Thornburg International Equity Fund

Investor Summary

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.

Fund Strategy

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.

ANNUALIZED SINCE INCEPTION	QUARTERLY	YTD
8.73%	6.7%	9.99%

Executive Summary

The Thornburg International Equity Fund returned 6.70% in Q2 2026, underperforming its benchmark which gained 14.49%, as markets recovered from the Iran conflict energy shock. The fund's 28-year track record demonstrates 2.7% annual outperformance versus the MSCI ACWI ex-U.S. Index, driven by bottom-up stock selection in quality businesses. Leading contributors included semiconductor holdings Taiwan Semiconductor and Samsung Electronics, which benefited from AI infrastructure spending, and European financials ING Groep and BNP Paribas. Detractors included TotalEnergies amid energy volatility and Chinese holdings Alibaba, Tencent and Kweichow Moutai facing weak domestic demand. The portfolio maintains 46 equity positions with top 10 holdings comprising 29.4% of assets and cash at 6.9%. The manager remains overweight Europe and China based on fundamental company assessments, focusing on businesses with resilient earnings power trading at attractive valuations. Global growth is expected to slow to 2.9% in 2026 amid elevated inflation and monetary policy uncertainty, but the manager maintains conviction in the portfolio's ability to navigate volatility and deliver superior risk-adjusted returns through the cycle.

Core Thesis

The fund seeks long-term capital appreciation by investing in a focused yet diversified portfolio of premier international companies trading at a discount to intrinsic value, with strong fundamentals and earnings power capable of weathering economic volatility and strengthening competitive positions over time.

Forward Outlook

The manager expects the global economic environment to remain challenging with slowing growth to 2.9% in 2026, elevated inflation driven by energy costs, and monetary policy uncertainty. However, the manager maintains a long-term perspective and believes the portfolio businesses have managed well through varying economic environments across business cycles. The focus remains on identifying premier foreign producers trading at a discount to intrinsic value, with stock selection expected to continue as the key driver of portfolio returns through a full market cycle.

Date	Letter	Tickers	Keywords	Pitches	Quick Takes
Jul 14 2026	2026 Q2	005930 KS, 0700.HK, 600519.SS, 6861.T, AZN, BABA, BBCA.JK, BNP.PA, CP, ING, MUFG, SU.PA, TSM, TTE	Asia, China, Energy Shock, Europe, financials, International Equity, semiconductors, value	-	Thornburg International Equity underperformed in Q2 as markets recovered from the Iran energy shock, but maintains its 28-year track record of 2.7% annual alpha through disciplined stock selection. Semiconductor and European financial holdings drove gains while Chinese positions lagged on weak domestic demand. The concentrated portfolio of 46 quality businesses trading at attractive valuations positions the fund to navigate slowing global growth and deliver through-cycle outperformance.
Apr 18 2026	2026 Q1	005930 KS, 0700.HK, 3690 HK, 6098.T, AZN, B3SA3.SA, BNP.PA, BZ, CP, ELE.MC, GLEN.L, INGA.AS, MUFG, NN.AS, ORA.PA, SONY, TTE	energy, Geopolitical, inflation, international, Resilience, value	-	Thornburg International outperformed in Q1 2026 despite geopolitical turmoil from the Iran conflict driving energy supply shocks and inflation fears. The fund's focus on resilient, attractively valued businesses with strong fundamentals enabled effective navigation of volatile conditions. Energy and materials holdings contributed while Chinese technology names detracted in a challenging global growth environment.
Jan 11 2026	2025 Q4	005930.KS, 4901.T, 6501.T, 6758.T, 8306.T, AZN, BABA, BNP.PA, BZ, CP, DPW.DE, LIN, NN.AS, ROG.SW, SU.PA, TTE	China, Europe, fundamentals, international, Japan, value	-	Thornburg International Equity Fund outperformed for the full year despite Q4 underperformance, benefiting from strong stock selection in technology and pharmaceuticals. The managers maintain conviction in their focused portfolio of quality international businesses trading at attractive valuations, welcoming macro-driven volatility for positioning opportunities while navigating trade tensions and divergent monetary policies.
Oct 10 2025	2025 Q3	0027.HK, 005930.KS, 3690.HK, 6758.T, 8306.T, ALC, AZN, BABA, BNP.PA, CP, CSU.TO, FCX, NVO, OR.PA, SU.PA, TTE	Bottom-up, Diversified, fundamentals, international, value	-	Thornburg International Equity Fund underperformed in Q3 but outperformed over 12 months through disciplined value investing in quality international businesses. Portfolio benefits from AI-driven semiconductor strength and diversified exposure across industrials and financials. Despite global growth headwinds and trade tensions, the fund maintains attractive valuations and selective positioning for long-term outperformance.
Jun 30 2025	2025 Q2	0027.HK, 005930.KS, 3690.HK, 6758.T, 8306.T, ALC, AZN, BABA, BNP.PA, CP, CSU.TO, FCX, NVO, OR.PA, SU.PA, TTE	China, Europe, international, Japan, rates, semiconductors, Trade Policy, value	-	Thornburg International delivered strong annual outperformance despite Q3 underperformance, driven by disciplined value investing in quality international businesses. Key winners included Samsung and Alibaba amid semiconductor strength and AI optimism. Increased cash provides flexibility as trade tensions and political instability create volatility. Long-term track record of superior risk-adjusted returns through bottom-up stock selection continues.
Mar 31 2025	2025 Q1	0027.HK, 6098.T, 6146.T, 6501.T, 8306.T, BNP.PA, CP, EOAN.DE, LIN, NN.AS, NVDA, ORA.PA, RHM.DE, ROG.SW, SAF.PA, SONY, TSM, TTE	active, international, Opportunities, positioning, tariffs, volatility	-	Thornburg International delivered 9.92% in Q1 2025, outperforming benchmarks through active positioning across divergent global economies. Strong European stock selection and strategic tariff risk management drove results. The team views current volatility as opportunity-creating, maintaining concentrated exposure to quality industrials, financials, and technology while preparing for continued policy uncertainty in 2025.

