Thornburg Better World International Fund

SYMBOL: TBWAX

Morningstar Rating • Info

Overall Morningstar Rating among 651 Foreign Large Blend funds, based on risk-adjusted returns for class A shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 1 star, 3 stars and 5 stars among 651, 616 and 484 funds, as of 31 Jan 2026.

As of 31 Jan 2026

Fund Assets

$513.5 M

As of 31 Jan 2026

NAV

$22.92

As of 20 Feb 2026

Change

$0.11

As of 20 Feb 2026

YTD NAV Performance

4.94%

As of 20 Feb 2026

Asset Category:

International Equity

Fund Benchmark:

MSCI ACWI ex-U.S. Index

Portfolio Managers

Lei Wang, CFA

Portfolio Manager and Managing Director

Brian Burrell, CFA, FSA

Portfolio Manager and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

Focused, diversified equity portfolio to include sustainable companies primarily in developed markets outside the U.S.
Rigorous, fundamental research process focused on buying sustainable businesses with sound business fundamentals, trading at a discount to their intrinsic value and a defined path to success. Companies must also demonstrate one or more significant positive environmental, social and governance (ESG) characteristics; emphasizing the areas of environmental impact, ethical business activity, corporate governance, social factors surrounding customers, suppliers and employees and product integrity.
Three-basket portfolio construction process seeks to provide style diversification and reduce volatility and deliver superior risk-adjusted performance over time.

Investment Objective

The fund’s goal is to provide investors with long-term capital appreciation.

Investment Approach

The fund actively integrates ESG criteria into a fundamental bottom-up approach, allowing investors to reflect their ESG values through their investment without sacrificing the potential for attractive risk-adjusted returns. This high-conviction portfolio is diversified by industry, sector and geography. Diversification is further enhanced across styles by constructing the portfolio using our unique three-basket approach.

Returns

(As of 31 Dec 2025)

YTD

10y

Inception

Total Return with Sales Charge (%)

17.99

12.11

6.70

9.15

9.35

Total Return without Sales Charge (%)

23.54

13.85

7.69

9.66

9.84

MSCI ACWI ex-U.S. Index (%)

32.39

17.33

7.91

8.41

8.54

Morningstar Category Avg. (%)

30.4

16.73

8.12

8.05

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

680

644

610

479

—

YTD

10y

Inception

Total Return with Sales Charge (%)

-1.92

15.79

9.88

7.40

9.97

9.56

Total Return without Sales Charge (%)

2.70

21.24

11.57

8.40

10.48

10.04

MSCI ACWI ex-U.S. Index (%)

5.98

34.87

16.56

9.12

9.82

9.08

Morningstar Category Avg. (%)

5.02

31.24

15.54

9.34

9.23

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

686

651

616

484

—

YTD

10y

Inception

Total Return with Sales Charge (%)

17.99

40.92

38.32

140.11

150.10

Total Return without Sales Charge (%)

23.54

47.58

44.83

151.51

161.83

MSCI ACWI ex-U.S. Index (%)

32.39

61.53

46.30

124.32

131.60

YTD

10y

Inception

Total Return with Sales Charge (%)

-1.92

15.79

32.67

42.90

158.72

156.85

Total Return without Sales Charge (%)

2.70

21.24

38.89

49.66

170.94

168.90

MSCI ACWI ex-U.S. Index (%)

5.98

34.87

58.35

54.71

155.09

145.46

2020

2021

2022

2023

2024

2025

Total Return with Sales Charge (%)

20.17

14.98

-22.14

7.08

1.72

17.99

MSCI ACWI ex-U.S. Index (%)

10.65

7.82

-16.00

15.62

5.53

32.39

Source: Confluence

Periods less than one year are not annualized.

Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate so shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than quoted.

Morningstar quartile ranking for Foreign Large Blend category is based on total returns before sales charges.

The maximum sales charge are as follows: A shares, 4.50%; C shares, 1%. There is no up-front sales charge for class I shares.

