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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Thornburg International Equity Fund generated a 10.84% return in Q2 2025, lagging its benchmark for the quarter but demonstrating strong trailing 12-month outperformance of 22.32%. Portfilio managers actively rebalanced holdings to prioritize high-conviction, attractively valued companies amid changing global economic conditions."
Thornburg International Equity Fund gained 10.84% (I shares) during Q2 2025, underperforming its MSCI ACWI ex-U.S. benchmark which rose 12.03%. However, the fund outperformed the benchmark over the trailing 12-month period with a 22.32% return versus 17.72% for the index. The quarter was defined by trade tariff policies, macroeconomic divergence (with accelerating growth in Japan and contraction/deflation in China), and geopolitical events. Key contributors to performance included E.On, Hitachi, and NN Group, while detractors included LVMH, Shell, and TotalEnergies. For capital allocation, the managers implemented 25 position increases, 4 decreases, added 1 new position, and eliminated 2 holdings to navigate volatile market environments.
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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 generated a 10.84% return in Q2 2025, lagging its benchmark for the quarter but demonstrating strong trailing 12-month outperformance of 22....
Growth Outlook
Market outlook remains above average conviction: The Thornburg International Equity Fund generated a 10.84% return in Q2 2025, lagging its benchmark for the quarter but demonstrating strong trailing 12-month outperformance of 22....
Risk Appetite
Risk appetite posture is above average conviction: The Thornburg International Equity Fund generated a 10.84% return in Q2 2025, lagging its benchmark for the quarter but demonstrating strong trailing 12-month outperformance of 22....
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Thornburg International Equity Fund generated a 10.84% return in Q2 2025, lagging its benchmark for the quarter but demonstrating strong trailing 12-month outperformance of 22....
Forward Guidance
Forward guidance signal: The Thornburg International Equity Fund generated a 10.84% return in Q2 2025, lagging its benchmark for the quarter but demonstrating strong trailing 12-month outperformance of 22....
Language Signal
Tone analysis indicates above average conviction language: The Thornburg International Equity Fund generated a 10.84% return in Q2 2025, lagging its benchmark for the quarter but demonstrating strong trailing 12-month outperformance of 22....
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Thornburg International Equity Fund generated a 10.84% return in Q2 2025, lagging its benchmark for the quarter but demonstrating strong trailing 12-month outperformance of 22....
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The Thornburg International Equity Fund generated a 10.84% return in Q2 2025, lagging its benchmark for the quarter but demonstrating strong trailing 12-month outperformance of 22....
Time Horizon
Investment time horizon reflects a high conviction orientation. The Thornburg International Equity Fund generated a 10.84% return in Q2 2025, lagging its benchmark for the quarter but demonstrating strong trailing 12-month outperformance of 22....