Date

Letter

Tickers

Keywords

Pitches

Quick Takes

Jul 14 2026

2026 Q2

005930 KS, 0700.HK, 600519.SS, 6861.T, AZN, BABA, BBCA.JK, BNP.PA, CP, ING, MUFG, SU.PA, TSM, TTE

Asia, China, Energy Shock, Europe, financials, International Equity, semiconductors, value

Thornburg International Equity underperformed in Q2 as markets recovered from the Iran energy shock, but maintains its 28-year track record of 2.7% annual alpha through disciplined stock selection. Semiconductor and European financial holdings drove gains while Chinese positions lagged on weak domestic demand. The concentrated portfolio of 46 quality businesses trading at attractive valuations positions the fund to navigate slowing global growth and deliver through-cycle outperformance.

Apr 18 2026

2026 Q1

005930 KS, 0700.HK, 3690 HK, 6098.T, AZN, B3SA3.SA, BNP.PA, BZ, CP, ELE.MC, GLEN.L, INGA.AS, MUFG, NN.AS, ORA.PA, SONY, TTE

energy, Geopolitical, inflation, international, Resilience, value

Thornburg International outperformed in Q1 2026 despite geopolitical turmoil from the Iran conflict driving energy supply shocks and inflation fears. The fund's focus on resilient, attractively valued businesses with strong fundamentals enabled effective navigation of volatile conditions. Energy and materials holdings contributed while Chinese technology names detracted in a challenging global growth environment.

Jan 11 2026

2025 Q4

005930.KS, 4901.T, 6501.T, 6758.T, 8306.T, AZN, BABA, BNP.PA, BZ, CP, DPW.DE, LIN, NN.AS, ROG.SW, SU.PA, TTE

China, Europe, fundamentals, international, Japan, value

Thornburg International Equity Fund outperformed for the full year despite Q4 underperformance, benefiting from strong stock selection in technology and pharmaceuticals. The managers maintain conviction in their focused portfolio of quality international businesses trading at attractive valuations, welcoming macro-driven volatility for positioning opportunities while navigating trade tensions and divergent monetary policies.