Share class inception dates: A, C and I shares, 30 Sep 2015.

Fund Fees

(As of 1 Feb 2026)

Gross Expense Ratio (%)

1.56

Net Expense Ratio (%)

1.42

Thornburg Investment Management and/or Thornburg Securities LLC have contractually agreed to waive fees and reimburse expenses through at least 1 February 2027, for some of the share classes; these are reflected in the net expense ratio. For more detailed information on fund expenses and waivers/reimbursements, please see the fund's prospectus.

Expense Ratios - Expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

Hypothetical Growth of $10,000

            Categories,A Shares,MSCI ACWI ex-U.S. Index
            2015-09-30,9552,10000
2015-10-31,9920,10744
2015-11-30,10000,10523
2015-12-31,9944,10324
2016-01-31,9480,9622
2016-02-29,9440,9512
2016-03-31,9968,10286
2016-04-30,10072,10556
2016-05-31,9984,10378
2016-06-30,9872,10219
2016-07-31,10416,10725
2016-08-31,10584,10793
2016-09-30,11138,10926
2016-10-31,10993,10769
2016-11-30,10573,10519
2016-12-31,10616,10789
2017-01-31,10769,11171
2017-02-28,10701,11349
2017-03-31,11155,11637
2017-04-30,11274,11886
2017-05-31,11673,12271
2017-06-30,11747,12309
2017-07-31,12063,12763
2017-08-31,12097,12830
2017-09-30,12096,13068
2017-10-31,12405,13314
2017-11-30,12614,13422
2017-12-31,12939,13722
2018-01-31,13448,14486
2018-02-28,12798,13803
2018-03-31,12719,13560
2018-04-30,12895,13776
2018-05-31,12763,13458
2018-06-30,12737,13205
2018-07-31,12965,13521
2018-08-31,12658,13238
2018-09-30,12745,13298
2018-10-31,11551,12217
2018-11-30,11683,12332
2018-12-31,11090,11774
2019-01-31,11676,12664
2019-02-28,12051,12911
2019-03-31,12195,12988
2019-04-30,12752,13331
2019-05-31,11916,12616
2019-06-30,12694,13375
2019-07-31,12444,13214
2019-08-31,12156,12805
2019-09-30,12339,13135
2019-10-31,12848,13593
2019-11-30,13193,13713
2019-12-31,13722,14307
2020-01-31,13432,13923
2020-02-29,12611,12822
2020-03-31,11036,10966
2020-04-30,12022,11797
2020-05-31,12804,12183
2020-06-30,13558,12733
2020-07-31,14408,13301
2020-08-31,15317,13870
2020-09-30,15133,13529
2020-10-31,14834,13238
2020-11-30,16496,15019
2020-12-31,17269,15831
2021-01-31,17163,15865
2021-02-28,18342,16179
2021-03-31,18825,16384
2021-04-30,19492,16866
2021-05-31,19859,17394
2021-06-30,21308,17281
2021-07-31,20912,16996
2021-08-31,21598,17320
2021-09-30,20738,16765
2021-10-31,21337,17165
2021-11-30,20512,16392
2021-12-31,20790,17070
2022-01-31,20202,16441
2022-02-28,19282,16115
2022-03-31,19149,16141
2022-04-30,17563,15127
2022-05-31,17563,15236
2022-06-30,16454,13925
2022-07-31,17175,14402
2022-08-31,16366,13939
2022-09-30,14946,12546
2022-10-31,15268,12921
2022-11-30,17186,14446
2022-12-31,16947,14338
2023-01-31,18493,15501
2023-02-28,17648,14957
2023-03-31,18237,15322
2023-04-30,18571,15589
2023-05-31,18215,15022
2023-06-30,18938,15696
2023-07-31,19471,16334
2023-08-31,18749,15596
2023-09-30,17903,15104
2023-10-31,17270,14480
2023-11-30,18337,15784
2023-12-31,19004,16577
2024-01-31,18824,16412
2024-02-29,19509,16828
2024-03-31,19880,17354
2024-04-30,19408,17042
2024-05-31,20240,17537
2024-06-30,20206,17520
2024-07-31,20959,17926
2024-08-31,21577,18436
2024-09-30,21712,18933
2024-10-31,20847,18004
2024-11-30,20791,17841
2024-12-31,20245,17494
2025-01-31,21185,18199
2025-02-28,21140,18452
2025-03-31,21072,18410
2025-04-30,22012,19075
2025-05-31,23009,19948
2025-06-30,23349,20625
2025-07-31,23213,20566
2025-08-31,23530,21280
2025-09-30,23995,22047
2025-10-31,24221,22492
2025-11-30,24708,22486
2025-12-31,25010,23160
2026-01-31,25685,24546

