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 Emerging Franchise stocks, which are rapidly growing firms that are considered favorably valued.
Holdings as of 5/31/2010
Basic Value Holdings
Ticker Company Name % of Portfolio 8306 JP Mitsubishi UFJ Financial Group, Inc. 2.2% STAN LN Standard Chartered plc 2.1% CCL LN Carnival plc 1.9% 6301 JP Komatsu Ltd. 1.9% BHP AU BHP Billiton Ltd. 1.8% CNR CA Canadian National Railway Co. 1.8% BNP FP BNP Paribas SA 1.7% 7203 JP Toyota Motor Corp. 1.6% VOW3 GR Volkswagen AG Pfd 1.5% PBR Petroleo Brasileiro S.A. ADR 1.5% SLB Schlumberger Ltd. 1.4% TEF SM Telefonica SA 1.4% POT Potash Corp. of Saskatchewan, Inc. 1.3% 8750 JP Dai-ichi Life Insurance Co. 1.3% KGF LN Kingfisher plc 1.3% LG FP Lafarge SA 1.3% 2330 TT Taiwan Semiconductor Manufacturing Co., Ltd. 1.2% INGA NA ING Groep N.V. 1.1% PCU Southern Copper Corp. 0.9% DBK GR Deutsche Bank AG 0.9% BAER VX Julius Baer Group Ltd. 0.8% ISP IM Intesa Sanpaolo 0.7% KPN NA Koninklijke KPN N.V. 0.6% PUB FP Publicis Groupe 0.3% TCELL TI Turkcell 0.2%
Consistent Earners
Ticker Company Name % of Portfolio TEVA Teva Pharmaceutical Industries Ltd. ADR 2.9% TSCO LN Tesco plc 2.4% SAP GR SAP AG 2.4% NOVOB DC Novo Nordisk A/S 2.4% NOVN VX Novartis AG 2.1% MC FP LVMH Moet Hennessy Louis Vuitton SA 2.1% BATS LN British American Tobacco plc 2.0% NESN VX Nestle SA 1.9% HMB SS Hennes & Mauritz AB 1.8% RB/ LN Reckitt Benckiser plc 1.7% RCI/B CN Rogers Communications, Inc. 1.7% FME GR Fresenius Medical Care AG & Co. 1.6% ROG VX Roche Holding AG 1.6% WALMEXV MM Wal-Mart de Mexico SAB de C.V. 1.6% AMX America Movil SAB de C.V. ADR 1.3% SAB LN Sabmiller plc 1.3% AI FP Air Liquide SA 1.2% 6954 JP Fanuc Ltd. 1.2% BSY LN British Sky Broadcasting Group plc 1.2% 7751 JP Canon, Inc. 1.2% COV US Covidien plc 1.0% DOX Amdocs Ltd. 1.0% PSON LN Pearson plc 1.0% SN/ LN Smith & Nephew plc 0.9% TRI CN Thomson Reuters Corp. 0.7%
Emerging Franchises
Ticker Company Name % of Portfolio 883 HK Cnooc Ltd. 2.2% 1398 HK Industrial & Commercial Bank of China Ltd. 2.2% 3968 HK China Merchants Bank Co., Ltd. 2.0% 388 HK Hong Kong Exchanges & Clearing Ltd. 1.8% CNQ CN Canadian Natural Resources Ltd. 1.6% 005380 KS Hyundai Motor Co. 1.5% 1099 HK Sinopharm Group Co. H 1.4% "BVMF3 BZ BM&F Bovespa SA 1.3% NATU3 BZ Natura Cosmeticos SA 1.2% VWS DC Vestas Wind Systems A/S 1.0% 2628 HK China Life Insurance Co. 1.0% ARM LN Arm Holdings plc 1.0% CNE LN Cairn Energy plc 0.8% ERJ Empresa Brasileira de Aeronautica SA ADR 0.6% GARAN TI Turkiye Garanti Bankasi A.S. 0.5% LOGN VX Logitech International SA 0.5%
Special Situations
Ticker Company Name % of Portfolio None --
Other Assets less Liabilities 6.5%
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.
