Thornburg Global Opportunities Fund

Investor Summary

Brian McMahon serves as Vice Chairman and Chief Investment Strategist with over 40 years at Thornburg since 1984, previously holding roles as CIO, President, and CEO. He holds an MBA from Tuck School of Business at Dartmouth and has managed the Global Opportunities Fund since March 2012, delivering 11.0% annualized returns from inception through September 2025. Miguel Oleaga joined as co-manager in February 2020, bringing equity research experience from Putnam Investments and achieving exceptional performance with 49.5% cumulative returns from January 2024 to January 2026 versus 27.0% for peer composites.

Fund Strategy

The Global Opportunities Strategy has the flexibility to pursue investment opportunities from around the world and across market capitalization. The team applies fundamental research 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 strategy goal is to provide investors with long-term capital appreciation by investing in equity securities from around the world. The portfolio typically holds 30-40 securities and is diversified across countries and sectors. The fund employs a fundamental, bottom-up investment process with a concentrated approach and active share of 90.2%.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
11.27%	3.16%	3.16%

Executive Summary

Thornburg Global Opportunities Fund delivered a strong Q1 2026 return of 3.16%, outperforming the MSCI All Country World Index's -3.20% return amid challenging global conditions including ongoing geopolitical conflicts and policy uncertainty. The fund's 20-year track record continues with 35.75% trailing 12-month returns versus 20.01% for the benchmark. The portfolio maintains a focused approach with 39 equity holdings, concentrated in communication services (27.2%), financials (18.5%), and technology (13.6%). Key contributors included semiconductor companies Taiwan Semiconductor and Samsung Electronics, telecom operators like Zegona Communications and AT&T, and energy producers Total Energies and Shell. The fund trades at an attractive 12.6x estimated P/E ratio versus 18.0x for the benchmark while generating significantly higher revenue growth rates. Portfolio companies averaged 12.8% five-year revenue growth versus 4.8% for the index. Management continues monitoring companies' ability to manage cost inflation while maintaining their disciplined value-oriented approach focused on above-average growth businesses trading at reasonable valuations.

Core Thesis

Thornburg Global Opportunities Fund seeks capital appreciation through a focused portfolio of global equity investments using a strategy of owning firms with above average revenue growth that are value priced relative to the overall market, with the fund's portfolio companies demonstrating significantly higher revenue growth rates than the MSCI All Country World Index.

Forward Outlook

The manager expects continued volatility in financial asset prices driven by daily news flow affecting perceptions of economic performance, interest rates, and political decisions. They maintain focus on monitoring portfolio companies' abilities to manage cost inflation and maintain margins. The tone suggests cautious optimism about the resilient global economy while acknowledging ongoing geopolitical and policy uncertainties.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Apr 2 2026	2026 Q1	0027.HK, 0700.HK, BABA, BNP.PA, C, CACI, DTE.DE, FCX, GOOGL, LLY, META, RELIANCE.NS, SAP, SCHW, SHEL, T, TSCO.L, TSM, TTE	energy, financials, global, growth, semiconductors, technology, Telecommunications, value	-	Thornburg Global Opportunities outperformed in Q1 2026 with a 3.16% return versus -3.20% for global markets, extending its 20-year track record of beating benchmarks by over 3% annually. The focused 39-stock portfolio trades at a 12.6x P/E discount to markets while generating superior revenue growth, with strong contributions from semiconductors, telecom, and energy holdings.
Jan 11 2026	2025 Q4	0027.HK, 005930.KS, 0700.HK, 300750.SZ, BABA, BIRG.L, BNP.PA, C, CACI, COF, FCX, GOOGL, LLY, META, NN.AS, ORA.PA, RELIANCE.NS, SAP.DE, SCHW, SHEL, T, TSCO.L, TSM, TTE	Digital Economy, financials, global, growth, semiconductors, technology, Trade Policy, value	-	Thornburg Global Opportunities delivered exceptional 2025 performance with 41% returns, significantly outpacing global markets through concentrated exposure to semiconductors, financials, and digital economy leaders. Despite trade policy uncertainty and geopolitical risks, the fund maintains conviction in value-priced growth companies with strong competitive positions, emphasizing long-term wealth creation over short-term volatility.
Sep 30 2025	2025 Q3	0027.HK, 005930.KS, 0700.HK, 300750.SZ, BABA, BIRG.L, BNP.PA, BTRW.L, C, CACI, FCX, GOOGL, META, NN.AS, NVO, ORA.PA, RELIANCE.NS, SAP, SCHW, SHEL, T, TSCO.L, TSM, TTE	Communications, financials, global, growth, semiconductors, technology, Telecom, value	-	Thornburg Global Opportunities Fund outperformed significantly in Q3 2025 and over longer periods through its focused portfolio of 39 global equities trading at attractive valuations. The strategy targets companies with above-average revenue growth, maintaining sector concentrations in communications services, financials, and technology while navigating geopolitical uncertainties and evolving trade policies.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Apr 2 2026