Hypothetical Growth of $10,000

(As of 31 Jan 2026)

(Hypothetical Growth of $10,000 vs MSCI ACWI ex-U.S. Index)

                        Categories,A Shares,MSCI ACWI ex-U.S. Index
                        2025-01-31,9551,10000
2025-02-28,9530,10139
2025-03-31,9499,10116
2025-04-30,9923,10481
2025-05-31,10373,10961
2025-06-30,10526,11333
2025-07-31,10465,11301
2025-08-31,10608,11693
2025-09-30,10817,12114
2025-10-31,10919,12359
2025-11-30,11139,12356
2025-12-31,11275,12726
2026-01-31,11579,13487

                        Categories,A Shares,MSCI ACWI ex-U.S. Index
                        2023-01-31,9552,10000
2023-02-28,9115,9649
2023-03-31,9420,9885
2023-04-30,9592,10057
2023-05-31,9408,9691
2023-06-30,9782,10126
2023-07-31,10057,10537
2023-08-31,9684,10062
2023-09-30,9248,9744
2023-10-31,8920,9342
2023-11-30,9472,10183
2023-12-31,9816,10694
2024-01-31,9723,10588
2024-02-29,10077,10856
2024-03-31,10269,11195
2024-04-30,10025,10994
2024-05-31,10454,11314
2024-06-30,10437,11303
2024-07-31,10826,11564
2024-08-31,11145,11894
2024-09-30,11215,12214
2024-10-31,10768,11615
2024-11-30,10739,11510
2024-12-31,10457,11286
2025-01-31,10943,11741
2025-02-28,10919,11904
2025-03-31,10884,11877
2025-04-30,11370,12305
2025-05-31,11885,12869
2025-06-30,12060,13306
2025-07-31,11990,13268
2025-08-31,12154,13728
2025-09-30,12394,14223
2025-10-31,12511,14510
2025-11-30,12762,14506
2025-12-31,12918,14941
2026-01-31,13267,15835

                        Categories,A Shares,MSCI ACWI ex-U.S. Index
                        2021-01-31,9548,10000
2021-02-28,10204,10198
2021-03-31,10473,10327
2021-04-30,10844,10631
2021-05-31,11048,10963
2021-06-30,11855,10892
2021-07-31,11634,10713
2021-08-31,12016,10917
2021-09-30,11538,10567
2021-10-31,11871,10819
2021-11-30,11412,10332
2021-12-31,11566,10759
2022-01-31,11239,10363
2022-02-28,10727,10157
2022-03-31,10653,10174
2022-04-30,9771,9535
2022-05-31,9771,9603
2022-06-30,9154,8777
2022-07-31,9555,9078
2022-08-31,9105,8786
2022-09-30,8315,7908
2022-10-31,8494,8144
2022-11-30,9561,9105
2022-12-31,9428,9037
2023-01-31,10288,9770
2023-02-28,9818,9427
2023-03-31,10146,9658
2023-04-30,10332,9826
2023-05-31,10134,9468
2023-06-30,10536,9893
2023-07-31,10833,10295
2023-08-31,10431,9830
2023-09-30,9961,9520
2023-10-31,9608,9127
2023-11-30,10202,9949
2023-12-31,10573,10448
2024-01-31,10473,10345
2024-02-29,10854,10607
2024-03-31,11060,10938
2024-04-30,10798,10742
2024-05-31,11260,11054
2024-06-30,11242,11043
2024-07-31,11661,11299
2024-08-31,12004,11621
2024-09-30,12079,11933
2024-10-31,11598,11348
2024-11-30,11567,11245
2024-12-31,11263,11027
2025-01-31,11786,11471
2025-02-28,11761,11630
2025-03-31,11723,11604
2025-04-30,12246,12023
2025-05-31,12801,12574
2025-06-30,12990,13000
2025-07-31,12914,12963
2025-08-31,13091,13413
2025-09-30,13349,13896
2025-10-31,13475,14177
2025-11-30,13746,14173
2025-12-31,13914,14598
2026-01-31,14290,15471

