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 12/31/2011
Basic Value Holdings
Ticker Company Name % of Portfolio STAN LN Standard Chartered plc 2.4% BG LN BG Group plc 2.3% SLB Schlumberger Ltd. 2.1% 6301 JP Komatsu Ltd. 2.0% SIE GY Siemens AG 2.0% 7203 JP Toyota Motor Corp. 2.0% 883 HK CNOOC Ltd. 1.9% CNR CA Canadian National Railway Co. 1.9% 005380 KS Hyundai Motor Co. 1.8% 8306 JP Mitsubishi UFJ Financial Group, Inc. 1.8% VOW3 GR Volkswagen AG Pfd 1.8% 7751 JP Canon, Inc. 1.6% CCL LN Carnival plc 1.6% POT Potash Corp. of Saskatchewan, Inc. 1.6% CSGN VX Credit Suisse Group AG 1.6% KGF LN Kingfisher plc 1.5% PUB FP Publicis Groupe 1.5% ALV GR Allianz SE 1.4% BHP AU BHP Billiton Ltd. 1.4% 1398 HK Industrial & Commercial Bank of China Ltd. 1.1% CVE CN Cenovus Energy, Inc. 1.0% BAER VX Julius Baer Group Ltd. 0.9% 2628 HK China Life Insurance Co. 0.8% COAL IN Coal India Ltd. 0.7% VK FP Vallourec SA 0.6% 8750 JP Dai-ichi Life Insurance Co. 0.6% SHBA SS Svenska Handelsbanken AB 0.5%
Consistent Earners
Ticker Company Name % of Portfolio BATS LN British American Tobacco plc 2.6% NOVOB DC Novo Nordisk A/S 2.6% NESN VX Nestle SA 2.5% TSCO LN Tesco plc 2.4% SAP GR SAP AG 2.4% NOVN VX Novartis AG 2.3% ADS GR adidas AG 2.3% MC FP LVMH Moet Hennessy Louis Vuitton SA 2.2% RB/ LN Reckitt Benckiser plc 2.1% AI FP Air Liquide SA 2.1% VOD LN Vodafone Group plc 2.0% FME GR Fresenius Medical Care AG & Co. 2.0% TEVA Teva Pharmaceutical Industries Ltd. ADR 2.0% HMB SS Hennes & Mauritz AB 1.7% WALMEXV MM Wal-Mart de Mexico SAB de C.V. 1.5% 9433 JT KDDI Corp. 1.5% COV Covidien plc 1.3% SAB LN Sabmiller plc 1.2% PSON LN Pearson plc 1.2% 6954 JP Fanuc Ltd. 1.2% RR/ LN Rolls-Royce Holdings plc 0.8% UHR VX Swatch Group AG 0.7%
Emerging Franchises
Ticker Company Name % of Portfolio 388 HK Hong Kong Exchanges & Clearing Ltd. 1.7% CNQ CN Canadian Natural Resources Ltd. 1.5% 3968 HK China Merchants Bank Co. Ltd. 1.3% CHKP Check Point Software Technologies Ltd. 1.2% ARM LN ARM Holdings plc 1.0% 700 HK Tencent Holdings Ltd. 1.0% NATU3 BZ Natura Cosmeticos SA 0.9% GARAN TI Turkiye Garanti Bankasi A.S. 0.8% 1099 HK Sinopharm Group Co. H 0.7% BVMF3 BZ BM&F Bovespa SA 0.6% 2498 TT HTC Corp. 0.6% ERJ US Embraer S.A. 0.5% YNDX Yandex NV 0.5%
Special Situations
Ticker Company Name % of Portfolio None --
Cash 6.8%
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.