Oct 10 2025

2025 Q3

0027.HK, 005930.KS, 3690.HK, 6758.T, 8306.T, ALC, AZN, BABA, BNP.PA, CP, CSU.TO, FCX, NVO, OR.PA, SU.PA, TTE

Bottom-up, Diversified, fundamentals, international, value

Thornburg International Equity Fund underperformed in Q3 but outperformed over 12 months through disciplined value investing in quality international businesses. Portfolio benefits from AI-driven semiconductor strength and diversified exposure across industrials and financials. Despite global growth headwinds and trade tensions, the fund maintains attractive valuations and selective positioning for long-term outperformance.

Jun 30 2025

2025 Q2

0027.HK, 005930.KS, 3690.HK, 6758.T, 8306.T, ALC, AZN, BABA, BNP.PA, CP, CSU.TO, FCX, NVO, OR.PA, SU.PA, TTE

China, Europe, international, Japan, rates, semiconductors, Trade Policy, value

Thornburg International delivered strong annual outperformance despite Q3 underperformance, driven by disciplined value investing in quality international businesses. Key winners included Samsung and Alibaba amid semiconductor strength and AI optimism. Increased cash provides flexibility as trade tensions and political instability create volatility. Long-term track record of superior risk-adjusted returns through bottom-up stock selection continues.

Mar 31 2025

2025 Q1

0027.HK, 6098.T, 6146.T, 6501.T, 8306.T, BNP.PA, CP, EOAN.DE, LIN, NN.AS, NVDA, ORA.PA, RHM.DE, ROG.SW, SAF.PA, SONY, TSM, TTE

active, international, Opportunities, positioning, tariffs, volatility

Thornburg International delivered 9.92% in Q1 2025, outperforming benchmarks through active positioning across divergent global economies. Strong European stock selection and strategic tariff risk management drove results. The team views current volatility as opportunity-creating, maintaining concentrated exposure to quality industrials, financials, and technology while preparing for continued policy uncertainty in 2025.