2026 Q1

0027.HK, 0700.HK, BABA, BNP.PA, C, CACI, DTE.DE, FCX, GOOGL, LLY, META, RELIANCE.NS, SAP, SCHW, SHEL, T, TSCO.L, TSM, TTE

energy, financials, global, growth, semiconductors, technology, Telecommunications, value

Thornburg Global Opportunities outperformed in Q1 2026 with a 3.16% return versus -3.20% for global markets, extending its 20-year track record of beating benchmarks by over 3% annually. The focused 39-stock portfolio trades at a 12.6x P/E discount to markets while generating superior revenue growth, with strong contributions from semiconductors, telecom, and energy holdings.

Jan 11 2026

2025 Q4

0027.HK, 005930.KS, 0700.HK, 300750.SZ, BABA, BIRG.L, BNP.PA, C, CACI, COF, FCX, GOOGL, LLY, META, NN.AS, ORA.PA, RELIANCE.NS, SAP.DE, SCHW, SHEL, T, TSCO.L, TSM, TTE

Digital Economy, financials, global, growth, semiconductors, technology, Trade Policy, value

Thornburg Global Opportunities delivered exceptional 2025 performance with 41% returns, significantly outpacing global markets through concentrated exposure to semiconductors, financials, and digital economy leaders. Despite trade policy uncertainty and geopolitical risks, the fund maintains conviction in value-priced growth companies with strong competitive positions, emphasizing long-term wealth creation over short-term volatility.

Sep 30 2025

2025 Q3

0027.HK, 005930.KS, 0700.HK, 300750.SZ, BABA, BIRG.L, BNP.PA, BTRW.L, C, CACI, FCX, GOOGL, META, NN.AS, NVO, ORA.PA, RELIANCE.NS, SAP, SCHW, SHEL, T, TSCO.L, TSM, TTE

Communications, financials, global, growth, semiconductors, technology, Telecom, value

Thornburg Global Opportunities Fund outperformed significantly in Q3 2025 and over longer periods through its focused portfolio of 39 global equities trading at attractive valuations. The strategy targets companies with above-average revenue growth, maintaining sector concentrations in communications services, financials, and technology while navigating geopolitical uncertainties and evolving trade policies.

