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Thornburg International Equity Fund

Morningstar Rating  • Info

Overall Morningstar Rating among 698 Foreign Large 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, 2 stars, 5 stars and 5 stars among 698, 644 and 423 funds, as of 29 Feb 2024.

As of 29 Feb 2024
Fund Assets
$2.6 B
As of 29 Feb 2024
NAV
$26.70
As of 18 Mar 2024
Change
$0.04
As of 18 Mar 2024
YTD NAV Performance
6.76%
As of 18 Mar 2024
Asset Category:
International Equity
Fund Benchmark:
MSCI ACWI ex US (GR/NR)

Portfolio Managers

Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Fund?

 

  • Focused, diversified international core equity portfolio that includes promising companies from both developed markets and emerging markets outside the U.S.
  • Rigorous, fundamental research process focused on buying sustainable businesses with sound business fundamentals trading at a discount to intrinsic value and with a defined path to success.
  • Three-basket portfolio construction process that seeks to provide style diversification, reduce volatility and deliver superior risk-adjusted performance over time.

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.

Investment Approach

The fund uses a fundamental, bottom-up investment approach to uncover promising businesses with sound fundamentals in primarily the developed international markets of Europe and the Asia Pacific region.   The resulting portfolio is diversified by sector, country and market capitalization.  The portfolio is constructed with three types of stocks (basic value, consistent earners and emerging franchises) which provides the opportunity for our portfolio to produce attractive risk-adjusted returns across market cycles with less volatility over time.

Performance

Performance

Returns

(As of 31 Dec 2023)
YTD
1y
3y
5y
10y
Inception
Total Return (%)
16.00
16.00
1.30
10.50
5.01
7.51
MSCI ACWI ex US (GR/NR) (%)
15.62
15.62
1.55
7.08
3.83
4.68
MSCI EAFE NTR (%)
18.24
18.24
4.02
8.16
4.28
4.48
Morningstar Category Avg. (%)
16.25
16.25
2.43
7.62
3.98
Morningstar Quartile
3
3
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
3.36
15.25
1.25
8.53
5.66
7.59
MSCI ACWI ex US (GR/NR) (%)
1.51
12.51
1.32
5.44
3.96
4.71
MSCI EAFE NTR (%)
2.42
14.41
4.45
6.77
4.39
4.55
Morningstar Category Avg. (%)
1.97
12.85
2.6
6.03
4.14
Morningstar Quartile
1
4
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
16.00
16.00
3.96
64.76
63.00
537.48
MSCI ACWI ex US (GR/NR) (%)
15.62
15.62
4.71
40.79
45.61
222.66
MSCI EAFE NTR (%)
18.24
18.24
12.54
48.05
52.04
207.01
YTD
1y
3y
5y
10y
Inception
Total Return (%)
3.36
15.25
3.80
50.55
73.45
558.90
MSCI ACWI ex US (GR/NR) (%)
1.51
12.51
4.01
30.33
47.45
227.54
MSCI EAFE NTR (%)
2.42
14.41
13.95
38.74
53.70
214.43
2018
2019
2020
2021
2022
2023
Total Return (%)
-19.82
29.09
22.76
7.60
-16.71
16.00
MSCI ACWI ex US (GR/NR) (%)
-14.20
21.51
10.65
7.82
-16.00
15.62
MSCI EAFE NTR (%)
-13.79
22.01
7.82
11.26
-14.45
18.24
Fund Fees

Fund Fees

(As of 1 Feb 2024)
Gross Expense Ratio (%)
1.01
Net Expense Ratio (%)
0.90
Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 29 Feb 2024)
(Hypothetical Growth of $10,000 vs MSCI EAFE NTR)
Distributions