QUARTER	THEMES	TAGS
2026 Q2	Semiconductors Taiwan Semiconductor and Samsung Electronics were leading contributors to portfolio performance, with Samsung returning 96.3% in Q2 and 383.6% over 12 months. The fund maintains exposure to semiconductor foundries and manufacturers benefiting from AI infrastructure spending and semiconductor-linked capital investment. Taiwan Semi is positioned as a top holding with 28.2% estimated EPS growth for FY 2027.	Taiwan Semiconductor Samsung Electronics AI Infrastructure Foundries
	Energy The Iran conflict and effective closure of the Strait of Hormuz created an energy supply shock that drove oil prices higher in April before moderating. Energy inventories remained depleted and supply chains for oil, LNG and related inputs remained vulnerable. TotalEnergies was the biggest detractor from performance, declining 14.9% in Q2, though the fund maintains exposure to global oil and gas producers.	Oil LNG TotalEnergies Iran Conflict Supply Shock
	Financials European and Japanese financials were strong contributors, with ING Groep, BNP Paribas, and Mitsubishi UFJ Financial Group all delivering strong returns. The fund is overweight financials at 16.67% of assets, with these banks trading at attractive valuations relative to earnings power. ING returned 51.2% over 12 months and trades at 10.3x FY 2027 estimated earnings.	Banks ING Groep BNP Paribas European Banks Japanese Banks
	China China's growth is losing momentum and expected to slow to 4.6% in 2026 from 5% in 2025, with weak domestic demand and property-sector stress offsetting strength in exports. Alibaba, Tencent, and Kweichow Moutai were among the biggest detractors from performance. The fund remains overweight China based on bottom-up fundamental assessments, though the macro environment remains challenged.	Alibaba Tencent Kweichow Moutai Domestic Demand Property Sector
	AI Markets refocused on resilient earnings, artificial intelligence infrastructure spending and semiconductor-linked capital investment following the energy shock. The manager notes near extreme concentration in a handful of AI-linked names that accounted for the bulk of index-level returns. Capital flows continued into AI- and technology-linked assets, supporting the U.S. dollar.	AI Infrastructure Concentration Capital Flows
	Inflation The immediate inflationary impulse from the Iran conflict began to moderate as oil prices retreated from April highs, but the risk premium embedded in commodity markets and long sovereign yields continued to influence the cost of capital. European inflation is projected to reach 3.1%, a full percentage point higher than previously forecast, driven by surging energy costs. Central banks remained constrained by the tension between slowing growth and still-elevated inflation expectations.	Energy Costs Central Banks Cost of Capital
	Automation Japanese factory-automation specialist Keyence was a leading contributor to portfolio performance for the quarter. The fund maintains exposure to industrial automation and energy-management systems through holdings like Schneider Electric, which is positioned as a top 10 holding with 16.9% estimated EPS growth for FY 2027.	Keyence Schneider Electric Factory Automation Industrial
2026 Q1	Geopolitical The conflict with Iran has caused virtual closure of the Strait of Hormuz, creating supply shocks in energy, fertilizer, sulfur and helium markets. This geopolitical crisis is acting as a major growth tax and inflation spike, forcing markets to price in higher-for-longer interest rates.	Iran Strait of Hormuz Supply Shocks Geopolitical Risk Energy
	Inflation The price impacts from the conflict have caused inflation fears to rise and prompted central banks to reverse course from expected policy easing. Higher energy costs and rising cost of capital due to policy rate hikes create headwinds to economic growth.	Central Banks Policy Rates Energy Costs Growth Headwinds
	Resilience The fund focuses capital on businesses with resilient foundations that can weather economic storms and improve competitive positions. Black swan events reinforce the importance of investing in companies with proven records of successfully navigating economic shocks and volatile market cycles.	Business Quality Competitive Moats Economic Cycles Fundamentals
2025 Q4	Trade Policy Trade tensions remained a significant theme with continuing negotiations between the U.S. and major trade partners including China. Contentious trade talks and tit-for-tat tariff and procurement walls between China and the European Union created ongoing market dynamics.	Tariffs China Negotiations
	AI Technology-related industries showed strength, particularly in Northeast Asia and the U.S., where chip stocks rallied on AI optimism. This contributed to positive performance in technology sectors during the quarter.	Semiconductors Technology Chips
	Rates The U.S. Federal Reserve cut its target rate 25 basis points in December while the Bank of Japan lifted its rate a quarter point. The ECB stood pat, creating divergent monetary policy paths that impacted currency markets and bond yields.	Federal Reserve Central Banks Monetary Policy
2025 Q3	Semiconductors Technology-related industries showed strength, particularly in Northeast Asia and the U.S., where chip stocks rallied on AI optimism. Samsung Electronics was a leading contributor to portfolio performance for the quarter.	AI Chip Stocks Northeast Asia Technology
	Trade Policy Trade tensions remain a significant theme, with continuing negotiations between the U.S. and its major trade partners, including China, which is also in contentious trade talks and tit-for-tat tariff and procurement walls with the European Union.	Trade Tensions Tariffs U.S.-China European Union
	Rates The head of the U.S. Federal Reserve telegraphed in August the long-awaited Fed cut in its target rate was likely in September, when it indeed materialized. Meanwhile, the Bank of Japan's continuing, if incremental policy rate normalization came amid spikes in Japanese government 30-40 year bond yields to record highs.	Federal Reserve Rate Cuts Bank of Japan Bond Yields
2025 Q2	Trade Policy Trade tensions remain a significant theme with continuing negotiations between the U.S. and major trade partners including China. Contentious trade talks and tit-for-tat tariff and procurement walls persist between China and the European Union. Global economic growth is projected to slow to 2.9% in 2025 from 3.3% in 2024, driven by U.S. trade tariffs and policy uncertainty.	Tariffs China Trade Wars Policy Uncertainty Global Growth
	Semiconductors Technology-related industries showed strength, particularly in Northeast Asia and the U.S., where chip stocks rallied on AI optimism. Samsung Electronics, a leading semiconductor producer, was a top contributor to portfolio performance with 35.3% quarterly returns and 67.5% year-to-date returns.	AI Chip Stocks Samsung Technology Northeast Asia
	Rates The Federal Reserve telegraphed and delivered the long-awaited rate cut in September. Meanwhile, the Bank of Japan's continuing policy rate normalization came amid spikes in Japanese government 30-40 year bond yields to record highs. Re-priced global rate differentials played out in currency markets with the U.S. dollar at its lowest levels against major peers since 2022.	Fed Cuts Bank of Japan Bond Yields Currency Monetary Policy
	E-commerce Chinese e-commerce and tech giant Alibaba was a leading contributor to portfolio performance for the quarter with 57.6% quarterly returns and 116.1% year-to-date returns. The company represents China's premier e-commerce, internet infrastructure and online financial services conglomerate with significant growth potential.	Alibaba China Tech Internet Infrastructure Online Services Digital Commerce
2025 Q1	Volatility The manager views volatility as a powerful ally for long-term investors, creating windows of opportunity during market turbulence. They have been actively capitalizing on select opportunities during recent market swings, emphasizing that volatility is not inherently negative but rather creates periods when patience and discipline can lead to positive outcomes.	Market swings Opportunities Long-term investing Turbulence Windows
	Trade Policy The Trump administration has telegraphed its intention to employ tariffs to rebalance global trade. The portfolio has strategically managed tariff-related risks by avoiding excessive exposure to companies whose business models depend heavily on shipping products into the U.S. Tariffs remain less of a focus among other regions outside the U.S.	Tariffs Trade war Risk management Global trade Rebalancing