QUARTER	THEMES	TAGS
2026 Q1	Semiconductors The fund holds significant positions in semiconductor companies including Taiwan Semiconductor Manufacturing and Samsung Electronics, which were among the top contributors to performance in Q1 2026. These technology firms are positioned to benefit from ongoing digital economy trends.	Taiwan Semiconductor Samsung Foundries Memory Chip Designers
	Telecommunications Communication services represent the largest sector allocation at 27.2% of the portfolio. Key holdings include Zegona Communications, Orange SA, AT&T, and Deutsche Telekom, with several telecom operators contributing positively to Q1 performance.	Telecom Infrastructure Wireless Telecom Network Operators Communication Services 5G Equipment
	Energy Energy sector holdings include Total Energies and Shell, both significant contributors to Q1 performance with returns of +44.6% and +29.7% respectively. The fund maintains exposure to global oil and gas producers and distributors.	Oil Natural Gas Integrated Oil & Gas Energy Producers Refiners
	Financials Financial services comprise 18.5% of the portfolio, including major banks like Citigroup, BNP Paribas, and Charles Schwab. The manager believes these financial intermediaries should benefit from interest rates determined by free market forces.	Money Center Banks Investment Banks Regional Banks Wealth Management Financial Services
2025 Q4	Technology Technology firms were leading contributors to portfolio performance in Q4, including Samsung Electronics, Alphabet, CACI International, and Taiwan Semiconductor. The fund maintains significant exposure to digital economy businesses and semiconductor companies.	Semiconductors Digital Economy AI Software Hardware
	Financials Financial intermediaries that should benefit from interest rates determined by free market forces are a key focus. Multiple financial firms contributed positively to Q4 performance including Citigroup, Bank of Ireland, BNP Paribas, NN Group, Capital One, and Charles Schwab.	Banks Interest Rates Financial Services Capital Markets Insurance
	Trade Policy The fund is monitoring ongoing developments with U.S. trade policies and their uncertain impact. Global trade flows have been altered by new U.S. trade policies, creating winners and losers among multi-national producers of tradeable goods.	Tariffs Global Trade Policy Uncertainty Geopolitics
	Inflation The fund is monitoring the abilities of portfolio companies to manage cost inflation and maintain profit margins consistent with expectations. This is highlighted as a key area of attention given the evolving inflation outlook.	Cost Management Profit Margins Pricing Power
2025 Q3	Semiconductors The fund holds significant positions in Taiwan Semiconductor Manufacturing and Samsung Electronics, both showing strong performance. Taiwan Semiconductor returned 32.4% YTD with 22.5% trailing 5-year revenue growth. Samsung Electronics delivered 67.5% YTD returns despite negative 2024 performance.	Taiwan Semiconductor Samsung Foundries Memory
	Telecom Communications services represent 28% of portfolio weight, the largest sector allocation. Key holdings include Zegona Communications with 216.3% YTD returns, Orange SA with 68.7% YTD performance, and AT&T showing 28.2% YTD gains. The sector weight increased 6% year-over-year.	Zegona Orange AT&T Network Operators
	Financials Financial services comprise 20% of portfolio allocation with strong performers including Citigroup (47.3% YTD), Bank of Ireland (85.7% YTD), BNP Paribas (62.8% YTD), and Charles Schwab (30.2% YTD). The managers believe these firms should benefit from interest rates determined by free market forces.	Banks Citigroup BNP Paribas Interest Rates
	Technology Major technology holdings include Alphabet with 28.8% YTD returns and Meta Platforms at 25.7% YTD. The portfolio shows high exposure to digital economy firms. Information Technology represents 12% of sector allocation with consistent performance across the holdings.	Alphabet Meta Digital Economy Software

QUARTER

THEMES

Semiconductors

The fund holds significant positions in semiconductor companies including Taiwan Semiconductor Manufacturing and Samsung Electronics, which were among the top contributors to performance in Q1 2026. These technology firms are positioned to benefit from ongoing digital economy trends.

Taiwan Semiconductor Samsung Foundries Memory Chip Designers

Telecommunications

Communication services represent the largest sector allocation at 27.2% of the portfolio. Key holdings include Zegona Communications, Orange SA, AT&T, and Deutsche Telekom, with several telecom operators contributing positively to Q1 performance.

Telecom Infrastructure Wireless Telecom Network Operators Communication Services 5G Equipment

Energy

Energy sector holdings include Total Energies and Shell, both significant contributors to Q1 performance with returns of +44.6% and +29.7% respectively. The fund maintains exposure to global oil and gas producers and distributors.

Oil Natural Gas Integrated Oil & Gas Energy Producers Refiners

Financials

Financial services comprise 18.5% of the portfolio, including major banks like Citigroup, BNP Paribas, and Charles Schwab. The manager believes these financial intermediaries should benefit from interest rates determined by free market forces.

Money Center Banks Investment Banks Regional Banks Wealth Management Financial Services

2025 Q4

Technology

Technology firms were leading contributors to portfolio performance in Q4, including Samsung Electronics, Alphabet, CACI International, and Taiwan Semiconductor. The fund maintains significant exposure to digital economy businesses and semiconductor companies.

Semiconductors Digital Economy AI Software Hardware

Financials

Financial intermediaries that should benefit from interest rates determined by free market forces are a key focus. Multiple financial firms contributed positively to Q4 performance including Citigroup, Bank of Ireland, BNP Paribas, NN Group, Capital One, and Charles Schwab.

Banks Interest Rates Financial Services Capital Markets Insurance

Trade Policy

The fund is monitoring ongoing developments with U.S. trade policies and their uncertain impact. Global trade flows have been altered by new U.S. trade policies, creating winners and losers among multi-national producers of tradeable goods.