Distributions

(As of 14 Dec 2023)
Ex-Date
Payable Date
Total ($)
Income ($)
ST Cap Gains ($)
LT Cap Gains ($)
29 Jun 2001
30 Jun 2001
0.13100
0.13100
31 Dec 2004
31 Dec 2004
0.11222
0.11222
30 Sep 2005
30 Sep 2005
0.18088
0.18088
17 Nov 2005
30 Nov 2005
0.40477
0.08666
0.31811
30 Mar 2006
31 Mar 2006
0.09469
0.09469
27 Sep 2006
30 Sep 2006
0.19707
0.19707
17 Nov 2006
30 Nov 2006
0.64859
0.05849
0.59010
26 Dec 2006
31 Dec 2006
0.10537
0.10537
26 Jun 2007
30 Jun 2007
0.15838
0.15838
26 Sep 2007
30 Sep 2007
0.13948
0.13948
19 Nov 2007
30 Nov 2007
2.87886
1.40945
1.46941
26 Dec 2007
31 Dec 2007
0.04080
0.04080
26 Jun 2008
30 Jun 2008
0.23907
0.23907
26 Sep 2008
30 Sep 2008
0.14908
0.14908
26 Dec 2008
31 Dec 2008
0.05862
0.05862
26 Jun 2009
30 Jun 2009
0.18271
0.18271
25 Sep 2009
30 Sep 2009
0.06555
0.06555
26 Mar 2010
31 Mar 2010
0.05294
0.05294
25 Jun 2010
30 Jun 2010
0.11403
0.11403
24 Sep 2010
30 Sep 2010
0.08706
0.08706
27 Dec 2010
31 Dec 2010
0.03003
0.03003
25 Mar 2011
31 Mar 2011
0.04937
0.04937
24 Jun 2011
30 Jun 2011
0.18720
0.18720
26 Sep 2011
30 Sep 2011
0.10483
0.10483
23 Dec 2011
31 Dec 2011
0.04280
0.04280
26 Mar 2012
31 Mar 2012
0.07653
0.07653
25 Jun 2012
30 Jun 2012
0.17631
0.17631
24 Sep 2012
30 Sep 2012
0.09902
0.09902
22 Mar 2013
31 Mar 2013
0.10535
0.10535
24 Jun 2013
30 Jun 2013
0.17835
0.17835
24 Sep 2013
30 Sep 2013
0.10066
0.10066
24 Dec 2013
31 Dec 2013
0.02593
0.02593
24 Jun 2014
30 Jun 2014
0.22927
0.22927
24 Sep 2014
30 Sep 2014
0.15051
0.15051
19 Nov 2014
30 Nov 2014
2.52021
0.00000
2.52021
24 Dec 2014
31 Dec 2014
0.05324
0.05324
24 Jun 2015
30 Jun 2015
0.20161
0.20161
24 Sep 2015
30 Sep 2015
0.12842
0.12842
19 Nov 2015
30 Nov 2015
4.25368
0.00000
4.25368
24 Dec 2015
31 Dec 2015
0.01831
0.01831
24 Jun 2016
30 Jun 2016
0.25307
0.25307
26 Sep 2016
30 Sep 2016
0.19705
0.19705
24 Mar 2017
31 Mar 2017
0.02574
0.02574
23 Jun 2017
30 Jun 2017
0.12415
0.12415
22 Sep 2017
30 Sep 2017
0.12458
0.12458
17 Nov 2017
30 Nov 2017
4.02883
0.64275
3.38608
22 Dec 2017
31 Dec 2017
0.00979
0.00979
21 Dec 2018
31 Dec 2018
0.35105
0.35105
14 Nov 2019
30 Nov 2019
1.28372
0.00000
1.28372
20 Dec 2019
31 Dec 2019
0.28133
0.28133
19 Nov 2020
30 Nov 2020
0.76614
0.38436
0.38178
17 Dec 2020
31 Dec 2020
0.12461
0.12461
18 Nov 2021
30 Nov 2021
3.43433
1.31246
2.12187
16 Dec 2021
31 Dec 2021
0.40625
0.40625
15 Dec 2022
31 Dec 2022
0.44390
0.44390
14 Dec 2023
31 Dec 2023
0.49384
0.49384
Fund Facts

Fund Facts

(As of 29 Feb 2024)
Net Fund Assets
$2.6 B
Benchmark
MSCI ACWI ex US (GR/NR)
Morningstar Category
Foreign Large Blend
Fund Symbol
TGVIX
Share Class
I
Share Class Inception Date
30 Mar 2001
Number of Holdings
56
Portfolio Turnover
43%
Distribution Frequency
Annually
Characteristics

Characteristics

Portfolio

(As of 29 Feb 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$147.4 B
$98.8 B
Median Market Cap
$65.3 B
$8.7 B
Price to Earnings - Forward 1YR
15.7x
13.8x
Price to Earnings - Trailing 12 Months
17.1x
14.4x
Price to Cash Flow
9.5x
7.6x
Portfolio
Benchmark
Price to Book Value
2.1x
1.7x
Return on Assets - 5 YR
6.3%
7.2%
Return on Equity - 5 YR
15.5%
16.0%
Historical 3YR Sales Growth
14.8%
16.1%
Active Share
82.9%
Risk & Return Profile

