13695,15109
2025-03-31,13044,14766

                        Categories,R3 Shares,MSCI ACWI ex-U.S. Growth Index
                        2015-03-31,10000,10000
2015-04-30,10496,10441
2015-05-31,10485,10328
2015-06-30,10128,10059
2015-07-31,10256,10085
2015-08-31,9787,9327
2015-09-30,9414,8975
2015-10-31,10080,9655
2015-11-30,10251,9547
2015-12-31,10144,9423
2016-01-31,9419,8842
2016-02-29,9248,8731
2016-03-31,9797,9392
2016-04-30,9670,9534
2016-05-31,9840,9473
2016-06-30,9286,9435
2016-07-31,9899,9889
2016-08-31,10149,9854
2016-09-30,10170,10008
2016-10-31,9834,9667
2016-11-30,9583,9299
2016-12-31,9620,9435
2017-01-31,9994,9815
2017-02-28,10058,10013
2017-03-31,10650,10296
2017-04-30,11204,10596
2017-05-31,11695,11067
2017-06-30,11716,11075
2017-07-31,12319,11459
2017-08-31,12228,11574
2017-09-30,12617,11777
2017-10-31,12601,12060
2017-11-30,12609,12193
2017-12-31,12913,12456
2018-01-31,13836,13105
2018-02-28,13344,12518
2018-03-31,13145,12347
2018-04-30,13206,12440
2018-05-31,13432,12369
2018-06-30,13399,12171
2018-07-31,13570,12380
2018-08-31,13338,12241
2018-09-30,13007,12140
2018-10-31,11813,11003
2018-11-30,11589,11170
2018-12-31,10695,10659
2019-01-31,11594,11470
2019-02-28,11881,11779
2019-03-31,12288,11971
2019-04-30,12935,12348
2019-05-31,11927,11715
2019-06-30,12465,12492
2019-07-31,12488,12466
2019-08-31,12247,12241
2019-09-30,12161,12386
2019-10-31,12557,12837
2019-11-30,12863,13033
2019-12-31,13439,13573
2020-01-31,13473,13443
2020-02-29,12834,12461
2020-03-31,11452,11097
2020-04-30,12512,12054
2020-05-31,13681,12578
2020-06-30,14418,13217
2020-07-31,15587,14113
2020-08-31,16295,14688
2020-09-30,16128,14560
2020-10-31,15874,14304
2020-11-30,17097,15758
2020-12-31,17960,16586
2021-01-31,17884,16687
2021-02-28,17902,16626
2021-03-31,17354,16574
2021-04-30,18240,17185
2021-05-31,17949,17600
2021-06-30,18223,17668
2021-07-31,18124,17400
2021-08-31,18590,17793
2021-09-30,17383,17028
2021-10-31,17960,17555
2021-11-30,16756,16921
2021-12-31,17117,17431
2022-01-31,15727,16026
2022-02-28,14991,15578
2022-03-31,14579,15553
2022-04-30,13476,14396
2022-05-31,13407,14272
2022-06-30,12303,13109
2022-07-31,13127,13831
2022-08-31,12466,13292
2022-09-30,11162,11881
2022-10-31,11430,12115
2022-11-30,13058,13621
2022-12-31,12605,13413
2023-01-31,13829,14547
2023-02-28,13417,13924
2023-03-31,14079,14565
2023-04-30,14197,14712
2023-05-31,13841,14305
2023-06-30,14391,14848
2023-07-31,14622,15311
2023-08-31,14085,14530
2023-09-30,13248,13763
2023-10-31,12779,13228
2023-11-30,14197,14597
2023-12-31,14849,15295
2024-01-31,15068,15178
2024-02-29,15749,15758
2024-03-31,16212,16199
2024-04-30,15530,15750
2024-05-31,16112,16166
2024-06-30,16337,16316
2024-07-31,16043,16488
2024-08-31,16675,17012
2024-09-30,16644,17445
2024-10-31,15668,16558
2024-11-30,15643,16421
2024-12-31,15135,16070
2025-01-31,15711,16753
2025-02-28,15684,16766
2025-03-31,14938,16385

