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
| 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 | ||||
| Net Assets as of 12/31/09: $74.5 M | |||||||||
| Capital Gains Paid Annually: No 2009 Capital Gains Paid | |||||||||
| Benchmark: MSCI ACWI - Ex US Growth 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 - 1/31/10
| A Shares (TIGAX) | 1-Year | 3-Year | Inception* |
| Without sales charge | 52.82 % | N/A | -2.49 % |
| With sales charge | 45.90 % | N/A | -3.97 % |
| C Shares (TIGCX) | |||
| Without sales charge | 52.60 % | N/A | -3.03 % |
| With sales charge | 51.60 % | N/A | -3.03 % |
| Benchmark Index | |||
| MSCI ACWI-Ex US Growth Index | 42.63 % | N/A | -5.20 % |
Quarter Ended - 12/31/09
| A Shares (TIGAX) | 1-Year | 3-Year | Inception* |
| Without sales charge | 44.81 % | N/A | -1.59 % |
| With sales charge | 38.21 % | N/A | -3.13 % |
| C Shares (TIGCX) | |||
| Without sales charge | 44.49 % | N/A | -2.12 % |
| With sales charge | 43.49 % | N/A | -2.12 % |
| Benchmark Index | |||
| MSCI ACWI-Ex US Growth Index | 38.67 % | N/A | -3.69 % |
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 2/1/07 for the Class A and C 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 | |
| Gross Annual Operating Expenses (as reported in the most recent Prospectus) | 1.97 % |
2.73 % |
| Net Annual Operating Expenses (as reported in the most recent Prospectus)* | 1.63 % |
2.38 % |
| Actual Annualized Operating Expenses (fiscal year to date, as of 12/31/09) | 1.60 % |
2.38 % |
*Thornburg Investment Management has contractually agreed to waive fees and reimburse expenses through February 1, 2011 so that actual expenses do not exceed the net expense ratio, which reflects the annual operating expenses of the fund minus any fee waivers or expense reimbursements.
For more information regarding fund expenses, please see the fund prospectus.
Hypothetical Growth of $10,000 as of 12/31/09 †
(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 - 12/31/09
 | Software & Services | 19.2% |
|
 |
Telecom | 5.2% |
 |
Pharma & Biotech | 18.4% |  |
Energy | 4.5% | |
 |
Diversified Financials | 7.5% |  |
Retailing | 3.1% | |
 |
Semiconductors | 7.3% |  |
Food & Staples Retailing | 2.9% | |
 |
Comm. & Prof. Services | 5.7% |  |
Food, Bev. & Tobacco | 2.6% |
|
Top Ten Positions - 12/31/09
International Growth Fund Holdings
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Key Portfolio Attributes -
12/31/09
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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.
Management
Portfolio Management
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 ex-U.S. Growth Index (MSCI AC World ex-U.S. Growth Index) Index is a market capitalization weighted index which includes growth companies in developed and emerging markets throughout the world, excluding the United States.
