Overview
Investment Strategy
Thornburg Global Opportunities Fund invests in equity securities from around the world. A flexible mandate allows the Fund to pursue long-term performance using a broad approach to geography, investing style, and market capitalization. The Fund is targeted towards investors who desire exposure to a portfolio of 30 to 40 holdings selected on a global basis.
Fund Objective
The Fund seeks long-term capital appreciation by investing in equity and debt securities of all types from issuers around the world. There is no guarantee that the Fund will meet its objectives.
Fact Sheet (PDF)
Holdings Commentary
Portfolio Manager Market Commentary
| Share Class |
Symbol |
|
Fund Numbers |
CUSIP | Inception Date | ||||
|---|---|---|---|---|---|---|---|---|---|
| A | THOAX |
|
122 | 885-215-343 | 7/28/06 | ||||
| C | THOCX |
|
672 | 885-215-335 | 7/28/06 | ||||
| Net Assets as of 2/28/10: $ 293.2 M | |||||||||
| Capital Gains Paid Annually: No 2009 Capital Gains Paid | |||||||||
| Benchmark: MSCI All Country World Index | |||||||||
Performance and Expenses
Average Annualized Total ReturnsImportant Information: 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.
Month Ended - 2/28/10
| A Shares (THOAX) | 1-Year | 3-Year | Inception* |
| Without sales charge | 82.77 % | -0.98 % | 6.78 % |
| With sales charge | 74.55 % | -2.50 % | 5.43 % |
| C Shares (THOCX) | |||
| Without sales charge | 81.26 % | -1.73 % | 5.95 % |
| With sales charge | 80.26 % | -1.73 % | 5.95 % |
| Benchmark Index | |||
| MSCI All Country World Index | 58.11 % | -5.72 % | -1.35 % |
Quarter Ended - 12/31/09
| A Shares (THOAX) | 1-Year | 3-Year | Inception* |
| Without sales charge | 45.98 % | -0.06 % | 6.86 % |
| With sales charge | 39.38 % | -1.59 % | 5.44 % |
| C Shares (THOCX) | |||
| Without sales charge | 44.84 % | -0.84 % | 6.03 % |
| With sales charge | 43.84 % | -0.84 % | 6.03 % |
| Benchmark Index | |||
| MSCI All Country World Index | 34.63 % | -4.57 % | -0.50 % |
The maximum sales charge for the Fund's A shares is 4.50%. The Fund's A shares carry a 30-day redemption fee of 1%. C shares include a 1% contingent deferred sales charge (CDSC) for the first year only.
* Inception Date 7/28/06 for the Class A and C Shares.
The Global Opportunities Fund may invest in shares of companies through initial public offerings (IPOs). IPOs have the potential to produce substantial gains and there is no assurance that the Fund will have continued access to profitable IPOs. As Fund assets grow, the impact of IPO investments on performance may decline.
Fund Operating Expenses
| Class A | Class C | |
| Gross Annual Operating Expenses (as reported in the most recent Prospectus) | 1.55 % |
2.35 % |
| Actual Annualized Operating Expenses (fiscal year to date, as of 12/31/09) | 1.47 % |
2.29 % |
For more information regarding fund expenses, please see the fund prospectus.
Hypothetical Growth of $10,000 as of 12/31/09 †
(Thornburg Global Opportunities Fund vs. MSCI AC World Index)
† The Hypothetical Growth of $10,000 graph compares a hypothetical $10,000 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.
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.
Attributes and Holdings
Top Ten Countries - 2/28/10
 |
Banks | 17.6% |
|
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Pharma & Biotech | 7.2% |
 |
Telecom | 13.7% |  |
Software & Services | 6.4% | |
 |
Insurance | 11.0% | 
| Materials | 6.3% | |
 |
Diversified Financials | 10.6% |  |
Energy | 4.6% | |
 |
Capital Goods | 8.1% |  |
Technology | 4.5% |
Morningstar Rating™:
Overall Morningstar Rating among 559 World Stock funds, based on risk-adjusted returns for Class A Shares, uses the fund's three-year rating of three stars among 559 funds, as of 2/28/101.
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Top Ten Positions - 1/31/10
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Key Portfolio Attributes -
2/28/10
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Global Opportunities Fund Holdings
Global Opportunities Fund Holdings Commentary
| Stock Categories - 2/28/10 | Capitalization Exposure - 2/28/10 | |||||||||||||||||||||||||||||
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The Average P/E Ratio is a position-weighted average which describes the relationship between the price of a portfolio’s various stocks and their earnings per share.
1 To determine a fund’s Morningstar Rating™, funds 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 fund’s performance (including the effects of all sales charges), placing more emphasis on downward variations and rewarding consistent performance. Other share classes may have different performance characteristics. © 2008 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.
Management
Portfolio Management Team
For biographies on the portfolio managers, click on their photo above.
More Info
Related Links and DownloadsInvestments in the Fund carry risks, including possible loss of principal. Special risks may be associated with investments outside the United States, especially in emerging markets, including currency fluctuations, illiquidity and volatility. Investments in small capitalization companies may increase the risk of greater price fluctuations. Investments in the Fund are not FDIC insured, nor are they deposits of or guaranteed by a bank or any other entity.
There is no guarantee that the Fund will meet its investment objectives.
Before investing, carefully consider the Fund’s investment goals, risks, charges, and expenses. For a prospectus containing this and other information, contact your financial advisor or visit our literature library. Read it carefully before investing.
The Morgan Stanley Capital International All Country World Index (MSCI AC World Index) is a market capitalization weighted index composed of over 2,000 companies, and is representative of the market structure of 45 developed and emerging market countries in North and South America, Europe, Africa, and the Pacific Rim. The index is calculated with net dividends reinvested in U.S. dollars.