QUARTER

THEMES

Semiconductors

Taiwan Semiconductor and Samsung Electronics were leading contributors to portfolio performance, with Samsung returning 96.3% in Q2 and 383.6% over 12 months. The fund maintains exposure to semiconductor foundries and manufacturers benefiting from AI infrastructure spending and semiconductor-linked capital investment. Taiwan Semi is positioned as a top holding with 28.2% estimated EPS growth for FY 2027.

Taiwan Semiconductor Samsung Electronics AI Infrastructure Foundries

Energy

The Iran conflict and effective closure of the Strait of Hormuz created an energy supply shock that drove oil prices higher in April before moderating. Energy inventories remained depleted and supply chains for oil, LNG and related inputs remained vulnerable. TotalEnergies was the biggest detractor from performance, declining 14.9% in Q2, though the fund maintains exposure to global oil and gas producers.

Oil LNG TotalEnergies Iran Conflict Supply Shock

Financials

European and Japanese financials were strong contributors, with ING Groep, BNP Paribas, and Mitsubishi UFJ Financial Group all delivering strong returns. The fund is overweight financials at 16.67% of assets, with these banks trading at attractive valuations relative to earnings power. ING returned 51.2% over 12 months and trades at 10.3x FY 2027 estimated earnings.

Banks ING Groep BNP Paribas European Banks Japanese Banks

China

China's growth is losing momentum and expected to slow to 4.6% in 2026 from 5% in 2025, with weak domestic demand and property-sector stress offsetting strength in exports. Alibaba, Tencent, and Kweichow Moutai were among the biggest detractors from performance. The fund remains overweight China based on bottom-up fundamental assessments, though the macro environment remains challenged.

Alibaba Tencent Kweichow Moutai Domestic Demand Property Sector

AI

Markets refocused on resilient earnings, artificial intelligence infrastructure spending and semiconductor-linked capital investment following the energy shock. The manager notes near extreme concentration in a handful of AI-linked names that accounted for the bulk of index-level returns. Capital flows continued into AI- and technology-linked assets, supporting the U.S. dollar.

AI Infrastructure Concentration Capital Flows

Inflation

The immediate inflationary impulse from the Iran conflict began to moderate as oil prices retreated from April highs, but the risk premium embedded in commodity markets and long sovereign yields continued to influence the cost of capital. European inflation is projected to reach 3.1%, a full percentage point higher than previously forecast, driven by surging energy costs. Central banks remained constrained by the tension between slowing growth and still-elevated inflation expectations.

Energy Costs Central Banks Cost of Capital

Automation

Japanese factory-automation specialist Keyence was a leading contributor to portfolio performance for the quarter. The fund maintains exposure to industrial automation and energy-management systems through holdings like Schneider Electric, which is positioned as a top 10 holding with 16.9% estimated EPS growth for FY 2027.