Tariffs Global Trade Policy Uncertainty Geopolitics

Inflation

The fund is monitoring the abilities of portfolio companies to manage cost inflation and maintain profit margins consistent with expectations. This is highlighted as a key area of attention given the evolving inflation outlook.

Cost Management Profit Margins Pricing Power

2025 Q3

Semiconductors

The fund holds significant positions in Taiwan Semiconductor Manufacturing and Samsung Electronics, both showing strong performance. Taiwan Semiconductor returned 32.4% YTD with 22.5% trailing 5-year revenue growth. Samsung Electronics delivered 67.5% YTD returns despite negative 2024 performance.

Taiwan Semiconductor Samsung Foundries Memory

Telecom

Communications services represent 28% of portfolio weight, the largest sector allocation. Key holdings include Zegona Communications with 216.3% YTD returns, Orange SA with 68.7% YTD performance, and AT&T showing 28.2% YTD gains. The sector weight increased 6% year-over-year.

Zegona Orange AT&T Network Operators

Financials

Financial services comprise 20% of portfolio allocation with strong performers including Citigroup (47.3% YTD), Bank of Ireland (85.7% YTD), BNP Paribas (62.8% YTD), and Charles Schwab (30.2% YTD). The managers believe these firms should benefit from interest rates determined by free market forces.

Banks Citigroup BNP Paribas Interest Rates

Technology

Major technology holdings include Alphabet with 28.8% YTD returns and Meta Platforms at 25.7% YTD. The portfolio shows high exposure to digital economy firms. Information Technology represents 12% of sector allocation with consistent performance across the holdings.

Alphabet Meta Digital Economy Software

Date	Pitch Type	Author	Ticker	Company	Industry	Sub Industry	Bull / Bear	Exchange	Keywords	Action
No Elevator Pitches found