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 ($)
            2008-12-31,0.17450
2009-12-31,0.06232
2010-12-31,0.03652
2012-03-31,0.00332
2013-11-19,0.56811
2014-11-19,0.98096
2016-09-30,0.00835
2017-11-17,0.81162
2018-11-15,0.74833
2019-11-14,0.11220
2020-11-19,0.37721
2021-11-18,1.98979
2022-12-31,0.03348
2023-12-31,0.03230
2024-11-21,1.88807

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2008-12-26,1230681600,0.17450,0.17450,0,0
2009-12-24,1262217600,0.06232,0.06232,0,0
2010-12-27,1293753600,0.03652,0.03652,0,0
2012-03-26,1333152000,0.00332,0.00332,0,0
2013-11-19,1384819200,0.56811,0,0.21987,0.34824
2014-11-19,1416355200,0.98096,0,0.00000,0.98096
2016-09-26,1475193600,0.00835,0.00835,0,0
2017-11-17,1510876800,0.81162,0,0.05081,0.76081
2018-11-15,1542240000,0.74833,0,0.00000,0.74833
2019-11-14,1573689600,0.11220,0,0.00000,0.11220
2020-11-19,1605744000,0.37721,0,0.30139,0.07582
2021-11-18,1637193600,1.98979,0,0.06248,1.92731
2022-12-15,1672444800,0.03348,0.03348,0,0
2023-12-14,1703980800,0.03230,0.03230,0,0
2024-11-21,1732147200,1.88807,0,0.00000,1.88807

Distributions

(As of 21 Nov 2024)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

26 Dec 2008

31 Dec 2008

0.17450

—

24 Dec 2009

31 Dec 2009

0.06232

—

27 Dec 2010

31 Dec 2010

0.03652

—

26 Mar 2012

31 Mar 2012

0.00332

—

19 Nov 2013

0.56811

—

0.21987

0.34824

19 Nov 2014

0.98096

—

0.00000

0.98096

26 Sep 2016

30 Sep 2016

0.00835

—

17 Nov 2017

0.81162

—

0.05081

0.76081

15 Nov 2018

0.74833

—

0.00000

0.74833

14 Nov 2019

0.11220

—

0.00000

0.11220

19 Nov 2020

0.37721

—

0.30139

0.07582

18 Nov 2021

1.98979

—

0.06248

1.92731

15 Dec 2022

31 Dec 2022

0.03348

—

14 Dec 2023

31 Dec 2023

0.03230

—

21 Nov 2024

1.88807

—

0.00000

1.88807

Fund Facts

(As of 31 Mar 2025)

Net Fund Assets

$690.2 M

Benchmark

MSCI ACWI ex-U.S. Growth Index

Morningstar Category

Foreign Large Growth

Fund Symbol

TIGVX

Share Class

Share Class Inception Date

1 Feb 2008

Number of Holdings

Portfolio Turnover

45%

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Mar 2025)

Portfolio

Benchmark

Weighted Average Market Cap

$174.8 B

$133.0 B

Median Market Cap

$41.4 B

$10.8 B

Price to Earnings - Forward 1YR

23.6x

19.7x

Price to Earnings - Trailing 12 Months

26.4x

23.5x

Price to Cash Flow

17.6x

14.8x

Portfolio

Benchmark

Price to Book Value

4.9x

3.4x

Return on Assets - 5 YR

11.4%

9.0%

Return on Equity - 5 YR

19.3%

18.3%

Historical 3YR Sales Growth

18.4%

17.1%

Active Share

78.3%

—

Risk & Return Profile

(As of 31 Mar 2025)

10y

Annualized Alpha (%)

-0.37

-2.29

-0.38

Beta

1.06

1.07

1.03

R-Squared (%)

95.21

91.97

88.13

Standard Deviation (%)

18.68

18.17

16.47

Sharpe Ratio

-0.17

0.18

0.17

Information Ratio

-0.10

-0.40

-0.08

Up Capture (%)

101.56

102.80

100.70

Down Capture (%)

103.43

114.14

103.16

Past performance does not guarantee future results.