Keyence Schneider Electric Factory Automation Industrial

2026 Q1

Geopolitical

The conflict with Iran has caused virtual closure of the Strait of Hormuz, creating supply shocks in energy, fertilizer, sulfur and helium markets. This geopolitical crisis is acting as a major growth tax and inflation spike, forcing markets to price in higher-for-longer interest rates.

Iran Strait of Hormuz Supply Shocks Geopolitical Risk Energy

Inflation

The price impacts from the conflict have caused inflation fears to rise and prompted central banks to reverse course from expected policy easing. Higher energy costs and rising cost of capital due to policy rate hikes create headwinds to economic growth.

Central Banks Policy Rates Energy Costs Growth Headwinds

Resilience

The fund focuses capital on businesses with resilient foundations that can weather economic storms and improve competitive positions. Black swan events reinforce the importance of investing in companies with proven records of successfully navigating economic shocks and volatile market cycles.

Business Quality Competitive Moats Economic Cycles Fundamentals

2025 Q4

Trade Policy

Trade tensions remained a significant theme with continuing negotiations between the U.S. and major trade partners including China. Contentious trade talks and tit-for-tat tariff and procurement walls between China and the European Union created ongoing market dynamics.

Tariffs China Negotiations

AI

Technology-related industries showed strength, particularly in Northeast Asia and the U.S., where chip stocks rallied on AI optimism. This contributed to positive performance in technology sectors during the quarter.

Semiconductors Technology Chips

Rates

The U.S. Federal Reserve cut its target rate 25 basis points in December while the Bank of Japan lifted its rate a quarter point. The ECB stood pat, creating divergent monetary policy paths that impacted currency markets and bond yields.

Federal Reserve Central Banks Monetary Policy

2025 Q3

Semiconductors

Technology-related industries showed strength, particularly in Northeast Asia and the U.S., where chip stocks rallied on AI optimism. Samsung Electronics was a leading contributor to portfolio performance for the quarter.

AI Chip Stocks Northeast Asia Technology

Trade Policy

Trade tensions remain a significant theme, with continuing negotiations between the U.S. and its major trade partners, including China, which is also in contentious trade talks and tit-for-tat tariff and procurement walls with the European Union.

Trade Tensions Tariffs U.S.-China European Union

Rates

The head of the U.S. Federal Reserve telegraphed in August the long-awaited Fed cut in its target rate was likely in September, when it indeed materialized. Meanwhile, the Bank of Japan's continuing, if incremental policy rate normalization came amid spikes in Japanese government 30-40 year bond yields to record highs.

Federal Reserve Rate Cuts Bank of Japan Bond Yields

2025 Q2

Trade Policy

Trade tensions remain a significant theme with continuing negotiations between the U.S. and major trade partners including China. Contentious trade talks and tit-for-tat tariff and procurement walls persist between China and the European Union. Global economic growth is projected to slow to 2.9% in 2025 from 3.3% in 2024, driven by U.S. trade tariffs and policy uncertainty.

Tariffs China Trade Wars Policy Uncertainty Global Growth

Semiconductors

Technology-related industries showed strength, particularly in Northeast Asia and the U.S., where chip stocks rallied on AI optimism. Samsung Electronics, a leading semiconductor producer, was a top contributor to portfolio performance with 35.3% quarterly returns and 67.5% year-to-date returns.

AI Chip Stocks Samsung Technology Northeast Asia

Rates

The Federal Reserve telegraphed and delivered the long-awaited rate cut in September. Meanwhile, the Bank of Japan's continuing policy rate normalization came amid spikes in Japanese government 30-40 year bond yields to record highs. Re-priced global rate differentials played out in currency markets with the U.S. dollar at its lowest levels against major peers since 2022.

Fed Cuts Bank of Japan Bond Yields Currency Monetary Policy

E-commerce

Chinese e-commerce and tech giant Alibaba was a leading contributor to portfolio performance for the quarter with 57.6% quarterly returns and 116.1% year-to-date returns. The company represents China's premier e-commerce, internet infrastructure and online financial services conglomerate with significant growth potential.

