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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Thornburg Global Opportunities Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Thornburg Global Opportunities delivered strong 12-month returns of +29.49% through concentrated holdings in above-average growth businesses trading at significant discounts to the market. Technology and financial holdings drove performance while telecommunications and Chinese e-commerce detracted."
Thornburg Global Opportunities Fund returned +5.85% in Q2 2026, trailing the MSCI All Country World Index return of +14.93%, but delivered a strong trailing 12-month return of +29.49% versus the benchmark's +23.67%. Since inception in July 2006, the fund has outpaced the MSCI ACWI by an average of 3% per year, generating a cumulative return of 766% versus 402% for the index. The fund maintains a focused portfolio of 41 equity holdings trading at a weighted average 2026 P/E of 12.9x versus 18.8x for the benchmark, with weighted average revenue growth of +24.4% over the trailing year significantly exceeding the index. Leading Q2 contributors included technology firms Samsung Electronics, Taiwan Semiconductor, and Alphabet, along with financial intermediaries BNP Paribas, Citigroup, and Bank of Ireland. Key detractors were telecommunications network operators AT&T, Deutsche Telekom, and Orange, along with Chinese digital commerce firms Alibaba and Tencent. The manager is monitoring portfolio companies' abilities to manage cost inflation and maintain margins amidst government policy uncertainty and altered global trade flows.
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