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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Thornburg International Equity Fund seeks to generate long-term capital appreciation by investing in premier foreign companies trading at attractive valuations relative to their underlying corporate earnings power. For the third quarter ended September 30, 2026, the fund's Class I shares delivered a total return of 1.43% net of fees, outpacing the MSCI ACWI ex USA Net Total Return USD Index return of 0.48%. Over the trailing 12-month period, the fund advanced 16.52% net of fees compared to 20.00% for the benchmark. Relative outperformance during the period was propelled by top contributors such as Mitsubishi UFJ Financial Group, Hitachi, SAP, and Sony Group, which helped counterbalance pullbacks in holdings such as Orange, Ferrovial, and AstraZeneca. The macroeconomic backdrop was characterized by elevated bond yields, persistent fiscal borrowing, and renewed commodity price volatility, particularly across crude oil and refined energy products. In response, portfolio managers maintained active positioning with an 8.39% cash weighting, overweighting select industrials and utilities in Europe while leaning into structural secular growth drivers including artificial intelligence infrastructure adoption across Asia.
Long-term superior risk-adjusted returns are achieved through bottom-up selection of world-class international businesses with resilient fundamentals that are purchased at meaningful discounts to intrinsic value.
Global economic expansion is forecast to moderate to 3.0% in 2026 amid ongoing geopolitical tensions, trade tariffs, and restrictive monetary policies. While technological infrastructure investments provide secular earnings support, higher input costs and sovereign financing burdens will require active, bottom-up selection focused on companies possessing durable pricing power and balance-sheet strength.
As of Oct 9, 2026
Lei Wang, CFA serves as Portfolio Manager and Managing Director with over 29 years of industry experience, managing approximately $4.9 billion in International Equity strategies since joining Thornburg in 2004. He holds degrees from East China Normal University and an MBA from NYU, with previous experience at Deutsche Bank Investment Management and China's central bank. Matt Burdett serves as Head of Equities and Portfolio Manager, rejoining Thornburg in 2015 after PIMCO experience, with unique expertise combining investment analysis, healthcare banking, and scientific background as a medicinal chemist, holding an MBA from USC and chemistry degree from UC Berkeley.
The fund employs a fundamental, bottom-up investment approach to provide long-term capital appreciation by investing in equity and debt securities across international markets. The strategy focuses on uncovering promising businesses with sound fundamentals in primarily the developed international markets of Europe and the Asia Pacific region. The portfolio is diversified by sector, country and market capitalization, constructed with three types of stocks - basic value, consistent earners and emerging franchises - to produce attractive risk-adjusted returns across market cycles while mitigating volatility through fundamentally driven security selection.
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