Alibaba China Tech Internet Infrastructure Online Services Digital Commerce

2025 Q1

Volatility

The manager views volatility as a powerful ally for long-term investors, creating windows of opportunity during market turbulence. They have been actively capitalizing on select opportunities during recent market swings, emphasizing that volatility is not inherently negative but rather creates periods when patience and discipline can lead to positive outcomes.

Market swings Opportunities Long-term investing Turbulence Windows

Trade Policy

The Trump administration has telegraphed its intention to employ tariffs to rebalance global trade. The portfolio has strategically managed tariff-related risks by avoiding excessive exposure to companies whose business models depend heavily on shipping products into the U.S. Tariffs remain less of a focus among other regions outside the U.S.

Tariffs Trade war Risk management Global trade Rebalancing

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
ING	ING Groep was a leading contributor to portfolio performance for the quarter. Global financial providing retail & wholesale bank services to a wide range of clients. Q2 26 return of 27.2% and 1-year return of 51.2%. FY 2027 estimated EPS growth of 16.3% with P/E of 10.3x. Position size approximately 3.3% of fund assets.
TSM	Taiwan Semiconductor was a leading contributor to portfolio performance for the quarter. Leading semiconductor chip foundry, fabricating chips used in many digital devices. Q2 26 return of 41.5% and 1-year return of 112%. FY 2027 estimated EPS growth of 28.2% with P/E of 19.3x. Top 10 holding.
BNP.PA	BNP Paribas was a leading contributor to portfolio performance for the quarter. Multinational commercial & capital markets bank with operations centered in Europe. Q2 26 return of 28.7% and 1-year return of 38.2%. FY 2027 estimated EPS growth of 9.8% with P/E of 8.1x. Top 10 holding.
MUFG	Mitsubishi UFJ Financial Group is the largest and most diversified Japanese financial group. Q2 26 return of 21% and 1-year return of 48.2%. FY 2027 estimated EPS growth of 5.2% with P/E of 14.0x. Top 10 holding.
TTE	TotalEnergies was the biggest detractor from performance. Global oil & gas producer and distributor and low carbon electricity supplier. Q2 26 return of -14.9% and 1-year return of 34.3%. FY 2027 estimated EPS decline of -12.9% with P/E of 8.2x. Top 10 holding.
SU.PA	Schneider Electric is a France-based global industrial provider of energy-management, digital control and automation systems. Q2 26 return of 25.5% and 1-year return of 25%. FY 2027 estimated EPS growth of 16.9% with P/E of 25.3x. Top 10 holding.
AZN	AstraZeneca is a world-class pharmaceutical and medical products manufacturer. Q2 26 return of -3.4% and 1-year return of 37.3%. FY 2027 estimated EPS growth of 12.4% with P/E of 16.3x. Top 10 holding.
0700.HK	Tencent was one of the biggest detractors from performance. Chinese social media, gaming, digital payments, cloud & online services platform. Q2 26 return of -10.2% and 1-year return of 31.3%. FY 2027 estimated EPS growth of 10.9% with P/E of 11.7x. Top 10 holding.
005930.KS	Samsung Electronics was a leading contributor to portfolio performance for the quarter. Manufactures consumer & industrial electronic products, leading semiconductor producer. Q2 26 return of 96.3% and 1-year return of 383.6%. FY 2027 estimated EPS growth of 41.2% with P/E of 5.0x. Top 10 holding.
CP	Canadian Pacific Kansas City is a railroads operator transporting goods across Canada, the U.S. and Mexico. Q2 26 return of 10.3% and 1-year return of 10%. FY 2027 estimated EPS growth of 15.5% with P/E of 21.5x. Top 10 holding.
6861.T	Keyence, a Japanese factory-automation specialist, was a leading contributor to portfolio performance for the quarter.
BABA	Alibaba, China's e-commerce and cloud-computing and digital payments giant, was one of the biggest detractors from performance.
BBCA.JK	Bank Central Asia, Indonesia's leading private sector bank, was one of the biggest detractors from performance.
600519.SS	Kweichow Moutai, a leading Chinese premium spirits producer best known for its high-end baijiu brand, was one of the biggest detractors from performance.

