Thornburg International Growth Fund

SYMBOL: TIGVX

Morningstar Rating • Info

Overall Morningstar Rating among 359 Foreign Large Growth funds, based on risk-adjusted returns for class R3 shares, using a weighted average of the funds three-, five-, and ten-year ratings: respectively, 2 stars, 2 stars and 1 star among 359, 331 and 217 funds, as of 31 Jan 2026.

As of 31 Jan 2026

Fund Assets

$703.2 M

As of 31 Jan 2026

NAV

$25.32

As of 20 Feb 2026

Change

$0.20

As of 20 Feb 2026

YTD NAV Performance

4.03%

As of 20 Feb 2026

Asset Category:

International Equity

Fund Benchmark:

MSCI ACWI ex-U.S. Growth Index

Portfolio Managers

Sean Koung Sun, CFA

Portfolio Manager and Managing Director

Nicholas Anderson, CFA

Portfolio Manager and Managing Director

Overview Performance Fund Facts Characteristics Portfolio Portfolio Managers Literature

Overview

Why Invest in This Fund?

Focused, diversified equity portfolio that invests in high-quality companies with sustainable competitive advantage and durable growth prospects. The fund invests primarily in large and mid-capitalization companies in developed and emerging markets outside the U.S.
Rigorous bottom-up fundamental research process focused on uncovering promising growth companies with sound business fundamentals and trading at a discount to their long-term value.
Three-basket portfolio construction process seeks to provide diversification, reduce volatility and deliver superior risk-adjusted performance over time.

Investment Objective

The fund’s goal is to provide investors with long-term growth of capital by investing in equity securities selected for their growth potential.

Investment Approach

The fund uses fundamental, bottom-up analysis to uncover companies with robust, high-quality business models and durable growth prospects across geographies and sectors. Our unique three-basket approach to security selection provides diversification across the style spectrum while balancing risk exposures. Ultimately, this high-conviction, active portfolio seeks to outperform its benchmark over a full market cycle.

Returns

(As of 31 Dec 2025)

YTD

10y

Inception

Total Return (%)

10.09

9.75

-1.49

5.09

5.98

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

25.65

14.61

4.01

7.92

4.84

Morningstar Category Avg. (%)

20.29

13.71

3.44

7.54

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

395

371

343

224

—

YTD

10y

Inception

Total Return (%)

3.12

9.36

7.50

-0.80

6.20

6.12

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

5.52

27.18

13.57

5.01

9.19

5.11

Morningstar Category Avg. (%)

3.81

18.88

12.07

4.59

8.74

—

Morningstar Quartile

—

Morningstar Quartile # of Funds

—

383

359

331

217

—

YTD

10y

Inception

Total Return (%)

10.09

32.18

-7.23

64.25

199.83

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

25.65

50.55

21.74

114.28

144.29

YTD

10y

Inception

Total Return (%)

3.12

9.36

24.25

-3.93

82.41

209.19

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

5.52

27.18

46.47

27.69

140.97

157.78

2020

2021

2022

2023

2024

2025

Total Return (%)

33.64

-4.69

-26.36

17.80

1.93

10.09

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

22.20

5.09

-23.05

14.03

5.07

25.65

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.

The maximum sales charge for the equity funds' A shares is 4.50%. C shares include a 1% contingent deferred sales charge (CDSC) for the first year only. There is no up-front sales charge for class I or R shares.

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

Prior to inception of R share classes, performance is hypothetical and was calculated from actual returns of an earlier share class adjusted for the expenses of the newer share class.

Share class inception dates: A, C and I shares, 1 Feb 2007; R3, R4 and R5 shares, 1 Feb 2008; R6 shares, 1 Feb 2013.

