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“We are global value investors. We use a value-based research process to identify quality businesses at attractive prices around the world. We then seek to capture the advantages of global diversification within a focused portfolio of compelling ideas. We believe that the structure of the Thornburg Global Opportunities Fund — built on our core investment principles of flexibility, focus, and value — gives us a durable framework for value-added investing.”

– Vinson Walden

We Are Global Value Investors

Our goals are to 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 is Thornburg’s most flexible equity offering. The fund is diversified geographically, with the freedom to invest globally to enhance risk-adjusted returns. Historically, the U.S. has constituted approximately 30% to 50% of the portfolio, while emerging markets have made up about 5% to 20%.

Additionally, Global Opportunities benefits from market cap flexibility, an advantage we will seek to maintain.

We seek 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. In a focused portfolio, the task of analyzing, understanding, and tracking holdings is more manageable than with a portfolio of 100 to 200 securities.

Global Opportunities holds 30 to 40 positions, where the typical global fund (as represented by the Morningstar World Stock category) holds more than three times as many. We know what we own, and why we own it.

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 discounted cash flows, the capital intensity of the business, market versus book value, hidden assets, and possible value of strategic alternatives.

Finally, we determine whether there is 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, via a change in company fundamentals or a decrease in the company’s promise

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

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.

Citywire Group Ratings recognize the expertise of a group as a whole in managing money in one of Citywire’s investment sectors. Individual managers with at least a three-year history count towards the Citywire Group Rating. The ratings are calculated over seven years and based on an average of managers' three-year rolling risk-adjusted returns. Based on the level of outperformance, only around 20–25% of groups in each sector make the cut to receive a rating. Of those, the top 10% receive a Platinum rating; the next 20%, Gold; the next 30%, Silver; and the remaining 40%, Bronze. Citywire Group Ratings are updated every six months. Past performance does not guarantee future results.

Citywire Group Ratings are proprietary to Citywire Financial Publishers Ltd (“Citywire”) and © Citywire 2018. All rights reserved. You may only use this material for your personal and non-commercial use. No part of this material may be copied, distributed or adapted in any form or by any means without prior written consent. Citywire does not accept any liability for your reliance upon, or any errors or omissions in the Citywire Group Ratings.

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. © 2019 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.

Administrator: State Street Fund Services (Ireland) Limited, ThornburgTA@statestreet.com

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