Overview
Investment Strategy
The Fund is invested in a limited number of foreign common stocks selected on a value basis using fundamental research. The Fund portfolio is diversified to include traditional basic value stocks, but also includes stocks of companies with consistent earnings and emerging franchises when these issues are value priced.
Fund Objective
The Fund seeks long-term capital appreciation by investing in equity and debt securities of all types. As a secondary consideration, the Fund also seeks some current income. 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 | TGVAX |
|
139 | 885-215-657 | 5/28/98 | ||||
| B | THGBX |
|
399 | 885-215-616 | 4/3/00 | ||||
| C | THGCX |
|
639 | 885-215-640 | 5/28/98 | ||||
| I | TGVIX |
|
209 | 885-215-566 | 3/30/01 | ||||
| Net Assets as of 12/31/11: $25.064 B | |||||||||
| Capital Gains Paid Annually: No 2011 Capital Gains Paid | |||||||||
| Benchmarks: MSCI EAFE Index, MSCI AC World ex US | |||||||||
Established in 1988, the Morningstar Fund Manager of the Year Award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus. To qualify for the award, managers must have not only a great year, but also must have a record of delivering outstanding long-term performance and of aligning their interests with shareholders'. The Fund Manager of the Year Award winners are chosen based upon Morningstar's proprietary research and in-depth evaluation by its senior analysts. The Fund has not won this award in subsequent years.
Morningstar Fund Analyst Picks are determined primarily based on information gathered and assessments made by Morningstar, Inc.’s fund analysts. The Analyst Picks are derived from an assessment of such things as the fund’s investment strategy, portfolio manager experience, fund expenses, Stewardship Grade and other pertinent information about the fund and/or its portfolio manager(s). Analyst Picks are intended solely for research/educational purposes and should not be viewed as a recommendation or an offer for sale by Morningstar, Inc. The Analyst Picks are not to be used as the sole basis for an investment decision. Investors should consult with a financial professional to determine what is appropriate for them based on their specific circumstances, investment objectives, and attitudes towards risk. The Analyst Picks are subject to change daily; they are updated regularly to reflect fund closings, manager changes, and other issues that arise; formal reviews are conducted every quarter. Morningstar does not guarantee the accuracy of the information used in making their assessments. A fund’s past performance does not guarantee future results.
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 - 1/31/12
| A Shares (TGVAX) | 1-Year | 3-Year | 5-Year | 10-Year | Inception* |
| Without sales charge | -8.78 % | 14.83 % | 0.30 % | 8.31 % | 8.09 % |
| With sales charge | -12.88 % | 13.08 % | -0.63 % | 7.82 % | 7.73 % |
| B Shares (THGBX) | |||||
| Without sales charge | -9.52 % | 13.93 % | -0.48 % | 7.61 % | 4.97 % |
| With sales charge | -14.02 % | 13.02 % | -0.84 % | 7.61 % | 4.97 % |
| C Shares (THGCX) | |||||
| Without sales charge | -9.45 % | 14.00 % | -0.43 % | 7.50 % | 7.23 % |
| With sales charge | -10.35 % | 14.00 % | -0.43 % | 7.50 % | 7.23 % |
| I Shares (TGVIX) | |||||
| Without sales charge | -8.44 % | 15.28 % | 0.70 % | 8.79 % | 7.66 % |
| Benchmark Indices | |||||
| MSCI EAFE Index | -9.59 % | 13.37 % | -3.85 % | 5.79 % | 2.93 % |
| MSCI AC World ex US Index | -8.34 % | 17.22 % | -1.26 % | 7.93 % | 4.69 % |
Quarter Ended - 12/31/11
| A Shares (TGVAX) | 1-Year | 3-Year | 5-Year | 10-Year | Inception* |
| Without sales charge | -13.24 % | 9.04 % | -0.77 % | 7.70 % | 7.69 % |
| With sales charge | -17.14 % | 7.38 % | -1.68 % | 7.21 % | 7.33 % |
| B Shares (THGBX) | |||||
| Without sales charge | -13.98 % | 8.16 % | -1.54 % | 7.00 % | 4.50 % |
| With sales charge | -18.26 % | 7.15 % | -1.89 % | 7.00 % | 4.50 % |
| C Shares (THGCX) | |||||
| Without sales charge | -13.93 % | 8.23 % | -1.49 % | 6.89 % | 6.83 % |
| With sales charge | -14.79 % | 8.23 % | -1.49 % | 6.89 % | 6.83 % |
| I Shares (TGVIX) | |||||
| Without sales charge | -12.94 % | 9.46 % | -0.38 % | 8.16 % | 7.15 % |
| Benchmark Indices | |||||
| MSCI EAFE Index | -12.14 % | 7.65 % | -4.72 % | 4.67 % | 2.55 % |
| MSCI AC World ex US Index | -13.33 % | 11.20 % | -2.48 % | 6.76 % | 4.22 % |
* Inception date for Class A and C Shares - 5/28/98; Class B Shares - 4/3/00; I Shares - 3/30/01. Index returns are since inception of the A shares.