Fund Fees

(As of 1 Feb 2026)

Gross Expense Ratio (%)

2.36

Net Expense Ratio (%)

1.49

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,R3 Shares,MSCI ACWI ex-U.S. Growth Index
            2007-02-01,10000,10000
2007-02-28,10101,9924
2007-03-31,10562,10247
2007-04-30,11048,10714
2007-05-31,11460,10997
2007-06-30,11728,11106
2007-07-31,11678,11130
2007-08-31,11679,10999
2007-09-30,12501,11816
2007-10-31,13314,12494
2007-11-30,13197,12033
2007-12-31,13272,11886
2008-01-31,11823,10680
2008-02-29,12089,11139
2008-03-31,11531,10845
2008-04-30,11934,11458
2008-05-31,12072,11790
2008-06-30,10853,10951
2008-07-31,10553,10493
2008-08-31,10098,9931
2008-09-30,8889,8335
2008-10-31,6769,6514
2008-11-30,6323,6089
2008-12-31,6606,6464
2009-01-31,6079,5974
2009-02-28,5482,5461
2009-03-31,6079,5858
2009-04-30,6949,6456
2009-05-31,7748,7334
2009-06-30,7792,7258
2009-07-31,8381,7916
2009-08-31,8425,8074
2009-09-30,9075,8514
2009-10-31,9013,8478
2009-11-30,9180,8747
2009-12-31,9578,8964
2010-01-31,9313,8520
2010-02-28,9445,8558
2010-03-31,10179,9147
2010-04-30,10267,9086
2010-05-31,9463,8159
2010-06-30,9481,8101
2010-07-31,9984,8772
2010-08-31,9975,8581
2010-09-30,10797,9486
2010-10-31,11469,9795
2010-11-30,11522,9534
2010-12-31,12208,10260
2011-01-31,12412,10207
2011-02-28,12802,10456
2011-03-31,12686,10494
2011-04-30,13493,11036
2011-05-31,13687,10771
2011-06-30,13563,10588
2011-07-31,13847,10525
2011-08-31,12970,9655
2011-09-30,11818,8454
2011-10-31,12855,9394
2011-11-30,12164,8946
2011-12-31,11836,8802
2012-01-31,12438,9368
2012-02-29,13218,9915
2012-03-31,13726,9837
2012-04-30,13531,9776
2012-05-31,12343,8691
2012-06-30,12556,9103
2012-07-31,12733,9271
2012-08-31,13159,9427
2012-09-30,13938,9755
2012-10-31,14142,9767
2012-11-30,14408,9993
2012-12-31,14426,10269
2013-01-31,15002,10635
2013-02-28,15409,10653
2013-03-31,15968,10732
2013-04-30,16358,11059
2013-05-31,16606,10849
2013-06-30,16118,10412
2013-07-31,16898,10796
2013-08-31,16996,10632
2013-09-30,18130,11332
2013-10-31,18688,11699
2013-11-30,18866,11739
2013-12-31,19649,11860
2014-01-31,18802,11293
2014-02-28,19458,11887
2014-03-31,18602,11895
2014-04-30,18047,11981
2014-05-31,18484,12248
2014-06-30,18857,12425
2014-07-31,18393,12244
2014-08-31,18447,12355
2014-09-30,17291,11818
2014-10-31,17710,11777
2014-11-30,17746,11949
2014-12-31,17180,11545
2015-01-31,16854,11632
2015-02-28,18303,12229
2015-03-31,17996,12098
2015-04-30,18888,12631
2015-05-31,18868,12495
2015-06-30,18226,12169
2015-07-31,18456,12201
2015-08-31,17612,11284
2015-09-30,16940,10858
2015-10-31,18139,11681
2015-11-30,18446,11550
2015-12-31,18255,11401
2016-01-31,16950,10697
2016-02-29,16643,10563
2016-03-31,17631,11362
2016-04-30,17401,11535
