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The content on this website is intended for institutional and professional investors in the United States only and is not suitable for individual investors or non-U.S. entities. Institutional and professional investors include pension funds, investment companies registered under the Investment Company Act of 1940, financial intermediaries, consultants, endowments and foundations, and investment advisors registered under the Investment Advisors Act of 1940.

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Thornburg International Equity Fund (UCITS)

Morningstar Rating  • Info

Overall Morningstar Rating among 4529 EAA Fund Global Large-Cap Blend Equity funds, based on risk-adjusted returns for class I Acc shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 4 stars and 3 stars among 4529, 3363 and 1841 funds, as of 29 Feb 2024.

As of 29 Feb 2024
Fund Assets
$28.1 M
As of 29 Feb 2024
NAV
$20.54
As of 19 Mar 2024
Change
$0.03
As of 19 Mar 2024
YTD NAV Performance
6.37%
As of 19 Mar 2024
Asset Category:
International Equity
Fund Benchmark:
MSCI ACWI ex US NTR

Portfolio Managers

Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Fund?

  • Focused, diversified equity portfolio to include promising companies from primarily developed markets outside the U.S.
  • Rigorous, fundamental research process focused on buying sustainable businesses with sound business fundamentals trading at a discount to their intrinsic value and 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. We build a diversified portfolio with three types of stocks (basic value, consistent earners and emerging franchises) which provides the opportunity for our portfolio to produce positive risk-adjusted returns with less volatility over time.

Performance

Performance

Returns

2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Total Return (%)
-5.70
4.51
-3.11
24.69
-21.59
29.63
28.27
9.76
-16.63
15.70
MSCI EAFE NTR (%)
-4.90
-0.81
1.00
25.03
-13.79
22.01
7.82
11.26
-14.45
18.24
MSCI ACWI ex US NTR (%)
-3.87
-5.66
4.50
27.19
-14.20
21.51
10.65
7.82
-16.00
15.62
YTD
1y
3y
5y
10y
Inception
Total Return (%)
15.70
15.70
1.92
11.97
5.09
5.76
MSCI ACWI ex US NTR (%)
15.62
15.62
1.55
7.08
3.83
4.94
MSCI EAFE NTR (%)
18.24
18.24
4.02
8.16
4.28
5.96
Morningstar Category Avg. (%)
19.39
19.39
4.12
9.92
6.06
Morningstar Quartile
4
4
2
3
YTD
1y
3y
5y
10y
Inception
Total Return (%)
3.16
14.48
1.84
9.98
5.70
5.95
MSCI ACWI ex US NTR (%)
1.51
12.51
1.32
5.44
3.96
5.01
MSCI EAFE NTR (%)
2.42
14.41
4.45
6.77
4.39
6.09
Morningstar Category Avg. (%)
0.83
12.9
4.43
8.56
6.57
Morningstar Quartile
4
4
2
3
YTD
1y
3y
5y
10y
Inception
Total Return (%)
15.70
15.70
5.87
76.03
64.34
93.10
MSCI ACWI ex US NTR (%)
15.62
15.62
4.71
40.79
45.61
76.32
MSCI EAFE NTR (%)
18.24
18.24
12.54
48.05
52.04
97.54
YTD
1y
3y
5y
10y
Inception
Total Return (%)
3.16
14.48
5.62
60.90
74.13
99.20
MSCI ACWI ex US NTR (%)
1.51
12.51
4.01
30.33
47.45
78.99
MSCI EAFE NTR (%)
2.42
14.41
13.95
38.74
53.70
102.31
PRIIPS Performance Risk Scenario

PRIIPS Performance Risk Scenario

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Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

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

Fund Facts

(As of 29 Feb 2024)
Net Fund Assets
$28.1 M
Benchmark
MSCI ACWI ex US NTR
Morningstar Category
EAA Fund Global Large-Cap Blend Equity
Fund Symbol
TBGXUSI ID
Share Class
I Acc
Share Class Inception Date
30 Mar 2012
Number of Holdings
62
Portfolio Turnover
36%
Distribution Frequency
N/a
Characteristics

