Browse the world's most comprehensive database of hedge fund investor letters, sorted by recent quarter. Access primary source research from leading institutional managers.
| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Thornburg International Equity Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"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 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.
Sign in or create a free account to unlock full commentary, extracted equity pitches, and direct outbound manager source links with your 3 quarterly credits.