2016-05-31,17708,11460
2016-06-30,16710,11415
2016-07-31,17813,11964
2016-08-31,18264,11922
2016-09-30,18301,12107
2016-10-31,17696,11696
2016-11-30,17245,11250
2016-12-31,17312,11415
2017-01-31,17984,11874
2017-02-28,18099,12113
2017-03-31,19165,12457
2017-04-30,20163,12819
2017-05-31,21046,13389
2017-06-30,21084,13399
2017-07-31,22168,13863
2017-08-31,22005,14002
2017-09-30,22706,14248
2017-10-31,22677,14590
2017-11-30,22690,14751
2017-12-31,23237,15069
2018-01-31,24898,15854
2018-02-28,24013,15145
2018-03-31,23655,14938
2018-04-30,23764,15050
2018-05-31,24172,14964
2018-06-30,24112,14725
2018-07-31,24420,14978
2018-08-31,24003,14809
2018-09-30,23406,14687
2018-10-31,21259,13312
2018-11-30,20854,13514
2018-12-31,19246,12895
2019-01-31,20865,13876
2019-02-28,21380,14251
2019-03-31,22112,14483
2019-04-30,23277,14939
2019-05-31,21463,14173
2019-06-30,22432,15114
2019-07-31,22473,15082
2019-08-31,22040,14809
2019-09-30,21885,14985
2019-10-31,22597,15530
2019-11-30,23148,15767
2019-12-31,24184,16421
2020-01-31,24246,16263
2020-02-29,23096,15076
2020-03-31,20609,13425
2020-04-30,22516,14583
2020-05-31,24619,15218
2020-06-30,25945,15990
2020-07-31,28049,17074
2020-08-31,29323,17770
2020-09-30,29023,17614
2020-10-31,28567,17305
2020-11-30,30767,19065
2020-12-31,32320,20067
2021-01-31,32184,20188
2021-02-28,32215,20115
2021-03-31,31229,20051
2021-04-30,32824,20791
2021-05-31,32299,21293
2021-06-30,32793,21375
2021-07-31,32614,21050
2021-08-31,33454,21526
2021-09-30,31281,20601
2021-10-31,32320,21239
2021-11-30,30153,20472
2021-12-31,30804,21089
2022-01-31,28301,19388
2022-02-28,26977,18846
2022-03-31,26237,18816
2022-04-30,24250,17416
2022-05-31,24127,17267
2022-06-30,22141,15860
2022-07-31,23622,16733
2022-08-31,22432,16080
2022-09-30,20087,14374
2022-10-31,20570,14657
2022-11-30,23498,16478
2022-12-31,22683,16227
2023-01-31,24886,17600
2023-02-28,24144,16846
2023-03-31,25335,17621
2023-04-30,25549,17799
2023-05-31,24908,17307
2023-06-30,25897,17964
2023-07-31,26313,18523
2023-08-31,25346,17579
2023-09-30,23840,16651
2023-10-31,22997,16003
2023-11-30,25549,17659
2023-12-31,26721,18504
2024-01-31,27115,18362
2024-02-29,28342,19064
2024-03-31,29175,19597
2024-04-30,27948,19055
2024-05-31,28995,19558
2024-06-30,29400,19739
2024-07-31,28871,19948
2024-08-31,30008,20582
2024-09-30,29951,21105
2024-10-31,28195,20032
2024-11-30,28150,19867
2024-12-31,27235,19442
2025-01-31,28272,20268
2025-02-28,28223,20284
2025-03-31,26882,19823
2025-04-30,27992,20631
2025-05-31,29211,21673
2025-06-30,29931,22532
2025-07-31,29724,22258
2025-08-31,30248,22886
2025-09-30,30504,23818
2025-10-31,30797,24393
2025-11-30,29601,23954
2025-12-31,29983,24429
2026-01-31,30919,25778