The maximum sales charge for the Fund's A shares is 4.50%. B shares carry a contingent deferred sales charge (CDSC), if redeemed within a year, of 5.00%; within two years, 4.25%; within three years, 3.50%; within four years, 2.75%; within five years, 2.00%; within six years, 1.25%, within seven years, 0.50%. There is no charge for redemption within the eighth year. C shares include a 1% CDSC for the first year only. There is no up-front sales charge for the I Shares.
Fund Operating Expenses
| Class A | Class B | Class C | Class I | |
| Gross Annual Operating Expenses (as reported in the most recent Prospectus) |
1.25 % |
2.06 % |
1.99 % |
0.88 % |
| Actual Annualized Operating Expenses (fiscal year to date, as of 12/31/11) |
1.30 % |
2.08 % |
2.04 % |
0.88 % |
Hypothetical Growth of $10,000 as of 12/31/11 †
(Thornburg International Value Fund vs. MSCI EAFE 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 - 12/31/11
As a percentage of total equity holdings
 |
Energy | 9.4% |
|  |
Autos & Components | 5.6% |
 |
Banks | 8.0% |  |
Consumer Durables | 5.1% | |
 |
Capital Goods | 7.1% |  |
Software & Services | 5.1% | |
 |
Pharma & Biotech | 6.9% |  |
Materials | 5.0% | |
 |
Food, Bev. and Tobacco | 6.3% |  |
Diversified Financials | 4.7% |
Morningstar®
Morningstar Rating™:
Overall Morningstar Rating among
213
Foreign Large Growth funds, based on risk-adjusted returns for Class A Shares, uses a weighted average of the fund's three-, five- and ten-year ratings: respectively,
two
stars,
four
stars, and
four
stars among
213
,
164
, and
96
funds, as of
12/31/11
1.
|
Top Ten Positions - 12/31/11
International Value Fund Holdings
|
Key Portfolio Attributes -
12/31/11
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| Portfolio Composition - 12/31/11 | Capitalization Exposure - 12/31/11 | |||||||||||||||||||||||||||||
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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.
Beta is 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 is 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) is 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. © 2011 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.
Management
Portfolio Management Team
For biographies on the portfolio managers, click on their photo above.
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.
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 containing this and other information, contact your financial advisor or visit our literature library. Read it carefully before investing.
The MSCI Europe, Australasia, Far East Index (EAFE) is an unmanaged index. It is a generally accepted benchmark for major overseas markets. Index weightings represent the relative capitalizations of the major overseas developed markets on a U.S. dollar adjusted basis. The index is calculated with net dividends reinvested in U.S. dollars.
The MSCI All Country (AC) World ex-US Index is a market capitalization weighted index representative of the market structure of 44 developed and emerging market countries in North and South America, Europe, Africa, and the Pacific Rim, excluding securities of United States’ issuers. The index is calculated with gross dividends reinvested in U.S. dollars.
