Quarterly Fund Fact Sheet

Best International
Multi-Cap Growth Fund, 2014

Lipper Award 2013

Thornburg International Growth Fund, Institutional class was named best fund for the 3- and 5-year periods among 312 and 276 international multi-cap growth funds. Based on risk-adjusted returns as of 11/30/13.

 

Best International
Multi-Cap Growth Fund, 2013

Lipper Award 2013

Thornburg International Growth Fund, Institutional class was named best fund for the 3- and 5-year periods among 264 and 205 international multi-cap growth funds. Based on risk-adjusted returns as of 11/30/12.

 

Thornburg International Growth Fund

 

Overview

Lipper Leader view the interview with portfolio managers Greg Dunn and Tim CunninghamInvestment 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

Fund Facts

Share
Class
Symbol
Daily Prices
as of 4/17/14
NAVChange($)
Fund
Numbers
CUSIPInception Date

ATIGAX
20.00↑ 0.12
119885-215-3192/1/07
CTIGCX
19.39↑ 0.12
609885-215-2932/1/07
ITINGX
20.46↑ 0.12
205885-215-2442/1/07

  Net Assets as of 3/31/14: $2.306 B
  Capital Gains Paid Annually: 2013 Capital Gains Paid as of November 18, 2013 record date
  Benchmark: MSCI ACWI - Ex US Growth Index
 

Lipper ratings for Total Return reflect funds’ historical total return performance (before sales charge) relative to peers. Lipper ratings for Consistent Return reflect funds’ historical risk-adjusted returns (before sales charge), 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 each metric 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, 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 ratings are relative, rather than absolute, measures, and funds named Lipper Leaders may still experience losses periodically; those losses may be larger for equity and mixed equity funds than for fixed income funds. Lipper 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 2014, All Rights Reserved.

The Fund rated a 5 for the 3- and 5-year periods for Total Return among 317 and 276 funds, respectively. The Fund rated a 5 for the 3- and 5-year periods for Consistent Return among 317 and 276 funds, respectively. Past performance is no guarantee of future results.

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 - 3/31/14

Without sales charge16.72%13.70%25.10%9.02%
With sales charge11.48%11.96%23.94%8.33%
Without sales charge15.79%12.81%24.26%8.28%
With sales charge14.79%12.81%24.26%8.28%
Without sales charge17.07%14.19%25.74%9.62%
MSCI ACWI-Ex US Growth Index10.83%4.27%15.22%2.45%

Quarter Ended - 3/31/14

Without sales charge16.72%13.70%25.10%9.02%
With sales charge11.48%11.96%23.94%8.33%
Without sales charge15.79%12.81%24.26%8.28%
With sales charge14.79%12.81%24.26%8.28%
Without sales charge17.07%14.19%25.74%9.62%
MSCI ACWI-Ex US Growth Index10.83%4.27%15.22%2.45%

*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
Gross Annual Operating Expenses
(as reported in the most recent Prospectus)
1.41%
2.15%
1.04%
Net Annual Operating Expenses
(as reported in the most recent Prospectus)*
1.41%
2.15%
0.99%
Actual Annualized Operating Expenses
(fiscal year to date, as of 3/31/14)
1.29%
2.05%
0.93%

*Thornburg Investment Management and/or Thornburg Securities Corporation have contractually agreed to waive fees and reimburse expenses through at least February 1, 2015, so that actual expenses do not exceed the net expense ratio above.

Expense ratios are expressed as a percentage of total fund assets and include management fees and operating costs. Expense ratios fluctuate over time and the expense ratio in the prospectus may differ from the actual expense ratio. The fund's total return includes the deduction of expenses.

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


Hypothetical Growth of $10,000 as of 3/31/14
(Thornburg International Growth Fund vs. MSCI AC World ex-US Growth Index)

Hypothetical Growth of $10,000 - Thornburg International Growth Fund vs. MSCI AC World ex-US Growth Index

A Shares with sales charge$17,725
MSCI AC World ex-US Growth Index$11,896

† 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 - 3/31/14

Equity Country Breakdown

Top Ten Industries - 3/31/14
Software & Services 20.1% Health Care 4.8%
Diversified Financials 12.9% Media 4.7%
Retailing 8.2% Comm. & Prof. Services 4.3%
Consumer Durables 7.2% Pharma & Biotech 4.2%
Consumer Services 6.3% Food, Bev. and Tobacco 3.8%
Morningstar®
Morningstar Rating™:4 Star
Overall Morningstar Rating among 123 Foreign Small/Mid Growth funds, based on risk-adjusted returns for Class A Shares, using a weighted average of the fund's three- and five-year ratings: respectively, four stars and four stars among 123 and 89 funds, as of 3/31/141.
Top Ten Positions - 2/28/14
Security Symbol % of Portfolio

MasterCard, Inc. MA 3.0%
Partners Group Holding AG PGHN SW 2.5%
Constellation Software, Inc. CSU CN 2.5%
Valeant Pharmaceuticals International, Inc. VRX 2.4%
Dollarama, Inc. DOL CN 2.3%
Gildan Activewear, Inc. GIL 2.2%
Compagnie Financiere Richemont SA CFR VX 2.2%
Catamaran Corp. CTRX 2.1%
Liberty Global plc LBTYA 2.1%
Daiwa Securities Group Inc. 8601 JP 2.0%
Portfolio holdings are subject to change.

International Growth Fund Holdings
International Growth Fund Holdings Commentary

Key Portfolio Attributes - 3/31/14
Portfolio Price to Cash Flow*15.6x
Portfolio Price to Book Value*4.5x
Portfolio PE*
(trailing 12 months)
25.4x
Median Market Capitalization*$5.4 B
5-Year Beta*
(A Shares vs. MSCI ACWI-Ex US G)
0.82
Holdings65
Fund Assets$2.306 B
*Source: FactSet

 

Portfolio Composition - 3/31/14 Capitalization Exposure - 3/31/14
Growth Industry Leaders30.1%
Consistent Growth33.6%
Emerging Growth27.9%
Cash8.3%
 
Large33.3%
Mid48.1%
Small18.6%
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.)

P/E – 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. Forecasted P/E is not intended to be a forecast of the fund's future performance.

Beta – 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 – 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) – 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. © 2014 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. Past performance is no guarantee of future results.

Management

Portfolio Management

Core Growth Portfolio Manager Greg Dunn Tim Cunningham

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

Read Current Portfolio Manager Market Commentary

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, volatility, and political and economic risks. 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 or summary prospectus containing this and other information, contact your financial advisor or visit our literature library. Read them 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.

Lipper Classification Awards are granted annually to the fund in each Lipper classification that consistently delivered the strongest risk-adjusted performance (calculated with dividends reinvested and without sales charge). Fund Classification Awards are given for three-year, five-year, and ten-year periods. The fund did not win the award for other time periods. Past performance does not guarantee future results.

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