                        Categories,A Shares,MSCI ACWI ex-U.S. Index
                        2016-01-31,9549,10000
2016-02-29,9508,9886
2016-03-31,10040,10690
2016-04-30,10145,10971
2016-05-31,10056,10786
2016-06-30,9944,10621
2016-07-31,10492,11146
2016-08-31,10661,11216
2016-09-30,11219,11355
2016-10-31,11073,11191
2016-11-30,10650,10933
2016-12-31,10693,11212
2017-01-31,10847,11609
2017-02-28,10778,11794
2017-03-31,11236,12094
2017-04-30,11356,12352
2017-05-31,11758,12753
2017-06-30,11832,12793
2017-07-31,12151,13264
2017-08-31,12185,13334
2017-09-30,12184,13581
2017-10-31,12495,13837
2017-11-30,12705,13949
2017-12-31,13033,14261
2018-01-31,13546,15055
2018-02-28,12891,14345
2018-03-31,12811,14092
2018-04-30,12988,14317
2018-05-31,12856,13987
2018-06-30,12829,13724
2018-07-31,13059,14052
2018-08-31,12749,13758
2018-09-30,12838,13821
2018-10-31,11635,12697
2018-11-30,11768,12817
2018-12-31,11171,12237
2019-01-31,11761,13161
2019-02-28,12138,13418
2019-03-31,12283,13498
2019-04-30,12844,13855
2019-05-31,12003,13111
2019-06-30,12786,13901
2019-07-31,12535,13732
2019-08-31,12244,13308
2019-09-30,12428,13651
2019-10-31,12941,14127
2019-11-30,13289,14252
2019-12-31,13822,14869
2020-01-31,13530,14469
2020-02-29,12703,13326
2020-03-31,11116,11396
2020-04-30,12109,12260
2020-05-31,12897,12661
2020-06-30,13656,13233
2020-07-31,14513,13823
2020-08-31,15428,14415
2020-09-30,15243,14061
2020-10-31,14941,13758
2020-11-30,16615,15609
2020-12-31,17394,16453
2021-01-31,17287,16488
2021-02-28,18475,16815
2021-03-31,18961,17027
2021-04-30,19633,17529
2021-05-31,20003,18077
2021-06-30,21463,17960
2021-07-31,21064,17664
2021-08-31,21755,18000
2021-09-30,20889,17423
2021-10-31,21492,17839
2021-11-30,20661,17036
2021-12-31,20940,17740
2022-01-31,20348,17086
2022-02-28,19421,16748
2022-03-31,19287,16775
2022-04-30,17690,15721
2022-05-31,17690,15834
2022-06-30,16574,14472
2022-07-31,17300,14967
2022-08-31,16484,14486
2022-09-30,15055,13038
2022-10-31,15379,13428
2022-11-30,17311,15013
2022-12-31,17070,14901
2023-01-31,18627,16110
2023-02-28,17776,15544
2023-03-31,18369,15924
2023-04-30,18705,16201
2023-05-31,18347,15612
2023-06-30,19075,16312
2023-07-31,19613,16975
2023-08-31,18885,16209
2023-09-30,18033,15697
2023-10-31,17395,15049
2023-11-30,18470,16404
2023-12-31,19142,17228
2024-01-31,18960,17057
2024-02-29,19651,17489
2024-03-31,20024,18035
2024-04-30,19549,17711
2024-05-31,20387,18226
2024-06-30,20353,18208
2024-07-31,21111,18630
2024-08-31,21734,19160
2024-09-30,21870,19676
2024-10-31,20998,18711
2024-11-30,20941,18542
2024-12-31,20392,18181
2025-01-31,21339,18914
2025-02-28,21293,19176
2025-03-31,21225,19133
2025-04-30,22172,19824
2025-05-31,23176,20732
2025-06-30,23518,21435
2025-07-31,23381,21374
2025-08-31,23701,22115
2025-09-30,24169,22912
2025-10-31,24397,23375
2025-11-30,24888,23369
2025-12-31,25191,24070
2026-01-31,25872,25509