Date

Pitch Type

Author

Ticker

Company

Industry

Sub Industry

Bull / Bear

Exchange

Keywords

Action

No Elevator Pitches found

TICKER	COMMENTARY
GOOGL	Alphabet Inc A (Google) Internet-based search & advertising, content, software applications, and data centers. Q1'26 Total Returns ($US): -8.1%, Calendar 2025 Total Returns ($US): +66.0%, Trailing 5 Year Revenue/Share Annual Growth Rate: +19.9%, Trailing 1 Year Revenue/Share Growth Rate: +17.0%. The most significant detractors were technology firms Alphabet and Meta Platforms.
TSM	Taiwan Semiconductor Manufacturing Taiwan-based designer & manufacturer of semiconductors. Q1'26 Total Returns ($US): +11.7%, Calendar 2025 Total Returns ($US): +52.9%, Trailing 5 Year Revenue/Share Annual Growth Rate: +23.3%, Trailing 1 Year Revenue/Share Growth Rate: +31.6%. Leading contributors to portfolio performance for the quarter included technology firms Samsung Electronics, CACI International, and Taiwan Semiconductor.
C	Citigroup Multi-national banking & financial services firm. Q1'26 Total Returns ($US): -2.3%, Calendar 2025 Total Returns ($US): +70.4%, Trailing 5 Year Revenue/Share Annual Growth Rate: +5.5%, Trailing 1 Year Revenue/Share Growth Rate: +9.0%. Eighteen equities subtracted at least -0.10% from Thornburg Global Opportunities Fund portfolio performance during Q1'2026. The most significant detractors were... financials Charles Schwab, Capital One, Bank of Ireland, and Citigroup.
T	AT&T Inc. Communications services provider and network operator. Q1'26 Total Returns ($US): +18.1%, Calendar 2025 Total Returns ($US): +14.0%, Trailing 5 Year Revenue/Share Annual Growth Rate: -6.1%, Trailing 1 Year Revenue/Share Growth Rate: +3.2%. Leading contributors to portfolio performance for the quarter included... communications network operators Zegona Communications, Orange, AT&T, and Deutsche Telekom.
FCX	Freeport-McMoran Inc. Global mining company with significant reserves of important minerals. Q1'26 Total Returns ($US): +16.0%, Calendar 2025 Total Returns ($US): +35.4%, Trailing 5 Year Revenue/Share Annual Growth Rate: +13.0%, Trailing 1 Year Revenue/Share Growth Rate: +1.9%. Leading contributors to portfolio performance for the quarter included... miner Freeport McMoran.
SCHW	Charles Schwab Corporation U.S. centric wealth management platform, securities brokerage, and bank. Q1'26 Total Returns ($US): -5.6%, Calendar 2025 Total Returns ($US): +36.6%, Trailing 5 Year Revenue/Share Annual Growth Rate: +10.1%, Trailing 1 Year Revenue/Share Growth Rate: +23.6%. The most significant detractors were... financials Charles Schwab, Capital One, Bank of Ireland, and Citigroup.
BABA	Alibaba Group Holding Internet infrastructure and e-commerce services provider. Q1'26 Total Returns ($US): -14.4%, Calendar 2025 Total Returns ($US): +75.8%, Trailing 5 Year Revenue/Share Annual Growth Rate: +12.9%, Trailing 1 Year Revenue/Share Growth Rate: +6.5%. The most significant detractors were... e-commerce firms Alibaba and Tencent Holdings.
TTE	Total Energies SE Global oil & gas producer and distributor and low carbon electricity supplier. Q1'26 Total Returns ($US): +44.6%, Calendar 2025 Total Returns ($US): +27.3%, Trailing 5 Year Revenue/Share Annual Growth Rate: +9.4%, Trailing 1 Year Revenue/Share Growth Rate: -2.5%. Leading contributors to portfolio performance for the quarter included... energy producers Total Energies and Shell.
SHEL	Shell PLC Global oil & gas producer and distributor. Q1'26 Total Returns ($US): +29.7%, Calendar 2025 Total Returns ($US): +23.9%, Trailing 5 Year Revenue/Share Annual Growth Rate: +14.4%, Trailing 1 Year Revenue/Share Growth Rate: +0.4%. Leading contributors to portfolio performance for the quarter included... energy producers Total Energies and Shell.
0700.HK	Tencent Holdings Ltd. E-commerce and digital entertainment holding company, based in China. Q1'26 Total Returns ($US): -19.8%, Calendar 2025 Total Returns ($US): +44.6%, Trailing 5 Year Revenue/Share Annual Growth Rate: +10.3%, Trailing 1 Year Revenue/Share Growth Rate: +16.2%. The most significant detractors were... e-commerce firms Alibaba and Tencent Holdings.
META	Meta Platforms (Facebook) Global social networking, communications, internet-based content, and advertising. Q1'26 Total Returns ($US): -13.3%, Calendar 2025 Total Returns ($US): +13.1%, Trailing 5 Year Revenue/Share Annual Growth Rate: +21.5%, Trailing 1 Year Revenue/Share Growth Rate: +22.8%. The most significant detractors were technology firms Alphabet and Meta Platforms.
CACI	CACI International, Inc Command & control, communications, cyber security services to business & government. Q1'26 Total Returns ($US): +2.1%, Calendar 2025 Total Returns ($US): +31.9%, Trailing 5 Year Revenue/Share Annual Growth Rate: +11.6%, Trailing 1 Year Revenue/Share Growth Rate: +11.6%. Leading contributors to portfolio performance for the quarter included technology firms Samsung Electronics, CACI International, and Taiwan Semiconductor.
LLY	Eli Lilly Global branded pharmaceutical development, manufacture, distribution. Q1'26 Total Returns ($US): -14.3%, Calendar 2025 Total Returns ($US): +40.2%, Trailing 5 Year Revenue/Share Annual Growth Rate: +21.9%, Trailing 1 Year Revenue/Share Growth Rate: +45.3%. The most significant detractors were... pharmaceutical firms Novo Nordisk and Eli Lilly.
SAP	SAP SE Germany-based global software developer for business applications. Q1'26 Total Returns ($US): -30.8%, Calendar 2025 Total Returns ($US): +0.6%, Trailing 5 Year Revenue/Share Annual Growth Rate: +6.4%, Trailing 1 Year Revenue/Share Growth Rate: +7.7%. The most significant detractors were... software developers SAP and Adobe.

TICKER

COMMENTARY

GOOGL

Alphabet Inc A (Google) Internet-based search & advertising, content, software applications, and data centers. Q1'26 Total Returns ($US): -8.1%, Calendar 2025 Total Returns ($US): +66.0%, Trailing 5 Year Revenue/Share Annual Growth Rate: +19.9%, Trailing 1 Year Revenue/Share Growth Rate: +17.0%. The most significant detractors were technology firms Alphabet and Meta Platforms.

