Fundamental, Bottom-Up Research

We constantly search far and wide for the best stock ideas — within the U.S. and around the globe. Potential investments that may deserve a deeper look are thoroughly analyzed using both quantitative and qualitative criteria. But the vast majority are discarded. Those that ultimately make it into our highly selective portfolios are continually monitored to determine whether our investment theses unfold as expected. We know what we own, and why we own it.

A Stock-by-Stock View Informs Macro Perspectives

Trade DeskOur processes are inveterately bottom-up, informed at the security level. We reject the practice of making broad calls on the future performance of sectors, economies or interest rates, and positioning portfolios according to a particular "macro" view. Rather, in constructing portfolios on a security-by-security basis, we seek to ensure optimal diversification and return characteristics. At the same time, as ideas are communicated across the entire investment team, they facilitate the development of nuanced macroeconomic viewpoints. But these viewpoints aren't the primary drivers in any of the portfolios.

Disciplined, Valuation-Focused

As disciplined, long-term investors, we won't compromise on the rigorous, time-tested standards we follow in our portfolios. We take a broad, comprehensive view of value, which for us spans a variety of metrics designed to ascertain whether the market has appropriately priced a stock’s worth relative to the prospects we see. We tend to be strict about selling as price targets are met, investment theses break down, or more compelling opportunities arise.

Focused Portfolios, Flexibly Managed

Our equity portfolios are largely concentrated and diversified, aimed at achieving healthy, risk-adjusted, sustainable returns. Every position in every portfolio matters, given its meaningful individual impact on risk diversification and return. We exploit broad, but well-defined mandates to search out the best relative-value opportunities. Our equity funds tend to look strikingly different from their benchmarks.

Home Cooking

We eat our own cooking. All our portfolio managers invest in the funds they manage, alongside their fellow shareholders.

Important Information

The Fund is offered solely to non-U.S. investors under the terms and conditions of the Fund’s current Prospectus. A copy of the full Prospectus and KIID for the Fund may be obtained by contacting the local Paying Agent through the Fund’s Transfer Agent, State Street Fund Services (Ireland) Limited or in the forms and literature section of this website. The Prospectus and KIID contain important information about the Fund and should be read carefully before investing.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments 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 insured, nor are they bank deposits or guaranteed by a bank or any other entity.

This material constitutes a financial promotion for the purposes of the Financial Services and Markets Act 2000 (the “Act”) and the handbook of rules and guidance issued from time to time by the FCA (the "FCA Rules"). This material is for information purposes only and does not constitute an offer to subscribe for or purchase any financial instrument. Thornburg Investment Management Ltd. ("TIM Ltd.") neither provides investment advice to, nor receives and transmits orders from, persons to whom this material is communicated nor does it carry on any other activities with or for such persons that constitute "MiFID or equivalent third country business" for the purposes of the FCA Rules. All information provided is not warranted as to completeness or accuracy and is subject to change without notice.

The Fund is a sub-fund of Thornburg Global Investment plc, an open-ended umbrella type investment company with segregated liability between sub-funds, authorised by the Central Bank of Ireland (CBI) on 25 November 2011 as an investment company pursuant to the UCITS Regulations. Authorisation of the Company by the CBI is not an endorsement or guarantee of the Company by the CBI nor is the CBI responsible for the contents of the Prospectus or KIID.

Administrator: State Street Fund Services (Ireland) Limited,

Please see our glossary for a definition of terms.