The Hypothetical Growth graph compares a hypothetical investment in the Fund to the performance of the Index for the stated time period. Returns reflect reinvestment of dividends and capital gains, if any, as well as all fees and expenses.

Distributions

            Categories,Total ($)
            2016-09-30,0.06250
2016-11-18,0.69455
2017-03-31,0.01560
2017-06-30,0.08600
2017-09-30,0.01900
2017-11-17,0.37136
2018-11-15,0.96521
2018-12-31,0.15092
2019-12-31,0.09052
2021-11-18,2.86340
2022-12-31,0.04453
2023-12-31,0.17651
2024-12-31,0.14453
2025-12-31,0.23508

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2016-09-26,1475193600,0.06250,0.06250,0,0
2016-11-18,1479427200,0.69455,0,0.69455,0.00000
2017-03-24,1490918400,0.01560,0.01560,0,0
2017-06-23,1498780800,0.08600,0.08600,0,0
2017-09-22,1506729600,0.01900,0.01900,0,0
2017-11-17,1510876800,0.37136,0,0.30226,0.06910
2018-11-15,1542240000,0.96521,0,0.46085,0.50436
2018-12-21,1546214400,0.15092,0.15092,0,0
2019-12-20,1577750400,0.09052,0.09052,0,0
2021-11-18,1637193600,2.86340,0,1.79872,1.06468
2022-12-15,1672444800,0.04453,0.04453,0,0
2023-12-14,1703980800,0.17651,0.17651,0,0
2024-12-19,1735603200,0.14453,0.14453,0,0
2025-12-18,1767139200,0.23508,0.23508,0,0

Distributions

(As of 18 Dec 2025)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

26 Sep 2016

30 Sep 2016

0.06250

—

18 Nov 2016

0.69455

—

0.69455

0.00000

24 Mar 2017

31 Mar 2017

0.01560

—

23 Jun 2017

30 Jun 2017

0.08600

—

22 Sep 2017

30 Sep 2017

0.01900

—

17 Nov 2017

0.37136

—

0.30226

0.06910

15 Nov 2018

0.96521

—

0.46085

0.50436

21 Dec 2018

31 Dec 2018

0.15092

—

20 Dec 2019

31 Dec 2019

0.09052

—

18 Nov 2021

2.86340

—

1.79872

1.06468

15 Dec 2022

31 Dec 2022

0.04453

—

14 Dec 2023

31 Dec 2023

0.17651

—

19 Dec 2024

31 Dec 2024

0.14453

—

18 Dec 2025

31 Dec 2025

0.23508

—

Fund Facts

(As of 31 Jan 2026)

Net Fund Assets

$513.5 M

Benchmark

MSCI ACWI ex-U.S. Index

Morningstar Category

Foreign Large Blend

Fund Symbol

TBWAX

Share Class

Share Class Inception Date

30 Sep 2015

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Jan 2026)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$154.2 B

