Thornburg International Growth ADR SMA
BENCHMARK: MSCI ACWI ex-U.S. Growth Index
Strategy Overview
The International Growth ADR Strategy uses a rigorous bottom-up research process to identify primarily non-U.S. companies with robust, high-quality business models and durable growth prospects to drive strong risk-adjusted returns over time. High conviction and benchmark-agnostic, the strategy pursues growth prospects across geographies, market caps and sectors to uncover the most attractive opportunities. Our three-basket portfolio construction process enhances diversification and balances risk exposures.
Strategy Inception Date
1 May 2010
Portfolio Managers
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
Overview
Key Facts
Key Facts
(As of 31 Jan 2026)Assets
$572.9 M*
Benchmark
MSCI ACWI ex-U.S. Growth Index
eVestment Category
SMA/Wrap - Non-US Diversified Equity
Performance
Performance
Returns
(As of 31 Dec 2025)2020
2021
2022
2023
2024
2025
Thornburg International Growth ADR Strategy - "Pure" Gross (%)
36.46
-3.53
-25.67
18.82
3.41
12.97
Thornburg International Growth ADR Strategy - Net (%)
32.57
-6.35
-27.90
15.40
0.40
9.70
MSCI ACWI ex-U.S. Growth Index (%)
22.20
5.09
-23.05
14.03
5.07
25.65
Characteristics
Characteristics
Portfolio
(As of 31 Jan 2026)Portfolio
Benchmark
Number of Holdings
43
—
Weighted Average Market Cap
$346.7 B
$207.0 B
Median Market Cap
$46.5 B
$14.3 B
Annual Portfolio Turnover
31%
—
Price to Earnings - Forward 1YR
24.4x
21.1x
Portfolio
Benchmark
Price to Earnings - Trailing 12 Months
30.7x
26.4x
Price to Cash Flow
19.2x
15.6x
Price to Book Value
5.0x
4.0x
Active Share
80.5%
—
Portfolio
Portfolio
Top Holdings
(As of 31 Dec 2025)Name
Ticker/Symbol
Sector
Weight %
Taiwan Semiconductor Manufacturing Co. Ltd.
TSM
Information Technology
9.4
Tencent Holdings Ltd.
TCEHY
Communication Services
7.3
AstraZeneca plc
AZN
Health Care
5.2
Mastercard, Inc.
MA
Financials
4.4
ASML Holding N.V.
ASML
Information Technology
4.1
MercadoLibre, Inc.
MELI
Consumer Discretionary
3.9
E.ON SE
EONGY
Utilities
3.3
Hoya Corp.
HOCPY
Health Care
3.2
Lonza Group AG
LZAGY
Health Care
3.0
Air Liquide S.A.
AIQUY
Materials
3.0
Exposure Breakdown
Exposure Breakdown
(As of 31 Jan 2026)Sector Allocation
Portfolio (%)
Information Technology
29.0
Health Care
14.4
Financials
14.0
Consumer Discretionary
11.1
Industrials
11.1
Communication Services
9.1
Cash & Equivalents
4.5
Materials
2.9
Utilities
2.6
Consumer Staples
1.4
Energy
0.0
Real Estate
0.0
Top 10 Industries
Portfolio (%)
Semiconductors & Semiconductor Equipment
22.3
Financial Services
9.9
Capital Goods
9.2
Media & Entertainment
9.1
Pharmaceuticals, Biotechnology & Life Sciences
8.8
Consumer Discretionary Distribution & Retail
6.4
Health Care Equipment & Services
5.6
Software & Services
4.5
Banks
4.1
Materials
2.9
Top 10 Countries
Portfolio (%)
United States
18.2
United Kingdom
11.2
Netherlands
10.9
Taiwan
9.9
Germany
7.7
Japan
7.7
China
7.7
France
5.5
Italy
3.8
Switzerland
2.9
Capitalization
Portfolio (%)
Large Cap (> $12 B)
88.0
Mid Cap ($2.5 to $12 B)
11.4
Small Cap (< $2.5 B)
0.7
Portfolio Managers
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
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.
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.