Overview
Investment Strategy
Thornburg International Growth Fund invests in equity securities (primarily common stocks) 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.
Fund Objective
The Fund seeks long-term growth of capital by investing in equity securities selected for their growth potential. There is no guarantee that the Fund will meet its objectives.
Fact Sheet (PDF)
Holdings Commentary
Portfolio Manager Market Commentary
Thornburg Growth Funds Portfolio Manager Announcement
Fund Facts| Share Class |
Symbol |
| Fund Numbers | CUSIP | Inception Date | ||||
|---|---|---|---|---|---|---|---|---|---|
| A | TIGAX |
|
119 | 885-215-319 | 2/1/07 | ||||
| C | TIGCX |
|
609 | 885-215-293 | 2/1/07 | ||||
| I | TINGX |
|
205 | 885-215-244 | 2/1/07 | ||||
| Net Assets as of 12/31/11: $270.8 M | |||||||||
| Capital Gains Paid Annually: No 2011 Capital Gains Paid | |||||||||
| Benchmark: MSCI ACWI - Ex US Growth Index | |||||||||
Lipper ratings for Total Return reflect funds’ historical total return performance relative to peers. Lipper ratings for Consistent Return reflect funds’ historical risk-adjusted returns, adjusted for volatility, relative to peers. The ratings are subject to change every month and are based on an equal-weighted average of percentile ranks for the Total Return or Consistent Return metrics over three-, five-, and ten-year periods (if applicable). The highest 20% of funds in each peer group are named Lipper Leader or a score of 5 for Total Return or Consistent Return, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1. Lipper Leader ratings are not intended to predict future results, and Lipper does not guarantee the accuracy of this information. More information is available at www.lipperweb.com. Thomson Reuters Copyright 2011, All Rights Reserved.
The Fund rated a 5 for Total Return and Consistent Return for the 3-year period among 155 International Multi-Cap Growth Funds.
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 (TIGAX) | 1-Year | 3-Year | Inception* |
| Without sales charge | 0.21 % | 26.85 % | 4.37 % |
| With sales charge | -4.28 % | 24.90 % | 3.41 % |
| C Shares (TIGCX) | |||
| Without sales charge | -0.57 % | 26.14 % | 3.70 % |
| With sales charge | -1.57 % | 26.14 % | 3.70 % |
| I Shares (TINGX) | |||
| Without sales charge | 0.71 % | 27.59 % | 4.99 % |
| Benchmark Index | |||
| MSCI ACWI-Ex US Growth Index | -8.21 % | 16.18 % | -1.30 % |
Quarter Ended - 12/31/11
| A Shares (TIGAX) | 1-Year | 3-Year | Inception* |
| Without sales charge | -2.97 % | 21.38 % | 3.40 % |
| With sales charge | -7.33 % | 19.51 % | 2.44 % |
| C Shares (TIGCX) | |||
| Without sales charge | -3.71 % | 20.67 % | 2.75 % |
| With sales charge | -4.67 % | 20.67 % | 2.75 % |
| I Shares (TINGX) | |||
| Without sales charge | -2.51 % | 22.10 % | 4.03 % |
| Benchmark Index | |||
| MSCI ACWI-Ex US Growth Index | -14.20 % | 10.84 % | -2.56 % |
*Inception Date 2/1/07 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 International Growth 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) |
1.54 % |
2.34 % |
1.16 % |
| 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) |
1.46 % |
2.28 % |
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 International Growth Fund vs. MSCI AC World ex-US Growth 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
 | Software & Services | 17.1% |
|
 |
Energy | 5.3% |
 |
Retailing | 12.1% |  |
Diversified Financials | 5.0% | |
 |
Consumer Services | 9.5% |  |
Capital Goods | 4.6% | |
 |
Health Care | 7.6% |  |
Comm. & Prof. Services | 4.4% | |
 |
Food & Staples Retailing | 7.6% |  |
Pharma & Biotech | 3.8% |
Morningstar Rating™:
Overall Morningstar Rating among 213 Foreign Large Growth funds, based on risk-adjusted returns of Class A Shares, uses the fund's three-year rating of five stars among 213 funds as of 12/31/111.
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Top Ten Positions - 12/31/11
International Growth Fund Holdings
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Key Portfolio Attributes -
12/31/11
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| 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.
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
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 ex-U.S. Growth Index is a market capitalization weighted index that includes growth companies in developed and emerging markets throughout the world, excluding the United States.
