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 from issuers around the world.
Strategy. The Fund pursues its investment goal by investing primarily in a broad range of equity securities, including common stocks, preferred stocks and publicly traded real estate investment trusts. The Fund may invest in any stock or other equity security which its investment advisor, Thornburg Investment Management, Inc. (Thornburg), believes may assist the Fund in pursuing its goal, including smaller companies with market capitalizations less than $500 million. The Fund portfolio includes investments in both domestic securities and securities of issuers domiciled in or economically tied to countries outside the United States, including developing countries. Relative proportions of each will vary from time to time, depending upon Thornburgs view of specific investment opportunities and macro-economic factors. Under normal market conditions, the … The Fund pursues its investment goal by investing primarily in a broad range of equity securities, including common stocks, preferred stocks and publicly traded real estate investment trusts. The Fund may invest in any stock or other equity security which its investment advisor, Thornburg Investment Management, Inc. (Thornburg), believes may assist the Fund in pursuing its goal, including smaller companies with market capitalizations less than $500 million. The Fund portfolio includes investments in both domestic securities and securities of issuers domiciled in or economically tied to countries outside the United States, including developing countries. Relative proportions of each will vary from time to time, depending upon Thornburgs view of specific investment opportunities and macro-economic factors. Under normal market conditions, the Fund invests a significant portion of its assets in issuers domiciled in or economically tied to countries outside the United States. 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. 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.
Top holdings
As of March 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Thornburg Capital Management Fund | — | $156.13M | 9.00% |
| ZEGONA COMMUNICATIONS PLC | ZEG | $94.85M | 5.47% |
| SAMSUNG ELECTRONICS CO LTD | — | $84.45M | 4.87% |
| TSMC | — | $77.69M | 4.48% |
| ORANGE | — | $76.87M | 4.43% |
| ALPHABET INC CL A | — | $75.87M | 4.37% |
| CITIGROUP INC | — | $69.15M | 3.99% |
| BNP PARIBAS | — | $62.50M | 3.60% |
| Receive CONTEMPORARY A-A Pay Overnight Rate -1 | — | $58.98M | 3.40% |
| BANK OF IRELAND GROUP PLC | — | $53.94M | 3.11% |
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 Investment Income Builder Fund · TIBAX, TIBCX, TIBIX, TIBRX, TIBMX, TIBGX, TIBOX | 43% | 0.83% |
| Thornburg Summit Fund · TSAMX, TSUMX | 29% | 0.70% |
| Thornburg International Equity ETF · TXUE | 27% | 0.65% |
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. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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