TICKER

COMMENTARY

ING

ING Groep was a leading contributor to portfolio performance for the quarter. Global financial providing retail & wholesale bank services to a wide range of clients. Q2 26 return of 27.2% and 1-year return of 51.2%. FY 2027 estimated EPS growth of 16.3% with P/E of 10.3x. Position size approximately 3.3% of fund assets.

TSM

Taiwan Semiconductor was a leading contributor to portfolio performance for the quarter. Leading semiconductor chip foundry, fabricating chips used in many digital devices. Q2 26 return of 41.5% and 1-year return of 112%. FY 2027 estimated EPS growth of 28.2% with P/E of 19.3x. Top 10 holding.

BNP.PA

BNP Paribas was a leading contributor to portfolio performance for the quarter. Multinational commercial & capital markets bank with operations centered in Europe. Q2 26 return of 28.7% and 1-year return of 38.2%. FY 2027 estimated EPS growth of 9.8% with P/E of 8.1x. Top 10 holding.

MUFG

Mitsubishi UFJ Financial Group is the largest and most diversified Japanese financial group. Q2 26 return of 21% and 1-year return of 48.2%. FY 2027 estimated EPS growth of 5.2% with P/E of 14.0x. Top 10 holding.

TTE

TotalEnergies was the biggest detractor from performance. Global oil & gas producer and distributor and low carbon electricity supplier. Q2 26 return of -14.9% and 1-year return of 34.3%. FY 2027 estimated EPS decline of -12.9% with P/E of 8.2x. Top 10 holding.

SU.PA

Schneider Electric is a France-based global industrial provider of energy-management, digital control and automation systems. Q2 26 return of 25.5% and 1-year return of 25%. FY 2027 estimated EPS growth of 16.9% with P/E of 25.3x. Top 10 holding.

AZN

AstraZeneca is a world-class pharmaceutical and medical products manufacturer. Q2 26 return of -3.4% and 1-year return of 37.3%. FY 2027 estimated EPS growth of 12.4% with P/E of 16.3x. Top 10 holding.

0700.HK

Tencent was one of the biggest detractors from performance. Chinese social media, gaming, digital payments, cloud & online services platform. Q2 26 return of -10.2% and 1-year return of 31.3%. FY 2027 estimated EPS growth of 10.9% with P/E of 11.7x. Top 10 holding.

005930.KS

Samsung Electronics was a leading contributor to portfolio performance for the quarter. Manufactures consumer & industrial electronic products, leading semiconductor producer. Q2 26 return of 96.3% and 1-year return of 383.6%. FY 2027 estimated EPS growth of 41.2% with P/E of 5.0x. Top 10 holding.

Canadian Pacific Kansas City is a railroads operator transporting goods across Canada, the U.S. and Mexico. Q2 26 return of 10.3% and 1-year return of 10%. FY 2027 estimated EPS growth of 15.5% with P/E of 21.5x. Top 10 holding.

6861.T

Keyence, a Japanese factory-automation specialist, was a leading contributor to portfolio performance for the quarter.

BABA

Alibaba, China's e-commerce and cloud-computing and digital payments giant, was one of the biggest detractors from performance.

BBCA.JK

Bank Central Asia, Indonesia's leading private sector bank, was one of the biggest detractors from performance.

600519.SS

Kweichow Moutai, a leading Chinese premium spirits producer best known for its high-end baijiu brand, was one of the biggest detractors from performance.

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Investment Summary

Investor Summary

Fund Strategy

FUND PERFORMANCE AS OF 30th June 2026

Investor Letters

Latest Executive Summary:

Executive Summary

Core Thesis

Forward Outlook

Investment Themes

Semiconductors

Energy

Financials

China

AI

Inflation

Automation

Geopolitical

Inflation

Resilience

Trade Policy

AI

Rates

Semiconductors

Trade Policy

Rates

Trade Policy

Semiconductors

Rates

E-commerce

Volatility

Trade Policy

Investor Pitches

Current Portfolio as of ( 30th June 2026 )

Key Risks identified by Manager:

Key catalysts include:

Portfolio Implications

Ticker Commentary

Lei Wang Top Holdings

Recent Buys (13F)

Recent Sells (13F)

13F Sector Summary

Portfolio Distribution

Latest 13D & 13G Filings

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Thornburg International Equity Fund