TSM

Taiwan Semiconductor Manufacturing Taiwan-based designer & manufacturer of semiconductors. Q1'26 Total Returns ($US): +11.7%, Calendar 2025 Total Returns ($US): +52.9%, Trailing 5 Year Revenue/Share Annual Growth Rate: +23.3%, Trailing 1 Year Revenue/Share Growth Rate: +31.6%. Leading contributors to portfolio performance for the quarter included technology firms Samsung Electronics, CACI International, and Taiwan Semiconductor.

Citigroup Multi-national banking & financial services firm. Q1'26 Total Returns ($US): -2.3%, Calendar 2025 Total Returns ($US): +70.4%, Trailing 5 Year Revenue/Share Annual Growth Rate: +5.5%, Trailing 1 Year Revenue/Share Growth Rate: +9.0%. Eighteen equities subtracted at least -0.10% from Thornburg Global Opportunities Fund portfolio performance during Q1'2026. The most significant detractors were... financials Charles Schwab, Capital One, Bank of Ireland, and Citigroup.

AT&T Inc. Communications services provider and network operator. Q1'26 Total Returns ($US): +18.1%, Calendar 2025 Total Returns ($US): +14.0%, Trailing 5 Year Revenue/Share Annual Growth Rate: -6.1%, Trailing 1 Year Revenue/Share Growth Rate: +3.2%. Leading contributors to portfolio performance for the quarter included... communications network operators Zegona Communications, Orange, AT&T, and Deutsche Telekom.

FCX

Freeport-McMoran Inc. Global mining company with significant reserves of important minerals. Q1'26 Total Returns ($US): +16.0%, Calendar 2025 Total Returns ($US): +35.4%, Trailing 5 Year Revenue/Share Annual Growth Rate: +13.0%, Trailing 1 Year Revenue/Share Growth Rate: +1.9%. Leading contributors to portfolio performance for the quarter included... miner Freeport McMoran.

SCHW

Charles Schwab Corporation U.S. centric wealth management platform, securities brokerage, and bank. Q1'26 Total Returns ($US): -5.6%, Calendar 2025 Total Returns ($US): +36.6%, Trailing 5 Year Revenue/Share Annual Growth Rate: +10.1%, Trailing 1 Year Revenue/Share Growth Rate: +23.6%. The most significant detractors were... financials Charles Schwab, Capital One, Bank of Ireland, and Citigroup.

BABA

Alibaba Group Holding Internet infrastructure and e-commerce services provider. Q1'26 Total Returns ($US): -14.4%, Calendar 2025 Total Returns ($US): +75.8%, Trailing 5 Year Revenue/Share Annual Growth Rate: +12.9%, Trailing 1 Year Revenue/Share Growth Rate: +6.5%. The most significant detractors were... e-commerce firms Alibaba and Tencent Holdings.

TTE

Total Energies SE Global oil & gas producer and distributor and low carbon electricity supplier. Q1'26 Total Returns ($US): +44.6%, Calendar 2025 Total Returns ($US): +27.3%, Trailing 5 Year Revenue/Share Annual Growth Rate: +9.4%, Trailing 1 Year Revenue/Share Growth Rate: -2.5%. Leading contributors to portfolio performance for the quarter included... energy producers Total Energies and Shell.

SHEL

Shell PLC Global oil & gas producer and distributor. Q1'26 Total Returns ($US): +29.7%, Calendar 2025 Total Returns ($US): +23.9%, Trailing 5 Year Revenue/Share Annual Growth Rate: +14.4%, Trailing 1 Year Revenue/Share Growth Rate: +0.4%. Leading contributors to portfolio performance for the quarter included... energy producers Total Energies and Shell.

0700.HK

Tencent Holdings Ltd. E-commerce and digital entertainment holding company, based in China. Q1'26 Total Returns ($US): -19.8%, Calendar 2025 Total Returns ($US): +44.6%, Trailing 5 Year Revenue/Share Annual Growth Rate: +10.3%, Trailing 1 Year Revenue/Share Growth Rate: +16.2%. The most significant detractors were... e-commerce firms Alibaba and Tencent Holdings.

Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 31st March 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Semiconductors

Telecommunications

Energy

Financials

Technology

Financials

Trade Policy

Inflation

Semiconductors

Telecom

Financials

Technology

Investor Pitches

Current Portfolio as of ( 31st March 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Brian McMahon Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Thornburg Global Opportunities Fund