• Thornburg International Equity Fund

Thornburg
INT, Large-Cap Value

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Thornburg International Equity Fund

TGVAX

Summary

The fund seeks primarily capital appreciation in the long term and secondarily current income by investing in companies across any size outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team focuses on stocks of non-U.S. companies and depositary receipts associated with such stocks.

In selecting securities for the portfolio, the research team focuses on companies that are trading at discounts to their estimated intrinsic value not yet recognized by investors.

In addition, the team evaluates companies on the basis of its earnings and industry growth potential, franchise value, industry leadership, consistency of revenues, and potential for favorable developments.

Other factors in consideration include valuation multiples such as earnings, book value, and cash flow, as well as profitability, enterprise value to EBITDA, and dividend characteristics.

Also, the team categorizes its investments as basic values, consistent earner, and emerging franchise.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The fund may invest in developing countries.

The fund has the flexibility to invest in companies across any size, but invests primarily in the large and middle capitalization range of publicly traded companies.

Strategy Process Research Risk Philosophy

Price

Last Close

$ 30.09 ( +0.12 )

52 Week HL

$31.06 - $23.58

Net Assets

$3900 M

Expense Ratio

0.97 %

Sector Allocation

Mar 31, 2021

Top 10 Holdings

Mar 31, 2021

Company Name

  • Citigroup, Inc.
  • Telefonaktiebolaget LM
  • TOTAL SE
  • JPMorgan Chase
  • Tencent Holdings

Holding

  • 3.5
  • 3.0
  • 2.9
  • 2.8
  • 2.7

Company Name

  • Tencent Holdings
  • Alibaba Group
  • LVMH Moet
  • Sika AG
  • Adidas AG
  • Total

Holding

  • 2.6
  • 2.5
  • 2.5
  • 2.5
  • 2.5
  • 27.5%

Documents

Prospectus

Summary

Fact Sheet

Q2 2021

Annual Reports

Website

Link

Performance

YTD

9.1 %

3 Year

56.17%

5 Year

53.47%

Best

63.44%
1999

Worst

-41.9%
2008

Returns +
Quarterly

2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
Q1 4.2% -19.4% 15.5% -2.4% 6.9% -4.3% 7.5% -4.8% 2.4% 11.1% -
Q2 4.2% 18.5% 3.4% -3.2% 8.9% -3.1% 4.9% 2.1% -1.3% -8.5% -
Q3 0.5% 11.6% -2.2% 0.4% 3.8% 6.5% -8.5% -1.5% 8.7% 5.4% -
Q4 - 11.5% 1.5% -14% 3.6% -1.6% 3.3% -1.8% 4.2% 4.5% -

Returns +
Monthly

J F M A M J J A S O N D
2021 0.7% 4.5% -1% 2.6% 4.6% -3% -2.5% 1.3% 1.8% - - -
2020 -1.3% -5.4% -13.7% 6.6% 6% 4.9% 6.8% 6.8% -2.2% -1.4% 8.8% 4%

Returns +
Annual

    2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
    0%16%29%-6%19%8%-1%14%29%13%0%

Alpha

2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011
TGVAX 9%19%21%-20%--3%7%-6%15%15%-13%
S&P 500 -16%29%-6%19%8%-1%14%29%13%-
Alpha 9%3%-8%-14%--11%7%-19%-14%2%-13%

TGVAX S&P 500

Chart +