Hypothetical Growth of $10,000

(As of 31 Jan 2026)

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

                        Categories,R3 Shares,MSCI ACWI ex-U.S. Growth Index
                        2025-01-31,10000,10000
2025-02-28,9983,10008
2025-03-31,9508,9780
2025-04-30,9901,10179
2025-05-31,10332,10693
2025-06-30,10587,11117
2025-07-31,10513,10982
2025-08-31,10699,11291
2025-09-30,10789,11752
2025-10-31,10893,12035
2025-11-30,10470,11818
2025-12-31,10605,12053
2026-01-31,10936,12718

                        Categories,R3 Shares,MSCI ACWI ex-U.S. Growth Index
                        2023-01-31,10000,10000
2023-02-28,9702,9572
2023-03-31,10181,10012
2023-04-30,10266,10114
2023-05-31,10009,9834
2023-06-30,10406,10207
2023-07-31,10574,10525
2023-08-31,10185,9988
2023-09-30,9580,9461
2023-10-31,9241,9093
2023-11-30,10266,10034
2023-12-31,10737,10514
2024-01-31,10896,10433
2024-02-29,11389,10832
2024-03-31,11723,11135
2024-04-30,11230,10827
2024-05-31,11651,11113
2024-06-30,11814,11216
2024-07-31,11601,11334
2024-08-31,12058,11695
2024-09-30,12036,11992
2024-10-31,11330,11382
2024-11-30,11312,11288
2024-12-31,10944,11047
2025-01-31,11361,11516
2025-02-28,11341,11525
2025-03-31,10802,11264
2025-04-30,11248,11723
2025-05-31,11738,12314
2025-06-30,12027,12803
2025-07-31,11944,12647
2025-08-31,12155,13004
2025-09-30,12258,13534
2025-10-31,12375,13860
2025-11-30,11895,13611
2025-12-31,12048,13880
2026-01-31,12425,14647

                        Categories,R3 Shares,MSCI ACWI ex-U.S. Growth Index
                        2021-01-31,10000,10000
2021-02-28,10010,9964
2021-03-31,9703,9932
2021-04-30,10199,10299
2021-05-31,10036,10547
2021-06-30,10189,10588
2021-07-31,10134,10427
2021-08-31,10395,10663
2021-09-30,9720,10204
2021-10-31,10042,10520
2021-11-30,9369,10140
2021-12-31,9571,10446
2022-01-31,8794,9604
2022-02-28,8382,9335
2022-03-31,8152,9320
2022-04-30,7535,8627
2022-05-31,7497,8553
2022-06-30,6879,7856
2022-07-31,7340,8289
2022-08-31,6970,7965
2022-09-30,6241,7120
2022-10-31,6391,7260
2022-11-30,7301,8162
2022-12-31,7048,8038
2023-01-31,7732,8718
2023-02-28,7502,8344
2023-03-31,7872,8728
2023-04-30,7938,8817
2023-05-31,7739,8573
2023-06-30,8047,8898
2023-07-31,8176,9175
2023-08-31,7876,8707
2023-09-30,7408,8248
2023-10-31,7146,7927
2023-11-30,7938,8747
2023-12-31,8303,9166
2024-01-31,8425,9096
2024-02-29,8806,9443
2024-03-31,9065,9707
2024-04-30,8684,9439
2024-05-31,9009,9688
2024-06-30,9135,9778
2024-07-31,8971,9881
2024-08-31,9324,10195
2024-09-30,9306,10454
2024-10-31,8761,9923
2024-11-30,8747,9841
2024-12-31,8462,9630
2025-01-31,8785,10040
2025-02-28,8769,10047
2025-03-31,8353,9819
2025-04-30,8697,10219
2025-05-31,9076,10735
2025-06-30,9300,11161
2025-07-31,9236,11025
2025-08-31,9399,11336
2025-09-30,9478,11798
2025-10-31,9569,12083
2025-11-30,9197,11865
2025-12-31,9316,12101
2026-01-31,9607,12769