$177.0 B

Median Market Cap

$63.9 B

$14.6 B

Annual Portfolio Turnover

39%

—

Price to Earnings - Forward 1YR

18.3x

16.0x

Portfolio

Benchmark

Price to Earnings - Trailing 12 Months

21.2x

18.5x

Price to Cash Flow

11.3x

10.5x

Price to Book Value

2.6x

2.3x

Active Share

85.8%

—

Risk & Return Profile

(As of 31 Jan 2026)

10y

Annualized Alpha (%)

-1.12

0.75

2.12

Beta

0.82

0.92

R-Squared (%)

83.57

81.01

85.28

Standard Deviation (%)

10.10

14.05

14.30

Sharpe Ratio

0.71

0.40

0.63

Information Ratio

-0.95

-0.02

0.25

Up Capture (%)

81.11

92.41

98.21

Down Capture (%)

90.57

89.07

88.99

Past performance does not guarantee future results.

Risk & Return Profile metrics are based on the I share class.

Portfolio

Top Holdings

(As of 31 Dec 2025)

Name

Ticker/Symbol

Sector

Weight %

BNP Paribas S.A.

BNP

Financials

3.7

Iberdrola S.A.

IBE

Utilities

3.1

AstraZeneca plc

AZN

Health Care

3.0

Endesa S.A.

ELE

Utilities

3.0

Mitsubishi UFJ Financial Group, Inc.

8306

Financials

3.0

Enel SpA

ENEL

Utilities

3.0

Schneider Electric SE

Industrials

3.0

Roche Holding AG

ROG

Health Care

2.9

L'Oreal S.A.

Consumer Staples

2.9

Canadian Pacific Kansas City Ltd.

Industrials

2.9

Download Holdings

Portfolio holdings are subject to change daily.

Exposure Breakdown

(As of 31 Jan 2026)

Sector Allocation

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Industrials

25.9

14.9

Financials

17.5

25.0

Consumer Discretionary

12.8

9.2

Utilities

9.0

3.2

Health Care

8.8

7.8

Information Technology

6.9

15.6

Consumer Staples

5.4

5.7

Materials

4.8

7.2

Cash & Equivalents

4.4

—

Communication Services

4.1

5.3

Real Estate

0.0

1.5

Energy

0.0

4.5

Unassigned

0.3

—

Sector Allocation

Fund (%)

Industrials

25.9

Financials

17.5

Consumer Discretionary

12.8

Utilities

9.0

Health Care

8.8

Information Technology

6.9

Consumer Staples

5.4

Materials

4.8

Cash & Equivalents

4.4

Communication Services

4.1

Real Estate

0.0

Energy

0.0

Unassigned

0.3

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

Capital Goods

13.4

11.8

Banks

11.3

16.3

Utilities

9.0

3.2

Commercial & Professional Services

7.1

1.1

Pharmaceuticals, Biotechnology & Life Sciences

6.2

6.4

Transportation

5.4

2.0

Materials

4.8

7.2

Consumer Services

4.6

1.2

Financial Services

3.8

Consumer Durables & Apparel

3.7

2.1

Top 10 Industries

Fund (%)

Capital Goods

13.4

Banks

11.3

Utilities

9.0

Commercial & Professional Services

7.1

Pharmaceuticals, Biotechnology & Life Sciences

6.2

Transportation

5.4

Materials

4.8

Consumer Services

4.6

Financial Services

3.8

Consumer Durables & Apparel

3.7

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

France

19.1

6.2

Europe ex UK

Japan

17.2

13.6

Japan

Switzerland

9.7

5.7

Europe ex UK

China

9.3

8.1

Asia Pacific ex Japan

United Kingdom

7.4

9.2

Spain

6.0

2.4

Europe ex UK

Canada

5.2

8.1

North America

Germany

4.6

5.7

Europe ex UK

Netherlands

3.9

3.3

Europe ex UK

Italy

3.0

1.9

Europe ex UK

Top 10 Countries

Fund (%)

France

19.1

Japan

17.2

Switzerland

9.7

China

9.3

United Kingdom

7.4

Spain

6.0

Canada

5.2

Germany

4.6

Netherlands

3.9

Italy

3.0

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

89.2

91.5

Mid Cap ($2.5 to $12 B)

10.0

8.5

Small Cap (< $2.5 B)

0.9

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

89.2

Mid Cap ($2.5 to $12 B)

10.0

Small Cap (< $2.5 B)

0.9

Holdings as seen in the Geography breakdown are classified by country of risk as determined by MSCI and Bloomberg.

