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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Thornburg International Equity Fund posted a 4.45% gain in Q4 2025 and 34.21% for the full year, relying on active bottom-up selection of attractively valued quality firms to navigate slowing global macro growth."
In Q4 2025, Thornburg International Equity Fund delivered a 4.45% return, slightly lagging its benchmark (5.05%), but completed the full year with a robust outperformance of 34.21% vs 32.39% for the index. The managers navigated a complex macro backdrop marked by central bank rate policy updates (US rate cuts, Japan rate hikes), ongoing trade/tariff negotiations, and political instability in France. While global growth is projected to decelerate to 2.9% in 2026, the fund maintains a constructive, bottom-up approach, emphasizing high-conviction, world-class companies trading at attractive valuations relative to earnings. Sector-wise, the fund maintains overweights in Industrials and Utilities, and underweights in Information Technology and Financials.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The Thornburg International Equity Fund posted a 4.45% gain in Q4 2025 and 34.21% for the full year, relying on active bottom-up selection of attractively valued quality firms to n...
Growth Outlook
Market outlook remains moderate conviction: The Thornburg International Equity Fund posted a 4.45% gain in Q4 2025 and 34.21% for the full year, relying on active bottom-up selection of attractively valued quality firms to n...
Risk Appetite
Risk appetite posture is above average conviction: The Thornburg International Equity Fund posted a 4.45% gain in Q4 2025 and 34.21% for the full year, relying on active bottom-up selection of attractively valued quality firms to n...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Thornburg International Equity Fund posted a 4.45% gain in Q4 2025 and 34.21% for the full year, relying on active bottom-up selection of attractively valued quality firms to n...
Forward Guidance
Forward guidance signal: The Thornburg International Equity Fund posted a 4.45% gain in Q4 2025 and 34.21% for the full year, relying on active bottom-up selection of attractively valued quality firms to n...
Language Signal
Tone analysis indicates above average conviction language: The Thornburg International Equity Fund posted a 4.45% gain in Q4 2025 and 34.21% for the full year, relying on active bottom-up selection of attractively valued quality firms to n...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Thornburg International Equity Fund posted a 4.45% gain in Q4 2025 and 34.21% for the full year, relying on active bottom-up selection of attractively valued quality firms to n...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Thornburg International Equity Fund posted a 4.45% gain in Q4 2025 and 34.21% for the full year, relying on active bottom-up selection of attractively valued quality firms to n...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Thornburg International Equity Fund posted a 4.45% gain in Q4 2025 and 34.21% for the full year, relying on active bottom-up selection of attractively valued quality firms to n...
