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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 Global Opportunities Fund (UCITS)

Morningstar Rating  • Info

Overall Morningstar Rating among 4507 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, 3 stars, 4 stars and 3 stars among 4507, 3338 and 1822 funds, as of 31 Jan 2024.

As of 31 Jan 2024
Fund Assets
$13.2 M
As of 31 Jan 2024
NAV
$30.46
As of 24 Jan 2024
Change
$0.30
As of 24 Jan 2024
YTD NAV Performance
-1.07%
As of 24 Jan 2024
Asset Category:
Global Equity
Fund Benchmark:
MSCI ACWI NTR

Portfolio Managers

Vice Chairman and Chief Investment Strategist
Portfolio Manager and Managing Director
Overview

Overview

Why Invest in This Fund?

  • A flexible, focused equity portfolio seeking investment opportunities from around the globe and across market capitalizations.
  • A proven fundamental research process to identify and select quality, undervalued businesses with a defined path to success and value creation.
  • The fund seeks to outperform global equity markets over a full market cycle.

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 from issuers around the world.

Investment Approach

The fund has the flexibility to seek investment opportunities from around the world and across market capitalization. It employs a fundamental, bottom-up investment process to identify companies that we believe have quality business models, trading at a discount to long-term intrinsic value, and have a defined path to success. The portfolio typically holds 30-40 securities and is diversified across countries and sectors.

Performance

Performance

Returns

2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
Total Return (%)
19.97
-0.60
5.34
18.80
-22.40
28.68
22.96
14.10
-10.37
17.61
MSCI ACWI NTR (%)
4.17
-2.37
7.86
23.97
-9.42
26.60
16.25
18.54
-18.36
22.20
YTD
1y
3y
5y
10y
Inception
Total Return (%)
17.61
17.61
6.35
13.73
8.22
10.04
MSCI ACWI NTR (%)
22.20
22.20
5.75
11.72
7.93
8.93
Morningstar Category Avg. (%)
19.39
19.39
4.12
9.92
6.06
Morningstar Quartile
3
2
1
1
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-0.94
6.83
6.00
11.37
8.15
9.88
MSCI ACWI NTR (%)
0.59
14.70
6.12
10.16
8.43
8.92
Morningstar Category Avg. (%)
0.83
12.9
4.43
8.56
6.57
Morningstar Quartile
4
2
1
2
YTD
1y
3y
5y
10y
Inception
Total Return (%)
17.61
17.61
20.27
90.30
120.40
207.90
MSCI ACWI NTR (%)
22.20
22.20
18.25
74.04
114.40
173.29
YTD
1y
3y
5y
10y
Inception
Total Return (%)
-0.94
6.83
19.09
71.35
118.95
205.00
MSCI ACWI NTR (%)
0.59
14.70
19.49
62.25
124.64
174.90
PRIIPS Performance Risk Scenario

PRIIPS Performance Risk Scenario

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Hypothetical Growth of $10,000

Hypothetical Growth of $10,000

(As of 31 Jan 2024)
(Hypothetical Growth of $10,000 vs MSCI ACWI NTR)
Fund Facts

Fund Facts

(As of 31 Jan 2024)
Net Fund Assets
$13.2 M
Benchmark
MSCI ACWI NTR
Morningstar Category
EAA Fund Global Large-Cap Blend Equity
Fund Symbol
TBGOPPI ID
Share Class
I Acc
Share Class Inception Date
30 Mar 2012
Number of Holdings
40
Portfolio Turnover
8%
Distribution Frequency
N/a
Characteristics

Characteristics

Portfolio

(As of 31 Jan 2024)
Portfolio
Benchmark
Weighted Average Market Cap
$263.0 B
$484.6 B
Median Market Cap
$77.9 B
$11.1 B
Price to Earnings - Forward 1YR
13.1x
17.7x
Dividend Yield
2.6%
2.0%
Price to Earnings - Trailing 12 Months
15.7x
18.6x
Price to Cash Flow
7.2x
10.7x
Portfolio
Benchmark
Price to Book Value
1.7x
2.9x
Return on Assets - 5 YR
7.0%
10.1%
Return on Equity - 5 YR
15.8%
28.8%
Historical 3YR Sales Growth
14.8%
16.0%
Active Share
93.0%
Risk & Return Profile

Risk & Return Profile

(As of 31 Jan 2024)
3y
5y
10y
Annualized Alpha (%)
0.49
0.90
-0.23
Beta
0.91
1.06
1.03
R-Squared (%)
84.56
88.07
81.96
Standard Deviation (%)
16.14
19.71
16.74
Sharpe Ratio
0.22
0.48
0.41
Information Ratio
-0.02
0.18
-0.04
Up Capture (%)
90.97
106.04
102.34
Down Capture (%)
89.37
103.29
104.99
Portfolio

