Flexible and Focused Global Value Investing

Thornburg Global Opportunities Fund is a flexible and focused equity portfolio that leverages Thornburg’s renowned capacity as a global manager, with holdings selected on a bottom-up basis via a disciplined, value-based framework.

Working Photo"Our research process identifies quality businesses at attractive prices around the world. We seek to capture the advantages of global diversification within a focused portfolio of compelling ideas. Built on our core investment principles of flexibility, focus, and value, the fund gives us a durable framework for value-added investing."

– Vinson Walden

As Global Value-Based Investors, We Use:

  • Flexibility – to diversify and to enhance risk-adjusted returns
  • Focus – to manage risk and improve returns
  • A value-based framework – to identify opportunities at a significant discount to intrinsic value

Broad Flexibility

Global Opportunities Fund is Thornburg’s most flexible equity offering. The fund is diversified geographically, with the freedom to invest globally to enhance risk-adjusted returns.

Additionally, the fund benefits from market capitalization flexibility, an advantage we will seek to maintain. We seek economic value and are careful to diversify by sector, but we do not hew to benchmark weights.


Thornburg believes that diversification beyond a certain number of holdings may yield only marginal performance benefits. The fund typically holds 30 to 40 positions. In a focused portfolio, the task of analyzing, understanding, and tracking holdings is more manageable than with a portfolio of 100 to 200 securities.

A Value-Based Investment Framework

The first step in our investment process is to ask: What is the quality of the business? To understand this, we look at the company’s competitive position: reviewing barriers to entry, balance sheet strength, management quality, and more. We also evaluate return on capital, return on equity, alignment of interests with shareholders, margin structure, and other factors.

The second step is to ask: Is the company undervalued? We consider a number of metrics to determine ultimate free cash flow and asset value, including cash vs. accounting earnings, the capital intensity of the business, market versus book value, hidden assets, and possible value of strategic alternatives.

Finally, we ask: Is there a path to success. As a sort of reality check, we ask ourselves: what must happen in order for the stock to reach its price target?

Sell Discipline

We May Consider Selling a Holding When:

  • A better investment opportunity emerges, with greater risk-adjusted expected return or a potential improvement in diversification benefit
  • Its target price has been achieved or when the initial discount is diminished
  • The investment thesis is no longer intact, due to a change in company fundamentals and/or our assessment of the outlook

What Makes The Fund Different?

Most world stock funds are macro-driven, top-down products with 100+ holdings. Thornburg Global Opportunities is a fundamentally driven, bottom-up strategy with just 30 to 40 holdings.

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.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities Corporation.

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 Corporation (TSC) does not act as broker of record for investors.