                        Categories,R3 Shares,MSCI ACWI ex-U.S. Growth Index
                        2016-01-31,10000,10000
2016-02-29,9819,9874
2016-03-31,10402,10622
2016-04-30,10266,10783
2016-05-31,10447,10713
2016-06-30,9859,10671
2016-07-31,10509,11184
2016-08-31,10775,11145
2016-09-30,10797,11318
2016-10-31,10440,10933
2016-11-30,10174,10517
2016-12-31,10214,10671
2017-01-31,10610,11100
2017-02-28,10678,11324
2017-03-31,11307,11645
2017-04-30,11895,11983
2017-05-31,12416,12516
2017-06-30,12439,12525
2017-07-31,13079,12959
2017-08-31,12982,13089
2017-09-30,13396,13319
2017-10-31,13379,13639
2017-11-30,13387,13789
2017-12-31,13709,14087
2018-01-31,14689,14821
2018-02-28,14167,14158
2018-03-31,13956,13964
2018-04-30,14020,14069
2018-05-31,14261,13989
2018-06-30,14226,13765
2018-07-31,14407,14002
2018-08-31,14161,13844
2018-09-30,13809,13730
2018-10-31,12542,12444
2018-11-30,12303,12633
2018-12-31,11355,12055
2019-01-31,12310,12972
2019-02-28,12614,13322
2019-03-31,13045,13539
2019-04-30,13733,13965
2019-05-31,12662,13249
2019-06-30,13234,14128
2019-07-31,13258,14099
2019-08-31,13003,13844
2019-09-30,12912,14009
2019-10-31,13331,14518
2019-11-30,13657,14739
2019-12-31,14268,15350
2020-01-31,14304,15203
2020-02-29,13626,14093
2020-03-31,12159,12550
2020-04-30,13284,13633
2020-05-31,14525,14226
2020-06-30,15307,14948
2020-07-31,16548,15961
2020-08-31,17300,16612
2020-09-30,17123,16466
2020-10-31,16854,16177
2020-11-30,18152,17822
2020-12-31,19068,18758
2021-01-31,18988,18872
2021-02-28,19006,18804
2021-03-31,18424,18744
2021-04-30,19365,19436
2021-05-31,19056,19905
2021-06-30,19347,19982
2021-07-31,19242,19678
2021-08-31,19737,20123
2021-09-30,18455,19258
2021-10-31,19068,19855
2021-11-30,17789,19137
2021-12-31,18173,19714
2022-01-31,16697,18125
2022-02-28,15916,17618
2022-03-31,15479,17590
2022-04-30,14307,16281
2022-05-31,14234,16141
2022-06-30,13062,14826
2022-07-31,13936,15642
2022-08-31,13234,15032
2022-09-30,11851,13437
2022-10-31,12135,13701
2022-11-30,13863,15404
2022-12-31,13382,15169
2023-01-31,14682,16452
2023-02-28,14244,15748
2023-03-31,14947,16472
2023-04-30,15073,16639
2023-05-31,14695,16178
2023-06-30,15279,16793
2023-07-31,15524,17316
2023-08-31,14954,16433
2023-09-30,14065,15566
2023-10-31,13568,14960
2023-11-30,15073,16508
2023-12-31,15765,17298
2024-01-31,15997,17165
2024-02-29,16721,17822
2024-03-31,17212,18320
2024-04-30,16488,17813
2024-05-31,17106,18283
2024-06-30,17345,18452
2024-07-31,17033,18647
2024-08-31,17704,19240
2024-09-30,17670,19729
2024-10-31,16634,18726
2024-11-30,16608,18572
2024-12-31,16068,18174
2025-01-31,16680,18947
2025-02-28,16651,18962
2025-03-31,15859,18531
2025-04-30,16514,19286
2025-05-31,17234,20260
2025-06-30,17658,21063
2025-07-31,17536,20807
2025-08-31,17846,21394
2025-09-30,17997,22266
2025-10-31,18169,22803
2025-11-30,17464,22393
2025-12-31,17689,22836
2026-01-31,18241,24097

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 ($)
            2008-12-31,0.17450
2009-12-31,0.06232
2010-12-31,0.03652
2012-03-31,0.00332
2013-11-19,0.56811
2014-11-19,0.98096
2016-09-30,0.00835
2017-11-17,0.81162
2018-11-15,0.74833
2019-11-14,0.11220
2020-11-19,0.37721
2021-11-18,1.98979
2022-12-31,0.03348
2023-12-31,0.03230
2024-11-21,1.88807
2025-11-20,0.23002

