The Thornburg International Value Fund sets itself apart from other equity value funds by redefining traditional value investing. We believe that value and growth go hand in hand, and find value in three kinds of holdings. The first is Basic Value - traditional low P/E ratio stocks. The second, Consistent Earners, are high quality firms with consistent growth. The third is Mmerging Franchise stocks, which are rapidly growing firms that are considered favorably valued.
Holdings as of 5/31/2008
Basic Value Holdings
Ticker Company Name % of Portfolio FUM1V FH Fortum Oyj 3.0% EOA GR E. ON AG 2.6% CS FP AXA 2.5% NOK1V FH Nokia Oyj 2.5% BAS GR Basf AG 2.4% OGZD LI OAO Gazprom ADR 2.3% CNQ CN Canadian Natural Resources Ltd. 2.0% RUKN VX Swiss Re 1.9% 7203 JP Toyota Motor Corp. 1.9% 6954 JP Fanuc Ltd. 1.8% POR3 GR Porsche Automobil Holding SE 1.8% CNR CA Canadian National Railway Co. 1.7% FTE FP France Telecom SA 1.7% STAN LN Standard Chartered plc 1.6% 6301 JP Komatsu Ltd. 1.4% OPAP GA OPAP SA 0.9% BNP FP BNP Paribas 0.9% NXT LN Next plc 0.9% COS-U CN Canadian Oil Sands Trust 0.5% BHP AU BHP Billiton Ltd. 0.2% 055550 KS Shinhan Financial Group Co. 0.1%
Consistent Earners
Ticker Company Name % of Portfolio NESN VX Nestle SA 2.7% NOVOB DC Novo Nordisk A/S 2.7% TEVA Teva Pharmaceutical Industries Ltd. ADR 2.7% ROG VX Roche Holding AG 2.6% TEF SM Telefonica SA 2.4% AI FP Air Liquide 2.4% SLB Schlumberger Ltd. 2.4% RCI/B CN Rogers Communications, Inc. 2.3% BN FP Groupe Danone 2.2% MC FP LVMH Moet Hennessy Louis Vuitton SA 2.1% AMX America Movil SAB de C.V. 2.1% 941 HK China Mobile Ltd. 2.1% VOD Vodafone Group plc ADR 1.9% CCL LN Carnival plc 1.8% RB/ LN Reckitt Benckiser plc 1.8% SAB LN Sabmiller plc 1.6% 2628 HK China Life Insurance Co. 1.6% ETE GA National Bank of Greece SA 1.5% WALMEXV MM Wal-Mart de Mexico SAB de C.V. 1.3% DOX Amdocs Ltd. 1.1% NOVN VX Novartis AG 1.0% CARLB DC Carlsberg A/S Class B 1.0% GIVN VX Givaudan AG 0.9% MKS LN Marks & Spencer Group plc 0.9% SAP GR Sap AG 0.7% NVS Novartis AG ADR 0.6%
Emerging Franchises
Ticker Company Name % of Portfolio 7974 JP Nintendo Co, Ltd. 2.5% POT Potash Corp. of Saskatchewan, Inc. 2.2% SBER RU Sberbank-CLS 1.3% 388 HK Hong Kong Exchanges & Clearing Ltd. 1.0% TCELL TI Turkcell 1.0% LOGN VX Logitech International SA 1.0% ERJ Empresa Brasileira de Aeronautica SA ADR 1.0% 3968 HK China Merchants Bank Co., Ltd. 0.9% 2007 HK Country Garden Holdings Co. 0.7% NXY CN Nexen, Inc. 0.5% RDCD3 BZ Redecard SA 0.5% ARM LN Arm Holdings plc 0.5% 410 HK Soho China Ltd. 0.3%
Special Situations
CUSIP Company Name % of Portfolio None --
Cash 5.6%
The securities mentioned above are provided for the general information of Thornburg International Value Fund shareholders. This information should not be interpreted as a buy or sell recommendation. It should not be assumed that the investments in the securities were or will be profitable.
It is probable that buying or selling in the Thornburg International Value Fund portfolio will have occurred since this list was last updated. As a result of this buying or selling, the fund may own more, fewer, or no shares of the stock of any company listed. In addition, the fund may have purchased shares of companies that are not yet included in the above list.
Holdings can and do vary over time.
