Quarterly Fund Fact Sheet


World-wide Investing
World-wide Investing
Bringing Overseas Opportunities Home
Thornburg Global Opportunities Fund

 

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

Fund Facts
Share
Class
Symbol
Daily Prices
as of 9/3/10
NAV Change($)
Fund
Numbers
CUSIP Inception Date

A THOAX
13.60 ↑ 0.13
122 885-215-343 7/28/06
C THOCX
13.38 ↑ 0.12
672 885-215-335 7/28/06

  Net Assets as of 7/31/10: $ 315.6 M
  Capital Gains Paid Annually: No 2009 Capital Gains Paid
  Benchmark: MSCI All Country World Index
 

 

Performance and Expenses

Average Annualized Total Returns
Important 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 - 8/31/10

Without sales charge 6.70 % -9.00 % 4.80 %
With sales charge 1.93 % -10.38 % 3.63 %
Without sales charge 5.87 % -9.68 % 3.99 %
With sales charge 4.87 % -9.68 % 3.99 %
MSCI All Country World Index 3.49 % -8.68 % -1.76 %

Quarter Ended - 6/30/10

Without sales charge 20.09 % -8.12 % 4.87 %
With sales charge 14.64 % -9.51 % 3.65 %
Without sales charge 19.19 % -8.81 % 4.04 %
With sales charge 18.19 % -8.81 % 4.04 %
MSCI All Country World Index 11.75 % -10.51 % -2.90 %

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
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 6/30/10)
1.45 %
2.26 %

For more information regarding fund expenses, please see the fund prospectus.


Hypothetical Growth of $10,000 as of 6/30/10
(Thornburg Global Opportunities Fund vs. MSCI AC World Index)

Global Opportunities Fund Hypothetical Growth of $10,000


† 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 - 7/31/10

Equity Country Breakdown

Top Ten Industries - 7/31/10
Diversified Financials 17.6% Banks 8.6%
Telecom 11.0% Software & Services7.9%
Energy 10.4% Materials5.3%
Insurance 10.0% Pharma & Biotech4.9%
Capital Goods 9.3% Food, Bev. & Tobacco4.5%
Morningstar®
Morningstar Rating™: 2 Star
Overall Morningstar Rating among 593 World Stock funds, based on risk-adjusted returns for Class A Shares, uses the fund's three-year rating of two stars among 593 funds, as of 7/31/101.
Top Ten Positions - 6/30/10
Security Symbol % of Portfolio

Brasil Foods SA BRFS3 BZ 4.5%
Global Crossing Ltd. GLBC 4.5%
Willis Group Holdings plc WSH 4.5%
Fifth Third Bancorp Pfd FITB 4.4%
Telstra Corp. Ltd. TLS AU 4.3%
Dell, Inc. DELL 4.1%
KKR Financial Holdings LLC KFN 4.0%
Liechtensteinische Landesbank AG LLB SW 3.7%
Teva Pharmaceutical Industries Ltd. ADR TEVA 3.6%
Ensco plc ADR ESV 3.5%
Portfolio holdings are subject to change.
Key Portfolio Attributes - 7/31/10
Portfolio Price to Cash Flow* 6.0x
Portfolio Price to Book Value* 1.2x
Portfolio PE*
(trailing 12 months)
12.8x
Median Market Capitalization* $6.4 B
Holdings 33
Fund Assets $315.6 M
*Source: FactSet

Global Opportunities Fund Holdings
Global Opportunities Fund Holdings Commentary

 

Stock Categories - 7/31/10 Capitalization Exposure - 7/31/10
Domestic Equity36.8%
Foreign Equity59.2%
Cash4.0%
 
Large46.0%
Mid21.3%
Small32.7%
Small Cap (<$2.5 bn.)
Mid Cap ($2.5 to $12 bn.)
Large Cap (> $12 bn.)
(The percentages may not add up to 100% due to rounding.)

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. © 2010 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

Global Opportunities Fund Co-Portfolio Managers

For biographies on the portfolio managers, click on their photo above.

Read Current Portfolio Manager Market Commentary

Vin Walden Brian McMahon
Important Information

Investments 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 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.

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