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

Portfolio

Top Holdings

(As of 28 Feb 2025)

Name

Ticker/Symbol

Sector

Weight %

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

7.1

Tencent Holdings Ltd.

700

Communication Services

5.8

Novo Nordisk A/S

NVO

Health Care

5.0

Mastercard, Inc.

Financials

4.8

AstraZeneca plc

AZN

Health Care

4.5

Hong Kong Exchanges & Clearing Ltd.

388

Financials

4.1

ASML Holding N.V.

ASML

Information Technology

3.4

MercadoLibre, Inc.

MELI

Consumer Discretionary

3.4

Air Liquide S.A.

Materials

3.2

Beiersdorf AG

BEI

Consumer Staples

3.1

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Mar 2025)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Information Technology

21.7

19.1

Health Care

20.9

11.9

Financials

15.2

12.1

Communication Services

13.5

7.3

Consumer Discretionary

10.0

13.9

Industrials

4.9

19.6

Consumer Staples

4.7

7.2

Materials

4.4

5.8

Utilities

3.3

1.1

Cash & Cash Equivalents

1.5

—

Real Estate

0.0

0.6

Energy

0.0

1.2

Sector Allocation

Fund (%)

Information Technology

21.7

Health Care

20.9

Financials

15.2

Communication Services

13.5

Consumer Discretionary

10.0

Industrials

4.9

Consumer Staples

4.7

Materials

4.4

Utilities

3.3

Cash & Cash Equivalents

1.5

Real Estate

0.0

Energy

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Pharmaceuticals, Biotechnology & Life Sciences

15.3

9.2

Semiconductors & Semiconductor Equipment

14.3

9.0

Media & Entertainment

13.5

5.9

Financial Services

12.6

4.9

Health Care Equipment & Services

5.6

2.7

Software & Services

5.4

6.2

Household & Personal Products

4.7

1.9

Materials

4.4

5.8

Consumer Discretionary Distribution & Retail

3.3

3.5

Utilities

3.3

1.1

Top 10 Industries

Fund (%)

Pharmaceuticals, Biotechnology & Life Sciences

15.3

Semiconductors & Semiconductor Equipment

14.3

Media & Entertainment

13.5

Financial Services

12.6

Health Care Equipment & Services

5.6

Software & Services

5.4

Household & Personal Products

4.7

Materials

4.4

Consumer Discretionary Distribution & Retail

3.3

Utilities

3.3

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

United States

13.4

—

North America

Germany

9.6

5.8

Europe ex UK

Japan

9.0

13.1

Japan

United Kingdom

7.3

8.2

Taiwan

7.0

5.5

Asia Pacific ex Japan

Netherlands

6.9

3.7

Europe ex UK

China

6.2

10.0

Asia Pacific ex Japan

Switzerland

6.1

6.3

Europe ex UK

France

6.0

7.5

Europe ex UK

Italy

4.4

0.9

Europe ex UK

Top 10 Countries

Fund (%)

United States

13.4

Germany

9.6

Japan

9.0

United Kingdom

7.3

Taiwan

7.0

Netherlands

6.9

China

6.2

Switzerland

6.1

France

6.0

Italy

4.4

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

Large Cap (> $12 B)

85.8

87.0

Mid Cap ($2.5 to $12 B)

12.1

13.0

Small Cap (< $2.5 B)

2.1

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

85.8

Mid Cap ($2.5 to $12 B)

12.1

Small Cap (< $2.5 B)

2.1

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

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

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

Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Financial Statements

Semi-annual report

Prospectus

Statement of Additional Information (SAI)

Annual TSR

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.

© 2025 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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Thornburg International Growth Fund

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Investment Objective

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Related Content

Performance

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Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

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Risk & Return Profile

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Exposure Breakdown

Portfolio Managers

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Thornburg International Growth Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Sean Koung Sun, CFA

Nicholas Anderson, CFA

Literature

Important Information

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Investor Spotlight: The Municipal Bond Tax Exemption

International Equity: The Power of Global Diversification

A Time for Active Fixed Income

The Next Market Shock? Key Risk Factors Investors Must Watch

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