            Ex-Date, Payable Date,Total ($),Income ($),ST Cap Gains ($),LT Cap Gains ($)
2008-12-26,1230681600,0.17450,0.17450,0,0
2009-12-24,1262217600,0.06232,0.06232,0,0
2010-12-27,1293753600,0.03652,0.03652,0,0
2012-03-26,1333152000,0.00332,0.00332,0,0
2013-11-19,1384819200,0.56811,0,0.21987,0.34824
2014-11-19,1416355200,0.98096,0,0.00000,0.98096
2016-09-26,1475193600,0.00835,0.00835,0,0
2017-11-17,1510876800,0.81162,0,0.05081,0.76081
2018-11-15,1542240000,0.74833,0,0.00000,0.74833
2019-11-14,1573689600,0.11220,0,0.00000,0.11220
2020-11-19,1605744000,0.37721,0,0.30139,0.07582
2021-11-18,1637193600,1.98979,0,0.06248,1.92731
2022-12-15,1672444800,0.03348,0.03348,0,0
2023-12-14,1703980800,0.03230,0.03230,0,0
2024-11-21,1732147200,1.88807,0,0.00000,1.88807
2025-11-20,1763596800,0.23002,0,0.00000,0.23002

Distributions

(As of 20 Nov 2025)

Ex-Date

Payable Date

Total ($)

Income ($)

ST Cap Gains ($)

LT Cap Gains ($)

26 Dec 2008

31 Dec 2008

0.17450

—

24 Dec 2009

31 Dec 2009

0.06232

—

27 Dec 2010

31 Dec 2010

0.03652

—

26 Mar 2012

31 Mar 2012

0.00332

—

19 Nov 2013

0.56811

—

0.21987

0.34824

19 Nov 2014

0.98096

—

0.00000

0.98096

26 Sep 2016

30 Sep 2016

0.00835

—

17 Nov 2017

0.81162

—

0.05081

0.76081

15 Nov 2018

0.74833

—

0.00000

0.74833

14 Nov 2019

0.11220

—

0.00000

0.11220

19 Nov 2020

0.37721

—

0.30139

0.07582

18 Nov 2021

1.98979

—

0.06248

1.92731

15 Dec 2022

31 Dec 2022

0.03348

—

14 Dec 2023

31 Dec 2023

0.03230

—

21 Nov 2024

1.88807

—

0.00000

1.88807

20 Nov 2025

0.23002

—

0.00000

0.23002

Fund Facts

(As of 31 Jan 2026)

Net Fund Assets

$703.2 M

Benchmark

MSCI ACWI ex-U.S. Growth Index

Morningstar Category

Foreign Large Growth

Fund Symbol

TIGVX

Share Class

Share Class Inception Date

1 Feb 2008

Distribution Frequency

Annually

Characteristics

Portfolio

(As of 31 Jan 2026)

Portfolio

Benchmark

Number of Holdings

—

Weighted Average Market Cap

$334.0 B

$207.0 B

Median Market Cap

$39.8 B

$14.3 B

Annual Portfolio Turnover

29%

—

Price to Earnings - Forward 1YR

24.1x

21.1x

Portfolio

Benchmark

Price to Earnings - Trailing 12 Months

29.6x

26.4x

Price to Cash Flow

19.2x

15.6x

Price to Book Value

5.0x

4.0x

Active Share

79.4%

—

Risk & Return Profile

(As of 31 Jan 2026)

10y

Annualized Alpha (%)

-4.34

-5.10

-2.34

Beta

0.96

1.04

1.03

R-Squared (%)

87.64

91.30

87.52

Standard Deviation (%)

12.77

16.55

16.10

Sharpe Ratio

0.26

-0.22

0.28

Information Ratio

-1.21

-1.08

-0.43

Up Capture (%)

82.46

91.02

96.05

Down Capture (%)

103.81

115.96

108.10

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 %

Taiwan Semiconductor Manufacturing Co. Ltd.

2330

Information Technology

10.4

Tencent Holdings Ltd.

700

Communication Services

7.4

AstraZeneca plc

AZN

Health Care

5.0

Mastercard, Inc.

Financials

4.7

MercadoLibre, Inc.

MELI

Consumer Discretionary

3.2

ASML Holding N.V.

ASML

Information Technology

3.1

E.ON SE

EOAN

Utilities

3.0

Air Liquide S.A.

Materials

3.0

Lonza Group AG

LONN

Health Care

3.0

Hoya Corp.