Risk & Return Profile

(As of 29 Feb 2024)
3y
5y
10y
Annualized Alpha (%)
0.02
3.10
1.81
Beta
1.03
0.99
0.98
R-Squared (%)
92.36
92.36
89.94
Standard Deviation (%)
17.30
17.85
15.44
Sharpe Ratio
-0.08
0.36
0.28
Information Ratio
-0.01
0.62
0.35
Up Capture (%)
103.18
107.67
103.17
Down Capture (%)
103.54
96.02
94.97
Portfolio

Portfolio

Top Holdings

(As of 31 Jan 2024)
Name
Ticker/Symbol
Sector
Weight %
TotalEnergies SE
TTE
Energy
4.1
NN Group N.V.
NN
Financials
3.4
Canadian Pacific Kansas City Ltd.
CP
Industrials
3.3
Safran S.A.
SAF
Industrials
3.2
Hitachi Ltd.
6501
Industrials
3.1
L'Oreal S.A.
OR
Consumer Staples
3.0
Roche Holding AG
ROG
Health Care
2.8
Sony Group Corp.
6758
Consumer Discretionary
2.8
ABB Ltd.
ABBN
Industrials
2.8
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
2.8
Exposure Breakdown

Exposure Breakdown

(As of 29 Feb 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
21.4
13.8
Financials
16.2
21.3
Information Technology
11.4
13.1
Consumer Staples
9.4
7.6
Utilities
7.4
3.0
Communication Services
7.2
5.2
Health Care
5.9
9.3
Materials
5.8
7.3
Consumer Discretionary
5.7
11.9
Energy
5.1
5.5
Cash & Cash Equivalents
4.4
Real Estate
0.0
2.0
Sector Allocation
Fund (%)
Industrials
21.4
Financials
16.2
Information Technology
11.4
Consumer Staples
9.4
Utilities
7.4
Communication Services
7.2
Health Care
5.9
Materials
5.8
Consumer Discretionary
5.7
Energy
5.1
Cash & Cash Equivalents
4.4
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
17.2
9.8
Utilities
7.4
3.0
Insurance
6.6
4.7
Materials
5.8
7.3
Banks
5.4
12.9
Energy
5.1
5.5
Semiconductors & Semiconductor Equipment
4.9
5.9
Pharmaceuticals, Biotechnology & Life Sciences
4.8
7.4
Financial Services
4.2
3.7
Media & Entertainment
4.0
2.5
Top 10 Industries
Fund (%)
Capital Goods
17.2
Utilities
7.4
Insurance
6.6
Materials
5.8
Banks
5.4
Energy
5.1
Semiconductors & Semiconductor Equipment
4.9
Pharmaceuticals, Biotechnology & Life Sciences
4.8
Financial Services
4.2
Media & Entertainment
4.0
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
25%
30%
France
20.9
7.8
Europe ex UK
Japan
14.3
15.3
Japan
Switzerland
7.3
6.2
Europe ex UK
Germany
7.1
5.6
Europe ex UK
Netherlands
6.8
3.3
Europe ex UK
Canada
5.9
7.5
North America
Spain
5.5
1.6
Europe ex UK
Hong Kong
5.5
1.3
Asia Pacific ex Japan
China
4.8
7.1
Asia Pacific ex Japan
United States
4.4
0.2
North America
Top 10 Countries
Fund (%)
France
20.9
Japan
14.3
Switzerland
7.3
Germany
7.1
Netherlands
6.8
Canada
5.9
Spain
5.5
Hong Kong
5.5
China
4.8
United States
4.4
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
99.7
83.6
Mid Cap ($2.5 to $12 B)
0.3
16.1
Small Cap (< $2.5 B)
0.0
0.2
Capitalization
Fund (%)
Large Cap (> $12 B)
99.7
Mid Cap ($2.5 to $12 B)
0.3
Small Cap (< $2.5 B)
0.0
Portfolio Managers

Portfolio Managers

Lei Wang, CFA

Lei Wang, CFA

Portfolio Manager and Managing Director
Lei Wang is portfolio manager for Thornburg Investment Management. He joined Thornburg Investment Management in 2004 as associate portfolio ­manager and was promoted to portfolio manager in 2006. Lei holds a BA and an MA from East China Normal University and an MBA from New York University. He is a CFA charterholder. Prior to joining Thornburg, he served as an…
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Matt Burdett

Matt Burdett

Portfolio Manager and Managing Director
Matt Burdett is portfolio manager for Thornburg Investment Management. He rejoined the firm in 2015 as an associate portfolio manager and was promoted to portfolio manager in 2018. Matt spent several years as a senior vice president and portfolio manager at PIMCO, where he co-managed various dividend-oriented strategies. Prior to his time at PIMCO, Matt worked as an equity analyst…
Learn More

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