Overview
Investment Strategy
Thornburg Global Opportunities Fund invests in equity securities from around the world. The Fund employs a value investing framework, seeking to buy promising companies at a discount to intrinsic value. A flexible mandate allows the Fund to pursue long-term performance using a broad approach to geography 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
Recent Press Release
| 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 | ||||
| I | THOIX |
|
272 | 885-215-327 | 7/28/06 | ||||
| Net Assets as of 12/31/11: $308.0 M | |||||||||
| Capital Gains Paid Annually: No 2011 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 - 1/31/12
| A Shares (THOAX) | 1-Year | 3-Year | 5-Year | Inception* |
| Without sales charge | -3.91 % | 23.29 % | 2.05 % | 6.66 % |
| With sales charge | -8.25 % | 21.40 % | 1.11 % | 5.78 % |
| C Shares (THOCX) | ||||
| Without sales charge | -4.58 % | 22.32 % | 1.26 % | 5.84 % |
| With sales charge | -5.53 % | 22.32 % | 1.26 % | 5.84 % |
| I Shares (THOIX) | ||||
| Without sales charge | -3.44 % | 23.91 % | 2.57 % | 7.20 % |
| Benchmark Index | ||||
| MSCI All Country World Index | -3.47 % | 17.59 % | -1.01 % | 1.51 % |
Quarter Ended - 12/31/11
| A Shares (THOAX) | 1-Year | 3-Year | 5-Year | Inception* |
| Without sales charge | -7.79 % | 15.79 % | 1.20 % | 5.47 % |
| With sales charge | -11.94 % | 14.02 % | 0.27 % | 4.58 % |
| C Shares (THOCX) | ||||
| Without sales charge | -8.48 % | 14.87 % | 0.41 % | 4.64 % |
| With sales charge | -9.38 % | 14.87 % | 0.41 % | 4.64 % |
| I Shares (THOIX) | ||||
| Without sales charge | -7.27 % | 16.36 % | 1.72 % | 6.00 % |
| Benchmark Index | ||||
| MSCI All Country World Index | -7.34 % | 12.01 % | -1.93 % | 0.48 % |
* Inception Date 7/28/06 for the Class A, C, and I Shares. Index returns are since inception of the A shares.
The maximum sales charge for the Fund's 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 the I 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 | Class I | |
| Gross Annual Operating Expenses (as reported in the most recent Prospectus) |
1.48 % |
2.23 % |
1.11 % |
| Net Annual Operating Expenses (as reported in the most recent Prospectus)* |
N/A |
N/A |
0.99 % |
| Actual Annualized Operating Expenses (fiscal year to date, as of 12/31/11) |
1.52 % |
2.29 % |
0.99 % |
*Thornburg Investment Management and Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2013, so that actual expenses do not exceed the net expense ratio above.
For more information regarding fund expenses, please see the fund prospectus.
Hypothetical Growth of $10,000 as of 12/31/11 †
(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 - 12/31/11
 |
Energy | 11.0% |
|
 |
Media | 6.5% |
 |
Software & Services | 10.3% |  |
Telecom | 6.1% | |
 |
Diversified Financials | 10.3% | 
| Banks | 5.6% | |
 |
Insurance | 8.6% |  |
Food, Bev. and Tobacco | 4.6% | |
 |
Capital Goods | 8.0% |  |
Other | 4.0% |
Morningstar Rating™:
Overall Morningstar Rating among 697 World Stock funds, based on risk-adjusted returns for Class A Shares, uses a weighted average of the fund's three- and five-year ratings: respectively, three stars, and three stars among 697 and 490 funds, as of 12/31/111.
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Top Ten Positions - 11/30/11
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Key Portfolio Attributes -
12/31/11
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Global Opportunities Fund Holdings
Global Opportunities Fund Holdings Commentary
| Portfolio Composition - 12/31/11 | Capitalization Exposure - 12/31/11 | ||||||||||||||||||||||||||
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Price/Earnings ratio (P/E ratio) is a valuation ratio of a company’s current share price compared to its per-share earnings. P/E equals a company’s market value per share divided by earnings per share.
Beta is a measure of market-related risk. Less than one means the portfolio is less volatile than the index, while greater than one indicates more volatility than the index.
Price/Cash Flow is the measure of the market's expectations regarding a firm's future financial health. It is calculated by dividing price per share by cash flow per share.
Price/Book ratio (P/B ratio) is a ratio used to compare a stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value 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. © 2011 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.
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.
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 MSCI All Country (AC) World Index is a market capitalization weighted index that 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.