Portfolio

Top Holdings

(As of 31 Dec 2023)
Name
Ticker/Symbol
Sector
Weight %
Meta Platforms, Inc.
META
Communication Services
5.7
Samsung Electronics Co. Ltd.
005930
Information Technology
5.5
Alphabet, Inc.
GOOGL
Communication Services
4.9
TotalEnergies SE
TTE
Energy
4.7
The Charles Schwab Corp.
SCHW
Financials
3.9
Bank of Ireland Group plc
BIRG
Financials
3.8
Booking Holdings, Inc.
BKNG
Consumer Discretionary
3.6
SAP SE
SAP
Information Technology
3.5
Reliance Industries Ltd.
RIGD
Energy
3.5
The TJX Cos, Inc.
TJX
Consumer Discretionary
3.1
Exposure Breakdown

Exposure Breakdown

(As of 31 Jan 2024)
Sector Allocation
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
25%
30%
Financials
18.7
16.0
Communication Services
17.7
7.5
Information Technology
15.6
23.5
Consumer Discretionary
15.6
10.7
Energy
10.4
4.5
Industrials
8.1
10.5
Materials
7.4
4.2
Consumer Staples
3.4
6.7
Health Care
2.9
11.4
Cash & Cash Equivalents
0.2
Real Estate
0.0
2.3
Utilities
0.0
2.5
Sector Allocation
Fund (%)
Financials
18.7
Communication Services
17.7
Information Technology
15.6
Consumer Discretionary
15.6
Energy
10.4
Industrials
8.1
Materials
7.4
Consumer Staples
3.4
Health Care
2.9
Cash & Cash Equivalents
0.2
Real Estate
0.0
Utilities
0.0
Top 10 Industries
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
5%
10%
15%
20%
Media & Entertainment
13.5
5.9
Energy
10.4
4.5
Banks
9.5
6.8
Materials
7.4
4.2
Capital Goods
6.9
7.1
Semiconductors & Semiconductor Equipment
6.3
7.4
Consumer Services
6.3
2.1
Financial Services
6.2
6.1
Technology Hardware & Equipment
5.4
6.8
Consumer Discretionary Distribution & Retail
4.6
4.6
Top 10 Industries
Fund (%)
Media & Entertainment
13.5
Energy
10.4
Banks
9.5
Materials
7.4
Capital Goods
6.9
Semiconductors & Semiconductor Equipment
6.3
Consumer Services
6.3
Financial Services
6.2
Technology Hardware & Equipment
5.4
Consumer Discretionary Distribution & Retail
4.6
Top 10 Countries
Fund (%)
Benchmark (%)
Region

Portfolio

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
United States
38.2
62.8
North America
Germany
8.4
2.0
Europe ex UK
Netherlands
7.8
1.2
Europe ex UK
France
6.9
2.9
Europe ex UK
United Kingdom
5.8
3.8
UK
Korea, Republic of (South Korea)
5.4
1.2
Asia Pacific ex Japan
Hong Kong
4.5
0.5
Asia Pacific ex Japan
Ireland
4.1
0.1
Europe ex UK
India
4.0
1.8
Asia Pacific ex Japan
China
3.7
2.5
Asia Pacific ex Japan
Top 10 Countries
Fund (%)
United States
38.2
Germany
8.4
Netherlands
7.8
France
6.9
United Kingdom
5.8
Korea, Republic of (South Korea)
5.4
Hong Kong
4.5
Ireland
4.1
India
4.0
China
3.7
Capitalization
Fund (%)
Benchmark (%)

Fund

Benchmark

0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Large Cap (> $12 B)
79.8
92.6
Mid Cap ($2.5 to $12 B)
18.6
7.2
Small Cap (< $2.5 B)
1.6
0.1
Capitalization
Fund (%)
Large Cap (> $12 B)
79.8
Mid Cap ($2.5 to $12 B)
18.6
Small Cap (< $2.5 B)
1.6
Portfolio Managers

Portfolio Managers

Brian McMahon

Brian McMahon

Vice Chairman and Chief Investment Strategist
Brian McMahon is chief investment strategist for Thornburg Investment Management. Brian is deeply respected for his market and investment insight and serves as a key voice for the investment team and Thornburg clients. He also co-manages Thornburg’s global equity portfolios and serves as vice chairman of Thornburg. Brian joined Thornburg in 1984 as chief investment officer; a role he held…
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Miguel Oleaga

Miguel Oleaga

Portfolio Manager and Managing Director
Miguel Oleaga is portfolio manager for Thornburg Investment Management. He joined the firm in 2014 as an equity research analyst, was promoted to associate portfolio manager in 2017, and was named portfolio manager in 2018. Miguel holds a BS in business administration (finance and management specialties) from the University of Massachusetts. Prior to his joining Thornburg, Miguel worked at Putnam…
Learn More

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