Weights are percentages of the total portfolio unless otherwise noted.

May not add up to 100% due to rounding.

Cash and Equivalents includes cash, short-term securities, other assets less liabilities, accruals, derivatives and forwards. It may also include investments in money market or similar funds managed by Thornburg that are not offered to the public.

Portfolio Managers

Lei Wang, CFA

Portfolio Manager and Managing Director

Lei Wang is a portfolio manager for Thornburg Investment Management. He joined Thornburg Investment Management in 2004 as associate portfolio manager and was promoted to portfolio manager in 2006. Lei holds a BA and an MA from East China Normal University and an MBA from New York University. He is a CFA charterholder. Prior to joining Thornburg, he served as…

Learn More

Brian Burrell, CFA, FSA

Portfolio Manager and Managing Director

Brian Burrell is a portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as an equity research analyst and became an associate portfolio manager in 2021 and portfolio manager in 2024. Brian earned a BA in economics from Reed College and an MBA from the University of Wisconsin in the Applied Security Analysis Program (ASAP). He is…

Learn More

Literature

Fact Sheet

Commentary

Summary Prospectus

Annual Financial Statements

Semi-Annual Financial Statements

Prospectus

Statement of Additional Information (SAI)

Annual TSR

Semi-Annual TSR

Important Information

Before investing, carefully consider the Fund's investment goals, risks, charges, and expenses. For a prospectus or summary prospectus containing this and other information, contact your financial advisor or visit thornburg.com. Read them carefully before investing.

Investments carry risks, including possible loss of principal. Additional risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity, volatility, and political and economic risks. Investments in small- and mid-capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they bank deposits or guaranteed by a bank or any other entity.

The Better World International Fund's adherence to its ESG ratings process may affect the fund's exposure to certain companies, sectors, regions, and countries and may affect the Fund's performance depending on whether such investments are in or out of favor. This process may result in the Fund foregoing opportunities to buy certain securities when it might otherwise be advantageous to do so, or selling securities for ESG reasons when it might be otherwise disadvantageous for it to do so. Additionally, the process may result in incorrectly evaluating a company’s commitment to positive ESG practices and may result in investment in companies with practices that are not consistent with the Fund’s aspirations.

Investing in an ESG-focused strategy does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Environmental, social and governance (ESG) criteria are a set of standards for a company's operations that socially conscious investors use to screen potential investments. Environmental criteria consider how a company performs as a steward of nature. Social criteria examine how it manages relationships with employees, suppliers, customers, and the communities where it operates. Governance deals with a company's leadership, executive pay, audits, internal controls, and shareholder rights.

The performance of any index is not indicative of the performance of any particular investment. Unless otherwise noted, index returns reflect the reinvestment of income dividends and capital gains, if any, but do not reflect fees, brokerage commissions or other expenses of investing. Investors may not make direct investments into any index.

Class I shares may not be available to all investors. Minimum investments for the I share class may be higher than those for other classes.

There is no guarantee that the Fund will meet its investment objectives.

To determine a fund's Morningstar Rating™, funds and other managed products with at least a three-year history are ranked in their categories by their Morningstar Risk-Adjusted Return scores. The top 10% receive 5 stars; the next 22.5%, 4 stars; the middle 35%, 3 stars; the next 22.5%, 2 stars; and the bottom 10% receive 1 star. The Risk-Adjusted Return accounts for variation in a managed product's monthly excess performance (excluding sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics.

© 2026 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Please see our glossary for a definition of terms.

Thornburg mutual funds are distributed by Thornburg Securities LLC.