7741

Health Care

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%

20%

30%

40%

Information Technology

30.3

22.2

Financials

15.6

11.3

Health Care

14.0

10.5

Communication Services

11.0

6.7

Consumer Discretionary

10.8

11.3

Industrials

10.4

22.8

Materials

2.9

7.3

Utilities

2.3

1.2

Cash & Equivalents

1.7

—

Consumer Staples

1.1

4.9

Energy

0.0

0.9

Real Estate

0.0

0.8

Sector Allocation

Fund (%)

Information Technology

30.3

Financials

15.6

Health Care

14.0

Communication Services

11.0

Consumer Discretionary

10.8

Industrials

10.4

Materials

2.9

Utilities

2.3

Cash & Equivalents

1.7

Consumer Staples

1.1

Energy

0.0

Real Estate

0.0

Top 10 Industries

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

15%

20%

25%

30%

Semiconductors & Semiconductor Equipment

22.2

13.9

Media & Entertainment

11.0

5.2

Financial Services

10.4

4.7

Pharmaceuticals, Biotechnology & Life Sciences

8.7

8.2

Capital Goods

8.7

18.3

Consumer Discretionary Distribution & Retail

5.7

4.4

Health Care Equipment & Services

5.3

2.3

Software & Services

4.6

4.1

Banks

4.0

4.7

Technology Hardware & Equipment

3.5

4.2

Top 10 Industries

Fund (%)

Semiconductors & Semiconductor Equipment

22.2

Media & Entertainment

11.0

Financial Services

10.4

Pharmaceuticals, Biotechnology & Life Sciences

8.7

Capital Goods

8.7

Consumer Discretionary Distribution & Retail

5.7

Health Care Equipment & Services

5.3

Software & Services

4.6

Banks

4.0

Technology Hardware & Equipment

3.5

Top 10 Countries

Fund (%)

Benchmark (%)

Region

Portfolio

Benchmark

10%

15%

20%

United States

13.2

—

North America

Taiwan

11.2

6.7

Asia Pacific ex Japan

United Kingdom

10.7

7.1

Netherlands

10.6

4.9

Europe ex UK

China

8.2

8.3

Asia Pacific ex Japan

Japan

7.7

13.3

Japan

Germany

6.8

5.8

Europe ex UK

Switzerland

6.2

6.1

Europe ex UK

France

5.7

7.3

Europe ex UK

Italy

4.2

1.0

Europe ex UK

Top 10 Countries

Fund (%)

United States

13.2

Taiwan

11.2

United Kingdom

10.7

Netherlands

10.6

China

8.2

Japan

7.7

Germany

6.8

Switzerland

6.2

France

5.7

Italy

4.2

Capitalization

Fund (%)

Benchmark (%)

Fund

Benchmark

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Large Cap (> $12 B)

84.1

91.7

Mid Cap ($2.5 to $12 B)

14.2

8.3

Small Cap (< $2.5 B)

1.7

0.0

Capitalization

Fund (%)

Large Cap (> $12 B)

84.1

Mid Cap ($2.5 to $12 B)

14.2

Small Cap (< $2.5 B)

1.7

Holdings with 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

Sean Koung Sun, CFA

Portfolio Manager and Managing Director

Sean Sun is a portfolio manager for Thornburg Investment Management. He joined the firm in 2012 as an equity research analyst and was promoted to associate portfolio manager in 2015 and portfolio manager in 2017. Sean holds an MBA with concentrations in finance and entrepreneurship from the University of Chicago Booth School of Business and a BA in economics from…

Learn More

Nicholas Anderson, CFA

Portfolio Manager and Managing Director

Nicholas Anderson is a portfolio manager for Thornburg Investment Management. He joined the firm in 2016 as an equity research analyst, was promoted to senior equity research analyst in 2020, an associate portfolio manager in early 2021, and portfolio manager in late 2021. Nick holds an MBA with honors from the University of Chicago Booth School of Business and a…

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 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.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

Funds invested in a limited number of holdings may expose an investor to greater volatility.

Class R shares are limited to retirement platforms only.

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.

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Thornburg International Growth 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

Sean Koung Sun, CFA

Nicholas Anderson, CFA

Literature

Important Information

More Insights

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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

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Thornburg International Growth 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

Sean Koung Sun, CFA

Nicholas Anderson, CFA

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