Characteristics

Portfolio

(As of 29 Feb 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$148.8 B
$98.8 B
Median Market Cap
$67.0 B
$8.7 B
Price to Earnings - Forward 1YR
15.8x
13.8x
Dividend Yield
2.6%
2.9%
Price to Earnings - Trailing 12 Months
17.3x
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
6.4%
7.2%
Return on Equity - 5 YR
15.7%
16.0%
Historical 3YR Sales Growth
14.6%
16.1%
Active Share
82.9%
Risk & Return Profile

Risk & Return Profile

(As of 29 Feb 2024)
3y
5y
10y
Annualized Alpha (%)
0.59
4.65
1.90
Beta
1.01
0.95
0.96
R-Squared (%)
93.20
91.60
89.41
Standard Deviation (%)
16.83
17.22
15.20
Sharpe Ratio
-0.04
0.46
0.29
Information Ratio
0.12
0.89
0.35
Up Capture (%)
101.73
106.88
102.10
Down Capture (%)
99.48
89.00
93.50
Portfolio

Portfolio

Top Holdings

(As of 31 Jan 2024)
Name
Ticker/Symbol
Sector
Weight %
TotalEnergies SE
TTE
Energy
3.8
L'Oreal S.A.
OR
Consumer Staples
3.5
NN Group N.V.
NN
Financials
3.3
Canadian Pacific Kansas City Ltd.
CP
Industrials
3.1
Roche Holding AG
ROG
Health Care
3.1
Hitachi Ltd.
6501
Industrials
3.1
ABB Ltd.
ABBN
Industrials
2.8
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
2.7
Schneider Electric SE
SU
Industrials
2.7
Seven & i Holdings Co. Ltd.
3382
Consumer Staples
2.7
Exposure Breakdown

Exposure Breakdown

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

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Industrials
20.1
13.8
Financials
15.7
21.3
Information Technology
11.6
13.1
Consumer Staples
9.6
7.6
Cash & Cash Equivalents
7.4
Communication Services
7.2
5.2
Utilities
6.1
3.0
Health Care
6.1
9.3
Consumer Discretionary
5.7
11.9
Materials
5.7
7.3
Energy
4.9
5.5
Real Estate
0.0
2.0
Sector Allocation
Fund (%)
Industrials
20.1
Financials
15.7
Information Technology
11.6
Consumer Staples
9.6
Cash & Cash Equivalents
7.4
Communication Services
7.2
Utilities
6.1
Health Care
6.1
Consumer Discretionary
5.7
Materials
5.7
Energy
4.9
Real Estate
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Capital Goods
15.9
9.8
Insurance
6.6
4.7
Utilities
6.1
3.0
Materials
5.7
7.3
Banks
5.1
12.9
Pharmaceuticals, Biotechnology & Life Sciences
5.0
7.4
Energy
4.9
5.5
Semiconductors & Semiconductor Equipment
4.9
5.9
Consumer Staples Distribution & Retail
4.0
1.5
Media & Entertainment
4.0
2.5
Top 10 Industries
Fund (%)
Capital Goods
15.9
Insurance
6.6
Utilities
6.1
Materials
5.7
Banks
5.1
Pharmaceuticals, Biotechnology & Life Sciences
5.0
Energy
4.9
Semiconductors & Semiconductor Equipment
4.9
Consumer Staples Distribution & Retail
4.0
Media & Entertainment
4.0
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
5%
10%
15%
20%
France
19.5
7.8
Europe ex UK
Japan
14.6
15.3
Japan
Switzerland
7.6
6.2
Europe ex UK
Netherlands
6.9
3.3
Europe ex UK
Germany
6.0
5.6
Europe ex UK
Canada
6.0
7.5
North America
Hong Kong
5.5
1.3
Asia Pacific ex Japan
China
4.8
7.1
Asia Pacific ex Japan
Spain
4.6
1.6
Europe ex UK
United States
4.4
0.2
North America
Top 10 Countries
Fund (%)
France
19.5
Japan
14.6
Switzerland
7.6
Netherlands
6.9
Germany
6.0
Canada
6.0
Hong Kong
5.5
China
4.8
Spain
4.6
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…
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