Thornburg Investment Management, Inc. mutual funds are sold through investment professionals including investment advisors, brokerage firms, bank trust departments, trust companies and certain other financial intermediaries. Thornburg Securities LLC (TSL) does not act as broker of record for investors.

More Insights

Real Estate

Real Estate Market Recap: Trends, Challenges, and What Comes Next

The U.S. real estate market is both vast and diverse, and it continues to evolve.

Investor Advice

Beyond the Hype—Building Smarter Private Credit Portfolios

Private credit’s growth to $2T brings new risks. Learn where to find better risk adjusted returns—and how to navigate cov-lite, redemption pressure, and mega fund concentration.

Markets & Economy

Structural Forces Are Driving the Current Investment Environment

The current investment environment is primarily being shaped by three structural forces—disruption, decoupling, and dislocation—amid a weakening US dollar.

Economy

Finding Opportunity Amid Imbalance: 2026 Market Outlook

Entering 2026, markets appear imbalanced, with equity returns becoming increasingly concentrated, while fixed income offers asymmetric outcomes with limited downside protection. Opportunity still exists, just not where it’s most crowded. In 30 minutes, we cut through the noise and focus on what’s working, what’s changing, and where to position client portfolios now.

Markets & Economy

Will the Real Kevin Warsh Please Stand Up?

Short‑term calm may lead to long‑term volatility: A seeming hawk‑turned‑dove now confronts a labor market and inflation backdrop that remain far from ideal.

Image of a metal mesh framework artistically warped into a honeycomb walkway in the city to describe Outlook 2023

Markets & Economy

FOMC Update: Fed Holds Rates Steady After Three Successive Cuts

Ali Hassan shares his perspective on the Fed’s stance and the potential impact of monetary policy.

Strictly Necessary Cookies
Whilst these cookies cannot be turned off (as they are needed to run our website securely), they do not store any personal data about you. If you are reluctant to accept use of them, we advise you navigate away from this website.
Statistics Cookies
These cookies gather information about how you use our website, for example which pages you visit most often. The information collected is completely anonymous and used only for the purpose of improving user experience for our website visitors.
Marketing Cookies
These cookies gather information about your browsing habits and allow us to better understand your interests. They remember that you've visited our website and share this information with our partners, such as advertisers.
Preferences Cookies
These cookies allow our website to remember the choices you make (such as language or location selection) and tailor the experience to provide enhanced features and relevant content for you.

Create an account to save this article or product.

Thornburg Better World International Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Lei Wang, CFA

Brian Burrell, CFA, FSA

Literature

Important Information

More Insights

Real Estate Market Recap: Trends, Challenges, and What Comes Next

Beyond the Hype—Building Smarter Private Credit Portfolios

Structural Forces Are Driving the Current Investment Environment

Finding Opportunity Amid Imbalance: 2026 Market Outlook

Will the Real Kevin Warsh Please Stand Up?

FOMC Update: Fed Holds Rates Steady After Three Successive Cuts

Unsubscribe

Unsaved Changes

Remove strategy

Create an account to save this article or product.

Thornburg Better World International Fund

Portfolio Managers

Overview

Why Invest in This Fund?

Investment Objective

Investment Approach

Related Content

Performance

Returns

Fund Fees

Hypothetical Growth of $10,000

Distributions

Fund Facts

Characteristics

Portfolio

Risk & Return Profile

Portfolio

Top Holdings

Exposure Breakdown

Portfolio Managers

Lei Wang, CFA

Brian Burrell, CFA, FSA

Literature

Important Information

More Insights

Real Estate Market Recap: Trends, Challenges, and What Comes Next

Beyond the Hype—Building Smarter Private Credit Portfolios

Structural Forces Are Driving the Current Investment Environment

Finding Opportunity Amid Imbalance: 2026 Market Outlook

Will the Real Kevin Warsh Please Stand Up?

FOMC Update: Fed Holds Rates Steady After Three Successive Cuts