Investment objective & strategy
As of Jan. 28, 2026 · prospectusObjective. The Fund seeks long-term capital appreciation by investing in equity and debt securities of all types.
Strategy. The Fund invests primarily in common stocks of non-U.S. companies and depositary receipts associated with such stocks. The Fund may invest in developing countries. Under normal conditions, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks or depositary receipts. The Funds investment advisor, Thornburg Investment Management, Inc. (Thornburg), intends to invest on an opportunistic basis where the Funds portfolio managers believe intrinsic value is not recognized by the marketplace. The Fund seeks to identify value in a broad or different context by investing in a diversified portfolio of stocks the Fund categorizes as basic values, consistent earners, and emerging franchises, when the portfolio managers believe these … The Fund invests primarily in common stocks of non-U.S. companies and depositary receipts associated with such stocks. The Fund may invest in developing countries. Under normal conditions, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks or depositary receipts. The Funds investment advisor, Thornburg Investment Management, Inc. (Thornburg), intends to invest on an opportunistic basis where the Funds portfolio managers believe intrinsic value is not recognized by the marketplace. The Fund seeks to identify value in a broad or different context by investing in a diversified portfolio of stocks the Fund categorizes as basic values, consistent earners, and emerging franchises, when the portfolio managers believe these issues are value priced. The relative proportions of securities invested in each of those categories will vary over time. The Fund seeks to invest in promising companies, and may invest in stocks that reflect unfavorable market perceptions of the company or industry fundamentals. The Fund may invest in companies of any size, but invests primarily in the large and middle capitalization range of publicly traded companies. The Funds investments are determined by individual issuer and industry analysis. Investment decisions are based on domestic and international economic developments, outlooks for securities markets, interest rates and inflation, the supply and demand for securities, and analysis of specific issuers. Thornburg typically categorizes the Funds equity investments in one of the following three categories: Basic Value: Companies generally operating in mature or cyclical industries and which generally exhibit more economic sensitivity and/or higher volatility in earnings and cash flow. Consistent Earner: Companies which generally exhibit predictable growth, profitability, cash flow and/or dividends. Emerging Franchise: Companies with the potential to grow at an above average rate because of a product or service that is establishing a new market and/or taking share from existing participants. Inclusion of any investment in any of the three described categories represents Thornburgs opinion concerning the characteristics and prospects of the investment. There is no assurance that any company selected for investment will, once categorized in one of the three described investment categories, continue to have the positive characteristics or fulfill the expectations that Thornburg had for the company when it was selected for investment, and any such company may not grow or may decline in earnings and size. The Fund may sell an investment if Thornburg has identified a better investment opportunity, in response to changes in the conditions or business of the investments issuer or changes in overall market conditions, if Thornburg has a target price for the investment and that target price has been achieved, or if, in Thornburgs opinion, the investment no longer serves to achieve the Funds investment goals. The Funds policy of investing at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in common stocks or depositary receipts may be changed by the Funds Trustees without a shareholder vote upon 60 days notice to shareholders.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Thornburg Capital Management Fund | — | $375.89M | 7.34% |
| TOTALENERGIES SE | — | $181.80M | 3.55% |
| ASTRAZENECA PLC | — | $156.65M | 3.06% |
| GLENCORE PLC | — | $149.45M | 2.92% |
| ORANGE | — | $146.61M | 2.86% |
| MITSUBISHI UFJ F | — | $141.76M | 2.77% |
| BNP PARIBAS | — | $137.61M | 2.69% |
| CANADIAN PACIFIC KANSAS CITY LTD | — | $131.28M | 2.57% |
| ENDESA | — | $129.12M | 2.52% |
| ING GROEP NV | — | $128.17M | 2.50% |
Portfolio moves
Dec 31, 2025 → Mar 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Thornburg International Equity ETF · TXUE | 73% | 0.65% |
| Thornburg Better World International Fund · TBWAX, TBWCX, TBWIX | 64% | 0.90% |
| Putnam VT International Equity Fund | 32% | 0.83% |
Advisers
| Firm | Role |
|---|---|
| Thornburg Investment Management, Inc. | Adviser |
Footnotes
- Expense ratio as of January 28, 2026, from the fund's prospectus.
- Net assets and holdings count as of March 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. As reported in the fund's prospectus performance bar chart.
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